Big U.S. and European pharmaceutical companies face some short-term economic disruption from the earthquake disaster. But Leerink Swann analyst Seamus Fernandez assures that it should “be muted relative to other industries.”
On average the eight Big Pharma names Fernandez covers — Pfizer (PFE), Merck & Co. (MRK), Eli Lilly & Co. (LLY), Bristol-Myers Squibb (BMY), AstraZeneca(AZN), GlaxoSmithKline (GSK), Novartis (NVS) and Sanofi Aventis (SNY) – get 7% to 8% of their sales and 9% to 10% of their earnings per share from Japan. Bristol-Myers Squibb is the least exposed, with 3% of sales coming from Japan, while Novartis has the most exposure. The Swiss drug maker gets 10.9% of it’s pharmaceutical sales and 8% of its total revenue from Japan. GlaxoSmithKline, meanwhile, has the most bottom-line exposure, according to Fernandez. The exact figures are available in a research note he published today.
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