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MarketScreener Homepage  >  Equities  >  Nyse  >  JPMorgan Chase & Co.    JPM

JPMORGAN CHASE & CO.

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Drug suppliers' shares rise as looming Amazon threat appears to ease

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04/16/2018 | 03:49pm EDT

(Reuters) - Shares of U.S. drug suppliers rose on Monday after a report that Amazon.com Inc had dropped plans to sell drugs to hospitals, in a boost to a pharmaceutical supply chain rattled by the looming threat of competition from the online retailer.

Stocks of drug distributors McKesson, AmerisourceBergen and Cardinal Health rose 2 to 3 percent, while drugstore chains Walgreens Boots Alliance and CVS Health each advanced about 5 percent.

Healthcare investors expect Amazon will become a major force in the industry, fueled by recent media reports that the Seattle-based company was considering entering the pharmacy business.

CNBC, which reported Amazon's plans on Monday, said the change comes partly because the e-commerce company had not been able to convince big hospitals to change their traditional purchasing process.

The company, through its Amazon Business unit, will instead focus on selling less sensitive medical supplies to hospitals and smaller clinics, CNBC said, citing people familiar with the matter.

Amazon told Reuters it does not comment on rumors or speculation.

"After months of hype and fear it appears now that Amazon's entry into the drug distribution space has been indefinitely delayed," said Evercore ISI analyst Ross Muken. Amazon is likely to remain focused on selling dental and medical products, he added.

The presence of established drug suppliers, along with difficulties in distributing highly regulated treatments, likely deterred the technology giant from entering the industry, analysts said.

"Even with Amazon's large war-chest, it is still a difficult prospect given the dynamics of the whole pharmaceutical market," Morningstar analyst Vishnu Lekhraj said.

In January, Amazon, Berkshire Hathaway Inc and JPMorgan Chase & Co (>> JP Morgan Chase & Company) unveiled plans to form a company to cut healthcare costs for hundreds of thousands of employees.

(Reporting by Manas Mishra in Bengaluru; Editing by Sai Sachin Ravikumar)

By Manas Mishra

Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. 0.55% 3200 Delayed Quote.73.18%
AMERISOURCEBERGEN CORPORATION 0.68% 97.05 Delayed Quote.13.37%
BERKSHIRE HATHAWAY INC. 1.90% 273900 Delayed Quote.-19.34%
CARDINAL HEALTH, INC. 0.98% 49.36 Delayed Quote.-3.36%
CHANGE INC. 3.17% 8140 End-of-day quote.179.92%
CVS HEALTH CORPORATION 2.24% 62.65 Delayed Quote.-17.51%
EVERCORE INC. 3.05% 55.34 Delayed Quote.-25.98%
JPMORGAN CHASE & CO. 5.47% 96.27 Delayed Quote.-34.52%
MCKESSON CORPORATION 1.51% 143.02 Delayed Quote.3.40%
OWENS & MINOR, INC. -1.62% 7.28 Delayed Quote.40.81%
PROSPECT CO., LTD. -7.14% 39 End-of-day quote.34.48%
RISE, INC. -3.13% 31 End-of-day quote.3.33%
SPACE CO.,LTD. -1.87% 894 End-of-day quote.-29.99%
WALGREENS BOOTS ALLIANCE, INC. 2.85% 40.12 Delayed Quote.-33.84%
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Financials (USD)
Sales 2020 113 B - -
Net income 2020 15 850 M - -
Net Debt 2020 - - -
P/E ratio 2020 17,9x
Yield 2020 3,77%
Capitalization 293 B 293 B -
EV / Sales 2019
Capi. / Sales 2020 2,60x
Nbr of Employees 256 720
Free-Float 73,5%
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Number of Analysts 27
Average target price 111,39 $
Last Close Price 96,27 $
Spread / Highest target 49,6%
Spread / Average Target 15,7%
Spread / Lowest Target -20,0%
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James Dimon Chairman & Chief Executive Officer
Gordon A. Smith Co-President & Co-Chief Operating Officer
Daniel E. Pinto Co-President & Co-Chief Operating Officer
Jennifer A. Piepszak Chief Financial Officer
Lori A. Beer Chief Information Officer
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