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Healthcare is comprised of Pharmaceuticals, Consumer Health and Animal Health sub-segments. Pharmaceuticals develops, produces, and markets prescription pharmaceuticals. Consumer Health develops, produces, and markets OTC medications, nutritional supplements and blood glucose monitoring systems. Animal Health develops veterinary medicines and nutritional and grooming products for companion animals and livestock. CropScience manufactures a range of seed and crop protection. The segment develops, produces, and markets a portfolio of fungicides, herbicides, insecticides, and seed treatment products along with products for the green industry, garden care, non-agricultural pest, weed control, and conventional seeds markets and is active in plant biotechnology. The company's acquisition of Monsanto significantly expanded its footprint Seed & Traits, where it is now the global leader. Due to the typical seasonality of the Monsanto business, the vast majority of its 2018 earnings were realized prior to closing and will not be reflected in Bayer's FY18 results, though the company should benefit from the resulting working capital cash flows, which are largely realized in the second half of the year. (21 Sep 2018)

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US Inflation: Goods Inflation Is Back

Sector Analysis: 12 Dec 2018, 11:57 PM ET - Headline and core indexes both increased in line with expectations.  We highlight the first bought of YoY core goods inflation since 2016 and anecdotes of margin pressure from the most recent Beige Book.

Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.

Transcript: IG & Crossover Contrarian Trade Panel

Transcript: 10 Dec 2018, 5:22 AM ET - This is the transcript of the Contrarian Trade Ideas panel at the CreditSights IG & Crossover conference on December 4, 2018.

US Employment: Modest Gains for Jobs & Wages

Sector Analysis: 09 Dec 2018, 9:01 PM ET - Payrolls and wages both took a step back in November.  We highlight this months employment data and discuss the possibility for manufacturing, construction, and mining employment to lead a 2019 deceleration in jobs growth.

US Income & Spending: Strong Start to 4Q Spending

Strategy Analysis: 30 Nov 2018, 4:37 AM ET - October consumer data delivered above expectations with strong real spending, solid income, and soft inflation.  We dig into the details and highlight strong growth in discretionary spending categories.

Bayer: Selling Coppertone & Dr.Scholls

Worth Watching: 29 Nov 2018, 10:32 PM ET - Bayer (Baa1/BBB) announced that its board unanimously expressed support for its plans to strengthen its core businesses through a series of strategic actions. The announcement confirms previous rumors that  the company is considering the sale ..

Consumer Pulse: Holiday Sales Update & More

Sector Analysis: 28 Nov 2018, 4:11 AM ET - Consumer holiday spending viewed through the e-commerce lens looks to be off to a strong start. The consumer economy has a mix of puts and takes, ranging from rising mortgage rates to falling prices at the pump.

Bayer 3Q18: Lukewarm Results, No Glyphosate Update

Earnings Note: 15 Nov 2018, 5:11 AM ET - Consumer and Animal health struggle, though pharma pipeline developments bode well for the company. Management was sparce in its glyphosate-related commentary, though the number of plaintiffs has risen to 9,300 as of October 30, 2018.

US Employment: Almost Full, Keeps Eating

Strategy Analysis: 05 Nov 2018, 5:16 AM ET - Employment growth bounced back in October with a strong 250k print.  Wage growth hit a new high, but its gradual acceleration coupled with the strong job growth trend makes us question what full employment looks like.

US Productivity Is A Small Offset To Labor Costs

Sovereign Analysis: 02 Nov 2018, 5:38 AM ET - We break down 2 separate pieces of 3Q economic data that show while labor costs continue to rise, controlling for productivity growth gives a rosier picture. 

PCE Deflator: Steady in September

Worth Watching: 29 Oct 2018, 10:19 PM ET - PCE Deflator: The September income & outlays report showed another mild month for consumer price gains. The headline all-items index increased by 0.1% MoM, bringing the YoY rate to 2.0%, down from its July peak of 2.3%. The core PCE deflator (e ..

US GDP: Consumers Show Up Again

Strategy Analysis: 29 Oct 2018, 5:06 AM ET - 3Q US GDP beat expectations with a strong performance by the US consumer, inventory growth, and government spending offsetting weak trade, residential investment, and capex.

Air Liquide: 3Q18 Revenue Update

Worth Watching: 25 Oct 2018, 8:25 AM ET - Air Liquide (A3/A-) had released its 3Q18 revenues update on Wednesday, October 24. Reported sales were up 6.6% YoY at €5.27 bn while comparable sales were up 6.0% YoY after accounting for a negative currency impact (-1.2%) on the back of a stro ..

Healthcare: ACA Market May be Further Pressured

Sector Outlook: 25 Oct 2018, 4:19 AM ET - The White House continues to amend the ACA and intends to give States the option of allowing insurers to provide less comprehensive coverage at a lower cost. For individuals who remain in ACA-compliant plans, this may mean higher premiums.

Bayer: Trial Judge Reduces Award to $78.5 mn

Worth Watching: 22 Oct 2018, 10:57 PM ET - Bayer (Baa1/BBB) had the punitive award in the Johnson case reduced significantly by California Trial Judge Bolanos. The original award was for $39.25 mn in compensatory damages and $250 mn of punitive damages. Bayer appealed the award to Judge Bo ..

LIN/PX Merger: Conditional Approval from the FTC

Worth Watching: 22 Oct 2018, 10:22 PM ET - LIN/PX Merger Update: The FTC has granted a conditional approval for the Linde/Praxair merger subject to further asset divestitures. In addition to the assets Linde had already agreed to divest in July 2018, the FTC requires the sale of furthe ..

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

US Inflation: Consumer Prices Eke Out Another Gain

Strategy Analysis: 11 Oct 2018, 10:35 PM ET - The September consumer price index report showed weaker price gains than expected for the second consecutive month. 

Bayer: Animal Health on the Chopping Block?

IG Note: 11 Oct 2018, 10:35 PM ET - We provide a more in-depth discussion of the recent litigation and discuss Bayer's rumored interest in a potential sale of its animal health business that could fetch north of €5.5 bn bodes well for bondholders. 

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

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