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Strategies & Market Trends : Value Investing

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To: J Mako who wrote (44920)	10/11/2011 8:31:22 PM
From: Paul Senior	1 Recommendation Read Replies (2) of 78652

Contract research organizations (CRO): "until the lousy economy and big changes to the drug industry led to a slowdown in research-and-development spending that crushed profits and share prices throughout the drug-research industry." I see the big issue as being "big changes in the drug industry". It's not - imo - the lousy economy or the slowdown in r&d spending. It's that there's been consolidation in the drug industry (which means consolidation and/or permanent (imo) reduction in drug research ), and so the contracts let out to the cro's are down. And halcyon times may not return to the sector as cro's compete for the lesser pie. This jmo of the situatation. And I've been wrong many, many times. Regardless, I'm out of the sector now, and intend to stay out. Of course I could be very wrong about that also. Proposed takeout of PPDI shows that the big money is interested. "Consistent high roe in past ten years"? I don't see that about CVD. 15.8% in '07 16.5% in '08 12.5% in '09 5.3% in '10 4.7% currently, per Yahoo.

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