Bernstein menetapkan tiga saham farmasi Eropa sebagai target pembelian terbaik, revaluasi sektor akan segera tiba

Investing.com – European pharmaceutical sector has regained attention as a defensive sector, and Bernstein has clearly stated its picks. In a recent research report, the broker listed three stocks, believing they offer the most attractive combination in terms of undervalued R&D pipelines, earnings upgrade potential, and re-rating catalysts, with a target price implying a 36% to 53% upside from current levels.

AstraZeneca is Bernstein’s top large-cap pick. Analysts believe the company’s non-oncology R&D pipeline has double-digit earnings upgrade potential, which the market has undervalued. It is expected that in 2026-27, four Phase III clinical trial results will be announced, including the Wainua rare heart disease project, with peak sales potential accounting for about one-third of 2025 revenue.

Based on a 10x expected P/E ratio in 2030, Bernstein considers this stock one of the cheapest high-quality R&D engines in the global pharmaceutical industry, and a 35% premium over European peers is deemed reasonable.

The stock has risen 21% over the past year, but analysts believe there is still significant room for re-rating.

GSK ranks second among large-cap stocks. Bernstein states that under its CEO, who has supported innovation more than in the past 20 years, the company’s earnings per share could be upgraded by up to 27% compared to market consensus, and notes that the Phase III trial results of camlipixant for chronic cough are recent catalysts.

Based on a 9x expected P/E ratio in 2030, trading at a 15% discount to European peers, analysts believe this valuation does not reflect the ongoing scale of the company’s transformation.

The company’s own guidance of over £40 billion in sales by 2031 significantly exceeds the market consensus of £36 billion. Bernstein believes that R&D milestones over the next 12 to 18 months will force this gap to narrow.

Argenx is Bernstein’s most confident target across its coverage.

This Belgian immunology specialist will have four important Phase III trial results announced by the end of 2027, including treatments for myositis through its Vyvgart product line. According to earnings regression analysis, it is cheaper than US biotech peers in valuation.

A target price of €915 implies a 14x expected P/E ratio in 2030, an 8% premium over peer groups. Analysts say that considering the company’s track record, this premium is well justified.

Bernstein praises the management’s current substantial investments in diversifying the R&D pipeline, believing this significantly reduces the risk of the company becoming a single-product biotech unable to offset future patent expirations.

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