© 2009 Northern Trust Corporationnortherntrust.com FALL FOCUS 2009 INVESTMENT CONFERENCE Michael Drucker Senior Equity Analyst Healthcare Sector Healthcare.

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Presentation transcript:

© 2009 Northern Trust Corporationnortherntrust.com FALL FOCUS 2009 INVESTMENT CONFERENCE Michael Drucker Senior Equity Analyst Healthcare Sector Healthcare Services, Medical Devices & Hospital Supplies

Fall FOCUS Investment Conference Healthcare Performance Currency headwind Concerns on sustainability of pricing Hospital capital freeze Obamacare Performance Review – Healthcare Equipment

Fall FOCUS Investment Conference Healthcare Preferred Stocks Covidien (COV, 1/B) McKesson (MCK, 1/B) Healthcare Services, Medical Devices & Hospital Supplies

Fall FOCUS Investment Conference Healthcare Preferred Stocks Spin-off From Tyco Incentivized Management Portfolio Restructuring  Sell slower growth, low ROIC businesses to add faster growth, high ROIC businesses  Prefer tuck-in acquisitions, but will return excess capital to shareholders Leverage Infrastructure Investments Capital Deployment Opportunity Covidien (COV, 1/B)

Fall FOCUS Investment Conference Healthcare Preferred Stocks Leader in Pharmaceutical Distribution and Healthcare IT (HCIT) Pharmaceutical Distribution stable with re-signing of CVS contract (15% of revenue) HCIT upside from stimulus  Undervalued asset within McKesson  20% of operating income  $21 billion will be paid to doctors / hospitals to upgrade to electronic medical records (EMR) McKesson (MCK, 1/B)

© 2009 Northern Trust Corporationnortherntrust.com FALL FOCUS 2009 INVESTMENT CONFERENCE Questions for Healthcare?

© 2009 Northern Trust Corporationnortherntrust.com FALL FOCUS 2009 INVESTMENT CONFERENCE Michael Drucker Senior Equity Analyst Thank you.