Investment Research Presentation Syneos Health, Inc.
Syneos Health, Inc. INnvasedsatqmGeS:nStYRNeHsearch Presentation
MSoenctthoDr:aHy,e2a0lXthXcare Senior Analyst: Jose Grullon Junior Analysts: Garbis Chekerdjian, Ignacio
Fimbres Spring 2018
1
Valuation Summary
Recommendation Summary
Company (Ticker) Current Trading Price (04-12-2018)
SYNH $ 37.60
Recommendation Target Price Upside Potential
BUY $ 57.46
52.80%
Recommendation
BUY
2
Agenda
INDUSTRY DEFINITION & BREAKDOWN
REIT's COMPANY OVERVIEW
INDUSTRY TREND ANALYSIS
COMPANY TREND ANALYSIS
RISK ANALYSIS
FINANCIAL VALUATIONS
SUMMARY & RECOMMENDATION
3
Industry Definition: CRO Market
Contract Research Organizations (CROs)
? Definition: firms that provide outsourced drug development services, regulatory & scientific support, and physical & human capital to help provide fully outsourced research solutions.
End Markets
Pharma & biotech industries, as well as educational & government research institutions.
Charles River Laboratories International, Inc. NYSE: CRL Mkt. Cap: $5.09 billion
ICON, plc. NasdaqGS: ICLR Mkt. Cap: $6.48 billion
PRA Health Sciences, Inc. NasdaqGS: PRAH Mkt. Cap: $5.55 billion
Syneos Health, Inc. NasdaqGS: SYNH Mkt. Cap: $3.95 billion
IQVIA Holdings, Inc. NYSE: IQV Mkt. Cap: $20.35 billion
Sources ? Capital IQ
4
Industry Breakdown: CRO Market
Drivers
Increased Drug Development Spending & Pricing Pressures will drive demand for outsourced R&D and
clinical trial services
User-Friendly & Advanced Bioinformatics Tools will drive demand for CRO services as more biometric platforms and customized data systems are needed
Strong M&A Activity will continue to drive value as industry consolidates to provide more services to drug
manufacturing companies
Pharma-Emerging Economies will grow at a 7.5% CAGR, driving demand for clinical trial activity in Asia
Strong Demand for Early Stage & Late Stage Clinical Trials will drive market penetration from 30.5% to 46.5% by 2021
CRO Market Revenue Forecast (billions)
$70
$60
$50
$40
$30
$20
$10 2013 2014 2015 2016 2017E 2018E 2019E 2020E 2021E
8.0% 8.0%
9.3% 0.7% 2.2%
9.9%
CRO Product Segmentation
4.9%
11.6% 10.6%
13.6%
21.2%
Preclinical Phase I Phase II Phase III Phase IV Bioanalytics HEOR Pharmacovigilance
Sources ? Capital IQ, Frost & Sullivan
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