Biotech Values

[DewDiligence]

Re: US vs European analysts

I thought a lot of the CC was taken up with congratulatory and self-congratulatory tripe… I'm asking whether this is typical of this kind of CC.

It’s typical CC behavior by US sell-side analysts; it is not typical behavior by European analysts (as I’ve noted in prior posts on this board).

And why do analysts who are certainly not stupid continually ask questions that they know will not be answered and avoid asking questions that might be of real interest and might actually get answered?

They ask the unanswerable questions to “check in”— i.e. to show they are present on the CC so they can win brownie points for their banking firms. For essentially the same reason, these analysts often don’t ask questions of real interest to investors because they might cause discomfort or embarrassment for the presenting company.

Try listening to a NVS or Roche CC sometime—you will be amazed by the difference in style.