MAHA委员会报告……拜耳在草甘膦问题上得到缓解，但处方药 疫苗怀疑论对该行业无益

Restricted - External First LookEuropean Pharmaceuticals & Life SciencesNEUTRALEuropean Pharmaceuticals & LifeSciencesEmily Field, CFA+44 (0)20 7773 6263emily.field@barclays.comBarclays, UKCharles Pitman-King, CFA+44 (0)20 3134 6023charles.pitman-king@barclays.comBarclays, UKShirley Chen, PhD+44 (0)20 7773 2109shirley.chen@barclays.comBarclays, UKYihan Li, PhD+44 (0)20 3555 3563yihan.li@barclays.comBarclays, UKSidhartha Modi+91 (0)22 6175 1326sidhartha.modi@barclays.comBarclays, UKAnurag Surendra Sharma+91 (0)22 6175 4548anuragsu.sharma@barclays.comBarclays, UK from play/ physical activities and the rise of anxiety and depression. When discussingchildhood mental health, the report cited high rates of overdiagnosis and failure of currentinterventions.We see this as modestly negative for the industry as it continues theadministration's theme of questioning the authority of the medical/scientificestablishment.Over-medicalization of children:The report cited a number of statistics indicatingincreased usage of prescription medicines among American children, specifically calling outmental health medications, asthma medications and GLP-1s. Specifically, it called out a"crisis of overdiagnosis and overtreatment in children." There was also a long section callingout the growth of the childhood vaccine schedule, with little mention of the positive impactof vaccines on protection from communicable disease and instead a laundry list of potentialreasons why these could be contributing to the "childhood chronic disease crisis." The reportalso suggested that a contributor to this crisis is industry's role in funding medical literature.We see this section as negative for industry as it calls into question the incentives ofindustry and benefit provided by pharma/the medical establishment (with vaccines mostdirectly called out). ••2 Analyst(s) Certification(s):We, Emily Field, CFA, Charles Pitman-King, CFA and Shirley Chen, PhD, hereby certify (1) that the views expressed in this research report accuratelyreflect our personal views about any or all of the subject securities or issuers referred to in this research report and (2) no part of our compensationwas, is or will be directly or indirectly related to the specific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Research analysts employed outside the US byaffiliatesof Barclays Capital Inc. are not registered/qualified as research analysts with FINRA. Such non-US research analysts may not be associated persons of Barclays Capital Inc., which is a FINRA member, and therefore may not be subject to FINRA Rule2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst’s account.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm.Materially Mentioned Stocks (Ticker, Date, Price)Bayer AG(BAYGn.DE, 26-May-2025, EUR 24.68), Equal Weight/Neutral, A/CD/D/E/J/K/L/MUnless otherwise indicated, prices are sourced from Bloomberg and r