Maytag MAF 1060 User Manual download pdf

RAYMOND JAMES

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Monthly Research Register

May 2004

Sifting Through the Pharmaceutical Channel

The long-term prospects of the drug distribution industry should equate to 11-14% growth projected in U.S.

drug spending as the entire pharma channel benefits from an aging population and increasing drug utilization

by the elderly, especially with the advent of the new Medicare prescription drug benefit. Likewise, the

specialty distributors are poised to expand their product portfolios with the growth of the biotech drug

pipeline, which, in our view, represents the future of drug development.

Despite this bullish outlook, some short-term risks are a bit higher than normal. From a macro perspective,

the increasingly more audible uproar from politicians and consumers over the escalating cost of prescription

drugs has prompted some manufacturers to scale back their historically aggressive approach to price

increases, which represent a significant source of profit margin for the wholesale distributors. Likewise, the

growing support for the re-importation of drugs from Canada could eventually lead to an opening of the

border and, in turn, market share losses. On a more industry-specific level, the wholesale distributors are

currently facing margin pressures as the manufacturers overhaul the method by which they compensate the

distributors for their services, while some of the specialty distributors are suffering from the market

maturation of some of their key products coupled with a lull in new product launches. Investors are also

concerned about the industry pricing backdrop.

Given this uncertain backdrop, we remain somewhat cautious with respect to the prospects for the

distributors over the next year. However, we are favorable towards Cardinal Health (CAH/$71.56/

Outperform), a wholesale distributor whose exposure to the ongoing changes in that industry is somewhat

offset by the diversity provided by its three other business units that, together, account for 60% of operating

income, and Accredo Health (ACDO/$38.04/Strong Buy), a specialty distributor with a solid near-term growth

outlook that is strengthened over the longer term by the addition of six new products over the course of 2003.

Pharmacy benefit managers (PBMs) are uniquely positioned to take advantage of rising drug spend and

increasing healthcare costs. Through formulary management, therapeutic interchange, network

development and cost sharing techniques, PBMs help employers and managed care organizations strike a

balance between plan access, cost and quality. The PBMs’ position within the pharmaceutical channel

continues to strengthen relative to retail drug stores. Mail order growth is outpacing the increase of scripts

dispensed through the retail channel, as home delivery represents a more cost-effective means of delivering

chronic medications. A burgeoning biotech pipeline offers the pharmacy benefit managers another

opportunity to provide cost effective access to a more complex class of specialty drugs while further

leveraging their mail order operations.

Our top pick in the group is Caremark (CMX/$33.49/Strong Buy). The company’s industry-leading portfolio

of services bodes well for future growth. Management recently completed the acquisition of AdvancePCS,

which offers cross-selling opportunities in mail and specialty distribution and the potential to better manage

AdvancePCS’ receivables. The transaction better positions Caremark in light of the recently passed

Medicare legislation as it expands relationships with managed care organizations, which will likely be the

primary contractors with the government when the funded drug benefit arrives in 2006.

John W. Ransom Michael J. Baker, CPA

Director of Healthcare Research Benefits Management/Outsourcing/

Practice Management Analyst

EQUITY

RESEARCH

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Summary of Contents

Page 1 - RAYMOND JAMES

RAYMOND JAMES For complete disclosure information on any stock listed in this publication, please see our disclosure website at www.rjcapitalmarkets.c

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Raymond James & Associates 4 Research Register - May 2004 CONSUMER 12 MO.TRAIL. PROJ. CURRENT PAST PROJ. MKT. RJ

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Raymond James & Associates 5 Research Register - May 2004 CONSUMER 12 MO.TRAIL. PROJ. CURRENT PAST PROJ. MKT. RJ

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Raymond James & Associates 6 Research Register - May 2004 ENERGY 12 MO.TRAIL. PROJ. CURRENT PAST PROJ. MKT. RJ&a

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Raymond James & Associates 7 Research Register - May 2004 ENERGY 12 MO.TRAIL. PROJ. CURRENT PAST PROJ. MKT. RJ&a

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Raymond James & Associates 8 Research Register - May 2004 ENERGY 12 MO.TRAIL. PROJ. CURRENT PAST PROJ. MKT. RJ&a

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Raymond James & Associates 9 Research Register - May 2004 ENERGY 12 MO.TRAIL. PROJ. CURRENT PAST PROJ. MKT. RJ&a

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Raymond James & Associates 10 Research Register - May 2004 FINANCIAL SERVICES 12 MO.TRAIL. PROJ. CURRENT PAST PROJ. MK

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Raymond James & Associates 11 Research Register - May 2004 FINANCIAL SERVICES 12 MO.TRAIL. PROJ. CURRENT PAST PROJ. MK

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Raymond James & Associates 12 Research Register - May 2004 FINANCIAL SERVICES 12 MO.TRAIL. PROJ. CURRENT PAST PROJ. MK

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Raymond James & Associates 13 Research Register - May 2004 FINANCIAL SERVICES 12 MO.TRAIL. PROJ. CURRENT PAST PROJ. MK

Page 12 - Exploration and Production:

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Page 13 - Midstream Suppliers:

Raymond James & Associates 14 Research Register - May 2004 HEALTHCARE 12 MO.TRAIL. PROJ. CURRENT PAST PROJ. MKT.

Page 14 - Oilfield Services:

Raymond James & Associates 15 Research Register - May 2004 HEALTHCARE 12 MO.TRAIL. PROJ. CURRENT PAST PROJ. MKT.

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Raymond James & Associates 16 Research Register - May 2004 HEALTHCARE 12 MO.TRAIL. PROJ. CURRENT PAST PROJ. MKT.

Page 16 - FINANCIAL SERVICES

Raymond James & Associates 17 Research Register - May 2004 HEALTHCARE 12 MO.TRAIL. PROJ. CURRENT PAST PROJ. MKT.

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Raymond James & Associates 18 Research Register - May 2004 INDUSTRIAL GROWTH 12 MO.TRAIL. PROJ. CURRENT PAST PROJ. MKT

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Raymond James & Associates 19 Research Register - May 2004 INDUSTRIAL GROWTH 12 MO.TRAIL. PROJ. CURRENT PAST PROJ. MKT

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Raymond James & Associates 20 Research Register - May 2004 REAL ESTATE 12 MO.TRAIL. PROJ. CURRENT PAST PROJ. MKT.

Page 20 - HEALTHCARE

Raymond James & Associates 21 Research Register - May 2004 REAL ESTATE 12 MO.TRAIL. PROJ. CURRENT PAST PROJ. MKT.

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Raymond James & Associates 22 Research Register - May 2004 REAL ESTATE 12 MO.TRAIL. PROJ. CURRENT PAST PROJ. MKT.

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Raymond James & Associates 23 Research Register - May 2004 TECHNOLOGY 12 MO.TRAIL. PROJ. CURRENT PAST PROJ. MKT.

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Page 24 - INDUSTRIAL GROWTH

Raymond James & Associates 24 Research Register - May 2004 TECHNOLOGY 12 MO.TRAIL. PROJ. CURRENT PAST PROJ. MKT.

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Raymond James & Associates 25 Research Register - May 2004 TECHNOLOGY 12 MO.TRAIL. PROJ. CURRENT PAST PROJ. MKT.

Page 26 - REAL ESTATE

Raymond James & Associates 26 Research Register - May 2004 TECHNOLOGY 12 MO.TRAIL. PROJ. CURRENT PAST PROJ. MKT.

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Raymond James & Associates 27 Research Register - May 2004 TECHNOLOGY 12 MO.TRAIL. PROJ. CURRENT PAST PROJ. MKT.

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Raymond James & Associates 28 Research Register - May 2004 TECHNOLOGY 12 MO.TRAIL. PROJ. CURRENT PAST PROJ. MKT.

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Raymond James & Associates 29 Research Register - May 2004 TELECOMMUNICATIONS 12 MO.TRAIL. PROJ. CURRENT PAST PROJ. MK

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Raymond James & Associates 30 Research Register - May 2004 TELECOMMUNICATIONS 12 MO.TRAIL. PROJ. CURRENT PAST PROJ. MK

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Raymond James & Associates 31 Research Register - May 2004 TELECOMMUNICATIONS 12 MO.TRAIL. PROJ. CURRENT PAST PROJ. MK

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Raymond James & Associates 32 Research Register - May 2004 Raymond James Investment Ratings 1. Strong Buy ... Expected to a

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Raymond James & Associates 33 Research Register - May 2004 Research Coverage ADDITIONS: Advanced Micro Devices (AMD), Assurant, Inc. (AIZ)

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Page 35 - TELECOMMUNICATIONS

Raymond James & Associates 34 Research Register - May 2004 Equity Capital Markets – Sales & Trading Louis A. Parks (212) 297-5614, Sr

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Raymond James & Associates 35 Research Register - May 2004 International Offices Raymond James & Associates, London 011-44-207-696

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Equity Research (800) 248-8863 __________________________________________________Robert P. Anastasi, CFA (727) 567-2286 Sr. Managing Directo

Page 38 - Suitability Categories (SR)

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Raymond James & Associates 1 Research Register - May 2004 CONSUMER 12 MO.TRAIL. PROJ. CURRENT PAST PROJ. MKT. RJ

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Raymond James & Associates 2 Research Register - May 2004 CONSUMER 12 MO.TRAIL. PROJ. CURRENT PAST PROJ. MKT. RJ

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Raymond James & Associates 3 Research Register - May 2004 CONSUMER 12 MO.TRAIL. PROJ. CURRENT PAST PROJ. MKT. RJ

Maytag MAF 1060 User Manual

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Maytag MAF 1060 User Manual

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