Ann: ResMed Announces Results for the Fourth Quarter of FY2023, page-186

AFR:

UBS downgrades ResMed due to Ozempic-like competitors

Joshua Peach

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Analysts at UBS have downgraded dual-listed healthtech stock ResMed, due to the rise of competitor treatments from weight loss drugs like Ozempic.

In recent months, the stock has come under increasing pressure from short-sellers, who are banking on Ozempic, the diabetes treatment which has become a popular weight loss drug, reducing demand for sleep apnoea products.

UBS analysts had flagged the rise of weight loss drugs as a potential headwind for the company earlier this year, and have subsequently slashed ResMed’s price target by 36 per cent to $US170, dropping the stock to a neutral rating from a buy rating.

The analysts cited the likely regulatory success of Ozempic-like competitor drug SURMOUNT-OSA as a reason for the downgrade.

“The stock no longer looks exceptional on growth versus US peers,” the note said.

I would have thought that UBS would have checked the metrics...LOL