Screen the sector that turns clinical pipelines and payer scale into durable earnings.
Healthcare covers pharmaceuticals, biotechnology, medical devices, health insurers and hospital systems — businesses whose returns hinge on patent cycles, regulatory approval and reimbursement economics rather than the broader economic cycle. That defensiveness is real, but pipeline risk and policy headlines can swing a stock hard, so screening on margin durability and pipeline-adjusted cash flow matters more here than in most sectors.
Illustrative — not investment advice.
| Ticker | Company | Sub-industry |
|---|---|---|
| LLY | Eli Lilly | Pharmaceuticals |
| UNH | UnitedHealth Group | Managed care & health insurance |
| JNJ | Johnson & Johnson | Pharmaceuticals & medical devices |
| ABBV | AbbVie | Biopharmaceuticals |
| MRK | Merck & Co. | Pharmaceuticals |
| ABT | Abbott Laboratories | Medical devices & diagnostics |
| TMO | Thermo Fisher Scientific | Life-sciences tools & diagnostics |
| PFE | Pfizer | Pharmaceuticals |
| DHR | Danaher | Life-sciences & diagnostics equipment |
| ISRG | Intuitive Surgical | Surgical robotics & medical devices |
| AMGN | Amgen | Biotechnology |
| CVS | CVS Health | Pharmacy, health insurance & care delivery |
Pipeline reinvestment is the lifeblood of pharma and biotech; screening on R&D intensity relative to peers highlights companies funding their next decade of growth.
Patent-protected drugs and dominant device franchises carry high operating margins — a floor here filters out commoditised generics and thin-margin distributors.
Free-cash-flow yield shows whether approved products and installed device bases are actually converting to cash, not just pipeline promises.
Large healthcare M&A is often debt-funded; a leverage ceiling avoids balance sheets stretched by acquisitions ahead of the payoff.
A handful of obesity and diabetes drugs have become some of the best-selling medicines ever, concentrating pharma earnings growth in the companies that got there first.
Managed-care insurers are navigating rising medical-cost trends, pushing screens toward insurers with disciplined underwriting and diversified revenue beyond premiums.
A wave of blockbuster drugs are losing exclusivity this decade; screening on pipeline depth helps separate companies replacing lost revenue from those simply managing decline.
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Add a sector filter, then stack valuation, quality, growth and income filters with ≥, ≤ and range operators to match your thesis.
Open any survivor for a DCF you control, then save it to a watchlist with a margin-of-safety target so each name carries an undervalued / fair / rich signal.
Screen for durable operating margins, disciplined R&D reinvestment, strong free-cash-flow yield and manageable leverage. That favours companies with either protected drug franchises or dominant device and diagnostics installed bases over commoditised players.
Open any ticker in Lemma Analysis and the DCF is pre-filled from years of financials. Adjust growth, margins and WACC to see fair value and a bear/base/bull spread, then run a reverse DCF to see what pipeline success the current price already assumes.
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Demand for medicine and care is non-cyclical, which cushions revenue in a downturn. But a single clinical trial readout or regulatory decision can move a stock sharply, so position sizing and margin-of-safety discipline matter as much as the defensive label.
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