Healthcare Industry Group Update HEALTHCARE TEAM Healthcare Holdings

Healthcare Holdings Update Holding Purchase Date Buy Price Current Price % Change IQVIA (formerly

Fundamentals – useful to look at multiples for re-evaluation Holding P/E EV/EBITDA EV/REVENUE Diluted

IQVIA beyond financials CRO market slowing down after a solid run the past 20

VEEV beyond financials Beat analyst estimates and raised forecast for 2018 during Q 4

Update conclusions IQVIA – Hold for another few months and see where we stand

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Healthcare Industry Group Update HEALTHCARE TEAM

Healthcare Holdings Update Holding Purchase Date Buy Price Current Price % Change IQVIA (formerly 03/17/2017 Quintiles. IMS): IQV $77. 82 $104. 38 34. 1% Veeva 11/08/17 Systems: VEEV $61. 06 $76. 10 24. 6%

Fundamentals – useful to look at multiples for re-evaluation Holding P/E EV/EBITDA EV/REVENUE Diluted EPS IQV 17. 76 31. 23/1. 7 B = 18. 38 x 31. 23/8. 06 B = 3. 88 x 5. 88 Lab. Corp: LH 23. 63 24. 16/1. 98 B = 12. 18 x 24. 16/10. 21 B = 2. 37 x 12. 21 VEEV 82. 74 10/. 16507 B = 60. 9 x 10/. 68557 B = 14. 67 x 0. 92 Salesforce: CRM n/a 90. 12/. 8967 B = 100. 51 x 90. 12/10. 48 B = 8. 60 x 0. 17

IQVIA beyond financials CRO market slowing down after a solid run the past 20 yrs IQVIA might still have some room to keep growing, but the high stock growth period is likely over Uncertainty over structure of healthcare industry right now consolidation happening so will be interesting to see what happens with CRO and data analysis companies moving forward Potential to be acquired by large pharma companies looking for synergies and to consolidate an unsteady industry with pressure to decrease drug prices

VEEV beyond financials Beat analyst estimates and raised forecast for 2018 during Q 4 earnings announcement Stock price jumped about 25% after announcement Bought in at decent time before this high growth took effect Not too overvalued compared to Salesforce Stock has good momentum now, but downside would be that it is overvalued and projections are too high after strong Q 4

Update conclusions IQVIA – Hold for another few months and see where we stand towards the end of the semester. If there has been little price movement over the past 6 months, could sell at that time. Major upside includes acquisition attempt, downside is uncertainty in drug pricing market could lead to drop in stock price and IQVIA’s business model Veeva – Hold for longer. Strong Q 4 a few weeks ago caused the 25% jump as revenue was up over 23% for quarter and earnings beat projections. Also raised projections for coming year.