GS have published a major research note on $RMD and $FPH (available on CommSec) looking at the impact of various pharmaceutical products on the market.

I've had a quick scan, and it needs a proper read when I'm fresh, but it is a pretty deep dive. They have a well resourced global healtcare research desk!

Interestingly, they've adjusted the 12m TP for $RMD from $38.40 to $33.00, noting their DCF valuation is at $35.50,... which incidentally is about where I stand.

For $FPH the reduction is smaller to $24.00 from $25.00 because of this company's 70% focus on the hospital segement, which is less susceptible to pharmacetical treatments.

Both rated as BUY, with $FPH remaining on the GS "conviction list".

Disc: I hold both $RMD and $FPH in RL