Citi's Outlook For U.S. Pharmaceuticals (TEVA, BMY, ABT, MCK)

According to a report released by Citigroup C today, the U.S. Major Pharmaceutical group is trading at 9.4x 2011 estimated EPS, representing a 24% discount to the S&P 500 on consensus EPS. Year to date, the group has underperformed the S&P by ~520 basis points. During today's trading session, some widely owned names are severely underperforming the market. Teva Pharmaceuticals TEVA has lost 0.51% to $52.94. Bristol Myers Squibb BMY has fallen 0.89% to $25.55. Abbott Labs ABT has declined 1.04% to $48.27, and McKesson MCK is down 0.63% to $69.67.