The sector has solid fundamentals over the next several years but challenges will rise in 2026 and beyond, driving more active M&A and a focus on R&D execution
- Blockbusters product opportunities
- Patent cliff exposures
- Inflation Reduction Act & Proposed European Drug Regulations
- Biosimilar and generic drug markets
- Acquisition landscape
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SpeakersOla Hannoun-Costa Associate Managing Director Moody’s Investors Service
Michael Levesque Senior Vice President, Corporate Finance Group Moody's Investors Service
Marie Fischer-Sabatié Senior Vice President, Corporate Finance Group Moody's Investors Service
Vladimir Ronin Vice President - Senior Analyst, Healthcare & Pharmaceuticals, Corporate Finance Group Moody’s Investors Service
Gilberto Ramos Analyst, Corporate Finance Group Moody's Investors Service
Martin Hallmark Senior Vice President, Corporate Finance Group Moody's Investors Service
Dean Enjo Vice President – Senior Analyst, Corporate Finance Moody's Investors Service
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Ola Hannoun-Costa, an Associate Managing Director, manages the Healthcare and Pharmaceuticals team within the US Corporate Finance Group. Prior to her current role, Ola was the head of the US RMBS Surveillance team in the Structured Finance Group.
In the US RMBS team, Ola held several roles including credit ratings committee chair for both surveillance and new ratings across several sectors. Ola was also actively involved in developing and updating Moody’s Structured Finance methodologies and research publications.
Ola joined Moody’s in 2005 from Best Doctors in Boston. She holds an M.B.A. in finance and management from New York University’s Stern School of Business, and a B.S. in Health Services Administration from Ithaca College.
Michael Levesque is a Senior Vice President in Moody’s Corporate Finance Group. He joined Moody’s in 1998 and has had responsibility in the credit analysis for a variety of healthcare companies including drug manufacturers, drug distributors, medical device companies, managed care companies, health insurers, healthcare providers, and pharmacy benefit managers (PBMs). Michael is currently responsible as the lead analyst covering major pharmaceutical manufacturers. Prior to joining Moody’s, Michael worked for over 7 years as a healthcare actuary, serving in consulting positions at William M. Mercer, Inc. and at KMPG Peat Marwick, where he performed actuarial, employee benefits, and healthcare consulting services. Michael received a B.S. in operations research from Cornell University. He is a Fellow of the Society of Actuaries and a Chartered Financial Analyst, as well as a member of the Association for Investment Management and the New York Society of Security Analysts.
Marie Fischer-Sabatié is a Senior Vice President in the Corporate Finance Group (CFG) team based in Paris.
Marie has lead responsibility for a portfolio of European investment grade and high yield healthcare companies with focus on the Pharmaceutical industry, as well as for French investment grade companies in other sectors including Luxury.
During her tenure at Moody’s, Marie has covered a number of sectors, including Consumer Packaged Goods, Retail, Shipping, Business Services across Europe, when she was based in Paris between 2001 and 2016, and Telecom and Mining in Latin America, when she was based in Mexico City between 2016 and 2020.
Prior to joining Moody’s in 2001, Marie worked at Santander in Chile and Crédit Lyonnais in New York. She is a graduate of ESCP (Ecole Supérieure de Commerce de Paris).
Vladimir Ronin is a Vice President – Senior Analyst in the Corporate Finance Group at Moody’s Investors Service. Vladimir is responsible for a portfolio of both investment and non-investment grade companies in pharmaceutical, and healthcare service provider sectors. During his time at Moody’s, Vladimir supported the credit analysis of speculative grade companies in various industries including healthcare, food & beverage, and consumer durable manufacturers.
Vladimir graduated from Rutgers University with a B.S. in Finance and a B.A. in History. He received his MBA from NYU Stern School of Business with concentrations in Corporate Finance and Financial Markets and Instruments, and is a CFA charterholder.
Gilberto Ramos is an Analyst in the Corporate Finance Group (CFG) team based in Paris. Gilberto is lead analyst for a portfolio of high-yield issuers on the healthcare,
pharmaceutical and retail industries in Europe. During his time at Moody’s, Gilberto has also covered European infrastructure companies, including airports, ports and rail infrastructure managers and has contributed to number of Moody’s reports on those topics.
Prior to joining Moody’s in 2018, Gilberto was a credit analyst at Société Générale covering a wide range of sectors, including oil & gas, mining and financial institutions. Prior to this, Gilberto worked as an analyst at Fitch Ratings covering public finance issuers in Mexico.
Gilberto holds a Bachelor degree of Economics from Tecnologico de Monterrey, Mexico and a Master’s degree in Corporate Finance from EDHEC Business School, France, and is a CFA charterholder. Gilberto is fluent in English, French and Spanish.
Martin Hallmark is a Senior Vice President at Moody’s in the EMEA Corporate Finance Group in London. He joined Moody’s in June 2014 and has over 20 years of experience in corporate finance and credit analysis.
Before joining Moody’s he spent 7 years as a Senior Analyst at CVC Credit Partners analysing and monitoring investments within the European leveraged finance and high yield markets. Prior to CVC Credit Partners he was at RBS where he was responsible for origination, structuring and execution of leveraged finance transactions both in the European and the UK mid-cap markets, including 4 years in Milan. Prior to that, he worked at BDO Stoy Hayward where he covered auditing, accounting and Corporate Finance sectors.
Martin is a Chartered Accountant and holds a degree in Music from Cambridge University.
Dean Enjo is a Vice President – Senior Analyst with the Corporate Finance Group of Moody’s Japan. He is a lead analyst for companies across a broad range of sectors including chemicals, pharmaceuticals, and consumer products.
Dean previously worked at Manulife Life Insurance Company Japan, where he was a fixed income portfolio manager for its general account investment division. Previously, he has worked as an equity research analyst at CLSA Securities Japan / Credit Agricole Securities Japan and at a hedge fund focused on Japanese equities.
He holds a master’s degree from Harvard University, an M.B.A. from the University of Hertfordshire, and a bachelor’s degree from the University of British Columbia.