Buy-Side Equity Research Analyst, Healthcare

The Opportunity

We are seeking a high-calibre Healthcare Equity Research Analyst to join our Fundamental Equities investment team.

This role is designed for an analyst who wants to develop from strong research execution into independent investment judgement. You will work closely with the Senior Healthcare Analyst while contributing directly to investment discussions across a broad range of healthcare companies and subsectors.

The role may initially have particular emphasis on Life Sciences Tools, Managed Care, and Medtech. However, we welcome candidates with experience from any healthcare subsector, including Pharmaceuticals, Biotechnology, Healthcare Services, and related areas. The successful candidate will have the opportunity to contribute more broadly across the healthcare universe as research priorities and investment opportunities evolve.

From the outset, you will be expected to form evidence-based views, challenge assumptions constructively, and translate complex information into clear investment conclusions. As you demonstrate analytical quality, judgement, and idea-generation capability, you will assume increasing responsibility for company coverage and subsector research.

Responsibilities

• Build, improve, and maintain rigorous sales forecasting and valuation models (including discounted cash flow, sum-of-the-parts, and relative valuation).
• Analyse quarterly results, clinical data, regulatory decisions, reimbursement changes, competitive developments, management commentary, and M&A activity.
• Conduct primary and secondary research, including management meetings, expert calls, key opinion leader discussions, industry data analysis, and review of clinical and scientific literature.
• Identify the implications of new information for earnings, valuation, market expectations, catalysts, downside risks, and investment theses.
• Prepare concise, decision-useful earnings notes, research updates, meeting summaries, and investment memoranda.
• Generate and develop differentiated investment ideas alongside the Senior Healthcare Analyst and the broader investment team.
• Contribute across the healthcare universe while developing deeper expertise in selected companies and subsectors.

Candidate Profile

• Typically 2-5 years of relevant experience in healthcare equity research, investing, or another analytically rigorous healthcare-focused role, though we will consider candidates whose skills and track record fit the role. Direct buy-side or sell-side research experience is strongly preferred.
• Experience in Life Sciences Tools, Managed Care, or Medtech is desirable but not required. Strong candidates from other healthcare subsectors will be considered.
• Strong financial modelling and valuation skills, with the ability to build a clear, concise, and credible investment case.
• Ability to synthesise clinical, regulatory, commercial, competitive, and financial evidence into an investable view.
• Intellectual curiosity, sound judgement, attention to detail, and a willingness to revise views when evidence changes.
• A genuine interest in healthcare investing and in identifying situations where consensus expectations may be wrong.
• Strong written and verbal communication skills, including the ability to present an evidence-based investment view clearly and concisely.
• Bachelor's degree in a relevant discipline (e.g. life sciences, medicine, engineering, economics, or finance).
• Progress towards the CFA charter and/or an advanced finance, clinical, or scientific qualification is advantageous but not required.

What Success Looks Like

During the first year, you will become a trusted research partner, producing accurate models, high-quality event analysis, clear investment-case updates, and thoughtful contributions to team discussions.

Over time, success means earning ownership through differentiated research, repeatable idea generation, disciplined execution, and sound investment judgement. The expectation is that the successful candidate develops into an investor with genuine responsibility for coverage and recommendations.