EU Pharma: Val sheet + Key publications

Research evidence excerpt

EU Pharma: Val sheet + Key publications

Equity Research

11 May 2026

EU Pharma

Val sheet + Key publications

Key data & publications this week for EU Pharma, Biotech &

Life Sciences: (1) Updated valuation pack for 08/05/26, and

(2) Recap of key publications; including takeaways from European& Life SciencesPharmaceuticals, Biotechnology

Investor meetings, SDZ u/g to OW, BAYN/ UCB acq. of Perfuse NEUTRAL

European Pharmaceuticals,Therapeutic/ Candid Therapeutics and Q1 result updates.

Biotechnology & Life Sciences

James Gordon

+44 (0)20 7116 2784

Summary valuation james.gordon@barclays.comBarclays, UK

 EU Pharma Valuation Charles Pitman-King, CFA

comparisons (P/E and EV/ +44 (0)20 3134 6023

EBITDA) and share price charles.pitman-king@barclays.com

Barclays, UK

Key takeaways from last week performances Shirley Chen, PhD

Sector +44 (0)20 7773 2109

• Feedback from Investor meetings in Frankfurt shirley.chen@barclays.com

• Obesity/ T2D subset of US Dynamic Retail data analysis to Mar '26, including switch and Yihan Li, PhD

NTBx data +44 (0)20 3555 3563

yihan.li@barclays.com

Large-Cap Barclays, UK

• NOVOB First takes, Model updates and Management Meeting feedback post Q1 '26 results. Sidhartha Modi

+91 (0)22 6175 1326

Mid-Cap sidhartha.modi@barclays.com

• SDZ upgraded back to OW on accelerating Sales growth through '26, MSD/DD Sales/EPS Barclays, UK

growth '27/'28, Golden Decade of Biosim launches from '29 and attractive valuation.

• BAYN acquisition of Perfuse Therapeutic to strengthen its Global ophthalmology pipeline.

• UCB acquisition of Candid Therapeutics, adding a differentiated TCE platform.

• GRF Q1'26 results

Biotech

• ARGX, GMAB, GLPG and ZEAL Our takes post Q1 '26 results.

Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companies