Dropping Coverage

Research evidence excerpt

Dropping Coverage

May 14, 2026

VALUATION METHODOLOGY

Our valuation methodology is based on a combination of cash flow and earning estimate derived valuation methodologies. We used

a discount rate which is a function of cost of equity and cost of debt. Terminal growth rate estimates were used to derive future

cash flows.

RISKS

Regulatory, commercial, and legal, including potential delays to pipeline development, generic entry to established products,

changes in drug pricing, changes in tax law, loss of patent exclusivity through unfavourable litigation outcomes, and/or poor M&A

execution/integration.

COMPANIES UNDER COVERAGE BY AUTHOR

Price Evercore ISI

Symbol Company Rating (2026-14-05) Target

ALKS Alkermes plc Outperform $38.91

AMGN Amgen Inc Outperform $336.45

Rating

APLS Apellis Pharmaceuticals Inc Suspended $41.03

BHC Bausch Health Companies Inc In Line $5.29

BIIB Biogen Inc. Suspended $204.53

BMY Bristol Myers Squibb Suspended $56.39

CNTA Centessa Pharmaceuticals PLC Outperform $39.58

CVAC CureVac N.V. Outperform $4.66

ELAN Elanco Animal Health Incorporated Outperform $21.80

EVMN Evommune, Inc Outperform $23.29 $55.00

GILD Gilead Sciences Inc Outperform $133.05

GUTS Fractyl Health, Inc. Outperform $0.95

JAZZ Jazz Pharmaceuticals plc Suspended $232.33

KLRA Kailera Therapeutics, Inc Outperform $21.11

KOD Kodiak Sciences Inc Outperform $39.61

LEGN Legend Biotech Corp. Outperform $28.67

LLY Eli Lilly & Co. In Line $1015.75

MGNX Macrogenics Inc Outperform $3.45

MLYS Mineralys Therapeutics, Inc. Outperform $26.86

MRK Merck & Co Inc Outperform $113.45

MTSR Metsera, Inc. Outperform $70.50

OGN Organon & Co. In Line $13.34

PCVX Vaxcyte, Inc Outperform $54.25

PFE Pfizer Inc. Outperform $25.96

PHAT Phathom Pharmaceuticals, Inc. Outperform $12.56

PROK ProKidney Corp.