Health Care: What did we learn at the Global Health Care Conference?

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Health Care: What did we learn at the Global Health Care Conference?

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Health Care

What did we learn at the Global Health

Care Conference?

Industry Overview

US Biopharmaceuticals 18 May 2026

Large Pharma feedback reinforced that M&A remains the preferred capital deployment Equity

lever to address portfolio gaps and accelerate growth, with management teams United States

expressing confidence in ongoing regulatory processes despite leadership changes. Health Care

Investor sentiment on large-cap pharma is improving—supported by potential defensive Healthcare Team

fund flows—while focus in SMID biotech remains on upcoming catalyst-specific names BofAS

and broader strategic execution, with more caution on sub-sector broadly. Kevin Fischbeck, CFA

Research Analyst

Small and Mid-Cap Biotechnology BofAS+1 646 855 5948

Commercial biotech companies reiterated a sustained appetite for business kevin.fischbeck@bofa.com

development, which is supportive of durable M&A activity through the remainder of TazeenResearchAhmadAnalyst

2026. On the evolving FDA leadership landscape, feedback was broadly constructive, BofAS

+1 646 855 4236

with no meaningful disruption to regulatory interactions or active review processes. tazeen.ahmad@bofa.com

Biotech rerated, but not all doom and gloom JasonResearchM. AnalystGerberry

BofAS

Commercial biotechs have rerated, but remain entry point for broader investor +1 646 743 0180

engagement with the sector (KRYS, MRNA, CRSP). Specialist focus is shifting earlier, jason.gerberry@bofa.com

with companies having strong pipelines and clinical derisking in favor (RVMD, CGON). Joanna Gajuk

Frustration was most pronounced for commercial stories (INSM, BBIO, MDGL), with BofAS

resignation M&A isn’t likely a key near-term driver.