View from the Field: Medicines for Europe '26

Research evidence excerpt

View from the Field: Medicines for Europe '26

efferies LLC, a FINRA member firm, and therefore may not be subject to

the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.

Registration of non-US analysts: Martinien Rula, CFA is employed by Jefferies GmbH, a non-US affiliate of Jefferies LLC and is not registered/qualified as

a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subject

to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.

Registration of non-US analysts: Thomas Berto, PharmD. is employed by Jefferies GmbH, a non-US affiliate of Jefferies LLC and is not registered/qualified

as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subject

As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives

compensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,

but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are

published at irregular intervals as appropriate in the analyst's judgement.

Investment Recommendation Record

(Article 3(1)e and Article 7 of MAR)

Recommendation Published June 17, 2026 5:00 A.M.

Recommendation Distributed June 17, 2026 19:00 P.M.

Explanation of Jefferies Ratings