European Pharmaceuticals & Biotechnology "Postcard from the US" Deng

Research evidence excerpt

European Pharmaceuticals & Biotechnology "Postcard from the US" Deng

Global Research

30 June 2026ab

European Pharmaceuticals & Biotechnology Equities

Europe including UKPostcard from the US

Pharmaceuticals

Xian Deng, PhD, CFA

Postcard from the US Analyst

We have been on the road for the past few weeks in Europe as well as the US. Overall, xian.deng@ubs.com

sentiment is relatively negative for European pharma and biotech sector, and many +44-20-7901 6285

investors see the sector as a source of funding for AI trades. Having said that, US Matthew Weston, PhD

investors appear a touch more upbeat than European investors, given the better Analyst

performance of US large cap pharma (vs European large pharma) and generally higher matthew.weston@ubs.com

exposure for many US investors to biotechs. We saw increased interests in the biotech +44-20-7567 4055

sector within therapeutics as they can be sources of alpha if the right call was made on Colin White, PhD

key catalysts. Analyst

colin.white@ubs.com

Key stocks in focus - Argenx, Genmab, Ipsen and UCB +44-20-7567 8657

In our European midcap pharma/biotech space, names with high investor interests Dominic Lunn, CFA

include Argenx, Genmab, Ipsen and UCB. Analyst

dominic.lunn@ubs.com

Argenx: Feedback was initially negative following update at the R&D myositis +44-20-7567 3621

event (our feedback here) as the updated filing strategy removed the blue sky Alek Ebbeling

scenario and terminated polymyositis, the smallest subtype of myositis. However, Associate Analyst

we saw more positive sentiment especially among long only investors as the new alek.ebbeling@ubs.com

strategy provides more certainty and downside protection. +44-20-7567 3764

Genmab: Overall sentiment is positive on the three P3 assets, with a minority of Nusrat Hossain