US Biotechnology One Interesting Nugget from Each Team in the Last Week & Looking Ahead

Research evidence excerpt

US Biotechnology One Interesting Nugget from Each Team in the Last Week & Looking Ahead

J P M O R G A N North America Equity Research

10 July 2026

US Biotechnology

One Interesting Nugget from Each Team in the Last

Week & Looking Ahead

We wanted to provide one interesting nugget from each team’s coverage universe The J.P. Morgan Biotech Team

ACfrom the last week as well as highlight upcoming calls and prior conference call Jessica Fye

replays. Please see below. (1-212) 622-4165

jessica.m.fye@jpmorgan.com

One interesting nugget from each team’s coverage universe in the last week Anupam Rama AC

(1-212) 622-0900

• Ionis (IONS) / Alnylam (ALNY) – Fye: This week’s the phase III CARDIO anupam.rama@jpmorgan.com

TTRansform trial for eplontersen in ATTR CM very unexpectedly failed to Tessa T Romero AC

meet the primary composite endpoint. This was a meaningful surprise to the (1-212) 622-4484

Street as success was broadly expected based on the historical data from tessa.t.romero@jpmchase.com

Amvuttra in HELIOS-B. IONS management (see note) framed the outcome as Brian Cheng AC

a huge surprise, highlighting that taf performed much better than expected, (1-212) 622-0449

perhaps reflecting the milder patient population, and >80% of patients were on brian.cheng@jpmorgan.com

J.P. Morgan Securities LLC

a stabilizer by the end of the trial (57% baseline + 24% drop in). Taf and SGLT-2

drop-ins were balanced across arms. There was no evidence of combo benefit.

We are hearing investor concerns around what this could imply for Amvuttra,

with investors specifically worried about the possibility that the details at ESC

might suggest TTR knockdown is no better than stabilization (with some

fearing it might somehow be worse). We struggle to see why deep knockdown