U.S. Small & Mid Cap Biotechnology: Mid-Summer Clean Up Ahead of 2Q Earnings for EXEL, INCY, JAZZ; Read-Throughs for LEGN & PTGX

Research evidence excerpt

U.S. Small & Mid Cap Biotechnology: Mid-Summer Clean Up Ahead of 2Q Earnings for EXEL, INCY, JAZZ; Read-Throughs for LEGN & PTGX

Equity Research

14 July 2026

U.S. Small & Mid Cap Biotechnology

Mid-Summer Clean Up Ahead of 2Q

Earnings for EXEL, INCY, JAZZ;

U.S. Small & Mid Cap BiotechnologyRead-Throughs for LEGN & PTGX

POSITIVE

We preview 2Q26 earnings and highlight our script analyses Unchanged

for ONC, EXEL, INCY, and LEGN. U.S. Small & Mid Cap Biotechnology Etzer Darout, PhD, MBA

+1 212 526 6940

For commercial stage companies (INCY, EXEL, ONC, JAZZ), updated commentary on etzer.darout@barclays.com

2026 guide will be the main driver of share performance BCI, US

Our earnings preview includes scripts analysis for EXEL, INCY and ONC as well as read-throughs Gustave Diep, MD

from JNJ scripts and sales for Carvykti (LEGN) and Icotyde (PGTX). Scripts analysis points to a +1 212 526 0347

gustave.diep@barclays.compotential beat for ONC's Brukynsa and relatively in line quarter for the key products analyzed.

BCI, US

Updated full-year guide could be a catalyst, particularly for JAZZ and mgmt commentary on 2H

pushes and pulls to the Xywav franchise. Lukas Shumway, PhD

+1 212 526 7293

Key 2H catalysts to watch lukas.shumway@barclays.com

ABVX: NDA submission for obefazimod in UC in 4Q; ANAB: ANAB/GSK trial regarding

Jemperli (July 14-17); PFUDA on 12/12/26 for Vanda; CLDX: Barzolvolimab Phase 2 in PN Jordan Becker, PhD

summer 2026; DRTS: Alpha DaRT data in HNSCC July 21; Alpha DaRT pivotal trial data in +1 212 526 3960

cutaneous SCC in 2H26, Alpha DaRT initial PDAC data in 2H26; INCY: Ph2 data in IPF for jordan.becker1@barclays.com

axatilimab in 4Q; Ph3 data in 4Q in HS for Opzelura; Ph3 data in PN for povo in 4Q; Ph2 rux + axa