Global Biopharma: Previewing 2Q26 Large Cap Pharma Earnings; Guggenheim Investor Webinar Tuesday, July 14 at 2pm ET

Research evidence excerpt

Global Biopharma: Previewing 2Q26 Large Cap Pharma Earnings; Guggenheim Investor Webinar Tuesday, July 14 at 2pm ET

Global Biopharmaceuticals July 13, 2026

Vamil Divan, M.D.

vamil.divan@guggenheimpartners.com Global Biopharma: Previewing 2Q26 Large Cap

212 823 6543 Pharma Earnings; Guggenheim Investor Webinar Seamus Fernandez

seamus.fernandez@guggenheimpartners.com Tuesday, July 14 at 2pm ET

617 859 4637

Daniel Krizay, Ph.D. Key Message: Ahead of our investor webinar previewing 2Q 2026 earnings for our large daniel.krizay@guggenheimpartners.com

212 823 6561 cap pharma coverage and discussing our favorite ideas for 2H 2026, we provide here

a summary of our recently published earnings preview work. Links to each individual

Arseniy Shabashvili earnings preview note are also provided below. Our webinar will be held tomorrow,

arseniy.shabashvili@guggenheimpartners.com July 14th at 2pm ET. Please register for the webinar HERE or contact us or your 212 699 1971

Guggenheim Sales Representative to register.

Edouard Mullarky, Ph.D.

edouard.mullarky@guggenheimpartners.com

212 518 9579 ABBV: Recently Increased PT to $261 driven mainly by upwards revision to our mid-

term Rinvoq and Epkinly sales forecast; Expecting an inline 2Q print with the Apogee

Evan Wang acquisition and performance of the immunology franchise to be key areas of focus

evan.wang@guggenheimpartners.com (see more HERE): We estimate 2Q26 rev/EPS of $16.65B/$3.60 vs. consensus at $16.78B/ 212 651 9756

$3.68; FY26E $67.29B/$14.07 falls within company guidance and slightly below consensus

Alana Lelo, Ph.D. estimates ($67.32B/$14.14). Takeaways: (1) 2Q script analysis: modest upwards revisions

alana.lelo@guggenheimpartners.com to Rinvoq, Qulipta, and Venclexta sales as well as a modest downward revision to Vraylar;