EU Healthcare Sector Specialist Commentary: Pharma - Biotech - Medtech

Research evidence excerpt

EU Healthcare Sector Specialist Commentary: Pharma - Biotech - Medtech

Marjan Daeipour - Specialist Sales - European Healthcare AC (44 20) 7134-1329 Europe Specialist Sales J P M O R G A Nmarjan.daeipour@jpmorgan.com

J.P. Morgan Securities plc 23 June 2026

Biomerieux; Philips

Marjan Daeipour

+44 207 134 1329

marjan.daeipour@jpmorgan.com

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**AZN: overnight read from Pfizer setback on Sigvotatug Vedotin slightly unhelpful for AZN’s AVANZAR trial, although

the toxin is different and likely the linker. It is also worth noting that expectations on AVANZAR remain v low.

From Chris Schott’s note: “PFE announced the Ph3 trial failure for sigvotatug vedotin in 2L+ NSCLC, which we see as a

negative for the product. Overall, in the 2L+ trial, SV failed to show a stat sig improvement on overall survival vs docetaxel,

although it was noted that data suggested a clinically meaningful benefit in second-line patients. From here, we will be watching

for the full Ph3 2L+ data presentation at a future medical conference along with Ph3 data in the 1L setting in 2027.”

**UCB: Overnight competitor Moonlake headlined final 52 week data for Sonelokimab in moderate to severe hidradenitis

suppurativa. As a reminder the primary endpoint of the trial was at week 16, which was reported back in September 2025 and

looked uncompetitive. Richard’s Sept ‘25 note.

**Biomerieux(N): D Adlington Q2 preview (28 July) -note. We keep our full-year underlying estimates broadly unchanged,

although we lower Q2 organic growth to +3.9% (previously +5.5%) as we capture subdued Q2 epidemiology trends. We lower