Weekly Wrap

Research evidence excerpt

Weekly Wrap

EUROPE | Pharmaceuticals EquityJuneResearch27, 2026

Weekly Wrap Key Research Published:

AstraZeneca: CARDIO-TTRansform:We provide a short summary of key updates and additional tidbits across •

our European Pharma, Biopharma, and Biotech coverage. the establishment of a long-duration

franchise

Bayer: SCOTUS Caps Future RoundupGenmab's 1st-line Epkinly study still awaits its interim analysis, supporting our catalyst •

Risk & Key Takes From Ag Cycle

optimism: Genmab's partner confirms that the interim for Epkinly’s Phase 3 1st-line DLBCL

Expert Call

has not yet passed, and hence a readout this year would be an interim, supporting our prior

Galderma: Relfydess: It's Not Aboutillustrative analysis and providing us with increased optimism that a compelling result is still •

"If", It's about "When"a reasonable possibility. Data availability depends on data monitoring committee review and

UCB: Model update pre H1sufficient efficacy evidence to unblind at the interim analysis. Otherwise, the study will run until •

Medincell: Profitability Delayed, butfinal analysis, which is expected in mid-2027E. •

Royalty Streams & Catalysts Keep Us

Pfizer's sigvotatug vedotin misses in second-line lung cancer: Pfizer's Phase 3 SigVie-002 at Buy

(Be6A Lung-01) of sigvotatug vedotin, an IB6-directed antibody-drug conjugate (ADC), missed Lundbeck: Internal Succession as •

its primary overall survival endpoint versus docetaxel chemotherapy in patients with previously Head of R&D Retires

treated non-squamous non-small cell lung cancer (NSCLC), with the second-line subset

showing only a directional trend and no clear IB6 expression-response link. This is the first new

ADC to read out pivotal data after Pfizer's $43bn Seagen acquisition, and the miss adds to a

string of pipeline cuts.