Global Healthcare: Pharmaceuticals: Friday Fodder: Narratives into 2Q26 Earnings

Research evidence excerpt

Global Healthcare: Pharmaceuticals: Friday Fodder: Narratives into 2Q26 Earnings

Equity Research

10 July 2026 | 7:22PM EDT

Global Healthcare: Pharmaceuticals: Friday Fodder: Narratives into

2Q26 Earnings

Focus now shifts to the start of 2Q earnings season for LC Biopharma with Asad Haider, CFA

+1(212)902-0691 | asad.haider@gs.com

bellwether JNJ reporting results on 7/15, the day before NFLX, in a backdrop where Goldman Sachs & Co. LLC

the inverse interplay of HC with TMT has remained a central feature in our Salveen Richter, CFA

discussions. These exogenous variables have mattered significantly for price action +1(212)934-4204salveen.richter@gs.com|

creating a potentially complicated setup that may have elevated the bar for LC Goldman Sachs & Co. LLC

James QuigleyBiopharma prints after the group benefited significantly in June from macro driven +44(20)7051-3800 |

sector rotations — though Tech earnings will also likely matter for T+1 trading james.quigley@gs.comGoldman Sachs International

dynamics. While the rally in LC biopharma wobbled as this week closed, historical Rajan Sharma

precedents show sector rotations into the group driven by exogenous, +44(20)7051-7995 | rajan.sharma@gs.com

non-fundamental variables can also last for extended periods of time with the Goldman Sachs International

“innings” always tough to call. On valuation, the group’s FY2 PE multiple is currently Matt Dellatorre, Ph.D.

+1(212)855-0830 |

at a discount of ~-20% vs. the SPX which is still a sizable gap vs. the 25-year historical matt.dellatorre@gs.com

Goldman Sachs & Co. LLC

average (Exh 1). At a more micro level, the surprise failure of AZN’s

Nick Jennings

CARDIO-TTRansform readout this week had AZN shares down -10% and has raised +1(415)249-7412 |