2Q Large and SMID Commercial Biopharma EPS Preview

Research evidence excerpt

2Q Large and SMID Commercial Biopharma EPS Preview

Accessible version

US Biopharmaceuticals

2Q Large and SMID Commercial Biopharma

EPS Preview

Price Objective Change

2Q: pricing power key 2Q swing factor 10 July 2026

We preview 2Q EPS for our LC Pharma and SMID biopharma coverage. Our analysis is Equity

based on 2Q pricing/volume trends for top US brands (trackable) along with relevant United States

company commentary. If there is a theme emerging out of 2Q, quality defensives have Biopharmaceuticals

been better to own vs. LOE-constrained pharma, YTD. For pharma with cleaner growth Jason M. Gerberry

outlook, flagship brands look poised for deliver in-line performance and potentially Research Analyst

upside (depends on pricing power). M&A/consolidation trends remain solid YTD, with BofAS+1 646 743 0180

notable share price lift for buyers addressing key portfolio gaps (Abbvie-Apogee). While jason.gerberry@bofa.com

pharma trades above 5-10yr discounts to broader market, valuation remains below 10- Chi M. Fong

Research Analyst

year highs. Our top picks in LC Pharma MRK and ABBV & JAZZ and IONS in midcap. BofAS

+1 646 855 5264

AbbVie (ABBV; Buy): 2Q26 EPS $3.59 vs cons $3.76 chi.fong@bofa.com

Dina Ramadane

We are ~in-line with cons on 2Q revenue and underlying EPS (cons stale on IPR&D) with Research Analyst

immunology /neuro driving another high-SD% revenue growth quarter. 2Q script growth BofAS

+1 646 556 0492

Y/Y > cons US sales for top selling immuno brands Skyrizi and Rinvoq. Despite IL23 dina.ramadane@bofa.com

competition, Skyrizi NBRx (new starts) were stable. CC focus: Skyrizi competition outlook Richard Wagner >>

and upcoming catalysts (Ph3 HS data, amylin Ph1b, bretisilocin Ph2 MDD). Research Analyst MLI (UK)

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