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 N

marjan.daeipour@jpmorgan.com JPM | MD's Daily Meds: Bachem;

J.P. Morgan Securities plc Grifols; Lonza

15 July 2026

Event Type Start Date Event Name

Corporate Access Jul 30, 2026 Biomerieux SA, London

Corporate Access Sep 17, 2026 Sustainability Connect Series- Novartis, London

Corporate Access Jan 11-14, 2027 J P Morgan Global Healthcare Conference, San Francisco

Attendance at all J.P. Morgan Marketing events is strictly by invitation only and is restricted to clients of J.P. Morgan. Please note

this email is not an offer of a meeting or a formal invitation. Access will be subject to meeting availability and company

management approval. Dates may also be subject to change. Please contact your sales representative for further information or

to register your interest.

J. P. Morgan Healthcare Research Links

Grifols - Q2’26 Preview: JPMe 3% ahead of Cons. on Q2’26 Adj. EBITDA, expected FY’26 guidance reiteration to underpin

Consensus. note

Bachem - 1H’26 Consensus Comparison: JPMe 4% below on EBITDA, expectation for mid-single digit CER Sales growth

implies a demanding 2H ramp. note

Lonza Group AG - 1H’26 Consensus Comparison: JPMe 1% ahead on Core EBITDA, FY26 guidance raise to 12% CER Sales

growth and Core EBITDA reiteration implies 1% upside. note

Syndax - Quick Thoughts Post R&D Day. note

HCA - 2Q Preliminary Earnings Below Ex-FL DPP on Larger ACA Exchange Impact; 2026 Guidance Lowered. note

HCA - 2Q Preliminary Earnings Follow-Up Commentary. note

Healthcare Facilities -Proposed 2027 Medicare PFS Rates Down -500 bps Y/Y vs 2026 Final Rate; One-Time “Doc Fix” From

CY2026 Not Renewed.