JPM | US Healthcare: TMO, DGX, ONC Prev, BNTX/MRNA/INCY/UTHR/JAZZ/ASND/BMRN/IONS/ALKS Previews, ANIP, AMPH, RGEN, MOH, Facilities, Biotech Office Hours 1pm, DGX IR Callback 12:40pm

Research evidence excerpt

JPM | US Healthcare: TMO, DGX, ONC Prev, BNTX/MRNA/INCY/UTHR/JAZZ/ASND/BMRN/IONS/ALKS Previews, ANIP, AMPH, RGEN, MOH, Facilities, Biotech Office Hours 1pm, DGX IR Callback 12:40pm

Elif Korkmaz - Specialist Sales - US Healthcare AC North America Specialist Sales J P M O R G A Nelif.korkmaz@jpmorgan.com

J.P. Morgan Securities LLC 23 July 2026

JPM | US Healthcare: TMO, DGX, ONC Prev, BNTX/MRNA/INCY/UTHR/

JAZZ/ASND/BMRN/IONS/ALKS Previews, ANIP, AMPH, RGEN, MOH,

Facilities, Biotech Office Hours 1pm, DGX IR Callback 12:40pm

Elif Korkmaz

+1 (212) 622 2949

elif.korkmaz@jpmorgan.com

JPM Events

• Biotech Office Hours: Jess Fye, Anupam Rama and myself will be hosting “office hours” calls today pre Biotech earnings.

Our open to all call is at 1pm today- please reach out to register. Jess Fye is out with her 11 previews today - note below and

Anupam Rama has previewed his commercial companies here.

• DGX: Post 2Q Call Back with Mgmt at 12:40pm ET - Lisa Gill is hosting a follow up call with DGX IR Team. Register here

First Takes

TMO Spec View:

Shares are up +5% pre-mkt, could go up a lot more depending on what’s said on the call / how they guide. Going into the print,

although TMO had been a crowded long, some investors thought the set up in TMO was reminiscent of ABT earlier in the

reporting season where most ppl expected a tiny beat and reiteration of guidance and ABT shares rallied a lot (+11%) without

having to show much incremental, on mostly derisking of 2H. At first glance, TMO top line coming in at 5% is ahead of

expectations, could be 4.55% but still well ahead of expectations and in our conversations most people would have been happy

with 4%. TMO reported 2Q results that came above with the Street, with 5.0% organic growth (vs. Street of +3.0% and guide of ~