Friday Fodder: Diving into 2Q26 Earnings Setups

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Friday Fodder: Diving into 2Q26 Earnings Setups

Equity Research

24 July 2026 | 6:03PM EDT

Friday Fodder : Diving into 2Q26 Earnings Setups

The big picture backdrop into 2Q earnings for large cap biopharma is still one in Asad Haider, CFA

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

which the group’s inverse positive price action interplay with Tech sector weakness Goldman Sachs & Co. LLC

on AI related risks has remained a dominant trading theme on which there are Salveen Richter, CFA

ongoing debates about innings. As we’ve previously noted, historical precedents +1(212)934-4204salveen.richter@gs.com|

show these types of generalist-driven non-fundamental rotations into biopharma Goldman Sachs & Co. LLC

James Quigleycan linger for extended periods of time in a non-linear fashion. From the early set of +44(20)7051-3800 |

reporters so far that have set the tone and offered potential price action clues, we james.quigley@gs.comGoldman Sachs International

note that beats got rewarded in EU Pharma this week (Roche +7% since results, Matt Dellatorre, Ph.D.

Novartis +3%) despite some questions about quality, and JNJ has resumed its +1(212)855-0830 | matt.dellatorre@gs.com

outperformance after briefly stalling post its 2Q beat/raise last week (now +4% vs. Goldman Sachs & Co. LLC

XLV +3%, SPX -1.2%). Frustrating to specialists, a handful of stocks with vastly Nick Jennings

+1(415)249-7412 |

different growth profiles/forward narratives are now all up ~15% YTD (ABBV, AMGN, nick.jennings@gs.com

Goldman Sachs & Co. LLC

BIIB, BMY, Novartis). Related to these dynamics, we hosted our quarterly State of

Jeff Su

Biopharma podcast this week discussing the macro, policy and fundamental +1(212)357-9930 | jeff.su@gs.com

considerations for the group into 3Q. Goldman Sachs & Co. LLC