US Biopharma: Q2 Preview - while the numbers matter for some, mgmt commentary likely to be more important this Q

Research evidence excerpt

US Biopharma: Q2 Preview - while the numbers matter for some, mgmt commentary likely to be more important this Q

27 July 2026

US Biopharmaceuticals

US Biopharma: Q2 Preview - while the numbers matter for some,

mgmt commentary likely to be more important this Q

As we head toward Q2 earnings for our coverage (July 30-Aug 6), we write this note to Courtney Breen

+1 917 344 8407 preview our expectations, areas of focus & key outstanding questions for each of our

courtney.breen@bernsteinsg.com coverage companies.

Woody Polglase LLY - A reiteration of our preview on July 14, where we expect a slight beat on the topline

+1 917 344 8314 ($20.688B) versus cons. ($20.585B). Most important in the Q is Foundayo achieving ~ woody.polglase@bernsteinsg.com

$100m & ex-US exceeding expectations; plus management commentary on BRIDGE

Louisa Qiu program expansion as well as progress towards ex-US Foundayo launches. We anticipate

+1 917 344 8495 another guidance raise from current $82.0-85B by at least $1.5B at the midpoint. We

louisa.qiu@bernsteinsg.com expect Lilly’s stock price will have the highest volatility across our coverage

possible on the quarters result & commentary.

Specialist Sales

Christian Moore GILD - Despite the Medicaid ACA rebate pressure, positive-mix effects on pricing for the

+1 917 344 8555 HIV portfolio is nicely counterbalancing volume pressures. Again, as in the last quarter,

christian.moore@bernsteinsg.com investors will be laser focused on Yeztugo redosing rate - which will inform the degree

of revenue stacking expected in the 2H. We maintain beyond consensus expectations of

$1.16B for the year, $232M for the Q. MRK - We update our PT to $105 for the quarter

to better reflect the diversifying business & underlying performance (equally balanced