JPM | US Healthcare: TMO, EW, ATRC CFO Call Today, THC / HCA, DGX, MOH, STTK Init, NVCR, AGIO; Upcoming Biotech CEO Calls - PTCT, NBIX, INSM

Research evidence excerpt

JPM | US Healthcare: TMO, EW, ATRC CFO Call Today, THC / HCA, DGX, MOH, STTK Init, NVCR, AGIO; Upcoming Biotech CEO Calls - PTCT, NBIX, INSM

Diagnostics (DGX): What to Know from DGX’s 2Q Earnings & Follow-Up with Management. - Gill Note

DGX reported strong 2Q results (see our summary of the print here) that saw organic growth accelerate even when excluding

contributions from Corewell/Fresenius partnerships, and 2026 guidance raised well above Street expectations driven by durable

volume and price/mix trends. We think the FY26 outlook remains reasonably set as the raised guidance balances YTD volume

outperformance with maintaining prudent assumptions across several items (headwinds from ACA Exchange, adverse weather,

Project Nova investments) while layering in incremental headwinds from increased fuel costs, all of which leaves cushion and

further upside to numbers, in our view.

Molina Healthcare (MOH): What to Know from MOH’s 2Q Earnings Call and Management Follow-Up. - Stansel Note

MOH's 2Q earnings (see our takeaways from the earnings release here) reflected several moving parts embedded in the beat-and-

raise headline, including continued pressure on MOH's Marketplace book (we estimate -LSD% margins even stripping out 2025

risk adjustments), improvements in MOH's duals Medicare book, and a subtle acceleration in Medicaid trend (from slightly below

5% in 1Q to slightly above 5% in 2Q). We appreciate the concerns around MOH’s Marketplace book given the magnitude of the

downward revisions (of which 2/3rds relate to 2026); however, looking forward this book will likely be <$2B in premiums next

year (i.e. <5% of total premiums), making this a diminishing part of the overall MOH 2027+ story. The building blocks to >

$10.00 in adj.