Call in the Global Specialist (24/7)

Research evidence excerpt

Call in the Global Specialist (24/7)

Gigi Sparling - Specialist Sales - European Europe Specialist Sales

Financials AC 24 July 2026 J P M O R G A N

(44-20) 7134-0355

ghislaine.sparling@jpmorgan.com

sales. There’s the low-risk patient group which is between 55% and 60% of patients. There is the intermediate risk group, which

is about 10% of patients. The medium risk group is between 15 and 20% of patients. The high risk group is 15% of patients. They

expect that initially they could see utilisation is patients who just aren’t on CDK4/6 inhibitors right now, which is 90%+ of that

intermediate group, 80%+ of the median risk and 50%+ of the high risk. They still see a product with commercial peak opp in the

SFR9-10bn range. Diagnostics: ambition is to return to MSD to HSD in 2027. 2026 MSD growth reiterated (H1 +3% LC ), which

implies an acceleration in H2. Key drivers into FY27 include TB testing, sequencing and mass spec. Vabysmo: expect US growth

at LSD to MSD as the branded market is at a new lower level ; expect LDD growth globally in FY26. Ocrevus: FY26 guidance is

now expected to come in at the lower end of the HSD to LDD growth due to higher than expected competition. Hemlibra: FY26

guidance raised to MSD. Tecentriq: reiterated LSD for FY26. Xolair: reiterated expectations for around 20% growth for FY26,

which inlcudes biosimilars from Sept.

Research: Richard Vosser rates the stock note Neutral, recent note here

Short Interest: 6 ADTV to cover or 1% of ffloat

Long BeOne (ONC): Large Upside into 2Q numbers for a beat & raise, and exciting catalyst pathway. We see BeOne with

the clearest fundamental upside to 2026 numbers across Biotech and are raising our above-consensus estimates ahead of what we

expect will be a big beat and raise this quarter.