JPM | US Healthcare: BMY, ALNY, REGN, BAX, CI, LH, BSX, TEVA Index, HUM, INCY, LEGN, ICLR, AVTR, ADPT, GEHC, CNMD, OPCH Callback Today: US Healthcare Sector Specialist Commentary

Research evidence excerpt

JPM | US Healthcare: BMY, ALNY, REGN, BAX, CI, LH, BSX, TEVA Index, HUM, INCY, LEGN, ICLR, AVTR, ADPT, GEHC, CNMD, OPCH Callback Today: US Healthcare Sector Specialist Commentary

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 30 July 2026

several months now (some sell siders didn't even update for the May WATCHMAN guidance update). Now exiting 2Q, we think

Boston has sufficiently lowered 2027 expectations, but we can't yet say management has a firm handle on WATCHMAN and EP

trends and that they’ve experienced stabilization (both are moving lower in 2H again) or have ended the negative revision

cycle. While we think there’s a level of conservatism in the guide, as investors had been calling for one final cut, the range

incorporates 2Q exit rates and July trends, meaning we think some of the guide is based on exit trends vs. just conservatism. With

2027 set for 2-4% organic revenue growth, likely towards the higher end, and EPS close to flat, that sets a long road for recovery

back to growth closer to Boston’s 7-8% WAMGR.

With numbers again moving lower, the recovery timeline is pushed out again, with 4Q26 in late January/early February still the

earliest we think investors will buy in. We don't see much interest in the short thesis here, but at the same time, don't see many

willing buyers about – we were seeing long-only buying on the desk off the -7% lows during the call, but for a meaningful

rerating, we think it will take time.

Diversified BioPharma

Teva Pharmaceuticals (TEVA): 2Q Takeaways: Branded Portfolio On Track. - Schott Note

Exiting 2Q results, our TEVA thesis remains largely unchanged with the company’s branded portfolio continuing to advance. On