US Biotechnology and Pharmaceuticals: 2Q26 snapshot: Week 1 of Biopharma earnings -- Top and bottom lines largely exceeded expectations

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31 Jul 2026 13:45:31 ET │ 10 pages

US Biotechnology and Pharmaceuticals

2Q26 snapshot: Week 1 of Biopharma earnings -- Top and bottom lines

largely exceed expectations

CITI'S TAKE

The first week of 2Q26 EPS calls for large-cap US Biopharmas has

concluded, with seasonal strength on display across the board as

expected. Indeed, as seen with performance among EU peers (takeaways

linked below), continued momentum in high-growth TAs such as

oncology, respiratory, I&I, and cardiometabolic work to offset multiple

LOEs across the sector. With strong pipeline progress keeping the Street

engaged, we continue to see increasingly positive sentiment among

investors that is likely to keep flowing as large-cap earnings continue next

week.

See our 2Q26 EPS read-through note on J&J (here), Novartis (here), Roche (here),

AstraZeneca (here), GSK (here), and Sanofi (here).

Geoff Meacham, Ph.D.AC

Jarwei Fang

Nishant Gandhi, Ph.D.

Mary Kate Davis

AbbVie: Skyrizi/Rinvoq and neuroscience support the guidance raise, but

compressing outperformance keeps pipeline execution and further BD central to the

next leg of upside. See our 2Q26 post-call thoughts (here).

Biogen: The improving commercial momentum—including Spinraza HD, Leqembi

IQLIK, and the Apellis assets—supports a healthier near-term outlook, but durable

upside still depends on successful execution across five phase 3 readouts by YE27.

See our 2Q26 post-call thoughts (here).

Bristol: A solid 2Q performance and guidance raise reinforce the growth portfolio

execution, but delays to milvexian's LIBREXIA-AF and Cobenfy's ADEPT trials shift

the key de-risking catalysts into 2027, leaving 2H26 pipeline delivery and upcoming

CELMoD launches to carry the near-term debate. See our 2Q26 post-call thoughts

(here).

Regeneron: Strong execution and a near-term Dupixent profit-share step-up

improve the post-2Q earnings setup, but durable upside still depends on Eylea

franchise stabilization and successful pipeline conversion, beginning with

cemdisiran. See our 2Q26 post-call thoughts (here).