Val sheet + Key publications

Research evidence excerpt

Equity Research

10 August 2026

EU Pharma

Val sheet + Key publications

Key data & publications this week for EU Pharma, Biotech &

Life Sc.: Updated valuation pack for 07/08/26, Key

publications: (1.) NOVO/ BAYN/ HIK/ SDZ/ GMAB/ LONN/ MRK

Q2'26 result update (2.) BAYN CFO meeting.

Summary valuation

 EU Pharma Valuation

comparisons (P/E and

EV/ EBITDA) and share price

performance

European Pharmaceuticals, Biotechnology

& Life Sciences

NEUTRAL

European Pharmaceuticals,

Biotechnology & Life Sciences

James Gordon

Barclays, UK

Charles Pitman-King, CFA

Barclays, UK

Key takeaways from last week

Yihan Li, PhD

Barclays, UK

Large-Cap

• NOVO: Result update, remain UW.

Sidhartha Modi

Barclays, UK

Mid-Cap and Specialty

• BAYN: Q2'26 result update, CFO meeting feedback.

• HIK/ SDZ: H1 result update

Biotech

• GMAB: H1 result update, guide raised.

Life Science

• LONN/ MRK KGaA: Result update

On Jan 6 we consolidated coverage of EU Pharma, Biotech & Life Sciences: see

Brave New World: Goodbye MFN, Hello Pipeline.

Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companies

covered in its research reports. As a result, investors should be aware that the firm may have a

conflict of interest that could affect the objectivity of this report. Investors should consider this

report as only a single factor in making their investment decision.

This research report has been prepared in whole or in part by equity research analysts based

outside the US who are not registered/qualified as research analysts with FINRA.