JPM | US Healthcare: Flows, AZN, Novartis Takeaways, Sanofi CEO Call Today, ALHC, ENTA, RCKT

Research evidence excerpt

Elif Korkmaz - Specialist Sales - US Healthcare AC

J.P. Morgan Securities LLC

North America Specialist Sales

JPMORGAN

16 September 2026

JPM | US Healthcare: Flows, AZN, Novartis Takeaways, Sanofi CEO Call

Today, ALHC, ENTA, RCKT

Elif Korkmaz

JPM Upcoming Calls / Events:

Rich Vosser is hosting a call with the CEO of Sanofi Belén Garijo on Wednesday Sept 16 at 2pm UK / 9am ET Register here. Link also contains replays to calls with CEOs of Novo, Novartis, and Roche.

We are hosting a virtual NDR with Phreesia (PHR) CFO on Sept 24th - please reach out to submit a request.

We are hosting in-person & virtual NDR with Kyowa Kirin (4151 JP) President & CEO in NYC on Oct 12, 13, 14th reach out to submit a request

Key Highlights

Healthcare Flows Recap

From our trader Jackie Bukzin: Ugly day yesterday in pretty much all areas of healthcare aside from life science tools and

diagnostics which were driven higher by a positive Cleveland report calling out AI investments flowing through to pockets of lab

spending + also heard TMO sounded pretty good at a broker conference. While we hadn’t seen the real demand chase tools/dx

yesterday it has been the space we’ve seen LO continue to rotate into - have been better buyers of DHR, TMO, CAI, and BLLN

over the last couple of weeks. Despite the fact that we didn’t see the demand, we certainly saw some of the chunkier supply in

other areas of healthcare. We were better sellers in managed care yday - selling ALHC following their disastrous presentation at

Baird and we were also seeing some generalist supply in ELV. In Biotech/therapeutics we definitely saw some more aggressive

shorting from the HF crowd, we saw shorts in DYN, INSM, MLTX, and SRRK. Med tech was a bit quieter yesterday but we saw

some HF trims in EW and were better sellers in XRAY.

Diversified BioPharma

AZN: Delivery of 2027 pipeline should improve confidence in Astra’s ability to continue to grow beyond 2030 - Vosser

Note

We see AZN as offering the richest runway of pipeline newsflow in the sector over the next 18 months, including the Datroway

readouts in 1L lung cancer (AVANZAR in 4Q 2026 and TL07 in 2027) and camizestrant in adjuvant breast cancer (CAMBRIA1).…