Large-Cap Biotech Back in the Fye-ght: Resuming Ratings & PTs On Our Largest Stocks

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Large-Cap Biotech Back in the Fye-ght: Resuming Ratings & PTs On Our Largest Stocks

J P M O R G A N North America Equity Research

20 May 2026

Large-Cap Biotech

Back in the Fye-ght: Resuming Ratings & PTs On Our

Largest Stocks

Biotechnology - Large Cap

Jessica Fye AC

(1-212) 622-4165

jessica.m.fye@jpmorgan.com

Silvia Luo

We are reinstating ratings, estimates, and price targets on 14 large-cap biotech (1-212) 622-0000

silvia.luo@jpmorgan.com

companies and see this group broadly at an inflection point with many of these

Jose Lora, Ph.D.biotechs converting pipeline success into durable, profitable commercial

(1-212) 270-4831

franchises. We see several overarching dynamics at play within this universe: 1) jose.n.lora@jpmorgan.com

multiple companies have recently transitioned to sustained operating and even net

Adam Ferrari, Ph.D.

income profitability (ALNY, ONC, ASND) or are on the cusp of doing so near- (1-212) 622-1717

term (INSM, IONS, MIRM) with potential for widening margins ahead, 2) many adam.ferrari@jpmorgan.com

are diversifying their commercial and clinical footprints with a few examples Abdul Tahlil

including moves by VRTX into renal, ALNY into neuro/obesity/etc, BMRN into (1-212) 270-9644

additional rare diseases via Amicus, JAZZ further expanding in oncology, and also abdul.tahlil@jpmorgan.com

MRNA applying its platform to oncology 3) as usual, this group has a steady stream J.P. Morgan Securities LLC

of clinical updates ahead including two high-profile CVOT readouts this year for

IONS’s partnered drugs, and 4) we see potential for ongoing business development

The authors wish to thank Tanmayaacross many of these companies. We rate VRTX, ALNY, ONC, UTHR, INSM,

Rathore, of the J.P. Morgan GlobalASND, JAZZ, IONS, BMRN, and MIRM Overweight, we rate BNTX, INCY and