BofA 2026 Healthcare Conference: What happened in Vegas?

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BofA 2026 Healthcare Conference: What happened in Vegas?

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BofA 2026 Healthcare Conference

What happened in Vegas?

Industry Overview

BofA 2026 Healthcare Conference Highlights 18 May 2026

Our 2026 Healthcare Conference (May 11-14) included presentations from over 150 High Grade Credit

Investment Grade and High Yield Healthcare companies. Here we summarize key United States

takeaways from the IG presenters and companies with which we hosted fixed income Healthcare

investor events. Compared to prior years, policy changes out of Washington did not

dominate conversations for the week. Instead, presentations focused on underlying Andrew Kaplan

fundaments, pipeline development, utilization trends, capital allocation decisions, and ResearchBofAS Analyst

input cost pressures +1 646 855 8748

andrew.kaplan@bofa.com

Managed Care Recovery Remains Intact VritikaResearchPatniAnalyst

Coming off of a strong Q1 for Managed Care, performance looks to be continuing BofAS

+1 646 855 7042

further into the year. Both UNH and CI pointed to April utilization trends that were in line vritika.patni@bofa.com

with the better than expected trend from January to March. While remaining cautious to

see what May and June data looks like, the year is off to a good start. Despite

differences in their new PBM models (UNH rebate pass through and CI no rebate model) Abbreviations:

both companies reiterated their confidence in target margin profiles of around 4%

UNH UnitedHealthcareremaining in place once the changes are completed. With regard to government

CI Cignaprograms, UNH continues to expect both Medicare and Medicaid margins to return to

PBM Pharmacy Benefits Managerthe low end of the target ranges by 2028.

ABBV AbbVie

Focus on Pharma M&A BMY Bristol Myers