Biotech 1Q26 EPS Wrap-Up: Summer Heating Up With Plenty of Biotech Catalysts Ahead

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Biotech 1Q26 EPS Wrap-Up: Summer Heating Up With Plenty of Biotech Catalysts Ahead

Quick Note

May 26, 2026 Biotechnology

Biotech 1Q26 EPS Wrap-Up: Summer Heating Up With Plenty

Analysts of Biotech Catalysts Ahead

Laura Chico, Ph.D.

(212) 668-9868

Laura.Chico@wedbush.com

Thomas Yip The Wedbush View: We've seen biotech take a pause through 1Q26 reporting with

(707) 521-2281 the NBI -1% in the past month (S&P500 +5%). With earnings wrapped, we revisit

thomas.yip@wedbush.com what caught us by surprise and what's coming up. Multiple readouts/PDUFAs lie

ahead in ~June, and on balance, we still see a positive setup for biotech as we close

out 2Q26.

Key 1Q26 Earnings Takeaways

VRDN (Outperform): Sighing with relief after REVEAL-2, veligrotug PDUFA

approaching. VRDN shares are +21% in the last month (NBI -1%) as REVEAL-2

met its endpoint. We see the veligrotug BLA as derisked (PDUFA 6/30/26) given

the Breakthrough Therapy designation, THRIVE/THRIVE-2 data and precedent with

Tepezza.

JBIO (Outperform): ERA/JADE101 update drawing near. JBIO's 1Q26 update

was uneventful as anticipated. However, they will release Phase 1 JADE101

data on 6/5 at ERA. What does "good" look like? Similar IgA reductions vs.

sibeprenlimab (at/above 55%) would drive upside to the high-$20s, while further

upside beyond our target unlocks with deeper suppression (link to deep dive).

Strong correlations between IgA reductions in healthy volunteer/IgAN patients

makes this an important readout.

CLYM (Outperform): Busy 1H26 and that's not changing in 2H26. CLYM shares

are +22% in the past month (NBI -1%) as it hosted a budoprutug "spotlight" event

that previewed the catalyst lineup. Multiple readouts are expected in 2H26 starting

with budo ITP data in June. Beyond budo, CLYM also anticipates providing Phase 1