EU Pharma: Barclays KOL call series: Reads-across to AZN, GALD, IPN, LUN, NOVN, NOVOB, ROP, SAN, SOBI, UCB, ZEAL

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EU Pharma: Barclays KOL call series: Reads-across to AZN, GALD, IPN, LUN, NOVN, NOVOB, ROP, SAN, SOBI, UCB, ZEAL

Equity Research

European Pharmaceuticals, Biotechnology & Life Sciences

18 June 2026

EU Pharma

Barclays KOL call series: Reads-

across to AZN, GALD, IPN, LUN,

European Pharmaceuticals, BiotechnologyNOVN, NOVOB, ROP, SAN, SOBI, & Life Sciences

NEUTRALUCB, ZEAL

European Pharmaceuticals,

Biotechnology & Life SciencesTo summarise 8 different KOL calls/meetings on Aesthetics,

Alzheimer’s, Cardiology, Dermatology, IBD, Obesity, Oncology James+44 (0)20Gordon7116 2784

(Breast and Lung), we highlight implications for our EU james.gordon@barclays.com

Barclays, UK

Pharma coverage, and include links to our takeaways notes,

Yihan Li, PhD

key company conclusions and replay details. +44 (0)20 3555 3563

yihan.li@barclays.com

Along with our US Biopharma/Biotech colleagues, we recently hosted nine different KOL calls /

group meetings, across 8 different therapeutic areas over the last 2 months. In this note we Sidhartha Modi

provide summaries, replay links, and key investment conclusions for our EU coverage +91 (0)22 6175 1326

sidhartha.modi@barclays.comuniverse representing each of these areas.

1) Aesthetics KOL Call Charles Pitman-King, CFA

The KOL described a resilient injectable aesthetics market, with “Ozempic face” and facial +44 (0)20 3134 6023

volume loss supporting demand for fillers and biostimulators. Portfolio breadth, bundling and charles.pitman-king@barclays.com

injector economics remain central to toxin choice, giving advantaged positioning to companies

with broader aesthetics offerings. Galderma’s Dysport/Sculptra portfolio was viewed favourably,

while Ipsen’s longer-duration toxin could be clinically interesting but commercially harder to