Pan-European Pharmaceuticals: Busy 2H26 path; First look 27 catalysts

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Pan-European Pharmaceuticals: Busy 2H26 path; First look 27 catalysts

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Pan-European Pharmaceuticals

Busy 2H26 path; First look 27 catalysts

Industry Overview

Summary of key events in 2H26 to FY27 23 June 2026

In this note, we extend our previously published 2H26 catalyst path (see note: Buckle Equity

your seatbelt! Busy 2H catalyst path), with a first look into FY27. For each of the key Pan-Europe

events, we provide our summary view and links to reports where we have detailed Pharmaceuticals

analysis. As a reminder for 2H26, AZN and NVS have the busiest 2H paths, both of which Sachin Jain, CFA >>

we are directionally positive. Roche is quieter for data, but big launch on the horizon. Research Analyst

GSK and SAN focus is likely “new” CEO updates. Novo remains TRx and ZEUS. Into FY27, MLI+44 (UK)20 7995 9676

AZN remains the busiest name (see our prior note: Pipeline deep dive: $30bn peak sales; s.jain@bofa.com

first look into busy FY27). ROP & NVS each have a few events, while less meaningful Charlie Haywood >>

Research Analyst

data for GSK, NOVO, and SAN. Thematically, FY27 has a number of potentially large MLI (UK)

launches with girdestrant (Roche), ianalumab and Rhapsido CSU (NVS), asundexian +44 20 7996 4165

charlie.haywood@bofa.com

(Bayer), Baxfendy (AZN), bepirovirsen and Nuvalent assets (GSK), CagriSema, oral

Keilah Carbonel-Deere >>

Wegovy ex-US, MIM8 (Novo). Other launches are pending data through 2H26. Research Analyst

MLI (UK)

Busy 2H26 provides a path to offset macro woes keilah.carbonel-deere@bofa.com

Alexander Moore >>

AZN has 3 key events in eplontersen where we are most bullish (though many debates Research Analyst

on nuances within data), SERENA-4 most cautious, and directionally +ve AVANZAR. MLI (UK) alexander.moore2@bofa.com