2Q26 Large-Cap Pharma Earnings Preview

研报英文原文证据摘录

2Q26 Large-Cap Pharma Earnings Preview

Biopharmaceuticals

EQUITY RESEARCH 2Q26 Large-Cap Pharma Earnings Preview July 6, 2026

Companies mentioned We expect large-cap biopharma 2Q26 results to be broadly strong, supporting a wave

Ticker Price Rating Target of top-line guidance raises for FY26. The more open question is whether that's enough

ABBV $261.07 Overweight $265.00 for the sector to sustain its recent momentum. Consensus still frames the group as

Prev - - $240.00 a downstream beneficiary of the rotation out of AI names, rather than being driven

AMGN $374.15 Neutral $350.00

by underlying fundamentals. We still expect broader market dynamics to be the

BMY $58.13 Neutral $54.00

overriding driver of the sector, but our point is that improving commercial outlooks

CYTK $86.49 Overweight NA

could provide a fundamentals-driven tailwind to the group. That should ease concerns GILD $131.27 Overweight $155.00

around the sector's notable outperformers over the past month (ABBV/LLY) potentially LLY $1,213.91 Overweight $1,350.00

Prev - - $1,230.00 being tripped up on 2Q prints. An early read from JNJ (NC) and European peers (NVS,

MRK $129.56 Neutral $120.00 ROG; both NC) may offer an early glimpse of whether that thesis holds. In this preview,

PFE $24.32 Neutral $27.00 we have changed our price targets for ABBV (raised to $265 from $240), LLY (raised to

REGN $654.27 Overweight $750.00 $1350 from $1230), and REGN (lowered to $750 from $785).

Prev - - $785.00

Most Controversial and Impactful Setups and Updates VRTX $528.04 Overweight $590.00

Prices are as of 07/03/26. ●LLY / ABBV / MRK. Recent outperformance likely raises the bar for each of

these into the 2Q print. With that said, we expect each to beat and raise their Research Analysts:

Carter Gould top-line guides.