US Biopharmaceuticals: 2Q Large and SMID Commercial Biopharma EPS Preview

研报英文原文证据摘录

US Biopharmaceuticals: 2Q Large and SMID Commercial Biopharma EPS Preview

Accessible version

US Biopharmaceuticals

2Q Large and SMID Commercial Biopharma

EPS Preview

Price Objective Change

2Q: pricing power key 2Q swing factor 10 July 2026 Corrected

We preview 2Q EPS for our LC Pharma and SMID biopharma coverage. Our analysis is Equity

based on 2Q pricing/volume trends for top US brands (trackable) along with relevant United States

company commentary. If there is a theme emerging out of 2Q, quality defensives have Biopharmaceuticals

been better to own vs. LOE-constrained pharma, YTD. For pharma with cleaner growth Jason M. Gerberry

outlook, flagship brands look poised for deliver in-line performance and potentially Research Analyst

upside (depends on pricing power). M&A/consolidation trends remain solid YTD, with BofAS+1 646 743 0180

notable share price lift for buyers addressing key portfolio gaps (Abbvie-Apogee). While jason.gerberry@bofa.com

pharma trades above 5-10yr discounts to broader market, valuation remains below 10- Chi M. Fong

Research Analyst

year highs. Our top picks in LC Pharma MRK and ABBV & JAZZ and IONS in midcap. BofAS

+1 646 855 5264

AbbVie (ABBV; Buy): 2Q26 EPS $3.59 vs cons $3.76 chi.fong@bofa.com

Dina Ramadane

We are ~in-line with cons on 2Q revenue and underlying EPS (cons stale on IPR&D) with Research Analyst

immunology /neuro driving another high-SD% revenue growth quarter. 2Q script growth BofAS

+1 646 556 0492

Y/Y > cons US sales for top selling immuno brands Skyrizi and Rinvoq. Despite IL23 dina.ramadane@bofa.com

competition, Skyrizi NBRx (new starts) were stable. CC focus: Skyrizi competition outlook Richard Wagner >>

and upcoming catalysts (Ph3 HS data, amylin Ph1b, bretisilocin Ph2 MDD). Research Analyst MLI (UK)

+44 20 7995 9925