Following NorthStar Part 3: CORs Eylea opportunity and learnings from Stimufend

研报英文原文证据摘录

Following NorthStar Part 3: CORs Eylea opportunity and learnings from Stimufend

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Rx Supply Chain

Following NorthStar Part 3: CORs Eylea

opportunity and learnings from Stimufend

Price Objective Change

Diving deeper into Cencora, RCA, and Eylea biosimilars 24 June 2026

In this note we dive into RCA’s Eylea biosimilar opportunity and frame why Cencora Equity

could provide the next data point around biosimilar co-manufacturing. We estimate a co- United States

manufactured Eylea biosimilar represents two incremental percentage points (ppt) of Healthcare Technology & Distribution

potential EPS for Cencora, though we caution that this is strictly a TAM exercise (Exhibit Allen Lutz, CFA

6). We believe RCA may be responsible for some of the rapid adoption of Amgen’s Research Analyst

Pavblu, which recently eclipsed a $1bn revenue run-rate (Exhibit 2). Growing connectivity BofAS+1 646 855 4380

between biosimilar manufacturers and MSOs is increasingly relevant and may help allen.lutz@bofa.com

investors identify future winners and losers of the upcoming biosimilar wave. There are Hanna Lee

Research Analyst

several biosimilar manufacturers of Eylea (aflibercept) with launch dates in the second BofAS

half of 2026 or early 2027 (Exhibit 5). We believe Cencora’s current relationship with +1 646 855 3682 hanna.y.lee@bofa.com

RCA and pending acquisition of EyeSouth Partners make it an incredibly attractive

Dev Weerasuriya

partner for retina focused biosimilar manufacturers. Research Analyst

BofAS

Stimufend: Rx share slightly lower, new price also lower +1dev.weerasuriya@bofa.com646 855 5707

Earlier this year, McKesson received a new National Drug Code (NDC) approval for a

biosimilar version of Neulasta (link to the first NorthStar Rx note here). McKesson took