US Biotechnology Updated catalyst tracker for our coverage universe: July 2026

研报英文原文证据摘录

US Biotechnology Updated catalyst tracker for our coverage universe: July 2026

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US Biotechnology

Updated catalyst tracker for our coverage

universe: July 2026

Industry Overview

As backdrop improves, rich calendar supports durability 07 July 2026

Since our update last month (see our mid-year catalyst tracker), sentiment on Biopharma Equity

has meaningfully improved (YTD NBI: +18% and DRG +11% vs. SPX +10%) given, in our United States

view, a mix of waning sector-specific overhangs and improving fundamentals. With Biopharmaceuticals

reasons to believe the rotation may be durable (see our momentum note), we think there Jason Zemansky

is additional room for the sector to run, supported by a catalyst-rich backdrop that Research Analyst

should help build conviction across the group while reinforcing the case for additional BofAS+1 646 855 4280

M&A activity and generalist re-engagement. Below, we highlight the 2H26 and early jason.zemansky@bofa.com

2027 events we believe matter most, focusing on catalysts that could meaningfully Jacqueline Plesset

Research Analyst

shape expectations around clinical, regulatory, and commercial outcomes. BofAS

+1 646 855 0014

BIIB: High bar for anti-tau update after mixed topline jacqueline.plesset@bofa.com

In our view, Biogen faces a high bar heading into its upcoming Alzheimer’s update at

AAIC (July 14) following the messy phase 2 topline for anti-tau ASO BIIB080. Despite

Abbreviations:

encouraging signals around cognitive benefit and tau pathology, the inverse dose

response complicates interpretation, likely contributing to share weakness—particularly 1L: first line

given similar equivocal early datasets for the anti-amyloid class (see our phase 2 CELIA AAIC: Alzheimer’s Association International

takes).