JPM | US Healthcare: Pharma 2Q Prev Call 8:30am, MRK, BMY, REGN, TEVA Prevs, ALKS / LEGN / DNLI / BCRX / NVCR Re-initiations, BBIO, KNSA, NBIX, SRPT, SNDX, TVTX, RARE, ZLAB Previews, PTCT, IONS, VERA, XENE, ARWR, CNMD; KARD Initiation

研报英文原文证据摘录

JPM | US Healthcare: Pharma 2Q Prev Call 8:30am, MRK, BMY, REGN, TEVA Prevs, ALKS / LEGN / DNLI / BCRX / NVCR Re-initiations, BBIO, KNSA, NBIX, SRPT, SNDX, TVTX, RARE, ZLAB Previews, PTCT, IONS, VERA, XENE, ARWR, CNMD; KARD Initiation

Elif Korkmaz - Specialist Sales - US Healthcare AC North America Specialist Sales J P M O R G A Nelif.korkmaz@jpmorgan.com

J.P. Morgan Securities LLC 13 July 2026

JPM | US Healthcare: Pharma 2Q Prev Call 8:30am, MRK, BMY, REGN,

TEVA Prevs, ALKS / LEGN / DNLI / BCRX / NVCR Re-Initiations, BBIO,

KNSA, NBIX, SRPT, SNDX, TVTX, RARE, ZLAB Previews, PTCT, IONS,

VERA, XENE, ARWR, CNMD; KARD Initiation

Elif Korkmaz

+1 (212) 622 2949

elif.korkmaz@jpmorgan.com

Calls

• TODAY at 8:30am ET - PHARMA 2Q Preview CALL: Chris Schott and I will be hosting a 2Q Preview Call for Large

Cap Pharma, Spec and Animal Health at 8:30am ET. Please register here

Key Highlights

Diversified BioPharma

Merck & Co., Inc. (MRK): 2Q26 Preview: Expecting an In-Line Qtr; Focus Remains on Pipeline/sac-TMT Updates. -

Schott Note

Heading into MRK’s earnings (7/30), we anticipate no major surprises with results and see the focus of the story remaining on the

company’s pipeline, including a range of important 2026/27 readouts. On the quarter, we are slightly above the Street with sales

of $16.5bn (+$135mm) and EPS of -$0.22 (+$0.04 vs cons, inclusive of $2.35 of IPR&D and dilution from Terns acq). And for

the year, we are roughly in-line with MRK’s guidance with sales of $66.4bn (-$300mm vs cons). More broadly on the story, we

see investor focus as remaining on MRK’s range of pipeline readouts expected in 2026/2027, particularly sac-TMT updates. We

continue to believe there is a favorable risk/return for shares heading into these readouts and remain OW rated, and we raise our