[2Q26 EPS Preview] Topline + Gross Margin as Focus and Likely In-line

研报英文原文证据摘录

[2Q26 EPS Preview] Topline + Gross Margin as Focus and Likely In-line

. Commercial momentum appears

increasingly driven by continued center expansion (80 YE target within reach, new goal is 90+

Chart 1), repeat prescribing and growing physician familiarity. Q2/2H performance (Chart 2) may

benefit from delayed positive feedback on Tandem/ASH data which facilitates continued convo

with physicians. Mgmt estimates AUCATZYL has penetrated only ~6-8% of addressable adult r/

r ALL market by '25, which expects to double this year; with recent ROCCA data validating obe-

cel’s use in older, comorbid, and low-tumor-burden pts previously ineligible for CAR-Ts, mgmt

believes AUCATZYL can dramatically expand the addressable market. Mgmt expects positive

margin inflection achieved in 1Q to continue improving over time as manu utilization increases,

albeit likely in a stepwise vs linear fashion. Ex-US, UK rev contributed minimally in 1Q following its

Jan launch, suggesting greater visibility into demand trends should emerge in 2Q/2H. LT, UK and

po'ly broader EU launch progress represent incremental upside to '27 expectations.

Pipeline. We expect investor focus to gradually broaden toward pipeline as multiple catalysts

approach Chart 3. In lupus, long-term SLE durability data expected at ACR26, which should provide

early read-through to ongoing LUMINA LN study & inform confidence around durability. In pMS, we

Roger Song, MD, CFA * | Equity Analyst

expect initial data from Ph1 by YE26, with first readout focused on safety, PK/PD and evidence of +1 (617) 342-7955 | rsong@jefferies.com

CAR-T activity, while more clinically meaningful efficacy assessments to follow in '27. Pediatric ALL

Fiona Jia, Ph.D. * | Equity Associate