US Biotechnology and Pharmaceuticals: Biopharma 2026 EPS preview: Seasonal strength across the board

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US Biotechnology and Pharmaceuticals: Biopharma 2026 EPS preview: Seasonal strength across the board

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15 Jul 2026 05:00:00 ET │ 54 pages

US Biotechnology and

Pharmaceuticals

Biopharma 2Q26 EPS preview: Seasonal strength across the board

Geoff Meacham, Ph.D. AC

CITI'S TAKE +1-404-443-4701

geoffrey.meacham@citi.com

Biopharma has seen a rally in the past month (DRG index: +3%; S&P 500:

+0.3%) as its traditionally defensive nature finally took hold after repeated Jarwei Fang

bouts of geopolitical instability pushing investors to look for relatively +1-212-816-5127

higher stability havens after a 1H26 fueled by risk-on appetite for tech jarwei.fang@citi.com

trades. We expect largely robust 2Q prints across the board in our large-cap

Nishant Gandhi, Ph.D.coverage that will likely add to recent momentum in the sector. Indeed, the

sector debate has shifted from “can it participate” to whether multiple +1-212-816-2513

expansion, commercial execution, and 2H catalyst flow can sustain the nishant.gandhi@citi.com

recent rerating into year-end. We maintain all ratings and update TPs for Mary Kate DavisAbbVie ($260 from $230) and Lilly ($1,600 from $1,500). We’re hosting our

2Q26 preview call TODAY at 10am ET (register here; slides here). +1-212-816-9602

mary.kate.davis@citi.com

AbbVie: Skyrizi (+$35M vs. VA cons) and Rinvoq (+$57M) still central, though

Apogee drives “what’s next” interest. Maintain Neutral; TP now $260 (from $230).

Amgen: Commercial execution key to offset ramping denosumab erosion (Prolia: -

$10M; Xgeva: -$3M). Maintain Neutral and $345 TP.

Biogen: MS franchise erosion (-19% y/y) offset by tempered growth products (all in-

line) though Apellis’ half-quarter add slight tailwind. Maintain Neutral $200 TP.

Bristol: Growth portfolio key (+8%; +$94M) incl.