US Biotechnology: SMid Biotech 2026 Preview: Solid footing for assessing new launch performance & 2H sector momentum

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US Biotechnology: SMid Biotech 2026 Preview: Solid footing for assessing new launch performance & 2H sector momentum

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16 Jul 2026 05:00:00 ET │ 40 pages

US Biotechnology

SMid Biotech 2Q26 Preview: Solid footing for assessing new launch

performance & 2H sector momentum

Eric Joseph, PhD AC

CITI'S TAKE +1-212-816-8697

Ahead of 2Q earnings, we continue to see solid fundamentals behind eric.joseph@citi.com

Biotech, benefited by the steadily robust cadence of M&A (CRNX, APGE,

NUVL), the increasingly constructive regulatory environment (QURE, REPL,

RGNX) and healthy capital markets activity, all contributing to a resurgent

sector last quarter (NBI/XBI +12%/24% vs +2%/5% 1Q). Despite geopolitical

uncertainly posing a more challenging macro backdrop for 2H, a defensive

pivot to Healthcare presents a potential tailwind for SMid Biotech. With 2Q

results offering more reliable footing to gauge new launch performance,

favored names in our group this cycle are Top Pick CYTK (+$2M Myqorzo vs

VA cons), PTCT (+$13M Sephience), and BMRN (guidance upgrade on

Amicus franchise). Maintaining ratings across our coverage, while updating

TPs for BBIO ($93 for $82) and BMRN ($76 from $75).

ALNY: TTR franchise ($1.11B vs VA cons: $1.07B) determines if FY26 guide is likely or

lofty. Pipeline focus on TRITON-CM reassurance post CARDIO-TTRansform fallout.

ASND: In-line Yorvipath outlook. Early Yuviwel uptake a possible bellwether for itself

and Voxzogo/BMRN. Revisiting follow-up Ph2 COACH expectations and if CNP/hGH

combo remains in play.

BBIO: FY26 Attruby expectations well placed, as 2027 rare disease launch prep more

in focus. Raised TP on higher outyear share within void Wainua leaves behind.

BMRN: Voxzogo (+$10M) largely insulated by <2 and ex-US access. Raise of FY26