JPM | US Healthcare: UNH and ABT First Takes, LS Tools Previews (TMO, DHR, WAT, A, ILMN and more), Recaps JNJ and ELV, HTFL

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JPM | US Healthcare: UNH and ABT First Takes, LS Tools Previews (TMO, DHR, WAT, A, ILMN and more), Recaps JNJ and ELV, HTFL

f tools, we continue to view GH as the

most catalyst-rich story in our coverage in Diagnostics, with the Freenome data release just last week lifting what had been a

partial overhang on the Shield outlook, in our view.

Tools positioning skews long on a relative basis with TMO, WAT, DHR screening as the most crowded into the quarter, although

the group is still underowned from LOs/generalists.

For DHR and TMO specifically into the print, 1Q organic growth of +50 bps and +100 bps, respectively, drove a capitulation in

sentiment several months ago and clouded visibility into upside for the year, but into 2Q, from our perspective, investor

expectations are for both to see upside in 2Q on incremental end-market improvement, though we believe 2026 Street numbers

will likely remain in the +3–4% range for both. From a LO perspective, we believe this is more of a “check the box” quarter and

not the inflection in growth needed to step off the sidelines, though a continuation of improvement in 3Q/4Q that improves

visibility into MSD+ growth in 2027 could be enough to generate more LO involvement in light of valuations

Managed Care, Facilities, Healthcare Services

Elevance (ELV): What to Know from ELV’s 2Q Earnings Call and Follow-Up With Management. - Gill Note

ELV’s 2Q results had moving parts, but we come back to the continued core improvement in performance. It is understandable

that the bar is high after the stock performance of the entire MCO group over the past few months; however, we continue to see

ELV executing against its targets and managing expectations. Medicaid remains a point we expect investors to focus on as the