JPM | US Healthcare: ISRG, ABT, UNH Recaps, ARWR SHASTA, ACA Exchanges, INSM, LRMR

研报英文原文证据摘录

JPM | US Healthcare: ISRG, ABT, UNH Recaps, ARWR SHASTA, ACA Exchanges, INSM, LRMR

layed buying. Hedge fund investors wanted to own this post print, and with key line items

no worse than expected and strong commentary around new product launches, we think investors now have permission to own it

for 2H. Our bullish stance into the print and our recent note detailing the strong rationale for owning ABT shares can be

found here, but to reiterate, a credible path to accelerating sales growth in 2027 is something that has become increasingly scarce

as quality has deteriorated across large-cap MedTech. With a bullish new product cycle led by Volt in PFA (see here), the launch

of Amulet 360 strengthening the LAAC platform, and the potential for broader US CGM reimbursement for non‑intensive T2

patients as early as Fall, we continue to like Abbott here and are reiterating our Overweight rating.

Managed Care, Facilities, Healthcare Services

UnitedHealth (UNH): What to Know: 2Q Follow-Up with UNH Management. - Gill Note

UNH reported adj. EPS ahead of expectations and increased 2026 adj. EPS guidance (see our summary of earnings here), clearing

a high bar and reinforcing the multi-year earnings repricing opportunity. Investors were heavily focused on UHC and

OptumHealth, and both segments beat consensus expectations and raised guidance, underpinned by what we view as a prudent

outlook. At the same time, management defended its ability to grow off the increased guidance and the appropriateness of the

+13% to +16% long-term growth rate, despite some pressure in the company's Commercial Risk book. We think that as investors

continue to evaluate UNH’s longer-term embedded earnings opportunity, this print helps de-risk some of the path to more

normalized margins/growth.