Q2 Preview: No Big Surprises - We Like ANIP, COLL, IND V, PHAT, TARS

研报英文原文证据摘录

Q2 Preview: No Big Surprises - We Like ANIP, COLL, IND V, PHAT, TARS

USA | Specialty Pharmaceuticals EquityJulyResearch18, 2026

KEY STOCKS FEATURED INCLUDE:Q2 Preview: No Big Surprises - We Like ANIP,

TICKER RATING PRICE TARGETCOLL, INDV, PHAT, TARS

AMPH HOLD $22.00

We like the setup for ANIP, COLL, INDV, PHAT, and TARS. INDV #s should go ARDX BUY $15.00

higher and while #s may ultimately be in-line or only slightly higher than the ANIP BUY $120.00

buyside, we don't see a near-term bear thesis and reiterate cont'd upside in H2. COLL BUY $51.00

For ANIP, while Cortrophin is a black box, we're confident in mgmt execution INDV BUY $50.00

and valuation doesn't require beats and raises this year. For COLL, PHAT, and

TARS - these underperformed despite #'s trending higher this year.

Top picks into Q2 EPS:

(1) ANIP: Valuation is inexpensive as the stock isn't pricing in a beat b/c investors continue to

be skeptical about the H2 Cortrophin ramp. There's a lot of confusion about Q2 Cortrophin since

it's essentially a black box extrapolating revenue from scripts (capture, G2N, inventory are all big

variables) + mgmt doesn't give intra-quarter trends / color. That said, we don't think Cortrophin

needs to beat Q2 consensus $120M as long as mgmt sounds good about the H2 ramp and the

gout expansion. ANIP may soft guide again for Q3 where consensus is $160M - investors just need

to hear guidance is achievable. **We're hosting ANIP mgmt for virtual meetings on 8/13 post EPS

- email us or your Jefferies sales rep to request a meeting**

(2) COLL: Jornay and pain likely will be soft vs consensus but Azstarys should have a strong beat

vs consensus $6M in what's a seasonally soft Q2 for ADHD. This bodes well going into back to

school.