Americas Healthcare: Biotechnology: 2Q earnings preview: Macro and idiosyncratic narratives drive performance

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Americas Healthcare: Biotechnology: 2Q earnings preview: Macro and idiosyncratic narratives drive performance

Equity Research

20 July 2026 | 7:15AM EDT

Americas Healthcare: Biotechnology: 2Q earnings preview: Macro and

idiosyncratic narratives drive performance

While large-cap biotech has performed in-line with the overall market YTD, albeit Salveen Richter, CFA

+1(212)934-4204 |

with meaningful dispersion across names (note earnings estimate revisions have salveen.richter@gs.com

Goldman Sachs & Co. LLC

remained stable/positive YTD) and better than healthcare (+4% vs. XLV), the broader

Matt Dellatorre, Ph.D.

biotech sector has significantly outperformed (XBI +15% vs. S&P 500; +21% vs. XLV), +1(212)855-0830 |

impacted by: (i) a resurgence in M&A ($143bn in deal value YTD vs. $200bn in FY25 - matt.dellatorre@gs.comGoldman Sachs & Co. LLC

we see a favorable set-up for continued activity); (ii) strong innovation trends (albeit Elizabeth Webster, Ph.D.

acknowledging some negative surprises), coupled with reduced +1(212)357-9925elizabeth.webster@gs.com|

regulatory/development risk for select companies; and (iii) macro/rotational Goldman Sachs & Co. LLC

Reerink, CFAdynamics (e.g., AI/geopolitics trade, rates), alongside improving capital markets Tommie | +1(212)357-2470

activity. While macro will likely remain an important driver of sector performance, we tommie.reerink@gs.com Goldman Sachs & Co. LLC

see set-ups focused on 2Q earnings (large-cap biopharma typically outperforms)

Shrunatra Mishra

and the post-narrative, and highlight: (1) key debates: AMGN (potential 2Q beat, but +1(332)245-7673 |

shrunatra.mishra@gs.com

expect investor attention to turn towards the pipeline, particularly Lp(a) and Goldman Sachs India SPL