Americas Healthcare: Generic Pharmaceuticals: 2Q EPS preview

研报英文原文证据摘录

Americas Healthcare: Generic Pharmaceuticals: 2Q EPS preview

Goldman Sachs Americas Healthcare: Generic Pharmaceuticals

also screens well from a valuation/growth perspective). Overall, we continue to see a

compelling diversified growth outlook driven by generics segment momentum, specialty

product launches/pipeline, and an emerging obesity/GLP-1 franchise via the PFE

partnership.

Ahead of the quarter, we make minimal changes to our estimates, which remain broadly

in-line with consensus in FY26-27, but see the potential for a bottom-line beat in 2Q on

stronger margins. We look for an updated outlook on the commercial business, including

key specialty product launches (Crexont and Brekiya) and the generic segment dynamics

(e.g., estrogen patch demand), and FY26 guidance, and will also be focused on: (1) key

generic launches (lanreotide Q3 or earlier approval on track - AMRX expects limited

competition over the next 2 years; additional dosages of Iohexol recently approved with

expectations to be the only generic on the market for the foreseeable future); (2)

PFE-partnered obesity portfolio (management has expressed further conviction post

the recent ADA updates and sees the partnership as a major growth lever not included

in the long-term guidance; update on the partnership structure expected over the

coming months); (3) key specialty launches (expect continued momentum for Crexont

and Brekiya, where management has noted confidence in the upper-end of their

respective long-term revenue targets; AMRX also expects to disclose a new men’s health

product over the near-term), as well as (4) Kashiv Biosciences integration progress (and

updates on the biosimilars pipeline) and capital allocation strategy post the deal.

Exhibit 6: GSe vs. consensus

All values in $mn