JPM HY Healthcare: 2Q26 Earnings Preview

研报英文原文证据摘录

JPM HY Healthcare: 2Q26 Earnings Preview

se moats can realistically be

improved/sustained. Companies that remain complacent may lose market share to more tech-

savvy newcomers, and others may see individual business segments (i.e., language services)

disrupted. In the short term, we are focused on indicators of moat durability and efforts to

sustain said moats. Over time, moats perceived as durable in the short term may be disrupted

by policy changes, advancements in tech, M&A/industry consolidation, or wider industry

changes. We are focused on transparency around KPIs surrounding AI initiatives, which are

currently limited or opaque. Another area of importance is M&A, as private companies may

target disruption as a means of getting acquired; this also brings up questions around capital

allocation, temporary leverage increases, and whether these acquisitions will be worthwhile

from a returns perspective.

ACH remains a “show-me” story. Post restructuring, management has a tighter margin for

error as PF FCF is weaker. The now-complete debt restructuring extended maturities rather

than preserve cash flow, so we continue to watch for operational improvements and

commentary around how the company will achieve its rosy guidance and fundamental

turnaround. We continue to like the TLB due 2029.

New generic tariffs. Today, President Trump announced (link) that all generic drugs coming

into the US will face 0% tariffs for 2 years (starting 8/1). After year 2, the rate increases to

100% in year 1 and then 200% thereafter. The purpose of these tariffs is to reshore generic

pharma production, which we believe is very difficult due to costs and associated low

margins. Manufacturers have options to respond, either through product exits (may result in