Biomerieux; EssilorLuxottica; Grifols; Galderma; Philips; Roche: EU Healthcare Sector Specialist Commentary Pharma • Biotech • Medtech

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Biomerieux; EssilorLuxottica; Grifols; Galderma; Philips; Roche: EU Healthcare Sector Specialist Commentary Pharma • Biotech • Medtech

potential c. £200m benefit to Core EBIT by 2029 from these savings, a c. 60bps Core EBIT margin benefit although note that

Consensus already models a 40bps increase in Core EBIT margin from 2026-30, with an additional c. 20bps of margin upside

from these cost savings adding c. 1% upside to 2030 Core EBIT. On the pipeline, key Phase III readouts are expected in the 2028-

30 period, starting with ris-rez (B7H3 ADC) in extensive small cell lung cancer, efimosfermin in F2/F3 MASH and velzatinib in

2L+ GIST, all of which face significant competition c. 2-3 years ahead. On new launches, Blenrep was £1m ahead and Exdensur

was £2m below Consensus in 2Q, both still steady. Overall, while we were encouraged by the self-financing of the acceleration in

R&D and business development, we expect further clinical data across GSK’s portfolio and evidence of launch execution will be

required for upgrades to longer term forecasts given both Consensus and JPMe still remain below GSK’s 2031 Sales target (JPMe

2031: £32bn pre Nuvalent).

**Philips(N): D Adlington post Q2 model update - note. Q2 overall was OK on an underlying basis (ex the one-off tariff

refunds), with soft D&T margins offset by better PH margins. However, the bar was higher after several quarters of significant

beats and the shares holding up relatively well YTD vs a soggy sector. Soft orders and commentary on the call around a softer Q3

than likely expected leaves another Q4 loaded year which means investors are likely to conclude the high end of the guidance

range is off the table, and may be skewed to the bottom of the range. We update our price target to Dec-27 €23.5 (previously Jun-