US Biotechnology and Pharmaceuticals: 2Q26 EPS week 1: Notable model changes across large Biopharma

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US Biotechnology and Pharmaceuticals: 2Q26 EPS week 1: Notable model changes across large Biopharma

US Biotechnology and Pharmaceuticals

31 July 2026 Citi Research

We acknowledge multiple risks to our investment thesis and TP. On the

upside, we note: 1) strong efficacy in adjuvant indications, higher duration of

use, and combination therapy could materially increase the commercial sales

potential of Bristol’s I/O franchise; and 2) despite being widely well-

understood, the market could be materially underestimating the ultimate

long-term commercial potential and/or profitability of novel oral

anticoagulants in the atrial fibrillation market. On the downside we note: 1)

our forecasts for the immunotherapy franchise could prove to be too

optimistic due to less-than-anticipated efficacy or unexpected severe

adverse events or greater competitive pressures; 2) our peak sales estimates

for key drug Eliquis may fail to materialize, due to reimbursement pressures,

competition, or other impediments to commercial uptake; 3) the company’s

historical success has been linked to its risk appetite both for internal pipeline

candidates as well as external deals; and 4) failure to successfully

commercialize milvexian or Cobenfy.

Regeneron Pharmaceuticals Inc

Company description

Regeneron Pharmaceuticals, Inc. is a biotechnology company engaged in the

discovery, invention, development, manufacture, and commercialization of

medicines. Its product portfolio includes the following brands: Dupixent,

Evkeeza, Eylea, Inmazeb, and Kevzara. The firm accelerates the traditional

drug development process through its proprietary VelociSuite technologies

such as VelocImmune, which uses unique genetically humanized mice to

produce optimized fully human antibodies and bispecific antibodies. The