North American Equity Research

研报英文原文证据摘录

North American Equity Research

J P M O R G A N North America Equity Research

01 August 2026

US Biotechnology

One Interesting Nugget from Each Team in the Last

Week & Looking Ahead

We wanted to provide one interesting nugget from each team’s coverage universe The J.P. Morgan Biotech Team

ACfrom the last week as well as highlight upcoming calls and prior conference call Jessica Fye

replays. Please see below. (1-212) 622-4165

jessica.m.fye@jpmorgan.com

One interesting nugget from each team’s coverage universe in the last week Anupam Rama AC

(1-212) 622-0900

• Alnylam Pharmaceuticals (ALNY – Fye): Coming off of ALNY’s 2Q26 anupam.rama@jpmorgan.com

results this week and our catch-up with CFO, we see the TTR guidance reset Brian Cheng AC

to $4.2bn-$4.5bn reflecting a normalization of 2L demand in CM, and now (1-212) 622-0449

model 2026 TTR rev of ~$4.36bn. ALNY’s CFO described being even more brian.cheng@jpmorgan.com

confident in their ability to deliver on the 2030 goals (25%+ topline CAGR, Tessa T Romero AC

implying ~$11bn total revs) post the CARDIO-TTRansform miss. Stepping (1-212) 622-4484

back, while the guidance cut came as a surprise and is disappointing so early tessa.t.romero@jpmchase.com

J.P. Morgan Securities LLC

on in the launch, we remain positive on Amvuttra’s potential to scale

significantly over time and see the stock reaction as disproportionate relative

to the update.

• Kiniksa (KNSA – Rama): As an interesting nugget, our original 2018 IPO

model for Kiniksa assumed ~$250-300M in US peak sales for Arcalyst in

recurrent pericarditis (RP) and, frankly, we remember getting pushback on this

estimate (felt like we were Street high at the time). Eight years later, on 2Q26

earnings post another consensus beat for Arcalyst, 2026 guidance now sits at