JPM | US Healthcare: ABBV, MRNA, PTCT CEO Call, NBIX Call, LH Call, Recaps: ALNY, ILMN, GH, SYK, DXCM, ICLR, MTD, MMSI, REGN, BMY, OPCH, ALHC, NBIX, PTCT, AGIO, DYN, REPL, Upcoming Mgmt Calls

研报英文原文证据摘录

JPM | US Healthcare: ABBV, MRNA, PTCT CEO Call, NBIX Call, LH Call, Recaps: ALNY, ILMN, GH, SYK, DXCM, ICLR, MTD, MMSI, REGN, BMY, OPCH, ALHC, NBIX, PTCT, AGIO, DYN, REPL, Upcoming Mgmt Calls

ine, we are also edging our SG&A forecasts higher for 2027+ to reflect what we expect could be

incremental investment to support the growing TTR business. Longer term, our 2030 revenue estimate of ~$11.3bn, while lower,

is consistent with ALNY's stated goal of a 25%+ CAGR from 2025, and we project 2030 adj op margins of ~29.8%, inline with

ALNY’s 30% target. Stepping back, while today’s guidance cut came as a surprise and is disappointing so early on in the launch,

we remain positive on Amvuttra’s potential to scale significantly over time and see today's stock reaction as disproportionate

relative to the update. Maintain OW.

Life Science Tools & Dx

Illumina, Inc. (ILMN): 2Q26 Recap: Clinical Momentum in Consumables and NovaSeq X Placements Drive Beat and

Raise; Remain Overweight. - Woodring Note

ILMN’s 2Q beat demonstrated continued momentum in clinical consumables, growing +15% ROW, albeit down from the +20%

trend seen the past two quarters, which was attributable to pockets of softness in the Middle East and Latin America in the quarter

though U.S. clinical consumables grew >+20%. That said, the performance in the quarter was enough to raise the clinical

consumables growth guide for the year to +mid-teens vs. prior guide of +DD/mid-teens. Additionally, ILMN placed >95 NovaSeq

X instruments (above the guide of ~80) with a 70%/30% clinical/research placement skew. On the research side, while the guide

doesn’t assume research improvement relative to the company’s prior expectations this year, management called out encouraging

trends in U.S. funding releases later in the quarter.