Healthcare Pulse Check: Euro Credit Sector Update: Surprises and stumbles from the latest batch of Q226 results

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Healthcare Pulse Check: Euro Credit Sector Update: Surprises and stumbles from the latest batch of Q226 results

J P M O R G A N Europe Credit Research

31 July 2026

Healthcare Pulse Check: Euro

Credit Sector Update

Surprises and stumbles from the latest batch of Q226

results

Healthcare reporting this week has seen a fairly significant number of beat-and- Europe Corporate Credit -

raises, although there have been a couple of notable disappointments amongst Healthcare, Transportation and

these, which we highlight below. Sustainable Investing

Danielle Ward, CFA AC

Grifols posted in-line Q226 results and affirmed its FY26 outlook (28-Jul): (44-20) 7742-7344

danielle.x.ward@jpmorgan.com

• GRFSM’s (OW) Q2 was in line with management’s and the market’s Adeline Z Kwok, CFA

expectations, with performance again led by the immunoglobulin franchise. (44 20) 7134 0302

Net leverage ticked down further (-0.1x QoQ) to 4.2x (as reported) as of 30- adeline.zinhe.kwok@jpmorgan.com

Jun, with management reiterating that deleveraging remains a priority. We Erik Wolf

published further thoughts on the quarter here. (44 20) 3493-4385

erik.x.wolf@jpmorgan.com

Philips raised its margin and FCF guidance to reflect tariff refunds but J.P. Morgan Securities plc

underwhelmed the market with a more cautious tone on Q3 (28-Jul):

• PHIANA (N) FY26 guidance update: Philips’s FY26 sales growth outlook

remains unchanged (at +3-4.5%) while its adj. EBITA guidance has been raised

to 13.5-14.0% (from 12.5-13.0%), reflecting a 1pt US tariff refund benefit;

FCF is now expected to be €1.5-1.7bn (unchanged at €1.3-1.5bn excluding the

US tariff refund benefit). The tariff refund process was largely completed in

Q2. Philips expects comparable sales growth in Q3 to be at the lower end