JPM | US Healthcare: CAH, MedTech Exiting 2Q, Pharma Positioning, BBIO / ACAD / CYTK / ASND / BMRN / CAH Mgmt Calls, MIRM, OLMA, EWTX, SGRY

研报英文原文证据摘录

Elif Korkmaz - Specialist Sales - US Healthcare AC

J.P. Morgan Securities LLC

North America Specialist Sales

JPMORGAN

11 August 2026

JPM | US Healthcare: CAH, MedTech Exiting 2Q, Pharma Positioning,

BBIO / ACAD / CYTK / ASND / BMRN / CAH Mgmt Calls, MIRM, OLMA,

EWTX, SGRY

Elif Korkmaz

JPM Upcoming Calls & Events

JPM Upcoming Mgmt Calls This Week – Please reach out to me/ your sales rep to register for any – no replays.

JPM Biotech Mgmt Calls:

ACAD — Tue, Aug 11th, 11:30am ET. Register here

CYTK — Wed Aug 12th, 11am ET.

BBIO — Tue, Aug 11th, 11:00am ET.

ASND — Thu Aug 13th, 2:00pm ET.

BMRN — Thu Aug 13th, 2:00pm ET.

JPM Services Calls:

CAH — Wed Aug 12th, 1:00pm ET - Register here

Key Highlights

CAH: Lisa Gill’s first take on CAH… CAH provided upbeat F4Q26 results, with adj. EPS of $2.91 ahead of JPMe/cons of

$2.41/$2.42 and the company introducing FY27 adj. EPS guidance of $12.40-$12.60, above current JPMe/cons of $12.00/$12.06.

The F4Q beat was driven by outperformance across segments, with PSS operating profit ahead of expectations (accelerating to

+21% reported growth vs +18% in F3Q26), Other slightly below Street but above our model, and GMPD benefitting from ~

$100M of IEEPA tariff refunds (~$0.31 per the company presentation). We note that excluding ~$0.31 in benefit from tariff

refunds would still put adj EPS of $2.60 ahead of our/Street expectations, with some favorability from interest/other ($53M vs

JPMe/consensus $77M/ $76M) as well as tax/sharecount. In the context of CAH’s relative valuation (~20x on consensus preearnings FY27 adj. EPS), we believe an upbeat guide was the base case for most investors. On the 8:30am ET call, we expect the

focus to be on the moving pieces underlying management’s preliminary FY27 guidance, as well as commentary on

Pharmaceutical and Specialty Solutions performance (similar to other pharmaceutical distributors, we are encouraged to see

sequential PSS operating profit growth acceleration).

MedTech

Medical Devices: MedTech Sector and Stock Set-Ups Exiting 2Q Earnings - Marcus Note

MedTech has rallied off a mid-summer bottom , a function that's less true new money buying into the space, and more of (a) the

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