Coverage Universe

Navigating LOE trough (Abilify Maintena generics, Jynarque orphan exclusivity expired) while launching two potential blockbusters: VOYXACT (sibeprenlimab, first-in-class anti-APRIL for IgAN, approved Nov 2025) and centanafadine (first-in-class NDSRI for ADHD, PDUFA July 2026). FY2026 is the trough year (-25% OI guided) — the thesis is that new launches + Rexulti growth offset the LOE drag from 2027 onward.

US pharma leader successfully navigating Humira LOE through Skyrizi/Rinvoq growth engine. 2025 revenue $61B (+8.6%) despite $16B Humira erosion. Immunology franchise leads with Skyrizi ($17.6B) and Rinvoq ($8.3B) offsetting biosimilar headwinds. Diversified portfolio across neuroscience (Botox, Vraylar), oncology (Venclexta, Epkinly), and aesthetics.

RNAi platform undervalued.

Japanese pharma transitioning from Xtandi dominance to diversified portfolio. Strategic brands (Padcev, Izervay, Veozah, Vyloy, Xospata) growing rapidly. Xtandi ($6B) faces US LOE in 2027 - major cliff risk. Padcev partnership with Pfizer is key growth driver in bladder cancer.

Diversified large-cap biopharma navigating a dual transition: legacy biosimilar erosion (Prolia/XGEVA/Enbrel losing ~$2.5B in 2026) offset by 6 growth engines (Repatha, Evenity, Tezspire, IMDELLTRA, UPLIZNA, biosimilars). MariTide obesity optionality is the long-term catalyst but 2029-2030 launch timeline creates uncertainty. HOLD thesis: growth drivers currently offsetting erosion, but guidance implies deceleration to +3% in 2026.

Vyvgart franchise underappreciated.

Two profitable quarters achieved. Yorvipath 2025 revenue €477M crushing expectations. CNP PDUFA Feb 28, 2026 (imminent). Vision 2030 targets €5B+ revenue. TransCon platform now proven commercially.

Global biopharma leader targeting $80bn revenue by 2030. Strong oncology franchise (43% of revenue) anchored by Tagrisso, Imfinzi, and Enhertu partnership. Deep late-stage pipeline with 104 Phase III trials. Key near-term catalysts: baxdrostat PDUFA Q2'26, camizestrant, and multiple ADC readouts. 16 positive Phase III readouts in 2025 representing >$10bn peak revenue opportunity.

Voxzogo growth trajectory debated.

Global leader in ADC technology with the DXd platform. Enhertu is transforming HER2+ cancer treatment and expanding into HER2-low. Deep pipeline of 7 ADCs targeting multiple tumor types. 50/50 partnership with AstraZeneca provides global commercial reach.

Dominant HIV franchise with Biktarvy ($14.3B FY25) provides stable cash flows. Yeztugo (twice-yearly PrEP, $800M 2026 guide) is transformative. Four launches in 2026: BIC/LEN, anito-cel (MM), bulevirtide (HDV), Trodelvy 1L mTNBC. Oncology growth via Trodelvy ($1.4B). No major LOE until 2036. 2026 guide: $29.6-30.0B product sales, $8.45-8.85 EPS.

Danish antibody pioneer transitioning from royalty collector (83% of rev) to integrated biotech. DARZALEX royalties ($3.1B, 18-20% of J&J $14.3B net sales) are the cash engine. Epkinly ($468M, +67%) is the growth driver — EPCORE DLBCL-2 in 1L DLBCL could expand TAM 5-6x. Acquired Merus ($8B) for petosemtamab (HNSCC, 2 BTDs) and ProfoundBio ($1.8B) for Rina-S (FRa ADC, PROC). 2026 = catalyst-rich: up to 6 registrational readouts. Key risk: DARZALEX US LOE ~2029.

Leading oral small molecule GLP-1 play. Aleniglipron (GSBR-1290) showed 11-15% weight loss in Phase 2b ACCESS study, competitive with injectable GLP-1s. Phase 3 expected mid-2026. Differentiated oral approach could capture significant market share in the $100B+ obesity market. Pipeline includes amylin agonist (ACCG-2671) for next-gen obesity treatment.

Dominant GLP-1 franchise with Mounjaro/Zepbound driving unprecedented growth. Pipeline includes oral GLP-1 (orforglipron, PDUFA Mar 2026) and triple agonist retatrutide. Alzheimer's drug Kisunla adds diversification.

Keytruda-dependent growth story with LOE risk in 2028. Pipeline focused on ADCs (Daiichi partnership), mRNA vaccines (Moderna), and cardiometabolic. Near-term catalysts in V940 melanoma and sotatercept expansion.

Global leader in GLP-1 diabetes and obesity treatments. Wegovy and Ozempic franchise dominates but faces increasing competition from Lilly (Zepbound, orforglipron). CagriSema filed, next-gen assets (amycretin) advancing. Manufacturing capacity remains key constraint.

Global pharma leader with strong positions in cardiovascular, immunology, neuroscience, and oncology. Achieved 40% core margin in 2025. Navigating Entresto patent cliff in 2026 with diversified growth drivers.

Antibody factory with the industry's most productive discovery platform (VelociSuite). Dupixent ($17.8B global, 50/50 with SNY) is the cash engine, EYLEA franchise faces biosimilar headwinds but EYLEA HD is the defense. Pipeline anchored by fianlimab (LAG-3 + cemiplimab) which could be transformative in melanoma. Key tension: EYLEA erosion pace vs Dupixent expansion + fianlimab upside.

Parry thesis: Underappreciated pipeline with 8 Ph3 NMEs ($23bn peak). Giredestrant ($18bn) and CT-388 ($8bn) transformational. 13x 2026E P/E vs 16x peers.

Rare disease specialist with diversified portfolio across hematology and immunology. Multiple near-term catalysts: NASP PDUFA June 2026 (uncontrolled gout), Altuvoct hemophilia A launch ramp crushing estimates, Doptelet ITP franchise expansion, Beyfortus royalty escalation (25%->35%). Stock up ~44% in 6 months on execution and pipeline de-risking. FY2025 rev SEK 28.2B (+15% CER), adj EBITA margin 40%. 2026 guidance: low double-digit CER growth.

Belgian biopharma transitioning from legacy neurology (Vimpat LOE) to immunology growth (Bimzelx). Strong MG franchise with Rystiggo/Zilbrysq competing against ARGX Vyvgart. Evenity partnership with Amgen provides bone health exposure.