WolfeResearch2026年美国制药与大型生物科技板块展望强生礼来吉利德再生元为首选标的-251210英文版27页.pdfVIP

Pharmaceuticals(Major)LargeCapBiotechnology

Biotechnology-LargeCap-MarketWeight

Pharmaceuticals-Major-MarketWeight

WhatShouldWeExpectIn2026?JNJ,LLY,GILD,andDecember10,2025

REGNAreOurTopPicks

USPharmaandLarge-CapBiotech

TheWolfeByte

Aheadofthe2026guidancecycle,weputpentopaperandprovideourlatestthoughtsonhowourcompanies

mayguide.UltimatelyweexpectaconservativeapproachasourcoverageuniversereconcilesMFNdynamics,a

continuallychangingFDA,vaccinehesitancy,andLoEcliffs.

2026guidanceiscoming.Formostofourcoverageuniverse,wedontexpectcompaniestobeginguidinguntillate

January/earlyFebruaryconcurrentwith4Qearnings.However,lastmonthwegotasneakpeekofourfirstcompany

outlook,withModerna(MRNA)guidingtorevenuegrowthashighas10%(seehere),largelydrivenbycontracted

revenuesfrompartneredsites.Followingitslead,Pfizer(PFE)willhostits2026FinancialGuidancecallnextweek(Dec

16),whichcouldhelpsetthetenorofthesector.Overall,lookingto2026,JNJ,LLY,GILDandREGNareourtoppicks

MostFavoredNationpricingwillbetopofmind.Lastyear,investorswerefocusedonhowmgmt.teamswerethinking

(andguiding)aroundMedicarePartDRedesign.Namely,howmuchofaheadwindwouldmanufacturersliabilityshake

outtobewhenpatientsenterthecatastrophicphaseofcoverage?Thisyear,wellbeonthelookoutforhoweach

companygui