Report published September 25, 2026

Healthcare Conference: What Did We Learn? – BofA Global Healthcare Review

Bank of America · September 25, 2026

This report summarizes key management takeaways from BofA's 2026 Healthcare Conference across European Pharma and MedTech companies. Discussions focused on mid-term sales and margin guidance, late-stage clinical pipelines, and navigating China procurement and inflationary headwinds.

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Finvaulta summarizes Bank of America's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.EU Large Cap Pharma management teams presented confident mid-term outlooks, with Novartis expected to roll its 5-6% sales CAGR guide to 2026-31E and Novo Nordisk reiterating mid-single-digit sales CAGR targets toward 2030.
2.European MedTech investors remain selective, preferring self-help stories and minimal China exposure given persistent reimbursement pressure and volume-based procurement (VBP).
3.Multiple pipeline catalysts and upcoming launches in late 2026 and 2027 (including CagriSema, remibrutinib, and giredestrant) serve as critical growth bridges ahead of end-of-decade patent cliffs.

EU Pharma: Large Caps and BAY, MRK, GMAB, UCB
EU MedTech & Services: Selected "one-liners"
EU Pharma – Large caps and BAY & MRK
EU Pharma – Non-therapeutics / SMIDs
MedTech Day 1 Feedback
MedTech Day 2 Feedback
Price objective basis & risk

Report data

Exhibit 1: Stocks mentioned

Metric	Estimate	Context
Novartis mid-term sales CAGR guidance	5-6%	Novartis reiterated its 2025-30E sales CAGR guidance of 5-6%, rolling to 2026-31E at its upcoming CMD.
Bimzelx FY26 consensus estimate blessed by UCB	3.3 EUR billion	UCB management reaffirmed comfort with consensus sales forecasts for Bimzelx.
Siemens Healthineers FY27 EPS soft expectation	2.35 EUR	Reiterated soft EPS target in current inflationary environment with flattish core China development.
Amplifon GN Hearing net synergies target	60-80 EUR million	Includes EUR 20m revenue dis-synergies, primarily driven by increasing internal sourcing toward 90%.