Americas Healthcare Biotechnology 1Q26 EPS Updates

Goldman Sachs provides 1Q26 updates for seven biotechnology companies, noting that operational trends remain aligned with expectations and maintain core investment theses. Key highlights include upcoming Phase 3 readouts for AMLX and CGON, and planned pivotal study initiations for GPCR and BHVN.

Key Takeaways

• 1.Overall operational trends for the covered biotech companies were in line with expectations, resulting in no material changes to investment theses.
• 2.Amylyx Pharmaceuticals (AMLX) remains on track for Phase 3 LUCIDITY data in 3Q26 for post-bariatric hypoglycemia.
• 3.CG Oncology (CGON) provided new guidance for 4Q26 BLA completion, resolving a key investor debate.

Table of Contents

• Amylyx Pharmaceuticals (AMLX; Buy)
• Biohaven, Ltd. (BHVN; Buy)
• CG Oncology (CGON; Buy)
• Ideaya Biosciences (IDYA; Neutral)
• MBX Biosciences (MBX; Sell)
• ORIC Pharmaceuticals (ORIC; Early Stage Biotech)
• Structure Therapeutics (GPCR; Buy)
• Updating for actuals
• Price Target, Risks and Methodology
• Disclosure Appendix

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