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Goldman Sachs

June 4, 2026

Annual Healthcare Conference Preview

Sector ReportEquitiesHealth Care

Goldman Sachs previews its 47th Annual Healthcare Conference, highlighting a theme of sharp performance dispersion between outperforming Managed Care and lagging MedTech sectors. The report outlines key company debates regarding M&A, obesity drug launches, and upcoming clinical catalysts.

Key Takeaways

  • 1.The healthcare sector is experiencing significant performance dispersion YTD, with Managed Care up 17% and MedTech down 23%.
  • 2.M&A activity remains a central high-level theme for the industry, alongside new product cycles and the clinical catalyst path.
  • 3.The obesity market evolution, including oral vs. injectable dynamics and the entry of new competitors, is a critical focus for Pharma and Biotech.

Table of Contents

  • PHARMA
  • US PHARMA - ASAD HAIDER
  • EU PHARMA - RAJAN SHARMA, JAMES QUIGLEY, & SHYAM KOTADIA
  • GENERICS - MATT DELLATORRE
  • BIOTECH
  • SALVEEN RICHTER COVERAGE
  • CORINNE JOHNSON COVERAGE
  • PAUL CHOI BIOTECH COVERAGE
  • RICHARD LAW BIOTECH COVERAGE
  • RAJAN SHARMA EU BIOTECH COVERAGE
  • MEDTECH, TOOLS, DIAGNOSTICS, HCIT
  • US MEDTECH & HEALTHCARE IT (HCIT) — DAVID ROMAN
  • EU MEDTECH — RICHARD FELTON
  • LIFE SCIENCES TOOLS & DIAGNOSTICS - EVIE KOSLOSKY
  • HEALTHCARE SERVICES
  • HEALTHCARE SERVICES & PROVIDERS — SCOTT FIDEL
  • Disclosure Appendix

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Authors

Asad Haider, CFASalveen RichterDavid Roman

Securities

LLYNVOAZNABBVROIV

Themes

Subsector Performance DispersionObesity Market EvolutionBiotech M&A and Capital Allocation

Regions

North AmericaEuropeAsia PacificUnited StatesChina