Report published September 25, 2026
Global Healthcare: Pharmaceuticals: Friday Fodder – Goldman Sachs Equity Research
Goldman Sachs · September 25, 2026
Goldman Sachs reviews key weekly US biopharma developments, focusing on pre-3Q calls from JNJ and LLY, biotech performance under macro pressure, and upcoming catalysts at EASD and ESMO.
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Finvaulta summarizes Goldman Sachs'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.Pre-3Q preview calls kicked off with J&J and Eli Lilly; JNJ is absorbing IPR&D and settlement charges while Icotyde launch metrics expand, and LLY expects low-to-mid-teens portfolio price declines with Medicare BRIDGE shaping Zepbound dynamics.
- 2.Biotech positioning unwound recently (XBI down ~8% from August highs vs. SPY ~1% off highs) due to rising rates, tech rotation, and mixed clinical data, with historical rate-hike cycles showing weakness is front-loaded.
- 3.Key clinical developments included Vertex's positive Phase 2b inaxaplin data in APOL1-mediated kidney disease and Amgen's positive Phase 3 topline results for dazodalibep in Sjögren's disease.
Table of Contents
- Pre-Q3 Calls
- US Large-cap Biotech- Salveen Richer
Report data
Exhibit 1: XBI Performance Around Fed Rate Hike Cycles
| Metric | Estimate | Context |
|---|---|---|
| XBI pullback from local peak | -8.0% | XBI biotech performance versus SPY (-1% off all-time highs) |
| Acquired IPR&D charge for Firefly Bio | 1.0 USD Billion | JNJ pre-3Q items impacting FY26/27 adjusted EPS by $0.46/$0.07 |
| Acquired IPR&D charge for Sail Biomedicines collaboration | 785.0 USD Million | JNJ pre-3Q items impacting FY26/27 adjusted EPS by $0.18/$1.28 |
| Icotyde treated patients | 17000.0 patients | Updated JNJ launch metrics vs 11,000 shared at 2Q26 |
| Eli Lilly portfolio realized price erosion | 13.0% | Year-to-date realized price erosion for LLY worldwide portfolio |
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