Healthcare Conference: What did we learn?

This BofA Global Healthcare industry overview summarises key takeaways from its healthcare conference across EU Pharma and MedTech & Services, with detailed feedback on individual stocks. EU Pharma: AstraZeneca (AZN) is bullish on its 1H27 CVRM pipeline path (oral PCSK9, balci/dapa and zibo/dapa); GSK's CFO flagged oncology as the biggest consensus delta vs its >GBP40bn 2030 target, with updates on launch drivers (Blenrep & Exdensur) and 27E pushes and pulls; Novartis (NVS) CEO was bullish on the 26-31E guide at the upcoming CMD, reiterating the 25-30E 5-6% sales CAGR and outlining remibrutinib commercial scenarios in MS and HS; Novo Nordisk (NOVO) CFO clarified mid-term targets (mid-single-digit sales CAGR) and the path to 2035 as a bigger, more diversified company, is bullish on the CagriSema obesity launch and oral Wegovy uptake, focuses BD on $5-10bn bolt-ons, and stays Neutral;