BofA updates ratings for pharma companies on 2026 expectations
Brokerage BofA updates ratings and price targets for large-cap pharma on their pipeline for 2026
Upgrades Bristol-Myers Squibb BMY.N to "buy" from "neutral"; says it is "on the strength of BMY's R&D pipeline where we expect 4-6 programs to deliver key de-risking catalysts in the near-term"
Maintains "buy" for Eli Lilly LLY.N; says "Lilly shares can continue to appreciate as LLY executes key obesity launches and de-risks new therapies"; projects 26% y-o-y revenue growth for FY26
Reiterates "neutral" rating for Pfizer PFE.N; sees "'26E as a pipeline-light year in terms of needle-moving data with a focus on MET-097 for obesity"; expects 2026 growth outlook to "mirror 2025 dynamics, e.g., flattish growth aided by tight expense management"
Maintains "buy" rating for Merck MRK.N says "shares look attractive as the pipeline has 'rounded out'", views "6-7 pipeline drugs as reasonably de-risked with large peak sales potential"
Maintains "neutral" rating for AbbVie ABBV.N, says lack of meaningful pipeline data in 2026 flow makes re-rating difficult after a strong 2025
Remains "neutral" on Johnson & Johnson JNJ.N; says in FY26, "we look to contribution from the Caplyta MDD (depression) and icotrokinra psoriasis launches"
Company | Old PT | New PT |
Bristol Myers | $52 | $61 |
Eli Lilly | $1,286 | $1,268 |
Pfizer | $29 | $28 |
Merck | $105 | $120 |
AbbVie | $248 | $233 |
J&J | $204 | $220 |
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