DB expects EU pharma 'malaise' to continue amid US headwinds

CureVac NV

08/07/2025 10:16

** Deutsche Bank stays cautious about the European pharmaceutical sector, expecting "the sector malaise" to persist due to political headwinds in the U.S.

** It says that "things have got a little slipperier" for the sector's outlook, though there may also be opportunities

** It adds that while the pan-European index .STOXX is up YTD, the pharma sub-sector .SXDP has fallen, with large pharma down by mid-single digits

** If excluding Novo Nordisk NOVOb.CO, the pharma sector performance would have been slightly better, it says

** Novo Nordisk's shares have fallen 29% YTD

COMPANY
RATING
OLD RATING
PT
OLD PT
Argenx ARGX.BR
Buy
Hold
EUR 550
EUR 525
Swedish Orphan Biovitrum SOBIV.ST
Hold
Sell
SEK 285
-
Curevac CVAC.O5CV.DE
Hold
-
$5.46
$3.50
Roche ROG.S
Sell
-
CHF 235
CHF 250
Sandoz SDZ.S
Buy
-
CHF 48
CHF 42
Zealand Pharma ZELA.CO
Hold
-
DKK 400
DKK 485

 (Reporting by Marta Serafinko in Gdansk)

 ((Marta.Serafinko@thomsonreuters.com; +48 58 769 66 00;))