1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:HSBC Bank plc View HSBC Global Research at:https:/ Listen to our insightsFind out moreHSBCGlobal InvestmentR

2、esearchPodcasts We share our list of questions for the sector companies for the results season Common themes across pharma includes tariffs,drug prices,and clinical catalysts in H2 Life Sciences tools remain H2 weighted recovery stories;demand pull forward might draw attention Questions for Q2 roads

3、hows:The onset of the results season poses questions and key issues to explore during management meetings.We share our list of questions for the companies we cover,which might help investors prepare for their meetings in the post-results season roadshows(pages 5-24).Three issues in focus we think th

4、e results season will disproportionately focus on three key issues;1)US sector macro,2)the outlook for drug pricing,and 3)pipeline indication strategy.The US tariffs and most favoured nation(MFN)pricing discussions,understandably,should remain front of the mind.We think that the bearishness embedded

5、 in the sector valuation sets the stage for solid performance in H2 for therapeutics and Life Sciences tools companies,should there be any clarity on the matter.Investors and companies are increasingly becoming more comfortable with the ability of the industry to manage these headwinds.Pipeline focu

6、s:Understandably,everyone seems keen to get to grips with oncology players VEGF bispecific strategies,as that is now viewed as the potential winner in the race for next generation immuno-oncology treatments.In obesity,the landscape for next generation players seems unclear as the combination of drug