8 January 2026 | 5:01AM EST Equity Research Americas Healthcare: Biotechnology: Constructive backdrop for 2026 Following strong performance for the sector exiting 2025 (XBI +35% vs. S&P 500 +16%), driven by the convergence of a number of key factors, notably, broader market dynamics (e.g., macro/AI-trade rotations and rates), easing policy risks (e.g., Most-Favored-Nations (MFN) drug pricing deals), and improving fundamentals (e.g., stable/upward large-cap estimate revisions and SMID catalyst execution), we ...