Bernstein initiates coverage on Eli Lilly and Co, Gilead Sciences, and Amgen, all with an "outperform large cap" rating. Bernstein stated that the bullish ratings on Gilead and Amgen are based on optimistic expectations for key assets to achieve revenue growth from now until 2030, including Gilead's HIV PreEP treatment lenacapavir, Amgen's weight-loss drug MariTide, and rare disease investment portfolio. As for Eli Lilly and Co, Bernstein indicated that the rating "depends on how it leverages the cash obtained from weight-loss drugs", with Eli Lilly ready to use a diversified investment portfolio to drive growth through weight-loss drugs.

In addition, Bernstein also initiates coverage on Merck, AbbVie, Bristol-Myers Squibb, Moderna, and Pfizer, all with a "in line with large cap" rating.