杰富瑞欧洲特种制药行业研究：2026年欧洲药品协会大会现场观察

EUROPE | Specialty Pharmaceuticals View from the Field: Medicines for Europe '26 We attended Medicines For Europe. KTs: 1) Policy, talent & incentivesnow determine where pharma manufacturing lands; 2) Unsustainablepricing is forcing structural policy reform to secure EU generics supply; 3)Availability is becoming the binding constraint, with resilience spend now 1) Policy, talent & incentives now determine where pharma manufacturing lands:Investmentin generics manufacturing is shifting from cost-led decisions to optimisation of subsidies,workforce quality, regulatory frameworks & resilience. Financial incentives remain central butare increasingly complemented by active industrial policy to direct capital. Talent availability & 2) Unsustainable pricing is forcing structural policy reform to secure EU generics supply.Off-patent pharma is shifting from a low-cost optimisation story to a strategic resilienceproblem, with pricing & procurement increasingly incompatible with secure supply. Thinmargins leave manufacturers highly exposed to tariffs, logistics disruption & input costinflation, amplifying risks to patient access & continuity of care. Policy is responding with amore interventionist model—combining targeted industrial policy (e.g. Critical Medicines Act),procurement reform & regulatory harmonization to stabilise supply chains and incentivise local 3) Availability is becoming the binding constraint, with resilience spend now structurallyembedded in generics economics.The model is approaching an inflection point as shortages,supplier concentration & a high number of single suppliers expose the limits of price-ledcompetition, and with a major patent cliff approaching, Europe risks missing a reinvestmentcycle. Investment in capacity, networks & surveillance is increasingly required to securesupply, shifting the model from shortage management to systemic risk management amid 4) Environmental regulation risks accelerating exits unless the cost burden is reallocated.The Urban Wastewater Directive introduces a material but uncertain cost overhang, amplifyingfragile generics economics. With no clear fee structure or cap, disproportionate burdens mayfall on low-margin products, increasing portfolio rationalisation & market exits. This creates a 44 (0) 20 7029 8275 | jvane-tempest@jefferies.comChristopher Richardson, ACA * | Equity Analyst +44 (0)20 7029 8675 | chris.richardson@jefferies.com Darius Saftoiu * | Equity Associate+44 (0)20 7029 8144 | dsaftoiu@jefferies.comJulien Dormois ^ | Equity Analyst +33 1 8665 6375 | jdormois@jefferies.comMartinien Rula, CFA ^ | Equity Analyst +33 1 86 65 63 68 | mrula@jefferies.com Thomas Berto, PharmD. ^ | Equity Associate+33 1 86 65 63 76 | tberto@jefferies.com Analyst Certification:I, James Vane-Tempest, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations I, Christopher Richardson, ACA, certify that all of the views expressed in this research report accurately reflect my personal views about the subjectsecurity(ies) and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific I, Darius Saftoiu, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or I, Julien Dormois, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or I, Martinien Rula, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations Registration of non-US analysts:James Vane-Tempest is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is notregistered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and thereforemay not be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held Registration of non-US analysts:Christopher Richardson, ACA is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC andis not registered/qualified as a research analyst with FINRA