BUZZ-BofA updates ratings for pharma companies on 2026 expectations

** Brokerage BofA updates ratings and price targets for large-cap pharma on their pipeline for 2026

** Upgrades Bristol-Myers Squibb BMY.N to "buy" from "neutral"; says it is "on the strength of BMY's R&D pipeline where we expect 4-6 programs to deliver key de-risking catalysts in the near-term"

** Maintains "buy" for Eli Lilly LLY.N; says "Lilly shares can continue to appreciate as LLY executes key obesity launches and de-risks new therapies"; projects 26% y-o-y revenue growth for FY26

** Reiterates "neutral" rating for Pfizer PFE.N; sees "'26E as a pipeline-light year in terms of needle-moving data with a focus on MET-097 for obesity"; expects 2026 growth outlook to "mirror 2025 dynamics, e.g., flattish growth aided by tight expense management"

** Maintains "buy" rating for Merck MRK.N says "shares look attractive as the pipeline has 'rounded out'", views "6-7 pipeline drugs as reasonably de-risked with large peak sales potential"

** Maintains "neutral" rating for AbbVie ABBV.N, says lack of meaningful pipeline data in 2026 flow makes re-rating difficult after a strong 2025

** Remains "neutral" on Johnson & Johnson JNJ.N; says in FY26, "we look to contribution from the Caplyta MDD (depression) and icotrokinra psoriasis launches"

(Reporting by Sneha S K)

((Sneha.SK@thomsonreuters.com;))