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    Asad Haider • Goldman Sachs

    Asad Haider's questions to Eli Lilly and Co (LLY) leadership

    Asad Haider's questions to Eli Lilly and Co (LLY) leadership • Q2 2025

    Question

    Asad Haider of Goldman Sachs Group, Inc. inquired about the LillyDirect channel, asking where Zepbound growth might stabilize, its impact on pricing, and if the company's view of it as a 'hedge' has evolved.

    Answer

    Lucas Montarce, CFO, confirmed the company still views LillyDirect as a 'hedge strategy' to bridge the gradual progression of employer coverage. He highlighted its success, noting 1.1 million total prescriptions in Q2, and stated that the channel is progressing very nicely and contributing significantly to overall performance.

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    Asad Haider's questions to Eli Lilly and Co (LLY) leadership • Q1 2025

    Question

    Asad Haider asked about the investor concerns following the CVS formulary announcement to exclude Zepbound, questioning the expected impact on market share and Lilly's strategy for navigating PBMs potentially restricting access.

    Answer

    Chair and CEO David Ricks stated that the announcement was not surprising given Zepbound's market share gains. He emphasized that Lilly is not interested in exclusive 'one-of-one' deals that reduce patient choice and is focused on developing better, more accessible medicines like orforglipron. Ricks noted the CVS decision affects a smaller book of business with historically low employer opt-in rates for obesity coverage.

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    Asad Haider's questions to Pfizer Inc (PFE) leadership

    Asad Haider's questions to Pfizer Inc (PFE) leadership • Q2 2025

    Question

    Asad Haider of Goldman Sachs asked what factors could cause large swings to the MFN impact expectations that are now reflected in the company's guidance.

    Answer

    Chairman & CEO Albert Bourla stated that while the company has modeled numerous scenarios with mitigation plans, it would be inappropriate to disclose details or probabilities of potential outcomes while in the midst of active discussions and negotiations with the administration.

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    Asad Haider's questions to Pfizer Inc (PFE) leadership • Q2 2025

    Question

    Asad Haider of Goldman Sachs sought clarity on what factors could cause significant swings in the company's quantified expectations for MFN's impact and whether the range of potential outcomes is narrowing.

    Answer

    CEO Albert Bourla reiterated that while the company has modeled numerous scenarios and mitigation plans, he could not disclose details or probabilities as they are in the middle of active discussions and negotiations with the administration. He stated it would be inappropriate to 'open the cards' at this time.

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    Asad Haider's questions to Pfizer Inc (PFE) leadership • Q1 2025

    Question

    Asad Haider asked about competitive dynamics for Vyndaqel, data timelines for the oral GIPR antagonist, and the biggest disconnects between analyst models and internal expectations for upcoming Phase III readouts.

    Answer

    Aamir Malik, Chief U.S. Commercial Officer, and Alexandre de Germay, Chief International Commercial Officer, both described strong growth for Vyndaqel driven by diagnosis and access. Chief Scientific Officer Chris Boshoff projected GIPR antagonist data in early 2026. Chief Strategy and Innovation Officer Andrew Baum identified two ADCs (SP, PD-L1V), the C. diff vaccine, a CDK4 inhibitor, and ponsegromab as key assets potentially undervalued by the Street.

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    Asad Haider's questions to Biontech SE (BNTX) leadership

    Asad Haider's questions to Biontech SE (BNTX) leadership • Q2 2025

    Question

    Asad Haider asked a multi-part question covering the drivers of the COVID-19 revenue guidance, the BNT327 acceleration strategy post-BMS deal, and the specifics of the upcoming FixVac melanoma data presentation at ESMO.

    Answer

    CFO Ramón Zapata addressed the guidance, noting revenue is back-half weighted with an assumption of lower vaccination rates but stable pricing and market share. He confirmed the 50/50 cost-sharing with BMS. CMO Özlem Türeci detailed that the ESMO presentation for BNT111 will include primary efficacy endpoints, secondary survival data, and translational results.

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    Asad Haider's questions to AbbVie Inc (ABBV) leadership

    Asad Haider's questions to AbbVie Inc (ABBV) leadership • Q2 2025

    Question

    Asad Haider of Goldman Sachs asked a broader question about AbbVie's oncology franchise, its view on the PD-1/VEGF inhibitor class, and the criteria for potential business development in that area.

    Answer

    EVP & CSO Roopal Thakkar responded that AbbVie is monitoring the class and is interested in assets that could partner well with its internal ADC platform. The key strategic consideration would be finding a combination partner that aligns with AbbVie's focus on optimizing the benefit-risk profile and enhancing tolerability.

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    Asad Haider's questions to Bristol-Myers Squibb Co (BMY) leadership

    Asad Haider's questions to Bristol-Myers Squibb Co (BMY) leadership • Q2 2025

    Question

    Asad Haider of Goldman Sachs asked how BMY is balancing its cost optimization program with significant capital needs for new deals and development programs, and also requested clarification on the ADAPT-2 trial's read-across to other studies.

    Answer

    EVP & CFO David Elkins explained that ongoing strategic productivity initiatives provide the financial flexibility to fund new deals and R&D priorities while also reallocating resources from concluding trials. EVP & Chief Medical Officer Samit Hirawat clarified that the three ADAPT trials have distinct designs and that two of the three will need to be positive to support a regulatory filing.

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    Asad Haider's questions to Bristol-Myers Squibb Co (BMY) leadership • Q1 2025

    Question

    Asad Haider asked for the drivers behind the 'renewed emphasis' on business development and inquired about the company's preferences regarding deal size, therapeutic area, and focus on near-term versus earlier-stage assets.

    Answer

    CEO Christopher Boerner clarified that the focus on business development has not changed and remains a top priority. He stated that the company does not filter by deal size but rather by a consistent set of criteria: strengthening key therapeutic areas, ensuring BMS is the rightful owner, favorable financials, and improving the company's growth profile at the end of the decade.

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    Asad Haider's questions to Merck & Co Inc (MRK) leadership

    Asad Haider's questions to Merck & Co Inc (MRK) leadership • Q2 2025

    Question

    Asad Haider from Goldman Sachs posed a three-part question on Gardasil regarding U.S. demand dynamics, the potential impact of an ACIP recommendation for fewer doses, and the outlook for the China market in 2026.

    Answer

    Dr. Dean Li, President of Merck Research Labs, addressed the ACIP, highlighting the high FDA evidentiary standard for a single dose. EVP & CFO Caroline Litchfield handled the commercial questions, noting strong U.S. demand was offset by CDC purchasing patterns and confirming no further shipments to China are planned for 2025, with 2026 to be assessed later.

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    Asad Haider's questions to Merck & Co Inc (MRK) leadership • Q2 2025

    Question

    Asad Haider of Goldman Sachs posed a three-part question on Gardasil regarding U.S. demand dynamics versus CDC purchasing, the potential impact of an ACIP recommendation for lower doses, and the outlook for resuming shipments to China in 2026.

    Answer

    Dr. Dean Li, President of Merck Research Laboratories, emphasized the high evidentiary standard required by the FDA for a single-dose regimen. EVP & CFO Caroline Litchfield stated that U.S. growth was driven by price and demand but offset by CDC purchasing patterns. She confirmed no shipments to China are planned for the rest of 2025 and that the company is not counting on China for growth, which now represents less than 1% of company sales.

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    Asad Haider's questions to Johnson & Johnson (JNJ) leadership

    Asad Haider's questions to Johnson & Johnson (JNJ) leadership • Q2 2025

    Question

    Asad Haider of Goldman Sachs Group Inc. asked for commentary on potential pharma tariffs, J&J's current US manufacturing capacity, and its supply chain flexibility to adapt for 2026.

    Answer

    CEO and Chairman Joaquin Duato stated that while the ultimate outcome of tariffs is uncertain, recently passed tax policies have enabled J&J's $55 billion investment in the U.S. over the next four years. He affirmed the company's goal is to manufacture all medicines consumed in the U.S. domestically upon completion of this investment plan.

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    Asad Haider's questions to Johnson & Johnson (JNJ) leadership • Q1 2025

    Question

    Asad Haider from Goldman Sachs requested quantitative framing on the STELARA biosimilar erosion curve and the potential mitigating effects from other products like TREMFYA.

    Answer

    EVP, Innovative Medicine, Jennifer Taubert reiterated that the HUMIRA 2-year erosion curve remains the best proxy, plus the impact of Part D redesign. She highlighted that the core business, excluding STELARA, grew over 12%. EVP, R&D, John Reed added that TREMFYA is well-positioned to succeed STELARA, citing strong head-to-head data and convenient subcutaneous delivery.

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