Ben...

Ben, on behalf of Samantha Semenkow from Citi, inquired about the key drivers supporting Catalyst Pharmaceuticals' 2026 revenue guidance for Firdapse and AGAMREE.

Answer

Jeff Del Carmen, EVP and Chief Commercial Officer, detailed Firdapse's growth opportunities in idiopathic and cancer-associated LEMS, highlighting increased data leads, improved conversion efficiency through AI/machine learning, and the positive impact of pharmacy intervention programs. He also noted AGAMREE's broad adoption and decreased discontinuations. Rich Daly, President and CEO, further emphasized the full-year impact of dedicated sales forces and the pharmacy program.

Ben, on behalf of Samantha Semenkow, inquired about the primary drivers underpinning Catalyst Pharmaceuticals' 2026 growth guidance for Firdapse and AGAMREE.

Answer

Rich Daly, President and CEO, and Jeff Del Carmen, EVP and Chief Commercial Officer, detailed that Firdapse's growth is driven by significant penetration opportunities in idiopathic LEMS (30%) and cancer-associated LEMS (under 10%), a growing pool of identified LEMS patients (>600), and successful pharmacy intervention programs reducing discontinuations by 12%. They also noted a 21% increase in RGCC testing year-over-year and improved lead conversion through AI/machine learning. For AGAMREE, growth is expected from broad adoption across top DMD centers, decreased discontinuations, and a notable shift to younger enrollees (median age dropped by 1 year), with 10% of patients being first-time steroid users.

Ben, on behalf of Mason Carrico, asked for an update on the IDN level strategy and the potential for bulk system placements in the 2026 guidance, and inquired about patient activation initiatives planned for 2026 to improve understanding of Aquablation outcomes.

Answer

Larry Wood, Chief Executive Officer, stated that nothing materially changes year-over-year for the IDN strategy or bulk placements, and he will discuss the capital strategy broadly at Investor Day. Regarding patient activation, Mr. Wood confirmed a specific plan and strategy to make the clinical case to both patients and clinicians, to be detailed tomorrow. He emphasized that with only 10% penetration in the 400,000 annual BPH procedures market, there is significant headroom from taking share. He clarified that patient activation will involve targeted, cost-effective education programs rather than large-scale advertising, as BPH patients are easily identifiable.

Ben, on behalf of Mason Terico, asked for an update on the IDN level strategy, inquiring if the company plans to lean more heavily into these negotiations in 2026 and if there's an opportunity for bulk system placements in the 2026 guidance. He also asked about patient activation initiatives planned for 2026 to drive messaging about Aquablation's improved outcomes.

Answer

President and CEO Larry Wood stated that there are no material changes expected in the IDN strategy from 2025 to 2026, and the company will discuss its capital strategy broadly at the Investor Day. Regarding patient activation, Mr. Wood confirmed a specific plan and strategy to make the clinical case for Aquablation to both patients and clinicians. He clarified that the focus is on taking share from the 400,000 annual BPH surgical procedures, not just activating new patients. He emphasized that these will be targeted education programs, not large-scale advertising, leveraging the ease of identifying men with BPH.

Ben inquired about the drivers behind Huntington Bancshares' deposit pricing outperformance and the expected deposit beta over the next 100 basis points of rate cuts. He also sought clarification on the 10 basis points of NIM expansion for next year, specifically if it's on a full-year basis and if fixed-rate repricing is the biggest driver.

Answer

CFO Zach Wasserman attributed deposit outperformance to exceptional execution by deposit teams on both rate and volume, underpinned by primary bank relationships and sophisticated analytical approaches, with a 40% beta observed in recent rate cuts. He confirmed the 10 basis points of NIM expansion is on a full-year basis for 2026, with fixed asset repricing being the most significant driver, stemming from lower roll-off yields compared to new production yields, and noted the company's asset-neutral position buffers rate scenarios.

Ben, via the online portal, asked for clarification on the portfolio change, specifically whether the Machine Automation business will become a separate division within Process Automation.

Answer

CEO Morten Wierod confirmed that Machine Automation will be moved into Process Automation as a separate division. He noted its performance is improving and it will continue to collaborate on projects across ABB, contributing its PLC and automation solutions where relevant, such as in the energy and infrastructure industries.

Ben..., on behalf of Jason Deuchler, asked for commentary on the market reception of the Prequel launch at 8 weeks and sought confirmation of guidance for double-digit hereditary cancer testing volume growth in 2025.

Answer

CEO Paul Diaz reported that while it's still early, there has been significant excitement from providers for the 8-week Prequel launch because it aligns with the first patient visit and improves clinical workflows. He then clarified that the company does not provide guidance for specific product volumes, though management has previously discussed expectations for stable overall ASPs.