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    Ben Jackson

    Research Analyst at Jefferies

    Benjamin Jackson CFA is an Equity Analyst at Jefferies specializing in the general sector, where he covers companies including Evotec (DE:EVT), Medigene (GB:0QIU), and Sanofi (FR:SAN). His performance track record includes a 13% rate of profitable recommendations and an average return per transaction of -27.20%, with his most profitable call being an 11.3% gain on Evotec in 2024. Jackson's career at Jefferies is highlighted by his role in producing research on a diverse set of European healthcare and general sector stocks. He holds the Chartered Financial Analyst (CFA) designation, underscoring his professional credentials and proficiency in equity analysis.

    Ben Jackson's questions to Pharming Group (PHAR) leadership

    Ben Jackson's questions to Pharming Group (PHAR) leadership • Q2 2025

    Question

    Ben Jackson sought more detail on the specific bottlenecks affecting the rate of VUS patient uptake in the second half of the year. Additionally, he asked about the potential pathway and timeline for a label expansion for Joenja based on the newly identified, broader clinical phenotype for APDS.

    Answer

    CEO Fabrice Chouraqui explained the VUS reclassification bottleneck is the time required for genetic labs to process new data, identify relevant patients, and for doctors to be informed, which will happen gradually. Chief Medical Officer Anurag Relan clarified that since the new phenotypes are considered APDS, these patients are likely covered by the existing label, potentially avoiding the need for new clinical trials for treatment access.

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    Ben Jackson's questions to Pharming Group (PHAR) leadership • Q2 2025

    Question

    Ben Jackson sought more detail on the specific bottlenecks affecting the rate of VUS patient uptake for Joenja. He also asked about the potential pathway and timeline for a label expansion based on the newly discovered, broader clinical phenotype for APDS patients.

    Answer

    CEO Fabrice Chouraqui explained the VUS uptake bottleneck is the time required for genetic labs to process new data, identify re-classifiable patients, and for physicians to be informed. CMO Anurag Relan added that because the newly identified patients have APDS, they likely fall under the existing label, potentially not requiring new clinical trials, though further work is needed to detail the clinical features.

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    Ben Jackson's questions to Pharming Group (PHAR) leadership • Q2 2025

    Question

    Ben Jackson of Jefferies pressed for more specific details on the bottlenecks affecting the rate of VUS patient uptake for Joenja. He also asked for clarification on the potential for a broader clinical phenotype for APDS, including the regulatory pathway and timeline for expanding the addressable patient population based on these new findings.

    Answer

    CEO Fabrice Chouraqui identified the primary bottlenecks for VUS reclassification as the time required for genetic labs to process the new data and for physicians to reconnect with these patients. CMO Anurag Relan addressed the phenotype question, explaining that the newly identified patients are still considered to have APDS, as they have the genetic abnormality and hyperactivity in the pathway. Therefore, they would likely fall under the existing Joenja label, potentially not requiring new clinical trials for this expansion.

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    Ben Jackson's questions to Pharming Group (PHAR) leadership • Q4 2024

    Question

    Ben Jackson of Jefferies inquired about the breakdown of the $30 million in expected OpEx from the Abliva acquisition into recurring and non-recurring costs. He also asked about the company's potential exposure to U.S. drug tariffs and if any inventory stocking has been observed in anticipation.

    Answer

    CEO Fabrice Chouraqui explained that of the $30 million in Abliva-related OpEx, approximately $17 million is for R&D, with the remainder being non-recurring transaction and integration costs. He noted the company is monitoring the tariff situation, while CFO Jeroen Wakkerman confirmed no pre-emptive inventory buildup is planned.

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    Ben Jackson's questions to Sanofi (SNY) leadership

    Ben Jackson's questions to Sanofi (SNY) leadership • Q2 2025

    Question

    Ben Jackson of Jefferies asked which endpoints for amlotelimab are most important to physicians, particularly regarding itch, and if the OX40 mechanism itself could benefit itch.

    Answer

    EVP & Head of R&D Houman Ashrafian stated that the OX40 ligand's effect on the neuroinflammatory axis could positively impact itch. He emphasized that IGA 0/1 and EASI-75 are the key 'entry ticket' endpoints for both regulators and the clinical community in the underpenetrated atopic dermatitis market.

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