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    Charles Pitman-King • Barclays

    Charles Pitman-King's questions to argenx SE (ARGX) leadership

    Charles Pitman-King's questions to argenx SE (ARGX) leadership • Q2 2025

    Question

    Charles Pitman-King from Barclays asked about potential quarterly fluctuations in sales forecasts due to the Medicare discount process and sought confidence in the commentary that the net price per patient will remain flat.

    Answer

    CEO Tim Van Hauwermeiren and CFO Karl Gubitz chose not to detail the complexities of the US healthcare system but strongly reiterated the key takeaway: the net revenue contribution per MG and CIDP patient is not changing. Management committed to proactively flagging any anticipated changes to this dynamic to the investment community.

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    Charles Pitman-King's questions to Grifols SA (GRFS) leadership

    Charles Pitman-King's questions to Grifols SA (GRFS) leadership • Q2 2025

    Question

    Charles Pitman-King from Barclays asked about the drivers for the raised free cash flow guidance, the rationale for reinstating the dividend ahead of other capital allocation options, the growth outlook and pricing pressures for albumin in China, the volatility in the BioSupplies business, and the future pipeline opportunities for the Immunoglobulin (IG) franchise.

    Answer

    CFO Rahul Srinivasan explained that the improved free cash flow is from multiple factors, not just lower interest, and the dividend reinstatement aligns with their capital allocation framework and deleveraging progress. CEO Nacho Abia attributed albumin pricing pressure to Chinese government policies and noted BioSupplies growth is expected. President of BioPharma Roland Wandeler highlighted secondary immune deficiencies (SID) and CIDP as key near-term growth drivers for the IG franchise.

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