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Chris Schott

Managing Director and Senior Analyst at JPMorgan Chase & Co.

Chris Schott is a Managing Director and Senior Analyst at JPMorgan Chase & Co., specializing in the coverage of major pharmaceutical companies including Teva Pharmaceutical Industries, Bristol-Myers Squibb, AbbVie, Johnson & Johnson, IDEXX Laboratories, Perrigo, and Regeneron Pharmaceuticals. Noted for insightful analysis and timely recommendations, Schott has moved stocks with positive ratings, such as a well-publicized upgrade of Teva that drove a 6% surge, and was recognized in Institutional Investor’s All-America Research Team for performance on key calls like Eli Lilly. He began his career as an Associate at Credit Suisse in 2000, then held Vice President at Bank of America from 2005 to 2008 before joining JPMorgan Chase, and holds a Bachelor of Arts from Harvard University. Schott’s credentials are bolstered by his longstanding sector leadership, industry accolades, and a track record of substantial return-driving calls for investors.

Chris Schott's questions to JOHNSON & JOHNSON (JNJ) leadership

Chris Schott's questions to JOHNSON & JOHNSON (JNJ) leadership • Q3 2025

Question

Chris Schott inquired about Johnson & Johnson's perspective on emerging MFN agreements with the administration, particularly those focused on new Medicaid launches, and the company's overall approach to policy dynamics like MFN tariffs.

Answer

Chairman and CEO Joaquin Duato stated that Johnson & Johnson maintains an open dialogue with the administration, seeking common ground on priorities such as patient access to affordable innovation, preventing foreign entities from free-riding on U.S. innovation, maintaining U.S. life sciences leadership, and investing in domestic manufacturing. He expressed optimism for a positive outcome from these ongoing discussions.

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Chris Schott's questions to JOHNSON & JOHNSON (JNJ) leadership • Q3 2025

Question

Chris Schott asked about Johnson & Johnson's perspective on emerging MFN agreements and tariffs, and the company's overall approach to these evolving policy dynamics with the administration.

Answer

Chairman and CEO Joaquin Duato stated that J&J maintains an open dialogue with the administration, seeking common ground on priorities like patient access to affordable innovation, preventing foreign entities from free-riding on American innovation, and maintaining U.S. leadership in life sciences. He expressed optimism about reaching a mutually beneficial outcome and highlighted J&J's commitment to investing $55 billion in U.S. manufacturing over the next four years.

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Chris Schott's questions to JOHNSON & JOHNSON (JNJ) leadership • Q2 2025

Question

Chris Schott of JPMorgan Chase & Co. inquired about the primary drivers behind the full-year guidance increase, asking for a breakdown of contributions from the Innovative Medicine versus MedTech segments.

Answer

EVP & CFO Joseph Wolk confirmed both segments contributed to the strong performance. EVP Jennifer Taubert highlighted that the Innovative Medicine business, excluding Stelara, grew 15.5%, driven by 13 brands with double-digit growth, including DARZALEX and Tremfya. EVP Tim Schmid noted MedTech's 6.1% operational growth was led by a 22% surge in Cardiovascular, with acceleration expected from new product launches.

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Chris Schott's questions to GILEAD SCIENCES (GILD) leadership

Chris Schott's questions to GILEAD SCIENCES (GILD) leadership • Q2 2025

Question

Chris Schott from JPMorgan Chase & Co. asked about Gilead's confidence in its weekly HIV treatment combo (WONDERS program) following a recent clinical hold and how it compares to other pipeline assets.

Answer

Chief Medical Officer Dietmar Berger affirmed high confidence in the overall HIV pipeline, which includes multiple modalities from daily to long-acting injectables. He explained that for the WONDERS program, the company is analyzing data to isolate the issue and is prepared to substitute another molecule from its portfolio. He also highlighted the separate weekly lenacapavir/islatravir program, which is in Phase 3 with a potential 2027 launch.

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Chris Schott's questions to GILEAD SCIENCES (GILD) leadership • Q2 2025

Question

Chris Schott from JPMorgan Chase & Co. asked about Gilead's confidence in its weekly HIV treatment, the WONDERS program (GS-4182/GS-1720), following a recent clinical hold, and inquired about upcoming updates.

Answer

Chief Medical Officer Dietmar Berger affirmed high confidence in the overall HIV treatment pipeline, which includes daily, weekly, monthly, and longer-acting options. He stated the team is analyzing data to isolate the cause of the clinical hold and will proceed with other molecules in the portfolio. Berger also highlighted that the separate weekly program with lenacapavir plus islatravir remains in Phase 3, with an update expected in 2026 for a potential 2027 launch.

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Chris Schott's questions to ELI LILLY & (LLY) leadership

Chris Schott's questions to ELI LILLY & (LLY) leadership • Q2 2025

Question

Chris Schott of JPMorgan Chase & Co. asked for context on the orforglipron weight loss data, which appears efficacious but potentially below some injectable competitors, and its expected position in the treatment landscape.

Answer

Kenneth Custer, EVP & President of Lilly Cardiometabolic Health, highlighted the convenience of a once-daily oral pill achieving 27 pounds of weight loss with positive effects on key biomarkers like blood pressure and lipids. He emphasized its potential across various indications, including as a maintenance therapy, and its manufacturability at scale, suggesting a broad opportunity for the drug.

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Chris Schott's questions to Royalty Pharma (RPRX) leadership

Chris Schott's questions to Royalty Pharma (RPRX) leadership • Q2 2025

Question

Chris Schott of JPMorgan Chase & Co. inquired about Royalty Pharma's capacity to execute more large-scale, flexible funding deals similar to the Revolution Medicines transaction and its strategy for capitalizing on biopharma innovation emerging from China.

Answer

CEO Pablo Legorreta confirmed the company has the capacity and is in active discussions for more groundbreaking deals like the RevMed one, viewing it as a new paradigm, not a one-off. Head of Research & Investments Marshall Urist stated that the company is actively focused on China, developing relationships and seeing it as a significant new source for royalty creation and direct investment.

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Chris Schott's questions to AMGEN (AMGN) leadership

Chris Schott's questions to AMGEN (AMGN) leadership • Q2 2025

Question

Chris Schott asked about the Repatha primary prevention study, seeking to understand what would constitute a clinically meaningful result and how significant a growth driver a positive outcome would be for the franchise.

Answer

James Bradner, EVP of R&D, noted the field is well-calibrated on meaningful outcomes. Murdo Gordon, EVP of Global Commercial Operations, added that with 40% of new prescriptions already in primary prevention, a positive trial would further reinforce guidelines, remove payer barriers, and drive penetration.

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Chris Schott's questions to PFIZER (PFE) leadership

Chris Schott's questions to PFIZER (PFE) leadership • Q2 2025

Question

Chris Schott from JPMorgan Chase & Co. asked about the rationale for lowering the company's target leverage, the business development approach for its remaining capacity, and the development timeline for the new PD-1/VEGF bispecific antibody.

Answer

CFO Dave Denton explained the leverage target was lowered to 2.7x from 3.25x due to faster-than-expected cash generation, and that BD would likely focus on smaller deals given the ~$13B capacity. Chief Scientific Officer Chris Boshoff added that development of the new bispecific antibody (SSGG-707) with existing ADCs will begin this year, without waiting for Phase 3 readouts.

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Chris Schott's questions to PFIZER (PFE) leadership • Q2 2025

Question

Chris Schott of JPMorgan Chase & Co. asked about the rationale for lowering the company's target leverage, the business development approach regarding deal size, and the development timeline for combining the new PD-1/VEGF asset with existing ADCs.

Answer

EVP & CFO Dave Denton explained the leverage target was lowered to 2.7x from 3.25x due to faster-than-anticipated cash generation, and noted smaller deals are more likely given the current ~$13 billion capacity. Chief Scientific Officer Chris Boshoff stated that Pfizer will not wait for Phase 3 ADC readouts and will begin Phase 1/2 combination trials with the new asset, SSGG-707, this year.

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Chris Schott's questions to Zoetis (ZTS) leadership

Chris Schott's questions to Zoetis (ZTS) leadership • Q2 2025

Question

Chris Schott inquired about the long-term market potential for triple combination parasiticides, asking how large the category could become from its current 45% share in vet practices. He also asked for observations on the competitive impact from the newly launched Quattro product.

Answer

EVP & CFO Wetteny Joseph reiterated the company's expectation that the triple combination market will double by 2028, driven by new puppy starts and conversion from older therapies. He stated that the competitive impact from Quattro has been minimal, as new entrants help expand the overall category by raising awareness, which drives traffic to clinics where Zoetis has a strong, established position with Simparica Trio.

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Chris Schott's questions to IDEXX LABORATORIES INC /DE (IDXX) leadership

Chris Schott's questions to IDEXX LABORATORIES INC /DE (IDXX) leadership • Q2 2025

Question

Chris Schott of JPMorgan Chase & Co. inquired about the initial uptake of the InVue Dx system, asking which types of veterinary practices show the most traction and why the full-year placement guidance implies a slower pace in the second half of 2025.

Answer

President and CEO Jay Mazelsky explained that customer feedback on InVue Dx is excellent, citing workflow benefits and result consistency. He noted that placements are a mix of new suites and additions for existing IDEXX customers. Mazelsky affirmed the updated 5,500 placement forecast is a reasonable assumption and that the upcoming FNA (fine needle aspirate) feature will continue to drive interest.

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Chris Schott's questions to IDEXX LABORATORIES INC /DE (IDXX) leadership • Q2 2025

Question

Chris Schott inquired about the adoption of the InVueDx system, asking which types of veterinary practices are showing the most traction and why the full-year placement guidance of 5,500 units implies a slower pace in the second half of the year compared to Q2.

Answer

President and CEO Jay Mazelsky explained that customer feedback on InVueDx has been excellent, driven by workflow improvements and consistent, accurate results for ear cytology and blood morphology. He stated the 5,500 placement forecast is a reasonable assumption, with demand coming from both new suite placements and existing IDEXX customers. Mazelsky noted that the upcoming FNA (fine needle aspirate) test will continue to drive interest and consumable usage.

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Chris Schott's questions to REGENERON PHARMACEUTICALS (REGN) leadership

Chris Schott's questions to REGENERON PHARMACEUTICALS (REGN) leadership • Q2 2025

Question

Chris Schott of JPMorgan Chase & Co. questioned if any other issues were pending for the EYLEA HD PDUFAs beyond manufacturing and asked about the market share erosion to Avastin due to affordability, and the potential to recapture it.

Answer

President & CEO Dr. Leonard Schleifer stated that based on FDA discussions, no other significant issues are pending for the EYLEA HD filings once the manufacturing issue is resolved. EVP of Commercial Marion McCourt noted that while Regeneron's retina franchise share is over 60%, the branded anti-VEGF category volume declined 1.2% due to Avastin uptake and she could not predict future share recapture.

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Chris Schott's questions to REGENERON PHARMACEUTICALS (REGN) leadership • Q2 2025

Question

Chris Schott of JPMorgan Chase & Co. questioned if there were any other pending issues with the EYLEA HD PDUFA filings besides manufacturing and asked if the branded market share erosion to Avastin was stabilizing.

Answer

President & CEO Dr. Leonard Schleifer stated that based on FDA discussions, no other significant issues are pending for the EYLEA HD filings. EVP of Commercial Marion McCourt noted that while Regeneron's retina franchise share is over 60%, the overall branded anti-VEGF category volume declined due to Avastin uptake driven by affordability issues.

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Chris Schott's questions to AbbVie (ABBV) leadership

Chris Schott's questions to AbbVie (ABBV) leadership • Q2 2025

Question

Chris Schott of JPMorgan Chase & Co. asked for specifics on what is driving SKYRIZI's outperformance, particularly the split between IBD and dermatology, and questioned AbbVie's appetite for later-stage business development.

Answer

EVP & CCO Jeffrey Stewart confirmed SKYRIZI's momentum is broad-based, while CFO Scott Reents specified the $600M guidance increase was roughly $400M from IBD and $200M from psoriatic disease. CEO Robert Michael reiterated that the BD strategy remains focused on early-to-mid-stage assets to drive growth in the 2030s, as the current portfolio provides a clear growth path for the next eight years.

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Chris Schott's questions to BRISTOL MYERS SQUIBB (BMY) leadership

Chris Schott's questions to BRISTOL MYERS SQUIBB (BMY) leadership • Q2 2025

Question

Chris Schott of JPMorgan Chase & Co. asked a two-part question on COBENFI: what are the main hurdles to physician adoption, and what magnitude of benefit is needed in the upcoming Alzheimer's psychosis trial to drive adoption and support a filing?

Answer

EVP & Chief Commercialization Officer Adam Lenkowsky stated that while the launch is performing to expectations, the main hurdle is changing decades of entrenched prescribing behavior. EVP & Chief Medical Officer Samit Hirawat clarified that for a regulatory filing in Alzheimer's psychosis, two of their three ongoing pivotal trials would need to be positive.

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Chris Schott's questions to TEVA PHARMACEUTICAL INDUSTRIES (TEVA) leadership

Chris Schott's questions to TEVA PHARMACEUTICAL INDUSTRIES (TEVA) leadership • Q2 2025

Question

Chris Schott from JPMorgan Chase & Co. asked if the slower 2025 generic growth has long-term implications and requested an update on gross margin expectations for the second half of the year.

Answer

President and CEO Richard Francis stated he remains confident in the 2027 generics target, attributing the current slowdown to a difficult comparison with 11% growth in 2024. EVP & CFO Eli Kalif explained the strong Q2 gross margin was boosted by one-time items and portfolio mix, and he expects the full-year margin to be at the high end of the 53-54% guidance range.

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Chris Schott's questions to Merck & Co. (MRK) leadership

Chris Schott's questions to Merck & Co. (MRK) leadership • Q2 2025

Question

Chris Schott of JPMorgan Chase & Co. asked for more detail on the announced $3 billion restructuring program, specifically how to model operating margins and absolute OpEx growth over the next few years, given the plan to fully reinvest the savings into the pipeline.

Answer

Chairman & CEO Robert Davis explained the program is about reallocating resources from slower-growth areas to fully fund new launches and the Phase 3 pipeline, leading to more productive overall spending growth. EVP & CFO Caroline Litchfield added that the savings will come from R&D, SG&A, and cost of goods, and will be fully reinvested along with further investments to drive long-term growth.

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Chris Schott's questions to Merck & Co. (MRK) leadership • Q2 2025

Question

Chris Schott of JPMorgan Chase & Co. asked about the announced $3 billion restructuring initiative and its implications for operating margins and absolute OpEx growth over the next few years, considering the expanding pipeline.

Answer

Chairman & CEO Robert Davis clarified that the $3 billion represents a reallocation of resources from slower to faster-growing areas to fully fund new launches and the pipeline, with overall spending still expected to grow. EVP & CFO Caroline Litchfield added that the savings will be fully reinvested along with additional investments, particularly in R&D and SG&A.

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Chris Schott's questions to Organon & (OGN) leadership

Chris Schott's questions to Organon & (OGN) leadership • Q1 2025

Question

Ethan Brown, on behalf of Chris Schott, asked for clarification on Organon's capital allocation framework, specifically the role of share repurchases. He also inquired about the company's ability to navigate potential tariff impacts beyond 2025.

Answer

CEO Kevin Ali and CFO Matt Walsh prioritized deleveraging and growth-focused business development over share repurchases, stating that reducing leverage below 4x is the best way to create value. Regarding tariffs, Walsh noted minimal 2025 exposure and explained that since most U.S. supply comes from Europe, it is too soon to quantify future impacts given the fluid policy situation.

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Chris Schott's questions to Viatris (VTRS) leadership

Chris Schott's questions to Viatris (VTRS) leadership • Q3 2024

Question

Speaking on behalf of Chris Schott from JPMorgan Chase & Co., an analyst asked if the recent Idorsia and SGLT2 transactions are representative of the size and scale for future deals. They also requested initial commentary on the outlook for 2025 EBITDA.

Answer

CEO Scott Smith explained that the Idorsia deal was a unique opportunity and that future business development will focus on disciplined acquisitions of end-market or near-market assets of a similar size. CFO Theodora Mistras noted that while 2025 guidance is not yet available, Viatris expects top-line momentum to continue and is prioritizing adjusted EBITDA stability while balancing investments for future growth.

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