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    Chris Shibutani

    Research Analyst at Goldman Sachs Group, Inc.

    Chris Shibutani is a Managing Director and Senior Equity Research Analyst specializing in healthcare, biotechnology, and pharmaceuticals at Goldman Sachs, where he covered companies such as Alkermes and more than 60 other healthcare and life sciences firms. With a track record documented by TipRanks, Shibutani achieved a 42% rate of profitable recommendations and an average return per trade of 9.1%, while other platforms report a success rate around 52% across nearly 100 published ratings. He began his Wall Street career over 25 years ago, holding analyst roles at Hambrecht & Quist, Cowen, UBS, J.P. Morgan, and joined Goldman Sachs in 2021 before leaving for Bristol Myers Squibb in 2025 as Chief Strategy Officer. Shibutani holds an MD from Columbia, an MBA from Columbia Business School, and a bachelor's from Harvard, combining clinical expertise with extensive financial credentials; he is also FINRA-registered for securities research in the US.

    Chris Shibutani's questions to BioNTech (BNTX) leadership

    Chris Shibutani's questions to BioNTech (BNTX) leadership • Q4 2024

    Question

    Chris Shibutani of Goldman Sachs asked about BioNTech's strategy to differentiate its BNT327 program from competitors and inquired about any challenges with clinical trial enrollment.

    Answer

    CSO Ryan Richardson and CEO Ugur Sahin explained that their differentiation strategy for BNT327 focuses on superior clinical development execution and leveraging their unique portfolio for novel combinations with ADCs and cancer vaccines. CMO Özlem Türeci added that despite a competitive landscape, they are not facing specific enrollment issues and are seeing strong investigator enthusiasm for the BNT327 trials.

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    Chris Shibutani's questions to Syndax Pharmaceuticals (SNDX) leadership

    Chris Shibutani's questions to Syndax Pharmaceuticals (SNDX) leadership • Q4 2024

    Question

    Chris Shibutani of Goldman Sachs asked a long-term strategic question about Syndax's vision for 2030, including pipeline expansion, potential for M&A, and alignment between the board and management on this future direction.

    Answer

    CEO Michael Metzger outlined an ambitious vision to build a formidable specialty oncology company by 2030. The strategy involves expanding indications for its current products, adding new targeted oncology assets to the pipeline, focusing on the U.S. market, and partnering for ex-U.S. opportunities. He confirmed that the board and management are fully aligned on this vision.

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    Chris Shibutani's questions to Syndax Pharmaceuticals (SNDX) leadership • Q3 2024

    Question

    Chris Shibutani from The Goldman Sachs Group, Inc. asked for an outlook on the 2025 commercial launch trajectory for Niktimvo and how potential NPM1 data results might affect future SG&A spending.

    Answer

    CCO Steven Closter described a market ready for Niktimvo, with a targeted launch at ~200 centers via their Incyte partnership. CFO Keith Goldan added that since the commercial team is fully built, SG&A spending will see only incremental growth from advertising and promotion post-launch, not a sharp ramp-up.

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    Chris Shibutani's questions to Schrodinger (SDGR) leadership

    Chris Shibutani's questions to Schrodinger (SDGR) leadership • Q4 2024

    Question

    Chris Shibutani requested clarification on how to model the revenue recognition from the Gates Foundation-funded predictive toxicology project and asked about the primary gating factor for advancing another proprietary drug candidate into the clinic.

    Answer

    CFO Geoffrey Porges detailed that of the ~$19.5M grant, $6M was recognized in 2024, with the majority of the remainder to be recognized in 2025. President of R&D, Therapeutics, Karen Akinsanya, explained that the current clinical focus is on their three advanced assets, and the decision to advance another program is a strategic one, weighing the asset's profile, the competitive landscape, and the potential benefits of partnering versus internal development.

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

    Chris Shibutani's questions to Royalty Pharma (RPRX) leadership • Q4 2024

    Question

    Chris Shibutani asked about the growth trajectory and potential constraints for the number of initial transaction reviews, which has increased significantly since the IPO. He also inquired about the company's global scope and exposure, particularly regarding its activity and footprint in China.

    Answer

    Founder and CEO Pablo Legorreta affirmed that the business is global and that the company actively engages with firms in regions like China through travel and meetings, leveraging its large, specialized investment team rather than needing a physical presence. EVP, Head of Research and Investments Marshall Urist added that the growth in opportunities, including licensing from China, has proven their market thesis and continues to expand their potential deal flow.

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    Chris Shibutani's questions to Royalty Pharma (RPRX) leadership • Q3 2024

    Question

    Chris Shibutani asked for clarification on the synthetic royalty deal structure with Syndax for Nictimbo, specifically questioning the 2.35x return cap and how such terms might affect future deal opportunities with the same partner.

    Answer

    Christopher Hite, EVP and Vice Chairman, explained that each transaction is tailored to create a win-win situation for partners, which is why the company often engages in repeat deals. He confirmed the 2.35x cap is specific to the Syndax transaction and noted that most of the company's deals are not capped, emphasizing the flexibility of their approach to funding partners.

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    Chris Shibutani's questions to Alkermes (ALKS) leadership

    Chris Shibutani's questions to Alkermes (ALKS) leadership • Q4 2024

    Question

    Chris Shibutani asked two broad questions: first, how Alkermes is mitigating clinical development risk in the challenging neuroscience space with its orexin program, and second, for an opinion on major healthcare policy issues like NIH funding, tariffs, and the IRA.

    Answer

    CEO Richard Pops responded to both. On clinical risk, he explained that narcolepsy studies have a much lower placebo response than typical psychiatric trials, making Phase II data highly predictive of Phase III success. On policy, he noted the environment is fluid, with the company's main focus being on potential Medicaid reforms and advocating for patient access.

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    Chris Shibutani's questions to NEUROCRINE BIOSCIENCES (NBIX) leadership

    Chris Shibutani's questions to NEUROCRINE BIOSCIENCES (NBIX) leadership • Q4 2024

    Question

    Chris Shibutani asked about the company's confidence in its operating expense guidance, considering past reinvestments in INGREZZA and the potential need to adjust spending for the CRENESSITY launch.

    Answer

    Chief Financial Officer Matthew Abernethy affirmed that driving revenue growth is the top capital allocation priority. He noted that while 2025 will show less SG&A leverage due to investments in the CRENESSITY launch and the expanded INGREZZA sales force, he does not foresee a significant increase in infrastructure needed to support both brands in 2026 and beyond. He expects CRENESSITY to become highly profitable relatively quickly.

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    Chris Shibutani's questions to NEUROCRINE BIOSCIENCES (NBIX) leadership • Q3 2024

    Question

    Chris Shibutani of Goldman Sachs inquired about leadership succession plans for the Chief Medical Officer role and requested an update on the next-generation VMAT2 inhibitor.

    Answer

    CEO Kyle Gano addressed the VMAT2 inhibitor, explaining it is a more potent compound being developed to offer a long-acting injectable formulation. He stated the program is currently in Phase I and is expected to advance into patient studies next year, pending review of the ongoing data. The question regarding leadership succession was not addressed in the response.

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

    Chris Shibutani's questions to ELI LILLY & (LLY) leadership • Q4 2024

    Question

    Chris Shibutani of Goldman Sachs asked for details on the Orforglipron launch plan, including manufacturing scale-up, timing for different indications, and the use of launch tools like sampling and LillyDirect.

    Answer

    Executive David Hyman stated that unlike the injectables, Lilly is planning for a full, un-gated launch for Orforglipron. This includes building capacity for rapid globalization and deploying a full suite of primary care launch tools like sampling and co-pay support from the outset.

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    Chris Shibutani's questions to ELI LILLY & (LLY) leadership • Q3 2024

    Question

    Chris Shibutani of Goldman Sachs asked for clarification on the long-term operating margin trajectory, noting a perceived tension between high sell-side forecasts and company commentary.

    Answer

    CFO Lucas Montarce stated that while the (Gross Margin - OpEx) / Revenue ratio will expand in the short term, the company plans to significantly ramp up SG&A and R&D investments in 2025 to support launches and the pipeline. This investment will drive long-term sustainable growth, which will temper the rate of margin expansion compared to a scenario with less investment.

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

    Chris Shibutani's questions to BRISTOL MYERS SQUIBB (BMY) leadership • Q4 2024

    Question

    Chris Shibutani of Goldman Sachs asked about the key factors enabling Bristol Myers Squibb to successfully advance clinical trial timelines and avoid slippage while simultaneously integrating acquisitions and realigning its cost structure.

    Answer

    CEO Christopher Boerner credited the progress to a "laser-like focus" on operational excellence and R&D productivity. CMO Samit Hirawat elaborated that the R&D team broke down development processes, prioritized the portfolio, and focused on accelerating proof-of-concept and data generation, which led to the early delivery of several key trial results.

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    Chris Shibutani's questions to BRISTOL MYERS SQUIBB (BMY) leadership • Q3 2024

    Question

    Chris Shibutani asked for early commentary on the expected shape of the 2025 top-line and operating expense dynamics.

    Answer

    CFO David Elkins confirmed the company is on track with its $1.5 billion savings initiative and reiterated operating margin guidance of at least 37% for both the current year and 2025. He stated that full, detailed 2025 guidance would be provided during the fourth-quarter earnings call, as is standard practice.

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    Chris Shibutani's questions to PFIZER (PFE) leadership

    Chris Shibutani's questions to PFIZER (PFE) leadership • Q4 2024

    Question

    Chris Shibutani asked about the pipeline asset GIP antagonist and for clarification on the business development strategy, specifically what the '$10B-$15B' capacity is intended to solve for.

    Answer

    Executive Chris Boshoff described the GIPR antagonist as a potential first-in-class oral molecule being studied with a GLP-1 agonist. On BD, CEO Albert Bourla and Executive Andrew Baum clarified the focus is now on strategic pipeline enhancement, not just near-term revenue, and that they are actively evaluating innovation from all sources, including China.

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    Chris Shibutani's questions to PFIZER (PFE) leadership • Q3 2024

    Question

    Chris Shibutani asked about Pfizer's obesity pipeline strategy, questioning the importance of being second-to-market with danuglipron versus developing a more differentiated asset like the oral GIP antagonist.

    Answer

    CEO Albert Bourla reiterated that being the second oral drug to market with danuglipron would secure a significant share in a very large market. Chief Scientific Officer Mikael Dolsten added that the once-daily, modified-release version of danuglipron could offer unique benefits, while the GIPR antagonist, now entering Phase II, aims to add better tolerability and efficacy.

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    Chris Shibutani's questions to AbbVie (ABBV) leadership

    Chris Shibutani's questions to AbbVie (ABBV) leadership • Q4 2024

    Question

    Chris Shibutani asked about the long-term strategy for immunology beyond 2030, specifically regarding combination approaches and their IP implications, and questioned the strategic fit and future role of the Eye Care business.

    Answer

    EVP & CSO Roopal Thakkar detailed a multi-pronged immunology strategy focused on combining foundational assets like Skyrizi with novel mechanisms (TL1A, TREM-1), aiming for co-formulations and eventually developing bispecifics and potent oral peptides. CEO Robert Michael defended the Eye Care business, highlighting its focus on large markets with unmet need (glaucoma, retinal disease) and its efficiency, pointing to the ReGenX Bio gene therapy program as a potential long-term growth driver.

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    Chris Shibutani's questions to AbbVie (ABBV) leadership • Q3 2024

    Question

    Chris Shibutani of Goldman Sachs inquired about the competitive threat from emerging oral therapies to SKYRIZI and RINVOQ, and asked for AbbVie's perspective on other mechanisms like TL1A.

    Answer

    CSO Roopal Thakkar expressed confidence in SKYRIZI's superior efficacy profile versus oral competitors, citing head-to-head data and patient preference for quarterly dosing. He positioned TL1A as a promising agent for combination therapy, particularly in Crohn's disease, but not as a differentiated monotherapy compared to SKYRIZI or RINVOQ.

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

    Chris Shibutani's questions to Merck & Co. (MRK) leadership • Q3 2024

    Question

    Chris Shibutani from Goldman Sachs asked for an update on Merck's capital allocation strategy, particularly its appetite for M&A in areas like obesity to potentially offset uncertainty with GARDASIL, and its capacity for such deals.

    Answer

    CEO Robert Davis confirmed that business development remains a priority, with a focus on science-driven opportunities. For obesity, the strategy targets second and third-generation oral therapies. He stated Merck has the capacity for deals of any size but maintains a primary focus on transactions in the $1 billion to $15 billion range. Key therapeutic areas of interest continue to be oncology, immunology, and cardio-metabolic diseases.

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    Chris Shibutani's questions to EXELIXIS (EXEL) leadership

    Chris Shibutani's questions to EXELIXIS (EXEL) leadership • Q3 2024

    Question

    Chris Shibutani asked about future staffing and spending, noting that R&D and SG&A expenses have come down and questioning which areas will be important for future expansion.

    Answer

    President and CEO Michael Morrissey responded that the company is in a 'pretty good spot' and is sized appropriately to achieve its goals. He noted that the commercial team can be augmented incrementally for new launches, but overall, he believes Exelixis is lean and has the right talent and horsepower to execute its strategy.

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    Chris Shibutani's questions to RVNC leadership

    Chris Shibutani's questions to RVNC leadership • Q2 2024

    Question

    Inquired about the progression of gross margins, the factors influencing them, and how the new 'Beauty of Savings' bundling program is affecting marketing spend as the company moves towards EBITDA breakeven.

    Answer

    Gross margins were around 73% in Q2 and are expected to improve towards 80% driven by a product mix shift towards the higher-margin DAXXIFY and more efficient manufacturing. Marketing spend is at a steady state, with programs like 'Beauty of Savings' designed to create leverage and stickiness in existing accounts within the current budget, which is deemed sufficient to hit revenue targets.

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    Chris Shibutani's questions to RVNC leadership • Q1 2024

    Question

    Questioned the observed softness in the filler market, and asked about the therapeutic launch strategy, including the number of target accounts and whether the focus is on new patients or switching existing ones.

    Answer

    The company views the Q1 filler market softness as a temporary effect and sees signs of it returning to normal. For the therapeutic launch, the company is targeting the top ~1,000 injectors with a 20-person commercial team. The strategy is confirmed to be focused on switching existing patients, which is seen as an advantage for demonstrating DAXXIFY's benefits over prior treatments.

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    Chris Shibutani's questions to Kyverna Therapeutics (KYTX) leadership

    Chris Shibutani's questions to Kyverna Therapeutics (KYTX) leadership • Q2 2024

    Question

    Chris Shibutani of Goldman Sachs asked about the potential for Chimera's degraders to expand into CNS indications and how the company is incorporating patient selection strategies to improve success rates in immunology.

    Answer

    CEO Nello Manalfi confirmed that degraders can access the CNS, making indication choice a matter of strategy, not technology. CMO Jared Golub added that while their drugs are designed for broad populations, they are building extensive proteomic and transcriptomic analyses into trials to retrospectively identify patient subsets that may derive the greatest benefit, aiding differentiation.

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    Chris Shibutani's questions to EXAI leadership

    Chris Shibutani's questions to EXAI leadership • Q3 2023

    Question

    Inquired about how the partnership business is evolving to be more 'nimble' and less risk-exposed, and asked for the key learnings from the decision to discontinue the A2A receptor antagonist program (EXS21546).

    Answer

    Partnerships are evolving to give Exscientia more control over project initiation and selection, allowing them to better manage risk. The discontinuation of the A2A program was an example of being a 'learning company' and being nimble. Learnings from that early project helped shape current robust analysis processes, and the decision was driven by new competitive data and a strategic reprioritization towards programs with a higher probability of success like CDK7, LSD1, and MALT1.

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