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CEO Scott Smith detailed tariff mitigation strategies, including increasing U.S. production, adjusting inventory, and leveraging third parties, while acknowledging a potential financial impact. Chief Commercial Officer Corinne Le Goff and Chief R&D Officer Philippe Martin highlighted meloxicam's strong clinical data and large addressable market in acute pain, positioning it as a key non-opioid alternative.

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CEO Scott Smith described the enterprise review as a timely initiative to make the company 'fit for purpose' after its merger and recent divestitures, with benefits expected to be more fully realized in 2026. CFO Theodora Mistras clarified that the Indore impact is the largest component of the gross margin decline, having a margin impact of nearly 80%, with the remainder due to normal price erosion and supply costs, partially offset by segment mix.

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CFO Wetteny Joseph confirmed that guidance includes scenarios for new competitive entrants and their promotional activities, while reiterating long-term confidence. He noted Apoquel Chewable conversion is at 31% in the U.S. and 57% in Europe, with the original tablet's stickiness being stronger than anticipated, which is a positive signal.

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CEO Kristin Peck explained that Librela use in the U.S. is expanding from severe to more moderate OA patients, mirroring the trend seen in Europe. For Simparica Trio, she highlighted the significant growth runway, noting that the triple combination market is still underpenetrated. She emphasized the product's 'stickiness' and the company's first-mover advantage as key factors for continued growth.

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CEO Kristin Peck expressed high confidence in Apoquel's ability to compete, citing its 11-year safety record, high satisfaction rates, and the large untreated market, suggesting limited impact from new entrants. CFO Wetteny Joseph noted that while it's early for U.S. Librela compliance data, the European experience shows high compliance and over 7 months on therapy as the product moves into moderate cases, indicating a positive trajectory for the U.S.

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Co-CEO Chirag Patel explained that Amneal has an idle U.S. plant that could be restarted if economically viable, providing significant additional capacity. He noted that the company would partner with large customers to share potential tariff-related cost increases. Regarding CREXONT, he stated the focus remains on the broad market, not on aggressively converting Rytary patients, although natural conversion is occurring due to CREXONT's superior profile.

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Co-CEO Chirag Patel described the CREXONT launch as exceeding expectations, with remarkable patient testimonials and prescription growth far outpacing the historical launch of RYTARY. Joe Renda, Head of Specialty, added that formulary access is at 30%, with a target of 50% for the year and an ultimate goal of surpassing RYTARY's 70% coverage. Regarding capital allocation, Chirag Patel highlighted the company's strong organic pipeline in affordable medicines and injectables, and stated a key focus is expanding the biosimilars business through in-licensing and strategic M&A for vertical integration, while also seeking additions to the specialty portfolio.

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Co-CEO Chirag Patel outlined a business development strategy focused on specialty assets, particularly in oncology, and vertically integrating the biosimilars business to compete with major players. Co-CEO Chintu Patel added that their Xolair biosimilar partner is uniquely positioned with a full range of strengths. CFO Tasos Konidaris provided a 2025 outlook, stating that growth from biosimilars, injectables, and CREXONT, along with reduced interest expense, will more than offset the Rytary LOE, leading to another year of growth.

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President and CEO Dr. Leonard Schleifer detailed the co-pay assistance structure for Medicare patients via independent foundations. He noted Regeneron's past significant support and stated they are now exploring a matching program to encourage broader industry participation. He hoped for a launch in the 'not-too-distant future' but was uncertain if other companies would contribute.

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Murdo Gordon, EVP of Global Commercial Operations, affirmed that Amgen's goal is to ensure broad product availability. While acknowledging the recent CVS decision, he expressed an overall belief that both PBMs and manufacturers are working to expand patient access to obesity medications, a market Amgen plans to enter.

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Murdo Gordon, EVP of Global Commercial Operations, outlined a significant opportunity in Japan with roughly 25,000 patients and expects good uptake, though likely a steadier ramp than the U.S. 'bolus' effect. He confirmed launches are planned in seven additional countries and that U.S. efforts are focused on broadening the prescriber base. He also guided to typical Q1 sales seasonality.

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EVP of R&D James Bradner highlighted the compelling Phase II data in a broad patient population. EVP of Global Commercial Operations Murdo Gordon added that TEZSPIRE's differentiated profile and unique mechanism have driven success in asthma, and he is hopeful this will translate to COPD. He noted the Amgen-AstraZeneca partnership provides a strong competitive share of voice.

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Patrik Jonsson, President of Cardiometabolic Health and Lilly USA, highlighted the significant opportunity, noting that about 50% of type 2 diabetes patients prefer an oral option. He positioned orforglipron as a potential first-line incretin for both diabetes and weight management, with the added benefit of scalable manufacturing for global reach. CEO David Ricks added that orals could serve new segments, such as maintenance therapy and individuals with overweight but not obesity.

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Executive Daniel Skovronsky explained that confidence in the drug's overall safety profile grows as the large-scale trials proceed uninterrupted. While they lack unblinded data on tolerability, the continuation of the studies is a positive signal.

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Patrik Jonsson, President of Lilly Cardiometabolic Health and Lilly USA, explained that after a prudent Q3, the company is now accelerating DTC and HCP promotional efforts for Mounjaro and Zepbound as supply has improved. CFO Lucas Montarce added that normalizing for channel inventory dynamics reveals consistent underlying growth, with new international Mounjaro launches also set to contribute to the Q4 ramp.

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CEO Christopher Viehbacher noted a recent shift where financing struggles and LP pressure may make more companies open to discussions. He stated Biogen will remain patient and disciplined, focusing on collaborations, particularly in early-stage research, to leverage its expertise and provide funding. He highlighted the HI-Bio team at Biogen's West Coast hub as a key asset for identifying and executing these partnerships.

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CFO Michael McDonnell confirmed that the $3.9 billion OpEx level is a good baseline to use for models going forward, as the 'Fit for Growth' program was designed to right-size spending. CEO Christopher Viehbacher added that while future BD could add costs, the company is actively prioritizing its portfolio to create financial capacity for new assets.

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CFO Dave Denton expressed confidence in the 2025 outlook, stating that while the guidance range is maintained, the company is 'trending toward the upper end' of its adjusted diluted EPS guidance. He noted that Q1 performance exceeded internal expectations, effectively de-risking the remainder of the year, and reiterated a focus on improving operating margins over time.

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CFO Dave Denton stated that Pfizer has the capacity for business development in the '$10 billion to $15 billion' range in 2025. Executives Aamir Malik and Alexandre de Germay discussed the RSV vaccine ABRYSVO, noting that while the U.S. market decreased, Pfizer gained share, and significant growth opportunities exist internationally and through potential future label expansions.

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CFO David Denton confirmed the mid-to-high 30% operating margin remains the goal, though without a specific timeline. Regarding VYNDAQEL, executives acknowledged that while a significant undiagnosed patient population remains, U.S. volume growth will be at 'meaningfully lower levels' going forward due to new competitive entrants and other market headwinds, though international growth continues.

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CFO Scott Reents detailed the guidance increases, attributing Skyrizi's upside to psoriatic and IBD indications and Rinvoq's to broad performance. CCO Jeffrey Stewart addressed competition, expressing confidence in their portfolio's profile against new entrants by drawing parallels to the IL-23 class evolution in psoriasis. Stewart also commented on Humira, acknowledging faster erosion and expecting a further step-down in 2026, noting the tail's impact diminishes when it no longer creates a headwind to corporate growth.

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EVP & CCO Jeffrey Stewart identified stronger-than-expected market share capture as the primary driver for the guidance increase, particularly in IBD. EVP & CFO Scott Reents provided a breakdown of the new $31B target. CEO Robert Michael added that growth beyond 2027 will be supported by continued market growth, further share gains, and five new indications for Rinvoq, suggesting consensus estimates are below AbbVie's expectations.

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CEO Robert Michael confirmed confidence in achieving robust mid-single-digit growth in 2025, stating the shift from HUMIRA to SKYRIZI and RINVOQ is a net positive for the portfolio. CCO Jeffrey Stewart added that this dynamic accelerated in recent quarters, contributing to the overperformance of their next-generation immunology assets.

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Chief Commercial Officer Johanna Mercier reported that the company is very pleased with the launch, which generated $40 million in its second full quarter. She highlighted rapid market share uptake, reaching one-third of the second-line PBC market, and strong positive feedback from physicians on its efficacy. Commercial coverage is on track, exceeding 80% and expected to surpass 90%.

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Merdad Parsey, Chief Medical Officer, explained that Gilead is pursuing a broad, patient-centric approach with demand for both modalities. He positioned oral options as weekly or monthly, while subcutaneous injectables offer greater durability, aiming for every 3-to-6-month dosing. CFO Andrew Dickinson added that the 2030 pipeline slide is not exhaustive and that long-acting injectables could launch shortly after that timeframe.

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Dr. Dean Li emphasized the FDA's high evidentiary standard for a single-dose GARDASIL label. CFO Caroline Litchfield added that pricing would reflect the vaccine's value. CEO Robert Davis confirmed that mitigation efforts cover both new and legacy products, stating Merck is well-positioned for KEYTRUDA with inventory and secured manufacturing.

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CEO Robert Davis explained that while a path to $11 billion is still believed to exist, withdrawing the target is prudent given the uncertain timing of China's economic recovery. He confirmed the underlying opportunity in China remains, but the ex-China outlook is unchanged, with strong growth expected. He stressed a desire to shift focus to the company's broad and growing pipeline.

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CEO Robert Davis explained that China's GARDASIL sales were approximately $500 million in Q3 and are expected to be similar in Q4. He confirmed that the projected $2-$3 billion annual run-rate for China over the next few years is consistent with and was contemplated in the company's long-term goal of achieving over $11 billion in sales by 2030.

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An executive, likely CEO Christopher Boerner, stated that while tariff specifics are unknown, BMS is a significantly U.S.-based company and has already factored existing China-related tariffs into its guidance. Chief Commercialization Officer Adam Lenkowsky added that the Cobenfy results have no meaningful impact on sales, as the primary opportunity is in monotherapy, where uptake remains strong.

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Chief Commercialization Officer Adam Lenkowsky described a strong launch for Cobenfy, with significant progress on market access, but noted that changing entrenched physician habits will take time, leading to continued strong uptake through 2025. CEO Christopher Boerner explained that the cost program is designed to create financial flexibility for growth investments now, and that the company will always align its organizational size and spending with the needs of the business.

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Chief Commercialization Officer Adam Lenkowsky noted there is no perfect analog for the launch but expects a second-half 2025 ramp as access builds over 12 months. Head of Global Drug Development Samit Hirawat expressed high confidence in the bipolar mania opportunity, citing preclinical data and the planned start of a trial in mid-2025.

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CFO Joseph Wolk attributed the Q1 gross margin decline to the loss of exclusivity for the high-margin product STELARA, the impact of Part D redesign, and unfavorable transactional currency. He projected that the guided 300 basis points of operating margin improvement could improve by one-third to 50%, inclusive of tariffs, and noted that analyst consensus had been overly optimistic.

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CFO Joseph Wolk attributed the margin improvement to disciplined operating spend management, driven by efficiencies gained after the consumer health separation, portfolio prioritization, and technology investments. He noted the company had prepared for STELARA's biosimilar entry for years. For 2026 and beyond, he indicated that margin and EPS growth should become more aligned with sales growth, which is expected to reaccelerate.

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CEO Joaquin Duato reiterated the company's goal for a final and comprehensive resolution, highlighting the prepackaged reorganization plan supported by 83% of claimants. Erik Haas, Head of Worldwide Litigation, added that the Texas court has ordered parties to agree on an expeditious schedule, aiming for a confirmation hearing early next year.

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CFO Todd Young explained that margins are expected to improve beyond 2025 as the company leverages launch investments and benefits from the accretive margin profile of its innovation portfolio. President and CEO Jeff Simmons detailed that the Bovaer ramp-up is driven by in-field implementation with co-ops and feed mills, connecting farmer supply with CPG demand. He compared its trajectory to Experior, suggesting that once integrated into feeding programs, its use will become sticky and resilient, with a more significant ramp expected in the second half of 2025.

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CEO Jeff Simmons stated that while industry pricing may normalize back towards historical levels of around 2%, Elanco's innovation-heavy portfolio provides leverage to achieve something between recent highs and historical norms. Regarding Credelio Quattro, he reiterated plans for a Q1 launch ahead of the parasiticide season with significant investment. He expects the ramp to occur over the full year, targeting the broad, fast-growing combination parasiticide market.

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EVP and Vice Chairman Christopher Hite stated that synthetic royalties represent a significant growth opportunity and that the company is pleased with the return profile achieved on these transactions, which offer partners operational control. EVP and CFO Terrance Coyne reiterated the company's confidence in its position regarding the Vertex royalty but could not provide a specific timeline for the arbitration, noting only that such processes are typically not prolonged.

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Incoming CFO Andrew Emerson stated that the 2025 guidance assumes a U.S. clinical visit decline of approximately 2%, similar to 2024, with no significant recovery built into the forecast. CEO Jay Mazelsky highlighted strong international performance, noting that Europe has seen seven consecutive quarters of double-digit growth, driven by sustained commercial investments and strong adoption of new innovations.

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CEO Patrick Lockwood-Taylor explained that the lost business was margin-dilutive and a strategic decision. He confirmed that net contract wins this year are margin-accretive and will offset the revenue impact in 2025. Regarding infant formula, Lockwood-Taylor expressed high confidence in the completed remediation, citing strong KPIs and no backsliding. He also noted the industry remains capacity-constrained, so they are having no issues repipelining the business. CFO Eduardo Bezerra added that the team is now 100% focused on regaining market share.

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