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    David Bailey • Morgan Stanley

    David Bailey's questions to Resmed Inc (RMD) leadership

    David Bailey's questions to Resmed Inc (RMD) leadership • Q4 2025

    Question

    David Bailey from Morgan Stanley asked for observations on new patient flow and physician prescribing habits following the Zepbound label expansion for sleep apnea, particularly regarding the co-prescription of GLP-1s and CPAP.

    Answer

    CEO & Chairman Michael Farrell reported an 11% higher PAP therapy start rate for patients with a GLP-1 prescription compared to those without. He also noted higher resupply rates for this cohort at one and two years. Farrell stressed that ResMed is proactively targeting these physicians with medical education to reinforce PAP therapy as the gold standard of care.

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    David Bailey's questions to Resmed Inc (RMD) leadership • Q4 2025

    Question

    David Bailey from Morgan Stanley inquired about observations on new patient flow and physician prescribing habits since the Zepbound (GLP-1) label was expanded for sleep apnea.

    Answer

    CEO Michael Farrell reported that patients on GLP-1s have an 11% higher start rate on CPAP therapy and better long-term adherence. He stressed that ResMed is proactively educating high-volume GLP-1 prescribers on CPAP as the gold standard of care to capitalize on this trend.

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    David Bailey's questions to Resmed Inc (RMD) leadership • Q3 2025

    Question

    David Bailey from Morgan Stanley inquired about the latest data on resupply rates for patients on GLP-1 therapy and the risk of them ceasing CPAP therapy after weight loss.

    Answer

    CEO Michael Farrell stated that ResMed's data on over one million patients shows that those on GLP-1s are highly motivated and have higher, sustained adherence rates to CPAP therapy. He dismissed the idea that they would stop therapy after weight loss, noting that partial treatment is not a cure for sleep suffocation and that this patient cohort is actually 'doubling down' on their health.

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