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Ed Alter

Ed Alter

Vice President and Senior Equity Research Analyst at Jefferies Financial Group Inc.

New York, NY, US

Ed Alter is a Vice President and Senior Equity Research Analyst at Jefferies, specializing in the coverage of U.S. small- and mid-cap biotechnology companies within the healthcare sector. He covers a range of publicly traded biotech firms focused on therapeutic development, including names such as Sarepta Therapeutics, Apellis Pharmaceuticals, and Alnylam Pharmaceuticals, and has established a track record that aligns with Jefferies’ data-driven approach to life sciences investment. Since joining Jefferies in 2018, Alter has contributed research leadership in his sector, having previously held analyst and associate roles at other major investment banks, and is recognized for his expertise in clinical data analysis impacting equity valuations. He holds FINRA Series 7, 63, 86, and 87 licenses, reflecting his qualifications for securities analysis and investment advisory work.

Ed Alter's questions to TAKE TWO INTERACTIVE SOFTWARE (TTWO) leadership

Question · Q2 2026

Ed Alter requested an update on the BioShock title, specifically regarding the recent key hire of Rod Ferguson and his mandate at Cloud Chamber. He also asked about the sustained increase in ad revenue over the past two quarters, inquiring if it's primarily driven by Color Block Jam or a broader performance across the Rollic portfolio.

Answer

Karl Slatoff, President, expressed excitement about Rod Ferguson leading Cloud Chamber as the new head of the BioShock franchise, highlighting his industry veteran status and past experience, and stated that the game is on track to exceed consumer expectations. Lainie Goldstein, CFO, confirmed that the increase in ad revenue is across the entire mobile business, with Rollic, in particular, achieving fantastic performance.

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Question · Q2 2026

Ed Alter requested an update on the BioShock title, specifically regarding the key hire of Rod Ferguson and his mandate at the studio. He also asked about the drivers behind the recent increase in ad revenue, inquiring if it's primarily from Color Block Jam or a broader Rollic portfolio performance.

Answer

Karl Slatoff, President, expressed excitement about Rod Ferguson leading Cloud Chamber and the BioShock franchise, highlighting his industry veteran status and past experience. He stated that BioShock is a very important franchise, and the game is on a great track to exceed expectations. Lainie Goldstein, CFO, confirmed that the ad revenue increase is primarily driven by the fantastic performance across the entire mobile business, particularly from Rollic's portfolio.

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Question · Q2 2025

Ed Alter asked how the significantly better reviews for NBA 2K25 translate to sales and recurrent consumer spending, given that unit sales appeared flat. He also inquired about the revenue mix in hypercasual games.

Answer

President Karl Slatoff responded that higher review scores reflect stronger engagement, which is driving double-digit growth in revenue per user. He attributed flat unit sales to the ongoing console transition. For hypercasual, he noted the revenue mix now includes both advertising and significant in-app purchases.

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Ed Alter's questions to OB leadership

Question · Q2 2025

Asked whether the company's primary headwinds were related to its go-to-market strategy or product fit, and inquired about the composition and growth strategy for the CTV business.

Answer

The company clarified that the headwinds are operational and controllable, not an issue of product fit, and that they feel they have 'turned the corner'. The CTV business is a combination of differentiated home screen placements and in-stream ads, with growth supported by its integration into the main ad platform for easier omnichannel buying.

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