Evan Seigerman • BMO Capital Markets

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Chief Commercial Officer Johanna Mercier stated that while Gilead supports the current USPSTF guidelines that enable $0 copays, the PrEP market was growing strongly even before the guidelines were widely enforced. She expressed confidence that, should the guidelines change, Gilead could work directly with payers to maintain broad access for HIV prevention based on strong clinical value and demand.

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Chief Commercial Officer Johanna Mercier stated that while Gilead fully supports the current USPSTF guidance which enables zero-dollar copays, the company could adapt to a change. She reminded listeners that the PrEP market was growing strongly even before the guidelines were widely enforced in the past year, and Descovy had already achieved significant market share. Mercier expressed confidence that Gilead could continue to work directly with payers to ensure broad access to HIV prevention regardless of the USPSTF's formal guidance.

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Cindy Perettie, Executive Vice President of Kite, confirmed that the competitive headwinds are coming from both bispecifics and in-class CAR T competition. She noted the specific dynamic varies by product (Yescarta vs. Tecartus) and geography, with new in-class approvals being a factor outside the U.S. and bispecifics impacting certain indications in the U.S. and Europe.

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David Ricks, Chair and CEO, reiterated that using new products as an 'on-ramp' for price rebalancing is a reasonable proposition, contingent on higher reimbursement in Europe and changes to the U.S. gross-to-net system. He also highlighted that direct-to-consumer channels provide valuable price transparency, which is a positive step supported by the administration.

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Dr. Dan Skovronsky, Chief Scientific Officer, explained that despite the strong and profound benefit shown in the SUMMIT trial, the FDA indicated that multiple trials are needed to support this indication. He noted that while it's possible other trials could provide supporting data, the patient population is already covered under the obesity indication, which unfortunately curtails the incentive to run large, costly outcome trials for a benefit that is already widely understood by physicians.

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Executive Anne White explained that the focus is on system readiness for diagnosis and treatment. She noted positive early indicators, including over 80% P&T approvals in key accounts and growing use of diagnostics. Kisunla's profile (monthly infusion) is seen as helpful for managing system capacity constraints.

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Patrik Jonsson, President of Lilly Cardiometabolic Health and Lilly USA, stated that the financial impact from compounding is not estimated to be significant, with the main concern being patient safety. CEO David Ricks added that the FDA likely wants to protect its regulatory framework and that Lilly would welcome faster collaboration with the agency to approve legitimate new manufacturing capacity.

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CEO Ramy Farid confirmed that customer discussions remain positive with strong demand for predictive technologies despite macroeconomic headwinds. Karen Akinsanya, President and Head of Therapeutics R&D, explained that SGR-1505 is best advanced by a partner with late-stage hematology development and commercialization expertise to accelerate the program and maximize its potential.

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CEO Ramy Farid explained that customer sentiment is driven by demonstrated impact, with success at early adopters now influencing broader industry adoption. He highlighted the company's predictive tox initiative and existing solutions for properties like bioavailability and off-target binding (e.g., hERG) as key contributions to reducing animal testing.

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President of R&D Akshay Vaishnaw confirmed the dose analysis was discussed, explaining that since both doses had similar pharmacodynamic effects, the company expects the 10mg dose to be approved. CFO Vikas Sinha projected that 2026 spending would be similar to 2025, with a shift from some clinical expenses to funding SRK-439 and other pipeline programs.

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Martin Lange, EVP of Development, explained the asset was discontinued because it failed to demonstrate a meaningful efficacy benefit over semaglutide, which he described as a powerful and difficult-to-beat agent in NASH. He added that while this specific asset did not advance, the company is not necessarily finished with the FGF21 biology.

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Karsten Knudsen, Group's CFO, described the acquisition as a "meaningful step-up" in overall fill-finish capacity, crucial for speed and scale. He emphasized the strategic importance of bringing the single-dose syringe platform in-house, which enhances control over a key part of the supply chain for products like Wegovy in the U.S.

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Murdo Gordon, EVP of Global Commercial Operations, attributed the growth to strong clinical conviction from compelling survival data and improved operational execution in both academic and community settings. Robert Bradway, Chairman & CEO, added the launch's success is encouraging for the entire BiTE platform.

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Murdo Gordon, EVP of Global Commercial Operations, reported that PAVBLU has been well-received by retina specialists, who appreciate its quality and prefilled syringe. He noted that contracting with large retina groups is in progress. On patient assistance, he stated that Amgen continues to support patients through charitable donations to various agencies.

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EVP of Global Commercial Operations Murdo Gordon declined to discuss specific contracting details but affirmed that Amgen has a broadly deployed field force, strong institutional relationships, and has seen high receptivity. He emphasized the company's experience and preparedness for biosimilar launches.

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CEO Albert Bourla emphasized the value of the Seagen acquisition was in the ADC platform and pipeline, not just in-line products. Chief Scientific Officer Chris Boshoff highlighted upcoming readouts for Padcev in muscle-invasive bladder cancer and the potential of SV, which has shown a 31% response rate in late-line lung cancer and promising combination data.

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Chairman & CEO Albert Bourla reiterated the goal to grow Seagen revenues to $10 billion by 2030, emphasizing the platform's value. Chief Scientific Officer Chris Boshoff highlighted the pipeline's potential, including Padcev's expansion in bladder cancer, SV's opportunity in NSCLC based on strong response rates, and other promising ADCs like PDL1V.

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Chief Scientific Officer Chris Boshoff explained that Pfizer sees the future of obesity treatment as fragmented, requiring differentiated oral medicines with an emphasis on tolerability, accessibility, and personalized combinations. Chief Strategy and Innovation Officer Andrew Baum added that the company is seeking both clinical differentiation, such as improved tolerability and muscle preservation, and commercial differentiation through the specific indications pursued.

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CEO Albert Bourla stated he is 'cautiously optimistic,' noting he has met with Mr. Kennedy and focused discussions on areas of agreement like cancer and chronic diseases. He believes Mr. Kennedy's views will be more tempered in an official role and that the broader scientific community would oppose any radical changes to vaccine policy.

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EVP and Chief Strategy and Innovation Officer Andrew Baum praised Pfizer's R&D engine for its strong track record of internal discovery. He stated his primary goal is to ensure this powerful R&D machine is focused on areas that translate into significant revenue, emphasizing that when Pfizer focuses on a goal, its execution is something investors can feel comfortable about.

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President and CEO Dr. Reshma Kewalramani responded that the decision was based on "all of the above," including emerging data from Vertex's own studies, promising data from the drug class, high unmet need, the potential for a transformative medicine, and strong commercial opportunity.

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COO Stuart Arbuckle responded that CASGEVY uptake did accelerate in Q1. He attributed this to progress in activating authorized treatment centers (ATCs), securing broad reimbursement in the U.S. and increasingly ex-U.S., and growing physician familiarity with the treatment process. He noted that multiple ATCs have now treated several patients, which is building confidence and momentum.

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COO Stuart Arbuckle reported that payer discussions have been very positive due to the high unmet need for non-opioid pain options. While he expects broad access to grow over time, he stated that Vertex is not providing specific guidance on the number of covered lives at particular points during the year.

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COO Stuart Arbuckle shared that the experience reinforced the understanding that this is a significant and lengthy journey for patients. He highlighted strong enthusiasm from Authorized Treatment Centers (ATCs) and noted that payer excitement has translated into favorable access, with reimbursement not being a significant barrier in the U.S.

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President & CEO Dr. Leonard Schleifer acknowledged this as a key complication, noting that for existing products like EYLEA, they do not control the OUS pricing set by their partner, Bayer. He speculated that future licensing agreements for new drugs would likely need to incorporate contingencies to address this issue.

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President & CEO Dr. Leonard Schleifer acknowledged it's a significant issue, noting that for existing products like EYLEA, Regeneron does not control the OUS pricing set by its partner, Bayer. He suggested that future contracts for new drugs would likely need to address this contingency.

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President and CEO Dr. Leonard Schleifer advocated for allowing manufacturers to provide direct co-pay assistance to Medicare patients, similar to the commercial market. He argued this could be enabled by presidential action and would ensure patients receive the best treatment chosen by their doctors, rather than being forced onto less optimal therapies due to cost.

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President and CSO Dr. George Yancopoulos explained that the easiest regulatory path would be demonstrating greater total weight loss with a better body composition, as preserving muscle increases metabolic rate. He noted the company is also measuring metabolic and functional endpoints, which could support approval but would likely require longer, more complex studies. He mentioned ongoing discussions with regulatory agencies and highlighted the potential of future unimolecular solutions to streamline the regulatory path.

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CEO Chris Boerner emphasized the strategic advantage of being first or second to market, a key learning from Opdivo. EVP & Chief Commercialization Officer Adam Lenkowsky added that BMY can leverage its extensive IO infrastructure to accelerate development. EVP & Chief Medical Officer Samit Hirawat highlighted the asset's potential for enhanced tumor specificity as a key differentiator.

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CEO Christopher Boerner responded that while ex-U.S. countries should pay more for innovation, the focus in the U.S. should be on fixing system complexities like middlemen and the IRA's 'pill penalty'. Chief Commercialization Officer Adam Lenkowsky added that the Camzyos label update simplifies treatment, opens capacity at centers of excellence, and is expected to drive continued strong growth.

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CEO Christopher Boerner described a disciplined BD process for Karuna, emphasizing senior leadership ownership, compelling science, and financial rigor. CCO Adam Lenkowsky attributed the strong growth of Camzyos to high persistency and an expanding prescriber base, noting that an upcoming PDUFA date to ease monitoring requirements and new data in nonobstructive HCM are expected future growth drivers.

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Chief Commercialization Officer Adam Lenkowsky detailed that Cobenfi is a 2025 launch, with a sales ramp expected in the second half of the year after broad access is secured. He anticipates achieving 80-85% access within approximately one year, noting that the process for Medicaid P&T reviews and protected-class Medicare coverage will be key gating factors.

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CEO Kyle Gano explained that the decision was based on the 'totality of the data' from the Phase 2 study. He stated that while there wasn't a classic dose-response, all doses worked, and the dose selected for Phase 3 met its primary endpoint and all key secondary endpoints. He emphasized the overall profile is very attractive from an efficacy, safety, and tolerability standpoint, which they believe will differentiate it from competitors.

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CEO Kyle Gano explained the decision was a 'win-win' for both companies. Neurocrine is very excited about the Phase 2 data, while Takeda has been making strategic moves away from classical psychiatry. The new arrangement allows Neurocrine to drive development more nimbly globally (ex-Japan), while Takeda retains rights in Japan, where the compound originated, and continues to participate in the economics.

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CCO Eric Benevich explained the TD prevalence update to at least 800,000 people reflects continued growth in antipsychotic use and was a routine update after several years. CEO Kyle Gano framed the Huntington's chorea opportunity as roughly 15,000 untreated patients, a much smaller but still important market compared to the 800,000 TD patients.

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Dr. Dean Li, President of Merck Research Labs, stated that Merck maintains a high standard for all assets, regardless of origin. He emphasized that Verona Pharma was followed for years and its first-in-class, U.S.-approved status provided a critical first-mover advantage that other assets in China did not possess.

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Dr. Dean Li, President of Merck Research Laboratories, stated that Merck has a high standard for all assets and had followed Verona for over five years. He highlighted that Verona's Otovair is the first novel mechanism approved for inhaled COPD treatment in the U.S., giving it a critical first-mover advantage that other assets, including those from China, did not possess.

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President and Head of R&D Sukumar Nagendran expressed high confidence, stating that as of the April data cutoff, there were no treatment-emergent serious adverse events or dose-limiting toxicities. He noted the benefits far outweigh the risks. CEO Sean Nolan added that having dosed more patients at the high dose than the low dose is also comforting. The specific date of the last dose was not provided.

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CEO Ugur Sahin emphatically confirmed that mRNA therapeutics are a core focus. He described a dual strategy pursuing two pan-tumor opportunities: BNT327 as a new IO backbone and mRNA immunotherapies for high-risk relapse patients. He stressed the potential of combining these platforms and stated it is the right time to increase investment in mRNA technology.

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CEO Christopher Viehbacher detailed that the subcutaneous option will first support the maintenance phase, enhancing long-term adherence for patients. For initiation, it will significantly reduce the burden on infusion centers and simplify the physician's workload, especially in rural areas. He positioned it as a key enabler for both patients and physicians, simplifying logistics and improving access.

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Dr. Priya Singhal, Head of Development, acknowledged the scientific hypothesis but pointed to past trial failures in the space. She emphasized that tackling the core amyloid pathology is critical and expressed confidence that LEQEMBI, as an anti-amyloid agent, will continue to play an important role in treatment regardless of outcomes from other mechanistic approaches.

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CEO Christopher Viehbacher noted that excluding a one-time Russian tender, the brand grew globally. Alisha Alaimo, President of North America, added that U.S. growth remains strong, driven by efficacy, patient switchbacks, and new patient finds. Both executives emphasized that the high-dose version, with its faster therapeutic benefit, is a key future growth driver.

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CMO Noah Berkowitz positioned Arvinas's LRRK2 degrader, ARV-102, as highly competitive and differentiated. He argued that unlike inhibitors which may lack sufficient brain penetration, ARV-102 achieves significant brain penetration and degrades the entire LRRK2 protein, not just its kinase activity, which he believes is critical for efficacy and provides a key advantage.

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CFO Christiana Stamoulis stated that U.S. paid demand for Opzelura grew 24% while net revenue grew 20%, with the difference from an inventory reduction after a Q4 build. An executive added that they expect overall utilization to increase from both new prescriptions and greater use among the existing patient base.

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Matteo Trotta, EVP, Global Head of Hematology and Oncology, stated that at peak, the pediatric atopic dermatitis indication is expected to represent 10-15% of the total Opzelura AD business. Pablo Cagnoni, President, Head of R&D, responded that there are no current plans for a head-to-head HS trial, noting the significant real-world dissatisfaction with Humira creates a large opportunity for new therapies.

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Steven Stein, an executive, explained that the program has required escalating to higher doses to achieve the desired effect on hepcidin and hemoglobin. He stated that to date, they have not seen sufficient efficacy to trigger a go-decision for a future registration program. He confirmed more data would be shared by the end of the year.

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CCO Jeffrey Stewart explained that VYALEV is seeing strong uptake in Japan and Europe, with exceptional early feedback in the U.S. commercial market ahead of full Medicare reimbursement. For Elahere, he noted the U.S. business continues to perform well, and the company is now seeing the beginning of international launch ramps. CEO Robert Michael added that the success of Elahere, from the ImmunoGen acquisition, highlights the strength of AbbVie's emerging oncology pipeline, including its internally discovered ADCs.

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