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    Geoffrey Meacham • Citi

    Geoffrey Meacham's questions to PTC Therapeutics Inc (PTCT) leadership

    Geoffrey Meacham's questions to PTC Therapeutics Inc (PTCT) leadership • Q1 2025

    Question

    Geoffrey Meacham asked how quickly real-world use of Sephience might reflect its diet liberalization benefit and whether there are commercial differences on this topic between the European and Japanese markets.

    Answer

    CEO Dr. Matthew Klein suggested that patient enthusiasm on social media indicates rapid real-world adoption of diet liberalization. CBO Eric Pauwels added that they have not seen regional differences, as physicians and dietitians in Europe and Japan are equally impressed with the data and see it as a key catalyst for adoption.

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    Geoffrey Meacham's questions to Royalty Pharma PLC (RPRX) leadership

    Geoffrey Meacham's questions to Royalty Pharma PLC (RPRX) leadership • Q1 2025

    Question

    Geoffrey Meacham from Citigroup Inc. asked about the decision-making process behind allocating capital between large share buybacks and new deals, and whether the company's diligence process has intentionally shifted to focus more on first-in-class, novel mechanisms.

    Answer

    EVP, CFO Terrance Coyne explained their dynamic capital allocation framework balances share price against intrinsic value and royalty opportunities, noting they have the capacity to do both. EVP Marshall Urist clarified there has been no change in their core investment approach, which remains focused on assets that provide significant benefits to patients and the healthcare system, regardless of whether they are first-in-class.

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    Geoffrey Meacham's questions to Royalty Pharma PLC (RPRX) leadership • Q4 2024

    Question

    Geoffrey Meacham inquired about the specific assumptions for Alyftrek and Tysabri within the 2025 guidance, whether any milestones were included, and the potential risks to royalties from new policies in Washington D.C., particularly concerning tax or the IRA.

    Answer

    EVP and CFO Terrance Coyne explained that the guidance incorporates a range of scenarios for key products like Alyftrek and Tysabri without providing point estimates, and confirmed that approximately $60 million in milestones are assumed for 2025, excluding the MorphoSys asset sale. Founder and CEO Pablo Legorreta added that it is still early to assess policy impacts from the new administration, but the company does not foresee any changes to its tax structure and is actively engaged with industry groups like BIO.

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    Geoffrey Meacham's questions to Royalty Pharma PLC (RPRX) leadership • Q3 2024

    Question

    Geoffrey Meacham asked two questions: first, whether the moderating growth of the cystic fibrosis (CF) franchise increases the urgency for new deals, and second, if the company's investment process has evolved to better capture rapid, high-impact launch opportunities like those seen with COVID-19 or GLP-1 therapies.

    Answer

    Terrance Coyne, EVP and CFO, addressed the first question, stating that while CF growth is moderating due to its large scale, it remains a strong contributor and does not change their consistent, long-term investment strategy. Pablo Legorreta, Founder and CEO, added that few companies can deliver such consistent double-digit growth. Regarding the second question, Marshall Urist, EVP, Head of Research and Investments, explained that launch trajectory has always been a fundamental part of their evaluation process, so their approach has not changed. Pablo Legorreta also noted that Royalty Pharma's flexible model allows it to invest in new innovative drug classes much faster than large pharma companies.

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    Geoffrey Meacham's questions to Vertex Pharmaceuticals Inc (VRTX) leadership

    Geoffrey Meacham's questions to Vertex Pharmaceuticals Inc (VRTX) leadership • Q1 2025

    Question

    Geoffrey Meacham asked about the ALYFTREK launch, specifically whether physician feedback on switching from TRIKAFTA is driven more by sweat chloride data or the once-daily dosing. He also inquired about the study design for suzetrigine in chronic pain.

    Answer

    CEO Reshma Kewalramani stated that the end-of-Phase II meeting for chronic pain is on track for the summer and the diabetic peripheral neuropathy (DPN) study is enrolling well. COO Stuart Arbuckle explained that the appeal of ALYFTREK is the "sum of the parts," including its non-inferiority to TRIKAFTA, improved CFTR function shown by sweat chloride, coverage of additional mutations, and the convenience of once-daily dosing.

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    Geoffrey Meacham's questions to Vertex Pharmaceuticals Inc (VRTX) leadership • Q4 2024

    Question

    Geoffrey Meacham asked about considerations for the Phase III design of suzetrigine following Phase II analysis and KOL feedback, and also requested early anecdotes on ALYFTREK uptake among new patient populations.

    Answer

    CEO Reshma Kewalramani stated that the team is analyzing Phase II data and preparing for regulatory meetings, with a full update on the Phase III plan expected in the summer. COO Stuart Arbuckle confirmed strong early interest in ALYFTREK from naive, discontinued, and switch patients, noting the first patients have already started treatment.

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    Geoffrey Meacham's questions to Eli Lilly and Co (LLY) leadership

    Geoffrey Meacham's questions to Eli Lilly and Co (LLY) leadership • Q1 2025

    Question

    Geoffrey Meacham inquired about the long-term strategic positioning for orforglipron, asking if the ultimate goal is to secure significantly more indications than tirzepatide, potentially expanding into cardiovascular, immunology, or neuropsychiatry.

    Answer

    Chief Scientific Officer Dr. Dan Skovronsky confirmed that the oral nature of orforglipron makes it suitable for broad, primary care-type indications and that the company will aggressively pursue promising development paths. He noted that combinations are on the table and reminded investors that Lilly has other oral incretins in development, including multifunctional molecules.

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    Geoffrey Meacham's questions to Eli Lilly and Co (LLY) leadership • Q3 2024

    Question

    Geoffrey Meacham from Citigroup inquired about the Q3 sales volatility and significant inventory drawdown, questioning if it signaled moderating demand or was simply lumpiness in the product rollout.

    Answer

    CEO David Ricks attributed the volatility to "lumpiness in channel stocking," driven by wholesaler and retailer decisions based on cold chain and working capital constraints. He stressed that underlying in-market prescription volume accelerated in Q3, there is no demand problem, and the company is now confident in stimulating demand due to improved supply.

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    Geoffrey Meacham's questions to Biogen Inc (BIIB) leadership

    Geoffrey Meacham's questions to Biogen Inc (BIIB) leadership • Q1 2025

    Question

    Geoffrey Meacham asked if Biogen views its significant U.S. manufacturing capacity differently now that more companies are onshoring, and if there are partnership opportunities.

    Answer

    CEO Christopher Viehbacher confirmed they are actively leveraging their capacity, with established contract manufacturing (CDMO) operations at their facilities in both Solothurn, Switzerland, and Research Triangle Park, NC. He noted the RTP site has a strong reputation and they are open to and actively looking for more partnership opportunities. CFO Robin Kramer added they maintain a good mix of internal and partner manufacturing.

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    Geoffrey Meacham's questions to Pfizer Inc (PFE) leadership

    Geoffrey Meacham's questions to Pfizer Inc (PFE) leadership • Q1 2025

    Question

    Geoffrey Meacham asked about the ranking of priorities for business development (e.g., TAM, LOE timing) and what incentives would encourage greater U.S. manufacturing investment.

    Answer

    CEO Albert Bourla outlined a strategy focused on making Pfizer an EPS growth and pipeline story through the upcoming LOE period. Chief Strategy and Innovation Officer Andrew Baum added that building sustainable franchises is a key goal. Bourla stated that 'certainty' of no tariffs would be a major incentive for U.S. investment, given the improved tax environment.

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    Geoffrey Meacham's questions to Pfizer Inc (PFE) leadership • Q4 2024

    Question

    Geoffrey Meacham asked about Pfizer's level of conviction in the stabilizing revenue of its COVID franchise and its appetite for business development, particularly regarding expansion into new therapeutic areas.

    Answer

    Executive Aamir Malik explained that PAXLOVID utilization tracks disease outbreaks and COMIRNATY vaccination rates are stable, supporting revenue predictability. CFO Dave Denton noted that strong cash flow allows for a more balanced capital allocation in 2025. Executive Andrew Baum added that any expansion beyond the four core therapeutic areas would require breakthrough science and internal talent.

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    Geoffrey Meacham's questions to Pfizer Inc (PFE) leadership • Q3 2024

    Question

    Geoffrey Meacham asked what defines success for Pfizer's oral obesity drugs in terms of efficacy and how the company views orals versus injectables. He also inquired about what changes Pfizer would like to see in the IRA from a new administration.

    Answer

    Chief Scientific Officer Mikael Dolsten stated that success for oral obesity drugs would be achieving 10-20% weight loss, with combinations aiming for the higher end of that range. CEO Albert Bourla commented on the IRA, stating that while the out-of-pocket cap is beneficial, the price-setting mechanism is detrimental to innovation. He also identified the 340B drug pricing program as a major issue requiring reform.

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    Geoffrey Meacham's questions to AbbVie Inc (ABBV) leadership

    Geoffrey Meacham's questions to AbbVie Inc (ABBV) leadership • Q1 2025

    Question

    Geoffrey Meacham of Citigroup Inc. asked for AbbVie's perspective on PBM reform and inquired about business development priorities, questioning if neuroscience remains a focus and if multiple shots on goal in metabolic disease is the preferred approach.

    Answer

    CEO Robert Michael stated that AbbVie supports PBM reform efforts that genuinely improve patient affordability. On business development, he affirmed that neuroscience remains a key area across psychiatry, migraine, Parkinson's, and neurodegeneration, citing recent deals. He explained the entry into obesity was driven by the attractive profile of the amylin class. AbbVie will continue to invest across its five key growth areas and in new opportunities like obesity to drive long-term growth.

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    Geoffrey Meacham's questions to AbbVie Inc (ABBV) leadership • Q4 2024

    Question

    Geoffrey Meacham asked about the remaining value drivers for the Cerevel acquisition after the partial impairment, whether 2025 is expected to be the trough year for Aesthetics growth, and the potential for BoNT/E to attract new patients.

    Answer

    CEO Robert Michael explained that while emraclidine's value is reduced, they remain optimistic about Tavapadon and see a path forward for emraclidine in adjunctive therapies. An unnamed executive suggested 2025 is modeled to be the trough year for Aesthetics, with a high single-digit CAGR expected through 2029. SVP Carrie Strom positioned BoNT/E as a key catalyst to activate new patients by addressing cost and natural-look concerns, with a strategy to convert them to BOTOX.

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    Geoffrey Meacham's questions to AbbVie Inc (ABBV) leadership • Q3 2024

    Question

    Geoffrey Meacham of Citi asked a strategic question about the Eye Care business's ranking within the portfolio and whether AbbVie is considering business development in other therapeutic areas like metabolics.

    Answer

    CEO Robert Michael affirmed that Eye Care is one of AbbVie's five key growth areas, guiding both internal R&D and external BD. He noted that while their primary focus is on these core areas, they would opportunistically consider a differentiated asset in a large market like metabolics, though it is not a current priority.

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    Geoffrey Meacham's questions to Merck & Co Inc (MRK) leadership

    Geoffrey Meacham's questions to Merck & Co Inc (MRK) leadership • Q1 2025

    Question

    Geoffrey Meacham from Bank of America inquired about Merck's strategies to mitigate potential tariffs, asking about new CapEx, supply chain adjustments, or U.S. price increases.

    Answer

    CEO Robert Davis explained that Merck has been rebalancing its supply chain since the Tax Cut and Jobs Act, with significant investments already made and more committed. He stated that near-term impacts are managed by inventory, while long-term strategies involve repositioning and building manufacturing capacity. Davis explicitly noted that price increases are not considered a lever to offset tariffs.

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    Geoffrey Meacham's questions to Merck & Co Inc (MRK) leadership • Q4 2024

    Question

    Geoffrey Meacham followed up on GARDASIL in China, asking if there is a specific inventory threshold that would trigger the resumption of shipments. He also asked if the general climate around vaccines has changed their priority within Merck's BD or R&D strategy.

    Answer

    CEO Robert Davis stated there is no specific inventory level to commit to for restarting shipments, reiterating that the focus is on letting the market dynamic work itself through and that China is now considered upside. Regarding the vaccine business, he confirmed it remains an important area for internal R&D with products like CAPVAXIVE, but it is not a primary focus for business development due to a lack of available opportunities.

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    Geoffrey Meacham's questions to Gilead Sciences Inc (GILD) leadership

    Geoffrey Meacham's questions to Gilead Sciences Inc (GILD) leadership • Q4 2024

    Question

    Geoffrey Meacham inquired about Gilead's HIV treatment strategy, asking if the pipeline of lenacapavir-based options is intended to eventually replace Biktarvy and how the company views lifecycle management ahead of Biktarvy's patent expiration.

    Answer

    Chief Commercial Officer Johanna Mercier explained that the strategy is to offer patients new long-acting oral and injectable options that build upon Biktarvy's standard of care. She acknowledged that these new therapies will likely erode Biktarvy's market share over time, viewing it as a deliberate portfolio strategy to retain leadership well before the late 2033 loss of exclusivity.

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    Geoffrey Meacham's questions to Bristol-Myers Squibb Co (BMY) leadership

    Geoffrey Meacham's questions to Bristol-Myers Squibb Co (BMY) leadership • Q4 2024

    Question

    Geoffrey Meacham of Citi questioned if there are plans to accelerate or add to Cobenfy's development program following a competitor's failure, and also asked for the company's perspective on potential revisions to the Inflation Reduction Act (IRA).

    Answer

    CEO Christopher Boerner confirmed that competitive dynamics create a more significant long-term opportunity for Cobenfy, prompting a "full court press" to accelerate programs. CMO Samit Hirawat added that the drug's mechanism opens doors to explore other dementia-related indications. Regarding policy, Boerner stated the company looks forward to working with the new administration to address damaging aspects of the IRA, specifically citing the "pill penalty" and spillover effects as key concerns.

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    Geoffrey Meacham's questions to Bristol-Myers Squibb Co (BMY) leadership • Q3 2024

    Question

    Geoffrey Meacham asked about the milvexian program, questioning the cause of the lower-than-expected event rate and whether it alters the program's risk profile.

    Answer

    CEO Christopher Boerner stated the company is encouraged by the program and the decision to increase sample size is to maintain the 2027 data readout timeline. Head of Global Drug Development Samit Hirawat added that the Data Monitoring Committee (DMC) supports continuing the study and that the lower blended event rate is seen as a positive sign, unlike a competitor's trial that was halted for different reasons.

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