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    James Quigley

    Senior Analyst at Goldman Sachs

    James Quigley is a Senior Analyst at Goldman Sachs focusing on coverage within the General sector, including large-cap pharmaceutical companies such as Novo Nordisk. Across 27 equities covered, he has maintained a 37.5% success rate with his highest-performing call delivering a 110.9% return and select recommendations generating average returns up to 45.78%. Quigley has been with Goldman Sachs at least since 2017, with prior career history not prominently listed in the public domain. He holds analyst credentials with FINRA registration, reflecting professional compliance in U.S. securities research.

    James Quigley's questions to NOVO NORDISK A S (NVO) leadership

    James Quigley's questions to NOVO NORDISK A S (NVO) leadership • Q2 2025

    Question

    James Quigley of Goldman Sachs asked for Novo Nordisk's competitive view on orfagliptin's Phase III data relative to Wegovy and oral semaglutide, and how this might impact market segmentation. He also later inquired about the risk of 'healthcare tourism' with generic semaglutide from Canada potentially entering the U.S. market.

    Answer

    Martin Lange, EVP & Chief Scientific Officer, highlighted oral semaglutide's superior weight loss (17% vs. 12%) and better tolerability compared to orfagliptin. David Moore, EVP of US Operations, and Ludovic Helfgott, EVP of Product & Portfolio Strategy, expressed excitement for unlocking new patient segments with an oral option. Regarding Canadian generics, Mr. Moore stated there is no legal mechanism for unapproved products to enter the U.S., and Karsten Knudsen, EVP & CFO, confirmed that while erosion in Canada is expected, legal teams are prepared to defend the U.S. business from parallel trade.

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    James Quigley's questions to NOVO NORDISK A S (NVO) leadership • Q2 2025

    Question

    James Quigley of Goldman Sachs asked about Novo Nordisk's view on competitor orfagliptin data relative to oral semaglutide and its impact on market segmentation. He also inquired about the risk of 'healthcare tourism' from Canada to the U.S. once generic semaglutide becomes available there.

    Answer

    Martin Lange (CSO) asserted oral semaglutide's superior efficacy (17% vs 12% weight loss) and tolerability. David Moore (EVP - US Operations) and Ludovic Helfgott (EVP - Product & Portfolio Strategy) added that oral sema will unlock new patient segments. Regarding Canadian generics, David Moore stated there is no legal mechanism for unapproved products to enter the U.S., and Karsten Knudsen (CFO) confirmed that legal teams are prepared to defend the U.S. business from inappropriate parallel trade.

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    James Quigley's questions to NOVO NORDISK A S (NVO) leadership • Q1 2025

    Question

    Inquired about the wide range in the second-half guidance, asking for the key variables and assumptions. Also requested more detail on the impact of compounding, including the estimated drag on Wegovy and assumptions about patient switching behavior.

    Answer

    The guidance range reflects uncertainty around the conversion of over one million patients from compounded GLP-1s to branded products in the second half, which is a key driver for growth alongside the MASH label update and the CVS formulary win. The company is actively trying to capture these patients through expanded cash offers, improved insurance access, and targeted marketing about the safety and availability of authentic Wegovy.

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    James Quigley's questions to NOVO NORDISK A S (NVO) leadership • Q1 2025

    Question

    James Quigley inquired about the key variables driving the wide range in the updated full-year guidance and requested more detail on the estimated market impact of compounded GLP-1s on Wegovy.

    Answer

    CFO Karsten Knudsen explained the guidance range hinges on the successful transition of patients from compounded to branded products in the second half of the year, driven by new cash-pay channels and the CVS formulary win. He estimated over one million patients are on compounded GLP-1s. Dave Moore, EVP of U.S. Operations, added that an estimated 70% of compounding is of semaglutide and outlined a three-part strategy to capture these patients.

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    James Quigley's questions to NOVARTIS (NVS) leadership

    James Quigley's questions to NOVARTIS (NVS) leadership • Q2 2025

    Question

    James Quigley of Goldman Sachs asked about Pluvicto's potential in earlier prostate cancer lines, addressing physician concerns about side effects, and how the next-generation actinium-based PSMA therapy fits into the treatment paradigm.

    Answer

    CEO Vasant Narasimhan responded that Novartis has not received feedback on the specific side effects mentioned, emphasizing Pluvicto's favorable safety profile. He positioned the actinium-based therapy for use in patients who have progressed on Pluvicto, with the potential for earlier use in the future pending further safety and efficacy data.

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    James Quigley's questions to NOVARTIS (NVS) leadership • Q1 2025

    Question

    James Quigley asked about pelacarsen's competitiveness in light of competitor data showing longer dosing intervals and inquired about the political appetite in Europe for addressing the innovation imbalance between the EU and the U.S.

    Answer

    CEO Vasant Narasimhan stated that the immediate focus is on delivering the Phase III HORIZON trial to establish pelacarsen as a first-in-class therapy, while also developing longer-acting options for life cycle management. Regarding Europe, he noted that while advocacy is ongoing to rethink how innovation is valued, it is unclear if the European Commission will prioritize it over regulatory streamlining.

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    James Quigley's questions to NOVARTIS (NVS) leadership • Q4 2024

    Question

    James Quigley requested a breakdown of the 2025 guidance into volume, generic impact, and pricing. He also asked what second-half growth would be without the generic impact and if the guided H2 rate is a sensible exit rate for the long-term.

    Answer

    CFO Harry Kirsch responded that Novartis expects continued strong volume growth, slightly more pricing pressure than in 2024 (1-2% negative), and a key impact from generics based on analog models. He stated that if the three major generic entries did not happen, the second half of the year would look like the first half, but affirmed that the generic entry assumption is a careful part of their model.

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    James Quigley's questions to NOVARTIS (NVS) leadership • Q2 2024

    Question

    James Quigley from Goldman Sachs asked about the competitive dynamics for Pluvicto in the U.S., specifically what is needed to increase share in centers with lower adoption and the progress of expanding into community centers.

    Answer

    CEO Vasant Narasimhan explained that while established RLT sites have high Pluvicto adoption (up to 90%), about one-third of sites, mostly in the community, require more education to refer patients earlier instead of cycling through chemotherapy. To drive growth, Novartis has expanded its field force, is launching a DTC campaign, and is working to build confidence and referral pathways from community oncology.

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    James Quigley's questions to Sanofi (SNY) leadership

    James Quigley's questions to Sanofi (SNY) leadership • Q1 2025

    Question

    James Quigley of Goldman Sachs asked about the Phase III plans for amlitelimab in asthma, specifically regarding the study population and timeline. He also requested more detail on the drivers of the strong Q1 gross margin improvement and its expected progression.

    Answer

    Houman Ashrafian (EVP, Head of R&D) stated that Sanofi is consulting with KOLs to define the Phase III protocol for amlitelimab but will ensure the population with high unmet need is 'overrepresented.' CFO François-Xavier Roger attributed about two-thirds of the gross margin improvement to favorable product mix and manufacturing efficiencies, with further, though not significant, improvement expected through 2025.

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    James Quigley's questions to SOAGY leadership

    James Quigley's questions to SOAGY leadership • Q1 2025

    Question

    Asked for the key factors driving the slow recovery in BPS equipment orders and for an idea of when equipment might become less of a drag on growth.

    Answer

    The slow equipment recovery is due to a mix of factors, including some remaining industry overcapacity. However, utilization is increasing, and the project funnel is building, especially with CDMOs and for new capability additions. The company did not give a specific timeline but pointed to these positive underlying trends.

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    James Quigley's questions to Evotec (EVO) leadership

    James Quigley's questions to Evotec (EVO) leadership • Q2 2023

    Question

    Sought clarification on milestone recognition, headwinds affecting H2 guidance, and the expected timing and cadence of revenue catch-up in Q3 and Q4.

    Answer

    The Sandoz payment was an upfront fee, not a milestone; current milestones are primarily from BMS. The main headwind for H2 growth is in the API manufacturing business due to a business development gap following the cyberattack. Major payments from BMS and Sandoz are already factored into guidance, and further milestones are not guided for as they depend on partner execution.

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