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    James Vane-Tempest

    Managing Director and Senior Equity Analyst at Jefferies Financial Group Inc.

    James Vane-Tempest is a Managing Director and Senior Equity Analyst at Jefferies Financial Group Inc., with over 20 years of healthcare sector experience specializing in medical technologies, healthcare services, specialty pharma, and related subsectors. He covers leading firms such as Koninklijke Philips and Fresenius Medical Care, and was recognized as the City's top stock-picker in the StarMine analyst awards, achieving an excess return rate of 26.3 percent and ranking #1 across all sectors in the UK. Vane-Tempest began his career as an investment banker at JP Morgan before moving to pharmaceutical research roles at Goldman Sachs and ultimately joining Jefferies in 2009, where he has maintained a success rate on TipRanks of 66.67 percent across his stock calls. He holds an undergraduate degree from The University of Manchester and demonstrates deep sector engagement through industry conferences and expert panels.

    James Vane-Tempest's questions to SANGAMO THERAPEUTICS (SGMO) leadership

    James Vane-Tempest's questions to SANGAMO THERAPEUTICS (SGMO) leadership • Q2 2025

    Question

    James Vane-Tempest of Jefferies & Company Inc. inquired about Sangamo's Fabry disease program, asking if a pre-BLA meeting with the FDA has occurred to discuss using one-year eGFR data for approval, and what additional data, such as meta-analysis details or individual patient trajectories, can be expected at the upcoming ICIEM conference.

    Answer

    CEO Sandy Macrae clarified that the pre-BLA meeting has not yet occurred but reiterated the FDA's prior agreement for an accelerated approval pathway based on one-year eGFR data. He stated the company has no expectation that the FDA will require anything beyond the one-year data. Chief Development Officer Nathalie Dubois-Stringfellow added that the upcoming ICIEM presentation will include more detailed data than the initial top-line press release, though individual patient data is unlikely to be shown at the conference.

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    James Vane-Tempest's questions to Fresenius Medical Care (FMS) leadership

    James Vane-Tempest's questions to Fresenius Medical Care (FMS) leadership • Q2 2025

    Question

    James Vane-Tempest from Jefferies questioned the levers available to reach the upper end of the guidance range with flat volumes and asked how a failure to reach the 2%+ volume exit rate would affect capital allocation timing.

    Answer

    CEO Helen Giza explained that hitting the upper end of guidance is achievable through strong performance in other areas like rate/mix, revenue cycle management, and FME25 savings. CFO Martin Fischer affirmed the capital allocation strategy, stating strong cash flow supports the plan to initiate the €1 billion share buyback in August as announced.

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    James Vane-Tempest's questions to Fresenius Medical Care (FMS) leadership • Q1 2025

    Question

    James Vane-Tempest of Jefferies Financial Group Inc. questioned the significant drop in D&A and its impact on operating income growth, asking if the current run rate is sustainable. He also asked for more detail on the 5008x (HDF) launch, including pricing and U.S. market feedback.

    Answer

    CFO Martin Fischer clarified that the material reduction in D&A was primarily due to prior-year divestitures and that the underlying D&A trend is stable. CEO Helen Giza reiterated that details on the 5008x launch, including commercialization strategy, would be provided at the June Capital Markets Day, noting positive early feedback from the 11-patient pilot program.

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    James Vane-Tempest's questions to Fresenius Medical Care (FMS) leadership • Q4 2024

    Question

    James Vane-Tempest from Jefferies asked about the evolution of the FME25 savings target from EUR 500M to EUR 750M and whether the associated restructuring costs would cease after 2025.

    Answer

    CEO Helen Giza explained that the increased savings target was driven by the successful implementation of the new operating model, which provided greater financial transparency and revealed more opportunities than initially expected. She emphasized that as the company gained experience running under the new structure, it was able to go deeper to find efficiencies. She deferred questions about costs beyond 2025 to the upcoming Capital Markets Day.

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    James Vane-Tempest's questions to Fresenius Medical Care (FMS) leadership • Q2 2024

    Question

    James Vane-Tempest of Jefferies Financial Group Inc. asked what was compensating for the lower-than-budgeted volume growth and questioned the risk of a guidance downgrade if mortality worsens. He also asked if the FME25 savings in Care Enablement represent a minimum quarterly run-rate.

    Answer

    CEO Helen Giza stated that the acceleration of the FME25 savings program, which is now expected to hit the top end of its target range, is compensating for the volume shortfall. She acknowledged that higher mortality would be a risk but asked for patience until Q3 for more visibility. CFO Martin Fischer clarified that the quarterly FME25 savings are not a minimum run-rate and that the remaining EUR 41 million in savings will be spread over the second half of the year to reach the EUR 150 million target.

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    James Vane-Tempest's questions to Aurinia Pharmaceuticals (AUPH) leadership

    James Vane-Tempest's questions to Aurinia Pharmaceuticals (AUPH) leadership • Q2 2025

    Question

    James Vane-Tempest from Jefferies & Company Inc. asked for details on the drivers behind the raised revenue guidance for Lupkynis, including trends in new patient starts and how prior summer results inform the 2025 outlook. He also questioned the timeline for the next Aratinircept data update and the gating factors for selecting target indications.

    Answer

    President and CEO Peter Greenleaf detailed that the low-to-midpoint of the revised guidance accounts for a potential historical summer slowdown, while the high end assumes continued growth. He noted that historically, patient start forms have been lighter in summer months. On Aratinircept, Mr. Greenleaf reiterated that the company is advancing studies in at least two indications by year-end but is withholding further details for competitive reasons.

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    James Vane-Tempest's questions to Aurinia Pharmaceuticals (AUPH) leadership • Q2 2025

    Question

    James Vane-Tempest asked for details on the drivers behind the raised LUPKYNIS revenue guidance, specifically what the company is seeing in early Q3 patient trends. He also inquired about the timeline for the next Aratinacept data update and the gating factors for selecting which autoimmune diseases to pursue.

    Answer

    President and CEO Peter Greenleaf explained that the low-to-midpoint of the new guidance reflects historical summer slowdowns, while the high end assumes continued growth. He stated that for competitive reasons, the company would not provide a specific timeline for Aratinacept data or strategy, but confirmed plans to initiate enrollment in studies for at least two indications by the end of the year.

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    James Vane-Tempest's questions to Aurinia Pharmaceuticals (AUPH) leadership • Q2 2025

    Question

    James Vane-Tempest asked for the key drivers behind the raised 2025 revenue guidance for LUPKYNIS, specifically focusing on new patient start trends in early Q3 and how they compare to prior summer months. He also sought clarity on the timeline for the next Aratinecept data update and the strategy for selecting future indications.

    Answer

    CEO Peter Greenleaf explained the guidance range reflects different scenarios: the low-to-midpoint assumes historical summer slowing, while the high end assumes continued growth. He noted the company is encouraged by current business trends. On Aratinecept, Greenleaf reiterated that for competitive reasons, the company is not disclosing the timing of future data or specific indication selection, but confirmed plans to initiate studies in at least two diseases by year-end.

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    James Vane-Tempest's questions to Aurinia Pharmaceuticals (AUPH) leadership • Q2 2025

    Question

    James Vane-Tempest asked for details on the drivers behind the raised LUPKYNIS sales guidance, recent trends in new patient starts, and the timeline for the next data update from the Aratinacept MAD study.

    Answer

    President and CEO Peter Greenleaf explained that the revised guidance reflects strong performance, with the low-to-mid range accounting for historical summer slowdowns and the high end assuming continued growth. He reiterated that for competitive reasons, the company will not disclose specific timelines for Aratinacept data but confirmed plans to initiate studies in at least two new indications by the end of the year.

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    James Vane-Tempest's questions to SOAGY leadership

    James Vane-Tempest's questions to SOAGY leadership • Q1 2025

    Question

    Requested quantification of the "well above 1" book-to-bill ratio, asked for the rationale behind ceasing to disclose exact order numbers, and inquired about industry lead times and order volumes.

    Answer

    The company stopped disclosing exact order intake figures because investor feedback suggested it was a distraction. The quarterly book-to-bill is around the long-term pre-pandemic average. Lead times are generally standard, with some minor extensions due to component supply chain issues rather than internal capacity constraints.

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    James Vane-Tempest's questions to SCHOTT Pharma AG & Co. KGaA/ADR (SHTPY) leadership

    James Vane-Tempest's questions to SCHOTT Pharma AG & Co. KGaA/ADR (SHTPY) leadership • Q1 2025

    Question

    Asked for the basis of confidence in a stronger second half given short order lead times for vials, whether a competitor's new polymer syringe is having an impact, and for clarification on the full-year impact of foreign exchange on the margin guidance.

    Answer

    The company's confidence stems from strong order intake trends, despite short lead times. They see no impact from a competitor's new polymer syringe, citing their dominant market position. Regarding FX, the significant negative impact seen in Q1 is not expected to repeat in subsequent quarters, so the Q1 impact should not be extrapolated for the full year.

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    James Vane-Tempest's questions to SCHOTT Pharma AG & Co. KGaA/ADR (SHTPY) leadership • Q1 2025

    Question

    James Vane-Tempest of Jefferies Financial Group Inc. questioned the confidence in a stronger second half given shorter vial order lead times, the competitive impact from Stevanato's new polymer syringe, and the potential full-year FX impact on margin guidance.

    Answer

    CEO Andreas Reisse expressed confidence in the core vial recovery due to a broad customer base and strong order intake, despite shorter lead times. He dismissed any significant impact from competitors' polymer syringes, citing SCHOTT's dominant market position. CFO Dr. Almuth Steinkuhler clarified that the significant Q1 FX impact is not expected to repeat, so the full-year impact should primarily reflect what was seen in Q1.

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