Jason Gerbery

Jason Gerbery asked why the enterprise-wide strategic review update was deferred to Q1 2026, questioning if it was due to ongoing efforts, commercial buildout costs, or a preference for a dedicated forum. He also asked if the $100 million in Indore price penalties would recur in 2026 if the ban isn't lifted.

Answer

CEO Scott Smith explained the delay in the strategic review update is due to the project's large and complex nature, emphasizing the need for accuracy, sustainability, and credibility across 2026-2028. CFO Doretta Mistras clarified that the $100 million Indore impact includes non-recurring penalties (over 50%) not expected to recur in 2026. She added that Viatris is working to re-establish supply outside of Indore to stabilize the situation.

Jason Gerber from Bank of America inquired about the drivers behind brand resilience versus generic weakness, the sustainability of underlying growth, and the expected cadence of key new product launches contributing to the second-half weighted guidance.

Answer

CFO Theodora Mistras attributed brand strength to momentum in China and Europe, while noting the generics portfolio was most impacted by the Indoor facility issues. She reaffirmed the second-half weighted outlook (approx. 52% of revenue), driven by the timing of new product launches and normal seasonality. Chief R&D Officer Philippe Martin confirmed key launches like octreotide are scheduled for the second half of the year.

Jason Gerbery asked how Ionis plans to maximize the benefit of CARDIO-TTRansform data for Eplontersen in combination with tafamidis, ensuring disproportionate benefit and avoiding a 'free-riding effect' for competitors. He also inquired about the contextual importance of NNT data for olzarsen in both all-comer and high-risk sHTG groups for payers.

Answer

Brett Monia, CEO, Ionis, highlighted CARDIO-TTRansform as the largest TTR cardiomyopathy study, with combination usage as a key secondary endpoint. He expressed confidence in the trial design and drug, focusing on Eplontersen's value. Kyle Jenne, Chief Global Product Strategy Officer, Ionis, emphasized that the totality of olzarsen data, including significant triglyceride reductions and 85% AP event reduction, along with hospitalization and NNT data, would drive payer engagement and reimbursement, aiming to prevent first AP attacks.