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    Jo Walton • UBS

    Jo Walton's questions to Novo Nordisk A/S (NVO) leadership

    Jo Walton's questions to Novo Nordisk A/S (NVO) leadership • Q1 2025

    Question

    Jo Walton asked about the price difference between compounded semaglutide and branded cash-pay options, questioning if the market is too price-sensitive for patients to switch. She also inquired about the current average patient stay time on obesity treatments.

    Answer

    Dave Moore, EVP of U.S. Operations, acknowledged that compounded drugs are cheaper but emphasized that a key part of their strategy is educating the 55 million Americans with commercial insurance coverage for Wegovy about their low co-pay options. He stated that the current 12-month average stay time is 7.4 months and continues to increase as the brand matures.

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    Jo Walton's questions to Novo Nordisk A/S (NVO) leadership • Q1 2024

    Question

    Jo Walton asked whether Novo Nordisk anticipates a complete patient transition from semaglutide to CagriSema, similar to the Saxenda-to-Wegovy shift, and questioned the manufacturing and pricing implications.

    Answer

    Camilla Sylvest, Group Commercial Strategy Head, differentiated the situation from the past, citing Wegovy's strong efficacy and established cardiovascular benefits. She positioned future innovations like CagriSema as market expanders that will coexist with Wegovy, serving different patient needs rather than triggering a pure cannibalization of the existing patient base.

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    Jo Walton's questions to GSK plc (GSK) leadership

    Jo Walton's questions to GSK plc (GSK) leadership • Q1 2025

    Question

    Jo Walton questioned how GSK can maintain low SG&A growth while supporting numerous product launches and asked for clarification on the valuation method for products shipped to the U.S. for tariff purposes.

    Answer

    CFO Julie Brown and CCO Luke Miels explained that SG&A discipline is achieved by shifting to specialty medicines, which require more concentrated commercial resources, and by reallocating funds from mature products. Regarding tariffs, Brown stated that calculations are based on customs value, not just API price, and reiterated confidence in their mitigation plans due to supply chain agility and productivity initiatives.

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    Jo Walton's questions to Sanofi SA (SNY) leadership

    Jo Walton's questions to Sanofi SA (SNY) leadership • Q1 2025

    Question

    Jo Walton of UBS questioned Sanofi's R&D strategy, noting recent Phase II studies seemed too small to yield statistically significant results. She also asked about the potential for a U.S. IRA renegotiation and the likely 'pay away' for the industry in such a scenario.

    Answer

    Houman Ashrafian (EVP, Head of R&D) defended the R&D strategy, stating that while cautious in their language, their confidence in the amlitelimab asthma data is 'unequivocal' for a Phase III move and that the brivekimig study was 'exquisitely highly compelling.' CEO Paul Hudson addressed the IRA, noting a recent executive order suggests a shared responsibility for any 'pay for' if the small molecule exclusivity period is extended.

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    Jo Walton's questions to Sanofi SA (SNY) leadership • Q4 2024

    Question

    Jo Walton of UBS asked about the current U.S. penetration rate for Beyfortus, the risk to vaccine sales from weakening mandates, and the company's assumptions regarding the impact of U.S. healthcare reform on Part D costs and volumes.

    Answer

    Executive Thomas Triomphe stated it was premature to give a precise Beyfortus penetration rate but expects a significant percentage of the birth cohort was protected. He does not foresee a major impact from changes to vaccine mandates. CFO François-Xavier Roger noted a modest impact from Medicare Part D changes is built into guidance, while Executive Brian Foard added that potential volume improvements from lower patient out-of-pocket costs are yet to be determined.

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    Jo Walton's questions to Sanofi SA (SNY) leadership • Q2 2024

    Question

    Jo Walton asked about the demand for Beyfortus outside the U.S., specifically which new countries might be supplied this year. She also requested clarification on where the newly filed asset, fitusiran, is expected to fit within the hemophilia treatment landscape.

    Answer

    Thomas Triomphe, EVP of Vaccines, noted that beyond the U.S., Spain, and France, they expect to launch in parts of Italy, Germany, Ireland, Belgium, and Portugal this year. Regarding fitusiran, Houman Ashrafian, EVP and Head of R&D, explained that while it's applicable broadly, the most immediate use will likely be in hemophilia B with inhibitors, highlighting its differentiated profile of low-volume, infrequent injections and no cold chain.

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    Jo Walton's questions to AstraZeneca PLC (AZN) leadership

    Jo Walton's questions to AstraZeneca PLC (AZN) leadership • Q4 2024

    Question

    Jo Walton of UBS requested clarification on the expected 2025 gross margin impact, asking if it's a one-time event, and questioned if improved adherence from the Part D changes was already observed in 2024 and what to expect in 2025.

    Answer

    CFO Aradhana Sarin clarified the 60-70 basis point gross margin decline is driven by ongoing factors like Part D, China's VBP, and biosimilar impact, not a one-time event. David Fredrickson, EVP of Oncology, confirmed that improved adherence and lower abandonment rates were seen in 2024 due to the co-pay cap, and this positive trend is expected to continue in 2025 as patient affordability further improves.

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    Jo Walton's questions to Novartis AG (NVS) leadership

    Jo Walton's questions to Novartis AG (NVS) leadership • Q2 2024

    Question

    Jo Walton from UBS asked about the average number of Pluvicto cycles a patient currently receives, which is below the maximum of six, and how this might change with new indications.

    Answer

    CEO Vasant Narasimhan confirmed that patients currently receive 3 to 4 cycles on average, primarily because referrals from the community setting happen too late in the disease course. He explained that as Pluvicto moves into earlier lines of therapy, such as the PSMAfore population, patients will be healthier and more likely to complete the full six cycles, which should provide a lift to the product's performance.

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