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Justin Smith

Justin Smith

Senior Analyst specializing in European Biopharmaceuticals at Richard Bernstein Advisors LLC

United Kingdom

Justin Smith is a Senior Analyst specializing in European Biopharmaceuticals at Bernstein, bringing 25 years of equity research experience primarily focused on the healthcare sector. He covers major companies including argenx, Bristol-Myers Squibb, and a diverse set of 19 healthcare stocks across both European and U.S. markets, consistently delivering analyst performance metrics such as a 50% success rate and an average return of 4.2% per rating according to TipRanks. Smith began his career in equity research in the late 1990s and has held senior research roles prior to joining Bernstein, demonstrating deep sector expertise. He is professionally credentialed and actively follows regulations required for equity research analysts covering global healthcare firms.

Justin Smith's questions to ASTRAZENECA (AZN) leadership

Question · Q3 2025

Justin Smith asked about WAINUA (iplantosin), specifically if the CARDIO-TTRansform trial could reshape long-term treatment guidelines and whether new, simpler diagnostic tests are emerging to expand the cardiomyopathy patient population.

Answer

EVP of Biopharmaceuticals R&D Sharon Barr discussed CARDIO-TTRansform's potential to demonstrate the role of silencers and compare iplantosin with tafamidis, noting ALXN2220 for combination approaches. She also mentioned efforts in earlier diagnosis via AI models and biomarker assays. EVP of Biopharmaceuticals Business Unit Ruud Dobber highlighted it as the largest CM trial, with hopes for a CV mortality benefit.

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Question · Q3 2025

Justin Smith asked about the potential for the CARDIO-TTRansform study to reshape treatment guidelines for ATTR amyloidosis and the development of simpler diagnostic tests to expand the cardiomyopathy patient population.

Answer

EVP of Biopharmaceuticals R&D Sharon Barr expressed anticipation for the CARDIO-TTRansform readout in 2026, highlighting its potential to guide treatment decisions and the company's unique position with a depleter and silencer in its portfolio. She also discussed exploring AI-informed models and new biomarker assays for earlier diagnosis. EVP of Biopharmaceuticals Business Unit Ruud Dobber emphasized the trial's significance as the largest CM trial to date.

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Question · Q1 2025

Justin Smith requested more color on the increased competition for Ultomiris, asking if it was price-related and how it aligns with competitors' views that innovation should expand the market.

Answer

EVP, Rare Disease, Marc Dunoyer clarified that the competition for Ultomiris comes primarily from novel medicines with different mechanisms of action, not biosimilars or price pressure. He agreed that innovation is expanding the myasthenia gravis market, where Ultomiris holds a key position, but other novel therapies are also attracting patients new to branded treatments.

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Question · Q4 2024

Justin Steven Smith of Bernstein asked about the rare disease drug efzimfotase, specifically its cost of goods compared to Strensiq, and also inquired about the outlook for capital expenditures beyond 2025.

Answer

Marc Dunoyer, EVP of Rare Disease, confirmed that the cost of goods for efzimfotase is significantly lower than for Strensiq, which will help support the goal of reaching a much larger patient population. CFO Aradhana Sarin stated that the current elevated level of CapEx should be expected for the next several years, as it supports multiyear manufacturing and technology projects already underway.

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Justin Smith's questions to GSK (GSK) leadership

Question · Q4 2024

Justin Steven Smith of AllianceBernstein asked about the resonance of the Minimal Residual Disease (MRD) endpoint in the DREAMM-10 first-line trial for Blenrep with payers and community doctors, particularly outside the U.S.

Answer

An executive, likely Chief Scientific Officer Tony Wood, explained that MRD is a newer endpoint recommended by ODAC, with the goal of establishing its correlation with established endpoints like PFS over time. CCO Luke Miels added that market research indicates physicians view MRD as a practical necessity for long first-line trials, but it does not replace overall survival data in later lines of therapy, where Blenrep has demonstrated strong results.

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Justin Smith's questions to 374Water (SCWO) leadership

Question · Q3 2024

Inquired about the operational details at the Orlando facility, including the types of testing, the status of customer demonstrations, and key metrics for customers. Also asked about the timeline for the Orange County Sanitation unit's shipment.

Answer

The executive confirmed the Orlando facility is fully operational, currently focusing on biosolids processing while also conducting customer demonstrations. Customers are focused on system stability and the complete destruction of waste, particularly hard-to-destroy short-chain PFAS. The Orange County unit will be shipped after a one-day factory acceptance test.

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