Karen Johnson

Omar, on behalf of Karin Johnson from Goldman Sachs, inquired about the selection criteria for the three new indications and the anticipated size of the first Phase II trial scheduled to begin in the first half of 2025.

Answer

CMO Dr. Scott Harris explained that the indications were chosen based on targets in patients with obesity that would specifically benefit from glucagon's effects. He emphasized these will be Phase II proof-of-concept studies, not Phase I, and that further details on the indications and trial sizes will be provided after regulatory discussions are completed.

An analyst on behalf of Karen Johnson at Goldman Sachs asked for more detail on the drivers behind the increased royalty revenue guidance, such as new DARZALEX indications or conversion rates. A second question concerned the status of potential auto-injector partnership deals.

Answer

President and CEO Dr. Helen Torley attributed royalty growth to strong execution by partners. This includes DARZALEX share gains in frontline therapy, broadening adoption of VYVGART Hytrulo in GMG plus the new CIDP indication, and Phesgo's continued strong trajectory. Regarding auto-injectors, she confirmed that discussions are progressing through technical evaluations with potential partners.