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    Katherine Wang

    Managing Director and Senior Equity Research Analyst at Jefferies

    Katherine Wang is a Managing Director and Senior Equity Research Analyst at Jefferies, specializing in biotechnology and pharmaceuticals with an emphasis on China healthcare. She covers major companies such as BeiGene, Zai Lab, Hutchmed, and Innovent Biologics, consistently delivering insightful investment research that contributes to market-moving analysis. Over her career, she has received industry recognition for accuracy and depth, with a TipRanks ranking in the top percentile and a notable analyst success rate exceeding 70%, generating strong annualized returns for investors. Prior to joining Jefferies in 2015, Katherine Wang held analyst positions at Bank of America Merrill Lynch and earned her credentials including FINRA Series 7 and 63 licenses.

    Katherine Wang's questions to Apellis Pharmaceuticals (APLS) leadership

    Katherine Wang's questions to Apellis Pharmaceuticals (APLS) leadership • Q2 2025

    Question

    Katherine Wang, on for Akash Tewari at Jefferies, questioned the appropriate level of OpEx spend for the geographic atrophy franchise given the current trajectory and asked when the Cyfovri business line is expected to achieve profitability.

    Answer

    EVP & Head of Global Commercial David Acheson reiterated the large, underpenetrated market opportunity for GA, viewing Cyfovri as a long-term blockbuster. CFO Timothy Sullivan clarified that the Cyfovri business line is already a very profitable, high-leverage business on its own, and pointed to the 10-Q for R&D allocation details to construct a standalone P&L.

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    Katherine Wang's questions to Apellis Pharmaceuticals (APLS) leadership • Q2 2025

    Question

    Katherine Wang, on behalf of Akash Tewari at Jefferies, asked about the appropriate level of operating expense for the GA franchise given Cyfovri's current trajectory and inquired when the product line is expected to reach profitability.

    Answer

    EVP of Commercial David Acheson reiterated the large, stable market opportunity. CFO Tim Sullivan clarified that on a standalone basis, the Cyfovri business is already 'very profitable' due to its high leverage and reasonable sales force size, directing investors to the 10-Q for a P&L breakdown.

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    Katherine Wang's questions to Apellis Pharmaceuticals (APLS) leadership • Q2 2025

    Question

    Katherine Wang from Jefferies asked about the appropriate level of OpEx spending for the GA franchise given the current trajectory and when the Cyfovri brand is expected to achieve profitability.

    Answer

    EVP & Head of Global Commercial David Acheson reiterated the large market opportunity and expectation for stable, gradual growth, viewing Cyfovri as a long-term blockbuster. CFO Tim Sullivan clarified that Cyfovri as a standalone business line is already very profitable, with high leverage and a reasonable sales force, and pointed to the 10-Q for R&D allocation details.

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    Katherine Wang's questions to Apellis Pharmaceuticals (APLS) leadership • Q2 2025

    Question

    Katherine Wang, on behalf of Akash Tewari at Jefferies, asked about the appropriate level of operating expense for the GA franchise given Cyfovri's current trajectory and when the product is expected to achieve profitability.

    Answer

    EVP David Acheson reiterated the large market opportunity. CFO Tim Sullivan clarified that as a standalone business line, Cyfovri is already 'a very profitable business' due to its high leverage and reasonable sales force size. He directed investors to the R&D expense allocation in the 10-Q for more detail.

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    Katherine Wang's questions to IRONWOOD PHARMACEUTICALS (IRWD) leadership

    Katherine Wang's questions to IRONWOOD PHARMACEUTICALS (IRWD) leadership • Q4 2024

    Question

    Speaking on behalf of Amy Li, Katherine Wang asked about the timing of the Medicare Part D redesign's financial impact, suggesting it might be more pronounced in the second half of 2025 for a low-cost drug like LINZESS.

    Answer

    Executive Greg Martini responded that the company's full-year 2025 guidance already incorporates their expectations for the Medicare Part D redesign's impact. While acknowledging that the timing throughout the year is a factor they will monitor, he expressed confidence that the provided guidance range appropriately accounts for the anticipated pricing headwinds for the full year.

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    Katherine Wang's questions to Alkermes (ALKS) leadership

    Katherine Wang's questions to Alkermes (ALKS) leadership • Q3 2024

    Question

    Katherine Wang, on behalf of Akash Tewari, asked about the waning efficacy observed in a competitor's orexin-2 agonist (TAK-861) and whether this raises concerns about the long-term efficacy of ALKS 2680 in NT2 or IH patients.

    Answer

    CEO Richard Pops attributed the competitor's results to not having the right dose for NT2, making it difficult to interpret the efficacy curve. He contrasted this with ALKS 2680, which has demonstrated efficacy across a range of well-tolerated doses in NT1, NT2, and IH, suggesting this dosing flexibility is a key competitive advantage.

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