Sign in

    Les Sulewski

    Senior Equity Research Analyst at Truist Securities

    Les Sulewski is a Senior Equity Research Analyst at Truist Securities, specializing in biotechnology and specialty pharmaceuticals. He provides coverage for companies such as Amneal Pharmaceuticals, Cormedix Inc., DRI Healthcare Trust, and others, maintaining a strong performance record with an average return of 15.3% per rating and a success rate of over 50%. Sulewski began his equity research career prior to joining Truist Securities, and in his current role, he contributes to one of the leading biotech research teams alongside other prominent analysts. He holds FINRA registration and is licensed to provide securities analysis and recommendations, bolstered by significant experience in equity research and recognized for high-conviction calls including a +235% return on Cormedix Inc. in 2024.

    Les Sulewski's questions to ANI PHARMACEUTICALS (ANIP) leadership

    Les Sulewski's questions to ANI PHARMACEUTICALS (ANIP) leadership • Q2 2025

    Question

    Les Sulewski asked for clarification on what drove the significant increase in Cortrophin's guidance since the last update and how ANI outpaced competitor growth. He also inquired about the new product cadence for generics, potential FDA approval delays, and Cortrophin's supply chain capacity.

    Answer

    President, Director & CEO Nikhil Lalwani attributed the raised guidance to several factors outperforming expectations, including the rapid impact of the sales force expansion, acceleration in new indications, and strong uptake of the prefilled syringe. He reiterated a focus on market growth over market share. Regarding generics, he noted strong R&D execution with no material FDA delays and an expected continued cadence of new launches. He also confirmed that ANI's U.S.-based supply chain is well-positioned to meet the rising demand for Cortrophin.

    Ask Fintool Equity Research AI

    Les Sulewski's questions to COLLEGIUM PHARMACEUTICAL (COLL) leadership

    Les Sulewski's questions to COLLEGIUM PHARMACEUTICAL (COLL) leadership • Q2 2025

    Question

    Les Sulewski of Truist Securities inquired about Collegium's growth strategy for Jornay PM, asking for year-end prescriber targets, current prescriber awareness levels, progress in the adult ADHD market, and whether the company would reconsider its $300-400M peak sales estimate. He also asked a follow-up question about future investment levels for the pain portfolio.

    Answer

    President and CEO Vikram Karnani stated that the company will reassess Jornay PM's peak sales forecast after evaluating the impact of its expanded sales force and new marketing initiatives. EVP & CCO Scott Dreyer added that while there is no specific prescriber count target, the base grew 23% YoY to 26,000, and they are focused on continued breadth. He noted that the adult segment is growing faster than pediatric, at 33% vs. 21%. Regarding the pain portfolio, Dreyer confirmed that investment levels are stable and consistent, reflecting the franchise's durability.

    Ask Fintool Equity Research AI

    Les Sulewski's questions to biote (BTMD) leadership

    Les Sulewski's questions to biote (BTMD) leadership • Q2 2025

    Question

    Les Sulewski of Truist Securities asked about the primary drivers of the higher-than-expected clinic attrition, questioning if the adoption of GLP-1s was a contributing factor or if the causes were more internal. He also requested details on the company's longer-term initiatives.

    Answer

    CEO Bret Christensen responded that the company views GLP-1s as complementary, not a cause of attrition. He attributed the procedure revenue headwinds to two main internal disruptions: the launch of the CDSS software in Q3 2024, which distracted the sales team, and the subsequent organizational restructuring in May 2025. Christensen emphasized that while these actions were necessary for long-term growth, they created short-term slowdowns and the company is still feeling their effects.

    Ask Fintool Equity Research AI

    Les Sulewski's questions to Pacira BioSciences (PCRX) leadership

    Les Sulewski's questions to Pacira BioSciences (PCRX) leadership • Q2 2025

    Question

    Les Sulewski of Truist Securities inquired about the new Johnson & Johnson MedTech partnership for ZILRETTA, its economics, the gross-to-net impact of a new GPO, sales force expansion progress, and the gross margin outlook for the second half of the year and beyond.

    Answer

    CEO Frank Lee clarified the new J&J partnership is for ZILRETTA and its financial impact is reflected in current guidance. CFO Shawn Cross stated the GPO's gross-to-net impact is a low single-digit percentage and detailed how manufacturing efficiencies led to increased full-year gross margin guidance of 78-80%. CCO Brendan Teehan added that the expanded sales teams are hitting their stride and securing key formulary wins.

    Ask Fintool Equity Research AI

    Les Sulewski's questions to Amneal Pharmaceuticals (AMRX) leadership

    Les Sulewski's questions to Amneal Pharmaceuticals (AMRX) leadership • Q2 2025

    Question

    Les Sulewski from Truist Securities asked for an update on the Rytary generic launch, Krexant reimbursement status, international regulatory timelines for Krexant, and the company's long-term gross margin outlook beyond 2027.

    Answer

    CFO Tasos Konidaris noted Teva's generic Rytary is not yet approved and stated Amneal is not in the business of diluting margins, expecting them to increase steadily over time. SVP & Chief Commercial Officer - Specialty, Joe Renda, reported Krexant commercial coverage is over 60%, exceeding expectations. Co-CEO Chintu Patel projected Krexant launches in Europe by late 2026 and India in late 2026 to early 2027.

    Ask Fintool Equity Research AI

    Les Sulewski's questions to TEVA PHARMACEUTICAL INDUSTRIES (TEVA) leadership

    Les Sulewski's questions to TEVA PHARMACEUTICAL INDUSTRIES (TEVA) leadership • Q2 2025

    Question

    Les Sulewski of Truist Securities inquired about the sustainability of the second-half EBITDA margin uptick, potential for cost savings beyond the $700M target, and the company's capital allocation priorities, including buybacks and M&A.

    Answer

    President and CEO Richard Francis linked the strong EBITDA to the growing high-margin innovative portfolio and described cost savings as a continuous modernization effort. EVP & CFO Eli Kalif projected second-half EBITDA would be above the midpoint of guidance, driven by innovative product growth and transformation savings. He noted that while shareholder returns are reviewed, the immediate focus is on reaching leverage targets and fueling growth.

    Ask Fintool Equity Research AI