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    Les Sulewski • Truist Securities

    Les Sulewski's questions to ANI Pharmaceuticals Inc (ANIP) leadership

    Les Sulewski's questions to ANI Pharmaceuticals Inc (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.

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    Les Sulewski's questions to Collegium Pharmaceutical Inc (COLL) leadership

    Les Sulewski's questions to Collegium Pharmaceutical Inc (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.

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    Les Sulewski's questions to Pacira Biosciences Inc (PCRX) leadership

    Les Sulewski's questions to Pacira Biosciences Inc (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.

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

    Les Sulewski's questions to Amneal Pharmaceuticals Inc (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.

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    Les Sulewski's questions to Teva Pharmaceutical Industries Ltd (TEVA) leadership

    Les Sulewski's questions to Teva Pharmaceutical Industries Ltd (TEVA) leadership • Q2 2025

    Question

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

    Answer

    President and CEO Richard Francis and EVP & CFO Eli Kalif confirmed the EBITDA strength is sustainable, driven by innovative product mix and transformation savings. While the goal is continuous improvement, the formal target remains $700M. They emphasized that reaching leverage targets and investing in the business via BD precedes shareholder returns.

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