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    Leszek Sulewski

    Research Analyst at Truist Securities

    Leszek Sulewski is an Equity Research Analyst at Truist Securities, specializing in coverage of the biotechnology and specialty pharmaceutical sectors. He follows companies such as DRI Healthcare Trust and Collegium Pharmaceutical, engaging directly with management on earnings calls and providing insights on their performance and strategic direction. Sulewski has established his career at Truist Securities, where he is recognized for thorough, data-driven research, though publicly available sources do not specify success rates or external rankings. His professional credentials include serving as an analyst on Wall Street calls and likely holding standard securities licenses such as the Series 7 and Series 63, aligning with industry requirements for sell-side analysts.

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

    Leszek Sulewski's questions to ANI PHARMACEUTICALS (ANIP) leadership • Q1 2025

    Question

    Leszek Sulewski asked about the trend in naive patient adoption for Cortrophin, the target patient for the prefilled syringe, and its margin impact. He also inquired about the 2025 gross margin outlook, the size of the Medicare Part B patient subset for ILUVIEN, the risk if foundation funding does not return, and whether sales force turnover impacted Cortrophin.

    Answer

    President and CEO Nikhil Lalwani and CFO Stephen Carey responded. Lalwani noted the naive prescriber base continues to grow and the prefilled syringe is a convenience option with limited near-term margin impact. Carey reiterated the full-year gross margin guidance of 63-64%. Lalwani added that if foundation support for the impacted Medicare Part B patients does not return, ILUVIEN sales would likely trend toward the lower end of its guidance range. He also confirmed the sales force turnover tempered Cortrophin's potential growth but the new team will benefit both products.

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    Leszek Sulewski's questions to ANI PHARMACEUTICALS (ANIP) leadership • Q3 2024

    Question

    Representing Leszek Sulewski of Truist Securities, Jeevan inquired about the key learnings from the Alimera acquisition that could be applied to future M&A, particularly concerning the prevention of delays in closing transactions.

    Answer

    Executive Nikhil Lalwani outlined two main lessons. First, the importance of adhering to a clear strategy, such as pursuing synergistic acquisitions that expand the rare disease business. Second, the necessity of being prepared to manage unforeseen challenges, citing the YUTIQ supply issue as an example. He expressed confidence in ANI's ability to resolve the issue with its partner EyePoint and highlighted the company's expertise in manufacturing and supply chain management as a key capability in handling such situations.

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

    Leszek Sulewski's questions to COLLEGIUM PHARMACEUTICAL (COLL) leadership • Q1 2025

    Question

    Leszek Sulewski inquired about the expected trend for Jornay PM prescriptions leading into the summer, the strategy behind the sales force expansion, and the potential to apply Jornay's technology to other compounds. He also asked about the company's appetite for business development in the current market.

    Answer

    Chief Commercial Officer Scott Dreyer explained the typical seasonality of ADHD medication scripts, with a summer slowdown followed by a back-to-school acceleration. He clarified the sales force expansion aims to increase both reach and frequency with prescribers, with full impact expected in Q4 2025 and beyond. President and CEO Vikram Karnani noted that applying the technology to other compounds was previously explored and found to be most effective for methylphenidate. On business development, Karnani reiterated a disciplined capital deployment strategy, stating the company's strong balance sheet provides capacity for a meaningful deal without being pressured by the market environment.

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    Leszek Sulewski's questions to COLLEGIUM PHARMACEUTICAL (COLL) leadership • Q4 2024

    Question

    Leszek Sulewski asked new CEO Vikram Karnani about his 3-to-5-year vision for Collegium, the current stage of business development opportunities, any realized synergies from the Ironshore integration, and the potential impact of the NOPAIN Act on the pain treatment category.

    Answer

    President and CEO Vikram Karnani outlined a dual growth strategy of organic performance from Journee and inorganic growth via M&A, focusing on commercial assets in neuropsychiatry, CNS, and rare diseases. CFO Colleen Tupper clarified that Ironshore synergies were minimal and related to G&A, as the deal was strategic, not cost-focused. CCO Scott Dreyer stated the NOPAIN Act has no impact on their portfolio as it pertains to inpatient settings, while their products are retail-based.

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    Leszek Sulewski's questions to COLLEGIUM PHARMACEUTICAL (COLL) leadership • Q3 2024

    Question

    Leszek Sulewski of Truist Securities inquired about several key areas, including whether the new CEO's rare disease background might alter Collegium's business development strategy, the investment plans for Belbuca leading up to its loss of exclusivity (LOE), and its competitive positioning. He also asked for details on Jornay PM's back-to-school season performance, its peak sales potential, and the seasonality impact.

    Answer

    Executive Michael Heffernan stated that the immediate strategic focus is integrating Jornay PM and maximizing the pain portfolio, with new CEO Vikram Karnani to refine future business development. Executive Scott Dreyer confirmed Collegium is fully investing in Belbuca through its LOE, viewing emerging pain products as non-competitive in its chronic pain space. Dreyer also highlighted Jornay PM's strong back-to-school performance, with an 18% increase in average weekly prescriptions from July to October, but declined to provide peak sales guidance.

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    Leszek Sulewski's questions to Akebia Therapeutics (AKBA) leadership

    Leszek Sulewski's questions to Akebia Therapeutics (AKBA) leadership • Q1 2025

    Question

    Leszek Sulewski asked about Vafseo inventory stocking trends, specifically whether a large initial order is expected from LDOs, and requested an overview of the market opportunity for the non-dialysis (NDD) label expansion.

    Answer

    CCO Nicholas Grund stated that inventory is within the normal 2-4 week range and he does not expect a 'giant stocking' from LDOs. Instead, they will stock for their initial pilots and adjust based on observed demand. CEO John Butler detailed the NDD opportunity, highlighting strong physician interest and a market of ~550,000 patients. He noted the revenue potential is significantly higher than in dialysis, with an estimated net price per patient over $10,000 annually due to the Part D reimbursement model.

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    Leszek Sulewski's questions to biote (BTMD) leadership

    Leszek Sulewski's questions to biote (BTMD) leadership • Q1 2025

    Question

    Leszek Sulewski asked for clarification on the new sales force realignment, its progress relative to other key initiatives, and the company's potential exposure to tariffs on its supplement business.

    Answer

    CEO Bret Christensen clarified that the announced realignment is a new initiative focused on growth, not cost-cutting, and effectively increases the field sales team by 25% by converting support roles. He stated the CDSS software rollout is complete. CFO Robert Peterson added that the vertical integration of the Asteria manufacturing facility is in the 'fourth inning' and that the company sees no significant tariff impact due to domestic sourcing and proactive inventory management.

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    Leszek Sulewski's questions to biote (BTMD) leadership • Q4 2024

    Question

    Leszek Sulewski asked for a reconciliation of the 2% to 4% procedural revenue growth guidance for 2025, inquiring about the contribution from new versus existing practitioners. He also sought more detail on the new CEO's three areas of focus and questioned if patient demand was being impacted by the rise of GLP-1s.

    Answer

    CFO Robert Peterson explained that new customer growth is a material driver but did not provide a specific breakdown, noting that the CDSS software launch temporarily slowed new additions. CEO Bret Christensen detailed his focus on servicing top-tier providers, reigniting new practitioner growth, and improving commercial execution. Both Christensen and Executive Marc Beer stated that GLP-1s are offered as a service via the BioteRx platform, are not core to the business, and they have seen no evidence of them cannibalizing demand for hormone optimization.

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    Leszek Sulewski's questions to biote (BTMD) leadership • Q3 2024

    Question

    Leszek Sulewski asked about the quantifiable impact of hurricanes on clinic closures, competitive pressures from GLP-1 focused clinics, and potential plans to bring BioteRx offerings in-house or pursue M&A. He also inquired about the sustainability of Q3's EBITDA margin.

    Answer

    CFO Bob Peterson stated that delayed procedures from hurricane-related closures are expected to be recovered in Q4 and early 2025. CEO Teresa Weber asserted that they have not lost patients to GLP-1 clinics and that their offering is competitive. She noted innovation is focused on provider needs, including formulations to help patients transition off GLP-1s. Peterson added that further EBITDA margin expansion in 2025 is possible, contingent on state licensing progress.

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    Leszek Sulewski's questions to CorMedix (CRMD) leadership

    Leszek Sulewski's questions to CorMedix (CRMD) leadership • Q1 2025

    Question

    Leszek Sulewski asked about the normalization of orders from U.S. Renal Care, the current patient penetration rate, and the ability to differentiate utilization from inventory build-up. He also questioned the strategy for negotiating with Medicare Advantage plans during the TDAPA period.

    Answer

    CEO Joseph Todisco estimated that U.S. Renal Care is over 80% implemented within its eligible patient population, with growth expected from new patients and other mid-sized customers. He confirmed good visibility into utilization versus inventory. Regarding reimbursement, he stated the plan is to negotiate with Medicare Advantage plans while TDAPA is active, using data from the real-world evidence study, and noted that MA plans already account for a promising 40% of claims.

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    Leszek Sulewski's questions to CorMedix (CRMD) leadership • Q3 2024

    Question

    Leszek Sulewski from Truist Securities requested specific Q3 metrics like patient count or vial usage, the current utilization rate within the 60% of clinics with access, and the strategy to capture the remaining 40% of operators. He also asked about the timeline for meaningful inpatient revenue contribution and the payout details for the triggered MD Partners license agreement.

    Answer

    CEO Joseph Todisco stated the company is not providing patient or unit metrics at this time but may revisit this. He clarified the 60% access is potential availability and utilization varies, representing significant upside. The strategy for the remaining 40% involves re-engaging a major LDO. He positioned inpatient revenue as a long-term contributor. CFO Matt David added that the MD Partners milestone was met in Q3, the liability is accrued, and payment is expected over the coming year.

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    Leszek Sulewski's questions to CorMedix (CRMD) leadership • Q2 2024

    Question

    Leszek Sulewski asked about the progress of conversations with large dialysis operators, any hesitation on adoption, and the weekly progression of the $5.2 million in sales. He also questioned how the new clinical studies would be funded and the expected timeline for the TPN study enrollment and data.

    Answer

    CEO Joseph Todisco reported being in late-stage negotiations with a top dialysis provider, while noting some others are taking a 'wait-and-see' approach. He described the sales progression as consistent. Todisco also stated that the company can fund its clinical programs with cash on hand, operating cash flow, and its ATM facility, avoiding large dilutive financing. EVP Elizabeth Masson-Hurlburt added that the TPN study will begin enrollment after FDA feedback, with no planned interim analysis before 2027-2028.

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

    Leszek Sulewski's questions to Amneal Pharmaceuticals (AMRX) leadership • Q1 2025

    Question

    Leszek Sulewski asked about AvKARE's exposure to federal government budget cuts, any observed FDA delays in approvals or site visits, and the timeline for establishing ex-U.S. partnerships for CREXONT, particularly in India.

    Answer

    Co-CEO Chirag Patel clarified that federal cuts do not apply to pharmaceuticals and that Amneal sees volume growth in government channels. He also confirmed no FDA delays. Regarding CREXONT, partnerships are secured for Canada, Latin America, and Europe, with a new deal for Southeast Asia, while Amneal will self-market in India. Co-CEO Chintu Patel added that all product goal dates remain on track.

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    Leszek Sulewski's questions to Amneal Pharmaceuticals (AMRX) leadership • Q4 2024

    Question

    Leszek Sulewski asked for an update on naloxone, specifically regarding any new state contracts. He also requested commentary on the long-term opportunity for Unithroid and asked if the company has a new deleveraging target for 2025, given its faster-than-anticipated progress.

    Answer

    Co-CEO Chirag Patel stated that while the state-level process for naloxone is slow, Amneal has a significant contract with California and is working through distributors, expecting to supply about 2.5 million kits in the coming year. He described Unithroid as a stable product with a consistent growth profile. CFO Anastasios Konidaris addressed deleveraging, confirming they will continue to pay down debt and are targeting a net debt to EBITDA ratio of 3.6% to 3.7% by the end of 2025, with a gross debt reduction target of $80 million to $100 million.

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    Leszek Sulewski's questions to Amneal Pharmaceuticals (AMRX) leadership • Q3 2024

    Question

    Leszek Sulewski's questions centered on the GLP-1 partnership with Metsera. He asked if the deal has raised awareness of Amneal's manufacturing capabilities, leading to new partnership inquiries. He also requested details on current versus future sterile injectable capacity, how that capacity will be allocated, the potential path to enter the generic GLP-1 market, and the expected competitive response.

    Answer

    Co-CEO Chirag Patel confirmed that the Metsera deal has attracted attention from other large companies. He detailed plans to significantly increase peptide API and finished product capacity over the next three years. Patel outlined a clear strategy to leverage this capacity to become a key global supplier for both branded GLP-1s and future generics upon loss of exclusivity, noting the uniqueness of their co-development partnership model.

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    Leszek Sulewski's questions to Bausch Health Companies (BHC) leadership

    Leszek Sulewski's questions to Bausch Health Companies (BHC) leadership • Q1 2025

    Question

    Leszek Sulewski inquired about updates on potential tariffs, the specific drivers of the $150 million reduction in operating cash flow guidance, and the expected cadence for EBITDA margins throughout 2025.

    Answer

    CEO Thomas Appio stated that the tariff situation is fluid, with the primary impact on the Solta business in China, but short-term effects are mitigated by in-country inventory. CFO JJ Charhon added that overall exposure is limited and has been integrated into the maintained guidance. He clarified the cash flow guidance change is driven by higher interest expenses from the refinancing and associated transaction costs. For EBITDA phasing, he advised using 2024's quarterly performance as a proxy for 2025.

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    Leszek Sulewski's questions to Bausch Health Companies (BHC) leadership • Q4 2024

    Question

    Leszek Sulewski inquired about the status of the Norwich lawsuit regarding Xifaxan, the potential for an at-risk launch, the rationale for discontinuing the amiselimod Crohn's disease study, and requested more details on recent international cardiometabolic business development deals.

    Answer

    CEO Thomas Appio stated that Bausch Health believes the FDA is correct in its determination that Teva remains the first filer for a Xifaxan generic and has not forfeited its status. Regarding amiselimod, he explained the company determined the investment in Crohn's disease was not worthwhile given the performance of similar drugs. Appio also detailed that the international deals, including one with MSN, are for a broad portfolio of branded generics aimed at building a franchise to drive growth in Latin America and other regions for years to come.

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    Leszek Sulewski's questions to Bausch Health Companies (BHC) leadership • Q2 2024

    Question

    Leszek Sulewski asked for timelines on rulings in the XIFAXAN patent lawsuits against Norwich and Amneal. He also inquired about the drivers of weakness in RELISTOR sales and whether lenders were pressuring the company to halt the Bausch & Lomb separation.

    Answer

    CEO Thomas Appio stated the Norwich ANDA is barred until 2029, with an expected generic entry in 2028, and noted new patents are in dispute. He attributed RELISTOR's weakness to payer coverage and gross-to-net pressures. He declined to comment on discussions with lenders, citing company policy.

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

    Leszek Sulewski's questions to Pacira BioSciences (PCRX) leadership • Q4 2024

    Question

    Speaking on behalf of Leszek Sulewski, an analyst asked about the potential revenue contribution from ZILRETTA's Phase III study in shoulder osteoarthritis, with data expected in 2026. The analyst also questioned if there were any plans to accelerate development timelines or expand into other indications.

    Answer

    CEO Frank Lee expressed excitement for ZILRETTA, stating the shoulder indication represents a substantial opportunity in a market with approximately 1 million intra-articular injections annually. He confirmed that if approved, ZILRETTA would be the first long-acting corticosteroid for shoulder pain. Lee stated that the registrational study is enrolling and the company feels good about delivering top-line data in mid-to-late 2026.

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    Leszek Sulewski's questions to Pacira BioSciences (PCRX) leadership • Q3 2024

    Question

    Leszek Sulewski asked for an update on receiving a sample of the Avanos generic product, how much of the iovera° treatment cost is covered by the new reimbursement, and the reasons for ZILRETTA's script deterioration.

    Answer

    CEO Frank Lee confirmed Pacira has not received a generic sample and does not see a launch as imminent. He stated the new $255 iovera° reimbursement significantly improves the value proposition on top of an approximate $450 out-of-pocket cost. For ZILRETTA, Lee acknowledged it has been a lower priority but believes the product is promotionally responsive and expects future growth from new marketing and promotional strategies.

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