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EVP & Head of R&D Houman Ashrafian affirmed that Sanofi is now an R&D-driven company and remains committed to its key pipeline molecules. CEO Paul Hudson added that while not every effort has succeeded, the team remains optimistic about the 'Big 12' assets but stressed the need for patience and diligence, as confidence will be built on successful Phase 3 data.

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CEO Paul Hudson and Houman Ashrafian (EVP, Head of R&D) outlined a strategy of developing multiple mechanisms to address different patient segments in the large, underpenetrated asthma market. Brian Foard (EVP, Head of Global Hub, US General Medicines) provided an update on the Dupixent COPD launch, highlighting a record-setting pace for Medicare and commercial coverage (90% and 88%, respectively) and the most rapid respiratory initiation to date. He stated that 2025 is expected to be the inflection year for the indication.

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CFO François-Xavier Roger explained the buyback aims to mitigate Opella dilution and reflects shareholder feedback, starting mid-next week. He noted a disciplined M&A approach focused on core therapeutic areas. Executive Thomas Triomphe highlighted that PCV21 will be the first pediatric vaccine with over 20 valencies to enter a national immunization schedule, positioning it competitively.

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Brian Foard, EVP and Head of Global Hub, Specialty Care GBU, confirmed they need a positive trial readout to file for CSU and noted the launch in Japan has gone well. Houman Ashrafian, EVP and Head of R&D, added that for the UC program (TL1A), results are anticipated in Q4 of this year after the study was accelerated, and he highlighted the molecule's unique potency and binding profile.

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EVP & CFO David Elkins clarified that the strong quarterly performance was driven by underlying demand with very little inventory stocking. CEO Chris Boerner explained the Bain Capital deal allows BMY to advance promising assets that did not meet internal funding priorities while retaining future value through royalties, milestones, and a 20% equity stake.

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Chief Medical Officer Samit Hirawat stated that the ARISE data has no impact on their confidence in the Alzheimer's program. He explained that the diseases are different, and the Alzheimer's trials are based on prior positive data for xanomeline and feature a distinct study design with a longer treatment duration. He also confirmed plans for seven new Phase III trials for Cobenfy.

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Chief Commercialization Officer Adam Lenkowsky stated that the Part D redesign impact is expected to be roughly net neutral across the portfolio for the year. He noted Eliquis will see favorability, altering its quarterly sales cadence, while other products like Revlimid will face increased gross-to-net pressure. He also announced that the company has decided not to commercialize cendakimab to prioritize investments in opportunities with higher potential returns.

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Chief Commercialization Officer Adam Lenkowsky acknowledged SOTYKTU's slower-than-desired performance but noted access has doubled to ~50% with zero step-edits, which involves significant rebating that will take quarters to be offset by volume. Head of Global Drug Development Samit Hirawat stated the psoriatic arthritis data is expected by year-end and, if positive, would strengthen the drug's profile and lead to a 2025 filing.

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CEO Pascal Soriot affirmed the company's balanced portfolio, noting that Biopharmaceuticals is nearly as large as Oncology and provides a crucial foundation in emerging markets. He expressed confidence in the current therapy areas—Oncology, Biopharmaceuticals (CVRM and R&I), and Rare Disease—as they address the world's biggest causes of mortality. He believes the pipeline, particularly in CVRM with assets like an oral PCSK9 and Baxdrostat, will drive significant future growth, ensuring the company has enough focus areas to grow beyond 2030.

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EVP, BioPharma, Ruud Dobber expressed high excitement for their differentiated obesity strategy, focusing on an oral GLP-1 fit for combinations and targeting a broad patient population, including in emerging markets. EVP, Europe & Canada, Iskra Reic reported that the China investigations have been concluded by authorities and referred to the prosecutor, with no illegal gain found for the company. She confirmed strong Q1 performance, with underlying business growth of 9% and market share gains for key products like Enhertu and Breztri.

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Iskra Reic, Head of International, stated that key market shares like Tagrisso's remain stable in China, with some temporary dynamics for Farxiga due to hospital budget caps. David Fredrickson, EVP of Oncology, noted the Part D impact is manageable and offset by growth opportunities. CFO Aradhana Sarin explained the $3 billion in payments are mostly success-based milestones for various programs, including those with Daiichi Sankyo and CinCor.

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EVP, Oncology R&D, Susan Galbraith, explained the folate receptor alpha ADC is a proprietary asset that shows preclinical activity at lower target expression levels, suggesting differentiation. For the Fusion asset, FPI-2265, she noted it's an alpha-emitting radioconjugate targeting the validated PSMA target. Alpha emitters offer a different mechanism than beta emitters and have shown activity in patients post-Pluvicto, with the Phase II trial being potentially registrational.

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Dr. Dean Li, President of Research Labs, responded that for programs with imminent PDUFA dates, dialogue with the FDA remains active and on track. He confirmed no shifts in timelines for near-term filings but stated they cannot comment on the mid- to long-term impact of personnel transitions.

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Dr. Dean Li, President of Merck Research Labs, explained that the goal for the oral PCSK9 inhibitor, enlicitide, is to achieve a profile similar to injectable PCSK9 antibodies. He anticipates data from three Phase III trials reading out in 2025, with a potential presentation at a major conference late in the year. He confirmed the asset is a platform for combinations, with more details to follow after the Phase III data is available.

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CFO Scott Reents explained the VRAYLAR guidance adjustment was due to a slight, cumulative channel mix shift that created a modest negative price impact. CSO Roopal Thakkar stated the expanded Gedeon Richter partnership builds on a strong relationship to develop more assets in psychiatry, a key strategic area for AbbVie.

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