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    Mark Forham

    Managing Director and Senior Equity Research Analyst at TD Cowen

    Mark Forham is a Managing Director and Senior Equity Research Analyst at TD Cowen, specializing in the industrials sector with a distinct focus on companies such as General Electric, 3M, Honeywell, and United Technologies. He is known for providing in-depth research and actionable investment insights, earning a strong reputation for the accuracy of his calls and consistent outperformance relative to his sector peers, including a success rate above 60% on platforms like TipRanks with double-digit average annualized returns for his stock recommendations. Forham began his analyst career in the mid-2000s, having held key roles at major investment banks like Morgan Stanley and UBS before joining TD Cowen in 2018. He holds FINRA Series 7, 63, 86, and 87 licenses and has been recognized for his thought leadership and sector expertise within the institutional investment community.

    Mark Forham's questions to PUMA BIOTECHNOLOGY (PBYI) leadership

    Mark Forham's questions to PUMA BIOTECHNOLOGY (PBYI) leadership • Q2 2025

    Question

    The analyst inquired about the upcoming R&D data disclosures for the ELYSCA breast and lung trials, asking about the venue for the release, the clinical bar for advancing each program, and how the outcomes would affect the company's strategy for in-licensing additional products.

    Answer

    The CEO responded that the data would likely be released in a corporate update around November. The bar for advancement in the lung cancer trial is a significant Progression-Free Survival (PFS) and Overall Survival (OS) benefit, while the breast cancer trial requires a clear PFS benefit over endocrine therapy alone. He emphasized that regardless of the trial outcomes, the company will remain fiscally disciplined and prioritize profitability, only considering in-licensing opportunities that do not compromise their profitable status.

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