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    Mark Purcell • Morgan Stanley

    Mark Purcell's questions to GSK plc (GSK) leadership

    Mark Purcell's questions to GSK plc (GSK) leadership • Q2 2024

    Question

    Mark Purcell of Morgan Stanley asked about emerging domestic vaccine competition in China, the potential to extend the Zhifei partnership to Arexvy, and whether immune interference could affect Arexvy revaccination. He also inquired about the market size for GSK's IL-5 medicines in COPD.

    Answer

    Luke Miels, CCO, noted a local Shingrix competitor in China targets a different population and confirmed strong interest in expanding the partnership to include Arexvy. Tony Wood, CSO, stated there is no evidence of immune interference with Arexvy revaccination. Regarding COPD, he explained their IL-5 portfolio targets a significant portion of the patient population and that depemokimab's six-month dosing offers a major advantage.

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    Mark Purcell's questions to AstraZeneca PLC (AZN) leadership

    Mark Purcell's questions to AstraZeneca PLC (AZN) leadership • Q2 2024

    Question

    Mark Purcell asked about the sustainability of growth in key legacy products like Symbicort and Farxiga, and inquired about the clinical and commercial opportunity for Imfinzi in bladder cancer following recent trial data.

    Answer

    CEO Pascal Soriot confirmed strong momentum in core products but noted uncertainty for Farxiga in China (due to VBP timing) and Symbicort in the U.S., which could represent upside if resolved favorably. EVP, Oncology R&D, Susan Galbraith, highlighted that positive EFS and OS data from the NIAGARA trial for Imfinzi in bladder cancer bodes well for related trials, creating a significant opportunity. EVP, Oncology Business Unit, David Fredrickson, characterized the aggregate bladder cancer opportunity as "blockbuster plus."

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    Mark Purcell's questions to Novartis AG (NVS) leadership

    Mark Purcell's questions to Novartis AG (NVS) leadership • Q2 2024

    Question

    Mark Purcell of Morgan Stanley highlighted the significant gap between consensus revenue forecasts for 2030 and Novartis's mid-single-digit growth aspiration, asking which growth drivers are most underappreciated by the market.

    Answer

    CEO Vasant Narasimhan pointed to several key brands he believes have higher potential than consensus, including Kisqali, Pluvicto, Leqvio, iptacopan, and Scemblix. He also highlighted late-stage assets like remibrutinib and pelacarsen, as well as the broader RLT portfolio and novel platforms like immune reset therapies, as key drivers that will help close the gap and deliver on the company's long-term growth goals.

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