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    Matthew Weston • UBS Group AG

    Matthew Weston's questions to Sanofi SA (SNY) leadership

    Matthew Weston's questions to Sanofi SA (SNY) leadership • Q2 2025

    Question

    Matthew Weston from UBS Group AG asked what prescribers want from amlitelemab in atopic dermatitis—superior efficacy or similar efficacy with longer dosing intervals. He also asked if potential U.S./EU tariffs were factored into 2025 guidance.

    Answer

    CFO François Roger clarified that potential tariffs are not in the guidance but would have a limited 2025 impact due to existing U.S. inventory. EVP & Head of R&D Houman Ashrafian stated that in the underpenetrated AD market, an agent with a longer treatment interval and efficacy consistent with the standard of care would be highly valued by physicians.

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    Matthew Weston's questions to GSK plc (GSK) leadership

    Matthew Weston's questions to GSK plc (GSK) leadership • Q2 2025

    Question

    Matthew Weston questioned the Camlopixant trial timeline, asking what was delaying recruitment despite high unmet need. He also asked if ongoing Blenrep study protocols were being changed to add more US patients following the AdCom.

    Answer

    Chief Scientific Officer Tony Wood clarified there are no recruitment difficulties with Camlopixant; the timeline reflects a careful study design to enroll more high-frequency coughers and learn from competitor issues, with the trial on track for a mid-2026 readout. He also confirmed GSK is enacting plans for greater US patient representation in future oncology studies.

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    Matthew Weston's questions to AstraZeneca PLC (AZN) leadership

    Matthew Weston's questions to AstraZeneca PLC (AZN) leadership • Q2 2025

    Question

    Matthew Weston of UBS Group AG inquired about the market dynamics of the C5 franchise following the first Soliris biosimilar launch and asked about the expected impact of Volume-Based Procurement (VBP) on Farxiga in China.

    Answer

    CEO of Alexion, Marc Dunoyer, stated they are not seeing payers force patients back to Soliris biosimilars, with Ultomiris conversion and growth remaining strong. EVP International, Iskra Reic, acknowledged that Farxiga VBP will cause a short-term price-driven reduction but expects broader access and volume growth to create a significant sales tail over time, similar to past products like Crestor. CEO Pascal Soriot added that direct-to-consumer models in China could support this.

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    Matthew Weston's questions to AstraZeneca PLC (AZN) leadership • Q1 2025

    Question

    Matthew Weston asked for an update on the timing of the AVANZAR trial data readout and questioned whether the company has had interactions with U.S. authorities regarding its use of intellectual property incentive regimes to manage its tax base.

    Answer

    EVP, Oncology R&D, Susan Galbraith confirmed the AVANZAR trial is on track for results in the second half of the year with no expected delays. On taxes, CEO Pascal Soriot and CFO Aradhana Sarin both affirmed that AstraZeneca pays its fair share of taxes in the U.S. Sarin clarified that the noted IP benefits in the annual report relate to standard government R&D incentives like patent boxes, not profit shifting.

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    Matthew Weston's questions to AstraZeneca PLC (AZN) leadership • Q2 2024

    Question

    Matthew Weston followed up on collaboration income, asking if a potential milestone payment should be modeled for 2025. He also asked about the impact of Medicare Part D reform on rebates and payer negotiations.

    Answer

    CFO Aradhana Sarin reiterated that 2024 guidance assumes flat collaboration revenue and the company does not guide for 2025. EVP, Oncology Business Unit, David Fredrickson, stated that Part D contracting is ongoing and emphasized the importance of clinical differentiation. CEO Pascal Soriot added that while the IRA presents headwinds, upcoming changes like a lower out-of-pocket cap should improve patient access.

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    Matthew Weston's questions to Novartis AG (NVS) leadership

    Matthew Weston's questions to Novartis AG (NVS) leadership • Q1 2025

    Question

    Matthew Weston noted the absence of a slide detailing first-half versus second-half profitability dynamics and asked if this implied a less sharp contrast this year. He also asked if Novartis was comfortable stating it pays a 'fair amount' of tax in the U.S., echoing a competitor's comment.

    Answer

    CFO Harry Kirsch explained that due to strong Q1 performance and an improved gross-to-net outlook, both halves of the year are now expected to be stronger, with H2 sales growth revised up to mid-single-digits. He also affirmed that Novartis pays its 'fair and proper amount of taxes' in all jurisdictions and is confident in its robust, OECD-compliant tax planning.

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    Matthew Weston's questions to Novartis AG (NVS) leadership • Q4 2024

    Question

    Matthew Weston asked about the assumptions for Medicare Part D reform's impact within the 2025 guidance, particularly concerning Novartis's large oral oncology portfolio.

    Answer

    CEO Vasant Narasimhan stated that Novartis has fully factored in a 'modest headwind' from the Part D reforms into its guidance. He identified Cosentyx and Kisqali as the most impacted brands. While the company has modeled the expected financial headwinds, it has not yet factored in significant potential volume uplifts from the patient out-of-pocket cap, viewing that as a potential midterm benefit.

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