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    Michael Nedelcovych • TD Cowen

    Michael Nedelcovych's questions to Royalty Pharma PLC (RPRX) leadership

    Michael Nedelcovych's questions to Royalty Pharma PLC (RPRX) leadership • Q2 2025

    Question

    Michael Nedelcovych of TD Cowen followed up on the Vertex dispute timing, asking if 2026 is a worst-case scenario, and inquired about the aficamten market opportunity in light of Camzyos's performance.

    Answer

    CEO Pablo Legorreta stated the 2026 timeline for the Vertex dispute resolution is a conservative estimate and it could be resolved sooner. Head of Research & Investments Marshall Urist noted that Camzyos's success confirms the large market opportunity for aficamten, which he believes can differentiate on ease of use and its developing data set.

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    Michael Nedelcovych's questions to Royalty Pharma PLC (RPRX) leadership • Q1 2025

    Question

    Michael Nedelcovych from TD Cowen asked if pharmaceutical companies could use accounting methods to offset tariffs that might affect royalties, whether NIH funding uncertainty creates opportunities for Royalty Pharma, and why larger pharma companies are not pursuing the Tourette's drug ecopipam.

    Answer

    EVP, CFO Terrance Coyne stated it was too early to speculate on pharma's response to tariffs but expects minimal impact on Royalty Pharma. Founder & CEO Pablo Legorreta noted that the capital needs of the biotech sector create a significant opportunity for their synthetic royalty business. EVP Marshall Urist explained that the ecopipam investment showcases their ability to identify underappreciated markets through proprietary analysis.

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    Michael Nedelcovych's questions to Royalty Pharma PLC (RPRX) leadership • Q4 2024

    Question

    Michael Nedelcovych questioned if the 2025 top-line guidance could be considered conservative, given the company's history of outperforming initial forecasts. He also asked about the most common reasons for declining a potential transaction during the extensive screening process.

    Answer

    EVP and CFO Terrance Coyne acknowledged the history of outperformance but noted the guidance range is wider as it is early in the year, while expressing confidence in the portfolio's momentum. EVP, Head of Research and Investments Marshall Urist explained that the disciplined screening process filters opportunities based on a broad set of factors, including development stage, intellectual property strength, and clinical profile. CEO Pablo Legorreta added that this broad review provides valuable ecosystem insights.

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    Michael Nedelcovych's questions to Royalty Pharma PLC (RPRX) leadership • Q3 2024

    Question

    Michael Nedelcovych posed two questions: first, regarding expectations for a competitor's (emraclidine) upcoming readout and whether it's viewed as a threat or a 'rising tide' for Covency; and second, about the assumptions for Tremfya's uptake in ulcerative colitis (UC), particularly in frontline versus later-line settings.

    Answer

    Marshall Urist, EVP, Head of Research and Investments, answered both. On Covency, he explained that competition was assumed in their base case and that having multiple companies developing the market is a positive. For Tremfya, he stated that with Janssen's strong marketing capabilities, they see IBD as a significant future growth driver for the product and a meaningful opportunity for Royalty Pharma, regardless of the specific line of therapy.

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    Michael Nedelcovych's questions to Novo Nordisk A/S (NVO) leadership

    Michael Nedelcovych's questions to Novo Nordisk A/S (NVO) leadership • Q2 2025

    Question

    Michael Nedelcovych of TD Cowen inquired about the impact of Wegovy's exclusive formulary position with CVS and the company's legal strategy to combat the illicit compounding of GLP-1 medications in the U.S.

    Answer

    David Moore, EVP of U.S. Operations, stated that the CVS formulary conversion is proceeding as planned but declined to provide specific figures. On compounding, Moore emphasized it is a patient safety priority, noting that compounding is largely illegal and that no legal actions are off the table, highlighting increased dialogue with the FDA.

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    Michael Nedelcovych's questions to Novo Nordisk A/S (NVO) leadership • Q1 2025

    Question

    Michael Nedelcovych asked about the potential political risk of the U.S. administration using IRA negotiations to demand severe price cuts for GLP-1s. He also inquired about the timeline for the amycretin Phase III obesity trial start.

    Answer

    CEO Lars Fruergaard Jørgensen stated he sees limited additional risk, as Wegovy has low Medicare exposure and Ozempic is already subject to the established IRA negotiation process. Martin Holst Lange, EVP and Head of Development, clarified that the Phase III program for amycretin is expected to begin in Q1 2026 and will include both oral and injectable formulations.

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    Michael Nedelcovych's questions to Organon & Co (OGN) leadership

    Michael Nedelcovych's questions to Organon & Co (OGN) leadership • Q2 2025

    Question

    Michael Nedelcovych from TD Cowen asked for elaboration on the federal funding headwinds affecting Nexplanon in the U.S. and whether the sales decline was due to purchase timing or persistent underlying pressures. He also questioned how capital allocation priorities might shift after leverage targets are met.

    Answer

    Kevin Ali, CEO & Board Member of Organon, explained the Nexplanon headwinds are a combination of factors, including nervousness around Planned Parenthood and Medicaid funding. He expressed confidence in achieving growth for the year, citing strong ex-U.S. performance and the upcoming five-year indication launch. Regarding capital allocation, he stated the current focus remains on deleveraging to below a 3.5x ratio before discussing future priorities.

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    Michael Nedelcovych's questions to Organon & Co (OGN) leadership • Q1 2025

    Question

    Michael Nedelcovych inquired about the future of Organon's business development, asking about the potential size and frequency of deals. He also sought clarity on the strategic scope of 'women's health' and which therapeutic areas might be considered out of bounds.

    Answer

    CEO Kevin Ali explained that Organon's definition of women's health is broad, covering conditions unique to women, those that disproportionately affect them, and areas where women are primary caregivers. He emphasized that the immediate focus is on deleveraging, which will create future capacity for deals of various sizes, prioritizing assets where Organon can be a better owner.

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    Michael Nedelcovych's questions to Organon & Co (OGN) leadership • Q4 2024

    Question

    Michael Nedelcovych inquired about the status of any Paragraph IV filings for NEXPLANON and the likelihood of a generic competitor before 2030. He also asked if the current portfolio is sufficient to accelerate growth post-2026 without further M&A.

    Answer

    CEO Kevin Ali confirmed that no Paragraph IV filing for NEXPLANON has been received and sees a low risk of a generic competitor before 2030, citing patent protection on the applicator and exclusivity for the potential 5-year indication. He also stated that while the company will continue to pursue business development, he is confident the existing portfolio can drive accelerated top- and bottom-line growth from 2026 through 2030.

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    Michael Nedelcovych's questions to Bausch Health Companies Inc (BHC) leadership

    Michael Nedelcovych's questions to Bausch Health Companies Inc (BHC) leadership • Q2 2025

    Question

    Michael Nedelcovych of TD Cowen questioned the company's confidence in the Direct Corp asset, larsucostol, given its Phase 2b primary endpoint miss. He also asked about the risk of off-label generic Rifaximin use competing with the new SSD formulation and whether a head-to-head trial was considered.

    Answer

    CEO Thomas Appio conveyed confidence in the larsucostol asset, describing the Phase 2b endpoint miss as "very slight" and emphasizing the company's deep expertise in hepatology. He confirmed the plan for a single Phase 3 trial. Regarding the SSD formulation, he stated it is a different product with a different dosage and that no head-to-head trials against original XIFAXAN are planned.

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    Michael Nedelcovych's questions to Bausch Health Companies Inc (BHC) leadership • Q1 2025

    Question

    Michael Nedelcovych questioned the resilience of Bausch Health's business segments in a potential recession, the commercial risk posed by potential off-label Xifaxan use to the RED-C launch, and the manufacturing location for Xifaxan supplied to the U.S.

    Answer

    CEO Thomas Appio asserted that the business is highly resilient to a recession, citing the essential nature of its pharmaceutical products and the economic stability of Solta's consumer base. Regarding RED-C, he emphasized it is a different drug from Xifaxan and serves a vast global patient population, representing a significant opportunity. CFO JJ Charhon clarified that Xifaxan's API originates in Italy and is manufactured in Canada, making it an Italian import for U.S. customs.

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    Michael Nedelcovych's questions to Bausch Health Companies Inc (BHC) leadership • Q4 2024

    Question

    Michael Nedelcovych inquired about the portion of Xifaxan sales derived from Medicare and the potential for IRA-negotiated pricing to spread to private channels. He also asked for quantification of the plan to access capital markets by pledging Bausch + Lomb shares.

    Answer

    CEO Thomas Appio declined to provide a specific percentage for Medicare sales, noting it's early in the IRA process and the focus is on demonstrating Xifaxan's value. CFO JJ Charhon did not provide a specific quantum for the debt raise but reinforced that the goal is to address as much of the upcoming maturities as possible, considering cash on hand and the company's strong cash flow generation of over $1 billion per year.

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    Michael Nedelcovych's questions to Bausch Health Companies Inc (BHC) leadership • Q2 2024

    Question

    Michael Nedelcovych asked about the company's 'Plan B' should the full separation of Bausch & Lomb prove unfeasible. He also questioned the commercial assumptions justifying the costly Phase III program for amiselimod, given it would be a third-to-market product in its class.

    Answer

    CEO Thomas Appio declined to outline a 'Plan B,' restating that the separation remains a strategic priority. Regarding amiselimod, he explained the plan to target a moderate-to-severe UC population, where data could be stronger, and noted that variable treatment responses in the large IBD market indicate a significant unmet need, justifying the investment.

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    Michael Nedelcovych's questions to Novartis AG (NVS) leadership

    Michael Nedelcovych's questions to Novartis AG (NVS) leadership • Q2 2025

    Question

    Michael Nedelcovych from TD Cowen requested an update on Novartis's cardiovascular pipeline, particularly its goal of having multiple arrhythmia assets in the clinic by 2025.

    Answer

    CEO Vasant Narasimhan confirmed the company is on track, with a novel agent for atrial fibrillation expected to enter the clinic in 2025. He added that one or two additional assets are expected to follow shortly after, reinforcing the company's commitment to building a portfolio in this area of high unmet need.

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    Michael Nedelcovych's questions to Takeda Pharmaceutical Co Ltd (TAK) leadership

    Michael Nedelcovych's questions to Takeda Pharmaceutical Co Ltd (TAK) leadership • Q3 2025

    Question

    Michael Nedelcovych of TD Cowen asked for the definition of success for the upcoming zasocitinib Phase III psoriasis data, specifically regarding the PASI 75 and PASI 100 endpoints. He also inquired about the trial's timing and whether Takeda had unblinded data in-house.

    Answer

    Executive Andrew Plump confirmed Takeda remains blinded to the data to maintain trial integrity until the 52-week and 60-week readouts. He noted that while PASI 75 is the primary endpoint, the company is most enthusiastic about demonstrating a clear advantage on PASI 100. CEO Christophe Weber added the goal is to redefine the oral psoriasis segment with biologic-level efficacy.

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    Michael Nedelcovych's questions to Takeda Pharmaceutical Co Ltd (TAK) leadership • Q1 2025

    Question

    Michael Nedelcovych of Cowen and Company inquired if Takeda's high-dose strategy for its TYK2 inhibitor, TAK-279, is validated by a competitor's recent trial failure in IBD. He also asked if the reiteration of full-year guidance was intentionally cautious given strong Q1 results.

    Answer

    R&D President Andy Plump suggested the competitor data was encouraging for TAK-279, as it showed positive effects even at lower doses. CFO Milano Furuta clarified that the guidance was maintained not out of caution, but because VYVANSE erosion is expected to accelerate and R&D spending is weighted towards the latter half of the year.

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    Michael Nedelcovych's questions to Takeda Pharmaceutical Co Ltd (TAK) leadership • Q1 2025

    Question

    Michael Nedelcovych of TD Cowen asked about the hurdles for Entyvio pen adoption in the U.S. and the competitive threat from a rival's subcutaneous offering. He also questioned if the zazocitinib head-to-head trial is powered for superiority and the impact on its peak sales ambition if it is not.

    Answer

    U.S. Business Unit President Julie Kim explained that Entyvio pen adoption challenges are being addressed at a local level to resolve system and coverage pull-through issues, expressing confidence in continued growth. R&D President Andrew Plump confirmed the zazocitinib vs. ducravacitinib trial is powered for superiority. President and CEO Christophe Weber added that demonstrating superiority is key to establishing a new standard for oral psoriasis treatments and expanding the oral market share.

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