Mike Nedelcovic

Mike Nedelcovych inquired about the status and impact of the FDA's draft guidance limiting comparative efficacy studies for biosimilars on Organon's business, and sought more detail on Nexplanon's contribution to 2026 sales guidance, particularly if the five-year implant launch would be accretive.

Answer

Joe Morrissey, Organon's Interim Chief Executive Officer, indicated that the biosimilar guidance would likely have an incremental impact. Matt Walsh, Organon's Chief Financial Officer, explained that Nexplanon sales are expected to be roughly flat year-on-year in 2026 due to offsetting factors, with a temporary dip from reinsertions due to the five-year label, but long-term optimism remains.

Mike Nedelcovic asked about Alyftrek's launch performance and patient conversion relative to Royalty Pharma's assumptions, and for the company's view on general medicine and cardiometabolic disease categories, specifically regarding the preference for long-acting injectables versus daily orals.

Answer

Terry Coyne, EVP, Chief Financial Officer, stated that Alyftrek's conversion has been gradual but steady, consistent with their expectations, and that the CF franchise remains a significant long-term contributor. Marshall Urist, EVP, Head of Research and Investments, expressed excitement about opportunities in general medicine and cardiometabolic disease, noting that both long-acting injectables and daily orals have found success in large markets due to diverse patient needs and preferences.

Mike Nedelcovic inquired about ALYFTREK's market performance, specifically how Vertex's conversion of CF patients has tracked relative to Royalty Pharma's assumptions and if they agree with Vertex's outlook for converting the majority of patients at peak. He also asked for Royalty Pharma's opinion on drug delivery formats (long-acting injectables vs. daily orals) in general medicine and cardiometabolic disease categories, and if they would exhibit a strong opinion or diversify.

Answer

Terry Coyne, EVP and CFO, noted that ALYFTREK's conversion has been gradual but steady, consistent with their expectations, given Trikafta's efficacy. He reiterated the long-term expectation for the CF franchise to remain a significant contributor, even with a lower royalty rate on ALYFTREK. Marshall Urist, EVP and Head of Research and Investments, expressed excitement for opportunities in general medicine and cardiometabolic disease, emphasizing that the large market allows for success with different dosing profiles and that Royalty Pharma will continue to seek differentiated products with strong marketers.

Mike Nedelcovic asked about potential supply outages for the Wegovy pill in 2026 given its strong launch and if current capacity could service sustained high demand. He also sought clarification from Martin Holst Lange on why the full weight loss potential of CagriSema might only be revealed by REDEFINE 11, not REDEFINE 4, despite trial changes.

Answer

Maziar Doustdar (CEO, Novo Nordisk) reaffirmed confidence in supplying the US market for the Wegovy pill, despite the incredible uptake, stating that the launch was timed with sufficient capacity. Martin Holst Lange (EVP and Chief Scientific Officer, Novo Nordisk) explained that while REDEFINE 4 optimized trial duration, REDEFINE 11 incorporates all learnings on flexible titration, which is crucial for driving patients to the highest target dose over a longer period, thus revealing the full weight loss potential.

Mike Nedelcovych inquired about potential supply outages for the Wegovy pill in 2026, given its strong launch, and if current capacity could meet sustained high demand. He also asked why the full weight loss potential of CagriSema would only be revealed by REDEFINE 11, not REDEFINE 4, despite trial changes.

Answer

CEO Maziar Doustdar reaffirmed confidence in Novo Nordisk's ability to supply the U.S. market with the Wegovy pill throughout 2026, despite the strong initial uptake. EVP and Chief Scientific Officer, Martin Holst Lange, explained that while REDEFINE 4 optimized trial duration, REDEFINE 11 incorporates all learnings on flexible titration from REDEFINE 1, which is crucial for driving more patients to the highest target over a longer period, thus revealing CagriSema's full weight loss potential.