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    Peter Verdult • Citigroup Inc.

    Peter Verdult's questions to Novartis AG (NVS) leadership

    Peter Verdult's questions to Novartis AG (NVS) leadership • Q2 2024

    Question

    Peter Verdult of Citigroup asked for a big-picture view on the Inflation Reduction Act (IRA), inquiring about the initial price negotiation process and whether there's increased confidence that oligonucleotides like pelacarsen could get the 13-year exclusivity period of biologics.

    Answer

    CEO Vasant Narasimhan characterized the IRA process as 'government price setting,' not negotiation, and reiterated that the policy is bad for innovation long-term. While Novartis has factored the IRA into its guidance, he expressed hope for legislative fixes. He noted a bipartisan bill is being discussed to extend exclusivity for genetically targeted therapies like oligonucleotides from 9 to 13 years, and the company continues to advocate for this change.

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    Peter Verdult's questions to Novartis AG (NVS) leadership • Q2 2025

    Question

    Peter Verdult of BNP Paribas requested an update on discussions with the US administration, including CMS and HHS, regarding the implementation of drug pricing frameworks and potential future policies.

    Answer

    CEO Vasant Narasimhan described the ongoing dialogues as productive and focused on finding solutions that encourage innovation while lowering patient costs, potentially by reducing the role of intermediaries. He emphasized the administration's goal of maintaining US leadership in biopharmaceutical innovation and Novartis's efforts to educate policymakers on the value the industry provides.

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    Peter Verdult's questions to Novartis AG (NVS) leadership • Q1 2025

    Question

    Peter Verdult asked about the commercial opportunity for ianalumab in Sjögren's syndrome, inquiring if its potential could be similar to or larger than Cosentyx in hidradenitis suppurativa (HS), given the positive physician feedback.

    Answer

    CEO Vasant Narasimhan confirmed that ianalumab has the potential to be a multi-billion dollar medicine in Sjögren's alone due to the high unmet need. However, he emphasized that it remains a high-risk study because of the disease's heterogeneity and the challenging ESSDAI primary endpoint, making positive patient-reported outcomes crucial for success.

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    Peter Verdult's questions to Novo Nordisk A/S (NVO) leadership

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

    Question

    Peter Verdult of BNP Paribas asked about price segmentation in the oral GLP-1 market, questioning if it would be a lower-priced segment than injectables. He also asked when the company's significant CapEx spending is expected to normalize.

    Answer

    David Moore (EVP - US Operations) stated they are not in a hurry to lower prices, emphasizing oral semaglutide is 'Wegovy in a pill' and the focus is on balancing value and access. On spending, Karsten Knudsen (CFO) responded that the company is 'very close to the peak' for CapEx and that absolute levels should decline after this year or next.

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

    Question

    Peter Verdult of BNP Paribas questioned if Novo Nordisk anticipates price segmentation in the oral GLP-1 market, suggesting it might be a lower-priced segment. He later asked for more detail on when the company's high CapEx spending might begin to normalize.

    Answer

    David Moore, EVP of US Operations, responded that the company is not in a hurry to lower prices and is focused on balancing value and access. Ludovic Helfgott, EVP of Product & Portfolio Strategy, added the focus is on lifetime patient value, not a single price point. On capital expenditures, Karsten Knudsen, EVP & CFO, stated that the company is 'very close to the peak' and that absolute CapEx levels should decline thereafter.

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

    Question

    Peter Verdult from BNP Paribas asked for details on the Q2 inventory destocking in China and the growth outlook, as well as the strategic changes the incoming CEO plans to implement, particularly in R&D and commercial strategy.

    Answer

    Incoming CEO Maziar Doustdar explained the China slowdown was due to a one-time inventory adjustment against a prior-year build-up, not a loss of market share, expressing high confidence in future growth. On strategy, he reiterated a sharpened focus on execution in diabetes and obesity and reallocating capital to fund growth.

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

    Question

    Peter Verdult questioned the perceived disconnect between management's focus on commercial execution and recent prescription trends, asking if it was solely due to compounders or if a competitor was outperforming. He also asked for thoughts on competitor orforglipron data.

    Answer

    CEO Lars Fruergaard Jørgensen attributed the difficulty in assessing script trends to the significant, unmeasured compounding market and expressed confidence in their second-half strategy. He highlighted the CVS formulary decision as a testament to Wegovy's value. Regarding competition, he emphasized Novo's head start with oral semaglutide, its extensive safety data, and its readiness for a full U.S. launch.

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    Peter Verdult's questions to Sanofi SA (SNY) leadership

    Peter Verdult's questions to Sanofi SA (SNY) leadership • Q2 2025

    Question

    Peter Verdult of BNP Paribas asked about the company's view on IL-17, the latest thinking on U.S. pricing reform, and the timeline for next steps on itepecumab.

    Answer

    CEO Paul Hudson stated the company is focused on its own breakthrough assets in AD and reiterated concerns about patient access in Europe amid pricing discussions. EVP & Head of R&D Houman Ashrafian said that for itepecumab, the company is analyzing the mixed data with Regeneron before determining next steps with regulators.

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    Peter Verdult's questions to Sanofi SA (SNY) leadership • Q1 2025

    Question

    Peter Verdult of BNP Paribas Exane asked about recent interactions with European politicians regarding innovation incentives and pressed for clarity on whether brivekimig's efficacy in HS is considered competitive with IL-17 inhibitors.

    Answer

    Houman Ashrafian (EVP, Head of R&D) stated that based on his experience, the early brivekimig data is 'certainly competitive' with IL-17 inhibitors like BIMZELX. CEO Paul Hudson confirmed recent conversations with EU leadership to advocate for the value of pharmaceutical innovation in Europe, acknowledging the delicate geopolitical landscape.

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    Peter Verdult's questions to Sanofi SA (SNY) leadership • Q4 2024

    Question

    Peter Verdult of BNP Paribas Exane asked for confirmation on using a biomarker strategy for the TL1A asset in Phase III and questioned if Dupixent's profitability would see a significant step-up in 2025.

    Answer

    Executive Houman Ashrafian expressed excitement about the competitive TL1A data but did not confirm a biomarker-based stratification would be obligatory, noting more details would come at the ECCO meeting. CFO François-Xavier Roger stated that overall gross margin is expected to progress in 2025, with a fair contribution from Dupixent, but emphasized that growth is not solely dependent on it.

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    Peter Verdult's questions to Sanofi SA (SNY) leadership • Q2 2024

    Question

    Peter Verdult asked for the rationale behind the optimism for tolebrutinib in secondary progressive MS, given the lack of randomized Phase II data. He also prompted management for commentary on the 2025 consensus earnings outlook and the company's growth journey.

    Answer

    Houman Ashrafian, EVP and Head of R&D, explained that optimism for tolebrutinib is based on its differentiated profile as a potent, blood-brain barrier-penetrating kinase inhibitor that targets the disease's immunological pathophysiology. CFO François-Xavier Roger confirmed a positive outlook for 2025, supported by H1 2024 performance, and pointed to solid top-line growth, positive mix driving gross margin, flat R&D, and tight SG&A control as key drivers.

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    Peter Verdult's questions to GSK plc (GSK) leadership

    Peter Verdult's questions to GSK plc (GSK) leadership • Q2 2025

    Question

    Peter Verdult asked for factual confirmation on whether the Blenrep DREAMM-10 study has US trial sites. He also inquired if other assets from the Hengrui deal might enter the clinic in the next 12-18 months.

    Answer

    Chief Scientific Officer Tony Wood confirmed that while clinicaltrials.gov does not currently list US sites for DREAMM-10, GSK has extensive plans to increase US patient recruitment across its portfolio. Regarding the Hengrui deal, he declined to disclose specifics, but CCO Luke Miels added that some new assets will 'definitely be in the clinic next year.'

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    Peter Verdult's questions to GSK plc (GSK) leadership • Q2 2024

    Question

    Peter Verdult of Citigroup Inc. asked about GSK's vaccine dynamics, specifically concerning Shingrix performance in China, the timeline for returning U.S. Shingrix to growth, and the outlook for U.S. RSV contracting for the upcoming season. He also inquired about the company's enthusiasm for its TIGIT mechanism given competitor data.

    Answer

    Luke Miels, Chief Commercial Officer, addressed the vaccine questions, expressing confidence in the long-term strategic partnership in China for Shingrix and detailing the short-term U.S. dynamics caused by wholesaler inventory and CMS rule changes. He affirmed GSK is well-positioned in RSV contracting. Tony Wood, Chief Scientific Officer, explained the differentiation of GSK's TIGIT antibody, highlighting its unique mechanism that augments immunity and depletes T-regulatory cells, with more data expected by year-end.

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    Peter Verdult's questions to AstraZeneca PLC (AZN) leadership

    Peter Verdult's questions to AstraZeneca PLC (AZN) leadership • Q2 2025

    Question

    Peter Verdult of BNP Paribas asked about the impact of potential US-Europe tariffs, the competitive profile of geforlimab (C5 nanobody), and whether the company's obesity drug pricing would be materially lower than current GLP-1s.

    Answer

    CFO Aradhana Sarin stated that any tariff impact would be short-lived due to segregated supply chains and ongoing tech transfers. CEO Pascal Soriot confirmed the strategy for weight management involves affordable pricing for chronic use. CEO of Alexion, Marc Dunoyer, highlighted geforlimab's rapid onset and convenient administration as key differentiators that will complement the existing C5 infusion franchise.

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    Peter Verdult's questions to AstraZeneca PLC (AZN) leadership • Q1 2025

    Question

    Peter Verdult inquired about potential disruptions in interactions with the FDA and asked for expectations on the upcoming baxdrostat Phase III readout, particularly in light of recent competitor data.

    Answer

    EVP, Oncology R&D, Susan Galbraith and EVP, BioPharma R&D, Sharon Barr both stated they have seen no delays or disruptions in their interactions with the FDA. Regarding baxdrostat, Barr expressed confidence that the molecule has a potential best-in-class profile due to its efficacy at a low dose, longer half-life for 24-hour control, and lack of drug-drug interactions, positioning it competitively ahead of its pivotal data readout.

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    Peter Verdult's questions to AstraZeneca PLC (AZN) leadership • Q2 2024

    Question

    Peter Verdult asked for any early key performance indicator (KPI) changes for Tagrisso, Imfinzi, or Enhertu following recent ASCO data. He also sought to clarify key assumptions within the updated full-year guidance.

    Answer

    EVP, Oncology Business Unit, David Fredrickson, highlighted the rapid NCCN guideline update for Tagrisso (LAURA) as a key positive indicator and noted strong medical interest for Imfinzi (ADRIATIC). CFO Aradhana Sarin confirmed the guidance assumes flat collaboration revenue and has factored in uncertainties around Farxiga's VBP in China and Symbicort's U.S. pricing dynamics.

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    Peter Verdult's questions to Evotec SE (EVO) leadership

    Peter Verdult's questions to Evotec SE (EVO) leadership • Q1 2024

    Question

    Peter Verdult questioned the company's credibility and the risk of another reset with an incoming CEO, asking why Q2 revenue growth wouldn't be stronger given the easy comparison from the prior year's cyber attack. He also asked if the BIOSECURE Act was translating into actual orders or just discussions.

    Answer

    CBO Matthias Evers stated the current reset prepares the ground for the new CEO and that H1 is a trough due to operational ramp-up times. CFO Laetitia Rouxel clarified that Q2 would see positive year-over-year top-line growth, but profitability improvements would be an H2 story. Regarding the BIOSECURE Act, Evers noted it is not yet reflected in results and is considered a future upside, with discussions currently underway.

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    Peter Verdult's questions to Grifols SA (GRFS) leadership

    Peter Verdult's questions to Grifols SA (GRFS) leadership • Q1 2024

    Question

    Peter Verdult of Citi inquired about the specific 'low-hanging fruit' that gives new management confidence in accelerating free cash flow improvement this year. He also asked for clarification on the pricing premium and market share of Xembify (subcutaneous IG) and the benefits of the recent specialty pharmacy partner switch for the alpha-1 franchise.

    Answer

    CEO Nacho Abia responded that improving free cash flow is about instilling a company-wide mindset focused on execution, particularly around working capital and operational improvements, rather than a single magic bullet. President of Biopharma Roland Wandeler confirmed Xembify's price premium and significant growth potential from its current 5% share of IG sales. He added that the new alpha-1 partner enhances service for home infusion patients and helps onboard new patients.

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    Peter Verdult's questions to Genmab A/S (GMAB) leadership

    Peter Verdult's questions to Genmab A/S (GMAB) leadership • Q1 2024

    Question

    Peter Verdult of Citigroup Inc. asked if the upcoming GEN1046 data would be significant enough to materially alter consensus expectations for the drug. He also requested a ballpark figure for the annualized operating cost of the newly acquired ProfoundBio, including the R&D investment needed for its lead asset, Rina-S.

    Answer

    Chief Medical Officer Tahamtan Ahmadi expressed excitement for the GEN1046 data, highlighting its potential to validate an IO-IO approach with strong efficacy, durability, and overall survival. Chief Financial Officer Anthony Pagano did not provide a specific annualized cost for ProfoundBio but stated that for 2024, total OpEx is expected to be at or moderately above the high end of the DKK 13.4 billion guidance range. He assured that Genmab will remain substantially profitable during the investment period and that Rina-S could be accretive by its first full year of launch.

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