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    Peter Welford • Jefferies

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

    Peter Welford's questions to GSK plc (GSK) leadership • Q4 2024

    Question

    Peter Welford of Jefferies asked about the U.S. commercial dynamics for Arexvy, including competitive share and pharmacy contracting, and questioned the rationale for the share buyback, suggesting the market may be underappreciating the resilience of GSK's pipeline.

    Answer

    CEO Emma Walmsley stated the buyback aligns with their capital allocation framework and reflects business momentum and a strong balance sheet, while noting that future growth drivers like 6-monthly HIV drugs are not yet in the outlook. CCO Luke Miels acknowledged the tough U.S. Arexvy market post-ACIP decision, but stated that after adjusting for volumes, GSK holds a 58% market share. Chief Financial and Administrative Officer David Redfern added that key data for 6-monthly HIV treatments is expected in 2025.

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

    Question

    Peter Welford of Jefferies Financial Group Inc. inquired about Arexvy, seeking details on contracting discussions, the vaccination appetite in the 75+ cohort versus younger age groups following the ACIP recommendation, and any anticipated changes in the non-retail channel's contribution.

    Answer

    Luke Miels, Chief Commercial Officer, explained that while the ACIP decision for the 60-74 age group is a negative for the class, there is still strong engagement in high-risk cohorts within that group. He noted the 75+ recommendation is positive and that the company's strategy has always focused on high-risk individuals. He also stated that the non-retail segment is expected to remain a minor part of the business, consistent with historical trends.

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

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

    Question

    Peter Welford from Jefferies questioned if U.S. growth is expected for Beyfortus in 2025 and about the utilization of currently shipped doses, and also asked about the reason for pushing the lunsekimig catalyst into 2026.

    Answer

    Executive Thomas Triomphe explained that Q4 2024 shipments for Beyfortus covered needs for Q1 2025 and that there is still an opportunity to increase penetration in the U.S. Executive Houman Ashrafian clarified that the lunsekimig timeline adjustment reflects a new discipline of aligning pipeline timing with clinical trial execution and does not imply any change in confidence in the molecule.

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

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

    Question

    Peter Welford asked about the expected phasing of R&D and SG&A costs in the second half of the year. He also inquired if an FDA advisory committee for Dato-DXd has been ruled out and sought details on the upcoming AVANZAR study.

    Answer

    CFO Aradhana Sarin guided for R&D expense to be at the upper end of the low-20s percentage range due to trial acceleration and acquisitions, with SG&A growing with revenue. EVP, Oncology R&D, Susan Galbraith, said an ADCOM for Dato-DXd could still be announced and expressed optimism for the AVANZAR study based on encouraging combination data and the potential for biomarkers to optimize outcomes.

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

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

    Question

    Peter Welford from Jefferies asked for more detail on Pluvicto, focusing on the confidence in referral pathways from the community, whether the patient-ready dose is a current limitation, and if challenges from hospital-created RLTs persist in Germany.

    Answer

    CEO Vasant Narasimhan acknowledged that building referral pathways from community oncology takes time and investment in education. He explained the patient-ready dose will expand capacity at high-utilization centers now and is crucial for the larger PSMAfore population. In Germany, he stated that with attractive pricing secured, Pluvicto is achieving 80-90% share against 'home brews' and is becoming the standard of care.

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

    Peter Welford's questions to Novo Nordisk A/S (NVO) leadership • Q1 2024

    Question

    Peter Welford asked if Novo Nordisk had reconsidered its U.S. strategy of using a single-use pen for Wegovy and whether it was exploring a direct-to-patient distribution model.

    Answer

    Camilla Sylvest, Group Commercial Strategy Head, stated that while the current focus remains on the single-dose device, the company is constantly evaluating ways to optimize its portfolio. This includes exploring more efficient dosing and presentation formats that could improve scalability and manufacturing capacity across the value chain.

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