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    Richard Parkes • BNP Paribas Exane

    Richard Parkes's questions to AstraZeneca PLC (AZN) leadership

    Richard Parkes's questions to AstraZeneca PLC (AZN) leadership • Q4 2024

    Question

    Richard Parkes of BNP Paribas Exane asked about the strategy for a VEGF target in combination with next-generation PD-1 bispecifics, confidence in the TIGIT target, and how the company plans to manage the competitive threat from GSK's long-acting depemokimab in asthma.

    Answer

    Susan Galbraith, EVP of Oncology R&D, affirmed confidence in the TIGIT bispecific rilvegostomig, citing strong response rates in high PD-L1 expressers and good combinability. Ruud Dobber, EVP of BioPharmaceuticals, addressed the competitive landscape by noting the asthma biologics market is still underpenetrated and that Fasenra's strong efficacy profile is key to maintaining leadership, alongside significant growth opportunities in China.

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    Richard Parkes's questions to GSK plc (GSK) leadership

    Richard Parkes's questions to GSK plc (GSK) leadership • Q4 2024

    Question

    Richard Parkes of BNP Paribas Exane asked about GSK's preparedness to capture the international opportunity for Arexvy in 2025, the updated peak sales assumptions for Arexvy and Shingrix, and the key drivers offsetting vaccine headwinds in the upgraded 2031 guidance.

    Answer

    CEO Emma Walmsley explained the upgraded 2031 outlook is supported by broad strength across the portfolio, particularly in Specialty Medicines and HIV, which absorbs near-term vaccine pressures. She clarified that peak sales ambitions for key vaccines are unchanged, but the timing of sales growth has been recalibrated. CCO Luke Miels added that ex-U.S. progress for Arexvy is encouraging, with six national immunization programs established and strong differentiation based on clinical data.

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    Richard Parkes's questions to GSK plc (GSK) leadership • Q2 2024

    Question

    Richard Parkes of BNP Paribas S.A. questioned the sustainability of the strong performance in General Medicines into 2025, given the navigation of the AMP Cap removal. He also asked for insight into the visibility of second-half Arexvy demand based on current contracting.

    Answer

    Luke Miels, Chief Commercial Officer, explained that a significant portion of the General Medicines strength was a one-off effect from successfully transitioning patients to authorized generics of Advair and Flovent, which will be lapped. He noted Trelegy's underlying growth remains strong. Regarding Arexvy, he clarified that contracts provide guaranteed percentage splits rather than guaranteed volumes, but the company is confident in its market leadership and pricing.

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    Richard Parkes's questions to Novartis AG (NVS) leadership

    Richard Parkes's questions to Novartis AG (NVS) leadership • Q4 2024

    Question

    Richard Parkes asked about the new Huntington's disease program, questioning the company's confidence, and later inquired about the competitive environment for Cosentyx and its potential in new indications like GCA and PMR.

    Answer

    CEO Vasant Narasimhan addressed both topics. He explained the Huntington's program (PTC518) shows promising early data but remains high-risk. Regarding Cosentyx, he noted its robust 25% growth, a competitive profile in HS, and significant potential in new indications, estimating GCA and PMR could each be $500M+ opportunities.

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    Richard Parkes's questions to Novartis AG (NVS) leadership • Q2 2024

    Question

    Richard Parkes from BNP Paribas asked about the pelacarsen Lp(a) HORIZON trial, inquiring about the powering assumptions for cardiovascular risk reduction and potential barriers to uptake compared to the experience with PCSK9 inhibitors.

    Answer

    CEO Vasant Narasimhan detailed that the trial is designed to analyze both the top quartile and top decile of patients by Lp(a) levels, with a goal of showing over 20% cardiovascular risk reduction. To address uptake barriers, he said Novartis is taking a targeted, specialty cardiology approach, focusing on high-risk ethnicities and physician groups like interventional cardiologists to drive testing and treatment, rather than a broad primary care launch.

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    Richard Parkes's questions to Novo Nordisk A/S (NVO) leadership

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

    Question

    Richard Parkes questioned the company's confidence that its peripherally-acting oral CB1 receptor antagonist would not penetrate the brain and cause psychiatric side effects seen with previous drugs in the class.

    Answer

    Martin Lange, Head of R&D, expressed high confidence that brain penetration is substantially lower than prior assets due to lower exposure. While not ruling out any penetration, he stated the company is not concerned but is taking the risk seriously by planning a large-scale Phase II study specifically designed to assess and rule out any neuropsychiatric risks.

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