Sarah

Sarah asked about the 2026 Nuvaxovid uptake assumptions under Sanofi's control, specifically how much depends on contracting wins versus physician/patient mix pull-through. She also asked for a reminder on the current number of MTAs in place.

Answer

CEO John Jacobs explained that contracting, especially with retail pharmacies, is crucial in the U.S. market, and Sanofi is in its first full cycle negotiation with all necessary tools. Chief Strategy Officer Elaine O'Hara added that Sanofi's contracting cycle began in November and should conclude by March/April, with plans for a full marketing season. John Jacobs also stated that Novavax has not disclosed all MTAs but noted significant and growing interest, with multiple MTAs in place, including recent expansions and new signings, driven by companies seeing Matrix-M's potential to solve problems.

Sarah inquired about the expected IND readiness timeline for the pan-KRAS inhibitor and Arvinas' current view on the pan-KRAS opportunity, given recent clinical data from competitors.

Answer

President and CEO Randy Teel did not provide an exact IND timeline but noted the program's good progress with data at multiple conferences. He acknowledged the competitive landscape for pan-KRAS but emphasized the potential for differentiation and the benefit of having both G12D and pan-KRAS programs.

Sarah inquired about the expected timeline for the pan-KRAS inhibitor to be IND ready and Arvinas' current view on the opportunity in pan-KRAS, given recent clinical data from another pan-KRAS agent.

Answer

Randy Teel (President and CEO) did not provide exact timing for pan-KRAS IND readiness but noted ongoing data releases. He acknowledged other programs in the space and emphasized the need for differentiation, seeing value in having both G12D and pan-KRAS programs.

Sarah asked about the key learnings from YETI's November advertising campaign and how those insights are shaping future advertising focuses, including any differences in strategy between international and US advertising efforts.

Answer

President and CEO Matt Reintjes expressed satisfaction with the Q4 'Bad Idea' campaign, highlighting that live events, particularly live sports, provide high-quality, concentrated viewership. He noted that this success informs the shift of the next campaign to the first half of the current year, targeting similar high-impact cultural and sports moments to create a brand halo, with elements also spilling over internationally.

Sarah asked about the key learnings from YETI's November advertising campaign and how these insights are shaping future advertising strategies, including any differences between international and U.S. approaches. She also inquired about the drivers behind the lower DTC conversion rate in Q3 2025, its improvement in Q4, and expectations for 2026.

Answer

Matt Reintjes, President and CEO, expressed satisfaction with the Q4 'Bad Idea' campaign, highlighting the effectiveness of live events, especially sports, for high-impact impressions. This success informs the shift of the spring 2026 campaign to the first half of the year. He attributed DTC conversion fluctuations to increased cross-channel shopping and price discovery in a promotional environment, noting that YETI's diverse channels allow for consumer interception and conversion.

Sarah asked for an update on Valvoline's technology initiatives, specifically if the move to a cloud-based architecture provides competitive advantages and what those are. She also inquired about current advertising strategies and early results.

Answer

Lori Flees, President and CEO of Valvoline, detailed investments in retail-specific technology like CRM, SAP, HRIS, and cloud migration, which yield reduced maintenance costs, back-office efficiencies, and improved customer service. She described a sophisticated marketing playbook, including lifecycle management and new customer acquisition, noting improving performance and productive return on ad spend.

Sarah asked for an update on Valvoline's technology initiatives, specifically if the move to a cloud-based architecture provides competitive advantages and what those are. She also inquired about the current focus areas in advertising and early results.

Answer

Lori Flees, President and CEO, Valvoline, detailed investments in retail-specific technology (CRM, SAP, HRIS, cloud migration, SuperPro replatforming), citing benefits like reduced maintenance costs, back-office efficiencies, and improved customer service. She expects technology spend growth to moderate. On advertising, Lori Flees described a sophisticated playbook including lifecycle management and new customer acquisition strategies, noting continuous improvement in performance, productive return on ad spend, and optimization of discounting/net pricing.

Sarah asked for a sneak peek into Exelixis' early-stage pipeline, specifically which of the four phase I programs (XL309, XB010, XB628, XB371) is expected to transition next into pivotal development, and how XB371, the tissue factor topo I ADC, is differentiated from other topoisomerase I inhibitors.

Answer

Dana Aftab, Executive Vice President of Research and Development, stated that XL309 (USP1 inhibitor) and XB010 (5T4 targeting ADC) have been in the clinic longer and accrued more patients. She highlighted XB371's differentiation through a unique antibody that avoids coagulation cascade impact and a tandem mechanism release linker licensed from Catalent, which stabilizes the payload and requires dual cleavage for release.

Sarah asked for a sneak peek into the early-stage pipeline, specifically which of the four Phase 1 programs (XL309, XB010, XB628, XB371) is expected to transition next into pivotal development, and how XB371 (tissue factor topo I ADC) is differentiated from others.

Answer

Dana Aftab, EVP of Research and Development, mentioned that XL309 (USP1 inhibitor) and XB010 (5T4 targeting ADC) have been in the clinic longer and accrued more patients. XB628 (bispecific IO molecule) is enrolling well, and XB371 (tissue factor targeting ADC) is the most recent IND filing and is enrolling patients. XB371 is differentiated by a unique antibody that avoids coagulation cascade impact and a tandem mechanism release linker for payload stabilization.