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Ralph Torbay, EVP of Commercial, emphasized that while new developments for HLA-A2 negative patients are welcome, Chemtrac is the established standard of care for HLA-A2 positive patients with a median OS of 22 months and 27% of patients alive at three years. David Berman, EVP of R&D, added that based on analogs in cutaneous melanoma, starting with immunotherapy like Chemtrac provides better long-term survival, setting a high hurdle for any new therapy.

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Karen Akinsanya, President and Head of Therapeutics R&D, said the Q4 update for SGR-2921 and SGR-3515 will include safety, PK/PD, and preliminary activity data, and confirmed the company believes partnerships are the best path forward for all three assets. CFO Richie Jain added that the Ajax expansion will have a modest 2025 revenue impact but offers future milestone and royalty opportunities.

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President and CEO Dr. Helen Torley expressed confidence that their arguments against the flawed CMS draft Part B policy will prevail, expecting no change. CFO Nicole LaBrosse stated that guidance is based on internal trend analysis, partner inputs, and royalty reports. LaBrosse also noted a comfortable current leverage ratio of about 1.2x and a willingness to go up to around 3x for the right M&A opportunity, highlighting the balance between share repurchases and strategic growth.

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Dr. Helen Torley, President and CEO, attributed the strong performance to broad-based growth from its three blockbuster products: DARZALEX subcutaneous, Phesgo, and VYVGART Hytrulo. She noted a VYVGART milestone was also achieved a quarter early. Regarding the auto-injector, she explained the partner's identity is confidential for competitive reasons but might be disclosed upon entering clinical studies. She clarified the current agreement is for development, with commercial supply and financial terms to be determined later.

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President and CEO Dr. Helen Torley responded by highlighting the durability of the current product portfolio, with many royalties extending to the mid-2030s and 2040s. She noted that while confident in the Argenx pipeline, revenues are not forecasted until data is available. Dr. Torley emphasized that additional growth will come from derisked pipeline assets like relatlimab Opdivo, new partner nominations, and future deals, which will layer on top of the strong existing revenue base.

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Chief Commercial Officer Ari Maizel positioned AXS-12 as a rapid-acting, once-daily treatment with benefits in cataplexy, sleepiness, and cognitive function. He stated the NDA package will include data from the CONCERT, SYMPHONY, and ENCORE trials, along with long-term safety data.

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CEO Tim Van Hauwermeiren deferred on margin targets, focusing on innovation. CFO Karl Gubitz outlined a clear five-point capital allocation strategy: 1) fully fund efgartigimod development, 2) invest in the broader pipeline (like MPA), 3) invest in the global supply chain, 4) consider business development with smaller biotechs, and 5) eventually return cash to shareholders, though this is not a near-term priority.

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Brian Mueller, EVP and CFO, responded that the company plans to provide an updated view on its 2027 revenue guidance and long-term targets by the end of the year, taking into account recent developments. He clarified that in the original $4 billion guidance, hypochondroplasia was the only VOXZOGO indication expansion included and was expected to make a modest contribution within that timeframe.

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CEO Michael Morrissey expressed high confidence in replicating RCC success in the NET space, citing the strong 35% market share achieved in the first full quarter of launch. EVP of Commercial P.J. Haley added that the 'best-in-class' perception in NET is a strong leading indicator of future prescribing behavior and expects demand to grow as refills accumulate.

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CFO Christopher Senner explained that historical Q1 seasonality from gross-to-net deductions is no longer a factor due to Exelixis's 'specified small manufacturer' status, leading to more stability. He also noted that unlike in past years, there was no significant inventory destocking in Q1. This stability and underlying business strength support the guidance raise.

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President and CEO Michael Morrissey refuted the 'lazy' characterization, emphasizing the company's disciplined approach to capital allocation. He affirmed that Exelixis has the financial flexibility to simultaneously advance its internal pipeline, repurchase shares, and pursue strategic business development, highlighting the planned ~$1 billion in R&D spending for the year as a key investment.

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An executive responded that the company was pleased with the safety and tolerability profile observed in the ACP-711 study. They also mentioned that interesting biomarker data from the study will be presented at the upcoming R&D Day and that the program is progressing toward a planned Phase II start in 2026.

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Lai Wang, Global Head of R&D, and Matt Shaulis, GM of North America, detailed sonrotoclax's potential to become a best-in-class BCL-2 inhibitor and expand the fixed-duration treatment market. Xiaobin Wu, President and COO, addressed the Europe question by highlighting strong 75% growth for BRUKINSA and successful new launches, indicating good momentum and effective investment.

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Wang Lai, Global Head of R&D, highlighted sonrotoclax's potency and selectivity, expressing confidence that head-to-head trials could establish it as the best-in-class BCL-2 inhibitor. Matt Shaulis, GM of North America, noted the BCL-2/CD20 opportunity is about a quarter of the frontline CLL market, with potential for expansion. Xiaobin Wu, President and COO, commented on Europe, citing 75% growth for BRUKINSA and increasing new patient share, affirming that launch activities are on track.

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CFO Aaron Rosenberg noted Calquence's slowing growth. CEO John Oyler asserted that the competitor's doublet data is unimpressive, citing inferior MRD negativity and PFS in a highly selective patient group compared to continuous BRUKINSA. Global Head of R&D Lai Wang added that physicians have safety and complexity concerns with venetoclax-based regimens.

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President & COO Renée Galá stated that recent narcolepsy adds were primarily new-to-oxybate patients. For IH, she emphasized Xywav's position as the only low-sodium option with flexible dosing. CEO Bruce Cozadd added that a recent court ruling upholding Jazz's IP means he sees no viable path for Avadel to launch LUMRYZ in IH before the relevant patent expires in 2036.

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Chief Medical Officer Dr. Eiry Roberts emphasized that INGREZZA's therapeutic dosing from day one is a key differentiator. Chief Commercial Officer Eric Benevich added that the market dynamic involves very little switching between VMAT2 inhibitors; the vast majority of INGREZZA's growth comes from newly diagnosed patients who are new to the drug class.

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