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    Simon Baker • Redburn

    Simon Baker's questions to Novo Nordisk A/S (NVO) leadership

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

    Question

    Simon Baker of Rothschild & Co Redburn asked for a timeframe on resolving the U.S. drug compounding issue and whether an ITC complaint has been filed. He also questioned why the de-emphasis of Rybelsus should not be seen as a precedent for the oral obesity launch.

    Answer

    David Moore (EVP - US Operations) reported active dialogue with the FDA to stop fake API from China but could not provide a specific date. Karsten Knudsen (CFO) confirmed all legal options are on the table. On the Rybelsus comparison, David Moore explained the market dynamics are different, as obesity patients are moving from injectables to a novel oral option. Martin Lange (CSO) added that oral semaglutide for obesity was designed to match injectable efficacy, unlike Rybelsus in diabetes.

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

    Question

    Simon Baker of Rothschild & Co Redburn asked for a timeframe on resolving the drug compounding issue and inquired about specific legal actions. He later questioned why the commercial deemphasis of Rybelsus should not be seen as a precedent for the oral obesity drug launch.

    Answer

    David Moore, EVP of US Operations, stated there's no meaningful change yet in compounding and confirmed productive dialogue with the FDA. Karsten Knudsen, EVP & CFO, added all legal options are on the table. On the Rybelsus comparison, Mr. Moore explained the market dynamics are different, as an oral option in obesity is a new, attractive alternative to injectables. Martin Lange, EVP & CSO, added that oral semaglutide for obesity was designed to match the efficacy of the injectable version, unlike Rybelsus.

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

    Question

    Simon Baker asked for Novo Nordisk's perspective on how the obesity market is expected to evolve by 2030, considering both its own product pipeline and the efforts of competitors.

    Answer

    Camilla Sylvest, Group Commercial Strategy Head, highlighted the vast, underserved patient population, suggesting ample room for market growth. She anticipates future market segmentation, with Novo Nordisk focusing on the high-efficacy segment, leveraging Wegovy's cardiovascular label. She believes new entrants will likely expand the overall market rather than simply create a zero-sum competition.

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    Simon Baker's questions to Sanofi SA (SNY) leadership

    Simon Baker's questions to Sanofi SA (SNY) leadership • Q2 2025

    Question

    Simon Baker of Rothschild & Co Redburn requested an update on the U.S. outlook for Beyfortus and asked for the rationale behind pursuing KIT inhibition for inflammatory diseases with the Blueprint asset.

    Answer

    EVP of Vaccines Thomas Triomphe stated that Beyfortus growth will continue through geographic expansion and it will remain dominant due to its superior half-life and real-world data. EVP & Head of R&D Houman Ashrafian explained that successfully targeting wild-type c-kit is a 'holy grail' that could unlock significant opportunities in inflammation if an adequate therapeutic index is achieved.

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    Simon Baker's questions to Sanofi SA (SNY) leadership • Q1 2025

    Question

    Simon Baker of Redburn Atlantic asked for the posterior probability from the Bayesian study for brivekimig and inquired about other internal combination candidates for the oral TNF inhibitor, such as the IRAK4 degrader.

    Answer

    Houman Ashrafian (EVP, Head of R&D) declined to provide the specific posterior probability for the brivekimig study but reiterated that the results were compelling. Regarding oral TNF combinations, he stated that while there are multiple rational partners, it would be unwise to disclose them at this time. CEO Paul Hudson added that the strategy involves identifying diseases where combinations can achieve new efficacy benchmarks.

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    Simon Baker's questions to Sanofi SA (SNY) leadership • Q2 2024

    Question

    An analyst on behalf of Simon Baker asked about Sanofi's appetite for radiopharma and inquired about any changes in approach that would explain the better-than-expected performance in the older, broader product portfolio.

    Answer

    Houman Ashrafian, EVP and Head of R&D, stated that while they are watchful of the radioligand therapy space, they remain focused on their core therapeutic areas and have no current programs. Olivier Charmeil, EVP and Head of General Medicines GBU, attributed the strong performance of the legacy portfolio to a multi-year strategy of simplification, including reducing the number of product families, optimizing the geographic footprint, and reallocating resources to growth drivers.

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    Simon Baker's questions to GSK plc (GSK) leadership

    Simon Baker's questions to GSK plc (GSK) leadership • Q2 2025

    Question

    Simon Baker asked for clarification on the Camlopixant trial reporting timeline and questioned the impact of a potential Blenrep approval delay on GSK's 2028 and 2031 financial outlooks and its M&A strategy.

    Answer

    CEO Dame Emma Walmsley affirmed there is no change to Blenrep's expected ramp or the company's long-term financial outlooks, highlighting continued confidence and ongoing business development. Chief Scientific Officer Tony Wood clarified that both Camlopixant studies (CALM-1 and CALM-2) will be formally disclosed together in mid-2026, in line with the CALM-2 schedule.

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    Simon Baker's questions to GSK plc (GSK) leadership • Q1 2025

    Question

    Simon Baker asked about HIV PrEP market dynamics and potential clinical trial impacts from USAID funding changes. He also inquired about the upcoming camlipixant study and what would constitute a good result.

    Answer

    ViiV Chairman David Redfern stated there has been no direct impact on GSK/ViiV trials from USAID changes and noted strong Apretude uptake in an underdeveloped PrEP market. CSO Tony Wood discussed camlipixant, highlighting its design for a clinically significant effect and its superior selectivity profile demonstrated in the Phase II SOOTHE study, which showed a 34% reduction in cough frequency.

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    Simon Baker's questions to GSK plc (GSK) leadership • Q2 2024

    Question

    Simon Baker of Redburn Atlantic asked about the potential biological mechanism that could explain the observed association between Shingrix vaccination and a reduced incidence of dementia.

    Answer

    Tony Wood, Chief Scientific Officer, responded that the mechanism is not well understood and is an area of early scientific exploration. He mentioned several hypotheses being investigated, including potential vascular effects or the suppression of underlying viral reactivation and subsequent inflammation, but emphasized that the science is still developing.

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    Simon Baker's questions to Novartis AG (NVS) leadership

    Simon Baker's questions to Novartis AG (NVS) leadership • Q2 2025

    Question

    Simon Baker from Rothschild & Co Redburn asked for details on the price-volume dynamics for Cosentyx and why competitive pressures are considered temporary. He also inquired about efforts to reform drug pricing clawbacks in the UK.

    Answer

    CFO Harry Kirsch attributed some price pressure on Cosentyx to the Medicare Part D redesign. CEO Vasant Narasimhan added that new competitive entries typically cause a temporary market disruption before stabilizing. Regarding the UK, he confirmed active engagement with the government to reform the VPAG system to better support a vibrant biopharmaceutical sector.

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    Simon Baker's questions to Novartis AG (NVS) leadership • Q1 2025

    Question

    Simon Baker asked about Novartis's exposure to potential U.S. tariffs, the company's decision not to highlight this risk, and for feedback on its letter to the Financial Times regarding EU innovation. He also requested more detail on the 2% positive gross-to-net impact, specifically which products were most affected.

    Answer

    CEO Vasant Narasimhan stated that guidance fully accounts for potential tariffs and that the company is increasing its U.S. manufacturing footprint to mitigate risks. He also advocated for the EU to better reward innovation. CFO Harry Kirsch explained the gross-to-net favorability was broad-based across many brands due to lower Medicaid utilization and favorable channel mix, not distorting any single product's growth rate.

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    Simon Baker's questions to Novartis AG (NVS) leadership • Q4 2024

    Question

    Simon Baker asked for commentary on the resilience of Novartis's gross margin in 2025, considering the potential loss of exclusivity for Entresto and the company's historical strength in managing patent expiries.

    Answer

    CFO Harry Kirsch stated that he expects further margin improvement to come primarily from SG&A leverage, with SG&A growing significantly below sales. He acknowledged that the gross margin will face some pressure from product mix shifts (e.g., higher royalties on newer molecules), but this will be more than offset by SG&A efficiencies and ongoing manufacturing productivity programs.

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    Simon Baker's questions to AstraZeneca PLC (AZN) leadership

    Simon Baker's questions to AstraZeneca PLC (AZN) leadership • Q1 2025

    Question

    Simon Baker asked for quantification of the financially motivated patient discontinuation rates prior to the Part D redesign and questioned if the removal of two neuroscience assets from the pipeline signaled a strategic exit from the therapeutic area.

    Answer

    EVP, Oncology, David Fredrickson declined to give specific percentages but noted a significant reduction in free goods utilization, with future growth driven by new indications. EVP, BioPharmaceuticals R&D, Sharon Barr confirmed the company has closed its neuroscience group, calling it a strategic prioritization to focus resources on core areas like weight management, respiratory, and immunology.

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    Simon Baker's questions to AstraZeneca PLC (AZN) leadership • Q4 2024

    Question

    Simon Baker of Redburn Atlantic asked for an update on the potential scope for the TIGIT target (rilvegostomig) beyond non-small cell lung cancer and for highlights of growth drivers in emerging markets excluding China.

    Answer

    Susan Galbraith, EVP of Oncology R&D, noted that beyond lung cancer, rilvegostomig is being studied in biliary tract cancer and has potential in other indications like gastric and HCC, with good combination capability with ADCs. Iskra Reic, Head of International, explained that strong double-digit growth is seen across all emerging market regions (LatAm, Asia, MEA) and is expected to continue, driven by later-cycle launches of key brands like Breztri and Enhertu.

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    Simon Baker's questions to Gilead Sciences Inc (GILD) leadership

    Simon Baker's questions to Gilead Sciences Inc (GILD) leadership • Q1 2025

    Question

    Simon Baker asked about the Medicare Part D redesign, specifically when Gilead might start seeing a positive benefit from improved patient adherence due to lower out-of-pocket costs.

    Answer

    Chief Commercial Officer Johanna Mercier stated that Gilead does not expect a material volume increase from the Part D reform. She explained that numerous safety net programs already exist for HIV, and abandonment rates for key products like Biktarvy are already incredibly low. While the situation is being monitored, any potential benefit would likely appear late in the year and is not currently factored into their forecasts.

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    Simon Baker's questions to Moderna Inc (MRNA) leadership

    Simon Baker's questions to Moderna Inc (MRNA) leadership • Q4 2024

    Question

    Simon Baker sought clarification on whether the 50% spend on respiratory trials referred to total trial spend or total R&D spend, and asked about the regulatory process for the COVID-flu combo, including potential impacts on the approval timeline.

    Answer

    CFO Jamey Mock clarified the 50% figure refers to trial expense, not total R&D. President Stephen Hoge explained that based on initial regulatory feedback, the flu efficacy data will likely be required for the combo vaccine's approval, and while a delay or unfavorable result could impact the timeline, it's possible to proceed without substantial delays if the data is submitted promptly.

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    Simon Baker's questions to Biontech SE (BNTX) leadership

    Simon Baker's questions to Biontech SE (BNTX) leadership • Q3 2024

    Question

    Simon Baker sought clarification on whether previous comments about trial design for BNT327 pertained to triple-negative breast cancer or non-small cell lung cancer, and requested more details on the upcoming first-line NSCLC study.

    Answer

    Chief Medical Officer Dr. Özlem Türeci deferred the detailed answer, referring the question to the company's upcoming Innovation Day. She stated that more details on study designs, benchmarks, and pivotal trial plans for BNT327 would be disclosed at that event next week.

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