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    Steve Scala • Cowen

    Steve Scala's questions to Eli Lilly and Co (LLY) leadership

    Steve Scala's questions to Eli Lilly and Co (LLY) leadership • Q2 2025

    Question

    Steve Scala of TD Cowen noted that Lilly's description of the CVS formulary change impact shifted from 'modest' to a 'headwind,' and asked what changed in the injectable marketplace to prompt this.

    Answer

    Ilya Yuffa, President of Lilly USA, clarified that the commentary refers to a headwind on the *rate* of new patient growth, not overall growth, which remains healthy. He reiterated that the volume impact is still expected to be limited and pointed to strong July prescription trends as evidence of continued momentum for Zepbound across other market segments.

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    Steve Scala's questions to Eli Lilly and Co (LLY) leadership • Q1 2025

    Question

    Steve Scala drew a parallel to Lilly's past, asking if the company used aggressive formulary positioning with Taltz against IL-17 competitors to reduce choice, and how that historical experience might inform the outlook for Zepbound's situation with CVS.

    Answer

    CEO David Ricks offered a different recollection, stating that with Taltz, Lilly was the follower and sought to move the market from exclusive 'one-of-one' contracts to 'two-of-two' to increase choice. He argued that payer behavior favoring exclusivity is more common with multiple players and similar clinical profiles, neither of which is true in the current obesity market. He reiterated that using payers to exclusively drive share has never been Lilly's primary strategy.

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    Steve Scala's questions to Eli Lilly and Co (LLY) leadership • Q4 2024

    Question

    Steve Scala of TD Cowen asked if, despite the positive narrative, there have been any internal conversations questioning if the obesity market is being overestimated and if the manufacturing build-out is too aggressive.

    Answer

    CEO David Ricks stated emphatically that he has zero doubt more building is needed and that current capacity is insufficient to meet global demand. He characterized the current situation as early days in a massive market and said the company remains extremely bullish long-term.

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    Steve Scala's questions to Eli Lilly and Co (LLY) leadership • Q3 2024

    Question

    Steve Scala from TD Cowen questioned the necessity of DTC advertising for Zepbound, given strong demand and prior supply issues, suggesting it might signal concerns about patient volumes or competition.

    Answer

    Patrik Jonsson, President of Lilly Cardiometabolic Health and Lilly USA, explained that DTC was delayed to ensure a good customer experience and is now being used to drive patient activation in a market with very low penetration. CEO David Ricks added that unaided brand awareness for Zepbound is not high, and it is time to formally introduce the brand to consumers.

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    Steve Scala's questions to Pfizer Inc (PFE) leadership

    Steve Scala's questions to Pfizer Inc (PFE) leadership • Q2 2025

    Question

    Steve Scala of TD Cowen asked for clarification on the implied magnitude of the MFN impact in guidance and questioned how COVID-19 expectations have changed given that revenue guidance is flat despite other positive factors.

    Answer

    EVP & CFO Dave Denton reiterated that the company has de-risked the COVID-19 revenue delivery for Q3 and Q4 within its guidance due to the business's inherent volatility, rather than a fundamental change in expectations. He declined to comment on the specific financial assumptions related to MFN.

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    Steve Scala's questions to Pfizer Inc (PFE) leadership • Q2 2025

    Question

    Steve Scala of TD Cowen asked for clarification on the implied large financial impact from MFN in 2025 and 2026, and questioned how COVID expectations have changed given that overall revenue guidance remains flat despite strong underlying performance.

    Answer

    CFO Dave Denton declined to comment on specific MFN impact numbers. Regarding guidance, he explained that while internal targets for COVID remain, the revised guidance reflects a 'derisking' of the COVID performance expected in Q3 and Q4, given the inherent volatility of that business, which allows the underlying strength to flow to the EPS line.

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    Steve Scala's questions to Pfizer Inc (PFE) leadership • Q1 2025

    Question

    Steve Scala questioned the likelihood of Most Favored Nation (MFN) legislation being enacted and asked about the current manufacturing capacity utilization of Pfizer's U.S. plants.

    Answer

    CEO Albert Bourla noted that MFN was absent from a recent executive order, which instead prioritized PBM reform, 340B reform, and lowering patient out-of-pocket costs. Regarding U.S. manufacturing, he stated that utilization is quite good and there is sufficient headroom to transfer production, particularly for injectables, without needing to build new facilities.

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    Steve Scala's questions to Pfizer Inc (PFE) leadership • Q4 2024

    Question

    Steve Scala inquired about the potential outcomes for the danuglipron dose optimization study, including the possibility of discontinuing the compound, and asked new R&D head Chris Boshoff to identify areas for improvement within Pfizer's R&D system.

    Answer

    Chris Boshoff, an executive leading R&D, stated that data for the danuglipron study is expected in Q1 and will guide future decisions. He also explained that R&D has been refocused into four end-to-end therapeutic areas to prioritize high-value opportunities. CEO Albert Bourla added praise for the speed of these changes.

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    Steve Scala's questions to Pfizer Inc (PFE) leadership • Q3 2024

    Question

    Steve Scala asked for the long-term sales outlook for COVID products based on 2024 trends and whether Pfizer's RSV vaccine booster data shows a similar drop-off in immunogenicity as GSK's vaccine.

    Answer

    Commercial executives and CEO Albert Bourla described the COVID business as durable and stabilizing, with PAXLOVID utilization nearly identical to the prior year. Chief Scientific Officer Mikael Dolsten stated that for the RSV vaccine, titers remain robust after two years and a booster around the three-year mark would likely be meaningful, indicating the vaccine is performing as expected for a high-quality product.

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    Steve Scala's questions to Zoetis Inc (ZTS) leadership

    Steve Scala's questions to Zoetis Inc (ZTS) leadership • Q2 2025

    Question

    Chris, on behalf of Steve Scala, asked if the animal health sector has been granted an exemption from recently announced EU pharma tariffs and whether the overall tariff environment is impacting consumer spending on animal health.

    Answer

    CEO Kristin Peck stated that the tariff environment remains dynamic and it is not yet clear if animal health is included or excluded from potential tariffs in the UK or Europe. She emphasized Zoetis's resilience, noting that 60% of its global manufacturing and 75% of products sold in the U.S. are made in the U.S. She confirmed that the company's raised guidance already incorporates the impact of enacted and announced tariffs, expressing confidence in their ability to manage the costs.

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    Steve Scala's questions to AbbVie Inc (ABBV) leadership

    Steve Scala's questions to AbbVie Inc (ABBV) leadership • Q2 2025

    Question

    Steve Scala from TD Cowen asked why the current economic downturn is impacting the aesthetics business more severely than past periods and requested an update on AbbVie's anti-amyloid monoclonal antibody for Alzheimer's.

    Answer

    EVP & CCO Jeffrey Stewart suggested the current economic pressure is more chronic. CEO Robert Michael added that market share remains stable; the issue is market growth. EVP & CSO Roopal Thakkar discussed their next-gen Alzheimer's asset from the ALIATA acquisition, which has enhanced CNS penetration and will enter patient studies next year.

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    Steve Scala's questions to AbbVie Inc (ABBV) leadership • Q1 2025

    Question

    Steve Scala from TD Cowen asked about the path forward for emaracladine in schizophrenia and questioned AbbVie's strategy regarding its large manufacturing footprint in Ireland versus investing in the U.S., also inquiring about plant utilization rates.

    Answer

    CSO Roopal Thakkar stated that AbbVie still sees potential in emaracladine and will take a stepwise approach, starting with a dose escalation study this year to inform a potential Phase II trial. CEO Robert Michael addressed the manufacturing footprint, emphasizing that AbbVie's strategy prioritizes assurance of supply and that its largest product, Skyrizi, is made in the U.S. He reiterated the plan to invest over $10 billion in the U.S. to support volume growth and new capabilities like peptide manufacturing.

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    Steve Scala's questions to AbbVie Inc (ABBV) leadership • Q4 2024

    Question

    Steve Scala noted the Part D redesign headwind guidance changed from 3% to 4% and asked if IRA pricing is spilling over to the commercial market. He also asked for a specific number for the updated 2030 aesthetics guidance.

    Answer

    EVP & CFO Scott Reents explained the Part D headwind increased from 3% to 4% due to a business mix shift toward products with higher Part D channel exposure, not a change in understanding the mechanics. EVP & CCO Jeffrey Stewart stated they have seen no spillover of IRA pricing into commercial negotiations. Scott Reents clarified the new aesthetics guidance implies a revenue figure north of $7 billion by 2029, based on a high single-digit CAGR from the 2025 base.

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    Steve Scala's questions to AbbVie Inc (ABBV) leadership • Q3 2024

    Question

    Steve Scala from Cowen expressed surprise at the significant focus on Cerevel in prepared remarks ahead of the pivotal emraclidine data, asking if this signaled increased confidence in the outcome.

    Answer

    CEO Robert Michael clarified the focus was due to the transaction closing and positive Tavapadon Phase III data, both significant events in the quarter, and advised not to read further into it. CSO Roopal Thakkar added that Tavapadon is a major development for Parkinson's and reiterated confidence in emraclidine's competitive profile.

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    Steve Scala's questions to GSK plc (GSK) leadership

    Steve Scala's questions to GSK plc (GSK) leadership • Q2 2025

    Question

    Steve Scala asked about Shingrix trends in China, requested a detailed update on the pneumococcal vaccine program, and questioned if the recent FDA CBER leadership change impacts the Blenrep outlook.

    Answer

    CEO Dame Emma Walmsley stated there was no connection between the FDA leadership change and Blenrep. CCO Luke Miels described the China Shingrix market as challenging but showing 'small green shoots.' Chief Scientific Officer Tony Wood explained that GSK is now prioritizing its 30+ valent pneumococcal vaccine, with a first-in-human study starting late this year, positioning it to be competitive towards the end of the decade.

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    Steve Scala's questions to GSK plc (GSK) leadership • Q4 2024

    Question

    Steve Scala of TD Cowen questioned if Nucala's exacerbation data for COPD is competitive with Dupixent and sought clarification on GSK's expectation for changes to U.S. vaccine policy, which contrasted with another company's recent statements.

    Answer

    CEO Emma Walmsley clarified their guidance reflects the uncertain U.S. vaccine policy environment but noted recent political commentary has been supportive of the status quo. Chief Scientific Officer Tony Wood and CCO Luke Miels positioned Nucala as the first potential biologic for the full spectrum of COPD, including difficult-to-treat emphysema patients, a broader population than that of Dupixent's trial. They stressed their intent to compete vigorously by focusing on tougher-to-treat patients and hospitalizations.

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    Steve Scala's questions to Novartis AG (NVS) leadership

    Steve Scala's questions to Novartis AG (NVS) leadership • Q1 2025

    Question

    Steve Scala asked about the recently announced $23 billion U.S. manufacturing expansion, questioning the timeline for completion by 2028 and why the strategic pivot didn't begin sooner. He also asked if the company's ability to manage U.S. policy changes includes Most Favored Nation (MFN) legislation.

    Answer

    CEO Vasant Narasimhan acknowledged the decision to expand U.S. manufacturing could have been made earlier but is now a key strategic priority to ensure supply chain stability, independent of politics. He clarified that a broad MFN policy would be 'devastating' to the industry and would force a re-evaluation of long-term outlooks, as it would effectively import European price controls.

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    Steve Scala's questions to AstraZeneca PLC (AZN) leadership

    Steve Scala's questions to AstraZeneca PLC (AZN) leadership • Q1 2025

    Question

    Steve Scala sought confirmation that potential U.S. tariffs would not be material to the group and questioned if the safety profile of Enhertu in the first-line DB09 setting needs to be better than its known profile, and if it would contribute to 2025 sales.

    Answer

    CEO Pascal Soriot confirmed that any tariff impact would be limited and manageable within a couple of years due to the company's flexible global manufacturing network, making it not material long-term. EVP, Oncology, David Fredrickson responded that the DB09 result reflects a positive overall benefit-risk assessment, including a trend in overall survival. He noted that while the company won't promote off-label, data presentations can sometimes lead to spontaneous use ahead of approval.

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    Steve Scala's questions to AstraZeneca PLC (AZN) leadership • Q4 2024

    Question

    Steve Scala of TD Cowen questioned the outlook for Tagrisso, asking if growth is predicated on the adjuvant setting and how it's influenced by competitor data. He also asked about the implications of the import duty assessment being made against corporate AstraZeneca in China.

    Answer

    David Fredrickson, EVP of Oncology, stated that Tagrisso's growth is driven by both adjuvant use and a strong first-line position, with FLAURA2 data remaining highly competitive. CEO Pascal Soriot reiterated that under Chinese law, the implication of the duty assessment is a repayment of the duty ($0.9M) plus a potential fine of 1-5 times that amount, a clearly defined consequence.

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    Steve Scala's questions to Merck & Co Inc (MRK) leadership

    Steve Scala's questions to Merck & Co Inc (MRK) leadership • Q1 2025

    Question

    Steve Scala from TD Cowen asked about the newly disclosed global slowdown for GARDASIL, the viability of the previous $11 billion target, and whether 2025 is still considered a trough year.

    Answer

    CFO Caroline Litchfield clarified the commentary reflects the end of a successful catch-up program in Japan and headwinds in China. She confirmed the $11 billion target was withdrawn last quarter due to the China situation but noted the company still expects strong double-digit growth for GARDASIL excluding China.

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    Steve Scala's questions to Merck & Co Inc (MRK) leadership • Q3 2024

    Question

    Steve Scala from TD Cowen asked if global GARDASIL growth is still possible in 2025 and questioned what 'will take time' for the China recovery if the company already has visibility on a $2-$3 billion sales number.

    Answer

    CEO Robert Davis declined to provide specific 2025 product-line guidance for global GARDASIL but reiterated confidence in 'solid overall growth' for Merck as a company. He clarified that the 'time' needed refers to the process of working down existing inventory while simultaneously building new demand, particularly for the male indication, which he expects will take through 2025.

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    Steve Scala's questions to Bristol-Myers Squibb Co (BMY) leadership

    Steve Scala's questions to Bristol-Myers Squibb Co (BMY) leadership • Q1 2025

    Question

    Steve Scala sought clarity on whether Bristol sees a potential regulatory path forward based on the existing ARISE data for Cobenfy. He also asked if the milvexian Phase III trial's enrollment benefited from a competitor's trial stoppage and why that hasn't accelerated the study's timeline.

    Answer

    CMO Samit Hirawat stated that the company would not speculate on a regulatory path for ARISE until a full data analysis is complete. Regarding milvexian, he noted that while enrollment for the AFib trial is complete, the event rate remains low, and the timeline has not been reprojected. He confirmed they will communicate any changes.

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    Steve Scala's questions to Bristol-Myers Squibb Co (BMY) leadership • Q4 2024

    Question

    Steve Scala of TD Cowen asked about the profile and development plans for a second-generation TYK2 inhibitor and inquired if the Milvexian Phase III trials were tracking for a 2026 readout.

    Answer

    CMO Samit Hirawat stated that while the Phase I study for the backup TYK2 is complete, the company's current focus is squarely on maximizing the opportunity for Sotyktu, and the backup agent is not in development. He confirmed that for Milvexian, events and enrollment are tracking well for a readout in the latter half of 2026, with a 2025 readout not expected.

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    Steve Scala's questions to Bristol-Myers Squibb Co (BMY) leadership • Q3 2024

    Question

    Steve Scala sought clarification on two points: whether the full-year revenue guidance increase was solely due to Revlimid, and why a lower-than-expected event rate in the milvexian trial is considered encouraging.

    Answer

    CFO David Elkins clarified that while the Revlimid guidance increase was a key factor, strong performance in the growth portfolio also contributed to the raised outlook. Head of Global Drug Development Samit Hirawat explained the milvexian event rate is encouraging because their blended rate is lower than planned, which is a favorable situation compared to a competitor's trial that failed due to a high event rate in the treatment arm.

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    Steve Scala's questions to Sanofi SA (SNY) leadership

    Steve Scala's questions to Sanofi SA (SNY) leadership • Q4 2024

    Question

    Steve Scala from TD Cowen questioned if the TL1A asset's profile holds up in biologic-experienced patients and asked about the confidence that the FDA won't require additional data for tolebrutinib's approval.

    Answer

    Executive Houman Ashrafian invited attendees to the ECCO meeting for detailed TL1A data, suggesting they would be 'pleasantly surprised.' Regarding tolebrutinib, he noted the FDA encouraged the SPMS submission and that any label monitoring requirements would likely align with the Phase III protocol, which Sanofi would fully support for patient safety.

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