Timothy Anderson • BofA Securities

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Patrik Jonsson, President of Cardiometabolic Health, responded that 'one-on-one' formulary positions are currently rare in the obesity market. He reiterated that while the CVS announcement was not a complete surprise given Zepbound's strong performance, Lilly will continue to execute its growth strategy across all PBMs, Medicaid, and its self-pay channels to maintain momentum.

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An executive clarified that the 2025 guidance is built upon the assumption of a continuation of the total prescription growth seen in 2024, not necessarily requiring a significant acceleration in the growth rate.

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CEO Christopher Viehbacher responded that the choice between products will ultimately be up to physicians and patients. He emphasized the importance of continued therapy, noting that data shows plaque can return after removal. He stressed that the primary focus for both Biogen and Lilly should be on expanding the overall market to treat the vast number of patients in need, rather than competing for share in a still-nascent market.

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CEO Albert Bourla expressed cautious optimism, noting that pharmaceuticals were initially excluded from broad tariffs. He stated the administration's focus is on national security threats via a 232 investigation, which he believes distinguishes between friendly and adversary countries, making it a different situation than broad-based tariffs.

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Executive Andrew Baum agreed that managing obesity will likely require a portfolio of tools. He confirmed that Pfizer is actively evaluating all opportunities in the space to find assets that can deliver the most value to both patients and shareholders.

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CCO Jeffrey Stewart acknowledged that while it's difficult to predict DTC reform, AbbVie could pivot its investments to disease awareness campaigns or other channels if needed. CSO Roopal Thakkar addressed the obesity question, stating that while the amylin analog has potential as a monotherapy, the company has not ruled out any particular mechanism for combination, and the asset's neutral pH formulation makes it amenable to various partners.

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SVP Carrie Strom described the GLP-1 trend as both a short-term headwind (share of wallet) and a long-term tailwind (new patient generation), stating the company is helping providers integrate aesthetics for this new patient group. CEO Robert Michael stated that AbbVie has no strong preference on PBM reform, expressing confidence in their ability to compete on product attributes in either a rebate-based or discount-based system, citing strong international performance as evidence.

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Chief Commercial Officer Johanna Mercier did not provide specific product guidance but indicated the initial opportunity for lenacapavir involves switching patients from daily oral therapies, which constitute 95% of the market and include Descovy. She also highlighted a significant opportunity with naive patients. Mercier anticipates the overall PrEP market will grow exponentially, with lenacapavir's launch acting as an accelerant.

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Chief Commercial Officer Johanna Mercier stated that while the company does not give product-specific guidance, they anticipate a ramp-up period for access, targeting 75% coverage at 6 months and 90% at 12 months. She noted the specialty pharmacy/buy-and-bill model may take time to scale but expressed confidence in a meaningful impact in 2025, growing more significantly in 2026.

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CEO Robert Davis reiterated confidence in the long-term outlook, pointing to a pipeline of over 20 new products with a potential of over $50 billion by the mid-2030s. He stated that while there is no current plan to issue specific line-by-line guidance, the company continues to evaluate the possibility.

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CEO Robert Davis addressed guidance, stating there is no current plan for a quantified long-term forecast but emphasized the $50B+ potential from the pipeline will provide proof points over time. Dr. Dean Li, President of Merck Research Labs, commented on competitors, expressing confidence in Merck's TROP2 program and noting that for PD-1/VEGF combinations, demonstrating an Overall Survival (OS) benefit, not just PFS, is critical.

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CEO Christopher Boerner stated the company will not provide long-term guidance as a standard practice, focusing instead on annual guidance. He did not give a specific trough EPS floor but affirmed the goal is to minimize its depth and duration. CFO David Elkins clarified that transfer pricing is determined by tax law and is not the appropriate framework for analyzing potential tariff impacts.

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CFO David Elkins explained that the revenue guidance is broadly in line with consensus after accounting for a ~$500 million foreign exchange headwind, with minor differences related to the legacy portfolio. CEO Christopher Boerner stated that while the general timing of the earnings trough remains the same, the company is actively working to change its depth and duration through brand growth, pipeline acceleration, and strategic acquisitions like Karuna, which has improved the growth velocity exiting the decade.

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CFO Joseph Wolk declined to comment on transfer pricing for competitive reasons. CEO Joaquin Duato redirected the focus to the company's strategy of onshore manufacturing, stating that their $55 billion investment plan will result in all advanced medicines for the U.S. market being made in the U.S., which he framed as the most effective long-term solution.

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Executive Jennifer Taubert confirmed that the HUMIRA erosion curve is a good proxy for STELARA and agreed that patients are likely to shift to newer, more effective therapies like TREMFYA. She highlighted TREMFYA's differentiation in IBD and stated that the company has already invested appropriately to secure strong market access and commercial coverage, which is factored into their financial guidance.

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CFO Jamey Mock explained the exclusion is a new policy to not guide for unapproved products, stating they 'learned their lesson' and it shouldn't be over-interpreted. President Stephen Hoge clarified the Norovirus hold is not for disclosure purposes, as they had already been proactive, but is part of the FDA's prudent review of the situation.

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While declining to give product-specific guidance, executives expressed strong optimism. Murdo Gordon, EVP of Global Commercial Operations, noted very positive and enthusiastic feedback from retina specialists, who appreciate the high-quality biosimilar in an easy-to-use prefilled syringe. Peter Griffith, EVP and CFO, reinforced the company's goal to double its 2025 biosimilar sales by 2030.

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Emma Walmsley, CEO, responded by reiterating GSK's position that there is no consistent or reliable scientific evidence linking Zantac to cancer. She stated the company will continue to vigorously defend itself and manage the litigation in the best interest of shareholders, without speculating on hypothetical settlement timelines to protect the company's position in the judicial process.

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Houman Ashrafian, EVP and Head of R&D, confirmed the timing remains late August or early September and expressed optimism about the drug's path, given the high unmet need in secondary progressive MS and interesting Phase II results. CEO Paul Hudson added that the key will be whether its ability to cross the blood-brain barrier translates into clinical differentiation.

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CEO Pascal Soriot stated that emerging market margins are viable, profitable, and closer to European levels than the U.S., driving significant growth. EVP, Oncology R&D, Susan Galbraith, expressed optimism that the TROPION-Breast02 data will confirm a best-in-class profile for Dato-DXd, highlighting its differentiation through a stable linker that results in lower toxicity and better combinability.

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CEO Vasant Narasimhan stated he had little insight into CMS's motivations but noted that since the price-setting process involves multiple rounds of discussion, there is no benefit to going public while talks are ongoing. He speculated that the impact on the first wave of drugs may seem manageable as they are near their loss of exclusivity, but warned the policy will become 'uglier' as more drugs are included earlier in their lifecycles.

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