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    Trung Huynh

    Senior Equity Analyst at UBS Group AG

    Trung Huynh is a Senior Equity Analyst at UBS, specializing in coverage across a broad range of sectors and geographies, including the US, UK, Spanish, Italian, French, and German markets. He covers 36 stocks, with notable coverage including companies such as Insmed and Bristol Myers Squibb, and has achieved a 69% success rate on his ratings and an average return of 11.5% per recommendation over the past year, ranking among the top 1,000 Wall Street analysts. With a career at UBS since at least 2020, Huynh has issued over 230 analyst ratings and demonstrated strong performance, including a standout trade on Insmed delivering a 171% return. He holds professional credentials relevant to equity analysis and is recognized for insightful stock evaluations, though additional licensing details are not publicly specified.

    Trung Huynh's questions to Acumen Pharmaceuticals (ABOS) leadership

    Trung Huynh's questions to Acumen Pharmaceuticals (ABOS) leadership • Q2 2025

    Question

    Trung Huynh asked how blood-based markers for identifying asymptomatic patients would be integrated into clinical practice and what the outlook is for payer coverage.

    Answer

    Chief Medical Officer Dr. Eric Siemers explained that payers are anecdotally already reimbursing for the FDA-approved pTau217 blood test. He anticipates this will continue for drugs proven effective in a preclinical population, as delaying cognitive decline presents a strong value proposition for payers by deferring higher healthcare costs. However, he stressed that clinical studies must first demonstrate this strategy's effectiveness.

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    Trung Huynh's questions to PFIZER (PFE) leadership

    Trung Huynh's questions to PFIZER (PFE) leadership • Q2 2025

    Question

    Trung Huynh of UBS Group AG inquired about the potential impact of MFN policy changes on guidance, the current status of tariff discussions, and Pfizer's forecast for the 2025-2026 COVID vaccine season.

    Answer

    CEO Albert Bourla stated that while Pfizer is in productive discussions with the administration, he could not provide details on MFN or tariffs. CFO Dave Denton confirmed guidance absorbs potential impacts due to underlying business strength. EVP & Chief U.S. Commercial Officer Aamir Malik noted strong Q2 Comirnaty performance and anticipates a solid fall season based on current vaccination dynamics and payer coverage.

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    Trung Huynh's questions to PFIZER (PFE) leadership • Q2 2025

    Question

    Trung Huynh of UBS Group AG inquired about the guidance's absorption of potential MFN price changes, the current status of tariff discussions, and the outlook for the Fall 2025 COVID-19 vaccine season following recent CDC recommendations.

    Answer

    Chairman & CEO Albert Bourla confirmed active and productive discussions with the U.S. administration regarding MFN and tariffs but could not share details. CFO Dave Denton added that the company's underlying business strength allows it to absorb potential impacts this year. EVP & Chief U.S. Commercial Officer Aamir Malik stated that for the upcoming COVID season, Pfizer anticipates an indication for the 65+ population and those with underlying conditions, with no major changes in payer coverage expected.

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    Trung Huynh's questions to PFIZER (PFE) leadership • Q1 2025

    Question

    Trung Huynh inquired about the timing of the newly announced $1.2 billion in cost savings and how the macroeconomic environment and valuations are affecting business development decisions.

    Answer

    CFO Dave Denton clarified that the new $1.2 billion in savings would be realized mostly in 2026 and 2027, with a modest impact in 2025. Chief Strategy and Innovation Officer Andrew Baum noted that while the company is mindful of the environment, it is comfortable with its BD budget, and seller valuations are gradually adjusting. CEO Albert Bourla added that a crisis presents opportunities.

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    Trung Huynh's questions to PFIZER (PFE) leadership • Q4 2024

    Question

    Trung Huynh asked for insight on potential ACIP discussions for ABRYSVO revaccination or cohort expansion and questioned how PADCEV would be positioned in muscle-invasive bladder cancer.

    Answer

    Executive Aamir Malik identified ACIP policy changes as potential growth catalysts for ABRYSVO but said it was too early to comment on specifics. Executive Chris Boshoff explained that PADCEV could become a new standard of care, potentially replacing chemotherapy or surgery for certain patient populations in muscle-invasive bladder cancer, a setting with high unmet need.

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    Trung Huynh's questions to PFIZER (PFE) leadership • Q3 2024

    Question

    Trung Huynh asked about the disagreement with an activist investor over capital deployment and how Pfizer plans to restore confidence. He also questioned the appetite to accelerate deleveraging by selling assets like the hospital business or the remaining Haleon stake.

    Answer

    CFO David Denton confirmed the goal is to delever as rapidly as possible and that all options, including asset monetization, are being evaluated. CEO Albert Bourla defended past business development, calling the Seagen and BioNTech deals transformational. He emphasized that the company is already executing a plan to improve performance, citing changes to the commercial model, cost-cutting programs, and new leadership.

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    Trung Huynh's questions to AbbVie (ABBV) leadership

    Trung Huynh's questions to AbbVie (ABBV) leadership • Q2 2025

    Question

    Trung Huynh of UBS Group asked for clarification on SKYRIZI's favorable pricing in Q2, noting a seeming disconnect with prescription trends, and questioned if a pricing step-down should be expected in the second half of the year.

    Answer

    EVP & CFO Scott Reents confirmed H1 price favorability was due to unique gating items and a back-half weighted impact from Part D redesign. He noted that script data undercounts volume by about 10% due to IV induction. He affirmed the full-year pricing outlook for SKYRIZI is neutral, implying a negative price impact in H2 to offset H1 gains.

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    Trung Huynh's questions to AbbVie (ABBV) leadership • Q1 2025

    Question

    Trung Huynh of UBS Group AG asked if the strong performance of Skyrizi and Rinvoq included any onetime contributions like inventory builds, and whether China's reciprocal tariffs were contemplated in guidance and materially impacting the aesthetics business.

    Answer

    CFO Scott Reents clarified that the strong performance was primarily demand-driven, with a modest year-over-year benefit from the lack of retailer inventory destocking that occurred in the prior year. An unnamed executive confirmed that the modest impact from existing China tariffs on aesthetics is contemplated in the guidance. CCO Jeffrey Stewart added that they have not seen any demand shifts in China in the last 30 days and have been encouraged by recent share growth.

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    Trung Huynh's questions to AbbVie (ABBV) leadership • Q3 2024

    Question

    Trung Huynh from UBS asked about the confidence in the Aesthetics business achieving its long-term guide of over $9 billion by 2029, and its dependency on a rapid economic recovery.

    Answer

    CEO Robert Michael stated that achieving the target requires both a market recovery to high single-digit growth and significant contribution from innovation. He highlighted the planned 2026 launch of their short-acting toxin, BoNT/E, as a key factor to unlock new patient segments and drive growth beyond the market rate.

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    Trung Huynh's questions to Merck & Co. (MRK) leadership

    Trung Huynh's questions to Merck & Co. (MRK) leadership • Q2 2025

    Question

    Trung Huynh from UBS Group asked if recent legislative proposals expanding the IRA's orphan drug exclusion would shift KEYTRUDA's price negotiation timing from 2028 to 2029 and if biosimilars could then prevent its selection.

    Answer

    Chairman & CEO Robert Davis confirmed support for the orphan drug language and agreed that the bill's text implies a shift in negotiation timing to 2029. He did not speculate on the biosimilar impact but stressed that the company's focus remains on driving growth post-LOE regardless of the timing.

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    Trung Huynh's questions to Merck & Co. (MRK) leadership • Q2 2025

    Question

    Trung Huynh of UBS Group asked about the impact of the 'one big beautiful bill' and its orphan drug exclusion on the IRA. He questioned if this would shift KEYTRUDA's potential selection for price negotiation from 2028 to 2029 and if biosimilar entry by then would prevent its selection.

    Answer

    Chairman & CEO Robert Davis confirmed that based on the bill's language, KEYTRUDA's initial orphan indication would imply selection for negotiation in 2027 for a 2029 price implementation. He did not speculate on whether it would ultimately be included but stressed that the company's focus remains on driving long-term growth post-LOE, regardless of this timing shift.

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    Trung Huynh's questions to Merck & Co. (MRK) leadership • Q4 2024

    Question

    Trung Huynh asked about the potential impact of proposed U.S. tariffs on Merck's manufacturing footprint in China, Mexico, and Canada, and also inquired about the risk from potential changes to transfer pricing rules affecting KEYTRUDA's IP.

    Answer

    CFO Caroline Litchfield responded that Merck has very low levels of manufacturing in China, Mexico, and Canada, and therefore expects a very immaterial impact from the proposed tariffs. She added that the company will continue to monitor the situation but remains confident in its global supply chain.

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    Trung Huynh's questions to Merck & Co. (MRK) leadership • Q3 2024

    Question

    Trung Huynh inquired about the 2025 outlook for GARDASIL in China, considering the elevated inventory levels and the time required for promotional activities to stimulate demand and return the product to growth.

    Answer

    CEO Robert Davis acknowledged that shipments to China are expected to continue declining into 2025, forecasting the region's sales to be in the $2 billion to $3 billion range for the next few years. He stated this was anticipated and that future growth would be driven by the male indication approval. Davis emphasized that despite the China-specific issues, GARDASIL experienced strong double-digit growth in nearly every other global region.

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    Trung Huynh's questions to AMGEN (AMGN) leadership

    Trung Huynh's questions to AMGEN (AMGN) leadership • Q1 2025

    Question

    Trung Huynh from UBS asked about the competitive landscape for Repatha, specifically pressure from Novartis's Leqvio and its buy-and-bill model, as well as the potential future threat from oral PCSK9 inhibitors.

    Answer

    Murdo Gordon, EVP of Global Commercial Operations, acknowledged the competition but stressed Repatha's superior profile, which includes proven cardiovascular event reduction data. He highlighted the large, underpenetrated market and Amgen's success in improving access, noting 50% of commercially insured U.S. patients now face no prior authorization, which supports its strong growth trajectory.

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    Trung Huynh's questions to ELI LILLY & (LLY) leadership

    Trung Huynh's questions to ELI LILLY & (LLY) leadership • Q1 2025

    Question

    Trung Huynh asked about expectations for the orforglipron obesity studies, specifically the anticipated level of weight loss, and requested color on when the GI side effects and discontinuations occurred during the ACHIEVE diabetes trial.

    Answer

    Dr. Dan Skovronsky, Chief Scientific Officer, set expectations by comparing orforglipron to GLP-1 monotherapy, not dual agonists like tirzepatide. He referenced a prior Lilly trial where injectable semaglutide achieved 13.7% weight loss at 72 weeks, suggesting a similar range for orforglipron. He clarified that tolerability events and discontinuations in the ACHIEVE trial occurred early in the study during dose escalation, which is a typical and non-concerning pattern.

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    Trung Huynh's questions to ELI LILLY & (LLY) leadership • Q4 2024

    Question

    Trung Huynh of UBS asked if the weight loss results from the upcoming Retatrutide Phase III study in osteoarthritis patients could be a reasonable proxy for the broader obesity studies.

    Answer

    Executive Daniel Skovronsky advised against using it as a direct comparison. He noted the OA trial is shorter than ideal for maximal efficacy and that the OA patient population itself tends to show diminished weight loss compared to a general obesity population.

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    Trung Huynh's questions to ELI LILLY & (LLY) leadership • Q3 2024

    Question

    Trung Huynh from UBS asked about the favorable rebate estimates for Mounjaro and the pricing evolution for it and Zepbound, especially with new indications potentially changing the payer mix.

    Answer

    CFO Lucas Montarce explained the Mounjaro price tailwind was from the sunsetting of its initial co-pay program, a dynamic that has now largely played out. Patrik Jonsson, President of Lilly Cardiometabolic Health and Lilly USA, noted Zepbound pricing is stable but that global net price could be impacted by increasing access and new international launches.

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    Trung Huynh's questions to BRISTOL MYERS SQUIBB (BMY) leadership

    Trung Huynh's questions to BRISTOL MYERS SQUIBB (BMY) leadership • Q1 2025

    Question

    Trung Huynh asked about the clinical bar for the Cobenfy Alzheimer's psychosis trial and sought clarification on the future trajectory of Cobenfy's gross-to-net percentage, noting it appeared to be 35-40% after adjusting for a one-time benefit.

    Answer

    CMO Samit Hirawat explained that for the Alzheimer's trial, statistical significance versus placebo is the goal, and any improvement is meaningful in a field with no approved drugs. CCO Adam Lenkowsky clarified that the Q1 gross-to-net was a true-up and that the full-year percentage will increase as broad Medicaid and Medicare access is now established.

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    Trung Huynh's questions to INSMED (INSM) leadership

    Trung Huynh's questions to INSMED (INSM) leadership • Q4 2024

    Question

    Trung Huynh asked about the potential for incremental financing, noting the company's strong cash position but also its significant upcoming spending on trials and launches.

    Answer

    CFO Sara Bonstein responded that while the company does not comment on the timing of future financing, it has a clear line of sight to becoming self-sustaining. She explained that Insmed is not currently funded through profitability by choice, as it is prioritizing investment in its pipeline. When financing is needed, she noted the company has multiple options, including equity, royalties, or various debt structures.

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    Trung Huynh's questions to REGENERON PHARMACEUTICALS (REGN) leadership

    Trung Huynh's questions to REGENERON PHARMACEUTICALS (REGN) leadership • Q3 2024

    Question

    Trung Huynh of UBS asked about the obesity program, specifically why the trial combining myostatin/activin A antibodies with a GLP-1 agonist was expanded with additional arms and a larger patient size.

    Answer

    President and CSO Dr. George Yancopoulos clarified that the trial was enlarged primarily to add and explore different dosing arms of the muscle-preserving treatments. Executive Ryan Crowe added that the goal is to find the optimal mix of antibodies with semaglutide to maximize the quality of weight loss. CEO Dr. Leonard Schleifer noted this was possible because no new safety signals were observed in the healthy volunteer study.

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