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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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