Yifeng Liu is an analyst at HSBC specializing in biotechnology and pharmaceuticals, with particular focus on Moderna and BioNTech. He has issued a range of ratings and target price adjustments, notably upgrading Moderna to Buy in November 2024 and actively covering Genmab A/S and BioNTech SE. His track record includes a 50% success rate on calls and an average return per transaction of -6.5%, reflecting both challenging sector dynamics and frequent high-conviction recommendations. Liu joined HSBC prior to 2023, has actively participated in earnings calls and stock ratings since at least late 2023, and his credentials and securities licenses are not publicly listed.
Yifeng Liu of HSBC asked about the business development environment amid macro volatility and the expected phasing of R&D costs throughout the year.
Executive Jan van de Winkel described the current BD environment as excellent for an acquirer like Genmab, noting they are actively reviewing candidates. CFO Anthony Pagano explained that R&D expenses will ramp up during 2025, driven by the scaling of Phase 3 trials for acasunlimab and Rina-S.
Yifeng Liu asked about expected updates in the next 12 months for other IO assets in the oncology portfolio beyond BNT327 and BNT325, specifically mentioning early-to-mid-stage assets like BNT312 and BNT314.
Chief Strategy Officer Ryan Richardson mentioned that for BNT312, the CD44v6x4-1BB program with Genmab, data is intended to be presented upon trial completion, likely next year. For other programs, he stated the intention is to disclose data at medical meetings when it is relevant and has been analyzed, and that the company plans to update its pipeline disclosure schedule early next year.
Performance on expert-authored financial analysis tasks