Peak VTAMA Sales in Atopic Dermatitis
Q: Expectations for VTAMA's peak sales and uptake in AD?
A: We believe VTAMA has blockbuster potential in atopic dermatitis, a market larger and qualitatively different from psoriasis. With VTAMA's strong data, we expect a faster ramp than in psoriasis due to favorable market dynamics, increased physician familiarity, and a shift towards novel topicals over steroids. "

Capital Allocation Strategy
Q: Updates on capital allocation, including share repurchases and investments?
A: Our capital allocation remains consistent, with about $2 billion earmarked for our existing pipeline, notably Immunovant. Another $2 billion is allocated for clinical development of newly in-licensed programs. The remainder is available for returns, such as share repurchases, as we continue to be opportunistic and focused in returning capital. "

Path to Profitability
Q: Assumptions behind path to profitability; impact of potential deals?
A: Our path to profitability includes probability-weighted forecasts across our programs, with high confidence in VTAMA and atopic dermatitis. We are committed to making ruthless economic decisions and believe with $5.5 billion on our balance sheet, we can achieve profitability and pursue BD opportunities without compromising our financial goals. "

Immunovant's Strategy: 1402 over Batoclimab
Q: Reasons for prioritizing 1402 over batoclimab; will batoclimab still be filed?
A: We maintain high conviction in batoclimab but are prioritizing 1402 based on increased enthusiasm from recent data and constructive FDA interactions allowing for rapid development. We remain flexible and will make data-driven decisions, potentially launching batoclimab if data support an attractive profile. Both assets could be advanced in parallel. " "

Business Development Opportunities
Q: Progress on deals; difference between sourcing and executing deals?
A: We are in one of the best deal environments ever, with opportunities across immunology, cardiometabolic disease, pulmonology, and rare diseases. We are engaged in discussions from idea generation to economic negotiations and expect multiple fruitful outcomes in the coming months, focusing on programs we're excited to own long-term. "

Graves’ Disease Data and Phase III Readiness
Q: Will forthcoming Graves' disease data support Phase III design?
A: We plan to share a comprehensive data set this fall, including dose-response information from our study designed to test dosing hypotheses. We believe this will be sufficient to design a pivotal Phase III program from here. "

Brepocitinib Partnership with Pfizer
Q: Confidence in current ownership of brepocitinib; open to changes with Pfizer?
A: We are excited about brepocitinib's potential and consider Pfizer a good partner. While we currently have a 75-25 partnership, we're open to owning more of brepocitinib and are constantly evaluating opportunities to increase our stake in programs where we have high conviction in the data. "

Namilumab in Sarcoidosis
Q: Confidence in anti-GM-CSF mechanism for sarcoidosis?
A: Sarcoidosis is complex, but macrophages and GM-CSF play a role in granuloma formation. While success probability is comparatively low, if it works, it's a huge commercial opportunity, and we feel pretty good about namilumab's potential in this indication. " "

Competitor Data Insights
Q: Views on recent competitor data and implications?
A: Recent competitor updates highlight the challenges in translating biology from models to humans. FcRn remains the only clinically validated mechanism across many indications. While other mechanisms may succeed, it will take time and effort, underscoring the strength of our position in FcRn-targeted therapies. "

Optionality with Batoclimab
Q: Can you rank the four batoclimab indications; which are most promising?
A: It's premature to rank the indications as decisions will be data-driven based on study results. Each indication has different price points and competitive environments. We have optionality and will evaluate our plans once we see the specific profiles emerge from the data. "

VTAMA's Market Stickiness in Psoriasis
Q: How sticky is VTAMA in psoriasis; do patients switch to biologics?
A: A core group of physicians have consistently prescribed VTAMA since launch and remain enthusiastic. While dermatology is competitive, the loyalty among these prescribers suggests stickiness. Our opportunity lies in expanding this base and encouraging more physicians to adopt VTAMA over steroids. "

Rollout of Pivotal Programs Post-FDA Meeting
Q: Timeline for rolling out 4-5 pivotal programs; key takeaways from FDA meeting?
A: We anticipate rolling out these pivotal programs toward the later part of the year, progressing them in parallel with some operational staggering. We've focused on indications where we can establish a foundation and innovate, and we look forward to providing more specifics later this year. "

Details on Undisclosed $14M Upfront Deal
Q: What's delaying disclosure of the $14M upfront deal last year?
A: The only gating factor is competitive strategic considerations. We've indicated that a big pharma company has a program in the same mechanism for a different indication. We're waiting to initiate our own study and plan to announce it later this calendar year. "

Sarcoidosis Phase II Study Measures
Q: What are you measuring in sarcoidosis Phase II; what's a positive result?
A: The primary endpoint is the proportion of subjects requiring rescue for disease worsening. We're also assessing time to rescue, steroid tapering ability, and other relevant measures. The competitive bar is low, and we'll know a positive result when we see it. Further studies will be determined based on these outcomes. "

Brepocitinib Phase III Differentiation Strategy
Q: How will you approach differentiation in brepocitinib's Phase III study?
A: Given the strong results from our study, we aim to replicate or even improve upon Phase II outcomes. We may continue with a shorter steroid tapering period as used in our study, focusing on a fast and efficient design. The oral advantage of brepocitinib is significant, but efficacy remains paramount. "