Akash Tewari

Massacesi gave the disclosed event thresholds for both endpoints and confirmed both must be met before database lock, with readout in first quarter 2027.

Cristian expressed high confidence in Successor1 based on Successor2 interim results and noted mezigdomide is more potent than iberdomide.

Cristian explained biomarker selection reduces patient heterogeneity and increases confidence in enrolling true Alzheimer's patients despite slightly higher screening failures.

Chris declined to provide specifics on data lock or enrollment. Reiterated confidence in overall Cobenfy program citing external data, real-world feedback, and internal data.

Samit noted 4-dose escalation design with 200mg optional. Cautioned against directly comparing to 30-year-old xanomeline-only tolerability data. Conducting site reviews.

Samit pointed to 52-week EMERGE 4/5 data showing maintained efficacy with concomitant meds as supportive evidence for adjunct approach.

Adam clarified EU label already updated to 6-month echo in maintenance phase, expecting similar U.S. PDUFA outcome to open COE capacity.

Lucas Montarce explained one-off rebate adjustments, the 2025 OUS launch bolus not repeating, and normal European and U.S. seasonality.

Dave acknowledged no perfect consumer analog exists, PDE/ED drugs had some overlap but different dynamics, cosmetics/aesthetics overlap but lack profound health benefits. Highlighted potential for subscription models, first-party data marketing, and platform-based differentiation. A million U.S. patients and hundreds of thousands more OUS already using DTC channels.

Dave outlined three-part framework: consumer self-pay channel is unique at scale in GLP-1s, proving long-term health benefit competes for healthcare dollars not consumer dollars, and these two goals are not in conflict. Emphasized we are literally scratching the surface of global treatment with tens or hundreds of millions more to reach.

Dave supported long-term rebalancing via trade tools, not imported price controls. Favors on-ramp approach with new products, needs both European reimbursement increases and U.S. gross-to-net reform.

Lucas reaffirmed pricing trends without long-term projections. Deferred to broader volume-over-price strategy and disciplined approach to optionality.

Lucas confirmed single-digit pricing erosion continues into 2025. Patrik added Mounjaro patients show longer adherence than Trulicity and Ozempic.

Dean Li confirmed Merck will rethink the KEYNOTE-189 backbone and advance sac-TMT combos with both pembro and PD-1/VEGF.

Dean pushed back on the characterization, citing 16 Phase III studies (11 first-in-class) for sac TMT and differentiated approaches in NSCLC and breast cancer.

Dean pushed back on bucketing all TROP2 ADCs together and emphasized sac-TMT differentiation, while saying PD-1/VEGF data will define its placement vs PD-1.

Rob said WINREVAIR has been adding 400-500 patients per month steadily; Dean confirmed Hansoh GLP-1 moving to clinic this year as planned.

Rob declined to speculate on tariff magnitude or EPS impact, repeating that Merck is well-positioned under most scenarios.

Rob attributed the $25B upgrade to added T-cell engager from Harpoon and stronger TROP2 conviction, noting subcu KEYTRUDA is incremental.

Albert backed 340B reform but declined to predict enactment odds or the final shape, citing uncertainty; a partial answer on portfolio impact.

Boshoff acknowledged no ADC has shown benefit over docetaxel in second-line but cited 30%+ response rate and 16.3-month mOS in Phase II; SV plus pembro showed 57% ORR and 90%+ DCR; first-line study is event-driven with slower-than-expected events; readout expected first half 2026.

Boshoff cited prior randomized PFS data supporting the program; three Phase III studies ongoing; first readout in post-abiraterone mCRPC expected in coming months; ASCO food effect data confirmed comparable dose with reduced GI AEs.

Bourla refused to quantify potential tariff impact, stated detailed contingency plans exist but focus is on preventing tariffs rather than mitigating them.

Bourla declined to confirm formulation technology details, stating they cannot disclose; Boshoff added nothing further.

Yancopoulos credited formulations team that delivered EYLEA/EYLEA HD with solving the co-formulation challenge. Same volume as standard GLP auto-injector. Schleifer declined to comment on partnering discussions but said they are always open-minded to value-enhancing deals.

Schleifer declined to discuss rebate strategy or ground-level competitive tactics. McCourt attributed EYLEA HD performance to product profile and clinical efficacy. Schleifer added that significant upswing requires label enhancements. McCourt guided moderate to high single digit sequential demand growth for HD.

Schleifer hinted that Amgen's deferred rebate practices may be driving PAVBLU success and said they are looking into it. Emphasized EYLEA's 100 million injection track record and positioned EYLEA HD as the real answer to biosimilar competition.

Schleifer firmly declined all questions connecting charitable contributions to EYLEA volumes, citing regulatory restrictions. Reiterated matching program concept without committing to timeline.

Yancopoulos explained dual-antibody strategy: 7508 (catalytic domain) for maximum anticoagulation, 9933 (A2 domain) for patients with highest bleeding risk. Designed for different patients and indications.

Gordon said OCEAN(a) targets Lp(a) >200 for a higher-risk group and argued Lp(a) elevation is a risk factor independent of LDL-C; did not state a specific OCEAN LDL-C baseline.

Jay explained the heterogeneous disease presentation warranted separate studies to capture distinct clinical outcomes. Differentiated dazodalibep's CD40L mechanism from discontinued Novartis CD40 approach.