Asad Haider

Massacesi covered mechanism, the two-dose design and PPF timing; Lenkowsky added the tolerability-driven commercial case. Filing strategy went unaddressed.

Cristian provided extensive detail on pipeline readouts including CELMoDs, Milvexian, Cobenfy, and Admilparant with confidence unchanged across all programs.

Boerner stated BD is not impacted by readout timing, emphasized size-agnostic approach with financial flexibility for multiple deal sizes.

Adam noted J-code received last July accelerated adoption. Seeing uptake across monotherapy and combination settings in RCC, GI, and melanoma.

David outlined $1B savings in 2025, $2B by 2027, with clear line of sight to 2026 pushes and pulls. Chris emphasized balancing investment for growth with financial discipline.

Cristian highlighted milvexian as potentially first/only Factor XIa in AF and ACS, admilparant with 60%+ lung function improvement in IPF, protein degradation platform with 10+ drugs in clinic, and CD19 CAR-T for autoimmune.

Samit clarified ADEPT-1 is relapse prevention (36-week), ADEPT-4 focuses on biomarker-positive patients. Two of three must be positive for filing.

David detailed productivity initiatives ($1.5B reallocated + $2B new) enabling investment. Phase III programs completing frees resources for Cobenfy and BioNTech trials.

Chris clarified BD focus unchanged. Not size-constrained. Filters: core TA strengthening, rightful science ownership, financial discipline, growth profile improvement.

Wolk said the urgency is to fix the existing vision, surgery and cardiovascular portfolio; Schmid called Abiomed a temporary headwind.

Joe Wolk confirmed the target assumes no inorganic additions and rests on internal strategic investments.

Jennifer Taubert gave specifics: 6,000 prescribers, over 50% commercial coverage within 90 days, and distinct ICOTYDE/TREMFYA positioning.

Duato highlighted ICOTYDE, RYBREVANT and INLEXZO as underestimated products already marketed. Emphasized MedTech catalysts including PFA catheters, Impella ECP and OTTAVA. Stated double-digit growth target does not depend on M&A, driven entirely by existing portfolio and pipeline.

Duato walked through all six business areas: oncology $50B by 2030, TREMFYA $10B+ peak, icotide launch 2026, SPRAVATO 60%+ growth, cardiovascular $9B at 15% growth, OTTAVA submission, and Vision share gains. Emphasized dozen derisked launches.

Duato detailed capital deployment across TREMFYA IBD, Inlexo, CARVYKTI, robotic surgery, and EP. Taubert cited 16% ex-STELARA growth with key 2026 disconnects in TREMFYA and SPRAVATO.

Duato noted uncertainty on tariff outcomes but emphasized tax policies already creating jobs. Reiterated $55B US investment commitment with goal to manufacture all US-consumed medicines domestically.

Taubert noted ex-STELARA business growing over 12%. Duato emphasized this resilience as unprecedented in the healthcare industry. Reed highlighted TREMFYA superiority data.

Albert gave high-level COVID dynamics (vaccines steadier than Paxlovid) and stressed offsetting the shortfall, but offered no specific long-term franchise numbers.

Albert explained the CAGR is risk-adjusted across multiple pipeline assets, LOEs now reduced to $14-15B from $17B with Vyndamax settlement, and launched products at $3.1B/quarter growing 22%.

Bourla confirmed pipeline pruning largely complete; Boshoff cited $500M R&D savings reinvested in Phase III programs with ~20 pivotal studies in 2026; Denton highlighted ViiV as non-strategic asset monetization example and new sterile injectable/biosimilar unit focused on productivity.

Denton confirmed significant BD resources across all four therapeutic areas; deferred 2026 specifics, noting investments in Metsera and 3SBio carry over as dilution; guidance expected by year-end. Baum added very active China pipeline efforts.

Bourla confirmed all scenarios modeled with probabilities and mitigation plans, but declined to share specifics during active negotiations.

Malik detailed 31% US growth with 70%+ new patient start growth YoY and 20% sequential; competition principally from Attruby on newly diagnosed patients; Alexandre added 36% international growth with 52% patient treatment increase.

Boshoff confirmed Phase 2 data expected early 2026; Baum identified biggest disconnects in two ADCs (SV and PDL1V), C.diff vaccine, CDK4, and ponsegromab.

Roopal detailed AbbVie's three on-market ADCs and a c-Met biomarker-directed differentiation strategy for tMAb-A across colorectal, lung, ovarian, and head-and-neck, positioning PD-1/VEGF as a combination partner with data expected at World Lung.

Rob outlined interest in assets augmenting weight loss with tolerability, orals, muscle preservation. Highlighted potential psoriasis/obesity combos leveraging immunology franchise and aesthetics channel synergies.

Rob confirmed upside to consensus in every year, growing each year. Expects Skyrizi and Rinvoq to exceed peak consensus. Wouldn't rule out future long-term guidance update but emphasized current strength doesn't necessitate it.

Roopal Thakkar outlined ADC strategy: tmAbA + PD-1/VEGF combinations in CRC and lung, with expansion to head/neck and ovarian. Biomarker approach for patient selection. KRAS interest in lung/CRC/pancreatic. 969 bispecific ADC for prostate cancer. Jeff Stewart quantified TrenibotE: potential to double new patient inflow at peak, with high conversion rate to full-strength BOTOX. Revenue impact gating heavily into 2027 after 12,000 injector training.

Rob Michael confirmed financial wherewithal for late-stage deals but no need given current portfolio growth visibility into next decade. Focus areas: B-cell depletion and oral peptides (immunology), trispecifics and in vivo CAR-T (oncology), mood disorders and Alzheimer's (neuroscience), siRNA platform (cross-therapeutic), and obesity. 30+ deals executed in 18+ months with balanced allocation across core areas.

Roopal Thakkar interested in PD-1/VEGF assets that can partner with internal ADC platform. Emphasized AbbVie's ADC strategy: good target with high tumor vs healthy tissue expression, biomarker-enabled patient selection, and topo warhead platform with low spill (minimal alopecia, stomatitis, diarrhea).

Ilya Yuffa pivoted to positive leading indicators (near-doubling of volume, 1 in 4 new starts) rather than directly explaining the slow start.

Ilya Yuffa cited 20,000+ patients treated with 80% new to class. Three growth catalysts: HCP familiarity, access expansion at 2 of 3 major PBMs by mid-May, and consumer awareness with full DTC TV launch in Q3.

Ilya detailed: Zepbound covered in 2 of 3 large PBMs, pricing transparent for 2026 across Part D and DTC channels, $2.99 Zepbound entry price driving increased utilization. Oral market uptake encouraging and expansive. Orforglipron to be priced similar to oral semaglutide.

Ilya highlighted 15% sequential market growth with significant DTC volume. Patrik added U.K. price raise confirmed expected consumer elasticity and export arbitrage dynamics. Orforglipron positioned for different OUS need, lower BMI patients who don't need tirzepatide-level efficacy, no refrigeration required.

Lucas highlighted 1.1M TRx in Q2 and strong growth trajectory. Still views LillyDirect as hedge/bridge while employer access improves but acknowledged it's contributing meaningfully to performance.

Dave framed CVS move as unsurprising given Zepbound's share gains. Noted CVS templated plans have low employer opt-in rates. Focus remains on innovation and differentiation.

Dean Li outlined a focused PD-1/VEGF strategy and stressed TL1A's clean safety profile enables future combinations.

Rob Davis reiterated science-first BD approach with a $1B-$15B sweet spot but capacity for larger deals, highlighting oncology, immunology, and cardiometabolic as the three most active areas.

Rob reiterated $1B-$15B BD sweet spot across all therapeutic areas and rejected transformative synergy-driven deals as disruptive to Merck's pipeline.

Dean reiterated the FDA's high bar for single-dose GARDASIL; Caroline confirmed no more China shipments in 2025, with 2026 schedule TBD, and expects US ex-dosing growth.