Courtney Breen

David confirmed $1B achieved in 2025 with remaining $1B spread over 2026-2027. Savings enabled reinvestment in growth drivers including Orbital and pumitamig while still reducing cost basis.

David provided $1.5-$2B step down guidance consistent with consensus. Chuck reminded that EU patents expire late in 2026, driving the decline.

Chris emphasized first/second-to-market lesson from PD-1. Adam cited community oncologist relationships (70% of prescribing), agility to pivot for new indications, and novel combination strategy.

Chris credited administration focus on cutting middlemen. Adam detailed September 8 launch at over 50% discount for uninsured patients. Chris noted exploring other products.

Chris stated BD and internal pipeline are distinct tracks. No endogenous constraints needed before executing. Focus on science, value-add, and growth profile.

Chris confirmed continued US R&D, technology and CapEx investment plans. Declined specifics but expressed hope trade policies enhance US competitiveness.

Chris emphasized focus on core TAs, requiring science conviction plus financial discipline. Noted strong financial position provides strategic flexibility.

Adam noted Cobenfy will be predominantly public-payer with Medicaid best price. Commercial under 10%, more common in bipolar and autism indications.

Dave Ricks confirmed active litigation and Lilly's position but gave no firm timeline, noting more CMC data is needed.

Ilya Yuffa said this is following an accelerated path vs traditional primary care. Access coming faster than typical with 2 of 3 PBMs active by mid-May and Medicare Part D by July. DTC activating earlier than normal given existing GLP-1 familiarity.

Patrik confirmed most international launches in 2027 with a few exceptions in late 2026 such as UAE referencing FDA approval. Consistent with prepared remarks guidance.

Ken framed orforglipron as a generational opportunity reaching a much larger population, only 8.5M on incretins out of 170M who might benefit in the U.S. alone. Positioned it as both starter incretin and maintenance option post-injectable via ATTAIN-MAINTAIN. Emphasized market expansion, not cannibalization.

Dan attributed differences to population differences (diabetes vs obesity). Emphasized profile is as good as it gets for GLP-1 monotherapy in oral form.

Patrik declined to share specific numbers, reiterating it's a subset of CVS plans with low employer opt-in. Pivoted to broader market momentum with 75% of new anti-obesity starts on Zepbound.

Dan set clear expectations that Orforglipron is indexed to single-acting GLP-1 efficacy, not tirzepatide. Patrik added positioning for needle-averse patients and non-refrigerated global markets.

Chris Boshoff detailed multiple lung cancer shots on goal: SV+pembro first-line PD-L1 high (100% response in small cohort), second-line vs docetaxel mid-year readout, and 4404 VEGF/PD-1 data at ASCO.

Denton declined 2027 guidance but noted BD transactions increased R&D workload while $11B investment drives more productivity; AI and digital tools enabling more programs at similar cost; Bourla emphasized productivity gains not from program cuts but from AI deployment.

Bourla noted FTC made their own decision; Denton framed it as demonstrating deal strength and competitive benefits for patients and pricing; Bourla added Novo deal is epitome of antitrust conflict given dominant position.

Bourla confirmed interest across oncology, vaccines, internal medicine/cardiometabolic/obesity, and I&I; highlighted abundant China opportunities; committed to disciplined capital allocation.

Alexandre detailed international focus on key market-brand combinations driving growth while reducing spend on non-core; Malik cited single agency consolidation, resource reallocation, and technology driving 20% cost per NBRx decrease.

Bourla confirmed inventory buildup and increasing monthly preparations but no specifics; Boshoff listed upcoming catalysts (Padcev MIBC, ELREXFIO, sasanlimab) and referenced IR 'flashes' instead of a dedicated R&D day.

Boshoff explained all four units mirror oncology's end-to-end structure; Baum emphasized improved portfolio prioritization and commercial lens applied earlier in development.

Mercier attributed Q2 HIV treatment softness to ACA tax subsidy elimination pushing patients out of coverage, and expects the market to rebound to the typical 2 to 3% growth.

Johanna pushed back on modeling assumptions, clarifying that guidance assumes acceleration of new patient additions plus returning patients for second injection. Account-level pull-through still in progress. Expects strong, consistent, durable long-term growth. DTC campaign expected to have significant impact on awareness and demand.

Dan described constructive multi-topic engagement with the administration. Highlighted PEPFAR partnership for lenacapavir. Emphasized US-centric IP and tax footprint: 80%+ IP, 90% taxes, $32B investment commitment. Limited tariff transfer pricing exposure versus peers.

Johanna cited two reasons: only 6 weeks in, and need to see covered lives increase over next 1-2 quarters as medical exceptions convert to formulary coverage.

Dietmar acknowledged PK-based approach as a possibility but declined to confirm specific study design. Company still evaluating different trial design options.

Dietmar positioned TROP2 as potentially foundational in second-line SCLC with breakthrough designation, noted mixed B7-H3 data and DLL3 as interesting but unproven.

Hoge attributed the norovirus interim shortfall to slower case accrual, an events/epidemiology issue rather than enrollment; a third season will be run.

CFO explained Moderna ships to Merck at COGS plus markup, then takes 50% profit share, naturally somewhat greater than 50% of economics. Stage 1 now >30% of lung diagnoses, growing due to screening improvements.

Hoge confirmed >50% were 65+ with >10% above 75. Superiority consistent across populations and even stronger in frail/high-risk. INT regulatory: productive engagement with FDA (CBER), Merck as BLA sponsor.

Hoge confirmed further reductions expected without additional program stops, driven by sunsetting of existing Phase III infectious disease investments. Early-stage work continues as less capital-intensive.

Hoge confirmed sequential use possible with updated neoantigens reflecting tumor evolution. On headcount, Bancel cited manufacturing productivity, R&D trial wind-downs, and G&A across the board. Still hiring ~150 positions.

Hoge confirmed possible sequential use with updated neoantigens reflecting tumor evolution. Called this speculative but conceptually sound.

Gordon said Otezla remains a first-stop systemic agent with new entrants competing after it; volume is holding up well, with some price pressure from 340B exposure.

Gordon positioned MariTide as both a start therapy and a long-term maintenance option with monthly, Q8W, or quarterly dosing flexibility. Also acknowledged switching opportunity from patients on other therapies wanting more convenient and well-tolerated regimen.

Bradner explained the antibody pharmacology enables smooth escalation with the 21mg starting dose having very low GI risk. Phase III studies multiple target doses to provide graded dose-response understanding.

Gordon emphasized Repatha's proven outcomes data as competitive moat beyond LDL-lowering, noting the VESALIUS primary prevention readout as a key differentiator.