David Amsellem

Corinne cited black-box warning removal driving durable HRT patch demand; Paul noted currently fulfilling ~70% of orders; direct.

Scott described strategy of building cornerstone products in therapeutic areas then adding to them. Specialty focus with small sales forces (never beyond 200 per area). Corinne cited women's health as example with ~70 rep force. BD focused on in-market assets, not early pipeline.

Scott extended exclusivity outlook to early 2030s with active IP expansion strategy. Philippe highlighted strong development capabilities from Phase 1 through lifecycle management. Doretta said $450-550M new product revenue is diversified across products and geographies.

Philippe differentiated MR-141 from miotics on safety profile: no retinal tear risk, no dim-light vision reduction. Cenerimod lupus nephritis is expansion opportunity based on Phase 2 data showing better efficacy in severe patients, not a hedge against SLE.

Scott confirmed 4-5 year exclusivity based on current IP. Actively working to expand IP suite significantly. Views meloxicam as meaningful contributor for the entire decade at minimum.

Corinne said it is too early for detailed commercial strategy but confirmed $80B addressable market. Scott added they are evaluating partnerships and market approach, with details to be shared at appropriate time. Filing targeted by year-end.

Scott confirmed approximately 80% Indore remediation complete, FDA meeting request going in this month for reinspection timing discussion. Nashik classification still pending but darunavir approval from Nashik seen as positive signal.

Doretta declined to split new product revenue by region, citing portfolio-level view. Noted new product revenue is back-half weighted and delays like iron sucrose could negatively impact. All pushes and pulls accounted for in guidance.

Scott expects significant rebound in 2026 ex-lenalidomide. Doretta noted ~$100M of impact from penalties/disruptions won't recur. Nashik remains pending after one year.

Scott said current BD priority is in-market or near-to-market assets to build short-term revenue and EBITDA, rather than mid-stage development assets.

Philippe confirmed late 2026 data readout for both, noted enrollment progressing well with potential for earlier results.

Scott addressed directly: Carole Park inspection closed, Nashik classification pending, all other 26 facilities in compliance with health authorities.

Scott outlined 50/50 split between shareholder return and business development over 5 years, with 2025 prioritizing buybacks.

Bradner noted ICD-10 coding only about three years old, limiting historical epidemiology. Gordon estimated 35,000 diagnosed patients with potential to grow. On gMG, roughly half of early patients are bio-naive and half switches, with strong interest in UPLIZNA's upstream B cell mechanism and twice-yearly dosing convenience.

Gordon described IgG4 growth as education-driven with 300+ unique prescribers rather than pent-up demand. Market could be larger than 20,000 given new diagnostic codes. For gMG, highlighted every-6-month dosing advantage and 1-1.5 year switching dynamic in the market.

Bradway confirmed ongoing interest in rare disease M&A but noted heavy late-stage pipeline activity demands flawless execution focus. Acknowledged positive progress on balance sheet restoration.

Gordon described progressive rather than rapid trajectory as prescriber base broadens from oculoplastics to ophthalmologists and endocrinologists. Subcutaneous formulation will accelerate growth. International expansion ahead of schedule with CHMP positive opinion.

Gordon highlighted the large unmet need in severe gout and immunomodulation data expanding the addressable market, plus rare disease portfolio early in lifecycle with multiple catalysts ahead.

Massacesi described the binding-domain differentiation and Phase II endpoints but did not name a CDR Sum of Boxes threshold for moving forward.

Cristian emphasized BMY's head start, noting uncertainty whether M4-only agonists or PAMs match M1/M4 profile. Rich internal pipeline from Karuna acquisition beyond Cobenfy. Multiple Alzheimer's-focused assets in development.

Chris confirmed willingness to pursue neuroscience BD where science and financials are compelling, building on existing infrastructure.

Adam acknowledged entrenched market but noted strong leading indicators. Phase IV switch study reads out early next year. Chris added that physician and patient feedback after use is consistently strong.

Adam noted REMS label change feedback very positive, COE physicians treating more patients, and community expansion progressing. Consistent view BMY remains leader.

Jeff Stewart argued immunology markets expand as new systemic options arrive and that RINVOQ will lead the emerging vitiligo market as the first systemic treatment. Roopal added RINVOQ's decade-plus safety record and bretasilocin's short-duration, differentiated psychedelic profile.

Jeff Stewart provided detailed competitive positioning data showing 4x share leadership, head-to-head trial wins across 5 mechanisms, and emphasized oral competitor limitations on efficacy and adherence.

Jeff Stewart sized vitiligo at just above $500M peak, with next-wave indications collectively >$2B. Disease awareness campaign planned for mid-year. Roopal Thakkar noted growing dermatology familiarity with Rinvoq across AD, alopecia, and vitiligo. Confirmed Vraylar LAI partnerships in place and assessment of long-acting injectables for multiple assets.

Jeff Stewart reported 80-85% in-play capture for VYALEV vs competitors, with shares inverting rapidly in markets where VYALEV launched after subcu apomorphine. Roopal Thakkar provided detailed competitive comparison: VYALEV offers 24-hour control vs 16-hour for competitor, enables monotherapy (vs adjunct-only), lower dyskinesia (<5% vs 15-30%), lower sedation (<5% vs ~20%), no orthostatic hypotension warnings, no antiemetic required. Tavapadon differentiated on efficacy approaching levodopa-carbidopa with minimal impulse control disorders (~1%), low sedation, and no peripheral edema.

Singhal covered EMPAVELI breadth in detail including the paused delayed graft function trial, but deferred the anti-CD40 mechanism question: We have not shared that yet.

Priya noted SYFOVRE targets C3 (downstream vs competitors' C5), has 5-year data showing 1.5-year slowing of progression. Annexon Phase 2 did not impact lesion growth. Regeneron C5 approach is systemic combination with unproven PoC; Soliris (similar mechanism) failed Phase 2 in GA. Chris noted 5-year safety data creates a data moat that takes years for competitors to match.

Chris noted Supernus partnership going extremely well. Market-shaping is Biogen's commercial strength. Prescriber base (OB/GYNs) is different from Supernus's typical psychiatrist base. Huge unmet need: ~80K women treated vs ~500K mothers with PPD in U.S. alone. Alisha highlighted back-office synergies in data analytics, omnichannel, and AI capabilities.

Priya noted lupus heterogeneity makes development difficult. Dapi targets CD40L pathway (T and B cells); litifilimab targets BDCA2/type 1 interferon; felzartamab anti-CD38 in Phase 1 for lupus nephritis. Second dapi Phase 3 data expected 2027-2028. Litifilimab SLE data as early as late 2026. Chris noted MS precedent: orals only ~1/3 of total market.