Dave Risinger

Boerner and Massacesi could only speak to blinded data, using a competitor study halted for efficacy detriment as the contrast. No direct efficacy read.

David noted $1.5-$2B step down driven by generic entries on a country-by-country basis with major markets clustered around November. Orencia biosimilar from Dr. Reddy's acknowledged but BMY confident in continued cash flow.

Cristian explained syncope was well-managed in Phase II, enabling introduction of 120mg dose in Phase III. DMC cleared progression with no concerning rates.

Cristian highlighted BID dosing as key differentiation. Adam added all 3 milvexian studies now expected to read out in 2026 after AF acceleration. Cristian noted milvexian may be only Factor XIa in AF and ACS.

Adam confirmed definitively, no renegotiation of Eliquis IRA price. Price takes effect January 1 as agreed.

Samit highlighted differentiated dosing (100mg BID AF, 25mg BID ACS/SSP) informed by Phase II data. Adam cited multi-blockbuster potential across all 3 indications with large unmet need.

Chris highlighted no notable business impact from changes so far. Focus on IRA pill penalty, spillover risk, middlemen role, and ex-US pricing advocacy.

Samit confirmed notable improvement in non-risperidone subgroup. Evaluating DDI pathways. Plans to engage regulators and potentially conduct additional studies.

Adam highlighted continued growth from U.S. community adoption, 10-year melanoma data, and pending launches in HCC and MSPCRC plus China lung approval.

David noted REVLIMID full generic entry in Jan 2026, POMALYST generic entry next year. Growth portfolio now >50% with double-digit growth exiting 2024.

Duncan attributed the revenue-volume gap to inventory destocking, Medicare Part D resets causing higher co-pays, and reduced elective surgeries from flu season. Confirmed on track to triple 2025 prescriptions.

Duncan said no need to focus on downstream employer plans. Updated that coverage secured at 2 of 4 Part D plans with a third close. Gross-to-net normalization expected by year-end.

Reshma expects VX-828 to bring most or all patients to carrier-level sweat chloride, with good safety and DDI profiles. CF patient cohort on track to begin before year-end.

Duncan confirmed 84 million unrestricted out of 150 million total covered lives. Every negotiated contract to date includes unrestricted access with no prior authorization or step edits.

Duncan confirmed the 22 million PBM lives are included in the 94 million total and fall into the unrestricted definition with no prior authorizations or step edits.

Reshma characterized government engagement as constructive and business as usual across all medicines and pipeline, with nothing out of the ordinary.

Stuart confirmed the goal is broad access with minimal utilization management controls across government and commercial channels, citing Alternatives to PAIN Act provisions.

Charlie identified Russia as the country and expressed confidence the issue is isolated, citing Vertex's strong IP portfolio extending to late 2030s and success defending IP in all other markets.

Roopal confirmed DACRA molecule signaling through both amylin and calcitonin. Half-life approximately 270 hours with pharmacodynamic effect extending beyond half-life suggesting monthly dosing potential, especially in maintenance.

Roopal Thakkar positioned bretisilocin as potential breakthrough: short-acting hallucination, immediate durable efficacy approaching remission in majority of patients. Two more readouts before Phase III; next against lower-dose active control by ~Q3. High differentiation from existing psychedelics.

Scott Reents confirmed high single-digit revenue CAGR through the decade with EPS growing faster via SG&A leverage. Roopal Thakkar outlined extensive near-term catalysts: IBD combination platform (lutikizumab + Skyrizi, alpha4beta7-382 + Skyrizi), Temab-A in head/neck and ovarian cancer, etentamig combos in myeloma, bispecific PSMA/STEAP ADC in prostate, emraclidine MAD update, and amylin Phase Ib in obese patients (Q4 2026 readout).

Jeff Stewart highlighted obesity/weight loss as #2 revenue driver in aesthetics practices (behind toxins, ahead of fillers), though moderated from compounding dynamics. Roopal Thakkar noted openness to additional obesity R&D, citing amylin's neutral pH enabling combinations with assets addressing muscle/bone loss.

Rob Michael cited progress on 340B reform and IRA pill penalty as positive engagement results. Roopal Thakkar noted no FDA delays experienced despite broader concerns.

Jeff Stewart called ABBV-400 underappreciated with striking early results in CRC and lung cancer. Roopal Thakkar emphasized the Topo warhead platform's tolerability advantages.

Rob Michael cited strong M&A track record and noted 20+ early-stage deals signed since early 2024 across immunology, oncology, and neuroscience.

Albert explained BD moved under Chris Boshoff, commercial development into global marketing, portfolio management under Alexandre, strategy moved to Chief of Staff.

Chris Boshoff detailed SV's differentiated mechanism, pending readouts, and MEVPRO-1 reading out mid or second half of this year.

Boshoff described dual amylin molecule (not biased); prior monotherapy showed 8.4% weight loss at day 36; combo with 3944 showed 5% additive weight loss at day 8; updated combo data expected at ADA; combination targeting best-in-class efficacy with monthly dosing.

Bourla cited legal constraints but argued Novo offer is illegal catch-and-kill attempt by dominant market player; confirmed pursuing all legal resources; FTC granted early HSR termination.

Bourla cited China surpassing US in clinical trials, 42% of global CRISPR publications, more patents filed than US; engaging administration and Congress on supporting US biotech ecosystem.

Bourla defended scientific consensus, warned Chinese biotech advancing rapidly while US investment declining; 232 investigation time-limited to 270 days with expectation of faster completion.

Bourla argued liability protections require Congressional action, expressed confidence the medical and scientific community would resist vaccination reduction, and noted Trump administration unlikely to want another health crisis.

Patrik Jonsson cautioned on early UAE data noise but said the major OUS rollout comes in early 2027, with an oral better positioned for reimbursement.

Dave Ricks expects the category will ultimately resemble chronic medication markets like diabetes and hypertension but progress will be incremental. Medicare spillover into commercial expected. New indications for comorbid populations provide additional unlocks.

Ilya confirmed employer opt-in has been steady at 50-55%. Noted new benefit designs like Evernorth cap on out-of-pocket may grow opt-ins over time.

Dave gave detailed policy analysis spanning 232 review, trade imbalance, and revenue considerations. Noted Lilly's Irish sourcing is being rebalanced through U.S. investment program.

Dan clarified the PBM coverage comment was about Ebglyss, not Zepbound/Mounjaro, which already have full PBM coverage.

Dan expressed disappointment with Phase II results and attributed the failure to the mechanism rather than the molecule. Wished others success pursuing relaxin.

Bradner explained MariTide's ~21-day antibody half-life preserves GLP-1 agonism and GIP antagonism through monthly-to-quarterly dosing, implying real flexibility in maintenance schedules.

Murdo disclosed 8,000-9,000 patients on Amgen Now at $239/month cash-pay price but noted it remains a relatively small percentage of total Repatha volume given improved access.

Bradner highlighted VESALIUS-CV (imminent AHA presentation), IMDELLTRA frontline Phase III studies (DeLLphi-305 and -312), and the broader tarlatamab development program. Bradway shared anecdotal PET scan data showing profound patient responses.

Gordon highlighted cumulative $12B in biosimilar revenue, 100% regulatory success rate, and deep oncology experience. Watching subcu uptake closely but noted chemotherapy dosing cadence may favor IV. Bradner added bringing biosimilars to checkpoint inhibitors improves access.

Bradway clarified this was previously mentioned at JPM in January, not a new announcement. Bradner confirmed intent to initiate in second half 2025 or first half 2026.