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Analyst
Eliana Merle
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters; questions recorded in 4).
- Questions
- 7on tracked calls
- Challenge rate
- 14%1 of 7 questionsLimited sample
- Companies
- 3questioned at least once
- Reporting periods
- 4with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 7 of 7 questions from 3 companies
MRNAModerna4 questions · 3 reporting periods · 0 of 4 challenging
Calendar 2026 Q2
curious if you’ve had any discussions with the FDA regarding strain selection for 2027
Show response
Hoge confirmed FDA discussions on managing a late or mismatched strain selection occurred, including at the advisory committee.
Calendar 2025 Q2
how we should think about pricing for the COVID vaccine in the U.S. this year? And what your expectations are for net price
Show response
CFO confirmed contracting and pricing complete for the fall but declined to share specifics, noting all factors are within the $1B-$1.5B U.S. range.
Calendar 2024 Q4
if you needed to or wanted to reduce R&D spend further, how much flexibility is there on the expense structure there for, say, further cuts in the 2026 time frame
Show response
CFO confirmed flexibility beyond the $3.6-3.7B target, noting 50%+ of trial spend is respiratory-related and will roll off.
On the clinical hold on Norovirus, can you give any more detail around sort of this, why one case of GBS prompted the clinical hold
Show response
Hoge explained proactive pause was about safety transparency. GBS occurs at 1-2 per 100,000 background rate, and enrollment was already complete.
ALNYAlnylam Pharmaceuticals2 questions · 2 reporting periods · 0 of 2 challenging
Calendar 2026 Q2
Just curious if you could give us more color on what a steady-state level of second-line starts look like.
Show response
Tolga reframed the 80-20 split as category composition rather than share loss but did not give a steady-state second-line number or a standalone first-line growth rate.
Calendar 2026 Q1
can you comment on the trends you're seeing in the first line? Are you seeing a steady number of naive starts or an acceleration
Show response
CCO confirmed physician experience consistently drives greater first-line adoption. Strategy focused on expanding prescriber base to further grow first-line utilization.
INSMInsmed Incorporated1 question · 1 reporting period · 1 of 1 challenging
Calendar 2026 Q1
Can you elaborate a bit more on sort of the half of the single patient prescribers in 2025 that have not written an additional script in Q1?
Show response
Management attributed the gap to physician conservatism with a new mechanism of action in a disease with no prior approved treatment for 200+ years. Expects adoption to accelerate as positive patient experiences compound over 3-6 months.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| MRNA Moderna | 4 | 0%none of 4 questions |
| ALNY Alnylam Pharmaceuticals | 2 | —Rate withheld: fewer than 3 questions |
| INSM Insmed Incorporated | 1 | —Rate withheld: fewer than 3 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 2 | 0%none of 2 questions | 1 |
| 2025 Q1 | No questions recorded | — | — |
| 2025 Q2 | 1 | 0%none of 1 question | 1 |
| 2025 Q3 | No questions recorded | — | — |
| 2025 Q4 | No questions recorded | — | — |
| 2026 Q1 | 2 | 50%1 of 2 questions | 2 |
| 2026 Q2 | 2 | 0%none of 2 questions | 2 |
- 2024 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q1No questions recorded
- 2025 Q21 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q3No questions recorded
- 2025 Q4No questions recorded
- 2026 Q12 questions · challenge rate 50% (1 of 2 questions) · 2 companies
- 2026 Q22 questions · challenge rate 0% (none of 2 questions) · 2 companies
Topics
Topics tagged on this analyst’s questions.
- Competitive Dynamics4
- Demand3
- Regulation Policy2
- Innovation & R&D2
- Pricing1
- Cost Pressure1