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Analyst
Gena Wang
Period: Reporting periods mapped to calendar 2024 Q4 – 2025 Q3 (4 quarters).
- Questions
- 15on tracked calls
- Challenge rate
- 7%1 of 15 questions
- 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 15 of 15 questions from 3 companies
MRNAModerna8 questions · 4 reporting periods · 1 of 8 challenging
Calendar 2025 Q3
What is the learning there? Why immunogenicity data did not translate to clinical benefit
Show response
Hoge explained pentamer neutralizing antibodies, hoped to be the key differentiator, were insufficient for preventing CMV infection. Prevention of infection with herpes virus was an incredibly high bar. Detailed data forthcoming.
how often do you track pharmacies to maintain their inventory? And what additional color you can share regarding your estimate of the revenue
Show response
CFO detailed shots in arms down 30% season-to-date. U.S. guidance narrowed to $1B-$1.3B from $1B-$1.5B due to vaccination rate decline of 20-40%.
Calendar 2025 Q2
any latest thoughts regarding flu combo submission requirement? This is specifically regarding the FDA
Show response
Hoge said FDA consultation just starting on combo requirements. On CMV, declined to disclose secondary endpoint hierarchy but confirmed hierarchical testing with alpha pass-down. Data expected in fall but wouldn't commit to specific timeline.
Calendar 2025 Q1
U.S. was only $29 million and seems only a fraction of the Pfizer U.S. revenue. So any concerns on the future market share change
Show response
CFO pointed to script data showing 38% market share, consistent with normalized prior year. Noted customers managing working capital with lower inventory.
how often do you track pharmacies to maintain their inventory? And what additional color you can share regarding your estimate of the revenue
Show response
CFO detailed shots in arms down 30% season-to-date. U.S. guidance narrowed to $1B-$1.3B from $1B-$1.5B due to vaccination rate decline of 20-40%.
What is the learning there? Why immunogenicity data did not translate to clinical benefit
Show response
Hoge explained pentamer neutralizing antibodies, hoped to be the key differentiator, were insufficient for preventing CMV infection. Detailed data forthcoming.
Calendar 2024 Q4
What would it take for the FDA to remove the clinical hold? What kind of outcome that we deem to be okay
Show response
Hoge deferred to FDA timeline but noted minimal expected impact on trial conduct given enrollment completion.
CMV, since now we've seen additional months of events accruing, should we still be able to see the final readout in the first half '25
Show response
Hoge confirmed expectation for 2025 readout but did not commit to first-half timing specifically.
ALNYAlnylam Pharmaceuticals4 questions · 4 reporting periods · 0 of 4 challenging
Calendar 2025 Q3
want to confirm I heard it correct that the price for AMVUTTRA will be declined at the mid-single digit year-over-year
Show response
Management confirmed mid-single-digit YoY net price decline but deferred European pricing details to 2026. Described first-line share growing with balanced uptake but no specific ratio.
Calendar 2025 Q2
out of the 1,400 patients treated so far, will be over 50% of patients is a first-line patient
Show response
Management described uptake as broad and balanced but avoided confirming specific first-line percentages. Quick Start free-drug usage confirmed de minimis across all segments.
Calendar 2025 Q1
which one do you think it's a good benchmark for in vitro first quarter revenue
Show response
Management confirmed zero CM revenue contribution in Q1 (approval came last week of quarter) and deflected benchmark comparisons, pointing to year-end guidance instead.
Calendar 2024 Q4
if you can share the key factors that impact your decision on pricing adjustment for AMVUTTRA
Show response
Management confirmed existing J-code will carry over but deflected specific pricing factors, citing patient access principles and 70% zero co-pay rate.
VRTXVertex Pharmaceuticals3 questions · 2 reporting periods · 0 of 3 challenging
Calendar 2025 Q3
do you think with your drug profile, do you think it could actually improve the eGFR over the longer treatment
Show response
Reshma avoided pre-empting ASN data but noted proteinuria reductions have historically translated to eGFR stabilization, and eGFR data from pove IgAN program will be shown at ASN.
Calendar 2025 Q1
for the temporary pause, was that due to the -- so I don't know if you can give a little bit more color regarding what are the tolerability issue
Show response
Reshma declined to provide additional details on the VX-522 tolerability issue, citing need to maintain study integrity for the active program.
If we look at the first quarter revenue and when we compare to the other CF launch in the past, how do you see this compared to the past
Show response
Stuart cautioned against comparing ALYFTREK to ORKAMBI/TRIKAFTA launches since those brought thousands of newly eligible patients, while ALYFTREK adds hundreds via 31 additional mutations. Pleased with uptake across all patient groups.
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 | 8 | 13%1 of 8 questions |
| ALNY Alnylam Pharmaceuticals | 4 | 0%none of 4 questions |
| VRTX Vertex Pharmaceuticals | 3 | 0%none of 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 | 3 | 0%none of 3 questions | 2 |
| 2025 Q1 | 6 | 17%1 of 6 questions | 3 |
| 2025 Q2 | 2 | 0%none of 2 questions | 2 |
| 2025 Q3 | 4 | 0%none of 4 questions | 3 |
- 2024 Q43 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2025 Q16 questions · challenge rate 17% (1 of 6 questions) · 3 companies
- 2025 Q22 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2025 Q34 questions · challenge rate 0% (none of 4 questions) · 3 companies
Topics
Topics tagged on this analyst’s questions.
- Innovation & R&D7
- Revenue Growth5
- Pricing3
- Competitive Dynamics3
- Demand3
- Regulation Policy2
- Product Launch2