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Analyst
Luca Issi
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 14on tracked calls
- Challenge rate
- 21%3 of 14 questions
- Companies
- 3questioned at least once
- Reporting periods
- 7with 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 14 of 14 questions from 3 companies
ALNYAlnylam Pharmaceuticals6 questions · 6 reporting periods · 2 of 6 challenging
Calendar 2026 Q2
Are you seeing payers forcing docs to pick one versus the other and no longer allowing patients to be on the combo?
Show response
Tolga said combination limits were already in place pre-dating the data, argued CARDIO-TTRansform does not change AMVUTTRA's label, and Jeff separately confirmed the mid-single-digit net price guide.
Calendar 2025 Q4
are you willing to start the pivotal Phase 3 trial with just target engagement data in hand? Are you going to wait before doing so until you see a clear functional signal there
Show response
CMO described two Phase 1 criteria: >50% huntingtin knockdown and durable safety (no NfL increases, no ventricular enlargement). Prior approaches limited to ~20% knockdown with safety concerns. Will accelerate to Phase 3 as quickly as possible given unmet need if criteria met.
Calendar 2025 Q3
CMS is obviously proposing to cut reimbursement for PYP scintigraphy, I think, by 57% from $1,300 all the way down to $500
Show response
Management acknowledged PYP reimbursement uncertainty but reported no anxiety from health systems. Anticipated more diagnosis and scanning overall. Did not directly address therapeutic pricing risk.
Calendar 2025 Q2
it feels to me that this guide has still a good degree of conservatism in it, especially given that you're going to start selling this drug
Show response
CFO pushed back on conservatism characterization noting only one quarter of data, while reiterating high confidence in guidance based on historical track record of meeting or exceeding.
Calendar 2025 Q1
it sounds like step edits are likely going to be implemented for commercial patients
Show response
Management directly pushed back on step edit assumption, saying none observed across any payer type and VBA infrastructure mitigates risk if they arise.
Calendar 2024 Q4
Jeff, how should we think about gross margin here going forward
Show response
CFO directly addressed margin headwinds: AMVUTTRA royalty rate rising from 21% to mid-to-high 20s. Offset partially by high-margin collaboration revenue and future nucresiran (no Sanofi royalty).
MRNAModerna6 questions · 5 reporting periods · 1 of 6 challenging
Calendar 2026 Q1
can you just walk us through why the legal team deemed the additional $1.3 billion charge on 1498 is not probable
Show response
CFO declined to elaborate on merits. Resolution timeline estimated late 2027 to 2028. On flu, Hoge said review proceeding normally through mid-cycle with PDUFA August 5. No expected impact from new Acting Director.
Calendar 2025 Q3
can you just talk about what gives you confidence that you can reiterate your cash breakeven guide for 2028
Show response
CFO acknowledged it requires both revenue growth and cost cuts. Deferred detailed breakdown to upcoming Analyst Day on November 20. Also asked about reported BD deals, Bancel confirmed ongoing pharma and financial sponsor discussions for assets like EBV.
Calendar 2025 Q2
are you actively spending time in China and if so, are you just looking at strengthening your mRNA capabilities? Or are you open to other modalities
Show response
Bancel noted deprioritizing assets like EBV for financial discipline, seeking pharma partners. On filing sequence, Hoge said flu likely sequenced before combo in U.S. but concurrent possible in some markets including Europe.
Calendar 2025 Q1
are you actively spending time in China and if so, are you just looking at strengthening your mRNA capabilities? Or are you open to other modalities
Show response
Bancel noted mRNA platform is productive enough that they are deprioritizing assets (EBV) for financial discipline, seeking pharma/financial partners instead.
can you just talk about what gives you confidence that you can reiterate your cash breakeven guide for 2028
Show response
CFO acknowledged it requires both revenue growth and cost cuts. Deferred detailed breakdown to upcoming Analyst Day.
Calendar 2024 Q4
have you talked to either the President, RFK or any of the representative this time around? If so, what has been the message
Show response
Bancel gave a diplomatic non-answer, noting productive prior relationship and looking forward to engagement as appointees are confirmed.
AMGNAmgen Inc.2 questions · 2 reporting periods · 0 of 2 challenging
Calendar 2026 Q1
Can you tell us more about what is next for INVELTRA? Not only in terms of the opportunity you get once you move to the front lines
Show response
Jay detailed DELPHI-305 and DELPHI-306 studies for frontline SCLC, plus the FDA real-time clinical trial pilot using EHR and real-time data capture. Murdo added strong community oncology uptake.
Calendar 2025 Q2
What's Amgen's appetite to augment your current offering vis-a-vis by adding an oral small molecule via either BD or organic discovery?
Show response
Bradway confirmed BD interest in obesity innovation broadly. Bradner highlighted massive unmet need with only 2% addressed. Internal pipeline targets incretin and non-incretin pathways including potential oral candidates.
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 |
|---|---|---|
| ALNY Alnylam Pharmaceuticals | 6 | 33%2 of 6 questions |
| MRNA Moderna | 6 | 17%1 of 6 questions |
| AMGN Amgen Inc. | 2 | —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 | 2 |
| 2025 Q1 | 3 | 33%1 of 3 questions | 2 |
| 2025 Q2 | 3 | 0%none of 3 questions | 3 |
| 2025 Q3 | 2 | 50%1 of 2 questions | 2 |
| 2025 Q4 | 1 | 0%none of 1 question | 1 |
| 2026 Q1 | 2 | 50%1 of 2 questions | 2 |
| 2026 Q2 | 1 | 0%none of 1 question | 1 |
- 2024 Q42 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2025 Q13 questions · challenge rate 33% (1 of 3 questions) · 2 companies
- 2025 Q23 questions · challenge rate 0% (none of 3 questions) · 3 companies
- 2025 Q32 questions · challenge rate 50% (1 of 2 questions) · 2 companies
- 2025 Q41 question · challenge rate 0% (none of 1 question) · 1 company
- 2026 Q12 questions · challenge rate 50% (1 of 2 questions) · 2 companies
- 2026 Q21 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Regulation Policy6
- Innovation & R&D5
- Guidance Reliability3
- Revenue Growth3
- M&A3
- Competitive Dynamics2
- Cost Pressure2
- Demand1
- Product Launch1
- Pricing1
Show all 11 topics
- Margin1