Mohit Bansal

Roopal pointed to strong Phase 2 deltas, absence of fungal infections and IBD flares as a favorable benefit-risk profile, and addressed GLP-1 baseline use by noting the large trial size means any effect appears in both arms, with AbbVie's own amylin asset as a potential combination.

Roopal cited early clinical data showing biologic-like efficacy with potential for no boxed warning, differentiating from both anti-TNF and JAK inhibitor classes. Phase IIb planned to push efficacy higher.

Jeff Stewart emphasized absolute leadership: #1 in acute (Ubrelvy), #1 branded in episodic oral CGRP prevention (Qulipta), #1 in chronic migraine (BOTOX Therapeutic). Covers 70-80K physicians mostly primary care. Robert Michael challenged competitor's share claims, noting combined oral CGRP revenue ~$1B higher. Now expects migraine franchise to exceed $5B peak vs prior $3B guidance.

Roopal Thakkar cited Skyrizi's durability advantage: 60% clear/almost clear even after 1-year treatment withdrawal vs risk of rapid loss with short half-life orals. Also emphasized head-to-toe efficacy, quarterly dosing convenience, and 5-year PsA x-ray progression data. Rob Michael noted amylin focused on tolerability and durability, with active search for combination agents and orthogonal approaches for muscle/bone preservation.

Jeff Stewart acknowledged minor contribution from STELARA biosimilar switching to Skyrizi/Rinvoq via the CVS exclusionary formulary dynamic. Rob Michael cited the Sequence head-to-head trial as the primary driver of Skyrizi's share gains versus STELARA.

Roopal Thakkar positioned amylin as both monotherapy for GLP-1 intolerant patients and potential combination, noting neutral pH formulation enables multiple combination partners.

Jeff Stewart highlighted expansion of second and third line therapy markets, especially in IBD and atopic dermatitis. Rob Michael projected high single-digit growth in psoriasis and IBD, mid-teens in AD.

Jake Van Naarden outlined plans to combine imlunestrant, a PI3K inhibitor, and CDK4/6 into an all-oral breast cancer regimen.

Ilya Yuffa described Employer Connect as offering transparent pricing with flexible employer/employee contribution design. Selling cycle for 2026 already passed; gradual impact in back half of 2026 with incremental opt-ins for 2027.

Ilya pointed to sleep apnea indication driving Medicare utilization increase and growing body of evidence. Ken noted portfolio balance between replicating established comorbidity evidence for new molecules and pushing into novel indications like stress urinary incontinence, PAD, and hypertension.

Dan acknowledged brenipatide potential for Alzheimer's given its CNS attributes but noted no plans disclosed yet. Waiting for evoke data which will be informative, and Lilly's strength in both Alzheimer's and incretins gives opportunities regardless of that outcome.

Ken confirmed 64% female across all arms, well balanced with nothing remarkable to highlight.

Dave noted potential net positive if more employers opt in at lower cost, citing Aon study showing 2-year ROI and 40% MACE reduction in real world data.

Patrik confirmed starting with sleep specialists but plans to expand to primary care. Acknowledged undiagnosed patient population requires primary care engagement.

Cristian argued bispecifics deliver mechanisms more selectively than separate antibodies and expressed excitement about Pumitamig as a potential immuno-oncology backbone.

Adam emphasized admilparant's potential first-in-class profile with improved efficacy and tolerability, low GI side effects versus existing therapies. Expected use in both combo and monotherapy.

Adam described twofold strategy: becoming new standard of care in existing IO indications plus expanding beyond (MSS CRC). Highlighted novel combination potential with ADCs and targeted treatments.

Chris emphasized no financial impact from setbacks. Samit noted 43 major approvals in 5 years, top quartile productivity, with 10+ NMEs targeted by end of decade.

David confirmed strong double-digit growth expected with U.S. NBRx share at roughly 75% and Xarelto exit creating further opportunity.

Joanna identified two opportunities: 5-6% of HIV patients on multi-pill complex regimens for simplification, and capturing switch market patients (20% annual churn) who leave Biktarvy for competitors.

Johanna confirmed underlying HIV growth of 8-9% excluding Part D headwind. Attributed to Biktarvy 6% growth plus Descovy 20% growth. HIV prevention at Gilead growing over 40%. Both treatment and prevention driving the franchise.

Johanna described three administration pathways: buy-and-bill, specialty pharmacy, and alternate sites of care. Cross-functional pods in the field with nurse educators, reimbursement managers, and sales reps working together.

Dan reiterated no confirmed impact. Johanna emphasized multiple coverage channels exist for HIV patients and if one closes, patients find alternatives given life-threatening consequences.

Johanna clarified that 2024 inventory build concentrated in Q4 versus spread across Q3-Q4 in 2023, but demand was the primary driver across all periods.

Dean Li and Rob Davis said the added season is about a more robust global filing, not any confidence change, and 2029 launch timing is unchanged.

Dean said he needs strong data across subpopulations and has not spoken about communication plans following the interim analysis, keeping disclosure timing open.

Caroline said FX tailwind offset headwinds from low COVID cases for LAGEVRIO and early pembrolizumab biosimilar entry in Argentina; underlying ex-China growth 6-8%.

Dean pushed back that recent BD pairs with first/best-in-class internal assets like enlicitide, WINREVAIR, EyeBio, and LightSPARK.

Rob declined to quantify Zhifei inventory but framed GARDASIL China as ~1% of total earnings to minimize concern.

Boshoff confirmed both competitive efficacy and monthly dosing as dual differentiators; 9.6mg predicted ~16% weight loss at week 28 is highly competitive; planning Phase III switching study for patients already on weekly therapy.

Bourla confirmed GLP-1 price decline already factored into Metsera acquisition economics; competition driving prices down is expected market dynamic.

Denton explained underlying raise was $0.30 before $0.20 3SBio absorption; derisking Q3/Q4 COVID delivery given seasonal uncertainty; prudent to wait and update as appropriate.

Bourla confirmed administration examining full value chain (precursors, APIs, products) for national security items; noted transfers are multi-year process, expects focus on manageable number of critical products.

Alexandre de Germay detailed rapid market share recapture in Japan (3% to 86% in three months) after Prevnar 20 approval; Malik highlighted 12pp pediatric share improvement in U.S.