Umer Raffat

Philippe confirmed the enrollment expansion is to accumulate events faster, not a powering change; direct.

Philippe addressed antiplatelet timing, the 24-hour offset, and CABG handling in clinical detail; direct.

Paul attributed FCF decline to working capital timing and increased one-time costs but noted it exceeded expectations. Philippe explained selatogrel uses ordinal ranking endpoint designed with FDA, powered for 20% relative risk reduction in MI severity.

Scott confirmed 50% from headcount reductions, 50% from COGS efficiency/inventory/support. Minimal R&D cuts. Doretta said less than 1% India recovery in guidance. Lenalidomide not expected to recur. Impact largely remediated through alternate supply.

Philippe said data supports multimodal positioning. For presbyopia, Doretta described portfolio approach combining MR-141, tyrvaya, and ryzumvi for front-of-eye portfolio. Acknowledged large cash pay component likely for presbyopia.

Scott quantified India at approximately 10% of US revenue, low-margin OSD products. About half of US revenue manufactured domestically. Confirmed no material financial impact expected in 2025 with mitigations in place.

Scott confirmed 26 global facilities, eight in US, >50% of US revenue from domestic manufacturing. Imports come from Ireland, UK, and India.

Philippe confirmed no increased bleeding risk across Phase 2 and both Phase 3 studies despite higher CMAX. Safety profile consistent with placebo.

Philippe cited positive KOL feedback and IDMC reviews but data remains blinded. Scott added expanded geographic rights and reduced milestones improve economics.

Scott explained the situation was evolving with FDA product exclusion discussions ongoing. Full clarity on impacts achieved only days before this call.

Chris confirmed the EZH2 trial is fully enrolled and has not yet reached its events, answering both parts directly.

Albert ruled out near-term mega merger, citing focus on AI transformation requiring stability, while affirming continued tenure and ambition for cancer/obesity/vaccines.

Boshoff clarified 9.6mg monthly was already contemplated as equivalent of 2.4mg weekly being tested in VESPA-4; model predictions showed excellent concordance with observed data; amylin combo data update planned for ADA with ultra-long monthly subcutaneous format.

Boshoff confirmed potentially first-in-class oral STAT6 inhibitor; detailed broad I&I portfolio including p40/TL1a with Roche, two tri-specifics for atopic derm, Litfulo Phase III in vitiligo; dose optimization ongoing with 2026 update planned.

Bourla confirmed eagerness to evaluate any new Metsera data that emerges; expressed confidence data will be positive.

Boshoff clarified sample size recalculation based on emerging Phase I/II data, not Phase III unblinding; no unblinding of ongoing Phase III programs.

Bourla explained Congress more concerned about technology transfer to China than in-licensing from it; 3SBio deal involved taking science to develop and manufacture in US.

Denton confirmed ability to offset LOEs through productivity improvements and high-margin oncology mix; reiterated steadfast dividend commitment; Bourla quantified $7B savings target by 2027.

Lucas Montarce acknowledged medical exceptions are a short-term driver and price will decline as CVS access normalizes, offset by volume.

Lucas confirmed the per-Rx math is roughly correct. LillyDirect prices stable since December adjustment. Dave added that medical exception and OSA usage moves at close to undiscounted price, explaining some of the delta.

Patrik emphasized consumer centricity and building LillyDirect-like platforms internationally for patients to seek, start, and stay. Ilya highlighted the scaled DTC platform addressing system frictions, with continued evolution of consumer experience and growing access across different segments.

Lucas highlighted Q3 pricing performed in line with expectations post-CVS move, no significant erosion beyond guidance. Noted LillyDirect pricing at $349-499 has been stable with competitor matching, suggesting no material change in competitive pricing dynamics.

Dan pushed back on cross-trial comparisons, noting different populations and time periods. Emphasized profile represents what GLP-1 agonism can deliver, dismissing real-world relevance of exact number comparisons.

Dan confirmed no liver safety concerns but acknowledged not knowing precise ALT numbers. Attributed higher diarrhea rates to geographic variation in ascertainment, not drug signal.

Dan acknowledged the gap, citing placebo retention challenges in the U.S. Said it's being explored internationally but gave no firm commitment.

Dean Li walked through the GI, derm, and rheum buckets and cited biomarker data supporting rheumatoid arthritis expansion.

Dean Li corrected the framing, stating MMR will be north of 50% on an ITT basis consistent with regulatory standards, emphasizing that early conference data must be interpreted carefully versus registration-grade analysis.

Rob declined to comment on market rumors and reiterated the $1B-$15B BD sweet spot while reaffirming willingness to go larger for the right scientific deal using the same discipline.

Dean clarified that top-line CADENCE data will come sooner and the H1 2026 timing refers to the full medical meeting presentation.

Dean reaffirmed the LaNova PD-1/VEGF program is progressing as planned, with Merck monitoring the external competitive environment.

Rob explicitly declined to address the KEYTRUDA subcutaneous IP location question.

Rob reaffirmed growth confidence and said January returned to expected levels, but declined to validate the 100% figure.

Singhal walked through trial design controls and endpoints but explicitly declined to name a separation bar: I will not speculate.

Dose withheld outright and the liver safety element of the question went unaddressed.

Priya emphasized totality of data including secondaries will matter. Phase 2 showed >80% effect magnitude. Evaluating CD38 mechanism in other organ transplants internally. Chris noted awareness of physicians experimenting with CD38 in heart transplant. MVI indication trial also being initiated.

Chris noted GLP-1 would likely be used earlier in primary care, not targeting plaque directly. Biogen would evaluate data when available. Priya noted EVOKE trials included patients on stable anti-amyloid therapies, suggesting complementary rather than competitive positioning. Believes it would increase disease awareness.

Chris acknowledged arbitration filed on European launch approach, described it as normal disagreement following contractual process. Emphasized executive engagement is strong across commercial, manufacturing, and development. Eisai CEO met with Biogen Head of Manufacturing since arbitration was filed. Overall working relationship unaffected.

Priya noted AHEAD 3-45 uses different endpoints (PACC5 vs CDR) and readout expected 2028 with optionality for earlier cuts. Chris defended Reata acquisition, said market underestimates rare disease potential.

Dietmar declined to share alpha4beta7 UC Phase 2 data despite ClinTrial showing March completion, deflecting with 'do not read anything into the timeline' and promising update 'in due course.'

Dietmar cited Phase 2 TROPICS-3 basket trial showing 15-month median OS published at ESMO 2024. Declined to detail exact evaluation timing. Johanna estimated second-line endometrial at approximately 5,000 US patients, similar to second-line metastatic TNBC. Incremental but important unmet need.

Johanna declined to confirm patient numbers directly. Reframed around $54M cumulative with $15M stocking. Emphasized 75% access ahead of schedule, 20 of 25 large PrEP Medicaid states, J-code live October 1, conversion rates improving dramatically. Guided to ~$150M full year including $54M year-to-date.

Dan emphasized limited patent exposure until end of 2033 and strong launch pipeline. Johanna noted Medicaid is mid-to-lower 20s of HIV business with current legislation impacts expected late 2026 into 2027.

Cindy confirmed no tremors in ICANS cases but could not answer on bradykinesia or other motor dysfunction details on the call, promising follow-up.