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Analyst
William Pickering
Period: Reporting periods mapped to calendar 2024 Q4 – 2025 Q4 (5 quarters).
- Questions
- 7on tracked calls
- Challenge rate
- 0%none of 7 questionsLimited sample
- Companies
- 2questioned at least once
- Reporting periods
- 5with 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 2 companies
VRTXVertex Pharmaceuticals5 questions · 4 reporting periods · 0 of 5 challenging
Calendar 2025 Q4
if you could discuss how you expect the baseline GFR to impact the observed effect size
Show response
Reshma explained that within the GFR study range of approximately 30-90, baseline GFR should not meaningfully impact proteinuria results. Only at the tail end near dialysis would proteinuria seemingly decrease due to loss of renal function.
Calendar 2025 Q3
if you could discuss the competitive landscape in that indication and perhaps compared to IgAN
Show response
Reshma noted less competitive intensity in membranous vs IgAN. Vertex is the only dual APRIL/BAFF inhibitor in pivotal trials for membranous nephropathy, with approximately 150,000 patients in US and Europe.
Calendar 2025 Q2
I was a little bit surprised to see that JOURNAVX was not included in the draft rule that was published
Show response
Reshma explained the exclusion was a labeling technicality since both Phase III RCTs were in postsurgical pain. Expects the confusion to be resolved with JOURNAVX on the final list this fall.
what are you seeing in terms of the cycle time from cell collection to infusion? And do you see potential for that to accelerate
Show response
Reshma confirmed 4-5 month cycle time with opportunity for improvement. TDT patients have easier cell collection. Many more patients with cells collected are now ready for infusion in H2.
Calendar 2024 Q4
What placebo effect did you assume in designing that study? And how does that compare to the 2 points placebo effect we saw in LSR
Show response
Reshma declined to share specific assumptions but confirmed they used the extensive DPN literature to size the trial, and the suggested placebo ranges are consistent with literature.
REGNRegeneron Pharmaceuticals2 questions · 2 reporting periods · 0 of 2 challenging
Calendar 2025 Q1
what percent of the total enrollment was included in the submission? Did you have alignment with the FDA
Show response
Schleifer declined to share enrollment specifics but noted FDA acceptance of the submission means enrollment threshold was met. Review process ongoing.
Calendar 2024 Q4
Can you discuss how you see these combos fitting into the MG and GA treatment landscapes
Show response
Yancopoulos said safety profile is consistent with complement inhibitor class. Noted their combo drives more patients to normal LDH levels than standard-of-care. For GA, balancing infectious risk vs intravitreal vision loss risk.
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 |
|---|---|---|
| VRTX Vertex Pharmaceuticals | 5 | 0%none of 5 questions |
| REGN Regeneron Pharmaceuticals | 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 | 1 | 0%none of 1 question | 1 |
| 2025 Q2 | 2 | 0%none of 2 questions | 1 |
| 2025 Q3 | 1 | 0%none of 1 question | 1 |
| 2025 Q4 | 1 | 0%none of 1 question | 1 |
- 2024 Q42 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2025 Q11 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q22 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q31 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q41 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Innovation & R&D4
- Regulation Policy3
- Competitive Dynamics2
- Product Launch1