2025 摩根大通 会议 事后报告 JPM 2025 POST-EVENT REPORT

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POST-EVENTREPORT

Gobeyondtheheadlineswithourexpertanalysisofthebiggestnewsfromthe

J.P.MorganHealthcareConference.

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2January2025Copyright©2025PharmaIntelligenceUKLimited(Citeline),aNorstellacompany(Unauthorizedphotocopyingprohibited)

Summary

The43rdannualJ.P.MorganHealthcareConference(JPM)washeldinSanFrancisco,CAoverJanuary13-16,2025.Thisreportcontainspresentationhighlightsfromaselectionofcompaniesfromtheconferenceinasingledestination.Acompletelistofeventsandcatalyststhatwereannouncedorupdatedisincludedasasupplementtothereport.

AbouttheAuthor

Biomedtrackerisanindependentresearchservicethatoffersproprietaryclinicalassessmentsandpatient-based

revenueforecastsofdevelopmentaldrugswithinacomprehensiveandintuitivedruginformationdatabase.Clientsfromthepharmaceutical,biotech,andinvestmentindustriesrelyonBiomedtrackerforitsinsightonthelikelihoodof

approval,commercialpotential,andfuturedataandregulatorycatalystsfordrugswithinthecompetitivelandscapeofeveryimportantdiseaseandindication.Overthelastseveralyears,Biomedtrackerhasbecometheleaderinprovidingobjectiveinformationalongsideevidence-basedclinicalassessmentsandinvestmentresearchonpipelinedrugs

worldwide.FormoreinformationongettingdirectaccesstoBiomedtracker,pleaseemail

clientservices@.

Disclaimer

Copyright©2025PharmaIntelligenceUKLimited(Citeline),aNorstellacompany

ThisreportispublishedbyCiteline(thePublisher).Thisreportcontainsinformationfromreputablesourcesand

althoughreasonableeffortshavebeenmadetopublishaccurateinformation,youassumesoleresponsibilityforthe

selection,suitabilityanduseofthisreportandacknowledgethatthePublishermakesnowarranties(eitherexpressorimplied)asto,noracceptsliabilityfor,theaccuracyorfitnessforaparticularpurposeoftheinformationoradvice

containedherein.ThePublisherwishestomakeitclearthatanyviewsoropinionsexpressedinthisreportbyindividualauthorsorcontributorsaretheirpersonalviewsandopinionsanddonotnecessarilyreflecttheviews/opinionsofthe

Publisher.

3January2025Copyright©2025PharmaIntelligenceUKLimited(Citeline),aNorstellacompany(Unauthorizedphotocopyingprohibited)

TableofContents

Summary 2

AbouttheAuthor 2

Disclaimer 2

MegaCap 6

AbbVie 6

AstraZeneca 7

IntuitiveSurgical 10

Merck&Co 11

Novartis 12

LargeCap 14

AlnylamPharmaceuticals 14

BioMarinPharmaceuticals 15

BristolMyersSquibb 16

Genmab 17

GSK 19

Incyte 20

NeurocrineBiosciences 22

Pfizer 23

Sandoz 24

Sanofi 24

SareptaTherapeutics 25

SwedishOrphanBiovitrum 26

TevaPharmaceutical 26

CooperCompanies 28

VertexPharmaceuticals 29

Viatris 30

MidCap 31

AcadiaPharmaceuticals 31

AgiosPharmaceuticals 32

AscendisPharma 33

AvidityBiosciences 34

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BridgeBio 35

CatalystPharmaceuticals 36

Crinetics 37

Cytokinetics 37

Exelixis 39

InspireMedicalSystems 40

MadrigalTherapeutics 41

Novocure 42

Nuvalent 43

Recursion 43

RoivantPharma 44

TelixPharmaceutical 45

Vericel 47

VikingTherapeutics 48

Xenon 49

SmallCap 50

AbCelleraBiologics 50

AkeroTherapeutics 51

AnavexLifeSciences 52

CogentBiosciences 53

EdgewiseTherapeutics 54

Immunocore 56

Intellia 57

NuvationBio 58

ProtagonistTherapeutics 58

VirBiotechnology 59

Zymeworks 61

MicroCap 62

AkebiaTherapeutics 62

AmnealPharmaceuticals 63

AnnexonBiosciences 63

AngioDynamics 65

AnikaTherapeutics 66

ArcturusTherapeutics 66

CaribouBiosciences 68

C4Therapeutics 69

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Immunome 71

LexeoTherapeutics 72

Neumora 73

Precigen 74

ProKidney 75

ProtaraTherapeutics 76

RAPTTherapeutics 77

RigelPharmaceuticals 78

Sage 79

SeresTherapeutics 80

ShattuckLabs 81

SkyeBioscience 82

6January2025Copyright©2025PharmaIntelligenceUKLimited(Citeline),aNorstellacompany(Unauthorizedphotocopyingprohibited)

MegaCap

AbbVie

AbbVie'sCEO,RobMichael,whohasbeenwiththecompanyforoverayear,beganthesessionbysayingheisverypleasedwiththecompany'scurrentposition.AtthefiresidechatattheJ.P.MorganHealthcareConference,Robstatedthatthecompanyiswell

aheadintermsofearningsandisfocusedondrivingthegrowthplatform.Thisgrowthplatformcomprisesimmunology,oncology,neuroscience,aesthetics,andeyecareandheestimatesthatitwouldputthecompanyinastablefinancialpositionforthenext

eightyears.Thissegmentalonegeneratesover80%ofrevenueandhasa17%growthestimatedfor2024.DespiteHumira'spatentloss,thiswillallowAbbVietogrowby4%.

Thecompanyisalsofocusingondevelopingandexpandingitspipeline,whichwillcontinuetogenerategrowthinthefollowingyears.

Inthefuture,RobexpectscontinuedmomentumfromSkyriziandRinvoq,particularlyinIBD,andgrowthinneurosciencewithproductslikeVraylar,Botox,Ubrelvy,andQulipta.ThecompanyalsoanticipatestheapprovaloftheGCAindicationforRinvoqandthe

acceleratedapprovalofTeliso-Vinlungcancer.Growthwillbepartiallyoffsetbya

furtherstepdowninHumirarevenueandtheimpactofthePartDbenefitredesign,

whichisexpectedtohavearoughly3%impactonthetopline.Despitetheseoffsets,thecompanyexpectstoachievemid-single-digittoplinegrowthandasimilarEPSgrowth

andisconfidentindeliveringhighsingle-digitgrowththrough2029.Netinterest

expensesareexpectedtoincreaseduetorecentacquisitions.AbbViehassigned20deals,withmostfocusingonearly-stageopportunities,primarilyinimmunology,

oncology,andneuroscience.

Inthefieldofimmunology,AbbViebelievesthereisroomforinnovationintheIBD

market,despitehavingstrongproductslikeSkyriziandRinvoq.Humirasaleshave

declinedduetothelossofpatentsandbiosimilarerosion.However,thecompanyhas

seensomepatientsswitchfromHumiratoSkyriziandRinvoq,andtheyanticipatea

similartrendwhenpayerstrytoswitchpatientsfromStelaradrivingfurthergrowth.

SkyriziandRinvoqareshowingtremendousmomentum,particularlyinIBD,withstrongcaptureratesinCrohn'sandUC.Thecompanyiscapturingover50%oftheIBDmarketwhencombiningbothbrands.ThecompanyseesIL-23sasagrowingcategoryandfeelsconfidentaboutitspositionwithSkyrizi.RobaddedthattheyrecognizeTremfyaasa

strongcompetitorbutareoptimisticaboutSkyrizi'smoresubstantialportfolio.In

additiontoIL-23s,AbbVieanticipatesthatTL1Aswillenterthemarketlaterinthe

decadebutdoesnotexpectthemtodisruptthestandardssetbytheircurrentbrandsandisfocusingondevelopingcombinationtherapies,particularlycombiningTL1AwithSkyrizitoshiftthestandardofcare.

7January2025Copyright©2025PharmaIntelligenceUKLimited(Citeline),aNorstellacompany(Unauthorizedphotocopyingprohibited)

Thecompanyisalsolookingintooraloptions,liketheplatformfromNimble

Therapeutics,whichitplanstoacquire.Nimble'sleadasset,aninvestigationaloralpeptide,hashighpotencyandalonghalf-life,makingitsuitableforcombination

therapies.Besidesexpandingthemarketinapprovedindications,AbbVieplanstoextenditsreachinnewindications.RinvoqisbeingpursuedinGCA,alopeciaareata,vitiligo,

lupus,andhidradenitissuppurativa,whichareexpectedtocontributeoverabillioninpeaksales.

Thecompanyisheavilyinvestedinneuroscience,itssecondlargesttherapeuticarea,

andisexperiencingstronggrowth.Theyexplorevariousnovelapproaches,including

psychoplastogens,next-generationantibodies,andnewtreatmentsforParkinson'sandessentialtremor.Thecompanyisfocusedonearly-stageinvestmentsinneuroscienceastheyhaveaclearpathtogrowthoverthenexteightyearsandarebuildingapipelinetodrivegrowthbeyondthattimeframe.

Overinaesthetics,thecompanyviewsitasahighlyunderpenetratedmarketbuthas

seenchallengesinconsumersentiment,particularlyinthefillerspace.AbbViehasseentoxinsgrow,butfillershavebeenmoredifficultbecausetheyarehigherpricedandcanbedeferred.Thecompanyhascontinuedinnovation,withnewindicationsinAsiaandashort-actingtoxinthattheybelievecandrivemarketgrowthandshareandaimfora

long-termtargetof9billioninrevenuefortheaestheticsbusiness.

Movingforward,AbbVie'spriorityremainsinvestinginearly-stageassetstodrivegrowthinthenextdecade.ThecompanyhasastrongM&Atrackrecordwithacquisitionslike

SkyriziandAllergan.Thecompanyisdevelopingvariousoncologyassets,includingADCstargetingCMAT,andisexploringtumor-agnosticapproacheswhilefocusingontri-

specifics,multi-specifics,T-cellengagers,andCAR-Topportunities.AbbVieisalsodevelopingassetsinhematologicmalignanciesandmultiplemyeloma.Overall,the

companyiswellpositionedwithadiversifiedportfolio,astrongcommitmenttoR&D,and

astrategicfocusonbothimmediategrowthandlong-termpipelinedevelopment,

suggestingconfidenceinitsabilitytodeliversustainedgrowthinthecomingyears.

AstraZeneca

AstraZenecaCFOAradhanaSarinstartedwithanoverviewofAstaZenecadescribingits

strategicfocusonfivetherapyareas:(i)oncology,(ii)cardiovascular,renaland

metabolism,(iii)respiratoryandimmunology,(IV)vaccineandimmunetherapiesand

(V)rarediseases.Sarinnotedthatinthefirstninemonthsof2024,totalrevenueswere$39.2bn,a19%yearoveryearincrease.However,duringtheQ&A,Sarinstatedthat

AstraZenecaisunlikelytoseegrowthinthehighteensin2025.SomefactorsslowinggrowthincludeFarxigavalue-basedpurchasing,lossofexclusivityforSoliris,pricingpressureduetotheinflationreductionactaswellassomedownturninChinadueto

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ongoinginvestigationsbyChineseregulatorsintoallegedillegaldrugimports,data

breaches,andpotentialhealthinsurancefraud.TheinvestigationhasledtothearrestofAstraZeneca’sChinapresidentaswellasotheremployeesandisexpectedtoimpactthecompany’sChinasaleswhichaccountforapproximately13%oftotalrevenue.Sarinalso

notedthatAstraZenecareportsrevenuesinUSdollarsandthatwiththesignificant

strengtheningofthedollar,thiswillaffectrevenuesin2025since60%ofrevenuesaregeneratedoutsideoftheUS.

In2024,AstraZenecahadninepositivePhaseIIItrialsandcumulatively,these

opportunitiesrepresentmorethan$5bninincrementalpeaksalesrevenue.AstraZenecaexpectstolaunch20medicinesby2030anddeliver$80bninriskadjustedtotalrevenuebytheendofthedecade.Towardsthatgoal,AstraZenecaexpectsPhaseIIIdatain

2025thatcouldleadtoleadtolabelexpansionsincludingFasenraforCOPDandBreztriforsevereasthmaaswellasthefirstPhaseIIIdataforsevennewtherapies.SaringaveanoverviewofsomeofthePhaseIIIdataexpectedin2025startingwithEnhertufor

HER2+breastcancer.

In2024,theHER2targetedantibody-drugconjugateEnhertureportedpositiveresults

fromDESTINY-Breast06duringtheASCOplenarysession.ThetrialsupportedregulatorysubmissionstotheFDAandEMAforchemotherapynaïve,unresectableormetastatic

HER2-lowandHER2-ultralowbreastcancerpatientswhohavereceivedatleastoneendocrinetherapy.AnFDAdecisionisexpectedinH12025.Resultsfromthree

additionalPhaseIIItrials,DESTINY-Breast09,-11and-05areexpectedin2025.

Destiny-Breast11and-05areevaluatingEnhertuforHER2+breastcancerpatientsin

theneodjuvantandadjuvantsetting,respectively.TheDESTINY-Breast09studyis

evaluatingEnhertuasfirst-linetherapyformetastaticHER2+breastcancerandhasthepotentialtoreplaceRoche’sPerjetainthissetting.

Theanti-PD-L1antibodyImfinziexperiencedsignificantgrowthin2024followingthefirstapprovalforgastrointestinal(GI)cancerindications,namelybiliarytractcancer

(supportedbytheTOPAZtrial)andlivercancer(supportedbytheHIMALAYAtrial).In

2025dataAstraZenecaexpectsthefirstapprovalforbladdercancer,agenitourinary

indication,supportedbytheNIAGARAPhaseIIItrial.PhaseIIItrialsexpectedtoreadoutin2025includePACIFIC-4forNSCLC,MATTERHORNandEMERALD-1,3forGIcancer

andVOLGA,POTOMACandNILEforbladdercancer.

Datroway(datopotamabderuxtecan)isanantibody-drugconjugatetargetingTrop-2beingjointlydevelopedwithDaiichiSankyo.DatrowaywasapprovedinJapanin

December2024andisunderregulatoryreviewbytheFDAforlate-line,EGFFRmutatedNSCLCandforsecond-lineorlaterunresectableormetastaticHR+/HER2-breastcancer.AsubmissiontoEUauthoritiesforNSCLCwaswithdrawnfollowingfeedbackfromthe

EMAalthoughthesubmissionforbreastcancerremainsunderreview.

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ThePhaseIIIAVANZARstudyisevaluatingDatroway+Imfinzi+carboplatinversus

Keytruda+platinumbasedchemotherapyforthefirst-linetreatmentofpatientswith

locallyadvancedormetastaticNSCLCwithoutactionablegenomicalterations.AVANZARisexpectingdatainH22025andmarksseveralfirstsforDatrowayincludingthefirst

PhaseIIIimmune-oncologycombinationtrial,thefirstoffivefrontlinelungcancertrialsaswellasthefirstPhaseIIIstudytoprospectivelyvalidatetheTROP2-QCSbiomarker.Datrowayisalsobeingevaluatedforfirst-line,locallyrecurrentinoperableormetastatictriple-negativebreastcancerinTROPION-Breast02,thefirstPhaseIIItrialinthis

setting.ThetrialisenrollingpatientswhoarenotcandidatesforaPD-1/PD-L1inhibitorandisexpectingdatain2025.

Theoralselectiveestrogenreceptordegrader(SERD),camizestrantisbeinginvestigatedinfourPhaseIIItrialsacrossbothearlystageandmetastaticHR+/HER2-breastcancer.InthePhaseIISERENA-2trial,camizestrantshowedaclearPFSbenefitcomparedto

Faslodex,irrespectiveofESR1mutationstatus.Importantly,camizestrantreportedlow

ratesofGItoxicity,meaningpatientscouldremainontreatmentforlonger.SERENA-6is

thefirstPhaseIIItrialforcamizestrantandisenrollingfrontlinepatients.Thetrialwillreadoutin2025andwillmarkthefirststeptowardsestablishingcamizestrantasa

potentialbestinclassoralSERDandasanewbackboneendocrinetherapy.

Thenovelaldosteronesynthaseinhibitor(ASI)baxdrostatisinPhaseIIIdevelopment

forhypertensionandcarriesmulti-blockbusterpotential.In2025AstraZenecaexpects

datafromBAXHTNaPhaseIIItrialevaluatingbaxdostatmonotherapyinpatientswithuncontrolledhypertensionontwoormoremedicationsincludingpatientswithresistanthypertension.BaxdrostathasreportedencouragingbloodpressurereductioninPhaseIIstudiesandbenefitsfromalongerhalf-lifecomparedtootherASIswhichmaytranslatetobetter24-hoursystolicbloodpressurecontrol.APhaseIIIstudyofbaxdrostatina

fixed-dosecombinationwithFarxigaforpatientswithkidneydiseaseandhighbloodpressurewasinitiatedin2024,oneofseveralcombinationstudiesinitiatedinthe

cardiovascular,renalandmetabolismspacereflectingtheportfoliostrengthbuiltinthisarea.

Intherarediseasespace,thePhaseIIICALYPSOtrialisevaluatingeneboparatidefor

hyperparathyroidism.Eneboparatideaimstoaddressthreeclinicalprioritiesforpatients,includingnormalizingserumcalcium,decreasingurinarycalciumexcretionand

preservingbonemineraldensity.Eneboparatidehasthepotentialtobedifferentiatedacrossallthreeclinicalprioritiesandhasblockbusterpotential.

Anotherassetintherarediseasespaceisefzimfotasealfa(ALXN1850),anext

generationhypophosphatasiamedicinedevelopedasafollow-ontoStrensiq.ComparedtoStrensiq,subcutaneousefzimfotasealfaischaracterizedbylowerinjectionvolume,

lessfrequentinjectionsandimprovedmanufacturingprocess.Theseinnovationshave

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thepotentialtobroadentheaddressablepopulationbyasmuchassixtimesthatof

Strensiqmakingthisablockbusteropportunity.TwoPhaseIIItrials,HICKORY(in

adolescentandadultpatientsnotpreviouslytreatedwithStrensiq)andCHESTNUT(inpediatricpatientspreviouslytreatedwithStrensiq),areexpectedtoreadoutin2025.

Lookingbeyond2030,Astrazenecaisinterestedincombiningbispecificantibodiessuch

asrilvegostomig(PD-1/TGIT)orvolrustomig(PD-1/CTLA-4)withantibody-drug

conjugates.ThiscombinationisexpectedtobeatPD-1/PD-L1monoclonalantibodiesandthenalsodisplaceclassicchemotherapyifthesecanbecombinedwithbiomarkersforamorepreciseapproach.WithmultiplehighvaluePhaseIIIreadoutsexpectedin2025,

AstraZenecaappearstobeontrackforitsgoalofdeliveringatleast20newmedicinesby2030.

IntuitiveSurgical

Atthe2025J.P.MorganHealthcareConference,IntuitiveSurgicalCEOGaryGuthartprovidedan

updateonthecompany’s2024performanceandstrategicprioritiesfor2025.The

companyreported2.7millionproceduresperformedglobally,reflecting17%growthyear-on-year,supportedbytheplacementofnearly1,800newdaVincisystems,

bringingtheinstalledbaseto11,000units.ThelaunchofthedaVinci5systemwasakeyfocus,featuringadvancementssuchasforcefeedbackandsignificantlyincreasedcomputingpoweraimedatimprovingsurgicalperformanceandsupportingfuture

features,includingautomationandadvancedanalytics.

Recurringrevenue,comprisinginstruments,accessories,serviceagreements,and

leasing,accountedfor84%oftotalrevenue.Growthingeneralsurgerycontinuedto

driveUSperformance,whileinternationalmarketssuchasJapan,Germany,andtheUKsawincreasedadoption,particularlyinnon-urologyprocedures.However,thecompanynotedeconomicpressuresinChinaduetodomesticcompetitionandweakenedcapital

budgetsinEurope.TheIonplatformforlungbiopsiessaw78%proceduregrowthandisexpectedtocontributefurtherasnewindicationsareapproved.Fortherestofthisyear,thecompanyprojected13-16%proceduregrowth,supportedbythebroaderrolloutof

daVinci5andcontinuedexpansionoftheIonandSPplatforms.IntuitivealsooutlineditsstrategytoreconditionolderXisystemsforcost-sensitivemarketsandoutpatient

centres.

Additionally,managementhighlightedcontinuedinvestmentsinR&D,manufacturing,

andregulatoryeffortstoscaleoperationsandmeetglobaldemand.Whileacknowledgingmacroeconomicchallenges,Guthartemphasisedthecompany’sfocusonbuildinglong-

termvaluethroughclinicalandoperationalimprovements,expandedsystemcapabilities,anddeepermarketpenetration,withastrongemphasisonsurgicaldatascienceandAI-driveninsights.

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Merck&Co.

Merck&Co.’s(MRK)CEOandChairmanRobertDavis,alongwithDr.DeanLi,PresidentofMerckResearchLaboratories,begantheirfiresidechatatthe2025JPMorgan

HealthcareConferencebyreflectingonthecompany’sprogressinexecutingstrategic

prioritiesoverthepastthreeandahalfyears,sincetheirjoining.AccordingtoDavis,

Merck&Co.hasdeliveredconsistentyear-on-yearrevenuegrowth,achievinga7%

increasebetween2023andthe2024midpointguidancevalueof$63.9bn.However,thisgrowthrateisslightlylowerthanthe12%and9%increasesseeninpreviousyears.ThecompanyhasnearlytripleditsnumberofinvestigationalassetsinPhaseIII

development,increasingfromninein2021to26in2024,expandingdiversitywithin

oncology,aswellasothertherapeuticareas.Toachievethesemilestones,Merck&Co.hasinvestedapproximately$40billioninstrategicbusinessdevelopmentoverthis

period,whichincludestheacquisitionofEyeBioinJuly2024for$3billion.This

acquisitionaddsRestorettoMerck’spipeline,anovellate-phasecandidatefordiabeticmacularedemaandneovascularage-relatedmaculardegeneration.

Merck&Co.’srobustoncologyfranchise,anchoredbytheblockbusterimmune

checkpointinhibitorKeytruda,hasbeenakeydriverofitssustainedsuccess.However,withKeytruda’sUSpatentsettoexpirein2028,thecompanyhighlighteditsproactivestepstomanagetheupcominglossofexclusivity.NotablemilestonesforKeytruda

includetwostrategicapprovalsfromtheECfornewindicationsingynecologiccancers.

TheapprovalsarebasedonthePhaseIIIKEYNOTE-868trialforpatientswithadvancedorrecurrentendometrialcarcinomaandthePhaseIIIKEYNOTE-A18trialforpatients

withStageIII-IVAlocallyadvancedcervicalcancer.Additionally,Merck&Co.highlightedthepromisingtoplineresultsfromthepivotalPhaseIIIMK-3475A-D77trial,which

demonstratesthenoninferiorityofsubcutaneousKeytrudaadministrationinpatients

withNSCLC.Thesubcutaneousformulationisexpectedtoreceiveapprovalaheadof

schedulein2025andcouldenhanceKeytruda'suptakeacrossallapprovedindicationsduetoitsmoreconvenientadministrationcomparedtointravenousdosing.

AsidefromKeytruda,theFDAgrantedpriorityreviewfortheHER3-DXdADCpatritumabderuxtecanforpatientswithlocallyadvancedormetastaticEGFR-mutated

NSCLC.Moreover,thecompanyenteredintoastrategicglobaldevelopmentand

commercializationagreementwithDaiichiSankyotoinvestigateMK-6070incombination

withifinatamabderuxtecaninSCLC.Intermsoflate-phasepipelinedevelopmentbeyond2025,Merck&Co.announcedtheinitiationoffourpivotalPhaseIIItrialsinvestigatingbomedemstat,nemtabrutinib,MK-2870,andMK-5684acrossvarious

hematologicmalignanciesandsolidtumors.Giventheseadvancements,Merck&Co.hasupdateditsforecastedoncologyopportunitygoingintothemid-2030sfrom$20bnto

over$25bn.

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Outsideofoncology,Merck&Co.reportedsignificantprogressinitscardiometabolic

portfolio.ThecompanysecuredFDAandECapprovalforWinrevairforpulmonary

hypertensionpatients,basedonthePhaseIIISTELLARtrial.InDecember2024,Merck&Co.signedanexclusivegloballicenseagreementwithHansohPharmaforHS-10535,aninvestigationaloralGLP-1receptoragonist,strengtheningitspresenceinobesityand

metabolictreatments.Furthermore,toplineresultsareexpectedin2025forkeypipeline

therapies:efinopegdutide,aGLP-1/glucagonreceptordualagonist,formetabolic-

associatedsteatoticliverdiseaseandnonalcoholicsteatohepatitis,andenlicitide

decanoateforatheroscleroticcardiovasculardisease.Merck&Co.alsoraiseditsmid-

2030ssalesoutlookforimmunologycandidatestoover$5bn,highlightingadvancementsintheimmunologyspace.ThisvaluecreationisbasedupontheFDAapprovalof

Capvaxiveforpreventinginvasivepneumococcaldiseaseandpneumococcalpneumoniainadults,basedonthePhaseIIISTRIDE-3,STRIDE-5,andSTRIDE-6trials.While

Gardasil,Merck’sHPVvaccine,experienceda10%year-on-yearrevenuedeclineinQ32024duetodecreaseduseinChina,thedownturnisexpectedtobeoffsetbythe

vaccine’slabelexpansionforpatientsaged9to26inChinain2025.ThecompanyisalsoprogressingwithitsmonoclonalantibodyclesrovimabforRSVprotectionwithaPDUFA

datesetforJune10th2025,basedonpositiveresultsfromthePhaseIIb/IIICLEVERtrialandongoingdatafromthePhaseIIISMARTtrial.

Intheirconcludingremarks,Merck&Co.’sleadershipexpressedconfidenceinthe

company’sabilitytoremainasustainablygrowingorganizationwellintothenextdecadeandbeyond.TheyemphasizedthatMerck’sevolvingportfolioisontracktobecome‘themostdiversifiedportfolio’inthecompany’srecenthistory.

Novartis

Atthe2025JPMHealthcareConference,Novartis’CEODr.VasNarasimhankickedoff

thepresentationwithtransformationsthecompanyhasundergoneoverthepastdecade,beginningwithhugechangestotheNovartisportfolioin2014,andthespin-offsof

Alcon,SandozandHaleon(withGSKandPfizer)tocreateacompanywitha100%focusoninnovativemedicinesby2023.Thisslimmed-downportfoliodoesnotappeartohavesignificantlyimpactedoperationalperformance,withincreasingnetsalesandcore

operatingcostsnotedinQ32024.Dr.Narasimhanalsoremarkedthatwhile

transformationshavetakenplace,cashflowoverthefirstthreequartersof2024

surpassedcashflowin2020priortoboththespin-offsofAlconandSandoz,highlighting

continuedgrowthwithinthecompany.Lookingahead,Novartisremainscommittedto

thedevelopmentofitsassetsandadvancedtechnologiesincoretherapeuticareas

(immunology,cardiovascular-renal-metabolicdisease,neuroscienceandoncology),in

additiontofindingtherightindustrypartnershipsanddeliveringhigh-valuemedicinesinitsprioritymarketsintheUS,China,GermanyandJapan.

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Novartis’curre