Prothena Corporation (PRTA) 2025 Conference September 04, 2025 10:55 AM ET Speaker0Good morning everyone and welcome back to day two of the Cantor Healthcare Conference. My name is Eric Schmidt. I'm one of the analysts at the firm and it is my distinct pleasure to welcome back to our conference, the team from Prothena. We've got the entire senior management team with us today. We got, Gene Kenny who is, chief executive officer, Tron Nguyen who is CFO and chief strategy officer, and Mark Johnson who is VP an ...

If you enjoyed this, consider Ian's Insider Corner to enjoy access to similar initiation reports for all the new stocks that we buy. Membership also includes an active chat room, weekly updates, and my responses to your questions.Bristol-Myers Squibb (NYSE: BMY ) is one of the world's largest pharmaceutical companies. And it's a name which has attracted a lot of value investor attention recently. At first glance, BMY shares appear to be deeply discounted, especially as compared to an overall U.S. stockIan l ...

Key Takeaways Bristol Myers' Opdivo growth is fueled by new launches, label expansions, and solid global uptake.EC approved subcutaneous Opdivo and Opdivo Qvantig, boosting momentum across multiple tumor types.BMY trades at 7.60x forward earnings, below industry peers, as EPS estimates trend upward for 2025-2026.Bristol Myers ((BMY) has a strong oncology portfolio comprising blockbuster immune-oncology drug Opdivo, Opdivo Qvantig, and Yervoy, among others.Opdivo is a key drug in BMY’s Growth Portfolio that ...

Healthcare payment concept with stethoscope and big money US dollar.gettyHealthcare stocks haven’t moved since the April lows. As contrarian investors, this neglect piques our interest.As income investors, seven healthcare yields up to 7.1% are equally intriguing. These dividend deals are available because these stocks have been left behind by the broader market. Since April 7, the S&P 500 has soared a terrific 27% while the healthcare sector hasn’t budged:XLV Total ReturnsYchartsOf course there is plenty o ...

Investment Rating - The report suggests a strong investment outlook for the AI pharmaceutical industry, highlighting the imminent approval of the first AI-driven drug as a pivotal moment for investment opportunities [5]. Core Insights - The application of AI in drug development is transitioning from concept to reality, with multi-omics development expected to reduce costs and increase efficiency by 1000 times, marking the dawn of a new era in innovative drug development [12][16]. - The report emphasizes the importance of computational power, data quality, and model development as critical factors driving the success of AI in pharmaceuticals [3][48]. - Major technology companies are entering the AI pharmaceutical space, with significant investments from top pharmaceutical firms, indicating a robust shift in the industry landscape [4][5]. Summary by Sections AI Application and Industry Transformation - AI applications in pharmaceuticals are moving towards practical implementation, with significant milestones such as the success of AlphaFold in protein structure prediction [12]. - The report notes that the AI pharmaceutical sector is on the verge of a transformative phase, driven by advancements in multi-omics applications [16]. Computational Power and Data Utilization - The availability of cloud computing resources from major tech companies like Amazon and Google is enhancing the computational capabilities necessary for AI applications in drug development [3]. - Innovations in federated learning are breaking down data silos, allowing for better data sharing while maintaining privacy, which is crucial for AI model training [37][39]. Industry Dynamics and Major Players - The entry of tech giants like NVIDIA and Google into the AI pharmaceutical space is reshaping the industry, with substantial investments in AI drug development [4]. - Leading pharmaceutical companies are also heavily investing in AI-related initiatives, with over $50 billion in significant transactions occurring in the past five years [4]. Investment Strategies - The report recommends focusing on companies with rich pipelines and strong validation capabilities, such as Insilico Medicine and Crystal Holding, as they are poised to benefit from the upcoming breakthroughs in AI drug approvals [5]. - It also suggests monitoring traditional pharmaceutical companies that are making significant strides in AI, such as CSPC Pharmaceutical Group and Fosun Pharma, for potential high returns [5].

Core Viewpoint - The U.S. government, led by President Trump, plans to significantly reduce drug prices by 1400% to 1500% and impose higher tariffs on imported drugs, although the mathematical validity of such claims is questionable [1][2]. Group 1: Drug Price Reduction - Trump emphasized the need for major reductions in drug prices, stating that the U.S. drug prices need to be drastically cut [1]. - A formal letter was sent to major pharmaceutical companies, including Johnson & Johnson, Pfizer, and AstraZeneca, demanding price reductions by September 29 [1]. - The letter insisted on providing all existing drugs at the Most Favored Nation (MFN) price for all Medicaid patients, with a warning of potential government action if compliance is not met [1]. Group 2: Tariff Plans - Trump revealed plans to impose tariffs on imported drugs, starting with lower rates and potentially increasing to 250% over time, aimed at encouraging domestic pharmaceutical production [1][2]. - The proposed tariff plan has raised doubts regarding its consistency, as previous threats of high tariffs were later retracted [2]. Group 3: Market Reaction - Following Trump's announcements, pharmaceutical stocks experienced a decline, with notable drops in companies such as Pfizer (down 2.86%) and Merck (down 2.36%) [2].

Core Viewpoint - The U.S. government, led by President Trump, plans to significantly reduce drug prices by up to 1400% to 1500%, while also proposing higher tariffs on imported drugs, although the mathematical validity of such claims is questionable [1][2] Group 1: Drug Price Reduction - President Trump has issued a strong statement regarding the need for drastic reductions in drug prices, emphasizing that the U.S. drug prices need to be cut significantly [1] - Trump has sent formal letters to major pharmaceutical companies, including Johnson & Johnson, Pfizer, AstraZeneca, and others, demanding they lower drug prices by September 29 [1] - The administration aims to extend the "Most Favored Nation" (MFN) pricing to all Medicaid patients, insisting that all existing drugs must be available at MFN prices [1] Group 2: Tariff Plans - Trump has revealed plans to impose tariffs on imported drugs, potentially reaching as high as 250%, marking the most severe proposal to date [1] - The tariff strategy will start with lower rates, gradually increasing to 150% within one to one and a half years, and ultimately reaching 250% [1] Group 3: Market Reaction - Following Trump's announcements, pharmaceutical stocks experienced a decline, with notable drops including Johnson & Johnson down 0.49%, Pfizer down 2.86%, and AstraZeneca down 1.62% [2] - The overall sentiment in the pharmaceutical sector appears negative, reflecting concerns over the proposed price cuts and tariffs [2]

Key Takeaways BMY's growth drugs like Opdivo, Reblozyl, Camzyos and Cobenfy help offset legacy drug declines. GSK's HIV, oncology, and respiratory drugs, plus new vaccine approvals, fuel top-line growth. GSK shares have risen 18.5% YTD, outpacing BMYs 14.3% decline, with both stocks rated Hold.Bristol Myers Squibb ((BMY) and GSK PLC ((GSK) are among the largest global biopharma companies with broad and diverse portfolios.Bristol Myers is focused on discovering, developing and delivering transformational dru ...

Core Insights - Bristol Myers (BMY) received FDA approval for Cobenfy, an oral medication for schizophrenia, in September 2024, expanding its portfolio and validating the acquisition of Karuna Therapeutics [1][10] - Cobenfy represents a new pharmacological approach to treating schizophrenia, with initial sales of $62 million in the first half of 2025 and expectations for higher sales in the second half [2][10] - The company is conducting registrational trials for Cobenfy in Alzheimer's disease and bipolar 1 disorder, aiming for label expansions to drive growth [3][10] - Despite the approval, BMY reported disappointing results from the phase III ARISE study, where Cobenfy did not meet the primary endpoint for statistical significance [4] - BMY is focusing on new drugs to stabilize revenue as legacy products face generic competition [5] Competition Landscape - AbbVie (ABBV) is developing emraclidine for schizophrenia, but its phase II trials did not meet primary endpoints [7] - Reviva Pharmaceuticals is evaluating brilaroxazine for schizophrenia, with positive results from a recent study and plans to discuss FDA approval in late 2025 [8] Financial Performance - BMY's shares have decreased by 14.5% year-to-date, contrasting with the industry's growth of 3.3% [9] - BMY is trading at a discount compared to the large-cap pharma industry, with a price/earnings ratio of 7.78x forward earnings, lower than the industry average of 14.56x [11] - The bottom-line estimate for 2025 has increased to $6.50 from $6.37, while the estimate for 2026 has risen to $6.07 from $6.02 [13]

Core Insights - The U.S. FDA has granted Breakthrough Therapy Designation (BTD) to izalontamab brengitecan (iza-bren) for treating locally advanced or metastatic non-small cell lung cancer (NSCLC) with specific EGFR mutations [1][3][5] - Iza-bren is a bispecific antibody-drug conjugate targeting both EGFR and HER3, developed by SystImmune and Bristol Myers Squibb [2][7] - The BTD highlights the potential of iza-bren to address significant unmet clinical needs for patients who have progressed after existing treatments [3][5] Company Overview - SystImmune is a clinical-stage biopharmaceutical company focused on innovative cancer treatments, utilizing bi-specific and multi-specific antibodies, as well as antibody-drug conjugates [8][9] - Bristol Myers Squibb is a global biopharmaceutical company dedicated to discovering and delivering innovative medicines for serious diseases [10] Clinical Data - The FDA's decision was based on data from three ongoing clinical trials, indicating improved efficacy and manageable safety for iza-bren in patients with EGFR-mutant NSCLC [4][6] - NSCLC accounts for approximately 80% of lung cancer cases, with a significant portion of patients harboring activating EGFR mutations, highlighting the need for new therapies [6]