摩根士丹利：生物技术- Takeaways from West Coast Bus Trip

Investment Rating - The report maintains an "Overweight" (OW) rating for several companies including Structure Therapeutics Inc (GPCR), Gilead (GILD), Neurocrine Biosciences (NBIX), and Halozyme Therapeutics (HALO) [1][2][10][30]. Core Insights - The biotechnology industry in North America is viewed as attractive, with several companies showing strong growth potential and upcoming catalysts [10]. - Structure Therapeutics is focusing on oral medications for obesity, with their Aleniglipron (oral GLP-1) positioned as a key product in development [40][42]. - Gilead is confident in its long-acting treatment strategy for HIV prevention, with multiple potential approvals expected by 2033 [19][23]. - Neurocrine Biosciences is experiencing momentum with Ingrezza and Crenessity, both of which are expected to drive significant revenue growth [2][27]. - Amgen's Maritide is highlighted for its competitive profile in diabesity, with upcoming data presentations expected to reinforce its efficacy [11][12]. Summary by Company Structure Therapeutics Inc (GPCR) - Price target increased from $118.00 to$120.00, reflecting confidence in their oral GLP-1 candidate Aleniglipron [1]. - The company aims to have a partner for Aleniglipron prior to commercialization, emphasizing the need for a best-in-class profile [42]. Gilead (GILD) - Management expressed confidence in LEN for HIV prevention with a PDUFA date set for June 19, 2025, and a long-acting treatment strategy that includes both oral and injectable options [19][23]. - Seven potential approvals are anticipated by 2033, indicating a robust pipeline [23]. Neurocrine Biosciences (NBIX) - Management is optimistic about Ingrezza's patient starts and the potential of Crenessity, which is believed to have blockbuster potential [2][27]. - The company reiterated its revenue guidance for Ingrezza at $2.5-2.6 billion for 2025 [27]. Amgen (AMGN) - Maritide's competitive profile for diabesity was discussed, with management highlighting key efficacy metrics and upcoming data presentations [11][12]. - The company is confident in managing potential discontinuations in clinical trials based on prior experience [11]. Halozyme Therapeutics (HALO) - Management noted that three blockbuster products are driving current growth, with 11 near-term catalysts expected [2][30]. - The company is focused on maintaining a disciplined approach to M&A opportunities while evaluating organic growth [32]. Acadia Pharmaceuticals (ACAD) - Management highlighted an inflection point for Daybue, with significant growth in sales and a reduction in discontinuations [37][38]. - The company expects to accelerate growth through better patient engagement and community outreach [38]. Ionis Pharmaceuticals (IONS) - Management emphasized the transition to a fully integrated company with favorable early launch trends for its products [8][34]. - The company is preparing for a potential launch of donidalorsen in HAE later this year [34]. Cytokinetics (CYTK) - Management reiterated expectations for a differentiated label for aficamten in obstructive hypertrophic cardiomyopathy, with a PDUFA date extended to December 26, 2025 [9][31].