PresentationWelcome to the Merck & Co., Inc., Rahway, New Jersey, U.S.A. AHA Investor Event. [Operator Instructions] This call is being recorded. If you have any objections, you may disconnect at this time.Peter DannenbaumVice President of Investor Relations Thank you, Ivy. Good evening, and welcome to Merck's investor event coinciding with the American Heart Association Scientific Sessions 2025. Thank you to those with us here in New Orleans and also to those participating via the webcast. We appreciate yo ...

Summary of Gilead Sciences Conference Call Company Overview - **Company**: Gilead Sciences (NasdaqGS: GILD) - **Date of Conference**: November 10, 2025 Key Industry Insights - **Policy Environment**: Ongoing discussions with the U.S. administration regarding Medicaid and pricing disparities between the U.S. and Europe, with a focus on maintaining innovation in the biotech sector [6][7][8] - **R&D Commitment**: Gilead has committed $32 billion to U.S. R&D and manufacturing investments over the next five years [8] Core Business Segments HIV Business - **Market Position**: Gilead has the largest HIV treatment and prevention business, with a projected 5% growth in 2025 despite headwinds from Medicare Part D reforms [12][23] - **Yeztugo Launch**: Yeztugo, a new long-acting HIV prevention injection, generated $39 million in sales in Q3 and is expected to reach $150 million for the year [15][17] - **Access and Adoption**: Over 75% access to covered lives in the U.S. achieved within three months of launch, with major Medicaid plans including Yeztugo on their formularies [17][22] - **Descovy Performance**: Descovy, the existing daily pill for HIV prevention, grew 32% year-over-year, contributing significantly to the overall HIV prevention business growth of 42% [14][26] Oncology and Liver Disease - **Livdelzi Performance**: Livdelzi, a drug for primary biliary cholangitis, achieved $105 million in sales with a 35% quarter-over-quarter growth, partly due to the withdrawal of a competitor's product [42][44] - **Hepcludex Update**: Hepcludex for hepatitis D is expected to be refiled in the U.S. after successful performance in Europe, representing a growth opportunity in Gilead's liver portfolio [50][52] Cell Therapy - **Anito-cel Development**: Anito-cel, a BCMA cell therapy for multiple myeloma, is expected to launch in 2026, with potential for significant market share [55][56] - **Trodelvy Growth**: Trodelvy is projected to grow significantly as it moves into first-line treatment for triple-negative breast cancer, with a current run rate of approximately $1.4 billion [58][59] Financial Performance and Guidance - **Sales Growth**: Gilead's overall business is experiencing strong growth, particularly in HIV prevention and treatment, with a robust pipeline of new products [11][12][52] - **Capital Allocation Strategy**: Gilead plans to remain active in business development but will be selective due to a strong existing portfolio and no immediate patent cliffs until 2036 [65][68] Additional Considerations - **Market Dynamics**: Gilead is observing competitive pressures in the cell therapy market but remains committed to expanding its offerings [56][57] - **Therapeutic Focus**: The company will continue to focus on virology, liver disease, inflammation, and oncology, with no immediate plans to enter new therapeutic areas [70][71] This summary encapsulates the key points discussed during the conference call, highlighting Gilead Sciences' strategic direction, market performance, and future growth opportunities.

Core Insights - Merck's strong position in the oncology market is primarily driven by Keytruda, which contributes over half of the company's pharmaceutical revenues [1] - Keytruda generated sales of $23.30 billion in the first nine months of 2025, with $8.14 billion in the third quarter, reflecting an 8% year-over-year increase, although it missed expectations [2] - The FDA approved a subcutaneous formulation of Keytruda, known as Keytruda Qlex, which extends patent protection beyond 2028, aiding long-term growth [5][7] Sales Performance - Keytruda's sales in the third quarter of 2025 were weaker than expected, missing the Zacks Consensus Estimate of $8.40 billion [2] - Despite the patent loss expected in 2028, Keytruda's sales are projected to remain strong until then, with anticipated growth from new indications and earlier lines of therapy [8] Future Growth Strategies - Merck is exploring various strategies for long-term growth, including innovative immuno-oncology combinations and partnerships, such as the development of a personalized mRNA therapeutic cancer vaccine with Moderna [4][6] - Keytruda is expected to gain traction in early lung cancer and other indications as FDA decisions approach [3] Competitive Landscape - Competitive pressure may increase from dual PD-1/VEGF inhibitors like Summit Therapeutics' ivonescimab, which has shown potential to replace Keytruda as the standard of care in certain settings [7] Financial Performance - Year-to-date, Merck's shares have declined by 13.2%, underperforming the industry and the S&P 500 [9] - Merck's valuation appears attractive, with a price/earnings ratio of 9.28 compared to the industry average of 15.57 [10] - The Zacks Consensus Estimate for 2025 earnings per share has slightly increased, while the estimate for 2026 has decreased [11]

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Merck & Co (NYSE:MRK) Update / Briefing November 09, 2025 07:01 PM ET Speaker0Welcome to the Merkin Co. Incorporated, Rawlway, New Jersey, USA Investor Event. At this time, all participants are in a listen only mode until the question and answer session of today's conference. This call is being recorded. If you have any objections, you may disconnect at this time.I would now like to turn the call over to Mr. Peter Dannenbaum, Senior Vice President, Investor Relations. Sir, you may begin.Speaker1Thank you, I ...

American Heart Association 2025 Investor Presentation November 9, 2025 Forward-looking statement of Merck & Co., Inc., Rahway, N.J., USA This presentation of Merck & Co., Inc., Rahway, N.J., USA (the "company") includes "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of the company's management and are subject to significant risks and uncertainties. ...

Financial Data and Key Metrics Changes - Net investment income (NII) per share was $0.38 for Q3 2025, corresponding to an annualized return on equity (ROE) of 10.3% [6] - GAAP net income per share was $0.29 for the quarter, corresponding to an annualized ROE of 8% [7] - Net asset value (NAV) per share was $14.66 at the end of September, down 0.6% compared to the prior quarter [7] - Total investment income for the September quarter was approximately $82.6 million, up $1.3 million, or 1.6% compared to the prior quarter [25] Business Line Data and Key Metrics Changes - MFIC made $138 million of new commitments across 21 transactions during the September quarter [7] - The weighted average spread on the directly originated corporate lending portfolio was 559 basis points, down 9 basis points compared to the end of June [21] - The weighted average yield at cost of the directly originated lending portfolio was 10.3% for the September quarter, down from 10.5% for the June quarter [25][21] Market Data and Key Metrics Changes - The U.S. economy has remained resilient, easing recession concerns, although inflation remains elevated [16] - The Federal Reserve cut interest rates by 25 basis points in both September and October [16] - There is an increase in sponsor M&A activity due to reduced volatility from tariffs and a more stable financing environment [16][17] Company Strategy and Development Direction - MFIC's strong position is a competitive advantage, with over half of new commitments made to existing portfolio companies [8] - The company aims to maintain a disciplined underwriting approach despite competitive pressures [17] - MFIC is focused on building a portfolio of predominantly first lien loans to sponsor-backed companies [10] Management's Comments on Operating Environment and Future Outlook - Management noted that the increase in M&A activity is expected to continue into 2026, driven by private equity firms needing to deploy capital [42] - The company is actively working on initiatives to offset the impact of declining base rates on net investment income [14] - Management expressed confidence in the ability to navigate the current market environment and maintain portfolio quality [10][22] Other Important Information - The board declared a quarterly dividend of $0.38 per share, payable on December 23, 2025 [13] - The company has no exposure to certain troubled companies, indicating a focus on portfolio health [19] Q&A Session Summary Question: What is driving the increase in non-accruals? - Management indicated that there is no common theme among the companies that went on non-accrual, with issues being idiosyncratic [35] Question: Is the increase in M&A activity sustainable through 2026? - Management believes ongoing demand for M&A will continue due to private equity firms needing to deploy capital and a more stable financing environment [42] Question: How is the company addressing the impact of lower base rates on dividends? - Management is evaluating the timing of initiatives to offset lower base rates and is committed to maintaining the current dividend level while monitoring the situation [62]

Financial Data and Key Metrics Changes - Net investment income (NII) per share for Q3 2025 was $0.38, corresponding to an annualized return on equity (ROE) of 10.3% [5][26] - GAAP net income per share was $0.29, corresponding to an annualized ROE of 8% [6][26] - Net asset value (NAV) per share decreased by 0.6% to $14.66 compared to the prior quarter [6] - Total investment income for the quarter was approximately $82.6 million, up 1.6% from the previous quarter [24] Business Line Data and Key Metrics Changes - New commitments totaled $138 million across 21 transactions during the quarter [6][16] - The weighted average spread on new commitments was 521 basis points [16] - The weighted average yield at cost of the directly originated lending portfolio decreased to 10.3% from 10.5% [24][19] Market Data and Key Metrics Changes - The U.S. economy showed resilience, easing recession concerns, but inflation remained elevated [15] - The Federal Reserve cut interest rates by 25 basis points in both September and October [15] - Increased sponsor M&A activity was noted, driven by private equity firms needing to deploy capital [15][41] Company Strategy and Development Direction - The company aims to leverage its strong position in the middle market to source attractive investment opportunities [7][9] - The focus remains on maintaining a diversified portfolio with a significant portion in first lien loans [9][18] - The company is actively working on initiatives to offset the impact of declining base rates on net investment income [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about ongoing M&A activity due to improved market conditions and reduced volatility from tariffs [41] - The company anticipates a positive impact on portfolio company credit quality if base rates decline as expected [20] - Management is focused on a measured approach to deploying capital while maintaining portfolio granularity [46] Other Important Information - The board declared a quarterly dividend of $0.38 per share, payable on December 23, 2025 [11] - The company experienced an increase in non-accrual investments, which now represent 3.1% of the portfolio at fair value [22] Q&A Session Summary Question: What drove the increase in non-accruals? - Management noted that there was no common theme among the companies that went on non-accrual, with some impacted by tariffs and others by weakened consumer sentiment [32][33] Question: Is the increase in M&A activity sustainable through 2026? - Management indicated that ongoing demand for M&A activity is expected due to private equity firms needing to deploy capital and improved market conditions [40][41] Question: How is the company evaluating the timing of mitigating actions against lower base rates? - Management emphasized a deliberate approach to deployment, balancing the need to return to target leverage with the opportunity to create a granular portfolio [46] Question: What are the latest thoughts on dividend coverage given the current rate outlook? - Management confirmed that the dividend remains intact, with several levers in place to mitigate the effects of lower base rates [60]

Welcome to CBC. com. I'm Frank Colin, anchor of Worldwide Exchange.We are taking a look at the ETF market, which as of today has $1.13% trillion in net inflows, just a tick below the record set last year. And we are on pace for another record year this year. With that, I want to bring in my guest for today.It's Anaket Ulfra, head of their ETF business. Anakette, thanks for joining us. >> Thanks for having me, Frank.Um, first off, let me talk to you about the fact that ETF inflows are going to hit a record f ...

Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were $8.6 million, down from $12.8 million in Q3 2024, primarily due to variability in customers' manufacturing schedules and clinical trial progression [15] - Product gross margin increased to 64% in Q3 2025 from 61% in Q3 2024, attributed to a shift towards more profitable products [16] - Net loss for Q3 2025 was $19.6 million, or $0.22 per share, compared to a net loss of $20.6 million, or $0.29 per share, in Q3 2024 [17] Business Line Data and Key Metrics Changes - The company has transitioned from one revenue-bearing contract to 11, with 40 more in the pipeline, indicating strong commercial traction for the Eco-synthesis platform [4][5] - The historical small molecule biocatalysis business is expected to experience a decline in service revenue next year, but this will be offset by development services in the ligase and Eco-synthesis areas [12] Market Data and Key Metrics Changes - The company is moving away from promoting its historical small molecule biocatalysis business due to pricing pressures and is refocusing on the ligase and Eco-synthesis business lines [12] - There are 14 drugs using the company's enzymes in phase three clinical trials, with data readouts expected in the next 12 months, which could fuel growth in the existing pipeline [13] Company Strategy and Development Direction - The company aims to transform into a full-service manufacturing innovator in oligonucleotide manufacturing, with plans to build a GMP facility for siRNA production [4][5] - The leadership transition is designed to streamline operations and focus on Eco-synthesis, enhancing the company's ability to deliver production technologies to customers [6][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the market potential for the Eco-synthesis platform and the importance of optimizing the organization for future success [5][6] - The restructuring is expected to reduce the company's burn rate by approximately 25%, extending its financial runway through 2027 [15] Other Important Information - The company signed a supply assurance agreement with Merck, providing a vital infusion of non-dilutive cash to support business plans [11] - The company is preparing for presentations at Tides Europe, focusing on technology scaling and in-process analytics, which are expected to be impactful for commercial progress [34] Q&A Session Summary Question: Impact of leadership transition on partnership strategy - Management confirmed that the transition will not change their plans and they are encouraged by the progress made in securing early-phase contracts [20] Question: Unique capabilities of Nitto Avecia - Management highlighted Nitto Avecia's expertise in scaling technology for larger batch sizes, which is crucial for phase two, phase three, and commercial production [28] Question: Contribution of siRNA revenue to product revenue segment - Current contracts are in the service area, and while service revenue is expected to remain consistent, the source of that revenue is shifting [32] Question: Expectations for Tides Europe presentations - The company plans to showcase data on technology scaling and in-process control, which are anticipated to be first-in-class presentations for siRNA therapeutic developers [34]