2025 R&D Update and ASH Data Review December 11, 2025 © Genmab 2025 This presentation contains forward looking statements. The words "believe", "expect", "anticipate", "intend" and "plan" and similar expressions identify forward looking statements. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding our financial position, business strategy, plans and objectives of management for future operations (including development plans ...

Core Insights - AbbVie is significantly expanding its oncology presence, moving from a two-drug franchise to include solid tumors, with new drugs like Epkinly, Elahere, and Emrelis contributing to over 11% of total revenues in the first nine months of 2025, reflecting a 3% year-over-year growth [1][9] Expansion Strategies - The expansion is driven by both organic and inorganic strategies, with Emrelis being AbbVie's first internally developed solid tumor drug, while Epkinly and Elahere were acquired through collaborations [2] - Sales from newer drugs and rising Venclexta sales have offset the decline in Imbruvica sales due to competition from novel therapies [2] Pipeline Development - AbbVie has a diverse pipeline of new therapies for blood cancers and solid tumors, including antibody-drug conjugates (ADCs), which are seen as a disruptive innovation in cancer treatment [3] - A regulatory filing for the ADC therapy pivekimab sunirine is under FDA review for treating a rare blood cancer, which could add a third ADC to AbbVie's portfolio [4] - The company is also developing Temab-A for metastatic colorectal cancer and other cancers in various stages of clinical trials [4][5] Competitive Landscape - Major competitors in the oncology space include AstraZeneca, Merck, and Pfizer, with AstraZeneca's oncology sales accounting for 43% of total revenues and growing 16% year-over-year [6] - Merck's Keytruda accounted for about 48% of its total revenues, while Pfizer's oncology revenues grew 7%, making up over 27% of its total revenues [7] Financial Performance - AbbVie shares have outperformed the industry year to date, trading at a slight discount with a P/E ratio of 15.87 compared to the industry average of 16.31 [8][11] - EPS estimates for 2025 and 2026 have declined in the past 60 days, indicating potential challenges ahead [13]

Group 1 - The healthcare sector, particularly pharmaceutical giants, is being explored for potential investment opportunities due to their underperformance during the recent AI market trends [1] - The focus is on identifying promising under-the-radar stocks that may not yet be recognized by the broader market [1] Group 2 - The analyst has a beneficial long position in ABBV shares, indicating confidence in the company's future performance [2] - The article reflects the analyst's personal opinions and is not influenced by any business relationships with mentioned companies [2]

Group 1 - The healthcare sector, particularly pharmaceutical companies, is being explored for potential investment opportunities due to their underperformance during the recent AI market surge [1] - The focus is on identifying promising under-the-radar stocks that may not yet be recognized by the broader market [1] - The investment strategy emphasizes a balanced approach, combining value stocks with growth opportunities, supported by thorough research and a long-term perspective [1] Group 2 - The analyst has a beneficial long position in ABBV shares, indicating a personal investment interest in the company [2] - The article reflects the analyst's own opinions and is not influenced by any business relationships with mentioned companies [2]

Core Viewpoint - Ironwood Pharmaceuticals has shown strong performance in its recent earnings report, significantly exceeding expectations in both earnings and revenues, which has led to a notable increase in its stock price [3][4]. Financial Performance - Ironwood reported adjusted earnings of 24 cents per share for Q3 2025, surpassing the Zacks Consensus Estimate of 9 cents, and up from 2 cents per share in the same quarter last year [3]. - Total revenues for Q3 were $122.1 million, exceeding the Zacks Consensus Estimate of $68 million, representing a year-over-year increase of approximately 33.3% [3]. - The company's marketed product, Linzess, generated net sales of $314.9 million in the U.S., reflecting a 40% year-over-year increase due to improved pricing and strong demand [4]. - Ironwood's share of net profit from Linzess sales in the U.S. was $119.6 million, marking a 35% increase year-over-year [4]. - Total costs and expenses in Q3 were $46.6 million, down 29.4% from the previous year [5]. - Adjusted EBITDA for Q3 was $81.8 million, showing a significant year-over-year increase [6]. - As of September 30, 2025, Ironwood had cash and cash equivalents of $140.4 million, up from $92.9 million as of June 30, 2025 [6]. 2025 Guidance - Due to strong performance, Ironwood raised its full-year 2025 revenue guidance to a range of $290-$310 million, up from the previous range of $260-$290 million [7]. - U.S. sales of Linzess are now expected to be between $860-$890 million, an increase from the earlier projection of $800-$850 million [7]. - The company anticipates adjusted EBITDA of more than $135 million for 2025, revised from the previous expectation of more than $105 million [8]. Market Position and Estimates - Despite the strong performance, recent estimates for Ironwood have trended downward, with a consensus estimate shift of -87.5% [9]. - Ironwood holds a Zacks Rank 3 (Hold), indicating an expectation of an in-line return in the coming months [11]. Industry Comparison - Ironwood is part of the Zacks Medical - Drugs industry, where United Therapeutics, a peer, reported revenues of $799.5 million for the last quarter, reflecting a year-over-year increase of 6.8% [12]. - United Therapeutics is expected to post earnings of $6.74 per share for the current quarter, indicating a change of +8.9% from the previous year [13].

Healthcare stocks have lagged the broader market for the past three years, weighed down by post-COVID earnings volatility, policy uncertainties around drug pricing, and a surge in tech-driven gains from the AI boom. ...

Core Insights - Teva Pharmaceutical Industries Limited's stock has shown bullish momentum, trading above its 50-day and 200-day simple moving averages since late October, with a golden cross achieved in mid-September, indicating potential for a sustained upward trend [1][2][7] Stock Performance and Drivers - The 50-day SMA remains above the 200-day SMA, signaling positive future gains for the stock [2] - A significant factor contributing to Teva's stock performance was the conclusion of pricing negotiations under the Inflation Reduction Act for its key drug, Austedo, which is set for Medicare price setting starting in 2027. Teva raised its 2025 sales expectations for Austedo and maintains a revenue target of over $2.5 billion by 2027, with projections to exceed $3 billion by 2030 [2][6] Product Performance - Teva's newest branded drugs, including Austedo, Ajovy, and Uzedy, have collectively seen a 33% year-over-year sales increase, reaching $800 million in the third quarter [5] - Austedo sales rose 33% in the first nine months of 2025, with expectations for annual revenues exceeding $2.5 billion by 2027 and over $3 billion by 2030. The launch of Austedo XR, a new formulation, is expected to further boost sales [6] - Ajovy sales increased by 27% in the first nine months of 2025, with anticipated growth from patient expansion and international launches [8] - Uzedy, launched in May 2023, achieved sales of approximately $136 million in the first nine months of 2025, with total sales expected between $190 million and $200 million for the year [9] Pipeline and Future Growth - Teva's branded pipeline includes promising products like olanzapine and duvakitug, with ongoing phase III studies for duvakitug in collaboration with Sanofi [10] - The company anticipates generating over $5 billion in revenues from its branded products by 2030 [11] - Teva's generics and biosimilars pipeline is strengthening, with successful launches of several high-value complex generics and biosimilars [12][13] Market Position and Valuation - Teva's U.S. generics/biosimilars business showed a 15% increase in 2024, although sales were nearly flat in the first nine months of 2025 due to competitive pressures [15] - The stock has risen 28.6% year-to-date, outperforming the industry average of 28.2%, and is trading at a forward price/earnings ratio of 10.39, lower than the industry average of 14.37 [20][23] Financial Outlook - The Zacks Consensus Estimate for earnings has increased from $2.55 to $2.61 per share for 2025, with stability at $2.73 for 2026 [26] - Despite headwinds, Teva's newer drugs are driving top-line growth, and the company is focused on cost savings and margin improvements, targeting an adjusted operating margin of 30% by 2027 [29][30]

Core Insights - The healthcare sector has significantly outperformed the broader market, with the S&P 500 Health Care Sector index rising approximately 5.1% over the past month compared to a 2.3% increase in the S&P 500 index, primarily driven by blockbuster drugs [1] Company Highlights - Eli Lilly's GLP-1 medication, tirzepatide, became the best-selling drug globally in the third quarter, contributing to a 9.1% increase in its stock price over the past month [3] - Eli Lilly's current market capitalization stands at $943 billion, with a stock price range between $993.00 and $1011.00 [4] - Johnson & Johnson announced the acquisition of Halda Therapeutics, a company focused on developing oral therapies for solid tumors, leading to an 8.6% increase in its stock price over the past month [5] - AbbVie's Skyrizi and Rinvoq saw substantial sales growth, with Skyrizi sales rising 46.8% to $4.7 billion and Rinvoq sales increasing 35.3% to nearly $2.2 billion in the third quarter, contributing to a 4.3% rise in its stock price [6] - Merck's Keytruda achieved quarterly sales exceeding $8 billion for the first time, resulting in an 18.2% increase in its stock price over the past month [7]

Core Insights - Roche announced new data on Lunsumio® (mosunetuzumab) showcasing its potential in earlier treatment lines for lymphoma patients, presented at the 67th American Society of Hematology Annual Meeting [1] Group 1: Efficacy and Clinical Data - Lunsumio shows promise in combination with lenalidomide for relapsed or refractory follicular lymphoma (FL), with a complete response (CR) rate of 87.0% in a study of 54 patients [2] - In the phase Ib/II GO40516 study, Lunsumio combined with Polivy® demonstrated an overall response rate (ORR) of 77.5% for relapsed or refractory large B-cell lymphoma (LBCL), compared to 50.0% for the control group [3] - Five-year follow-up data from the phase II GO29781 study indicated a 5-year overall survival rate of 78.5% for Lunsumio IV in third-line or later FL [5] Group 2: Safety and Tolerability - Cytokine release syndrome (CRS) events were reported in 27.8% of patients receiving Lunsumio plus lenalidomide, with most being low grade [2] - Adverse events (AEs) in the GO40516 study included neutropenia (40%), infections (45%), and peripheral neuropathy (10%), with no new safety signals identified [3] Group 3: Regulatory and Market Position - Lunsumio is approved in over 60 countries for FL patients who have undergone at least two prior systemic therapies, with ongoing discussions for further approvals [6] - The European Commission recently approved Lunsumio for FL after two or more lines of systemic therapy, with a decision from the US FDA expected soon [7] Group 4: Strategic Development - Roche is committed to exploring new formulations and combinations of Lunsumio and other medicines to enhance patient outcomes and provide diverse treatment options [8] - The company has a robust clinical development program for Lunsumio, targeting various B-cell non-Hodgkin lymphomas and other blood cancers [9]

Core Insights - Genmab A/S announced new data from the Phase 1b/2 EPCORE CLL-1 trial evaluating epcoritamab-bysp for treating Richter transformation (RT) in chronic lymphocytic leukemia (CLL) patients, highlighting its potential as a therapeutic option [2][11] Group 1: Epcoritamab Monotherapy (Arm 2A) - In Arm 2A, 42 patients with RT received epcoritamab monotherapy, achieving an overall response rate (ORR) of 57% in first-line settings and 38% in second- or later-line settings [3][4] - The median overall survival (OS) was 27.5 months for first-line patients, while second- or later-line patients had a median OS of 9.8 months [3] - Cytokine release syndrome (CRS) occurred in 86% of patients, with 79% experiencing Grade 1/2 events, and most CRS events resolved within a median of three days [4] Group 2: Epcoritamab and Lenalidomide Combination (Arm 2B) - In Arm 2B, 11 previously-treated RT patients received epcoritamab combined with lenalidomide, resulting in an ORR of 82% and a complete response (CR) rate of 73% [5][6] - The median progression-free survival (PFS) was 5.7 months, with median OS not reached at nine months [5] - CRS events were primarily low grade, resolving in a median of four days, with one patient discontinuing due to CRS [6] Group 3: Epcoritamab and R-CHOP Combination (Arm 2C) - In Arm 2C, 30 previously untreated RT patients received epcoritamab combined with R-CHOP, achieving an ORR of 77% and a CR rate of 63% [8][9] - The median OS was 16.4 months, and the median PFS was 16.0 months [9] - CRS events were primarily low grade, with a median resolution time of 2.0 days, and no patients discontinued due to CRS [10] Group 4: Safety Profile - Across all arms, common treatment-emergent adverse events (TEAEs) included infection (74%), anemia (50%), and thrombocytopenia (48%) in Arm 2A [12] - In Arm 2B, 100% of patients experienced CRS, with serious TEAEs occurring in 10 out of 11 patients [12] - Arm 2C reported 90% of patients experiencing Grade ≥3 TEAEs, with three treatment-related Grade 5 events [12] Group 5: Background on Richter Transformation - Richter transformation (RT) is a rare and aggressive evolution of CLL, often leading to poor prognosis with complete remission rates around 20% and median survival less than one year following standard treatments [13] Group 6: Trial Overview - The EPCORE CLL-1 trial is a global, Phase 1b/2 study assessing the safety and preliminary efficacy of epcoritamab in patients with relapsed/refractory CLL, SLL, and RT [14]