Core Insights - AbbVie holds a leadership position in the neuroscience space, with significant products including Botox Therapeutic and Vraylar, contributing to over 17% of the company's first-quarter revenues, which grew 16% year over year [1][10]. Neuroscience Franchise Performance - The neuroscience franchise is estimated to generate $2.5 billion in sales for Q2 2025, reflecting a 15% year-over-year growth, driven by higher sales of Botox Therapeutic and Vraylar, along with market share gains for Ubrelvy and Qulipta [2][10]. - Newly launched Vyalev is expected to contribute modest sales in the U.S., with the majority of its revenue coming from international markets [3][10]. Competitive Landscape - Major competitors in the neuroscience space include Biogen and Johnson & Johnson [5]. - Biogen generates over half of its revenue from neuroscience therapies and markets FDA-approved treatments for Alzheimer's disease and postpartum depression [6]. - Johnson & Johnson's neuroscience portfolio includes leading products like Spravato and Invega Sustenna, with recent acquisitions enhancing its offerings [8]. Valuation and Market Performance - AbbVie shares have outperformed the industry year to date, trading at a price/earnings (P/E) ratio of 14.06, slightly below the industry average of 14.60 [9][12]. - EPS estimates for 2025 have decreased from $12.32 to $11.98, while estimates for 2026 have increased from $14.06 to $14.08 over the past month [13].

[Music] For a long time, I've always thought of as life as a puzzle, but a very special kind of puzzle. A puzzle where we can't see a picture in the box. And why do I say this.So, when we start life, like we're basically just learning new things. We're taking in information from the world. We're seeing the things that we like and the things that we don't like and then we somewhere along the way we come up with our personality or as I would say our way of interacting with the world.So why did I even come up ...

Company Overview - Alkermes plc is a global biopharmaceutical company focused on developing innovative medicines in neuroscience [3] - The company has a portfolio of proprietary commercial products targeting alcohol dependence, opioid dependence, schizophrenia, and bipolar I disorder [3] - Alkermes is headquartered in Ireland, with additional offices in Massachusetts and a manufacturing facility in Ohio [3] Upcoming Financial Event - Alkermes will host a conference call and webcast presentation on July 29, 2025, at 8:00 a.m. ET to discuss its second quarter financial results [1] - The conference call can be accessed by U.S. callers at +1 877 407 2988 and international callers at +1 201 389 0923 [2] - A replay of the webcast will be available approximately two hours after the event on Alkermes' website [2]

Main Argument - History is not an objective record but a narrative shaped by selective memory, influencing our perception and understanding of the world [15][39] - The brain actively curates reality, and historical narratives significantly shape our brain's wiring and perception [19][21] - The exclusion of critical voices and contributions from certain communities leads to feelings of alienation and demotivation [27][32] Key Insights - The story of Ibn al-Nafis's discovery of pulmonary circulation centuries before William Harvey highlights the erasure of certain historical contributions [9][11] - The brain's capacity is vast, holding approximately 250 万 gigabytes of memory, equivalent to 9,700 iPhone 16s, costing $1090 万 [17] - Exposure to information reinforces neural connections, shaping perception based on historical narratives [21][22] Call to Action - Individuals should seek out and share their own stories to challenge existing narratives and promote inclusivity [35][37] - Sharing diverse stories rewires brains, inspires innovation, and creates a positive cycle of progress [37][38] - It is a collective responsibility to ensure that every story has a place in history, acknowledging contributions from marginalized communities [40][33]

Core Viewpoint - AbbVie has entered into a definitive agreement to acquire Capstan Therapeutics for up to $2.1 billion in cash, aiming to enhance its immunology pipeline with innovative therapies [1][7]. Acquisition Details - The acquisition will incorporate Capstan's lead asset, CPTX2309, which is a potential first-in-class in vivo tLNP anti-CD19 CAR-T therapy currently in phase I development for treating B-cell-mediated autoimmune diseases [2][3]. - Capstan's proprietary tLNP platform technology, CellSeeker, will also be added, facilitating RNA delivery to engineer specific cell types within the body [2][7]. - The acquisition is subject to customary closing conditions, including regulatory approvals [3]. AbbVie's Acquisition Strategy - AbbVie has been actively pursuing acquisitions to strengthen its pipeline, particularly in the immunology sector, while also exploring early-stage deals in oncology and neuroscience [4]. - Since the beginning of 2024, AbbVie has signed over 20 early-stage deals, focusing on promising technologies that can enhance care standards in immunology, oncology, and neuroscience [4]. Recent Acquisitions - Earlier in 2024, AbbVie acquired rights to develop GUB014295 (ABBV-295), a long-acting amylin analog for obesity treatment, marking its entry into the obesity market [5]. - In January 2025, AbbVie completed the acquisition of Nimble Therapeutics, adding an investigational oral peptide IL23R inhibitor for psoriasis treatment and a proprietary peptide synthesis platform for autoimmune diseases [8].

Core Message - The speech emphasizes the potential within individuals to activate their "superpowers" through mindset and personal development [1][10] - It advocates for resilience, continuous learning, and conscious living to unlock human potential [3][31] Activating "Superpowers" - Neuroplasticity, the brain's ability to adapt and evolve, can be activated by experiencing new things, learning new skills, and breaking from routine [12][13][15][17] - Imagination is a powerful tool, as the brain doesn't differentiate between reality and imagination, enabling individuals to create their desired future [20][23] - Mirror neurons influence interpersonal interactions, suggesting that projecting positivity can transform environments and relationships [26][27] Personal Development & Resilience - The speaker shares a personal story of overcoming adversity, highlighting the importance of resilience and maintaining a positive mindset [2][7][9] - The speech encourages listeners to choose happiness and strive for the best in life, impacting both themselves and those around them [30][31]

Company Overview - Xenon Pharmaceuticals Inc. is a neuroscience-focused biopharmaceutical company dedicated to discovering, developing, and delivering life-changing therapeutics for patients in need [2] - The company is advancing an ion channel product portfolio to address areas of high unmet medical need, including epilepsy and depression [2] - Azetukalner, a novel, highly potent, selective Kv7 potassium channel opener, is the most advanced, clinically validated potassium channel modulator in late-stage clinical development for multiple indications [2] Event Announcement - Xenon Pharmaceuticals will present at the Goldman Sachs 46th Annual Global Healthcare Conference in Miami, FL, from June 9-11, 2025 [1] - The fireside chat presentation is scheduled for June 10, 2025, from 3:20-3:55 PM Eastern Time, with Ian Mortimer, President and CEO, as the presenter [1] - A live audio webcast of the presentation will be available on the "Investors" section of Xenon's website and will be posted for replay following the event [1]

Company Overview - Alkermes plc is a global biopharmaceutical company focused on developing innovative medicines in neuroscience [2] - The company has a portfolio of proprietary commercial products targeting alcohol dependence, opioid dependence, schizophrenia, and bipolar I disorder [2] - Alkermes is headquartered in Ireland, with additional offices in Massachusetts and a manufacturing facility in Ohio [2] Upcoming Events - Management will participate in a fireside chat presentation at the Goldman Sachs 46th Annual Global Healthcare Conference on June 9, 2025, at 10:00 a.m. EDT [1] - The live webcast of the presentation will be accessible under the Investors tab on Alkermes' website and archived for 14 days [1] Contact Information - Investor Relations contact is Jamie Constantine, reachable at +1 781 873 2402 [3]

Core Insights - Merck and Pfizer are leading pharmaceutical companies with strong oncology portfolios, but their revenue reliance differs significantly, with oncology accounting for over 50% of Merck's total revenues compared to around 25% for Pfizer [1][2]. Group 1: Pfizer's Position - Pfizer is recovering from a slowdown in 2023/early 2024, with diminishing COVID-related uncertainties leading to reduced revenue volatility [3]. - Non-COVID operational revenues improved in 2024, driven by key products like Vyndaqel, Padcev, and Eliquis, as well as new launches and acquisitions [4]. - Pfizer anticipates cost cuts and restructuring to yield savings of $7.7 billion by the end of 2027, which should enhance profit growth [5]. - Challenges include declining sales of COVID-19 products and significant impacts from patent expirations expected between 2026-2030 [6]. - Pfizer has faced setbacks, including the discontinuation of the GLP-1R agonist danuglipron due to safety concerns [7]. - As of March 31, 2025, Pfizer had cash and cash equivalents of $17.3 billion and long-term debt of $57.6 billion, with a debt-to-capital ratio of 0.41 [8]. Group 2: Merck's Position - Merck has over six blockbuster drugs, with Keytruda being the primary revenue driver, particularly in early-stage non-small cell lung cancer [9]. - The company has made significant regulatory and clinical progress, with its phase III pipeline nearly tripling since 2021 [10]. - However, Merck is heavily reliant on Keytruda, raising concerns about its ability to diversify its product lineup ahead of the drug's patent loss in 2028 [11]. - Merck ended 2024 with cash and cash equivalents of $9.2 billion and long-term debt of $33.5 billion, also with a debt-to-capital ratio of 0.41 [12]. Group 3: Financial Estimates and Performance - The Zacks Consensus Estimate for Pfizer's 2025 sales implies a year-over-year decrease of 0.6%, while Merck's estimates suggest a 0.9% increase [13][17]. - Year-to-date, Pfizer's stock has declined by 10.8%, while Merck's stock has dropped by 22.9%, compared to the industry's decrease of 4.0% [19]. - Pfizer's dividend yield of 7.5% is higher than Merck's 4.3%, and Pfizer's return on equity is 20.3%, lower than Merck's 43.2% [22][23]. Group 4: Market Outlook - Both companies are cheaper than larger drugmakers like AbbVie and Eli Lilly, but Merck's reliance on Keytruda and challenges in other areas raise concerns about its future growth [28]. - Pfizer's improving growth prospects, rising estimates, and higher dividend yield position it as a better investment option compared to Merck [29].

Pipeline Overview - Contineum Therapeutics is advancing internally-developed treatments for neuroscience, inflammation, and immunology indications[6] - The company's pipeline includes PIPE-791 (LPA1R antagonist) for IPF, PrMS, and chronic pain, CTX-343 (LPA1R antagonist) for peripheral indications, and PIPE-307 (M1R antagonist) for RRMS and MDD[8] - Contineum expects to have cash runway through 2027 to support key milestones[6] PIPE-791 (LPA1R Antagonist) - PIPE-791 is being developed for Idiopathic Pulmonary Fibrosis (IPF), a disease affecting over 130,000 patients in the US and 3 million patients globally[13] - In a bleomycin-induced in vivo lung fibrosis model, PIPE-791 at 03 mg/kg showed maximal effect with once-daily dosing, reducing lung collagen[28] - Phase 1 healthy volunteer trials showed no dose-limiting adverse events or toxicity[34] - PIPE-791 achieved EC50 and EC90 receptor occupancy at 24-hour trough after a single 1 mg dose[37] - PIPE-791 is also being developed for Progressive Multiple Sclerosis (PrMS), which affects over 750,000 patients globally[45] PIPE-307 (M1R Antagonist) - Contineum has a partnering agreement with J&J for PIPE-307, potentially worth over $1 billion, for all indications[73, 75] - Phase 2 VISTA trial enrollment in RRMS was completed in December 2024, with topline data expected in 2H25[75, 95] - Phase 1 PET trial established brain receptor uptake and PK relationship at pharmacologically active doses for CNS indications[91]