Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **Biopharma** industry in **North America** with a comprehensive analysis of the **US drug market** as per **IQVIA Rx** data [1][6]. Core Insights - The **Total Prescription Year-over-Year (YoY) growth** for the week ending August 1, 2025, was reported at **+2.8%**, an increase from **+1.7%** the previous week and **+2.6%** over the past 12 weeks [1][6]. - For the week ended August 1, the **US total market weekly TRx YoY change** was **+2.8%**, compared to **+0.9%** a year ago. The **rolling 4-week TRx YoY** was **+2.9%** and the **rolling 12-week TRx YoY** was **+2.6%** [2]. Company-Specific Developments - **Bristol Myers Squibb (BMY)**: - The drug **Cobenfy** was approved for schizophrenia on September 26, 2024. The current scripts are approximately **2,010** for the week, up from **1,950** the previous week. To meet 2025 consensus expectations, Cobenfy's TRx needs to track at **~2-3x** the volumes from recent schizophrenia launches [3]. - The consensus estimate for Cobenfy has decreased from **$196 million** to **$171 million**, implying that approximately **129K TRx** are required to meet these estimates [3]. - **Vertex Pharmaceuticals (VRTX)**: - The drug **Journavx** was approved for acute pain on January 30, 2025, with current scripts at approximately **6,800**, up from **6,430** the previous week. It is noted that hospital scripts, which account for about **35%** of total scripts, are not captured by IQVIA [4]. - To achieve a sales target of **$78 million**, approximately **345K total scripts** are needed, assuming a **$225 net price per script** [4]. - **Gilead Sciences (GILD)**: - The launch comparison for **Yeztugo** (lenacapavir) shows current TRx at approximately **210**, down from **300** the previous week. The injectable formulation accounts for **50%** of total TRx [5]. Additional Insights - The **extended unit (EUTRx)** weekly YoY growth was reported at **+1.9%**, which is below the TRx YoY growth [2]. - The **sequential weekly TRx growth** was **-0.1%**, an improvement from **-1.2%** the week before [2]. - The **biopharma industry view** is categorized as **attractive**, while the major pharmaceuticals industry view is **in-line** [7]. Notable Trends - The **momentum of top outpatient drugs** indicates varying performance across different companies, with notable declines in some established drugs like **Humira** (AbbVie) showing a **-40%** YoY change, while newer drugs like **Mounjaro** (Eli Lilly) and **Zepbound** (Eli Lilly) show significant growth rates of **69%** and **257%** respectively [24]. Conclusion - The conference call highlights a positive trend in the US drug market with specific growth in total prescriptions. However, individual company performance varies significantly, with newer drugs showing strong growth potential while established drugs face declines. The insights provided can guide investment decisions in the biopharma sector.

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Biopharma in North America - **Market Analysis**: Comprehensive analysis of the US drug market conducted by IQVIA Rx Key Market Metrics - **Total Prescription Year-over-Year (YoY) Growth**: - Latest weekly growth (week ending July 11, 2025) was +4.0%, up from +3.4% the previous week and +2.5% over the past 12 weeks [1][6] - For the week ended July 11, the total market weekly TRx YoY change was +4.0%, compared to +1.8% a year ago [2] Prescription Trends - **Rolling 4-week TRx YoY**: +3.0% - **Rolling 12-week TRx YoY**: +2.5% - **Extended Unit (EUTRx) Weekly YoY Growth**: +3.3%, which is below the TRx YoY [2] - **Sequential Weekly TRx Growth**: +12.0%, a significant increase compared to -7.3% the week before [2] Company-Specific Insights - **Bristol Myers Squibb (BMY)**: - Cobenfy approved for schizophrenia on September 26, 2024, with scripts at ~2,040 for the week, up from ~1,820 the previous week [3] - To meet 2025 consensus expectations, Cobenfy TRx needs to track at ~2-3x the volumes from recent schizophrenia launches [3] - **Vertex Pharmaceuticals (VRTX)**: - Journavx approved for acute pain on January 30, 2025, with scripts at ~5,880 for the week, up from ~5,180 the previous week [4] - Hospital scripts, which are not captured by IQVIA, account for ~28% of total scripts [4] - **Gilead Sciences (GILD)**: - Yeztugo approved on June 18, 2025, with latest week TRx at ~70, up from ~20 the previous week [5] - Yeztugo's injectable formulation accounted for 54% of total TRx [5] Competitive Landscape - **Launch Comparisons**: - GILD's Yeztugo compared to Descovy and Apretude [5] - BMY's Sotyktu launch tracked against AMGN's Otezla [9] - LLY's Kisunla launched in July 2024 for Alzheimer's [9] Pricing and Sales Analysis - **Immunology Pricing**: Updated charts for 2Q25 for Stelara and Tremfya, analyzing how additional indications impact price per script [10] - **Biosimilar Adoption**: Comprehensive analysis of biosimilars across various branded drugs [12] Notable Trends - **Seasonal Respiratory Vaccine Tracking**: Exhibits tracking RSV and COVID vaccine weekly and monthly TRx launch trends [11] - **Key Products Performance**: Detailed tracking of TRx market share and performance for major pharmaceutical companies [48] Conclusion - The biopharma industry in North America is experiencing positive growth in total prescriptions, with significant contributions from new product launches and competitive dynamics among major players. The analysis indicates a robust market environment with potential investment opportunities in emerging therapies and established products.