Investor & Analyst Day September 2025 Opening Remarks Mike Biega, VP of Investor Relations and Communications 2 Investor & Analyst Day | September 2025 Safe Harbor This presentation contains "forward-looking statements" as defined in the U.S. Private Securities Litigation Reform Act of 1995. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainti ...

Core Insights - PTC Therapeutics is a global biopharmaceutical company focused on therapies for high unmet medical needs [1] - The company has recently received approvals in the U.S. and Europe for its foundational product, Sephience, aimed at treating both children and adults with PKU [1] - PTC closed the second quarter with over $1.9 billion in cash on its balance sheet, positioning itself for future growth [1][2] Financial Position - The company enters a new growth phase with a strong cash balance that supports reaching cash flow breakeven in the near future [2] - The substantial cash reserves also provide the capacity for business development to enhance its commercial and R&D portfolios [2]

Summary of CSPC Pharmaceutical Group Conference Call Company Overview - **Company**: CSPC Pharmaceutical Group (1093.HK) - **Industry**: China Healthcare - **Current Stock Price**: HK$10.51 (as of August 22, 2025) - **Market Capitalization**: HK$125,653 million - **Price Target**: HK$9.60, indicating a downside of 9% from the current price [6][8] Key Financial Highlights - **2Q Revenue**: Decreased by 14% YoY, with finished drug sales down 27% YoY and 8% QoQ, which was 15% below estimates [8] - **Gross Profit Margin (GPM)**: Declined by 6.7 percentage points [8] - **Operating Expenses Ratio**: Increased by 8.7 percentage points YoY [8] - **Underlying Profit**: Fell by 39% YoY and 36% QoQ in 2Q; without business development (BD) income, the decline would have been 59% YoY and 24% QoQ [8] - **Fiscal Year Ending**: Expected EPS for 2025 is Rmb0.45, with revenue projected at Rmb29,036 million [6] Growth and Strategic Initiatives - **Revised Guidance**: CSPC recalibrated its target to achieve 5% half-on-half growth in 2H25, anticipating growth acceleration from 2026 [8] - **Sales Target for Mingfule**: On track to reach Rmb1 billion in sales in 2025 [2] - **Business Development (BD) Strategy**: Aims to complete two more BD deals, each exceeding US$5 billion by year-end 2025 [8] - **Focus on Retail Channels**: Plans to strengthen out-of-pocket retail channels to sustain Rmb2 billion in sales post-patent expiry [2] Clinical and Product Development - **EGFR ADC Updates**: Global Phase 3 trials for 3L+ EGFRm NSCLC and 2L+ EGFRwt NSCLC are set to begin in 2H25, with conditional approval based on Overall Response Rate (ORR) [3] - **Competitive Positioning**: Early data in China shows competitive Progression-Free Survival (PFS) and Overall Survival (OS) trends in 2L EGFRwt NSCLC compared to TROP2 ADCs [3] Technology and Pipeline - **Diverse Technology Platforms**: CSPC is nurturing eight technology platforms to support BD candidates across various therapeutic areas [4] - **Metabolic Portfolio**: Includes monthly-dosing semaglutide (Phase 1), GLP-1/GIP, and other innovative therapies [9] Risks and Challenges - **Market Risks**: Stricter reimbursement controls and Value-Based Pricing (VBP) headwinds are impacting legacy drug sales [8] - **Potential Downside Risks**: Include pipeline failures, rising operating costs, and further government price cuts [14] Analyst Ratings and Market Sentiment - **Stock Rating**: Overweight, indicating a positive outlook compared to the industry average [6] - **Industry View**: Attractive, suggesting favorable conditions for growth in the China healthcare sector [6] Conclusion CSPC Pharmaceutical Group is navigating a challenging market environment with a focus on strategic growth through business development and innovative product pipelines. The company is positioned for potential recovery and growth in the coming years, despite current financial setbacks and market pressures.

Core Viewpoint - Crescent Capital BDC, Inc. reported its financial results for the quarter ended June 30, 2025, highlighting a net investment income of $0.46 per share and a net income of $0.41 per share, with a net asset value (NAV) per share of $19.55 [1][4]. Financial Performance - Net investment income for the second quarter was impacted by a one-time accelerated amortization of $0.02 per share related to deferred financing costs [1]. - Investment income increased to $43.0 million from $42.1 million in the previous quarter, with interest income rising to $40.1 million [6]. - Total net expenses for the quarter were $26.1 million, compared to $25.5 million in the previous quarter [7]. Dividend Declarations - The Board declared a regular cash dividend of $0.42 per share for the third quarter of 2025, payable on October 15, 2025 [2]. - A special dividend of $0.05 per share will be paid on September 15, 2025 [2]. Share Repurchase Program - The Board authorized a stock repurchase program to buy back up to $20.0 million of common stock in the open market [3]. Investment Portfolio - As of June 30, 2025, the company had investments in 187 portfolio companies with a fair value of $1,600.7 million [5]. - The portfolio comprised various asset types, with the largest being unitranche first lien loans at $1,043.6 million, representing 65.2% of the total investments [5]. Liquidity and Capital Resources - As of June 30, 2025, the company had $26.1 million in cash and cash equivalents and $227.2 million of undrawn capacity on its credit facilities [8]. - The weighted average cost of debt was 6.09%, and the debt to equity ratio stood at 1.23x [8].

Core Viewpoint - WhiteHorse Finance reported its financial results for Q2 2025, highlighting ongoing portfolio challenges but expressing confidence in the overall stability of its investments [2][3]. Financial Results - Total investment income for Q2 2025 was $18.838 million, a slight increase of 0.2% from $18.801 million in Q1 2025 [3]. - Total expenses, including excise tax, rose to $12.276 million, up 2.7% from $11.958 million in the previous quarter [3]. - Net investment income decreased to $6.562 million, down 4.1% from $6.843 million in Q1 2025, with a per-share income of $0.282 compared to $0.294 [3][18]. - The company declared a distribution of $0.385 per share for Q2 2025, consistent with the previous quarter [7][8]. Portfolio and Investment Activity - As of June 30, 2025, the fair value of the investment portfolio was $629.3 million, down 3.3% from $651.0 million as of March 31, 2025 [4]. - The portfolio consisted of 132 positions across 71 companies, with a weighted average effective yield of 11.9% on income-producing debt investments [4]. - During Q2 2025, the company invested $33.1 million in three new portfolio companies and added $5.9 million to existing companies [5]. Asset Management - The company transferred assets totaling $22.8 million to STRS JV in exchange for cash during the quarter [6]. - The net realized losses for the quarter were $22.045 million, while net unrealized appreciation was $17.733 million [3]. Shareholder Information - The distribution of $0.385 per share will be payable on October 3, 2025, to stockholders of record as of September 19, 2025 [7]. - The company has maintained distributions at or above $0.355 for 51 consecutive quarters since its IPO [8]. Management Commentary - The CEO noted that while earnings power remains below prior-year levels, progress is being made in resolving underperforming investments [2]. - The focus remains on credits with strong fundamentals, leveraging diversified sourcing capabilities and disciplined underwriting [2].

Financial Data and Key Metrics Changes - The company reported total revenues of $15.8 billion, a decrease of 2% both nominally and excluding foreign exchange impact [17] - Earnings per share were $2.13, with gross margin at 82.2%, an increase of 1.3 percentage points driven by favorable product mix [24][23] - The company expects full year revenue for 2025 to be between $64.3 billion and $65.3 billion, representing growth of 1% to 2% [26] Business Line Data and Key Metrics Changes - Oncology sales, particularly from Keytruda, increased by 9% to $8 billion, driven by robust demand for metastatic indications [18] - Sales of Gardasil decreased by 55% to $1.1 billion, primarily due to a decline in China [19] - The Animal Health business saw an 11% increase in sales, reflecting higher demand across all species [22] Market Data and Key Metrics Changes - Global growth excluding Gardasil in China was 7%, primarily driven by strength in oncology and animal health [17] - In the U.S., Vaxnuvance sales increased by 20%, benefiting from CDC stockpile activity [20] - The company anticipates a more significant headwind to growth in Japan for Gardasil in the second half of the year [28] Company Strategy and Development Direction - The company is focusing on a multi-year optimization initiative to redirect $3 billion of cost savings from lower growth areas to higher potential areas [25] - The acquisition of Verona Pharma is expected to enhance the cardiopulmonary program and reflects the company's commitment to transformative science [12] - The company aims to leverage its scientific expertise to deliver the next wave of innovations that can save and improve lives [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to growth in 2025 and highlighted the strong clinical momentum and new product launches [9] - The company is entering a period of rapid transformation, with a diversified pipeline and over 20 new growth drivers [14] - Management acknowledged challenges in the Chinese market for Gardasil but remains focused on new product launches to drive growth [28] Other Important Information - The FDA approved Inflonsia for RSV prevention in infants, marking a significant milestone for the company [38] - The company is conducting over 80 phase three studies across various therapeutic areas, indicating strong clinical development activity [10] Q&A Session Summary Question: Context for outcomes in the Cadence trial - Management indicated that the most important signal for success is the PVR, with the six-minute walk also being important [52] Question: Market size for Winrevir and ex-U.S. strategy - Management noted that the patient population for Winrevir is underdiagnosed, and they expect growth in the ex-U.S. market as reimbursements come in [64] Question: $3 billion restructuring announcement - Management clarified that the $3 billion is a reallocation of resources from slower growth areas to fund faster-growing segments, with an expectation of overall growth in spending [70][72] Question: Gardasil demand dynamics and ACIP recommendations - Management expressed confidence in Gardasil's safety and efficacy but noted the high evidentiary standard set by the FDA for any changes in dosing recommendations [77] Question: Diligence in assets between Chinese and Western companies - Management emphasized a high standard for diligence regardless of the origin of the assets, highlighting the strategic advantage of the Verona acquisition [86] Question: Progress on Winrevir and patient adoption - Management reported steady growth in patient adds for Winrevir and increasing adoption among less severe patients [96]

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Core Viewpoint - Mirasol Resources Ltd. has signed an Option to Purchase Agreement with Eco Earth Elements SpA, granting Eco Earth exclusive rights to acquire the mineral rights of Mirasol's Nord East and Nord West Projects in Chile, which are strategically located near an advancing production project [1][2]. Agreement Terms - The total consideration for the acquisition of the Nord Projects is US$2,556,536, with US$2,044,986 allocated for Nord East and US$511,550 for Nord West, to be paid over four years [2][7]. - The payment schedule includes an initial payment of US$59,043 upon signing, followed by various payments totaling US$2,556,536 over four years [8]. Royalty Structure - Upon completion of payments, Eco Earth will earn a 100% interest in the Nord Projects, while Mirasol will retain a 2% Net Smelter Return (NSR) royalty on Nord East and a 1% NSR royalty on Nord West [4][7]. - Eco Earth has the option to purchase the first 1% of the 2% NSR royalty on Nord East for US$3 million and the remaining 1% for an additional US$6 million [4][7]. Project Overview - The Nord Projects cover 1,900 hectares and are located in Region II of Chile, adjacent to the Ciclón-Exploradora polymetallic-epithermal project, which is progressing towards production [5]. - Initial exploration indicates that the Nord East project may host significant mineralization, including polymetallic deposits of copper, zinc, lead, silver, and gold [6][9]. Company Background - Mirasol Resources Ltd. is an exploration company with over 20 years of experience in operating, permitting, and community relations in Chile and Argentina, currently self-funding exploration at its flagship Sobek Copper-Gold Project [10].

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Regeneron Pharmaceuticals (REGN) FY Conference Summary Company Overview - **Company**: Regeneron Pharmaceuticals (REGN) - **Date of Conference**: June 09, 2025 - **Key Speakers**: Chris Feinmore (CFO), Ryan Crow (Head of IR and Strategic Analysis) Core Business and Strategy - **EYLEA Franchise Dynamics**: Focus on executing the strategy for EYLEA, Libtayo, and Dupixent, with a strong emphasis on internal R&D capabilities and pipeline development [4][5][7] - **Dupixent Performance**: Leading in all indications except for CSU, with a successful COPD launch underway [6][39] - **Libtayo Growth**: Recently became second in NBRxs, with optimistic data presented for adjuvant CSC [6][7] - **Pipeline Investments**: Approximately 45 assets in the pipeline, with key readouts expected in the second half of the year, including metastatic melanoma and myasthenia gravis data [7][8] Financial and Business Development - **Balance Sheet Flexibility**: Regeneron has a strong balance sheet, allowing for potential business development transactions to supplement the product portfolio [11][12] - **23andMe Acquisition**: Ongoing engagement in the auction process for 23andMe, viewed as a strategic opportunity for identity and validation [13][14] - **Share Buyback Strategy**: Average buyback of $1 billion over the past two quarters, with ongoing evaluation of capital allocation strategies [15][16] Regulatory and Manufacturing Updates - **FDA Applications**: Resubmission of the prefilled syringe application for EYLEA, with a decision expected in late August [24][25] - **Manufacturing Enhancements**: Building a fill-finish facility in New York and entering a partnership with Fuji Diosynth to double U.S. manufacturing capacity [22][23] Market Dynamics and Competitive Landscape - **Policy Environment**: Monitoring the fluid policy situation, including potential impacts from tariffs and drug policies [20][21] - **Co-Pay Assistance Programs**: Innovative matching program for co-pay assistance to support patient access to therapies [30][31] - **Competitive Response**: Actively monitoring competitors like Amgen and Roche, focusing on maintaining market share and accelerating EYLEA HD uptake [32][33] Pipeline Highlights - **Key Pipeline Data**: Anticipated data readouts for EYLEA HD, including enhancements for retinal vein occlusion and every four-week dosing [27][28] - **Dupixent Lifecycle Management**: Ongoing exploration of extended dosing intervals and adjacent type two inflammatory pathways [44][45] - **Melanoma and Lung Cancer Programs**: Confidence in LAG-three data for melanoma, with ongoing studies for lung cancer [56][59] Future Outlook - **Obesity Program**: Focus on fat loss rather than weight loss, with promising phase two data from the triplet program [50][51] - **Upcoming PDUFA Dates**: Lenvosteltenab on July 10 and odranextamab on July 30, with potential for earlier lines of therapy [67][70] - **Broad Pipeline**: Over 45 programs in development, with a focus on innovation across various therapeutic areas [71] Conclusion - Regeneron Pharmaceuticals is strategically positioned with a robust pipeline and strong financial flexibility, focusing on internal R&D and market competitiveness while navigating regulatory challenges and market dynamics. The company is optimistic about upcoming data readouts and potential new product launches.