Fourth-Quarter 2025 Sales and Earnings Merck & Co., Inc., Rahway, N.J., USA February 3, 2026 Strategy and Business Update Robert M. Davis Chairman and Chief Executive Officer Financial Results and Outlook Caroline Litchfield Executive Vice President and Chief Financial Officer Research Update Dr. Dean Y. Li Executive Vice President and President, Research Laboratories Question & Answer Session 2 Agenda Agenda Forward-looking statement of Merck & Co., Inc., Rahway, N.J., USA This presentation of Merck & Co., ...

大华股份公告称，2025年度公司实现营业总收入327.43亿元，同比增长1.75%；营业利润43.45亿元，同 比增长45.81%；利润总额43.51亿元，同比增长45.53%；归属于上市公司股东的净利润38.54亿元，同比 增长32.65%。业绩增长主要因公司推动业务发展、优化业务结构、加强成本管控。归属于上市公司股 东的净利润与扣非后净利润增幅差异，系转让子公司股权及委托理财收益所致。 ...

Core Insights - Saratoga Investment Corp. reported a 5.2% increase in net investment income (NII) per share and a 0.7% increase in net asset value (NAV) from the previous quarter, with NAV per share remaining stable [1][3] - The company achieved a quarterly return on equity (ROE) of 13.5%, generating a last twelve months (LTM) ROE of 9.7%, which exceeds the business development company (BDC) industry average of 6.6% [1][4] Financial Performance - As of November 30, 2025, assets under management (AUM) increased to $1.016 billion, up 5.8% from $960.1 million a year ago and up 2.1% from $995.3 million in the previous quarter [2][7] - The net asset value (NAV) was $413.2 million, reflecting an increase of $38.3 million from $374.9 million a year ago and a slight increase of $2.7 million from $410.5 million in the previous quarter [7][30] - Total investment income for the quarter was $31.6 million, a decrease of 11.8% from $35.9 million a year ago but an increase of 3.3% from $30.6 million in the previous quarter [7][31] - Net investment income (NII) per share was $0.61, up from $0.58 in the previous quarter but down from $0.90 a year ago [2][31] - Earnings per share (EPS) for the quarter was $0.74, compared to $0.84 in the previous quarter and $0.64 a year ago [2][31] Dividend and Shareholder Returns - The company declared a base dividend of $0.75 per share for the fourth quarter of fiscal 2026, maintaining a monthly dividend of $0.25 per share [3][15] - Total dividends declared for fiscal year 2026 amounted to $3.25 per share, including a special dividend of $0.25 per share [3][15] Investment Activity - The company reported net originations of $17.2 million during the quarter, with total investments made amounting to $72.1 million, including three new investments and nine follow-ons [4][11] - The fair value of the portfolio increased by $2.5 million during the quarter, with a total portfolio fair value of $1.016 billion [6][11] Credit Quality and Leverage - The overall credit quality improved, with 99.8% of credits rated in the highest category, and only one investment remaining on non-accrual status [4][6] - The company’s regulatory leverage ratio was reported at 168.4%, reflecting a decrease from 160.1% last year [4][30] Market Position and Outlook - The company noted an increase in M&A activity despite competitive market dynamics, indicating a positive outlook for future investment opportunities [4][5] - Management expressed confidence in the resilience of the portfolio and the ability to generate consistent investment performance amid macroeconomic uncertainties [5][22]

Core Insights - NextPlat Corp has achieved nearly 75% sequential quarterly revenue growth in 340B contract revenue due to new business initiatives implemented in the second half of 2025 [1] Business Development and Growth Plans - The company's strategic focus is on increasing contracted healthcare revenue and expanding its communications services customer base and product portfolio [2] - Rodney Barreto, the Chairman, has taken on an expanded role in business development, resulting in two revenue-generating healthcare contracts secured earlier this year [2] - NextPlat is exploring joint ventures and potential acquisitions to expand its pharmacy services business both locally in Florida and nationally [2] Healthcare Segment Performance - Preliminary results from October 2025 to early December 2025 indicate that business development and customer engagement activities are expected to yield over 12,000 additional 340B and contracted prescriptions, contributing to sequential growth in quarterly volumes compared to Q3 2025 [3] Leadership and Strategic Direction - The Chairman expressed satisfaction with the progress made by the leadership team in refocusing and growing the business, indicating that the company is at an inflection point with increasing traction among customers [4] - The CEO noted that efforts to streamline operations and improve customer support are leading to positive sequential revenue improvements, with expectations for tangible financial progress in the near future [6] Company Overview - NextPlat is a global consumer products and services company that provides healthcare and technology solutions through e-commerce and retail channels [7] - The company operates an e-commerce communications division offering various products and services, as well as pharmacy and healthcare data management services in the U.S. through its subsidiary, Progressive Care [7]

Summary of Catalyst Pharmaceuticals Conference Call Company Overview - **Company**: Catalyst Pharmaceuticals (NasdaqCM: CPRX) - **Key Products**: Agamree and Firdapse - **Focus**: Rare diseases and orphan drug development Key Points Business Development and Licensing - Catalyst Pharmaceuticals is focused on business development (BD) and licensing as core components of its strategy, particularly concerning Firdapse's intellectual property (IP) resolution before significant capital deployment [4][5][18] - The company has assessed over 100 opportunities since the beginning of the year, indicating a proactive approach to identifying potential acquisitions [6][7] Financial Position - Catalyst has approximately $689 million in cash and no funded debt, positioning it as a strong bidder in the market [9] - The company is cautious about entering bidding wars with larger players and aims to focus on opportunities that are immediately accretive or nearly so [5][9] Product Performance and Market Potential - Firdapse has the potential to exceed $500 million in revenue, with a focus on lifecycle management to optimize patient engagement and product usage [11][12] - Agamree is showing promising patient sourcing, with 45% from Emflaza, 45% from Prednisone, and 10% naive patients, indicating strong market acceptance [29][30] - The addressable market for steroids is estimated to be above $1 billion, with the potential for significant growth if the product proves effective in clinical trials [33][34] Clinical Trials and Research - The SUMMIT trial is critical for validating the efficacy of Agamree, with expectations of positive outcomes based on previous trials [35][36] - The company is conducting a phase one study to determine the immunosuppressive dose of Agamree, which could open new therapeutic avenues [15][17] Intellectual Property and Litigation - Catalyst is actively defending its IP for Firdapse, having settled with three out of four defendants in ongoing litigation [18][50] - The company believes its patent estate is robust, which is crucial for maintaining market exclusivity [50][69] Market Dynamics and Competitive Landscape - The company is facing generic competition for Fycompa, but brand stickiness is reportedly holding up better than expected [63][64] - The introduction of generics has not significantly dented Firdapse's business, indicating strong market positioning and patient loyalty [70] Future Outlook and Strategic Focus - Catalyst aims to expand its portfolio into other rare conditions requiring long-term steroid use, focusing on patient populations that can benefit most from its products [46][48] - The company is also exploring opportunities in the oncology space, particularly for cancer-associated LEMS patients, which could enhance its market reach [55][76] Capital Allocation - A $200 million share repurchase program has been authorized, signaling confidence in the company's financial health while maintaining flexibility for business development [66][67] - The company is committed to balancing capital allocation between share buybacks and potential acquisitions [67] Payer Coverage and Market Access - Payer coverage for Agamree is improving, with nearly 90% of prescriptions being approved, indicating growing acceptance among insurers [39][40] - The company is working to streamline the process for patients to access its therapies, which is critical for maintaining market share [39][40] Conclusion Catalyst Pharmaceuticals is strategically positioned in the rare disease market with a strong financial foundation and a focus on innovative product development. The company is actively managing its IP, exploring new market opportunities, and optimizing its existing product lines to drive growth and enhance shareholder value.

Financial Data and Key Metrics Changes - The company reported a 10% revenue growth through the first nine months of the year, with product sales growth at 11% driven by a 14% volume growth [10] - In Q3, revenue growth was 12%, also driven by 14% volume growth, indicating strong momentum in the business [10][11] - Non-GAAP research and development expenses increased by 31% year-over-year in Q3, with a total of approximately $200 million spent on business development [12] Business Line Data and Key Metrics Changes - Repatha experienced a 30% year-over-year growth over the first nine months, with significant potential for future growth due to low penetration rates in the PCSK9 therapy market [13] - Evenity also grew by 30% year-over-year, holding a 60% market share in the U.S. bone builder market, with a large untapped patient population [14] - Tezspire achieved 50% year-over-year growth, surpassing $1 billion in sales in the U.S. for severe asthma [14] - The rare disease portfolio is annualizing at close to $5 billion, growing 12% year-over-year, with Uplizna growing 50% year-over-year [15] - The innovative oncology segment grew by 11% year-over-year, driven by products like Imdeltra and Blincyto [15] Market Data and Key Metrics Changes - The company noted that the penetration rates for PCSK9 therapy remain low, indicating significant growth opportunities in the market [13] - The competitive intensity in the biosimilar market is expected to increase, particularly for Prolia and Xgeva, which may lead to revenue declines [43] Company Strategy and Development Direction - The company is focused on a volume-driven growth strategy, investing in innovation and science to enable longer, healthier lives [11] - Capital allocation priorities emphasize innovation, with a mid-20% allocation to R&D and a capital expenditure guide of $2.2-$2.3 billion for the year [26][29] - The company is actively engaging with the current administration regarding pricing and access policies, aiming to enhance affordability for patients [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong momentum of the business and pipeline, highlighting the importance of innovation in the current environment [11][26] - The company anticipates continued growth from its six major growth drivers, including Repatha, Evenity, Tezspire, and its rare disease portfolio [15][45] - Management acknowledged the challenges posed by increasing competition in the biosimilar market but remains optimistic about offsetting these challenges with growth from other segments [43][45] Other Important Information - The company is exploring opportunities in rare diseases and remains open to business development activities, including licensing and acquisitions [52] - The direct-to-consumer program, Amgen Now, was introduced to enhance access to Repatha, reflecting a strategic move towards consumer engagement [30][38] Q&A Session Summary Question: What are the expectations for the impact of biosimilars on Prolia and Xgeva? - Management expects competitive intensity to increase, leading to revenue declines for Prolia and Xgeva, but anticipates different erosion curves for each product due to their market dynamics [43][44] Question: How does the company view its position in the rare disease market? - Management expressed satisfaction with its entry into the rare disease market and sees significant opportunities for growth, leveraging its existing capabilities [46][52] Question: What is the company's strategy regarding Maritide and its potential in other indications? - The company is monitoring the field for opportunities to expand Maritide's use beyond obesity and diabetes, considering its potential in related comorbidities [60][62]

Capital Deployment Strategy - The company maintains a balanced and disciplined capital allocation philosophy, aiming for a 50-50 split between capital deployment and capital return over a 3- to 5-year period [1] - In the current year, the company has prioritized capital returns, particularly share buybacks, due to operational circumstances and stock price considerations [1] - The approach to capital allocation may vary annually based on available opportunities, but the long-term goal remains a balanced investment strategy [1]

Financial Data and Key Metrics Changes - The company reported record revenues of $1.13 billion for the third quarter, representing a 7% increase year-over-year [3] - The guidance for revenue was narrowed, reflecting strong performance and disciplined expense management, with an increase in ANI and EPS guidance [4] - A deferred tax asset of $206 million was recognized in the third quarter related to the Chimerix acquisition, which will reduce future tax liabilities [5] - The company ended the quarter with approximately $2 billion in cash and investments, and generated about $1 billion in cash flow for the first nine months of the year [5] Business Line Data and Key Metrics Changes - Epidiolex and Xywav, the two largest brands, showed strong growth, contributing significantly to the overall revenue increase [3] - Xywav has been particularly successful in the idiopathic hypersomnia (IH) market, with 325 new patient ads in IH compared to 125 in narcolepsy during the most recent quarter [18] - Epidiolex is on track to achieve blockbuster status, with an 11% growth year-to-date, needing only 3% growth to reach that milestone [24] Market Data and Key Metrics Changes - The company is experiencing growth in the idiopathic hypersomnia market, which is expected to be about half the size of the narcolepsy market [19] - The competitive landscape in small cell lung cancer is evolving, with new entrants and significant advancements in treatment options [39] - The company anticipates potential headwinds for Xywav in 2026 due to the expected entry of generic versions of Xyrem [20][21] Company Strategy and Development Direction - The company is focused on business development opportunities in oncology and epilepsy, with a strategic fit seen in the Chimerix acquisition [10][15] - There is an emphasis on expanding the presence in brain cancer and glioma, leveraging the capabilities gained from the Chimerix acquisition [11] - The company is open to various transaction types, including licensing deals, to enhance its portfolio [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong momentum heading into 2026, particularly with the performance of Epidiolex and Xywav [3][4] - The company is aware of potential challenges from generic competition but believes it is well-positioned due to the unique attributes of its products [20][21] - Management highlighted the importance of educating physicians about the benefits of using Xywav for IH patients to drive market penetration [23] Other Important Information - The company has made significant investments in patient identification tools and nurse navigator programs to enhance the patient experience with Epidiolex [26][27] - The initial launch of Midaso has exceeded expectations, with strong uptake and positive feedback from physicians [43][45] - The company is actively working on expanding awareness and testing for patients eligible for Midaso treatment [47] Q&A Session Summary Question: What is the rationale behind the Chimerix deal? - The acquisition addresses a significant unmet need in a rare form of glioma and aligns with the company's capabilities and expertise [10] Question: How is the company approaching the SAN2355 licensing agreement? - The licensing agreement aims to build on the company's presence in epilepsy, leveraging the attributes of the Saniona molecule [14] Question: What are the growth drivers for Epidiolex? - Key drivers include patient identification initiatives, nurse navigator programs, and increasing awareness of both seizure and non-seizure benefits [24][26] Question: How is the company positioned in the small cell lung cancer market? - The company is optimistic about Zepzelca's potential in first-line maintenance settings, despite increased competition [39] Question: What is the company's strategy regarding business development? - The company is focused on later-stage assets and is open to various transaction types, including acquisitions and licensing deals [16][62]

Financial Data and Key Metrics Changes - The company reported record revenues of $1.13 billion for the third quarter, representing a 7% increase year-over-year [3] - The guidance for revenue was narrowed, reflecting strong performance and disciplined expense management, with an increase in ANI and EPS guidance [4] - A deferred tax asset of $206 million was recognized in the third quarter related to the Chimerix acquisition, which will reduce future tax liabilities [5] - The company ended the quarter with approximately $2 billion in cash and investments, and generated about $1 billion in cash flow for the first nine months of the year [5] Business Line Data and Key Metrics Changes - Epidiolex and Xywav, the two largest brands, showed strong growth driven by demand, contributing significantly to overall revenue [3] - Xywav has been particularly successful in the idiopathic hypersomnia (IH) market, with 325 new patient ads in IH compared to 125 in narcolepsy [18] - Epidiolex is on track to achieve blockbuster status, with an 11% growth year-to-date and a focus on patient titration and nurse navigator programs to enhance persistence [24][26] Market Data and Key Metrics Changes - The market for idiopathic hypersomnia is estimated to be about half the size of narcolepsy, indicating potential for growth as awareness increases [19] - The company anticipates the entry of generic versions of Xyrem in 2026, which could impact Xywav depending on the number and pricing of generics [20][21] - In the small cell lung cancer market, Zepzelca is positioned to become a standard of care, with significant advancements noted in recent medical meetings [39] Company Strategy and Development Direction - The company is focused on business development opportunities in oncology and epilepsy, with a strategic fit seen in the Chimerix acquisition [10][15] - Jazz Pharmaceuticals aims to build on its presence in brain cancer and glioma, leveraging the expertise gained from the Chimerix team [12] - The company is open to various transaction types, including licensing deals, to enhance its portfolio and address unmet medical needs [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong momentum heading into 2026, particularly with the performance of Epidiolex and Xywav [3][4] - The company is aware of potential headwinds from generic competition and payer actions but feels well-positioned to mitigate these risks [20][21] - There is a strong focus on increasing awareness and understanding of the benefits of products like Xywav and Epidiolex among healthcare providers [23][24] Other Important Information - The company has made significant investments in patient identification tools and commercial initiatives to support the growth of Epidiolex and Xywav [26][27] - Jazz Pharmaceuticals is exploring opportunities in rare and orphan diseases, aiming to leverage its existing capabilities in new therapeutic areas [59] Q&A Session Summary Question: What was the rationale behind the Chimerix acquisition? - The acquisition addressed a significant unmet need in a rare form of glioma and provided strong patent protection, aligning with the company's capabilities and expertise [10][11] Question: How is the company addressing the growth in the epilepsy market? - The company is leveraging its leadership position with Epidiolex and exploring new opportunities to enhance its presence in epilepsy treatments [14][15] Question: What are the growth drivers for Xywav in the sleep franchise? - The majority of new patient ads are coming from the IH indication, with a strong opportunity for continued growth as awareness increases [18][19] Question: How does the company view the competitive landscape in oncology? - The company acknowledges the competitive nature of the oncology market but is optimistic about the potential for Zepzelca and other products to capture market share [39][40] Question: What is the company's approach to managing potential tariff impacts? - The company has built inventory in the U.S. to buffer against tariff impacts and is actively working to mitigate exposure [35][36]

Business Development & Strategy - Focus on business development in Africa, connecting initiatives and social media strategies [1] - Emphasis on project development specialist roles, particularly for women against violence through sustainability projects [1] - Involvement in innovation support networks to drive access to financial inclusion and micro-entrepreneurship programs [1] Stakeholder Engagement - Engagement with stakeholders including community leaders [1] - Communication via platforms like WhatsApp for project management and proposal requests [1] Organizational Focus - Mentions of international level organization manuals and slide development [1] - Reference to an executive director and the importance of avoiding misunderstandings [1]