小摩表示，鉴于Diego在投资者中声誉良好，且近期在渣打实现财务里程碑(包括大规模股份回购及 ROTE改善)中扮演关键角色，小摩预期其意外离职将导致渣打股价出现低至中单位数的跌幅。尽管如 此，小摩的投资展望保持正面，因银行的稳健表现得益于持续的战略转型及有利的货币环境。 渣打集团(02888)跌超3%，截至发稿，跌3.71%，报186.8港元，成交额1.55亿港元。 消息面上，晨星发布研究报告指出，近日，渣打集团财务总监Diego De Giorgi即时离任，目前职务将由 副财务总监Peter Burrill暂时接替。晨星认为，此次管理层变动消息属意外负面因素，将引发市场对该行 人事变动及继任安排的担忧，但指出行政总裁温拓思未表示有任何退休计划，相信渣打未来将继续专注 执行"Fit for Growth"策略，在Peter Burrill领导下仍能实现目标，因此预期此次事件对渣打营运影响有 限。 ...

Core Viewpoint - The company has undergone significant changes under the leadership of the new CEO, Chris Viehbacher, focusing on restructuring and cost-cutting measures to improve financial performance [2]. Group 1: Company Restructuring - The company has initiated a program called "Fit for Growth" aimed at restructuring cost allocations within the organization [2]. - The restructuring efforts are projected to achieve $1 billion in gross savings and $800 million in net savings [2].

Biogen FY Conference Summary Company Overview - **Company**: Biogen (NasdaqGS:BIIB) - **Date of Conference**: December 02, 2025 Key Points Company Transformation - Biogen has undergone significant changes under the leadership of CEO Chris Viehbacher, focusing on a "new Biogen" strategy that includes cost-cutting measures and restructuring to achieve $1 billion in gross savings and $800 million in net savings [3][4] Pipeline Development - The company has expanded its focus beyond multiple sclerosis (MS) to include four different franchises, with a robust pipeline of 10 phase 3 or phase 3-ready programs [4][5] - Key upcoming products include: - **Leqembi** for Alzheimer's disease - **BIIB080** for tau - **Litifilimab** for lupus - **LRRK2 asset** for Parkinson's disease [4][5] Alzheimer's Market Opportunity - The potential market for pre-symptomatic Alzheimer's treatment is vast, with estimates suggesting it could be multiples larger than the current indications [10][13] - The company is closely monitoring the outcomes of trials from competitors, such as Lilly, which could influence Biogen's strategy and market positioning [11][12] Commercial Dynamics of Leqembi - Pricing for Leqembi: - **IV Induction**: $23,000 - **IV Maintenance**: $13,000 (50% of induction) - **Subcutaneous (SubQ)**: Approximately $18,000, with a potential for a higher price point due to reduced administration costs [22][24][26] - Blood-based biomarkers are expected to play a significant role in diagnosis and treatment confirmation, with an estimated 350,000 tests anticipated this year [29][30] Zurzuvae Program - **Zurzuvae (Zuranolone)** is a 14-day oral medication for postpartum depression, showing strong quarter-over-quarter growth despite initial challenges in market positioning [31][35] - The launch strategy has pivoted towards OB-GYNs, which has proven effective [34][36] Felzartamab Program - Felzartamab is anticipated to be a significant product in nephrology, with a focus on indications such as Antibody-Mediated Rejection (AMR) and IgA Nephropathy (IgAN) [48][49] - The AMR indication alone has a patient population of approximately 11,000, suggesting a multi-billion dollar market potential [50] Future Considerations - The company is exploring the development of an oral BTK inhibitor with a clean liver profile, which could be a valuable addition to its MS portfolio if safety concerns are addressed [52] Additional Insights - The company is focused on building a strong market access team to navigate pricing and value propositions for its new products [50] - Anecdotal evidence from patients indicates potential improvements in quality of life with current treatments, which may influence physician adoption and patient acceptance [15][19] This summary encapsulates the key discussions and insights from Biogen's FY conference, highlighting the company's strategic direction, product pipeline, and market opportunities.