Summary of Innate Pharma Conference Call Company Overview - **Company**: Innate Pharma (NasdaqGS:IPHA) - **Industry**: Biotechnology, specifically focused on monoclonal antibodies and antibody-drug conjugates (ADCs) [3][4] Key Assets and Strategic Focus - **Current Assets**: Innate Pharma has eight assets in clinical development but is focusing on three key products: 1. **IPH4502**: Nectin-4 targeted ADC for solid tumors 2. **Lacutamab**: KIR3DL2 targeted antibody for cutaneous T-cell lymphoma (CTCL) 3. **Monalizumab**: NKG2A targeted antibody for stage III non-resectable non-small cell lung cancer (NSCLC) in collaboration with AstraZeneca [5][6] - **Organizational Changes**: The company downsized its workforce by 30% to allocate more resources towards advancing its clinical programs [6] Clinical Development Highlights Lacutamab - **Phase II Study**: Completed the TELLOMAK study for lacutamab, leading to a breakthrough therapy designation from the FDA for Sézary syndrome [7][21] - **Accelerated Approval Path**: The company has aligned with the FDA on a confirmatory phase III study for Sézary syndrome, which is expected to support a Biologics License Application (BLA) submission [7][8] - **Efficacy Data**: The phase II study showed an objective response rate of 42.9% and a progression-free survival (PFS) of 8.3 months in heavily pretreated patients [23] Monalizumab - **PACIFIC-9 Study**: Currently in a large randomized phase III study for NSCLC, with primary completion expected in June 2026. Positive results could yield $825 million in milestone payments [9][33] IPH4502 - **Differentiation**: IPH4502 is designed to target a broader range of Nectin-4 expressing tumors, including triple-negative breast cancer and prostate cancer. It utilizes an Exatecan payload, which has a different resistance profile compared to existing ADCs [10][12] - **Phase I Study**: Currently in phase I, with early signs of clinical activity observed at pharmacologically active doses [20][33] Market Potential and Commercial Strategy - **Sézary Syndrome**: Estimated 300 new patients annually in the U.S., with a potential market opportunity of up to $150 million [28][29] - **Mycosis Fungoides**: Approximately 3,000 new patients diagnosed each year, with a market potential of up to $500 million in the U.S. and Europe [29][30] - **Life Cycle Management**: Plans to expand the use of lacutamab to early-stage patients to improve quality of life and control symptoms [30] Upcoming Catalysts - **IPH4502 Data**: Expected data from the phase I study in early H1 next year [33] - **Lacutamab Phase III Initiation**: Anticipated to start in the first half of next year, leading to BLA submission for Sézary syndrome [34] - **PACIFIC-9 Results**: Primary endpoint results due in the second half of next year [34] Conclusion - Innate Pharma is strategically focusing on key assets with significant clinical and commercial potential, particularly in the treatment of rare cancers. The company is positioned for important upcoming milestones that could enhance its market presence and drive growth [34]

Invivyd Q3 Earnings Call & Business Update November 6, 2025 © 2025 Invivyd, Inc. All trademarks used in this presentation are the property of their respective owners. 1 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Statements in this presentation that are not statements of historical fact are forward-looking statements. Words such as "may," "will," "should," "expect," ...

COVID Landscape and Vaccine Challenges - COVID vaccines may face durability issues due to the nature of coronavirus immunity[9, 10] - A CDC survey in June-July 2024 indicated that 20% of adults avoided COVID vaccines due to concerns about serious/unknown side effects[13] - Americans have avoided COVID vaccines due to safety fears and mistrust[12] Invivyd's Antibody Approach - Invivyd is developing best-in-class antibody protection and treatment of viral threats[5] - Invivyd's monoclonal antibodies can be engineered for consistent high activity, unlike vaccines[19] - Pemivibart's target epitope has remained relatively unchanged over the past 3 years[22, 23] - VYD2311 is a minimally evolved molecular engineered antibody designed to improve performance[24] REVOLUTION Clinical Program - VYD2311 Phase 1/2 study showed attractive safety at high doses, up to 4500 mg IV[35, 38] - The DECLARATION Phase 3 clinical trial will evaluate prevention of symptomatic COVID at three months[45] - The company aims for a 70%-90% reduction in symptomatic COVID with a 250 mg single dose IM of VYD2311 versus placebo over 3 months[47] Commercial Landscape - Approximately 342 million of the US population is 12+[74] - In the 24-25 flu season, 147 million flu vaccine doses were administered[75] - 36% was the 2023-2024 vaccine dose, ≥7 days 18 and over vaccine efficacy (VE) reduction in hospitalization estimate from CDC[73]

Financial Data and Key Metrics Changes - The company reported sales of $6.1 billion in Q3 2025, achieving a 3% core revenue growth year-over-year [8][10] - Gross profit margin for Q3 was 58.2%, with an adjusted operating profit margin of 27.9%, up 40 basis points year-over-year [9][10] - Adjusted diluted net earnings per share were $1.89, reflecting a 10% increase year-over-year [10] Business Line Data and Key Metrics Changes - Core revenue in the biotechnology segment increased by 6.5%, while core revenue in discovery and medical grew low single digits [14][18] - Bioprocessing core revenue grew high single digits, driven by double-digit growth in consumables, although equipment revenue declined in the high teens year-over-year [15][16] - Core revenue in diagnostics increased by 3.5%, with clinical diagnostics up low single digits and Cepheid's core revenue up mid single digits [19][20] Market Data and Key Metrics Changes - Core revenues in developed markets were up mid single digits, while high growth markets saw low single-digit growth, impacted by a mid single-digit decline in China [8][9] - The company noted a modest recovery in pharma R&D spending, although it remains below historical levels [7][18] Company Strategy and Development Direction - The company is focused on leveraging the Danaher Business System to drive productivity gains and mitigate geopolitical pressures [8][24] - Continued investment in innovation, particularly in digital and artificial intelligence initiatives, is a priority to strengthen long-term competitive positioning [8][10] - The long-term outlook for the biologics market remains healthy, driven by increasing global production of biological medicines, particularly monoclonal antibodies [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong Q3 results and the ability to exceed revenue, earnings, and cash flow expectations [7][10] - The company expects core revenue growth in the low single-digit percentage range for Q4 2025 and maintains its full-year adjusted diluted EPS guidance of $7.70 to $7.80 [21][22] - For 2026, the company anticipates core revenue growth in the 3% to 6% range, assuming modest recovery across end markets [22][23] Other Important Information - The company generated $1.4 billion in free cash flow in Q3 and $3.5 billion year-to-date, resulting in a free cash flow to net income conversion ratio of 146% [10][24] - A new share repurchase program was approved, authorizing the purchase of up to 35 million additional shares of common stock [10][24] Q&A Session Summary Question: What are the expectations for fiscal year 2026? - Management indicated a range of 3% to 6% top-line growth for 2026, with a focus on modest recovery in end markets [27][30] Question: What factors could influence the 3% versus 6% growth? - The company noted that improvements in the market and policy environment would be key to achieving higher growth [28][30] Question: How is the company addressing the challenges in the diagnostics segment, particularly in China? - Management acknowledged a conservative view on diagnostics in China, expecting a manageable headwind of $75 million to $100 million [36][37] Question: What is the outlook for the biotechnology equipment market? - There is cautious optimism for equipment investments, with management noting increased confidence among pharma customers regarding capital investments [45][46] Question: How does the company view capital deployment between M&A and share repurchases? - The company maintains a strong bias towards M&A but is also open to share repurchases when valuations are attractive [81][82]

Financial Data and Key Metrics Changes - Sales for the third quarter were $6.1 billion, with a core revenue growth of 3% year over year [9] - Adjusted diluted net earnings per share were $1.89, reflecting a 10% increase year over year [10] - Free cash flow generated in the quarter was $1.4 billion, with a year-to-date free cash flow to net income conversion ratio of 146% [10] Business Line Data and Key Metrics Changes - Core revenue in the biotechnology segment increased by 6.5%, while core revenue in life sciences decreased by 1% [14][18] - Core revenue in diagnostics increased by 3.5%, with clinical diagnostics showing low single-digit growth outside of China [20] - Bioprocessing core revenue grew in high single digits, driven by strong demand for consumables [15] Market Data and Key Metrics Changes - Core revenues in developed markets were up mid-single digits, while high growth markets saw low single-digit growth, with a mid-single-digit decline in China [9] - Demand from academic and government customers remained soft but stable, impacting life sciences consumables [19] Company Strategy and Development Direction - The company is focused on leveraging the Danaher Business System to drive productivity gains and invest in innovation, particularly in digital and AI initiatives [7][25] - The long-term outlook for the biologics market remains strong, driven by increasing global production of biological medicines [17] - The company is maintaining a strong bias towards M&A while also considering share repurchases as a capital allocation strategy [93] Management's Comments on Operating Environment and Future Outlook - Management noted a modest recovery in pharma R&D spending, although it remains below historical levels [6] - For 2026, the company expects core revenue growth in the range of 3% to 6%, assuming modest recovery across end markets [23] - The company anticipates respiratory revenue at Cepheid to be approximately $1.7 billion in 2026, consistent with expectations for 2025 [24] Other Important Information - The company deployed approximately $2 billion towards share repurchases in the quarter and has authorized an additional buyback program for up to 35 million shares [10] - New product launches in biotechnology and diagnostics are expected to enhance competitive positioning and support customer needs [11][13] Q&A Session Summary Question: Insights on fiscal year 2026 guidance - Management provided context on the 3% to 6% growth range, indicating that a modest recovery in end markets is expected, with bioprocessing growth trends remaining strong [31][35] Question: Concerns regarding China diagnostics and VBP - Management indicated that they are managing headwinds from VBP and expect a modest impact of $75 to $100 million for the next year [44] Question: Equipment recovery in biotechnology - Management noted that while there is increased activity and discussions with pharma customers, actual orders have not yet materialized, leading to a cautious outlook for equipment spending [55] Question: Clarification on diagnostics growth expectations - Management expects mid-single-digit growth for Beckman outside of China and anticipates continued growth in Cepheid's non-respiratory business [57][58] Question: Impact of recent policy changes on capital investment - Management observed increased confidence among pharma executives regarding capital investments due to stabilizing tariffs and workable solutions for policy discussions [76]

Core Insights - Invivyd, Inc. announced the publication of results from its CANOPY Phase 3 clinical trial of pemivibart, demonstrating its safety and efficacy for the prevention of symptomatic COVID-19 in a contemporary U.S. population facing immune-evasive Omicron variants [1][4][6] Group 1: Clinical Trial Overview - The CANOPY Phase 3 clinical trial randomized 788 adult participants across 18 sites, focusing on immunocompromised individuals and those at risk due to regular face-to-face interactions [2][8] - The trial met all primary and exploratory endpoints during a significant COVID-19 transmission period in the U.S. from September 2023 to September 2024 [2][8] - Pemivibart showed an 84% relative risk reduction in symptomatic COVID-19 compared to placebo over six months [4][6] Group 2: Safety and Tolerability - Pemivibart was generally well-tolerated, with most adverse events classified as mild to moderate [3][6] - The most common treatment-emergent adverse events included infusion-related reactions, with a low incidence of anaphylactic reactions (0.6%) [3][12] - The safety profile aligns with previous clinical trials for COVID-19 monoclonal antibodies [3][6] Group 3: Regulatory and Future Implications - The trial's results support the emergency use authorization (EUA) of PEMGARDA (pemivibart) for pre-exposure prophylaxis in certain immunocompromised patients [2][10] - The publication aims to educate clinicians on the potential of monoclonal antibodies in combating COVID-19, particularly for immunocompromised individuals [5][7] - Invivyd plans to leverage data from the CANOPY trial to expedite the approval of novel antibodies like VYD2311 [7][18]

Financial Data and Key Metrics Changes - The company reported net product revenue of $11.3 million for PEMGARDA in Q1 2025, with cash and cash equivalents of approximately $48 million at the end of the quarter [52] - Operating expenses decreased to $27.4 million in Q1 2025 from $32.3 million in Q4 2024, representing a 15% reduction quarter-over-quarter [52] Business Line Data and Key Metrics Changes - The transition to an internalized commercial organization is expected to drive broader adoption of PEMGARDA, with early indicators showing promise for revenue growth and expense management [6][9] - Although Q1 revenues dipped from Q4, the company anticipates positive momentum and early signs of acceleration in Q2, including the largest commercial day and week recorded [20][21] Market Data and Key Metrics Changes - The company is seeing increased interest from healthcare providers and institutions regarding PEMGARDA, with a focus on educating clinicians about its benefits [16][18] - The product is now included in the NCCN guidelines for B cell lymphomas, indicating recognition and acceptance within the medical community [22] Company Strategy and Development Direction - The company aims to create medical value for patients and translate that into shareholder value efficiently, focusing on disciplined capital management and operational proof of concept [9][10] - The strategic focus includes expanding the pipeline to multiple disease areas, including new viral targets and a discovery program for RSV monoclonal antibodies [7][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth of the PEMGARDA business, citing no obstacles in the evolutionary journey of SARS CoV-2 [6][7] - The company is adapting to a changing regulatory environment and is focused on maintaining its EUA while seeking to transition to a BLA [56][58] Other Important Information - The company has secured access to additional non-dilutive capital to support growth, contingent on meeting certain conditions and milestones [7] - A modest price increase for PEMGARDA was implemented in March, with the product still being one of the lowest-priced antibodies launched [24] Q&A Session Summary Question: Could you please characterize your recent interaction with the new agency regarding EUA? - The company prefers to move beyond the EUA construct and seeks to leverage unique contemporary efficacy data in discussions with the FDA [56][58] Question: Can you discuss the headwinds encountered in Q1 sales? - The transition to an internal sales team caused a disruption in field activity, but the company is seeing strong metrics and increased access to PEMGARDA [62][64] Question: Can you provide details on the measles program and its potential market size? - The measles program is part of the company's existing budget and aims to add value without significantly impacting cash reserves, focusing on long-term growth potential [70][71]

Financial Data and Key Metrics Changes - The company reported net product revenue of $11.3 million for PEMGARDA in Q1 2025, with cash and cash equivalents of approximately $48 million at the end of the quarter [52] - Operating expenses decreased to $27.4 million in Q1 2025 from $32.3 million in Q4 2024, representing a 15% reduction quarter-over-quarter [52] - The company anticipates continued reduction in operating expenses in Q2 2025 due to sufficient supply of PEMGARDA and VYD2311, with a target for profitability by the end of the first half of 2025 [52] Business Line Data and Key Metrics Changes - The transition to an in-house sales team has been completed, which is expected to drive consistent growth for PEMGARDA [13][52] - Although Q1 revenues dipped from Q4, the company is seeing positive momentum and early signs of acceleration in Q2, including the biggest commercial day and week recorded [18][52] Market Data and Key Metrics Changes - The company has expanded its commercial reach significantly, increasing the number of sites offering PEMGARDA from about 120 to over 880 [65] - The product is now included in the NCCN guidelines for B cell lymphomas, indicating growing recognition and acceptance in the medical community [20] Company Strategy and Development Direction - The company aims to create medical value for patients and translate that into shareholder value efficiently, focusing on disciplined capital management [8][9] - The strategic decision to internalize the sales force is part of a broader effort to enhance commercial capabilities and drive growth [52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving near-term breakeven with continued revenue growth and effective operating expense management [5] - The company is optimistic about the long-term growth potential of its PEMGARDA business, supported by promising leading indicators [5][6] Other Important Information - The company has secured access to additional non-dilutive capital to support growth, contingent on meeting certain conditions and milestones [6] - The focus has shifted towards early measles discovery, reflecting a strategic pivot in response to emerging health challenges [7] Q&A Session Summary Question: Could you please characterize your recent interaction with the new agency regarding EUA? - The company prefers to move beyond the EUA construct and seeks to leverage contemporary efficacy data for potential BLA discussions with the FDA [56][58] Question: Could you please expand on the headwinds encountered in Q1? - The company faced disruptions due to the transition from a contract sales organization to an in-house team, but has seen positive metrics in Q2 [63][64] Question: Can you discuss the measles program and its development path? - The company is adding a measles discovery program without pivoting from existing priorities, aiming to create value for patients and shareholders [73][74]