Merck & Co (NYSE:MRK) FY 2025 Conference December 03, 2025 01:00 PM ET Company ParticipantsChirfi Guindo - CMOEliav Barr - SVP, Head of Global Clinical Development and Chief Medical OfficerConference Call ParticipantsGeoff Meacham - AnalystMary Kate Davis - AnalystGeoff MeachamThe second day of the Citi Global Healthcare Conference. My name is Geoff Meacham. I'm the Senior Biopharma Analyst and Kate Davis. With me as well from my team here on stage. We're thrilled to have Merck in this session. We have Elia ...

Financial Data and Key Metrics Changes - The company anticipates a greater than $5 billion commercial opportunity starting at the end of the decade and escalating into the early 2030s, particularly with the CD388 antiviral treatment for influenza [9] - The company expects modest single-digit growth for Gardasil going forward, despite challenges in the China market, which represents less than 1% of revenue [54] Business Line Data and Key Metrics Changes - CD388 shows 76% efficacy in the chosen dose for phase 3 trials, which is better than existing flu vaccines [6] - Ohtuvayre, acquired from Verona, is expected to significantly scale up the company's respiratory portfolio, with excellent feedback from customers [17][18] - Winrevair in pulmonary arterial hypertension (PAH) is meeting high expectations, with continuous positive feedback from the medical community [28][30] Market Data and Key Metrics Changes - In the U.S., approximately 110 million people are expected to be candidates for CD388 treatment, with about 85 million being high-risk or immunocompromised individuals [7][8] - The company is seeing encouraging uptake in the U.S. for Winrevair, particularly among patients on triple therapy for PAH [31] Company Strategy and Development Direction - The company is focusing on expanding its respiratory portfolio and leveraging its commercial engine to maximize the potential of newly acquired products like Ohtuvayre [17][20] - The strategy includes a strong emphasis on addressing unmet medical needs, particularly in underserved populations such as those with heart failure and pulmonary hypertension [22][24] - The company is also exploring combination therapies in immunology, aiming to broaden the application of its TL1A drug across multiple indications [67][69] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the commercial potential of CD388, highlighting its unique position as an antiviral that provides protection regardless of influenza strain [7][9] - The company is preparing for a challenging influenza season and aims to provide effective protection for high-risk individuals [9] - Management acknowledged the need for ongoing discussions with the FDA regarding the design of phase 3 trials for various products, emphasizing the importance of regulatory guidance [24][26] Other Important Information - The company is committed to driving growth in its vaccine portfolio, with Capvaxive and influenza vaccines expected to perform well in the market [58] - The acquisition of Prometheus is seen as a strategic move to enhance the company's capabilities in treating inflammatory diseases [67] Q&A Session Summary Question: What is the expected market opportunity for CD388? - The company anticipates a greater than $5 billion commercial opportunity starting at the end of the decade, particularly for high-risk populations [9] Question: How is the feedback for Ohtuvayre? - Feedback has been excellent, and the company believes there is a huge opportunity to scale the product [17][18] Question: What are the expectations for Winrevair in PAH? - Winrevair is meeting high expectations, with positive feedback from the medical community and increasing uptake among patients [28][30] Question: How does the company plan to approach the FDA for phase 3 trials? - The company plans to consult with the FDA regarding trial design and aims to ensure that the studies are appropriately sized for critical endpoints [24][26] Question: What is the outlook for Gardasil? - The company expects modest single-digit growth for Gardasil, despite challenges in the China market [54]

Summary of CorMedix Conference Call Company Overview - **Company**: CorMedix - **Recent Development**: CorMedix has undergone a transformational acquisition of Millenta, shifting from a single product company focused on DefenCath to a multi-product company with a broader portfolio of approved anti-infective drugs [3][22] Core Product: DefenCath - **Product Description**: DefenCath is an antimicrobial catheter lock solution aimed at reducing bloodstream infections, particularly in hemodialysis patients [3][4] - **Market Launch**: Launched in July 2024, with approximately 90% of hemodialysis sessions occurring in outpatient settings [5][6] - **Market Dynamics**: The hemodialysis market is highly concentrated, with five providers controlling over 90% of the market [5] - **Adoption Rate**: Initial adoption has been positive, with US Renal Care being the first to implement DefenCath, followed by other mid-sized players [6][7] - **Guidance Update**: DefenCath revenue guidance for 2025 has been raised to between $200 million and $250 million, driven by strong performance in non-LDO customers [21][22] Competitive Advantage - **Unique Selling Proposition**: DefenCath combines heparin and taurolidine, offering antimicrobial properties not found in standard locking solutions like heparin or saline [9][10] - **Market Position**: As the first and only FDA-approved antimicrobial catheter lock solution, DefenCath is positioned to become the new standard of care [9][10] Acquisition of Millenta - **Strategic Rationale**: The acquisition provides a stable base business and growth opportunities, particularly in the hospital and outpatient infusion settings [22][23] - **Synergies**: Expected annual synergies from the acquisition are projected to be between $35 million and $45 million, with a timeline for capture within 12 months [27][28] Future Growth Opportunities - **Roseo**: A key product from Millenta, currently in phase 3 studies for treating invasive fungal infections, with a potential market size of $250 million [24][25] - **TPN Indication**: DefenCath is also being studied for use in total parenteral nutrition (TPN), with a total addressable market estimated between $500 million and $750 million [31][32] - **Oncology Setting**: Future development plans for DefenCath in oncology are being explored, with a focus on designing clinical trials that can capture a broad patient population [35][36] Reimbursement Environment - **Current Structure**: The TDAPA (Transitional Drug Add-on Payment Adjustment) is in its second year, impacting reimbursement for outpatient hemodialysis [17][18] - **Legislative Outlook**: Anticipation of potential legislation to codify TDAPA and improve reimbursement conditions [18][19] Key Milestones - **Upcoming Events**: The most significant near-term milestone is the readout of Roseo clinical data expected early to mid-next year, along with progress in commercializing DefenCath [46][47] Conclusion - **Outlook**: CorMedix is optimistic about its future direction post-Millenta acquisition, focusing on integration and synergy capture while driving growth through its product pipeline [47][48]