Summary of US Large Cap Pharmaceuticals: Mid-Year State Of Play Industry Overview - The report focuses on the US Large Cap Pharmaceuticals sector, analyzing key companies such as ABBV, LLY, JNJ, MRK, BMY, and PFE [6][5][32]. Core Insights and Arguments 1. **Revenue Growth and Stability**: Projected revenues from growth/stable products for 2025-2030 are as follows: ABBV at $10.39 billion, LLY at $3.06 billion, JNJ at $1.68 billion, MRK at $1.37 billion, BMY at $0.60 billion, and PFE at $0.54 billion [5]. 2. **Patent Cliff Exposure**: The number of years to the next major patent cliff varies, with ABBV and MRK at 3.5 years, while LLY and JNJ face longer timelines [5]. 3. **Market Sentiment**: The report indicates a "Launch Trade" momentum, with high investor psychology impacting stock performance, particularly for ABBV and GILD as popular longs, while MRK is viewed as a funding underweight [6]. 4. **Macro Environment**: A friendlier US macro backdrop with diminished recession risks and benign inflation data is noted, which could complicate the case for large-cap biopharma relative to other sectors [6]. 5. **Drug Pricing Uncertainty**: Ongoing debates regarding drug pricing and potential implementation of Most Favored Nation (MFN) pricing are highlighted as significant uncertainties affecting investor sentiment [6]. 6. **Key Catalysts for 2H25**: Important upcoming catalysts include LLY's ATTAIN-1 data for an oral obesity pill, BMY's ADEPT-2 Phase 3 data for Alzheimer's treatment, and MRK's CADENCE trial outcomes [6]. Additional Important Considerations 1. **Tariff Implications**: The report discusses potential tariffs on pharmaceuticals, with an expected starting rate of 25% on transfer pricing, potentially dropping to around 10% based on negotiations [6]. 2. **Investor Positioning**: The healthcare sector is experiencing a positioning cleanse, with Medtech favored over large-cap biopharma [6]. 3. **Earnings Setup**: Investor sentiment is more comfortable with ABBV, PFE, and LLY, while concerns are raised regarding BMY's performance [6]. 4. **Government Exposure**: The report notes that government end-market exposure varies significantly among companies, with LLY and MRK having over 35% exposure to Medicare/Medicaid revenues [5]. Conclusion The US Large Cap Pharmaceuticals sector is navigating a complex landscape characterized by macroeconomic factors, regulatory uncertainties, and evolving investor sentiment. Key companies are positioned differently based on their revenue growth potential, patent cliff exposure, and government market dependencies. The upcoming catalysts and tariff implications will be critical in shaping the sector's performance in the second half of 2025.

Corporate Presentation March 2024 Forward-Looking Statements This presentation contains statements about our future expectations, plans and prospects that constitute forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including risks relating to: both our and our collaborators' ability to successfull ...

Key Takeaways AbbVie is acquiring Capstan Therapeutics for up to $2.1B to expand its immunology portfolio. The acquisition adds CPTX2309, a phase I in vivo CAR-T therapy for autoimmune diseases, to AbbVie's pipeline. Capstan's CellSeeker tLNP platform enables RNA delivery to engineer specific cell types inside the body.AbbVie (ABBV) announced that it has entered into a definitive agreement to acquire privately held biotech, Capstan Therapeutics, for up to $2.1 billion in cash.The impending acquisition wil ...

Core Viewpoint - Amgen is competing in the rapidly growing obesity drug market, which is projected to reach $100 billion by 2030, with its drug MariTide being a key focus in this race [1]. Company Overview - Amgen is developing MariTide, a GIPR/GLP-1 receptor agonist, designed for convenient monthly dosing via an autoinjector, distinguishing it from competitors' weekly injection options [2]. - In phase II studies, MariTide demonstrated an average weight loss of approximately 20% over 52 weeks in obese or overweight individuals without type II diabetes, although this was at the lower end of investor expectations [3]. - Amgen has initiated two phase III studies for MariTide as part of its MARITIME program, with additional studies planned for 2025 targeting various cardiovascular conditions [4]. Competitive Landscape - The obesity drug market is becoming increasingly competitive, with companies like Viking Therapeutics developing their own candidates, such as VK2735, which is being evaluated in late-stage studies [6]. - Other major pharmaceutical companies, including Roche, Merck, and AbbVie, are also entering the obesity space, potentially challenging the market positions of Novo Nordisk and Eli Lilly [7]. Financial Performance - Amgen's stock has increased by 8.9% year-to-date, outperforming the industry average decline of 0.7% [8]. - The company's shares are currently trading at a price/earnings ratio of 13.26, which is lower than the industry average of 14.87 and below its five-year mean of 13.77 [10]. - Earnings estimates for 2025 and 2026 have seen upward revisions, with the consensus for 2025 rising from $20.57 to $20.82 per share and for 2026 from $21.13 to $21.29 per share [11].

SAN FRANCISCO and SUZHOU, China, June 27, 2025 /PRNewswire/ -- Innovent Biologics, Inc. ("Innovent") (HKEX: 01801), a world-class biopharmaceutical company that develops, manufactures and commercializes high-quality medicines for the treatment of oncologic, autoimmune, cardiovascular and metabolic, ophthalmologic and other major diseases, announces that China's National Medical Products Administration (NMPA) has approved mazdutide, a first-in-class dual glucagon (GCG)/glucagon-like peptide-1 (GLP-1) recepto ...

MariTide Update Our results may be affected by our ability to successfully market both new and existing products domestically and internationally, clinical and regulatory developments involving current and future products, sales growth of recently launched products, competition from other products including biosimilars, difficulties or delays in manufacturing our products and global economic conditions, including those resulting from geopolitical relations and government actions. In addition, sales of our p ...

Core Insights - Silo Pharma has entered into a non-binding letter of intent to form a 50:50 joint venture with Hoth Therapeutics to develop a treatment for obesity and metabolic diseases based on technology licensed from the U.S. Department of Veterans Affairs [1][3] - The joint venture aims to leverage a novel therapeutic platform centered on glial cell line-derived neurotrophic factor (GDNF), which has shown anti-obesity effects in preclinical models [2][4] - The obesity market is valued at approximately $16 billion, with the potential for significant impact on veterans and civilians suffering from metabolic disorders [3][4] Unmet Need - Over 40% of U.S. adults are affected by obesity, which is a leading risk factor for various health issues, including diabetes and cardiovascular disease [4] - Veterans face unique challenges related to obesity, including chronic inflammation and PTSD-related metabolic disruptions, highlighting the need for effective treatments [4] Strategic Alignment - The partnership will utilize the exclusive U.S. license from the Department of Veterans Affairs, ensuring comprehensive coverage for all fields of use [7] - The joint venture structure allows for equal equity and governance participation between Silo Pharma and Hoth Therapeutics [7] - The collaboration combines the clinical infrastructure of the VA, Hoth's regulatory expertise, and Silo's translational capabilities [8]

Key Takeaways How the Decision Affects NVO's Competitive Edge in Obesity Novo Nordisk had signed the partnership agreement with HIMS in late April. Through the deal, the company was also trying to grow its obesity market share by boosting sales through increased patient access to Wegovy. NVO faces intense competition from Eli Lilly (LLY) , which markets its tirzepatide medicines, Mounjaro (diabetes) and Zepbound (obesity). Despite being on the market for less than three years, Lilly's Mounjaro and Zepbound ...

SAN DIEGO, June 23, 2025 (GLOBE NEWSWIRE) -- Skye Bioscience, Inc. (Nasdaq: SKYE) (“Skye”), a clinical-stage biotechnology company focused on unlocking new therapeutic pathways for obesity and other metabolic health disorders, today announced the debut of its “Anatomy of Progress” nimacimab development update video series and availability of presentations related to the development of its anti-obesity drug, nimacimab, presented in multiple forums at the American Diabetes Association’s (ADA) 85th Scientific ...

Data presented simultaneously at the American Diabetes Association’s® 85th Scientific Sessions, showed mean weight reduction in the highest range of efficacy observed with existing weight loss interventions1When adhering to treatment, weight loss of ≥5%, ≥20%, ≥25%, and ≥30% was observed in 97.6%, 60.2%, 40.4% and 23.1% of patients respectively at 68 weeks1*The REDEFINE clinical programme is ongoing to further investigate efficacy and safety of CagriSema, including recently initiated REDEFINE 112 Bagsværd, ...