From Unmet Need to Reality Roluperidone is Potentially the First Treatment for Negative Symptoms of Schizophrenia KOL Event I February 3, 2026 1 Forward-Looking Statement This presentation contains forward-looking statements which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Forward- looking statements are statements that are not historical facts, reflect management's expectations as of the date of this presentation, and involve certain risks ...

在试验中，接受CagriSema 2.4 mg/2.4 mg治疗的患者，与赛美特鲁肽2.4 mg相比，HbA1c下降了1.91%，而赛美特鲁肽则为1.76%。体重方 面，CagriSema组的患者体重下降了14.2%，而赛美特鲁肽组为10.2%。更令人印象深刻的是，CagriSema 2.4 mg/2.4 mg组中，43%的患者达到 了15%以上的减重，24%的患者减重超过20%。 整理 | GLP1减重宝典内容团队 诺和诺德近日发布了REIMAGINE 2期临床试验的结果，CagriSema（联用卡格林肽与赛美特鲁肽）在68周内表现出优异的减重和血糖控制效 果。该试验评估了CagriSema与单独使用赛美特鲁肽的效果，结果表明，CagriSema不仅在减重方面领先，还在降低HbA1c方面超过了赛美特鲁 肽。 该研究确认了CagriSema在糖尿病管理中的潜力，尤其是在联合使用卡格林肽和赛美特鲁肽后，取得了相较单独治疗更为优越的效果。 CagriSema的安全性良好，大多数胃肠道不良事件为轻度或中度，随着治疗的进行，这些症状逐渐缓解。 *本文仅供医疗卫生专业人士参考 诺和诺德表示，基于这些令人鼓舞的临床数据， ...

Uh fourth quarter results are out from Fizer. Earnings came [music] in at 60 cents a share. 66 cents a share I should say.That beat expectations of 67 cents. Revenue of 17.6% billion also beat expectations for the full year. Fizer is affirming its revenue and earnings guidance.And separately, Fizer just put out with positive just put out some positive results from a phase 2b trial of its injectable GLP weight loss GLP1 weight loss drug. That study found that patients continued robust weight loss when switch ...

Financial Data and Key Metrics Changes - Total company revenues for Q4 2025 were $16.4 billion, reflecting a 5% increase, or 4% excluding foreign exchange impact [14] - Earnings per share (EPS) were reported at $2.04, with guidance for 2026 EPS expected to be between $5.00 and $5.15 [21][22] - Gross margin decreased to 79.7%, down 1.1 percentage points due to higher inventory reserves [19] Business Line Data and Key Metrics Changes - Oncology sales, particularly from the Keytruda family, increased by 5% to $8.4 billion, driven by strong demand in earlier-stage cancers [15] - Sales of Welireg grew 37% to $220 million, primarily due to increased use in advanced renal cell carcinoma [16] - Vaccine sales for Gardasil decreased by 35% to $1 billion, attributed to lower demand in China and Japan [16] - The animal health business saw a 6% increase in sales, with livestock sales growing by 9% [19] Market Data and Key Metrics Changes - In the U.S., Keytruda sales were negatively impacted by approximately $200 million due to timing of purchases [15] - Capvaxive sales reached $279 million, driven by demand from retail pharmacies and increased seasonal immunization activity [17] - Winrevair achieved global sales of $467 million, reflecting strong demand for pulmonary arterial hypertension treatment [18] Company Strategy and Development Direction - The company aims to deliver transformative medicines and vaccines, with a focus on breakthrough science and innovation [6] - A significant commercial opportunity of over $70 billion is projected by the mid-2030s, bolstered by new product launches and acquisitions [7] - The company is committed to investing in its innovative pipeline and business development to drive long-term growth [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustainable growth post-Keytruda LOE, emphasizing a robust pipeline and potential for new product launches [6][66] - The company anticipates challenges from generic competition and price setting but expects to achieve growth driven by new launches and strong performance in oncology and animal health [23][66] - Management highlighted the importance of maintaining a disciplined approach to capital allocation and business development [24] Other Important Information - The company completed the acquisition of Cidara Therapeutics, enhancing its portfolio in infectious diseases [9] - Positive results were reported for several investigational drugs, including Islatravir for HIV and MK-1406 for influenza prevention [30][29] - The company is focused on executing multiple product launches and advancing its clinical pipeline [12] Q&A Session Summary Question: Insights on CD388 asset and interim trial data - Management acknowledged the importance of the flu season and emphasized the need for robust data across multiple populations before interim disclosures [42][44] Question: Plans for sac-TMT in first-line settings - Management defended the ambitious development strategy for sac-TMT, highlighting ongoing phase III studies and the potential for best-in-class status [47][49] Question: Keytruda's intellectual property runway - Management clarified the patent situation for Keytruda, indicating potential extensions beyond 2028 and strategies for QLEX adoption [53][55] Question: Importance of dual regimen for HIV treatment - Management expressed excitement about Islatravir's potential as a next-generation treatment option, emphasizing the need for diverse treatment regimens [58][60] Question: Long-term growth expectations for Merck - Management projected confidence in sustainable growth driven by a robust pipeline and significant commercial opportunities, countering concerns about modest growth [63][66] Question: Updates on Winrevair and related indications - Management highlighted Winrevair's impact on the standard of care in pulmonary arterial hypertension and ongoing advancements in related therapies [82][84]

Financial Data and Key Metrics Changes - Total company revenues for Q4 2025 were $16.4 billion, reflecting a 5% increase, or 4% excluding foreign exchange impact [14] - Earnings per share (EPS) were reported at $2.04, with guidance for 2026 EPS expected to be between $5.00 and $5.15 [21][22] - Gross margin decreased to 79.7%, down 1.1 percentage points due to higher inventory reserves [19] Business Line Data and Key Metrics Changes - Oncology sales, particularly from the Keytruda family, increased by 5% to $8.4 billion, driven by strong demand in earlier-stage cancers [15] - Sales of Welireg grew 37% to $220 million, primarily due to increased use in advanced renal cell carcinoma [16] - Vaccines sales, specifically Gardasil, decreased by 35% to $1 billion, attributed to lower demand in China and Japan [16] - The animal health business saw a 6% increase in sales, with livestock sales growing by 9% [19] Market Data and Key Metrics Changes - In the U.S., Keytruda's growth was negatively impacted by approximately $200 million due to the timing of purchases [15] - Sales of Capvaxive in pneumococcal vaccines reached $279 million, driven by increased seasonal immunization activity [17] - Winrevair's global sales were $467 million, reflecting strong demand for pulmonary arterial hypertension treatment [18] Company Strategy and Development Direction - The company aims to deliver transformative medicines and vaccines, with a focus on breakthrough science and innovation [6] - A significant commercial opportunity of over $70 billion is projected by the mid-2030s, bolstered by new product launches and pipeline expansion [7] - The company is committed to business development and strategic acquisitions, including Verona Pharma and Cidara Therapeutics, to enhance its portfolio [9][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustainable growth post-Keytruda LOE, emphasizing a robust pipeline and potential for new product launches [6][66] - The company anticipates challenges from generic competition and price setting but expects to achieve growth driven by new launches and strong performance in oncology and animal health [23][66] - Management highlighted the importance of maintaining a disciplined approach to capital allocation and investments in innovation [24] Other Important Information - The company completed the acquisition of Cidara Therapeutics, enhancing its infectious disease portfolio with MK-1406, a long-acting antiviral candidate [9][29] - The company is focused on executing multiple product launches and advancing its clinical pipeline, with significant milestones expected in 2026 [12][37] Q&A Session Summary Question: Can you elaborate on the CD388 asset and its potential? - Management acknowledged the importance of the flu season and emphasized the need for robust data across multiple populations for the ongoing trial [42][44] Question: Are there plans to explore sac-TMT in first-line settings? - Management expressed confidence in the sac-TMT program, highlighting its potential as a best-in-class ADC and the ambition to explore various tumor types [48] Question: How should we model the IP runway for Keytruda? - Management clarified the patent situation for Keytruda, indicating potential extensions beyond 2028 and strategies to drive adoption of QLEX [53][55] Question: Can you contextualize the importance of a dual regimen for HIV treatment? - Management highlighted the unique mechanism of Islatravir and the unmet need for dual regimens, emphasizing the potential benefits for patients [59] Question: What is the outlook for Merck's growth in the coming years? - Management expressed confidence in sustainable growth driven by a strong pipeline and significant commercial opportunities, countering the notion of modest growth [66]

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

Financial Data and Key Metrics Changes - Total company revenues for Q4 2025 were $16.4 billion, reflecting a 5% increase, or 4% excluding foreign exchange impact [12] - Earnings per share (EPS) were reported at $2.04, with guidance for 2026 EPS expected to be between $5.00 and $5.15 [19][20] Business Line Data and Key Metrics Changes - Oncology sales, including Keytruda, increased by 5% to $8.4 billion, driven by strong demand in earlier-stage cancers and metastatic indications [13] - Sales of Welireg increased by 37% to $220 million, primarily due to increased use in advanced renal cell carcinoma [15] - Gardasil sales decreased by 35% to $1 billion, attributed to lower demand in China and Japan [15] - The animal health business grew by 6%, with livestock sales increasing by 9% [18] Market Data and Key Metrics Changes - In the U.S., Keytruda's growth was negatively impacted by approximately $200 million due to the timing of purchases [14] - Sales of Capvaxive reached $279 million, driven by demand from retail pharmacies and increased seasonal immunization activity [15] - Winrevair achieved global sales of $467 million, reflecting strong demand for pulmonary arterial hypertension treatment [16] Company Strategy and Development Direction - The company aims to deliver transformative medicines and vaccines, with a focus on breakthrough science and innovation [4] - A significant commercial opportunity of over $70 billion is projected by the mid-2030s, bolstered by new product launches and acquisitions [5] - The company is committed to investing in its innovative pipeline and key growth drivers, with a focus on sustainable long-term value [12][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver sustainable growth post-Keytruda LOE, with a robust pipeline and strategic business development [5][21] - The company anticipates growth in 2026 driven by new product launches and continued strength in oncology and animal health, despite challenges from generic competition [21][22] Other Important Information - The company completed the acquisition of Cidara Therapeutics, enhancing its portfolio in infectious diseases [8][26] - The company expects to see significant growth in its animal health business, with projections to double by the mid-2030s [21] Q&A Session Summary Question: Can you elaborate on the CD388 asset and its potential? - Management highlighted the importance of robust data across multiple geographies and seasons for the ongoing trial, emphasizing the need for strong data to support future labeling [38][39] Question: Are there plans to explore sac-TMT in first-line settings? - Management indicated that they view sac-TMT as a potential best-in-class asset and have a robust program with multiple phase 3 studies planned [43][44] Question: How should the intellectual property runway for Keytruda be modeled? - Management clarified that while the compound patent expires in December 2028, there are additional patents extending to 2029, and they remain confident in defending these patents [48][49] Question: What is the significance of the dual regimen for HIV treatment? - Management emphasized the potential of Islatravir as a next-generation nucleoside analog, providing new options for patients and addressing unmet needs in HIV treatment [53][54] Question: What is the outlook for Merck's growth in the coming years? - Management expressed confidence in sustainable growth driven by a strong pipeline and significant commercial opportunities, despite challenges from LOEs [60][61]

Francesca DeMartino Chief Investor Relations Officer, Senior Vice President Fourth Quarter 2025 Earnings 2 Fourth Quarter 2025 Earnings Teleconference February 3, 2026 1 Introduction Forward-Looking Statements and Non-GAAP Financial Information Fourth Quarter 2025 Earnings 3 • Our discussions during this conference call will include forward-looking statements that are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such s ...

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company operates with a team of experienced and qualified news journalists, ensuring independent content production [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The news team delivers insights across various sectors, including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]

Core Insights - Eli Lilly and Company (LLY) has a market capitalization of $980.5 billion and is recognized for its diverse product lineup, particularly in the pharmaceutical sector [1] Stock Performance - LLY shares have increased by 28.7% over the past 52 weeks but have seen a decline of 2.8% year-to-date in 2026, underperforming compared to the S&P 500 Index, which returned 15.5% over the past year and increased by 1.9% in 2026 [2] - Compared to the Healthcare Select Sector SPDR ETF (XLV), which rose by 6% over the past year, LLY has outperformed but has lagged in 2026 [3] Growth Drivers - LLY became the first healthcare company to reach a $1 trillion market cap on November 21, primarily driven by its success in the weight-loss drug market, competing with Novo Nordisk [5] - The popularity of LLY's drugs, Zepbound and Mounjaro, along with promising results from a new oral weight-loss medication, have contributed to its growth [5] Earnings Expectations - For the fiscal year ending December 2025, analysts project an 82.8% year-over-year increase in adjusted EPS to $23.74, although LLY has a mixed earnings surprise history, surpassing estimates in three of the last four quarters [6] Analyst Ratings - LLY holds a consensus "Strong Buy" rating, with 22 out of 28 analysts recommending "Strong Buy," two "Moderate Buy," and four "Holds," indicating a positive shift in Wall Street's sentiment towards the stock [7] - Guggenheim analyst Seamus Fernandez maintained a "Buy" rating while slightly reducing the price target from $1163 to $1161, with a mean price target suggesting an 11.5% premium and a Street-high target indicating a 43.7% upside potential [8]