Bio-Techne (NasdaqGS:TECH) FY 2025 Annual General Meeting October 30, 2025 09:00 AM ET Speaker0Good morning and welcome to the Bio-Techne Corporation Annual Meeting of Shareholders. I would now like to turn the conference call over to Shane Boonen, General Counsel and Corporate Secretary of Bio-Techne. Please go ahead. Welcome to our annual shareholders meeting. It is 8:00 A.M. Central Time on October 30, 2025, and the meeting is called to order. Today's meeting will be limited to the business matters outli ...

Financial Data and Key Metrics Changes - Alnylam Pharmaceuticals reported total net product revenues of $851 million for Q3 2025, representing a 103% year-over-year growth [8][26] - The TTR franchise revenues reached $724 million, reflecting a 135% increase year-over-year, driven primarily by the AMVUTTRA® ATTR-CM launch in the U.S. [7][10] - The company increased its total net product revenue guidance for 2025 from a range of $2.65 billion-$2.8 billion to $2.95 billion-$3.05 billion, marking a 10% increase at the midpoint [8][30] Business Line Data and Key Metrics Changes - The rare disease portfolio achieved $127 million in sales, up 14% compared to Q3 2024, indicating steady performance despite a focus on TTR growth [9][10] - U.S. net sales for the TTR franchise grew 42% quarter-over-quarter and 194% year-over-year, reflecting strong adoption following the AMVUTTRA® ATTR-CM label expansion [10][11] - International revenues grew 13% quarter-over-quarter and 46% year-over-year, highlighting continued global momentum [11][12] Market Data and Key Metrics Changes - The U.S. TTR franchise generated $543 million in net product revenues, with patient demand roughly doubling compared to Q2 [14][15] - The company anticipates further international AMVUTTRA® ATTR-CM launches in 2026, following local pricing and reimbursement reviews [11][16] - The hereditary ATTR polyneuropathy legacy business remains robust despite new competition, with a 46% year-over-year growth in ex-U.S. TTR markets [12][58] Company Strategy and Development Direction - Alnylam focuses on three core pillars: TTR leadership, growth through innovation, and strong financial performance [5][6] - The company is advancing its pipeline of RNAi therapeutics, with two new phase III trials underway and additional programs in development for various conditions [8][20] - The company aims to establish long-term leadership in TTR and expand its global reach through upcoming product launches [16][58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the AMVUTTRA® ATTR-CM launch, highlighting strong execution and a solid foundation for future growth [9][10] - The management team noted that the majority of ex-U.S. launches are expected to begin in 2026, which will extend global reach and contribute to launch momentum [16][58] - The company remains optimistic about the potential of RNAi therapeutics to become the standard of care in TTR amyloidosis [18][19] Other Important Information - The gross margin on product sales was 77% for Q3 2025, down from 80% in Q3 2024, primarily due to increased royalties on AMVUTTRA® [27] - The company ended the quarter with cash, cash equivalents, and marketable securities of $2.7 billion, reflecting a stable financial position [29] Q&A Session Summary Question: AMVUTTRA® momentum in first line vs switch population - Management noted strong momentum in TTR business with patient demand doubling for AMVUTTRA® and broad adoption across various settings [35][36] Question: Confidence in continued patient additions for AMVUTTRA® - Management indicated that the guidance has been raised twice, reflecting confidence in the depth and durability of the product's momentum [39][41] Question: Payer dynamics and feedback - Management reported no payer headwinds and positive feedback from payers regarding the value of AMVUTTRA® [46][48] Question: Inventory demand and expectations for Europe - Management explained that inventory dynamics were stable, with modest contributions expected from ex-U.S. markets in Q4 [53][56] Question: Price changes for AMVUTTRA® in the U.S. and Europe - Management anticipates a gradual decline in net price over time, with ongoing negotiations for European pricing [72][73]

Financial Data and Key Metrics Changes - Alnylam Pharmaceuticals reported total net product revenues of $851 million for Q3 2025, reflecting a 103% year-over-year growth [8][27] - The TTR franchise revenues reached $724 million, representing a 135% increase year-over-year and a 33% increase compared to the previous quarter [7][10] - The company increased its total net product revenue guidance for 2025 from a range of $2.65 billion to $2.8 billion to a revised range of $2.95 billion to $3.05 billion, indicating a 10% increase at the midpoint [8][30] Business Line Data and Key Metrics Changes - The rare disease portfolio achieved $127 million in sales, up 14% year-over-year, driven by ongoing patient demand [9][10] - U.S. net sales for the TTR franchise grew 42% quarter-over-quarter and 194% year-over-year, primarily due to the AMVUTTRA ATTR CM label expansion [11][14] - International revenues grew 13% quarter-over-quarter and 46% year-over-year, with strong performance in Japan and Germany [11][12] Market Data and Key Metrics Changes - The U.S. TTR franchise generated $543 million in net product revenues, reflecting a significant increase in patient demand [14][16] - The company noted that the international performance is benefiting from increased awareness and diagnosis in the hereditary ATTR polyneuropathy market [13] Company Strategy and Development Direction - Alnylam focuses on three core pillars: TTR leadership, growth through innovation, and strong financial performance [5][6] - The company is advancing its pipeline with new Phase 3 trials for zilebesiran and ALN-APP, targeting significant market opportunities [8][20] - The strategy includes expanding the AMVUTTRA ATTR CM launch globally, with expectations for further launches in 2026 [16][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term opportunity for AMVUTTRA, highlighting substantial growth potential in the TTR category [16][17] - The company is optimistic about the ongoing demand and adoption of its therapies, particularly in the U.S. market [10][14] - Management acknowledged the competitive landscape but emphasized their strong positioning and execution capabilities [11][13] Other Important Information - The gross margin on product sales was reported at 77%, down from 80% in the same quarter last year, primarily due to increased royalties on AMVUTTRA [27] - The company ended the quarter with cash, cash equivalents, and marketable securities of $2.7 billion [29] Q&A Session Summary Question: Momentum of AMVUTTRA in first line versus switch population - Management noted that patient demand for AMVUTTRA has doubled, with broad adoption across various settings, indicating strong momentum [34][35] Question: Confidence in continued patient additions - Management highlighted the strong launch and raised guidance twice, indicating confidence in sustained momentum despite a decline in ONPATTRO [38][40] Question: Payer dynamics and feedback - Management reported no significant payer headwinds and positive feedback regarding the value of AMVUTTRA, with ongoing negotiations for 2026 [45][48] Question: Inventory demand and expectations for Europe - Management explained that inventory growth was offset by increased gross to net deductions, with modest contributions expected from the ex-U.S. market in Q4 [52][56] Question: TTR franchise guidance update - Management indicated that the updated guidance reflects expectations for Q4 revenues, estimating total TTR global revenue of $850 million to $900 million [60][61] Question: Impact of reimbursement cuts on diagnostics and therapeutics - Management acknowledged the importance of reimbursement for growth and expressed confidence in managing potential changes as policies become clearer [66][68]

Core Insights - Joel Mokyr, along with Philippe Aghion and Peter Howitt, was awarded the 2025 Nobel Prize in Economic Sciences for their contributions to the theory of innovation-driven economic growth, with Mokyr receiving half of the prize for revealing the prerequisites for sustained growth through technological advancement [1][3]. Group 1: Innovation and Economic Growth - The core premise for sustained economic growth is "useful knowledge," which consists of prescriptive knowledge (how to operate technology) and propositional knowledge (understanding the scientific principles behind technology) [4][5]. - The Industrial Revolution marked the first strong feedback loop between these two types of knowledge, laying the foundation for modern economic growth [5]. Group 2: Importance of Understanding Principles - Understanding the principles behind technology is crucial for sustainable innovation; merely knowing how to do something is insufficient [6][8]. - Historical examples, such as the development of agricultural practices and steam engines, illustrate that scientific understanding leads to significant advancements and efficiency improvements [7][8]. Group 3: Measurement of Productivity - Current economic growth rates may not accurately reflect productivity due to outdated measurement methods that fail to account for non-market goods and services that enhance human welfare, such as vaccines [9]. - There is a need for new methods to measure productivity that align with modern economies focused on information and advanced services [9]. Group 4: Openness and Collaboration - For an economy to thrive, it must remain open to trade, talent, and knowledge exchange, emphasizing the importance of a free market for ideas and knowledge [10]. - Collaboration between the public and private sectors is essential for fostering innovation, with the balance depending on industry characteristics [10]. Group 5: China's Investment in Education and Infrastructure - China's significant investments in infrastructure and higher education are expected to yield substantial returns for its economy [11]. - The relationship between state-owned and private enterprises needs to be recalibrated to foster innovation effectively [11]. Group 6: Historical Perspective on Economic Progress - Economic history provides valuable insights into the progress made over time, highlighting that current living standards are unprecedented compared to historical norms [14][15]. - Understanding economic history is essential for comprehending modern economic systems and challenges [14]. Group 7: Lifelong Learning - Young individuals are encouraged to maintain a habit of lifelong learning to adapt to the rapidly changing world, as knowledge becomes outdated quickly [16][17].

Core Viewpoint - Four Seasons Pharmaceutical (00460) has signed a collaboration agreement with the US biotechnology company AbaloneBio to jointly advance the development of innovative obesity treatment drugs targeting metabolic-related G protein-coupled receptors (GPCRs) [1] Group 1: Collaboration Details - The collaboration aims to enhance energy expenditure safely and effectively while maintaining or increasing muscle mass, addressing the limitations of current weight loss therapies [1] - This partnership extends from a previous strategic investment made by Four Seasons in Abalone earlier this year, marking a shift from capital investment to business execution [1] Group 2: Strategic Implications - The agreement is expected to strengthen Four Seasons' innovative positioning in the weight loss sector and leverage Abalone's technological advantages to accelerate the development of next-generation weight loss and muscle gain therapies [1] - This collaboration is also a significant step for the company in deepening its focus on GPCR target areas, contributing to the optimization and upgrading of treatment solutions in the obesity treatment field [1]

Core Viewpoint - Four Seasons Pharmaceutical (00460) has signed a collaboration agreement with the U.S. biotechnology company AbaloneBio to jointly advance the development of innovative obesity treatment drugs, targeting metabolic-related G protein-coupled receptors (GPCRs) to enhance energy expenditure safely and effectively while maintaining or increasing muscle mass [1][1][1] Company Summary - Four Seasons Pharmaceutical's stock rose over 4%, currently trading at 1.51 HKD with a transaction volume of 46.35 million HKD [1][1][1] - The collaboration marks an extension of the partnership from a capital investment made earlier this year to a business execution level, reinforcing the company's innovative positioning in the weight loss sector [1][1][1] - The partnership aims to address the limitations of current weight loss therapies and meet the unmet clinical needs in the global obesity treatment market [1][1][1] Industry Summary - The collaboration is a significant step in optimizing and upgrading treatment solutions in the obesity treatment field, leveraging Abalone's technological advantages to accelerate the development of next-generation weight loss and muscle gain therapies [1][1][1] - This initiative is also an important move for the company to deepen its layout in the GPCR target area, which is crucial for future growth in the obesity treatment market [1][1][1]

Group 1 - The China Securities Regulatory Commission has issued a notice regarding the overseas issuance and listing of Shanghai Baoji Pharmaceutical Co., Ltd., allowing the company to issue up to 110,426,740 overseas listed ordinary shares and list them on the Hong Kong Stock Exchange [1] - A total of 46 shareholders plan to convert 116,415,550 shares of unlisted domestic shares into overseas listed shares for trading on the Hong Kong Stock Exchange [1] Group 2 - Baoji Pharmaceutical is a clinical-stage biotechnology company focused on developing and providing recombinant biopharmaceuticals in China, utilizing synthetic biology technology [3] - The company has established a pipeline of seven clinical-stage drug candidates, including three core products (KJ017, KJ103, and SJ02), and five preclinical assets, covering four therapeutic areas [3] - The company's core products are protected by comprehensive intellectual property rights, including nine granted patents and ten patent applications [3] - The proprietary technology platform supports the development of drug candidates in four strategic therapeutic areas, with a projected market size exceeding RMB 50 billion by 2033 [3]

Core Insights - The "14th Five-Year Plan" is set to launch, focusing on a strategic blueprint for China's development over the next five years and beyond, emphasizing the importance of new quality productivity as a core national strategy [1] - New quality productivity encompasses not only technological innovation but also a systemic leap in production methods, industrial structure, and growth dynamics, driven by technological advancements [1] - The report identifies three main areas for new quality productivity: strategic emerging industries, traditional industry upgrades through digital technologies, and the digital economy [1] Group 1: New Quality Productivity - New quality productivity is characterized by high-tech, high-efficiency, and high-quality advancements, significantly enhancing total factor productivity to address challenges like aging population and global tech competition [1] - Key sectors include strategic emerging industries such as new generation information technology, renewable energy, biotechnology, and advanced equipment, along with future industries in manufacturing, information, energy, space, health, and materials [1] - Cutting-edge fields like humanoid robots, quantum computing, 6G, brain-computer interfaces, commercial aerospace, low-altitude economy, and deep-sea technology are expected to create trillion-level market opportunities [1] Group 2: Capital Market Response - The capital market has already recognized opportunities, with the new quality productivity theme index showing a cumulative increase of 92.23% from September 2024 to September 2025, outperforming the broader market [2] - Sub-sectors such as cloud computing, computing power, artificial intelligence, and integrated circuits have shown particularly strong performance, with institutions favoring sectors like electronics, pharmaceuticals, and power equipment [2] - Ongoing reforms in the capital market, including the support for new quality productivity enterprises through various financial mechanisms, are expected to create a virtuous cycle of technology, industry, and finance [2]

Core Viewpoint - Recently, Fanli Biotechnology (Ningbo) Co., Ltd. underwent a business change, adding Guangxi Tencent Venture Capital Co., Ltd. as a shareholder and increasing its registered capital to 6.8189 million yuan [1] Company Summary - Fanli Biotechnology was established in 2023 and is represented by legal representative Fan Pengcheng [1] - The company's business scope includes medical research and experimental development, excluding human stem cell, gene diagnosis, and treatment technology development and application [1]

Core Viewpoint - The establishment of the "Hebei Xiong'an Zhongke Concept Verification Fund" aims to cultivate and introduce high-quality innovative results, focusing on early-stage technologies in key industries such as aerospace information, artificial intelligence, new materials, life sciences, and biotechnology [1][2] Group 1 - The fund has an initial scale of 20 million yuan, supporting technology verification, application scenario validation, commercialization verification, and incubation of technological achievements, with individual project support up to 1 million yuan [1] - The fund operates on a market-oriented basis, sharing risks and returns with project parties, and encourages innovation while being tolerant of failures not caused by subjective factors [2] - Successful projects will be recommended to sub-funds and investment institutions, creating a supportive mechanism for enterprise growth and facilitating the transition from concept verification to industrialization [2] Group 2 - The fund promotes collaboration among local governments, leading enterprises, investment institutions, and universities, aiming to establish a new model of cooperation in the Beijing-Tianjin-Hebei region [2] - The Xiong'an Science Park will leverage this fund to efficiently promote the transformation of scientific and technological achievements, focusing on frontier fields like aerospace information and biotechnology [2]