Group 1 - The presentation features Terence Flynn, a U.S. biopharma analyst from Morgan Stanley, hosting Royalty Pharma [1] - Pablo Legorreta, the Founder and CEO of Royalty Pharma, and Terry Coyne, the CFO, are present for the discussion [1] - A disclosure statement is read before the presentation begins [2]

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: China Healthcare, specifically in the Biotech sector within the Asia Pacific region [2][63]. Core Insights - **Next-Gen Immuno-Oncology (IO)**: This theme was prevalent throughout the discussions, with several large biopharma companies highlighting its significance in R&D. The consistency of data and overall survival benefits were noted as open questions [3][8]. - **China's R&D Advantages**: Companies emphasized China's rapid and efficient capabilities in conducting randomized controlled trials, particularly in therapeutic areas with less predictable preclinical models. This includes the ability to iterate through various modalities quickly [4][8]. - **Investor Inquiries**: Investors are primarily focused on two areas: 1. Due diligence on China's global narrative, particularly regarding companies' R&D strategies and opportunities in both China and global markets. 2. In-depth analysis of pipelines, with an emphasis on scientific quality and long-term R&D plans [5][8]. Additional Noteworthy Points - **Recognition of China's Role**: The importance of China in both commercial and R&D opportunities was acknowledged, although the extent of this recognition varies among overseas developers utilizing its infrastructure [8]. - **Morgan Stanley's Position**: The report indicates that Morgan Stanley maintains an attractive view of the China Healthcare industry, suggesting potential investment opportunities [6][63]. Conclusion The conference highlighted the growing significance of next-gen immuno-oncology therapies and China's pivotal role in the global biotech landscape, particularly in R&D efficiency and opportunities for investment. Investors are keenly interested in understanding the strategic positioning of companies within this dynamic environment.

Summary of Healthcare Policy Playbook 2.0 Industry Overview - **Industry**: Healthcare - **Region**: North America - **Event**: MS Global Healthcare Conference (Sept. 8-10, 2025) [1] Key Takeaways US Public Policy Insights - **Tariffs on Pharmaceuticals**: Anticipation of sectoral tariffs on pharmaceuticals, with uncertain timing and severity. The Section 232 review is expected to conclude soon, initiated in April [3][17]. - **Regulatory Changes**: Proposed unilateral policy changes may lack enforceability, indicating that substantial changes typically require Congressional action. The Most-Favored-Nation (MFN) drug pricing policy is likely to face delays [3][18]. - **Medicaid Cuts**: The One Big Beautiful Bill Act includes delayed Medicaid cuts, primarily through work requirement changes, aligning with expectations. This could lead to approximately 10 million individuals losing access to federal health insurance by 2034 [3][22][32]. - **Bipartisan Healthcare Package**: Potential for Congress to pass a bipartisan healthcare package addressing the expiration of ACA subsidies, possibly retroactive to 2026 [3][24]. Implications Across Healthcare Sectors - **Managed Care / Pharmaceutical Services**: Managed Care Organizations (MCOs) may benefit from increased support for Medicare Advantage (MA) under the current administration, despite significant Medicaid funding cuts. The 2026 MA Final Rate Notice showed a surprising increase of +5.75% [4][27]. - **Biopharma**: Investor sentiment remains negative due to uncertainties regarding tariffs and MFN pricing. Companies that can drive growth through the end of the decade are favored, including ABBV, LLY, GILD, and REGN [9][10]. - **SMID-Cap Biotech**: Concerns over FDA personnel changes and headcount reductions are significant for investors. However, the impact on drug review timelines has been less severe than anticipated [9][11]. - **Medical Technology**: Tariffs are pressuring margins for companies exposed to them, with potential delays in FDA approval timelines due to HHS layoffs. Companies with manufacturing in tariff-affected regions may face margin pressures [9][12]. - **Life Science Tools & Diagnostics**: The policy landscape remains uncertain, with tariffs and NIH funding uncertainties weighing on sentiment. Preference is given to Precision Oncology and diversified tools as safer investments [9][12]. Regulatory and Legislative Developments - **Medicaid Budget Cuts**: The OBBBA includes significant cuts to Medicaid, with work requirements expected to decrease enrollment by approximately 5 million by 2034 [22][32]. - **PBM Reform**: Ongoing bipartisan discussions around PBM reform, with recent state-level initiatives and potential federal legislation still in flux [33][36]. - **Audit and Compliance**: The administration plans to expedite MA contract audits, which could improve transparency but also introduce uncertainty for MCOs [28][29]. Market Sentiment and Stock Implications - **Healthcare Services**: Stocks positively impacted by favorable Medicare policies include UNH, ELV, HUM, and CVS, while those negatively affected by Medicaid cuts include ELV, UNH, CNC, and MOH [13][29]. - **Drug Distributors**: Generally insulated from major changes in drug prices, with a shift towards fee-for-service models providing stability [41]. Additional Insights - **Tariff Management**: Current tariffs have been manageable for the services group, with companies implementing mitigation strategies [39]. - **Most-Favored Nations Policy**: The MFN drug pricing initiative remains uncertain, with drug distributors expressing that Congressional action is necessary for implementation [40][42]. This summary encapsulates the key points from the healthcare policy playbook, highlighting the evolving regulatory landscape and its implications for various sectors within the healthcare industry.

Summary of Key Points from the Conference Call Industry Overview - **Industry**: US Healthcare - **Current Trends**: US healthcare spending is on an unsustainable growth path, primarily due to an aging population and rising individual costs. The spending gap between the US and peer countries has widened, reaching approximately 18% of GDP for the US compared to 11% for peers in 2023, projected to increase to around 20% by the early 2030s [10][23][68]. Core Insights - **Projected Growth**: Assuming the same linear growth trajectory, US healthcare spending is expected to reach about 25% of GDP by 2050, with a potential range of 25% to 30% based on various projections [10][23][68]. - **Required Savings**: To maintain healthcare costs at approximately 20% of GDP, gross savings of $2.3 trillion to $4.6 trillion would be necessary, assuming a US GDP of $46 trillion in 2050 [10][23][68]. - **AI's Role**: The report explores how AI can help bend the cost curve in healthcare, focusing on drug discovery, hospitals, and managed care. The potential savings from AI initiatives could range from $400 billion to $1.5 trillion, representing 17%-53% of the total savings required to keep healthcare spending at 20% of GDP [12][31][36]. AI Impact on Drug Discovery - **Drug Discovery Efficiency**: AI has the potential to increase the number of approved medicines by 10%-40%, which could lead to significant savings in hospital care and clinical services, estimated at $100 billion to $600 billion by 2050 [14][35][39]. - **Hospital Stay Reduction**: Academic research indicates that newly launched drugs have historically reduced hospital stays by approximately 11%-16%. Each new drug could lead to a 0.029% reduction in hospital stays [34][84]. Hospital Care Insights - **Largest Spending Component**: Hospital care constitutes nearly one-third of total US healthcare spending, with predictions of a 5.4% annual growth rate through 2032 [16][36]. - **AI Implementation**: Many hospitals are already implementing AI to optimize various operational aspects, potentially generating cost savings of 10%-20%, translating to $300 billion to $900 billion in healthcare spending by 2050 [16][36]. Demographic Trends - **Aging Population**: The UN projects that by 2050, approximately 35% of the population in Europe and 30% in North America will be aged 60 years or older. In the US, the ratio of individuals aged 65 or older is expected to increase from 30 per 100 people aged 25-64 in 2020 to 45 by 2050 [11][71]. Investment Opportunities - **Healthcare Companies**: Key players in the hospital and payer sectors, such as HCA Healthcare, Tenet Healthcare, and UnitedHealth Group, are well-positioned to benefit from AI adoption [19][45]. - **Biopharma Sector**: Large-cap biopharma companies are forming partnerships to leverage AI in drug discovery, with smaller biotech firms also emerging as significant players in this space [19][45]. Additional Considerations - **Regulatory Environment**: The FDA is adopting AI tools to improve drug review efficiency, which could alleviate bottlenecks in drug approvals and enhance the overall drug development process [40]. - **Long-term Projections**: The analysis looks ahead to 2050 to account for the time required for AI to impact drug discovery and healthcare costs significantly [17][18]. This summary encapsulates the critical insights and projections regarding the US healthcare industry, particularly focusing on the role of AI in addressing rising costs and improving efficiency.

Group 1 - The Citi Biopharma Back To School Summit is being held, featuring discussions on recent developments in the biotech sector [1] - Arcus Biosciences is presenting, with key executives including the CEO, COO, and Head of Investor Relations participating [2] - The CEO of Arcus Biosciences highlighted the positive outcomes from the recent ASCO event and mentioned upcoming catalysts related to their product, cas [3]

Core Insights - Regeneron participated in the Cantor Global Healthcare Conference, highlighting its presence in the biopharma sector [1][2] - The company’s CFO, Chris Fenimore, and Senior Vice President of Investor Relations & Strategic Analysis, Ryan Crowe, represented Regeneron during the event [1][2] Company Overview - Regeneron is focused on large-cap biopharma, indicating its significant market position and influence within the industry [1] - The company is committed to transparency, as evidenced by its mention of forward-looking statements and associated risks [2] Strategic Communication - The remarks made during the conference included forward-looking statements, which are subject to various risks and uncertainties [2] - Regeneron emphasized that it does not have an obligation to update forward-looking statements, reflecting a cautious approach to investor communications [2]

Financial Data and Key Metrics Changes - In Q2, Axsome Therapeutics achieved a milestone of $150 million in net sales for the first time, with $120 million from Avelity and $30 million from Sunosi, indicating strong growth potential [5] - The company has a robust balance sheet with over $300 million in cash, positioning it for cash flow positivity [5] Business Line Data and Key Metrics Changes - Avelity is on track for annualized sales of half a billion, with significant growth observed since its launch [5][37] - Sunosi generated $30 million in sales, with a focus on expanding its market presence in obstructive sleep apnea and narcolepsy [68] - The launch of Symbravo for migraine treatment is in early stages, with positive feedback on its efficacy and tolerability [54][56] Market Data and Key Metrics Changes - The market for Alzheimer's disease agitation shows substantial unmet need, with potential peak sales for Avelity estimated between $1 billion to $3 billion [11] - Avelity is currently capturing about 0.16% of the total market share, indicating significant room for growth [50] Company Strategy and Development Direction - The company is focused on expanding its sales force and enhancing its commercialization strategy, particularly for Avelity and the upcoming Alzheimer's indication [33][41] - Axsome is exploring additional indications for Sunosi, including ADHD and MDD associated with excessive daytime sleepiness, which could drive future growth [69][78] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of Avelity, citing a strong sales force and increased market access as key drivers [38][41] - The company aims to prioritize top-line growth while also improving cash flow, with a significant reduction in losses year-over-year [90] Other Important Information - Axsome has a patent portfolio for Symbravo extending to 2041, providing a competitive edge in the market [65][66] - The company is in dialogue with the FDA regarding its clinical trial designs and submission strategies for various products, ensuring alignment with regulatory expectations [21][25] Q&A Session Summary Question: Are you still on track to file an sNDA for Alzheimer's disease agitation in Q3? - Yes, the company is on track to file [6][7] Question: What is the commercial opportunity in Alzheimer's agitation? - There is substantial unmet need, with potential peak sales estimated at $1 billion to $3 billion [11] Question: How is the sales force being optimized for Avelity? - The sales force has expanded to approximately 300 reps, with plans to integrate Alzheimer's agitation into their strategy [33][34] Question: What are the goals for the launch of Symbravo? - The focus is on gathering clinician feedback and improving access for patients [54][56] Question: What is the expected gross to net discount for Avelity? - The company expects to maintain a mid-50s range for gross to net discounting [52][53] Question: What is the potential market for ADHD indications? - The peak sales potential for ADHD is estimated at $1 billion to $3 billion [77]

Group 1 - The Citi Biopharma and Back-to-school Conference is in its 20th annual iteration, having skipped last year and integrated biotech companies into the Global Healthcare Conference in Miami [1] - Kiniksa is participating in the conference, with key executives including CEO Sanj Patel, CCO Ross Moat, and Chief Medical Officer John Paolini present [2]

Summary of Innovent Biologics (1801.HK) Earnings Review and Key Insights Company Overview - **Company**: Innovent Biologics - **Ticker**: 1801.HK - **Industry**: Biopharmaceuticals, focusing on immuno-oncology and other therapeutic areas Key Financial Highlights - **1H25 Revenues**: Rmb5.95 billion, representing a **51% year-over-year increase** [1] - **Product Sales**: Rmb5.2 billion, up **37% year-over-year** [1] - **License Income**: Rmb666 million, primarily from a US$80 million upfront payment from the DLL3 ADC deal with Roche [1] - **Net Profit**: Rmb834 million, a significant improvement from Rmb-393 million in 1H24 [1] - **Gross Profit Margin (GPM)**: 86.0%, with product GPM at 84.1%, reflecting a **185 basis points year-over-year increase** [1] - **R&D Spending**: Rmb1 billion, down **28% year-over-year** [1] - **SG&A Spending**: Rmb3.37 billion, up **29% year-over-year** [1] - **Non-IFRS EBITDA**: Rmb1.4 billion, with expectations for better bottom-line performance in FY25 [1] Product Development and Clinical Trials - **IBI363 Development**: Progressing into global phase 3 trials, targeting IO-resistant squamous NSCLC, with IND clearance from the FDA [2] - **Trial Design**: Includes randomized controlled groups and aims for overall survival (OS) as the primary endpoint [2] - **Additional Trials**: Plans for further phase 3 trials in other indications, including MSS CRC and broader exploration in NSCLC [6] Market Strategy and Product Launch - **Mazdutide Launch**: Launched in late June with a multi-channel marketing strategy, focusing on weight management and metabolic benefits [7] - **Initial Market Feedback**: Positive user feedback and sales ramp-up observed [7] - **New Trials for Mazdutide**: Two new phase 3 trials initiated for MAFLD and OSA indications [7] Valuation and Price Target - **Updated Price Target**: HK$103.22, increased from HK$98.23 [8] - **EPS Estimates**: Adjusted for 2025-2027 from Rmb0.43/Rmb2.79/Rmb2.69 to Rmb0.54/Rmb2.73/Rmb2.62 [8] - **Market Cap**: HK$147.6 billion [12] Risks and Challenges - **Competitive Landscape**: Intensifying competition in the PD-1/L1 market in China [8][11] - **Approval Timelines**: Uncertain timelines for key candidates [8][11] - **Regulatory Risks**: Potential restrictions on off-label use due to safety issues [8][11] - **R&D Project Failures**: Risks associated with the failure of ongoing R&D projects [8][11] Conclusion Innovent Biologics is positioned for growth with strong financial performance and a robust pipeline of products. The company is actively advancing its clinical trials and expanding its market presence, particularly with the launch of mazdutide. However, it faces significant competition and regulatory challenges that could impact its future performance.

Group 1 - Cogent Biosciences, Inc. announced participation in the Citi Biopharma Back to School Conference on September 3, 2025, at 9:00 a.m. ET [1] - A live webcast of the event will be available on Cogent's Investors & Media page, with a replay accessible for 30 days post-event [2] - The Compensation Committee approved inducement equity awards for two new employees, granting nonqualified options to purchase 54,500 shares of common stock, with a 10-year term and a four-year vesting schedule [3] Group 2 - Cogent Biosciences focuses on developing precision therapies for genetically defined diseases, with its leading clinical program, bezuclastinib, targeting the KIT D816V mutation linked to systemic mastocytosis and advanced gastrointestinal stromal tumors [4] - The company is also conducting a Phase 1 study of a novel FGFR2/3 inhibitor and developing targeted therapies for mutations in ErbB2, PI3Kα, and KRAS [4] - Cogent is headquartered in Waltham, MA, and Boulder, CO, and provides updates on its website and social media platforms [4]