Summary of Corbus Pharmaceuticals Holdings Conference Call Company Overview - Corbus Pharmaceuticals is a small biotech company based in Norwood, Massachusetts, with approximately 40 employees - The company has a diverse pipeline with two main assets: a Nectin-4 ADC targeting solid tumors (head and neck and cervical cancers) and a small molecule oral CB1 inverse agonist targeting obesity [3][4] Oncology Asset Development - The Nectin-4 ADC is developed in partnership with CSPC, the third largest pharmaceutical company in China - The development programs for the ADC are independent, with separate data sets for U.S./European and Chinese sites [4][5] - Recent data presented at ISMO showed a 48% overall response rate (ORR) at 3.6 mg/kg and 33% at 2.7 mg/kg for head and neck and cervical cancers [7][10] Efficacy and Safety - The company is optimistic about the durability of responses, with data expected to mature by mid-next year [10][11] - Safety profile shows low rates of peripheral neuropathy, a significant advantage over competitors like Padcev, which has higher rates of this adverse effect [12][13] - Ocular toxicity remains a concern, with a noted 44% incidence in Padcev, while Corbus's ADC has a manageable profile [14][15] Market Opportunity - The second-line treatment space for head and neck cancer is currently limited, with an ORR of about 10% or lower, making Corbus's asset attractive [20][21] - The U.S. second-line therapy market for head and neck cancer is estimated at around 24,000 patients, potentially increasing to 36,000 due to improved survival rates from front-line therapies [21][22] Competitive Landscape - Other ADCs in the second-line space are limited, with Pfizer's attempts not progressing [22] - Corbus's Nectin-4 ADC is positioned well due to its unique safety profile, making it less likely for competitors to enter the same market segment [22][23] Obesity Asset Development - The CB1 inverse agonist is currently in SAD (Single Ascending Dose) and MAD (Multiple Ascending Dose) studies, with data expected before the end of the year [34][35] - The upcoming 90-day study in obese non-diabetic patients aims to assess safety and weight loss efficacy [35][36] - Historical data from Rimonabant suggests that CB1 inverse agonists can lead to significant weight loss, although the exact efficacy of Corbus's asset remains to be determined [36][38] Financial Position and Future Catalysts - Corbus has approximately $180 million in cash, which supports ongoing and upcoming studies [53] - Key data catalysts for the next year include results from the 701 program and the 90-day dose range finding study for the 913 asset [53][54] Conclusion - Corbus Pharmaceuticals is strategically positioned in the oncology and obesity markets with promising assets and a solid financial foundation, making it an interesting prospect for investors looking for opportunities in biotech [53][54]

Core Insights - GSK reported strong third-quarter earnings, with earnings per share of approximately 73 cents and sales of $11.35 billion, surpassing forecasts of 61 cents and $10.93 billion respectively [1][2] - The company raised its full-year sales growth outlook to 6% to 7%, up from a previous range of 3% to 5%, and core earnings per share growth guidance to 10% to 12%, increased from 6% to 8% [2] Financial Performance - GSK's earnings per share increased from 65 cents in the same period last year, with sales rising from $10.42 billion [1] - Analysts had projected earnings per share of $2.18 on sales of $42.68 billion, reflecting a respective increase of 10% and 9% [2] Market Reaction - Following the earnings report and raised guidance, GSK's stock rose more than 3% to $45.11 [2]

Core Insights - GSK reported strong third-quarter results with sales of $11.53 billion, an 8% increase at constant currency, surpassing analyst expectations of $11.16 billion [1] - Core earnings rose 15% at constant currency to $1.48 per share, exceeding the consensus forecast of $1.26 [1] Sales Performance - Vaccine sales increased by 1% to 2.68 billion pounds, driven by strong demand for Shingrix and Arexvy, despite lower sales in Established and Influenza vaccines [2] - Arexvy sales reached 251 million pounds, up 34%, while Meningitis vaccine sales increased 4% to 541 million pounds [3] - Shingrix sales were 830 million pounds, up 12%, and Specialty Medicines sales grew by 15% to 3.41 billion pounds, reflecting strong performance across various therapeutic areas [3] Guidance Update - GSK raised its full-year 2025 guidance, expecting sales growth of 6% to 7%, up from the previous 3% to 5% range [6] - Core operating profit is anticipated to grow between 9% to 11%, and core earnings per share are expected to increase by 10% to 12% [6] - Specialty Medicine sales are projected to increase at a mid-teens percentage, an upgrade from the prior low teens guidance [6] Market Response - Following the positive earnings report and upgraded guidance, GSK stock rose by 2.56% to $44.82 in premarket trading [7] Tariff Considerations - GSK acknowledged the ongoing U.S. investigation regarding the impact of pharmaceutical imports on national security and indicated potential European tariffs of 15% [5] - The company is prepared to address the financial implications of these tariffs with identified mitigation options [5]

29 October 2025 Q3 2025 Results Conference call and webcast for investors and analysts gsk.com Agenda Q3 2025 strong performance improves further Emma Walmsley Performance: growth drivers 2 Cautionary statement regarding forward-looking statements Luke Miels and Deborah Waterhouse Q3 2025 financial performance Julie Brown Summary and Q&A Emma Walmsley, Luke Miels, Deborah Waterhouse, Julie Brown, Tony Wood and David Redfern This presentation may contain forward-looking statements. Forward-looking statements ...

Core Viewpoint - GSK's stock fell over 5% to $43.10 following the FDA's approval of its blood cancer drug Blenrep, which has limited indications and a narrow commercial opportunity despite the positive regulatory outcome [1] Group 1: FDA Approval - GSK received FDA approval for Blenrep as a third-line therapy for adult patients who have undergone at least two prior treatments, contrary to GSK's expectation for it to be approved as a second-line therapy [1] - The approval is seen as a positive development, but the limited indication may dampen its commercial prospects [1] Group 2: Market Impact - UBS analysts noted that the requirement for patients to undergo ophthalmic examinations before each dose could further disappoint GSK [1] - The combination of a smaller indication range and strict risk evaluation and mitigation strategies may reduce the drug's market potential [1]

Core Viewpoint - GSK's stock fell over 5% to $43.10 following the FDA's approval of its blood cancer drug Blenrep, which has limited indications and a narrower commercial opportunity than anticipated [1] Summary by Relevant Sections FDA Approval - GSK received FDA approval for Blenrep as a third-line therapy for adult patients who have undergone at least two prior treatments, contrary to the company's expectation for it to be approved as a second-line therapy [1] Market Impact - The approval is seen as a positive outcome amidst previous uncertainties, but the limited indication and the requirement for ophthalmic examinations before each dose may dampen its commercial prospects [1]

Group 1 - GSK's stock fell over 6% to 43.60 after the FDA granted a narrower-than-expected approval for its blood cancer treatment, Blenrep [1][2] - Blenrep had previously received accelerated approval in 2020 but was pulled from the market in 2022 after failing its confirmatory study [2] - The company was seeking approval for second-line treatment, which would allow patients to use Blenrep after only one prior therapy [2] Group 2 - Other pharmaceutical stocks are experiencing positive movements, with Sanofi's third-quarter Dupixent sales nearing $5 billion [3] - GSK's ADR shows improved relative strength but remains below benchmark levels [4] - GSK's stock performance is influenced by broader market dynamics, including potential tariffs on pharmaceutical imports [4]

Core Viewpoint - The approval of GSK's Blenrep by U.S. regulators marks a significant opportunity for the company to re-enter the largest pharmaceutical market after previously withdrawing the drug due to efficacy concerns [1][2] Group 1: Drug Approval and Market Potential - The U.S. FDA has approved GSK's Blenrep for use in combination with two other drugs for treating relapsed or treatment-resistant multiple myeloma patients [1] - This approval is accompanied by a risk mitigation plan to ensure proper usage and coordination among healthcare providers [1] - Industry research estimates that the sales potential for Blenrep could reach up to $2.6 billion following its approval [1] Group 2: Previous Withdrawal and New Research - GSK withdrew Blenrep from the market in 2022 due to its inability to demonstrate superiority over existing therapies [2] - The company subsequently explored combination therapies and found that the new regimen could reduce the risk of death by 42% compared to a drug sold by Johnson & Johnson [2]

Core Insights - The U.S. Food and Drug Administration has approved GSK's blood cancer drug, Blenrep, for use in combination with other treatments, indicating a significant regulatory milestone for the company [1] Company Summary - GSK is set to relaunch Blenrep following its FDA approval, which may enhance its market position in the oncology sector [1] Industry Summary - The approval of Blenrep reflects ongoing advancements in cancer treatment options, highlighting the competitive landscape within the pharmaceutical industry focused on oncology [1]

Company Overview - GSK is focused on four major therapeutic areas and has upgraded its guidance to the top end for the year [2] - The Specialty business is a significant driver of growth, particularly in Oncology, Respiratory, Immunology, and Inflammation [2] - The HIV business is performing well, especially with the introduction of a new 2-month long-acting treatment [2] Financial Performance - GSK has a long-term sales guidance of over GBP 40 billion by 2031 [2] - The company achieved 13 Phase III positive readouts last year, indicating strong R&D performance [2] Future Outlook - GSK is on track for five major approvals and four launches this year, with key products including Blenrep and depemokimab for respiratory conditions [3] - The company positions itself as growth-oriented with a robust pipeline and upcoming product launches [3]