PresentationGood morning. Welcome to the JPMorgan Healthcare Conference. I'm Seiji Wakao, Japan Pharma Analyst at JPMorgan. And it's my pleasure to introduce Takino-san, CEO of Ono Pharmaceutical, and welcome him to the conference. Takino-san, please go ahead.Toichi TakinoPresident, COO & Representative Director Thank you, Wakao-san, and hello, everyone. Let me start a brief introduction. I'm Toichi Takino, President and COO of Ono Pharma from Osaka, Japan and very much honored to be here to make a presenta ...

Company Overview - Ono Pharmaceutical has a long history dating back to 1717, marking its 309th year in 2023 [3] - The company has developed numerous innovative medicines, including over 10 prostaglandin-related products and the world's first PD-1 antibody, OPDIVO, launched nearly 10 years ago [3] Growth Strategy - Ono is expanding its market focus from traditional Japan and Asia to global markets [4] - In 2024, Ono acquired U.S. biotech Deciphera, aiming to enhance its specialty products and sales channels in the U.S. and European markets [4] Future Outlook - The company is positioned as an attractive investment opportunity with high potential for future growth, driven by its development pipelines [2]

Halozyme Therapeutics FY Conference Summary Company Overview - **Company**: Halozyme Therapeutics (NasdaqGS: HALO) - **Event**: FY Conference held on December 02, 2025 - **Key Speaker**: Dr. Helen Torley, CEO Core Business and Technologies - Halozyme is experiencing significant adoption of its technologies, particularly with argenx's VYVGART Hytrulo and the success of DARZALEX SubQ, where 96% of patients in the US utilize the SubQ version [2][4] - The recent acquisition of Elektrofi for its HyperCon technology aims to enhance home delivery of biologic therapies through autoinjectors, expanding Halozyme's portfolio to three leading technologies [2][5] Financial Performance - Halozyme has raised its revenue guidance to $1.3-$1.375 billion, driven by a 50% year-over-year growth in royalties, expected to reach $850-$880 million [4] - EBITDA is projected to grow nearly 50%, reaching between $880 million and $930 million [4] Product Portfolio and Future Growth - Key products driving revenue include DARZALEX, PHESGO, and VYVGART Hytrulo, with expectations for new products like SubQ OCREVUS, OPDIVO, TECENTRIQ, and RYBREVANT to contribute significantly in the coming years [6][7] - DARZALEX is projected to grow from $14-$15 billion this year to $18 billion by 2028, with over 90% of its use being SubQ with ENHANZE [8] - PHESGO is expected to grow to $3-$3.5 billion, while VYVGART Hytrulo is anticipated to reach $4 billion, with projections of $8 billion based on current indications [9] Regulatory Environment and IRA Impact - Concerns regarding the IRA price negotiation have been downplayed, with Halozyme confident that its products will not be significantly impacted due to their classification and the presence of biosimilars [11][14] - The One Big Beautiful Bill Act clarifies that products with multiple orphan indications will not be included in IRA negotiations, benefiting Halozyme's portfolio [12][13] Elektrofi Acquisition Insights - The acquisition of Elektrofi is seen as timely, as the company has secured major deals and is at a value inflection point with products expected to enter clinical trials soon [16][17] - HyperCon technology allows for higher concentration drug delivery, with IP protection extending to the mid-2040s, providing additional revenue opportunities [18][19] Litigation and Patent Portfolio - Halozyme is currently in litigation with Merck regarding its MDASE patent portfolio, which is separate from its ENHANZE portfolio, ensuring no risk to ENHANZE royalties [23][24] - The company is pursuing a permanent injunction and triple damages in the litigation, while remaining open to licensing agreements with Merck [24] Strategic Partnerships and Deal Structure - Halozyme is shifting towards non-exclusive deals for bispecific products, allowing for greater flexibility and collaboration with multiple partners [27][28] - The company aims to continue adding new products and royalty streams to sustain its growth trajectory [10][29] Conclusion - Halozyme is positioned for strong growth driven by its ENHANZE technology and the new HyperCon technology, with a robust pipeline of products and a favorable regulatory outlook [29][30]

Summary of Option Care Health (OPCH) FY Conference Call - June 09, 2025 Company Overview - **Company**: Option Care Health (OPCH) - **Industry**: Home Infusion Services Key Points and Arguments Market Dynamics - The acute side of the business is characterized as a low single-digit growth market, while the chronic side is experiencing high single-digit to low double-digit growth, with chronic growth being in the low teens [4][5][8] - The company raised the bottom end of its full-year guidance due to strong first-quarter performance, indicating confidence in market resilience despite uncertainties [3] Growth Drivers - The company is well-positioned to benefit from drug innovations, particularly in the infusion and injectable product pipeline, which requires healthcare professional oversight [10][12] - The transition towards lower-cost settings of care is a significant driver for growth in both acute and chronic markets [5][19] - The company has invested in facilities, technology, and personnel to enhance its service delivery and capitalize on market opportunities [20][21] Competitive Advantage - Option Care Health has a robust nursing network and pharmacy infrastructure, allowing it to respond effectively to patient needs and market demands [23][25] - The company has maintained a competitive edge by being purpose-built for home infusion services, which has allowed it to navigate challenges such as bag shortages and competitive exits from the market [26][28] Financial Performance - The company reported a revenue CAGR of 13% over the past five years, outperforming market growth [20] - Despite headwinds from the STELARA product, the company has managed to grow and maintain profitability through strategic negotiations and operational efficiencies [47][49] Future Outlook - The company anticipates continued growth in the chronic segment, driven by durable demand in chronic inflammatory diseases and new product introductions [36][40] - There is potential for growth in oncology, particularly with PD-1 therapies, as the company expands its capabilities in this area [42][44] - The management is cautious about the impact of policy changes, such as MFN and tariffs, but believes that their business model will allow them to adapt and negotiate better terms with payers [54][56] Risks and Considerations - The company faces uncertainties related to market dynamics, competitive pressures, and regulatory changes that could impact pricing and reimbursement [2][54] - The management is focused on navigating these challenges while continuing to prioritize patient care and operational excellence [21][49] Additional Important Content - The company has established over 800 payer relationships and is in-network with most major payers, which simplifies access for patients and enhances its competitive position [19] - The management emphasized the importance of local responsiveness in healthcare, leveraging their national scale to provide tailored services [19][21] - The evolving nature of the product portfolio, including the shift from IV to subcutaneous administration, is being closely monitored to ensure effective patient support [13][15]

Amgen (AMGN) 2025 Conference Summary Company Overview - **Company**: Amgen (AMGN) - **Date**: May 14, 2025 - **Speakers**: Peter Griffith (CFO), Dr. Jay Bradner (EVP of R&D), Justin Clays (VP, Investor Relations) Key Points Financial Performance - Amgen started 2025 with strong momentum, reporting a **9% year-over-year revenue increase** in Q1, driven by **14% volume growth** [3][4] - **14 products** delivered double-digit growth across key therapeutic areas: General Medicine, Rare Disease, Inflammation, and Oncology [4] Product Highlights - In General Medicine, **Repatha and Evenity** generated over **$1 billion** in Q1, reflecting a **28% year-over-year growth** [4][5] - The obesity candidate **Meritide** is advancing with two Phase 3 studies in chronic weight management [5] - **Euplisna** launched as the first approved therapy for IgG4 related disease, with a PDUFA date for generalized myasthenia gravis set for **December 14** [6] - In oncology, **BLINCYTO** is expanding into earlier treatment lines, and **INVELTRA** achieved over **$80 million** in sales in Q1 [8] Biosimilars Portfolio - The biosimilars portfolio generated **$735 million** in Q1, up **35% year-over-year**, driven by launches of **Pavblue** and **Wevlana** [9] - Amgen is advancing new biosimilar candidates against **OPDIVO**, **Keytruda**, and **OCREVUS**, all in Phase 3 development [10] Research and Development - Non-GAAP R&D spend is expected to grow **20% year-over-year**, reflecting increased investment in late-stage programs [10][26] - Operating margin guidance for 2025 is around **46%**, down from **47%** in the previous year, due to increased R&D spending [31] Market and Policy Environment - Amgen is actively monitoring the impact of evolving policies, tariffs, and macroeconomic uncertainties on its operations [10][12] - The company remains committed to the U.S. market, with significant investments in new facilities in Ohio and North Carolina totaling nearly **$1 billion** [14] Innovation and Future Outlook - Amgen emphasizes the importance of innovation, with a focus on delivering medicines for serious illnesses [11][26] - The company is open to business development opportunities, particularly in obesity and other therapeutic areas [49] Clinical Trials and Mechanisms - The Phase 3 studies for **Meritide** are designed to improve tolerability based on learnings from previous trials [41][42] - Confidence in the mechanism of **Olicasiran** is high, supported by genetic evidence, with a focus on reducing elevated Lp levels [58] Conclusion - Amgen is well-positioned for growth with a robust pipeline, strong financial performance, and a commitment to innovation and patient care [11][26]

Summary of Option Care Health (OPCH) Conference Call Company Overview - **Company**: Option Care Health (OPCH) - **Industry**: Home Infusion Services - **Event**: 2025 Conference on May 13, 2025 Key Points Strong Performance and Growth Expectations - The company reported a strong first quarter, exceeding internal performance measures despite challenges such as bag shortages and competitive exits [2][3] - Excluding the impact of Stelara, the company anticipates approximately 20% EBITDA growth for the year [4][6] Drivers of Growth - Growth is expected to come from acute therapies and capitalizing on competitive exits in the market [6][7] - The company is seeing growth not only in exit markets but also in other areas due to reliable partnerships with hospitals and health systems [7][8] - The focus on high-quality care at lower costs positions the company favorably with payers, especially in managing total care costs [9][10] Managed Care Relationships - The company is actively engaging with managed care plans to facilitate patient transitions from higher-cost inpatient settings to home or infusion suites [9][10] - There is an increasing interest from payers in utilizing home infusion services to manage costs effectively [13] Investment in Infrastructure - Annual capital expenditures range from $30 million to $40 million, focusing on expanding pharmacy infrastructure and infusion suite capabilities [15][16] - The company operates over 750 infusion chairs across the U.S. and is investing in advanced care practitioner models to manage more complex patients [16][17] Therapeutic Focus - The company is expanding into areas such as oncology and complex conditions like Alzheimer's, leveraging advanced practitioner models [19][20] - There is a focus on rare and orphan products, with ongoing efforts to partner with manufacturers for new product launches [24][25] Biosimilars and Market Dynamics - The company is preparing for the impact of biosimilars entering the market, particularly concerning Stelara, but emphasizes that most patients served require intravenous administration rather than self-injection [27][28] - The company retains a majority of its Stelara patients, and while profitability is affected, it remains a viable therapy [29] Executive Order and Drug Pricing - The recent executive order aimed at reducing drug costs presents uncertainties, but the company is monitoring its potential impacts on pricing and reimbursement [36][37] - The company operates with a diverse pricing strategy, with less than 50% of revenue tied to contracts based on average selling price (ASP) [38][39] Free Cash Flow and Capital Deployment - The company generated over $250 million in free cash flow last year and expects to maintain similar levels this year [49][50] - Capital deployment strategies include mergers and acquisitions, as well as share repurchases, with significant investments made in both areas recently [51][52] Conclusion - Option Care Health is well-positioned for continued growth through strategic investments, strong managed care relationships, and a focus on high-quality, cost-effective care solutions. The company is actively navigating market dynamics, including the introduction of biosimilars and regulatory changes, while maintaining a robust capital deployment strategy.