Astellas Pharma R&D Day Summary Company Overview - **Company**: Astellas Pharma - **Event**: R&D Day - **Key Speakers**: Naoki Okamura (CEO), Tadaaki Taniguchi (CRDO) Core Industry Focus - **Primary Focus Areas**: 1. Immuno-oncology 2. Targeted protein degradation 3. Blindness and regeneration 4. Genetic regulation Key Points and Arguments Vision and Strategy - Astellas aims to transform innovative science into value for patients, focusing on outcomes that matter to patients and the costs to the healthcare system [3][4] - The **Focus Area Approach** is employed to address high unmet medical needs, linking biology, modality, and technology [3][4] R&D Progress - Achieved proof of concept (POC) for three assets: ASP 2138, ASP 7317, and zitidagresib (ASP 3082) [5] - Over the past five years, Astellas accelerated its pipeline, achieving 12 phase II first subject doses and initiating one new phase III trial [5] - Terminated 21 clinical stage programs to reallocate resources to higher value assets, improving overall pipeline quality [6] Financial and Operational Strategy - Focus on maximizing sales of strategic brands to mitigate revenue decline from XTANDI's loss of exclusivity [8] - Implementing a new end-to-end operational model to enhance productivity and integrate research, development, commercialization, and lifecycle management [9] Pipeline Development - Building a robust pipeline with strategic brands, flagship programs, and follow-on programs [9][10] - Examples include the prostate cancer franchise and the acquisition of IZERVAY for geographic atrophy in age-related macular degeneration [10] Specific Program Updates - **Setidegrasib**: A targeted protein degrader for solid tumors with KRAS G12D mutations, showing promising results in pancreatic ductal adenocarcinoma (PDAC) and non-small cell lung cancer (NSCLC) [24][25] - ORR of 58.3% in PDAC and 37.5% in NSCLC with ongoing phase III trials [26][28] - **ASP2138**: A bispecific antibody targeting claudin 18.2 in gastric cancer, preparing for phase III trials [30] - **ASP7317**: Achieved POC for severe visual impairment in geographic atrophy, moving towards phase III [34] Future Outlook - Astellas plans to transform its R&D organization and governance structure to enhance productivity from 2024 to 2026, aiming for significant improvements in R&D productivity by 2030 to 2034 [15][36] - Continuous investment in cutting-edge technologies, including AI and robotics, to accelerate drug discovery and clinical trials [20][21] Additional Important Insights - Astellas emphasizes the importance of portfolio discipline, making strategic decisions to discontinue low-value projects [6][45] - The company is actively collaborating with external partners and academia to enhance its R&D capabilities [22] - Astellas aims to maintain a 30% operating margin sustainably while investing in R&D and managing expenses effectively [53][58] This summary encapsulates the key points discussed during Astellas Pharma's R&D Day, highlighting the company's strategic focus, R&D progress, and future outlook in the pharmaceutical industry.

Astellas R&D Day Pioneering science to change tomorrow March 31, 2026 1 ©2026 ASTELLAS PHARMA INC. AND ITS AFFILIATES. Cautionary statement regarding forward-looking information In this material, statements made with respect to current plans, estimates, strategies and beliefs and other statements that are not historical facts are forward-looking statements about the future performance of Astellas Pharma. These statements are based on management's current assumptions and beliefs in light of the information c ...

Sustainability Meeting 2025 Astellas Pharma Inc. February 26, 2026 ことを確認してください。 ©2026 ASTELLAS PHARMA INC. AND ITS AFFILIATES. アステラス 製薬の画像は、 MediaValetから入手で きます(ガイダンススラ イドを参照)。 スライドマスターファイ ルに機密保持または著作 権表示 に関する正しい フッターを追加している Cautionary Statement Regarding Forward-Looking Information In this material, statements made with respect to current plans, estimates, strategies and beliefs and other statements that are not historical facts are forward-looking statements about the future performance of Astellas Pharma ...

Summary of Corbus Pharmaceuticals FY Conference Call Company Overview - **Company**: Corbus Pharmaceuticals (NasdaqCM:CRBP) - **Location**: Norwood, Massachusetts - **Size**: 36 employees - **Pipeline**: Focus on oncology with lead asset CRB-701 (Nectin-4 ADC) and obesity with CRB-913 (CB1 inverse agonist) [4][5] Key Points on CRB-701 (Nectin-4 ADC) - **Mechanism**: CRB-701 is a Nectin-4 targeting ADC armed with MMAE, designed to have better internalization and stability compared to PADCEV [6][9] - **Differentiation**: CRB-701 targets a different epitope and has a precise drug-to-antibody ratio (DAR) of 2, leading to lower levels of circulating MMAE and reduced side effects [7][10] - **Safety Profile**: Notable for low levels of peripheral neuropathy and skin issues, but potential ocular toxicity is acknowledged [15][16] - **Clinical Data**: Preliminary efficacy signals observed in second-line head and neck and cervical cancers, with expectations for more mature data in mid-2026 [30][31] - **Market Strategy**: Focus on tumor types where PADCEV is not a competitor, aiming for "empty swim lanes" in the competitive landscape [11] Key Points on CRB-913 (CB1 Inverse Agonist) - **Mechanism**: CRB-913 is a peripherally restricted CB1 inverse agonist, expected to lead to weight loss with a favorable safety profile [65][66] - **Efficacy Data**: Early data shows significant weight loss (almost 3% at 2 weeks) across all patients, with ongoing studies to assess longer-term effects [66][67] - **Safety Profile**: Minimal neuropsychiatric adverse events reported, indicating a favorable safety profile compared to previous CB1 antagonists [68][69] - **Market Potential**: Positioned to compete in the obesity market, with expectations for transformative data by the end of summer 2026 [70][75] Other Important Insights - **Tivdak Comparison**: CRB-701 is positioned to potentially replace Tivdak in the cervical cancer market, which had $300 million in sales despite its high cost and limited patient eligibility [32][33] - **Regulatory Pathway**: Plans for FDA discussions regarding phase 3 trials for both CRB-701 and CRB-913, with updates expected in Q1 2026 [55][56] - **Market Dynamics**: The oncology market is competitive, with a focus on differentiating CRB-701 from existing therapies like Genmab's peto and exploring combination therapies with KEYTRUDA [49][50] This summary encapsulates the key points discussed during the conference call, highlighting the strategic direction and clinical developments of Corbus Pharmaceuticals.

Financial Data and Key Metrics Changes - For the full year 2025, the company recorded revenues of $62.6 billion, a 2% operational decline from $63.6 billion in the previous year. Excluding COVID-19 products, operational revenue growth was 6% [28] - Adjusted gross margins for the full year expanded to 76%, aligning with expectations. The diluted EPS for 2025 was $1.36, down from $1.41 the previous year, while adjusted diluted EPS increased to $3.22 from $3.11 [28][32] - In Q4 2025, revenues were $17.6 billion, a 3% operational decline year-over-year, primarily due to a 40% decline in COVID product sales. Non-COVID product performance grew 9% operationally [29][30] Business Line Data and Key Metrics Changes - Recently launched and acquired products generated $10.2 billion in revenues for 2025, growing approximately 14% operationally compared to the previous year [29] - The decline in COVID product sales was attributed to reduced demand for Comirnaty and Paxlovid due to lower infection rates [29][30] Market Data and Key Metrics Changes - The company anticipates stable revenue contributions from its non-COVID product portfolio, with an expected revenue compression of approximately $1.5 billion due to generic entry in 2026 [36] - The market for obesity treatments is projected to be $150 billion, with significant opportunities for the company's new obesity pipeline [10][48] Company Strategy and Development Direction - The company aims for industry-leading growth as key products lose patent or regulatory exclusivity in the coming years, focusing on maximizing the value of in-line product portfolios and accelerating pipeline development [7][12] - Strategic acquisitions, including Seagen, Metsera, and Biohaven, are expected to drive future growth [7][12] - The company is investing in artificial intelligence across various functions to enhance productivity and innovation [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate uncertainties and deliver on financial commitments, despite challenges from the COVID-19 product decline [5][6] - The company is focused on investing in key assets and managing upcoming loss of exclusivity (LOE) challenges, with growth expected from its advancing R&D pipeline and business development initiatives [36][38] Other Important Information - The company achieved approximately $600 million in savings from its manufacturing optimization program in 2025, with additional savings expected in the following years [30][33] - The company plans to advance over 20 obesity trials in 2026, including 10 Phase III studies [22] Q&A Session Questions and Answers Question: Can you elaborate on the tolerability seen in the VESPER-3 data? - Management indicated that the tolerability data will be shared at the ADA conference, noting that the distribution of adverse events was encouraging and did not show significant increases in discontinuation rates [41][42] Question: What role do you see for the drug with the current weight loss profile in the market? - Management believes that the drug's efficacy combined with a lower medication burden through monthly dosing will resonate well with patients and providers, enhancing its commercial potential [46] Question: Did the placebo arm in the VESPER-3 study gain or lose weight? - The placebo arm remained stable, showing no significant weight gain or loss, with full data to be presented at ADA [61] Question: What are the plans for the Phase III studies regarding down titration? - The Phase III design will allow for flexibility in dosing and titration to improve overall efficacy and tolerability [52][53] Question: What is the company's strategy regarding portfolio realignment? - The company has completed most of its pipeline pruning and is focusing on high-value programs, with significant savings reinvested into Phase III programs [84][86]

Financial Data and Key Metrics Changes - For the full year 2025, the company recorded revenues of $62.6 billion, a 2% operational decline from $63.6 billion in the previous year. Excluding COVID-19 products, operational revenue growth was 6% [29] - Adjusted gross margins for the full year expanded to 76%, aligning with expectations, while diluted EPS was reported at $1.36 compared to $1.41 last year, and adjusted diluted EPS increased to $3.22 from $3.11 [29][30] - In Q4 2025, revenues were $17.6 billion, a 3% operational decline year-over-year, primarily due to a 40% decline in COVID product sales. Non-COVID product performance grew 9% operationally [30][31] Business Line Data and Key Metrics Changes - Recently launched and acquired products generated $10.2 billion in revenues for 2025, growing approximately 14% operationally [30] - The decline in COVID product sales was attributed to reduced demand for COMIRNATY and PAXLOVID due to lower infection rates [30] Market Data and Key Metrics Changes - The company anticipates stable revenue contributions from its non-COVID product portfolio, with an expected revenue compression of approximately $1.5 billion due to anticipated generic entry in 2026 [39] - The market for obesity treatments, particularly for the ultra-long-acting GLP-1 receptor agonist, is projected to be $150 billion, with significant opportunities in both mature and emerging markets [51] Company Strategy and Development Direction - The company aims for industry-leading growth as key products lose patent or regulatory exclusivity in the coming years, focusing on maximizing the value of in-line product portfolios and accelerating pipeline development [7][12] - Strategic acquisitions, including Seagen, Metsera, and Biohaven, are seen as transformative for the company, with a commitment to invest in R&D and maintain a robust dividend [7][12][37] - The company is scaling artificial intelligence across various functions to improve productivity and accelerate innovation [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver strong financial performance despite challenges, highlighting the resilience of the business and the successful execution of strategic priorities [5][27] - The company expects to face headwinds from loss of exclusivity (LOE) for several products but remains focused on investing in key assets to drive growth by the end of the decade [39][40] Other Important Information - The company achieved significant cost savings through manufacturing optimization programs, with expectations of additional savings in the coming years [31][34] - The company plans to advance over 20 pivotal studies in 2026, targeting potential approvals starting in 2028 for its obesity portfolio [23][25] Q&A Session Summary Question: Can you elaborate on the tolerability seen in VESPER-3 data? - Management indicated that the tolerability data will be shared at ADA, noting that the distribution of adverse events was encouraging, with no significant increase in discontinuations when switching to monthly dosing [43][45] Question: What role do you see for the drug with solid weight loss but potentially below competitors? - Management believes that the combination of competitive efficacy and a lower medication burden through monthly dosing will resonate well with patients and providers, enhancing the drug's market potential [49] Question: Did the placebo arm gain or lose weight in VESPER-3? - The placebo arm remained stable, showing no significant weight gain or loss, with detailed data to be presented at ADA [65] Question: What are the expectations for the upcoming phase III studies? - Management expressed confidence in the ongoing studies, highlighting the promising data observed so far and the potential for differentiation in the market [84][90]

Financial Data and Key Metrics Changes - For the full year 2025, the company recorded revenues of $62.6 billion, a 2% operational decline from $63.6 billion in 2024. Excluding COVID-19 products, operational revenue growth was 6% [27] - Adjusted gross margins for the full year expanded to 76%, aligning with expectations [27] - Full year diluted EPS was $1.36, down from $1.41 in the previous year, while adjusted diluted EPS increased to $3.22 from $3.11, exceeding expectations [27][32] - In Q4 2025, revenues were $17.6 billion, a 3% operational decline year-over-year, primarily due to a 40% decline in COVID product revenues [28] Business Line Data and Key Metrics Changes - Recently launched and acquired products generated $10.2 billion in revenues for 2025, growing approximately 14% operationally [28] - Non-COVID product performance in Q4 was solid, with a 9% operational growth compared to the same period last year, driven by products like Abrysvo, Eliquis, Prevnar, and the Vyndaqel family [28][29] Market Data and Key Metrics Changes - The company anticipates a significant market opportunity in obesity treatments, targeting a $150 billion market with its differentiated Metsera pipeline portfolio [9] - The company captured 83% of new CGRP writer volume in Q4, maintaining leadership in new patient starts [8] Company Strategy and Development Direction - The company aims for industry-leading growth as key products lose patent or regulatory exclusivity in the coming years, focusing on maximizing the value of in-line product portfolios and accelerating pipeline development [5] - Strategic acquisitions, including Seagen, Metsera, and Biohaven, are expected to have transformative potential for the company [5] - The company is scaling artificial intelligence across R&D, manufacturing, and commercial operations to improve productivity and accelerate innovation [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute and deliver growth despite challenges, including the lowest COVID-19 season on record [4] - The company is focused on investing in key assets and managing upcoming loss of exclusivity (LOE) headwinds, with growth expected to be driven by an advancing R&D pipeline and business development initiatives [36] Other Important Information - The company returned $9.8 billion to shareholders via dividends in 2025 and invested $10.4 billion in internal R&D [35] - The company expects total revenues for 2026 to be in the range of $59.5 billion to $62.5 billion, with adjusted diluted EPS between $2.80 and $3.00 [36] Q&A Session Summary Question: Can you elaborate on the tolerability seen in the VESPER-3 data? - Management indicated that the tolerability data will be shared at the ADA conference, but initial observations showed no significant increase in discontinuations or severe adverse events when switching to a higher dose [41][42] Question: What role do you see for the drug with the current weight loss profile in the market? - Management believes the drug's efficacy combined with a lower medication burden through monthly dosing will resonate well with patients and providers, enhancing its commercial potential [47] Question: Did the placebo arm in VESPER-3 gain or lose weight? - The placebo arm remained stable, showing no significant weight gain or loss [62] Question: What are the expectations for the upcoming Phase III studies? - Management expressed confidence in the ongoing studies, highlighting the promising data from previous trials and the potential for differentiation in the market [80]

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 ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [2]. Core Insights - The report highlights the ongoing performance of the pharmaceutical sector, with a focus on the upcoming annual earnings forecasts and the potential for exceeding expectations. The sector has shown a return of 7.08% since the beginning of 2026, outperforming the CSI 300 index by 4.88% [8][12]. - Key catalysts in the industry include significant partnerships and acquisitions, such as AbbVie’s $6.5 billion upfront payment for RC148 and a $1 billion collaboration between Eli Lilly and NVIDIA to accelerate AI drug development [4][10]. - The report emphasizes the importance of innovative drug chains and the AI+ theme, suggesting that these areas will continue to attract investment and yield positive results [4][5]. Summary by Sections Industry Overview - The pharmaceutical sector's total market capitalization is approximately 74,744.70 billion yuan, with a circulating market value of 68,522.64 billion yuan [2]. - The report notes that the pharmaceutical sector is currently valued at 23.4 times PE based on 2026 earnings forecasts, which is a premium of 13.7% compared to the overall A-share market [15]. Market Dynamics - The report indicates that the pharmaceutical sector has experienced a mixed performance, with medical services up by 3.29% while other segments like medical devices and traditional Chinese medicine have seen declines [8][12]. - The report also mentions that the market is transitioning to a more rational and steady growth phase, moving away from the initial volatility seen at the start of the year [4]. Key Company Performances - Notable companies such as WuXi Biologics, Sangamo Therapeutics, and Tigermed have been highlighted for their strong performance, with WuXi Biologics showing a significant increase of 26.53% in January [24]. - The report suggests continued monitoring of companies involved in AI and small nucleic acid technologies, as they are expected to lead future growth in the sector [5][9]. Investment Recommendations - The report recommends focusing on companies that are well-positioned within the innovative drug chain and AI+ sectors, as these are anticipated to provide substantial returns [4][5]. - Specific stocks recommended include WuXi Biologics, Sangamo Therapeutics, and Tigermed, which have shown promising growth trajectories [24].

Astellas Pharma Conference Call Summary Company Overview - **Company**: Astellas Pharma, Inc. - **Industry**: Pharmaceuticals - **CEO**: Naoki Okamura - **Conference**: J.P. Morgan Healthcare Conference Key Financials - **FY 2024 Revenue**: ¥1.9 trillion (approximately $13 billion) with an operating profit of ¥392 million (20.5%) [4] - **FY 2025 Guidance**: Revenue expected to reach ¥2.0 trillion with an operating profit margin of 24.1% [4] - **R&D Investment**: 17% of revenue is reinvested into research and development [5] Strategic Focus - **Vision**: To turn innovative science into value for patients, focusing on outcomes that matter divided by healthcare costs [3] - **Global Presence**: Over 85% of revenue generated outside Japan, operating in more than 70 countries [4] Product Portfolio - **Oncology Products**: 75% of revenue comes from oncology, with Xtandi being a significant contributor (over $6 billion in sales) [5][6] - **Five Strategic Brands**: - PADCEV (bladder cancer) - VYLOY (gastric cancer) - XOSPATA (acute myeloid leukemia) - IZERVAY (age-related macular degeneration) - VEOZAH (menopausal symptoms) [7] - **Growth Strategy**: Astellas aims to maintain growth post-Xtandi exclusivity loss by leveraging these strategic brands [8] Research and Development Strategy - **Focus Area Strategy**: Astellas employs a unique R&D approach focusing on biology, modality, and patient population [10][11] - **Primary Focus Areas**: - Targeted Protein Degradation - Immuno-Oncology - Blindness and Regeneration - Genetic Regulation [12] Financial Discipline and Profitability - **Profitability Goals**: Astellas aims to achieve a 30% operating profit margin by FY 2027 [10][31] - **Cost Optimization**: Targeting JPY 150 billion in annual recurring benefits by FY 2027 [16] Market Position and Competitive Landscape - **Xtandi Loss of Exclusivity**: Astellas has a strategy to mitigate the impact of Xtandi's loss of exclusivity by developing a portfolio of strategic brands [23] - **Veozah Sales Performance**: Initially downgraded peak year sales expectations, but current performance is on track [26] Pipeline and Clinical Development - **ASP3082**: Targeting KRAS G12D mutation, with a focus on safety and efficacy compared to competitors [32][34] - **Claudin 18.2 Assets**: Strong market position with Vyloy and promising data from ASP2138, indicating potential for broader patient coverage [35][39] Summary of Key Messages 1. Maximizing revenue through five strategic brands to address Xtandi's loss of exclusivity [17] 2. Accelerating the pipeline to deliver products to market quickly [17] 3. Establishing financial discipline to improve profitability [17] Conclusion - Astellas is committed to turning innovative science into value for patients while enhancing shareholder value through strategic growth and financial discipline [40][41]