Celldex Therapeutics (NasdaqCM:CLDX) 2026 Conference February 11, 2026 03:30 PM ET Company ParticipantsAnthony S. Marucci - President and CEODiane Young - CMOTibor Keler - Chief Scientific OfficerConference Call ParticipantsYatin Suneja - Biotech AnalystYatin SunejaEveryone, welcome to Guggenheim Emerging Outlook Biotech Summit 2026. My name is Yatin Suneja, one of the biotech analysts here at the firm. My pleasure to introduce my next presenting company, Celldex Therapeutics. From the company, we have thre ...

Summary of Novartis Management Investor Event Company Overview - **Company**: Novartis - **Event**: 2025 Meet Novartis Management Investor event - **Focus**: Interaction between investors, analysts, and management teams, discussing company performance and future strategies [1][3] Core Industry Insights - **Industry**: Pharmaceuticals - **Strategy**: Transitioned to a pure-play medicines company, divesting from Alcon and Sandoz, leading to a focused strategy on four key therapeutic areas and key geographies [4][6] Financial Performance - **Sales Growth**: Achieved 7% sales growth and 15% core operating income growth [4] - **Free Cash Flow**: Generated $15.9 billion in the first nine months of the year, comparable to the full year 2024 number [5] - **Return on Invested Capital**: Improved to 17%, above peer median [5] - **Shareholder Returns**: Ranked in the top five for total shareholder returns over five years and second over three years [5] Strategic Focus Areas - **Therapeutic Areas**: Focus on four key therapeutic areas and technology platforms, including data science and artificial intelligence [6] - **Capital Allocation**: Emphasis on investing in business growth, with ongoing share buybacks and a commitment to a growing dividend [7] Product Portfolio and Pipeline - **Blockbusters**: 14 in-market blockbusters and eight brands with peak sales potential over $3 billion [8] - **Pipeline Assets**: 30 high-value pipeline assets with 15 submission-enabling readouts expected in the next two years [11][22] - **Market Potential**: Estimated market sizes for new platforms: $36 billion in RNA therapeutics, $28 billion in radioligand therapies, and up to $49 billion in cell and gene therapies [9] Growth Outlook - **Sales Guidance**: Upgraded guidance for 2024-2029 to 6% sales growth, with 5-6% expected from 2025 to 2030 [11][12] - **Core Margin**: Anticipated decline of 1-2 percentage points in core margin in 2026 due to the Avidity acquisition, with recovery expected to over 40% by 2029 [12] Launch Performance - **Recent Launches**: Strong performance in recent product launches, with significant market shares achieved within months [15][16] - **International Markets**: Notable growth in China, Germany, and Japan, with aspirations to improve market positions [16] Key Product Updates - **Kisqali**: Upgraded to over $10 billion peak sales potential based on strong early performance [17] - **Cosentyx**: Maintained outlook at $8 billion, supported by recent positive data [17] - **Kesimpta**: Projected at over $6 billion, with ongoing evaluations of competitive dynamics [17] - **Scemblix**: Upgraded guidance based on strong brand share growth despite competition [18] Regulatory and Market Challenges - **European Market**: Facing challenges due to MFN agreements affecting pricing and market access, leading to potential delays in product launches [55][56] - **Asia Growth**: Significant opportunities identified in Asian markets, particularly China and Japan [56] ESG Commitment - **Sustainability**: Recognized as a leader in ESG matters, with a AAA MSCI rating and a commitment to global health initiatives [48] Conclusion - **Overall Strategy**: Novartis is positioned for continued growth with a strong pipeline, focused strategy, and commitment to shareholder returns, despite facing regulatory challenges in Europe and a competitive market landscape [49]

Core Viewpoint - The company has shown consistent performance over the last 10 quarters, beating expectations but has become more cautious due to generic expiries impacting sales, particularly for its heart failure drug Inresto, while other drugs in its portfolio continue to perform well and drive future growth [1][2][4]. Financial Performance - The company reported a narrow beat in its latest quarter but did not raise its guidance, marking a shift in outlook due to the loss of exclusivity for Inresto [1][2]. - The full impact of Inresto's loss of exclusivity is expected to be felt in Q4, with continued strong performance from other growth drivers anticipated to support recovery [4]. Product Pipeline and Approvals - The company is optimistic about upcoming drug approvals, including Rapsido for chronic spontaneous urticaria, which could be a multi-billion dollar asset, and additional indications for its prostate cancer drug [6][7]. - Three significant approvals are expected next year, which are anticipated to drive future growth [8]. M&A Activity - The company recently completed a $12 billion acquisition of Aidity, aimed at enhancing its neuromuscular pipeline, which is seen as a strategic fit for long-term growth [8][9][11]. - This acquisition is part of a broader strategy, with over 35 deals made in the past year, focusing on scientific and technological alignment [12][13]. Regulatory Environment - The company is actively engaged in discussions with the White House regarding drug pricing and tariffs, aiming to find solutions that will not adversely affect profits [16][19]. - The administration's focus is on ensuring that international markets reward innovation appropriately, which could impact future product launches [20][21]. Investment in US Facilities - The company plans to invest $23 billion in US facilities, which is expected to help mitigate tariff impacts and support domestic production [23][24][25].