Financial Data and Key Metrics Changes - Total revenue for 2025 was $106 million, up from $76.3 million in 2024, driven by significant clinical and regulatory milestones and collaboration options [27] - Operating expenses decreased to $198.5 million in 2025 from $213.4 million in 2024, primarily due to a non-recurring impairment charge in 2024 [28][29] - Net loss improved to $81.1 million in 2025 compared to a net loss of $122.7 million in 2024, attributed to increased revenue and decreased operating expenses [30] Business Line Data and Key Metrics Changes - Revenue growth was partially offset by a decline in development support and drug supply-related revenue from Jazz, reflecting a transition of responsibilities under collaboration agreements [27] - The company reported regulatory approvals for Zanidatamab as monotherapy in Canada and the UK for second-line biliary tract cancer, which is expected to translate into regulatory milestone payments of up to $440 million [12][13] Market Data and Key Metrics Changes - Consensus estimates for peak sales of Zanidatamab have doubled, indicating potential for multi-billion dollar peak sales levels [12] - The company expects cumulative revenue contributions through royalties and milestones to scale significantly as use broadens across indications and geographies [14] Company Strategy and Development Direction - The company aims to leverage a validated scaling asset to secure efficient non-dilutive capital while preserving long-term upside [15][16] - A strategic financing agreement with Royalty Pharma provides $250 million of low-cost non-dilutive capital, allowing for accelerated reinvestment into new value-generating assets [16][18] - The company plans to continue conducting phase 1 clinical studies for ZW191 and ZW251 in 2026, with a focus on integrating new partnerships and collaborations into its existing portfolio [36][37] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding Zanidatamab's potential to redefine treatment paradigms in first-line HER2-positive metastatic or locally advanced GEA, with strong feedback from key opinion leaders [7][9] - The company anticipates significant opportunities to build financial value through regulatory approvals and milestone payments, with a cash runway extending beyond 2028 [31][32] Other Important Information - The company has approximately $270.6 million in cash resources as of December 31, 2025, down from $324.2 million in 2024 [30] - Adjusted gross operating expenses are expected to be approximately 20% lower in 2026 compared to 2025, excluding acquisition-related expenses [32] Q&A Session Summary Question: Regarding GPC3 ADC ZW251 enrollment and internal decision-making - Management indicated that enrollment for ZW251 is proceeding as planned, with a similar operational execution expected as seen in ZW191 [44][46] Question: Timing of royalty-backed financing and acquisition opportunities - The timing for the royalty note completion was influenced by the commercialization cycle of Zanidatamab and the current cost of capital [52][54] Question: Types of assets targeted for acquisitions - The company is looking for innovative medicines that drive dramatic patient benefits, with a focus on oncology and immunology, but not limited to these areas [73][77] Question: Details on the 20% reduction in operating expenses and share repurchase cadence - Management confirmed that the share repurchase program is progressing well, with expectations of utilizing available capital for further repurchases as opportunities arise [84][86]

Financial Data and Key Metrics Changes - Jazz Pharmaceuticals reported record total revenue of $4.3 billion for 2025, reflecting a 5% growth over 2024, with fourth quarter revenue of $1.2 billion, a 10% year-over-year increase [6][31] - Non-GAAP adjusted net income for 2025 was approximately $522 million, with non-GAAP adjusted EPS of $8.38 [31] - The company expects total revenue for 2026 to be in the range of $4.25 billion to $4.50 billion, indicating a growth of about 2.5% at the midpoint compared to 2025 [32] Business Line Data and Key Metrics Changes - The rare sleep therapeutic area generated over $2 billion in total revenue in 2025, with XYWAV revenue growing 12% to approximately $1.7 billion for the year [12][31] - Epidiolex achieved blockbuster status with $1.1 billion in revenue, up 9% year-over-year, while Zepzelca generated $307 million in revenue in 2025 [16][21] - Modeyso, launched in August 2025, generated $48 million in revenue by year-end, with expectations of peak sales exceeding $500 million in the U.S. [19][31] Market Data and Key Metrics Changes - XYWAV remains the number one branded treatment for narcolepsy and the only FDA-approved treatment for idiopathic hypersomnia (IH), with a 34% increase in net active IH patients [14][15] - The introduction of multiple generic high-sodium oxybate products is expected to negatively impact revenues from high-sodium Xyrem, while XYWAV is anticipated to maintain its market position due to its unique low-sodium profile [15][32] - The company expects a modest decrease in total rare sleep revenue for 2026, primarily driven by Xyrem and Hikma Pharmaceuticals revenue [32] Company Strategy and Development Direction - Jazz Pharmaceuticals is sharpening its strategic focus on rare diseases, aiming to strengthen current franchises and expand into new areas [8][39] - The company plans to leverage its proven capabilities in corporate development to continue building a more valuable company, with a focus on rare disease therapies [9][39] - Future pipeline advancements and new business development transactions are anticipated, particularly in the oncology space with zanidatamab and Ziihera [10][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong financial position and operational excellence, highlighting the successful launch of innovative therapies and regulatory approvals [5][39] - The management team acknowledged the evolving competitive landscape in the sleep market but emphasized the unique safety benefits of XYWAV, which resonate well with patients and healthcare providers [48][75] - The company is optimistic about the potential for zanidatamab to become the HER2-targeted agent of choice across multiple tumor types, with a potential launch in the second half of 2026 [24][25] Other Important Information - The company resolved nearly all major litigation, including settling outstanding ANDA litigation for Epidiolex, which extends its market runway into the late 2030s [7][8] - Jazz Pharmaceuticals generated approximately $1.4 billion of cash from operations for the full year 2025, ending the year with $2.4 billion in cash and investments [38] Q&A Session Summary Question: Guidance around XYWAV for 2026 - Management indicated that XYWAV is well-positioned for 2026, with growth expected primarily from the IH segment, despite potential competitive pressures from generics in the second half of the year [41][44] Question: Hikma royalty rate and AG volume impact - Management confirmed a modest step down in the Hikma royalty rate for 2026 but emphasized that significant economics will still flow to Jazz Pharmaceuticals [50][51] Question: JZP047 background and development - Management clarified that JZP047 is a novel chemical entity developed in-house, with strong preclinical data supporting its use in absence epilepsy [54][55] Question: HER2 breast cancer population and potential uptake - Management noted approximately 150,000 patients with HER2-positive breast cancer in the markets served, positioning zanidatamab as a potential treatment option in the post-HER2 setting [57][58] Question: XYWAV competitive pressure in the second half - Management expects minimal impact on XYWAV in the first half of 2026, with increasing competitive dynamics anticipated in the second half due to generics and new wake-promoting agents [66][68] Question: Payer contracts and potential negotiations - Management acknowledged the possibility of payers wanting to renegotiate contracts if generics gain significant market volume, but emphasized the unique value proposition of XYWAV [71][73] Question: Launch metrics for Idacio and ACTION study impact - Management expressed confidence in the early launch metrics for Idacio, with the $500 million peak sales opportunity contingent on the success of the ACTION study [79][82]

Financial Data and Key Metrics Changes - Jazz Pharmaceuticals reported record total revenue of $4.3 billion for 2025, reflecting a 5% growth over 2024, with fourth quarter revenue of $1.2 billion, representing a 10% year-over-year growth [6][31] - Non-GAAP adjusted net income for 2025 was approximately $522 million, with non-GAAP adjusted EPS of $8.38 [31] - The company expects total revenue for 2026 to be in the range of $4.25 billion to $4.50 billion, equating to a growth of about 2.5% at the midpoint compared to 2025 [32] Business Line Data and Key Metrics Changes - The rare sleep therapeutic area generated over $2 billion in total revenue in 2025, with XYWAV revenue growing 12% to approximately $1.7 billion for the year [12][31] - Epidiolex achieved blockbuster status with $1.1 billion in revenue, up 9% year-over-year, while Zepzelca generated $307 million in revenue in 2025 [16][21] - Modeyso, launched in August 2025, generated $48 million in revenue by year-end, indicating strong early performance [19] Market Data and Key Metrics Changes - XYWAV remains the number one branded treatment for narcolepsy and the only FDA-approved treatment for idiopathic hypersomnia (IH), with a 34% increase in net active IH patients [14][15] - The competitive landscape for sleep medications is evolving, with two generic versions of high-sodium Xyrem entering the market, expected to negatively impact revenues [15][32] - The company anticipates a modest decrease in rare sleep revenue for 2026, primarily driven by Xyrem and Hikma Pharmaceuticals revenue [32] Company Strategy and Development Direction - Jazz Pharmaceuticals is sharpening its strategic focus on rare diseases, aiming to strengthen current franchises and expand into new areas [8][39] - The company plans to leverage its proven capabilities in corporate development to continue building a more valuable company, particularly in rare diseases [9][39] - Future pipeline advancements and new business development transactions are expected to align with the company's rare disease focus [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong financial position and operational excellence, highlighting the potential for significant future growth [5][39] - The company is focused on maximizing the potential of its oncology portfolio, particularly with zanidatamab and its upcoming launch in GEA [10][24] - Management acknowledged the evolving competitive landscape in the sleep market but emphasized the unique value proposition of XYWAV as a low-sodium option [68][75] Other Important Information - The company resolved nearly all major litigation, including settling outstanding ANDA litigation for Epidiolex, which extends its runway into the late 2030s [7][8] - Jazz Pharmaceuticals generated approximately $1.4 billion of cash from operations for the full year 2025, ending the year with $2.4 billion in cash and investments [38] Q&A Session Summary Question: Guidance around XYWAV for 2026 - Management indicated that XYWAV is well-positioned with strong patient adds and unique safety benefits, but acknowledged potential competitive pressures from generics in the second half of 2026 [41][44] Question: Hikma royalty rate and AG volume impact - Management confirmed a modest step down in the Hikma royalty rate for 2026 but emphasized that significant economics will still flow to Jazz [50][51] Question: JZP047 background and development - Management clarified that JZP047 is a novel chemical entity developed in-house, focusing on absence epilepsy, with strong preclinical data supporting its development [54][55] Question: HER2 breast cancer population and potential uptake - Management highlighted the opportunity for zanidatamab in the HER2-positive breast cancer market, estimating around 150,000 patients in the served markets [57][58] Question: XYWAV competitive pressure in the second half - Management expects minimal impact on XYWAV in the first half of 2026 but anticipates increasing competitive dynamics in the second half due to generics and new agents [66][68] Question: Payer contracts and potential negotiations - Management acknowledged the possibility of payers wanting to renegotiate contracts but emphasized the strong commitment from healthcare providers to ensure access to XYWAV [71][74] Question: Future strategy for the sleep-wake franchise - Management stated that they are investing in the growth of all current franchises, including sleep, and are open to opportunities for licensing and M&A to augment growth [85][88]

February 24, 2026 2025 Fourth Quarter and Full Year Financial Results Redefining Possibilities in Rare Disease Transforming Lives. Redefining Possibilities. Caution Concerning Forward-Looking Statements This presentation contains forward-looking statements, including, but not limited to, statements related to: the Company's growth prospects and future financial and operating results, including the Company's 2026 financial guidance and the Company's expectations related thereto; anticipated multiple near-ter ...

Summary of ALX Oncology FY Conference Call Company Overview - **Company**: ALX Oncology (NasdaqGS:ALXO) - **Key Programs**: Evorpacept and ALX 2004, both in clinical stages and differentiated in their class [2][3] Core Industry Insights - **Focus on CD47**: Evorpacept targets CD47, a critical immune checkpoint in oncology, which has been challenging to target effectively [3][4] - **EGFR-targeted ADC**: ALX 2004 is a novel antibody-drug conjugate (ADC) targeting EGFR, designed to minimize on-target toxicity while maximizing efficacy [21][22] Key Data and Findings - **Evorpacept Data**: - Presented at SITC with promising results in gastric cancer (Aspen-06) showing a 65% response rate in CD47 overexpressing HER2-positive patients, a significant improvement over the control arm [12][14] - Combination studies with Rituxan and Evorpacept showed complete response rates of 83% and 92% in different settings [13] - **ALX 2004 Progress**: - Currently in phase one trials, with successful completion of initial dose cohorts and a focus on optimizing the linker payload for better delivery and efficacy [4][31] - Preclinical data indicates superior bystander effects and reduced toxicity compared to existing EGFR-targeted therapies [27][29] Market Opportunity - **HER2-positive Breast Cancer**: - Estimated addressable patient population of 20,000, with a market opportunity valued between $2 billion to $4 billion [20] - Current treatments show response rates of 15% to 20%, indicating a significant unmet need for effective therapies post-HER2 treatment [19] Strategic Collaborations - **Partnerships**: Collaborations with Sanofi for combination studies in multiple myeloma, leveraging the high expression of CD47 in hematologic malignancies [46][47] Future Catalysts - **Upcoming Data Releases**: - Interim data for Evorpacept expected in Q3 2026, which will be crucial for validating the biomarker-driven approach [33] - Continued dose escalation and data sharing for ALX 2004 to elucidate its safety profile [34] Conclusion - ALX Oncology is positioned to potentially lead in the CD47 and EGFR-targeted therapy spaces with differentiated mechanisms and promising clinical data, addressing significant unmet medical needs in oncology [35][36]

January 9, 2026 Zanidatamab: Pivotal Phase 3 HERIZON-GEA-01 Trial Results in Gastroesophageal Adenocarcinoma (GEA) Innovating to Transform the Lives of Patients and Their Families Intended for U.S. investor audiences only. Intended for U.S. investor audiences only. 2 January 9, 2026 Transforming Lives. Redefining Possibilities. Caution Concerning Forward-Looking Statements This presentation contains forward-looking statements and financial targets, including, but not limited to, statements related to: the C ...

Financial Data and Key Metrics Changes - Jazz Pharmaceuticals reported total revenues of $1.126 billion for Q3 2025, representing a 7% increase compared to Q3 2024 [21] - Adjusted net income (ANI) for the quarter was $501 million, influenced by various factors including litigation settlements and the Chimerix acquisition [22] - The company narrowed its 2025 revenue guidance to a range of $4.175-$4.275 billion, reflecting increased confidence in its outlook [7][22] Business Line Data and Key Metrics Changes - Revenue from the sleep therapeutic area, including Xywav and Xyrem, was $520 million, with Xywav net product sales growing 11% year-over-year to $431 million [9][12] - Epidiolex net product sales reached $303 million, a 20% increase compared to Q3 2024, driven by 10% volume growth [12][22] - Rylaze net product sales were $100 million, a 1% increase year-over-year, while Zepzelca sales were approximately $79 million, an 8% decrease due to competitive dynamics [14][15] Market Data and Key Metrics Changes - The launch of Modeso generated $11 million in net product sales within two weeks of its accelerated approval, indicating strong market uptake [16] - The company anticipates potential entry of generic versions of Xyrem in 2026, which could impact Xywav revenue [11][39] Company Strategy and Development Direction - Jazz Pharmaceuticals aims to strengthen its portfolio through corporate development, as evidenced by the acquisition of Chimerix and the licensing agreement with Saniona [6][7] - The company is focused on executing its strategy to maximize patient impact and shareholder value, with a strong emphasis on innovation in rare diseases and oncology [7][25] - The management highlighted the importance of differentiation in the market, particularly for Xywav as the only low-sodium oxybate [12][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the competitive landscape, particularly with the anticipated entry of generics [39][66] - The management team emphasized the importance of maintaining strong access to Xywav and the differentiated profile of its products [12][43] - Future milestones include sharing top-line results from the phase III GEA trial of Zanidatamab, which is expected to be a significant event for the company [25] Other Important Information - The company has reached settlement agreements regarding the Xyrem antitrust litigation, allowing it to focus on strategic execution [7] - Jazz Pharmaceuticals welcomed Dr. Ted Love to its Board of Directors, enhancing its leadership capabilities in the biopharmaceutical industry [7] Q&A Session Summary Question: Can you talk about how KD7 is best-in-class? - The management highlighted that KD7 has specificity for KCNQ2 and KCNQ3, differentiating it from other molecules that may cause off-target toxicity [30] Question: Can you quantify the benefit to gross to net for Epidiolex? - The revenue growth for Epidiolex was boosted by volume growth and refinements in accrual rates, with a majority of the difference between volume and revenue growth attributed to these refinements [31][32] Question: How do you view the potential for generic entrants in 2026? - The management acknowledged uncertainty regarding the number of generics entering the market and their pricing, which could disrupt Xywav revenue [39][52] Question: What strategies will be employed to defend against competitive threats to the sleep franchise? - The company plans to continue emphasizing the differentiation of Xywav and maintain strong engagement with healthcare providers [42][43] Question: How confident is the team regarding the FDA's acceptance of the Horizon GEA trial design? - The management confirmed alignment with the FDA on the trial design, emphasizing the representativeness of the enrolled patient population [46] Question: What is the expected cadence of uptake for Rylaze and Zepzelca? - Rylaze has seen strong uptake with high awareness among healthcare providers, while Zepzelca's first-line use is still early to assess [71][72]

Financial Data and Key Metrics Changes - The company received approval for Midaso or Dodavapene ahead of the PDUFA date, indicating strong progress in regulatory interactions with the FDA [4] - Strong results were reported for Xywav, with approximately 400 net patient additions in the second quarter for idiopathic hypersomnia, where it is the only approved treatment [6][7] Business Line Data and Key Metrics Changes - Xywav continues to perform well in both idiopathic hypersomnia and narcolepsy, with significant growth driven by the unique low sodium formulation that appeals to patients and physicians [15][17] - The oncology segment is seeing exciting developments, particularly with the upcoming Zepzelca approval and ongoing trials for Zanidatamab, which is expected to yield important data in the fourth quarter of 2025 [9][10] Market Data and Key Metrics Changes - The market for small cell lung cancer is becoming more competitive, but the company is optimistic about Zepzelca's potential in both first-line and second-line settings [50][51] - The company is preparing for potential competition from generics in the oxybate market, particularly with the anticipated introduction of generic Xyrem in early 2026 [19][20] Company Strategy and Development Direction - The company is focused on driving value through its existing assets while exploring new opportunities in rare oncology and epilepsy [56] - The new CEO, Renée Galá, is expected to bring fresh insights and leadership to further the company's strategic goals [6][58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming clinical data and the potential for both Zanidatamab and Dodavapene to change the standard of care in their respective indications [57][58] - The company is prepared for various market scenarios, particularly regarding the impact of generics on its revenue streams [19][20] Other Important Information - The company has completed a licensing transaction to enhance its epilepsy franchise, indicating a proactive approach to expanding its portfolio [5] - Management emphasized a disciplined approach to managing expenses while investing in high-potential R&D opportunities [53][54] Q&A Session Summary Question: How is Xywav performing amidst competition? - Management noted that Xywav has shown strong growth, particularly in idiopathic hypersomnia, and they expect this trend to continue [15][17] Question: What are the expectations regarding generics entering the market? - Management is planning for various scenarios, including the potential impact of generics on revenue, and is prepared to adapt to market conditions [19][20] Question: How does the company view the competitive landscape for Durexins? - Management sees Durexins as a potent adjunctive therapy for narcolepsy, which could improve patient outcomes without replacing oxybate therapy [25][26] Question: What is the outlook for Zanidatamab's clinical trials? - Management is optimistic about the upcoming data readouts and believes the active arms of the trial could perform better than initially anticipated [29][30] Question: How is the company managing operating expenses while pursuing growth? - Management emphasized a focus on high-impact investments in R&D while maintaining tight control over SG&A expenses [53][54]

Financial Data and Key Metrics Changes - The company received approval for Midaso or Dodavapene prior to the PDUFA date, indicating strong operational capabilities and timely interactions with the FDA [4] - The company reported strong results with Xywav, particularly in idiopathic hypersomnia, with approximately 400 net patient additions in the second quarter [6][7] - The company is planning for various scenarios regarding the potential introduction of generics in 2026, indicating a cautious approach to future revenue expectations [18][19] Business Line Data and Key Metrics Changes - Xywav has shown strong performance in both idiopathic hypersomnia and narcolepsy, with significant net patient additions and a unique low sodium offering that appeals to patients and physicians [6][7][16] - The oncology segment is poised for growth with several upcoming catalysts, including the Zepzelca approval and ongoing trials for Zanidatamab, which are expected to yield important data in the near future [9][10][49] Market Data and Key Metrics Changes - The market for small cell lung cancer treatments is becoming more competitive, but the company is optimistic about Zepzelca's potential in both first-line and second-line settings [50][51] - The company is actively monitoring the competitive landscape, particularly regarding Durexins, which are seen as a potent daytime waking agent for narcolepsy patients [22][24] Company Strategy and Development Direction - The company is focused on driving value through strategic investments in R&D while managing operating expenses tightly [52][53] - The new CEO, Renée Galá, is expected to bring fresh insights and leadership to further the company's strategic goals [6][58] - The company is exploring opportunities in rare oncology and epilepsy, indicating a proactive approach to corporate development [56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming clinical data and product launches, which are seen as pivotal for changing standard care practices [57][58] - The company is prepared for various market scenarios, particularly regarding the potential impact of generics on revenue streams [18][19] Other Important Information - The company has completed a licensing transaction to enhance its epilepsy franchise, indicating ongoing efforts to expand its product offerings [5] - The management emphasized the importance of leveraging existing infrastructure to drive efficiency and margin expansion [55] Q&A Session Summary Question: How has the year been for the company and the investment thesis? - Management highlighted strong progress in both commercial and R&D areas, with significant developments in clinical trials and corporate strategy [3][4] Question: What is the outlook for Xywav amidst competition? - Management noted that Xywav continues to perform well despite competition, particularly in idiopathic hypersomnia, and emphasized the unique benefits of low sodium [15][16] Question: How does the company view the competitive landscape for Durexins? - Management sees Durexins as a potent adjunctive therapy for narcolepsy, but not a substitute for oxybate therapy, indicating a complementary role [22][24] Question: What are the expectations for Zanidatamab's upcoming trials? - Management expressed confidence in the trial outcomes, citing strong historical data and the potential for Zanidatamab to outperform expectations [28][42] Question: How is the company managing operating expenses while pursuing growth? - Management stated that while they are focused on margins, they prioritize strong investments in R&D and are disciplined in spending [52][53]

Financial Data and Key Metrics Changes - The company received approval for Midaso or Dodavapene prior to the PDUFA date, indicating strong operational capabilities and timely interactions with the FDA [4] - The company reported strong results with Xywav, particularly in idiopathic hypersomnia, with approximately 400 net patient additions in the second quarter [6][7] - The company is planning for various scenarios regarding the potential introduction of generics in 2026, indicating a cautious approach to future revenue expectations [18][19] Business Line Data and Key Metrics Changes - Xywav continues to perform strongly in both idiopathic hypersomnia and narcolepsy, with significant net patient additions and a unique low sodium offering that appeals to patients and physicians [6][7][16] - The oncology segment is poised for growth with several upcoming catalysts, including the Zepzelca approval and ongoing trials for Zanidatamab [9][10] Market Data and Key Metrics Changes - The company is actively expanding its oncology portfolio, with a focus on HER2-positive cancers and the potential for Zanidatamab to redefine treatment standards [41][42] - The competitive landscape in small cell lung cancer is evolving, with the company optimistic about Zepzelca's role in both first-line and second-line treatments [50][51] Company Strategy and Development Direction - The company is focused on disciplined investment in R&D while managing operating expenses, with a strong emphasis on identifying high-impact opportunities [52][53] - The new CEO, Renée Galá, is expected to drive the company forward, building on the legacy of the previous leadership while exploring new avenues for growth [6][58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming clinical data and product launches, which are expected to significantly impact the company's stock price and market position [57][58] - The company is prepared for various market scenarios, particularly regarding the potential impact of generics on revenue streams [18][19] Other Important Information - The company has completed a licensing transaction to enhance its epilepsy franchise, indicating a proactive approach to expanding its therapeutic offerings [5] - The management team is focused on leveraging existing infrastructure to drive efficiency and margin expansion [55] Q&A Session Summary Question: How has the growth of Xywav been affected by competition? - Management noted that Xywav has continued to grow despite competition, particularly in idiopathic hypersomnia, and they expect this trend to continue [15][16] Question: What are the expectations regarding generics entering the market? - Management is planning for the potential introduction of generics in early 2026 and is preparing for various scenarios regarding their impact on revenue [18][19] Question: How does the company view the competitive landscape for Durexins? - Management sees Durexins as a potent daytime waking agent that could complement existing therapies rather than replace them [22][24] Question: What is the outlook for the oncology pipeline, particularly for Zanidatamab? - Management is optimistic about the upcoming readouts and believes that Zanidatamab has the potential to outperform expectations in clinical trials [41][42] Question: How is the company managing its operating expenses while pursuing growth? - Management emphasized a disciplined approach to managing expenses while investing in high-potential R&D opportunities [52][53]