AnaptysBio Conference Call Summary Company Overview - **Company**: AnaptysBio (NasdaqGS:ANAB) - **Date**: February 12, 2026 Key Points Separation of Royalty Pharma and Biopharma - The separation of the royalty company and the biopharma business is a top priority, targeted for completion in Q2 2026, though it may extend beyond April 1 [2][4] - The royalty company will focus on recognizing the value of commercial entities with low operational expenses, driven by the growth of Jemperli and Imsidolimab [4][5] Financial Position - AnaptysBio started the year with $310 million in cash, approximately $11 per share [7] - The company plans to allocate sufficient cash to the biopharma business to support operations through 2027, potentially extending cash reserves into 2028 [7][8] Jemperli Performance - Jemperli reported Q4 sales of $343 million, reflecting a 13% quarter-over-quarter growth [12] - It is positioned as a best-in-class PD-1 antagonist, with significant growth potential driven by multiple indications, including rectal cancer and MSI-H colon cancer [13][15] - Analysts have not fully recognized Jemperli's growth potential, with some assigning negative growth rates despite its rapid sales increase [14] ANB033 and Celiac Disease - ANB033, a CD122 antagonist, is being developed for celiac disease, targeting a market with over 2 million patients in the U.S. [21][22] - The study design includes a gluten challenge with a focus on histological outcomes and patient-reported outcomes [24][25] - Data readout is expected in Q4 2026, with enrollment having started in Q4 2025 [27][28] Eosinophilic Esophagitis (EoE) - The company is also advancing a program for EoE, with a focus on reducing eosinophils and improving patient-reported outcomes [52] - The market for EoE is significant, with dupilumab generating approximately $2 billion annually [48] Rosnilimab Development - Rosnilimab has shown promising results in rheumatoid arthritis, with plans to advance it through partnerships rather than using balance sheet cash [55][56] - An update on the phase 3 advancement is expected in the first half of 2026 [54] BDCA2 Modulator (ANB101) - ANB101 is in phase 1 development, with potential applications in systemic lupus erythematosus (SLE) and cutaneous lupus erythematosus (CLE) [60] - The company is monitoring Biogen's trials for insights on advancing ANB101 [61] Legal Considerations - Ongoing litigation with GSK regarding contractual issues could impact the royalty business, with potential for the drug to revert back to AnaptysBio [65][66] Conclusion - AnaptysBio is positioned for significant developments in 2026, with multiple catalysts including the separation of its businesses, Jemperli's growth, and advancements in its clinical programs [68]

Core Insights - Samsung Epis Holdings is entering a significant phase in 2026, announcing six new candidates in its biosimilar pipeline, aiming for a total of 20 biosimilars by 2030 [1][4] - The company has received IND clearance for its first novel therapeutic candidate, SBE303, and plans to advance its clinical program this year [1][4] - Samsung Bioepis is expanding its portfolio beyond biosimilars, focusing on antibody-drug conjugates (ADCs) to address unmet medical needs [1][4] Biosimilar Pipeline - Samsung Bioepis currently has 11 biosimilars approved and launched in over 40 countries, covering 10 unique biological molecules [4] - The new biosimilar candidates include dupilumab, guselkumab, ixekizumab, fam-trastuzumab deruxtecan-nxki, vedolizumab, and ocrelizumab [4][6] - The company has launched several biosimilars, including adalimumab (Humira), etanercept (Enbrel), infliximab (Remicade), trastuzumab (Herceptin), and bevacizumab (Avastin) [3][5] Novel Therapeutics Development - SBE303 is Samsung Bioepis' first novel ADC targeting Nectin-4, with a Phase 1 clinical trial set to begin this year [4] - The company aims to introduce one novel therapeutic candidate into clinical studies each year [4] - Epis NexLab, a new subsidiary, is focused on developing a peptide-based drug delivery platform [4][9] Company Overview - Samsung Epis Holdings is dedicated to biopharmaceuticals and biotechnology, aiming to maximize corporate and shareholder value through R&D and strategic investments [7] - Samsung Bioepis, established in 2012, focuses on making healthcare accessible through innovative product development across various therapeutic areas [8] - Epis NexLab, established in 2025, is committed to driving innovation in next-generation biotechnology platforms [9]

Core Insights - Connect Biopharma is advancing rademikibart, a monoclonal antibody targeting IL-4Rα, with promising data supporting its best-in-class potential for treating asthma and COPD [1][6][7] Development Highlights - New data demonstrates a unique mechanism of action for rademikibart, indicating its ability to rapidly improve airway function by reversing the negative effects of IL-4 and IL-13 [2][5] - Recruitment is ongoing for a Phase 1b study of intravenously-administered rademikibart, with topline results expected in the first quarter of 2026 [1][5] - The Phase 2 Seabreeze STAT studies for acute exacerbations in asthma and COPD are also ongoing, with topline data anticipated in mid-2026 [1][5] Financial Guidance - As of September 30, 2025, the company reported cash, cash equivalents, and short-term investments totaling $54.8 million, which are expected to fund operations into 2027 [4] Mechanism of Action - Rademikibart shows enhanced binding affinity to IL-4R, creating a more stable complex compared to dupilumab, leading to greater efficacy and safety [5] - In vitro studies indicate that rademikibart significantly improves responsiveness to β-agonist treatment in the presence of IL-4/IL-13, unlike dupilumab [5] Company Overview - Connect Biopharma is focused on transforming care for asthma and COPD, with rademikibart positioned as a next-generation treatment option [7] - The company has an exclusive licensing agreement with Simcere Pharmaceutical Co., Ltd. for rademikibart in Greater China, with potential milestone payments up to approximately $110 million [7]

Corporate Presentation for JPM January 2026 Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended (the "Act"). Forward-looking statements are statements that are not of historical fact and include, without limitation, statements regarding future events, our future financial condition, results of operations, business strategy and plans, prospective products (as well as their potential to achiev ...

KT-621, Oral STAT6 Degrader, Phase 1b Results 1 Agenda Introduction Justine Koenigsberg Vice President, Investor Relations Revolutionizing Immunology with Oral Medicines Nello Mainolfi, PhD Founder, President and Chief Executive Officer KT-621 BroADen Phase 1b Data Jared Gollob, MD Chief Medical Officer Closing Remarks Nello Mainolfi, PhD Founder, President and Chief Executive Officer Question and Answer Session 2 Forward Looking Statements This presentation contains forward-looking statements within the me ...

Financial Data and Key Metrics Changes - The company is focused on delivering a new generation of medicines, particularly in immunology, with a significant unmet need in the market for advanced systemic therapies [4][5] - The company has shown that its STAT6 program can match the efficacy of existing biologics like dupilumab, with a focus on oral degraders that can block pathways effectively [6][10] Business Line Data and Key Metrics Changes - The company has shifted its focus to immunology over the past five years, with all recent and preclinical programs targeting this area [4] - The STAT6 program is the most advanced in the pipeline, with two Phase 2b studies planned to start soon [6][10] Market Data and Key Metrics Changes - There are over 100 million patients in the seven major markets suffering from immune inflammatory diseases, with only about 3% having access to advanced therapies [5] - The company aims to address this gap with its oral degraders, which are expected to provide a paradigm shift in treatment options [5] Company Strategy and Development Direction - The company is committed to protecting its franchise by ensuring flawless execution and continuing to develop its drug pipeline [43][44] - The company has a second-generation molecule that is IND ready, which could expand its franchise in the future [44] Management's Comments on Operating Environment and Future Outlook - Management believes that the company has the potential to develop a best-in-class Th2 drug, with clear expectations for the upcoming Phase Ib study [12][13] - The competitive landscape is evolving, but the company feels confident in its unique position and the effectiveness of its STAT6 program [42][46] Other Important Information - The company is exploring opportunities in other therapeutic areas, including Th1 diseases and autoimmune conditions, where there is a lack of effective oral drugs [52] - The management emphasizes the importance of understanding the unique features of their drug and its mechanism in the context of ongoing research [31][32] Q&A Session Summary Question: What are the expectations for the Phase Ib study? - The management expects to demonstrate that STAT6 degradation leads to significant impacts on Th2 cytokines comparable to existing biologics like dupilumab [12][13] Question: How does the company plan to differentiate itself in the competitive landscape? - The company believes it has a strong position due to its advanced programs and the effectiveness of its STAT6 drug, which is difficult for competitors to surpass [42][46] Question: What are the eligibility criteria for the Phase Ib study? - The study will include patients with moderate to severe atopic dermatitis, with specific criteria aligned with previous studies to ensure a relevant patient population [32][33] Question: How does the company view the potential for its second-generation molecule? - The second-generation molecule is seen as both an insurance policy and a potential tool for expanding the franchise, although the focus remains on the current STAT6 program [44][45] Question: What is the company's approach to targeted protein degradation? - The company is focused on matching technology with unmet medical needs and is exploring various avenues for targeted protein degradation, including molecular glues and tissue-selective E3 ligases [56][58]

Summary of Hengrui Medicine Conference Call Company Overview - **Company**: Hengrui Medicine (600276.SS) - **Industry**: Pharmaceutical, specifically focusing on innovative drug development and licensing Key Points Licensing Agreement with GSK - Hengrui has licensed out the ex-China rights of HRS-9821, a PDE3/4 inhibitor currently in phase 1 clinical trials, to GSK - The agreement includes options for the ex-China rights of up to 11 early-stage assets targeting oncology, respiratory, autoimmune, and inflammation diseases - The upfront payment for this deal is US$500 million, with potential milestone payments reaching US$12 billion based on development progress, registration, and commercialization, plus tiered royalties based on net sales [1][10] Market Potential for PDE3/4 Inhibitors - Chronic Obstructive Pulmonary Disease (COPD) affects approximately 23 million patients in the US, EU5, and Japan, with around 1.7 million patients uncontrolled on standard therapies - Currently, only three advanced treatments for COPD are approved globally, highlighting a significant unmet clinical need - Hengrui's HRS-9821 could offer advantages over existing treatments, such as a more convenient dosage form, pending further clinical data [2][9] Sales Projections - Risk-adjusted sales estimates for HRS-9821 are projected at RMB 750 million for the China market and RMB 3.2 billion for overseas markets by 2035, assuming a launch in 2030/2031 [3][12] Earnings Revision and Valuation - Earnings estimates have been revised upwards by 29% for 2025E, 0.7% for 2026E, and 0.2% for 2027E due to the licensing agreement - The 12-month price target has been adjusted to RMB 70.26 from RMB 61.74 based on these revisions and market conditions [7][12] Competitive Landscape - The PDE3/4 inhibitor market is competitive, with ensifentrine being a notable product that has achieved global sales of US$114 million in its first eight months of commercialization in 2024 - Hengrui's HRS-9821 is positioned to compete effectively, especially given its potential for broader patient coverage compared to biologic drugs [2][9] Risks and Considerations - Key risks include slower ramp-up of innovative drugs post-NRDL listing, potential failures in late-stage R&D programs, and higher-than-expected R&D expenses for global expansion - There is also a risk of greater-than-expected price cuts for generics and innovative drugs, as well as below-expected progress in licensing and global expansion [12][13] Financial Metrics - Market capitalization is approximately RMB 407 billion (US$56.7 billion) - Projected revenue growth from RMB 27.98 billion in 2024 to RMB 41.86 billion by 2027 [13] Additional Insights - The licensing deal with GSK reflects Hengrui's strategic focus on expanding its global footprint and leveraging partnerships to enhance its pipeline - The company is actively involved in the development of multiple assets, indicating a robust pipeline that could drive future growth [10][12]

Core Insights - Sanofi's Specialty Care division is positioned for significant growth, focusing on immunology, oncology, neurology, and rare diseases [3][4] - The company anticipates dupilumab to achieve a compound annual growth rate (CAGR) in the double digits from 2023 to 2030, potentially generating around EUR 22 billion by 2030 [4] Company Overview - Sanofi has streamlined its business units from four to three following the sale of its Consumer Health Opella, now comprising General Medicines, Vaccines, and Specialty Care [3] - The Specialty Care business unit is expected to drive growth through recently launched products such as ALTUVIIIO and Qfitlia, alongside the expanding indications for SARCLISA in oncology and multiple myeloma [4]

Kymera Therapeutics (KYMR) Update Summary Company Overview - **Company**: Kymera Therapeutics - **Focus**: Development of small molecule degraders targeting Th2 diseases, specifically through the KT621 program, which is the first STAT6 targeted drug to enter clinical testing [4][35]. Key Industry Insights - **Immunology Market**: Approximately 160 million patients diagnosed with the top 10 immune inflammatory diseases, with only about 3% (5 million) receiving advanced systemic therapies [12][13]. - **Biologics Limitations**: Biologics are often expensive, challenging to prescribe, and have issues with immunogenicity and storage, limiting their accessibility [14][15][16]. - **Opportunity**: Developing oral drugs with biologics-like efficacy could disrupt the market, potentially creating hundreds of billions in value [13]. Core Findings from KT621 Phase 1 Results - **Clinical Data**: KT621 demonstrated complete STAT6 degradation at low doses (as low as 6.25 mg) and a pristine tolerability profile, exceeding expectations [31][49]. - **Biomarker Impact**: The drug showed significant reductions in Th2 biomarkers (TARC, IgE, eotaxin-3) comparable or superior to dupilumab, a leading biologic [44][49]. - **Safety Profile**: No serious adverse events were reported, and the safety profile was indistinguishable from placebo, even at doses 16 times higher than the lowest tested [49]. Development Strategy - **Pipeline**: The company is advancing KT621 through Phase Ib studies in atopic dermatitis (AD) and asthma, with plans for two parallel Phase IIb studies [26][11]. - **Target Selection**: Focus on undrugged or poorly drugged targets with large clinical opportunities, aiming for early clinical differentiation [10][11]. - **Future Expectations**: The company anticipates robust biomarker data in patients, with a focus on achieving dupilumab-like effects in clinical endpoints [72][74]. Additional Insights - **Mechanism of Action**: KT621 utilizes a catalytic mechanism that allows for continuous target degradation, leading to sustained pathway blockade without the typical pharmacokinetic-pharmacodynamic (PK-PD) correlation issues seen with traditional small molecules [17][18]. - **Market Potential**: The potential to treat over 100 million patients who currently lack access to systemic advanced therapies represents a significant market opportunity [25]. - **Regulatory Pathway**: The company is committed to a rapid development timeline, with ongoing studies designed to validate the efficacy and safety of KT621 [91]. Conclusion Kymera Therapeutics is positioned to disrupt the immunology market with its innovative approach to small molecule degraders, particularly through the promising results of KT621. The company’s focus on addressing the limitations of current biologics and its robust clinical data support a strong outlook for future studies and market entry.

Regeneron Pharmaceuticals (REGN) Conference Call Summary Company Overview - **Company**: Regeneron Pharmaceuticals (REGN) - **Date**: May 20, 2025 - **Key Speakers**: George Hancopoulos (Co-Chair, President, CSO), Mark Hudson (Senior Director of IR) Key Industry Insights R&D and Pipeline Developments - Regeneron is recognized for its robust R&D capabilities, with significant upcoming catalysts expected in the next six to twelve months [2][5] - The company has a strong pipeline, particularly in the areas of asthma and Chronic Obstructive Pulmonary Disease (COPD) [6][14] Clinical Trial Success - Regeneron has achieved success in eight out of eight Phase III trials for Dupixent, highlighting the effectiveness of their technology and understanding of biology [8][12] - The company emphasizes the importance of high-throughput technologies in antibody development, screening millions of antibodies to identify the best candidates [10][12] Genetic Insights and Disease Targeting - Regeneron utilizes a unique genetic database to inform its drug development, allowing for targeted approaches based on genetic variations that impact disease [12][39] - The company has identified specific genetic pathways associated with diseases like asthma and COPD, which guide their clinical focus [13][39] Product-Specific Insights Dupixent (Dupilumab) - Dupixent has shown over 30% reductions in exacerbations for eosinophilic COPD patients, setting a high bar for treatment efficacy [15][21] - For low eosinophil patients, a target of a 20% reduction in exacerbations is considered significant due to the lack of treatment options [15][16] Oncology Developments - Regeneron is excited about its oncology portfolio, particularly Libtayo (a PD-1 inhibitor) and its combination with LAG-3 fianlimab, which is expected to yield Phase III data in first-line metastatic melanoma [22][28] - The company has achieved higher complete response rates with its BCMA bispecific for myeloma compared to competitors, indicating strong potential in earlier treatment settings [21][23] Factor XI Antibodies - Regeneron is developing two antibodies targeting Factor XI, aiming to provide safer anticoagulation options with reduced bleeding risks compared to traditional therapies [31][34] - The focus is on balancing efficacy with safety to broaden the use of anticoagulants across various patient populations [36][37] Strategic Collaborations and Acquisitions - Regeneron is acquiring 23andMe to enhance its genetic research capabilities, aiming to leverage this data for broader societal health benefits [45][46] - The company believes that its investment in genetic databases differentiates it from competitors and empowers its drug development efforts [40][41] Future Outlook - Regeneron is committed to advancing its pipeline and exploring next-generation versions of existing products like Dupixent, leveraging its historical success in the industry [49][52] - The company aims to continue leading in the development of best-in-class therapies across various therapeutic areas, including oncology and genetic diseases [52][53]