巴克莱美股生物制药行业美国生物制药业全球医疗会议问答20193732页

EquityResearch7March2019COREBarclaysCapitalInc.and/oroneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.PLEASESEEANALYSTCERTIFICATION(S)ANDIMPORTANTDISCLOSURESBEGINNINGONPAGE26.Restricted-InternalU.S.BiopharmaceuticalsGlobalHealthcareConferenceQ&AThe2019BarclaysGlobalHealthcareConferencewilltakeplaceonMarch12th-14th,inMiamiBeach,FL.TohelpinvestorsnavigatethediverseissuesinBiopharma,wehavecompiledalistofquestionsthatweviewasthemosttopicalandrelevantforthelargestcompaniesbymarketcap,eitherpresentingorhosting1:1meetingsatourconference.Welookforwardtoseeingyouthere!JNJ:Pharmadiversificationprioritizationandupsideleversin2019;industrypricingdynamicsfor2019andbeyondgivenrecentdiscussionswithadministration;strategyformitigatingZytigalossesinthewakeofgenericlaunches;outlookforlineextensions(Tremfya,Imbruvica,Darzalex,Erleada)PFE:Prioritizationofpipelineexpansion(internalvs.externalassets)nearterm;tanezumabdataexpectations/filingtimelines;strategyin1LRCC(JAVELIN)givenrecentcompetitordata;outlookfortafamidisfollowingapprovalmid-2019MRK:Keytrudaaccelerationexpectations(1Llung/1LRCC/melanoma);long-termoutlookinI/Oandevolutionofthespace;R&Dspendstrategy;productmixoutsideofKeytruda(Lynparza,Gardasil,Vaccinespipeline)LLY:GLP-1classexpansionandTrulicityoutlook(upcomingREWINDdata);emergingpainfranchise(Emgalitypayerdynamics,tanezumablong-termsafetydataexpectations/filingtimelines);LOXOacquisitionrationaleBMY:Celgeneacquisitionrationale/confidenceinshareholdervote;1LlungstrategyforOpdivo(refilling/upcomingreadoutexpectations);2LlungtrendsfollowingKeytrudaramp;Opdivolongtermoutlook(includingadjuvant/neoadjuvantopportunities);EliquisIPpositionABBV:EUHumirabiosimilarerosion/outlookforFY2019;strategyforUSHumiralookingforward;Orilissalaunchtrajectory/firstmoveradvantage;upadacitinibandrisankizumabupcominglaunchesGILD:HIVlandscapeevolution;BiktarvygrowthtrajectoryinHIV/reimbursementdiscussionsOUS;PrEPstrategyandoutlook;Yescartacommercialuptake;strategyinNASHfollowingSTELLAR4failure;outlookforJAKclass(filgotinib)INCY:Jakafigrowthoutlook(especiallyinGvHDaheadoflaunch);changestoOlumiantstrategygivenreal-worlddata/recentXeljanz(Pfizer)news;pemigatinibpositioninginbladdercancer;prioritizationofearlystagepipelineVRTX:Expectations/timelinesfortriplecombinationfiling(3Q19,4Q19EU);reimbursementnegotiationsfortriplecombo;outlookforCFbeyondthetriple;pipelineprioritizationbeyondCFfranchiseINDUSTRYUPDATEU.S.BiopharmaceuticalsPOSITIVEUnchangedU.S.BiopharmaceuticalsGeoffMeacham,[e-mail],[e-mail],USJasonZemansky,[e-mail],USGregHarrison,[e-mail],USScottPuckhaber,[e-mail],USBarclays|U.S.Biopharmaceuticals7March20192CONTENTSJohnson&Johnson.........................................................................................................................................3Pfizer,Inc...........................................................................................................................................................4Merck&Co.......................................................................................................................................................5EliLilly&Co......................................................................................................................................................6Bristol-MyersSquibb.....................................................................................................................................7AbbVie...............................................................................................................................................................8Gilead.................................................................................................................................................................9Incyte..............................................................................................................................................................10Vertex..............................................................................................................................................................11NeurocrineBiosciences..............................................................................................................................12SeattleGenetics............................................................................................................................................13Ironwood........................................................................................................................................................14Myovant.........