瑞信全球制药与医疗设备行业2019年糖尿病专家会议纪要201961933页

DISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.19June2019Americas/UnitedStatesEquityResearchHealthcareGlobalPharmaceuticals&MedicalDevicesCONFERENCECALLResearchAnalystsVamilDivan,[e-mail]@[e-mail]@c[e-mail]@[e-mail]@credit-suisse.comTranscriptfromDiabetesExpertCallWithInvestorsPostADA2019FollowingADA,wehostedaninvestorcallwithDr.UtpalPajvani,anendocrinologistandanAssociateProfessorofMedicineatColumbiaUniversityMedicalCenter.Weprovidethetranscriptfromthecallherein.19June2019GlobalPharmaceuticals&MedicalDevices2CreditSuisseSecurities,LLCJune14,201910:00a.m.ESTOperator:Goodday,ladiesandgentlemen,andthankyouforstandingby.WelcometotheCreditSuisseADAWrapUpConferenceCall.Atthistime,allparticipantsareinalisten-onlymodetopreventbackgroundnoise.Ifyouneedassistanceatanytime,justpress“star”and“zero”toreachanoperator.Later,wewillhaveaquestionandanswersession.Andnow,it’smypleasuretoturnthecalltoVamilDivan.VamilDivan:Great.Thankssomuch,operator.Thanks,everyone,forjoiningusonthecall.ThisisVamilDivan.I’mtheU.S.pharmaanalysthereatCreditSuisse.AlsojoinedbysomeofmycolleaguesontheCSside.WehaveMattMiksicbasedhereintheU.S.coveringMedicalDevices,andalsoTrungHuynhfromourteaminEuropecoveringEuropeanpharma.Andobviouslythetopicoftoday’scallistogooversomeofthedatathatwesawlastweekendattheAmericanDiabetesAssociationmeeting.Tohelpusdothat,we’reveryhappytobejoinedbyDr.UtpalPajvani.SomeofyoumayhaveheardDr.Pajvanibeforewhenwe’vehostedcallswithhim.We’vealwaysfoundhisinsightshelpful,sowethoughtit’dbegoodtocatchupwithhimagaintoday.SoI’lllethimgivealittlebitmoreofhisbackgroundinjustaminute.Buthe’sanendocrinologistandanassociateprofessorofmedicineatColumbiaUniversityMedicalCenterhereinNewYork.Thankssomuchforjoiningus,doctor.Howareyoudoingtoday?UtpalPajvani:I’mwell.Thankyou.VamilDivan:Great.Sobeforewebegin,Ijustwanttoremindeveryonewe’regoingtoonlybediscussingpubliclyavailableinformation.Also,IwanttopointouttheopinionsexpressedbyDr.Pajvaniarehisalone,donotnecessarilyreflectthoseofourhealthcareteamorCreditSuisse.AndIjustneedtoreadadisclaimerhereandhaveDr.Pajvaniverballyagreetothisstatement.19June2019GlobalPharmaceuticals&MedicalDevices3Sowearepublishingequityresearchanalysts.Wemayusetheinformationyouprovideinourresearch.Withusonthephonearemembersoftheinvestorcommunityandtheymayuseinformationyouprovidewhendecidingwhethertobuyorsellstocksormakeotherinvestments.Wedonotwantmaterialnon-publicinformationoranyinformationthatissubjecttoaconfidentialityobligation.Wedonotwanttospeakwithyouifthisconversationwillviolateyouremployer’spoliciesoranyconfidentialityobligationsyoumayowetoanyoneelse.AreyouOKwithproceedingwiththecallonthatbasis?UtpalPajvani:Yes.Iam.VamilDivan:OK,great.Justtokindofgiveasenseoftheflowofthecallforeveryoneontheline,sowesetasideanhourforthecall.We’regoingtostartwithsomeofthequestionsthatIhaveontheLillysidewithsomeofthedatafromREWINDandtirzepatide.Then,Trung’sgoingtohavesomequestionsrelatedtosomeoftheNovodataonoralsemaandOzempic.Andthen,we’llcomebacktoMattandgetsomemoreinsightsonthedevicesideofthingsaswell.ThenwewillhavetimeforopenQ&Aandwe’llhavetheoperatorgivetheinstructionsatthattime.Ifyouwanttoe-mailanyofthethreeofus,pleasegoahead[e-mail],again,MattandTrunghavesortofsimilare-mailaddresses.Sowiththatoutoftheway,Dr.Pajvani,maybeyoucouldjustgiveusalittlebitmoreofyourbackgroundonyourpracticeandkindofhowyouaremanagingyourpatientswithdiabetes.Andthenwe’lldiveintothequestionsrelatedtoADA.UtpalPajvani:Sure.Sothankyouforhavingme.Iamaboardcertifiedendocrinologist.Mypracticeisalmostexclusivelythecareofpatientswithdiabetes.Roughly40to50percentofmypracticeistype1diabetesandsoasaconsequenceIprescribealltheavailable19June2019GlobalPharmaceuticals&MedicalDevices4devices,pumps,sensors,andhybridclosed-loopsandcandiscussanyofthesethingsaswellaswhat’scomingthrough.Theremainderofmypracticeisinpatientswithtype2diabetesandalittlebitgestationaldiabetes.Andsoasaconsequence,IobviouslyprescribeallavailablepharmacotherapyincludingMetformin,sulfonylureastosomedegree,butalotofGLP-1,SGLT2drugs.SoI’mhappytodiscussanyofthethingsthatyou’vealreadymentioned.VamilDivan:OK,great,perfect.Sowhydon’twestartwithREWINDbecauseIthinkthatwasoneofthekeypresentationsatthemeeting.Butbeforewedothat,