Bayer Healthcare Conference Summary Company Overview - **Company**: Bayer - **Event**: 2026 J.P. Morgan Healthcare Conference - **Speaker**: Stefan Oelrich, Head of Bayer Pharma Key Points Industry and Company Performance - Bayer Pharma is experiencing a transformation with renewed growth and innovation, marking a significant turnaround since the previous year [2][3] - The company upgraded its guidance from a decline of -4% to -1% to slight growth, despite the loss of exclusivity for Xarelto [3][4] - Bayer's overall profitability remains strong, with a focus on maintaining margins despite losing high-margin products [4][25] Growth Drivers - **Nubeca**: Achieved EUR 1.7 billion in sales in the first nine months of 2025, positioning it as a leading product in prostate cancer [4][7] - **Kerendia**: Expected to become a blockbuster, showing significant growth potential in chronic kidney disease and heart failure [10][11] - **Eylea**: Stable sales with volume growth, but facing pricing pressures due to biosimilars entering the market [6][33] - **Acoramidis**: Launched successfully with a strong uptake, aiming for over EUR 1 billion in sales [13][39] - **Asundexian**: An oral Factor XI inhibitor with potential to redefine secondary stroke prevention, data presentation expected soon [18][43] Pipeline and Innovation - Bayer is focusing on enhancing its R&D productivity, with a strong emphasis on cardiovascular, oncology, and cell and gene therapies [20][24] - Upcoming proof of concept for PSMA actinium in prostate cancer and a large cardiovascular trial for severe heart failure [21][50] - The company is committed to addressing unmet needs in various therapeutic areas, including menopause management and chronic diseases [14][17] Market Dynamics and Challenges - Bayer anticipates continued pricing pressure in markets like Canada, while performing well in countries like France [33][34] - The company is cautious about the competitive landscape, particularly with new entrants in the cardiovascular space [39][49] - Bayer is focused on educating physicians about new non-hormonal therapies in menopause management to expand the prescriber base [36][37] Financial Outlook - Bayer expects mid-single-digit growth starting in 2027, driven by new product launches and a rejuvenated portfolio [22][31] - The company aims to stabilize and expand margins despite challenges from patent expirations [25][30] Strategic Focus - Bayer is prioritizing deleveraging and improving financial health to enable future deal-making opportunities [22][57] - The company is exploring early-stage deals and innovative platforms to enhance its R&D capabilities [55][56] Conclusion - Bayer is positioned for a strong comeback with a robust late-stage pipeline and a commitment to innovation, aiming to overcome past challenges and capitalize on new market opportunities [19][26]

Jazz Pharmaceuticals FY Conference Summary Company Overview - **Company**: Jazz Pharmaceuticals (NasdaqGS:JAZZ) - **Date of Conference**: January 13, 2026 - **CEO**: Renée Galá Key Industry and Company Insights 2025 Performance Highlights - Jazz Pharmaceuticals had an outstanding year in 2025, achieving record total revenue and significant accomplishments in R&D and commercial activities [4][6] - The company launched Medaso, the first drug approved for H3K27M-mutant DMG, exceeding expectations in its market launch [5] - Epidiolex achieved blockbuster status with $1 billion in sales [5] - The company resolved major litigation issues, including those related to Epidiolex and Xyrem, ensuring no generics are expected before the late 2030s [6] Strategic Focus on Rare Diseases - Jazz is refining its strategy to focus on rare diseases, leveraging its existing capabilities in sleep, epilepsy, and oncology [11][12] - The company aims to deepen its commitment to rare diseases, with plans to expand into new therapeutic areas while enhancing R&D and corporate development [11][12] - The rationale for focusing on rare diseases includes high unmet needs, lower competitive intensity, and favorable regulatory dynamics [12][13] R&D and Product Development - Jazz is confident in the potential of Ziihera (zanidatamab) as a new standard of care for HER2-positive gastroesophageal adenocarcinoma, with unprecedented overall survival data exceeding two years [4][20] - The company plans to submit a supplemental Biologics License Application (sBLA) for zanidatamab in the first half of 2026, with potential for rapid FDA review [20][25] - Upcoming milestones include multiple data readouts across indications, including metastatic breast cancer [21][26] Financial Position and Corporate Development - Jazz ended the third quarter of 2025 with over $2 billion in cash and investments, positioning itself well for future investments and acquisitions [24][25] - The acquisition of Chimerix added Medaso and significant neuro-oncology expertise, contributing to the company's growth strategy [6][23] - The company expects to announce additional corporate development deals in 2026 to optimize future value [29] Market Dynamics and Competitive Landscape - The launch of generics for Xyrem is anticipated, but Jazz believes its differentiation with Xywav (the only low-sodium oxybate) will maintain its market position [37][40] - The company is focused on enhancing profitability while building a strong, fast-growing business in the rare disease space [33] Upcoming Guidance and Expectations - Jazz plans to provide guidance for 2026 during its February earnings call, with expectations for robust growth in non-oxybate revenue [27][39] - The company is optimistic about its ability to navigate the dynamic market environment, particularly with its strong payer contracts and patient support services [41] Additional Important Points - Jazz's strategy emphasizes leveraging its proven capabilities and focusing on areas with significant unmet needs [12][14] - The company is committed to enhancing its customer-centric approach and integrating AI into its operations [17] - Jazz's historical success in rare diseases positions it well to compete for new assets in the market [43] This summary encapsulates the key points from the Jazz Pharmaceuticals FY Conference, highlighting the company's strategic direction, financial performance, and market positioning in the rare disease sector.

SiTime Conference Call Summary Company Overview - **Company**: SiTime - **Industry**: Precision Timing Semiconductor - **Key Products**: MEMS programmable solutions for timing devices - **Cumulative Shipments**: Over 3.5 billion timing devices to date [1] Market Insights - **Total Addressable Market (TAM)**: Approximately $10-11 billion, growing at 5-7% annually, expected to reach $20 billion in a decade [5] - **Serviceable Available Market (SAM)**: Estimated at $3 billion, with current revenue significantly lower than this figure [5] Competitive Advantages - **Technology**: SiTime's semiconductor-based solutions outperform traditional quartz crystal technology in various environmental conditions [4] - **Performance Metrics**: SiTime claims superior performance in jitter, temperature stability, and phase noise compared to quartz [9] - **Market Position**: SiTime aims to provide a comprehensive solution set, including resonators, oscillators, and clocks, which is unique in the industry [6] Growth Drivers - **AI and Data Centers**: Significant growth in the Communications Enterprise Data Center (CED) segment, with triple-digit growth rates (120%-140%) over six consecutive quarters [11] - **Gross Margin Improvement**: Focus on achieving and maintaining gross margins of 60%-65% [12] - **Future Growth Projections**: Anticipated base growth rate of 25%-30% for 2026, with potential for higher growth in favorable conditions [12] Data Center Applications - **Market Penetration**: SiTime is involved in nearly all aspects of data centers, particularly excelling in networking and communications [15] - **Dollar Content**: Estimated dollar content per rack of equipment is around $500-$600, with expectations for future increases [21] - **Synchronization Needs**: Emphasis on the importance of synchronization in data centers, which drives demand for SiTime's products [23] Wireless Infrastructure - **5G and 6G Opportunities**: SiTime is positioned to benefit from the growth of wireless infrastructure, particularly in radio access networks [34] - **Fixed Wireless Access (FWA)**: Opportunities in markets like India where government mandates are pushing for connectivity [35] Automotive and Industrial Applications - **Automotive Growth**: Expected to become a $100 million business, focusing on advanced driver-assistance systems (ADAS) and GPS applications [36] - **GPS Reliability**: SiTime's chips can maintain time in GPS-denied environments, enhancing their value in military and industrial applications [37] Consumer IoT and M&A Strategy - **Symphonic Clock Generator**: Aimed at mobile applications, with potential for significant growth in IoT and robotics [46] - **Titan Resonator Platform**: Targeting a $4 billion market with expectations of capturing a $400 million share [47] - **M&A Interests**: SiTime is looking to scale up in timing, with a focus on strategic acquisitions that align with their growth and profitability goals [53] Conclusion - **Market Position**: SiTime is uniquely positioned in the precision timing market, with a strong focus on innovation and performance [55] - **Future Outlook**: The company anticipates continued growth and expansion in various sectors, maintaining a commitment to high margins and strategic development [56]

Danaher (NYSE:DHR) FY Conference Summary Company Overview - **Company**: Danaher Corporation - **Market Capitalization**: Approximately $25 billion - **Operating Segments**: Biotechnology, Life Sciences, Diagnostics - **Financial Profile**: Gross margins nearly 60%, operating margins approaching 30%, operating cash flow over $6 billion [5][6][21] Core Financial Performance - **Q4 2025 Expectations**: Anticipated results to be ahead of expectations, with core growth towards the high end of low single-digit percentage guidance [2][3] - **2025 Adjusted EPS**: Expected to be at the high end of guidance ($7.70 to $7.80) [4] - **2026 Expectations**: Core revenue growth projected between 3% and 6%, adjusted operating profit margin expansion of over 100 basis points, and adjusted EPS growth in high single digits [4][26] Market Positioning and Growth Drivers - **End Market Strength**: Strong momentum in bioprocessing consumables (high single-digit growth) and diagnostics, particularly in respiratory markets [3][4] - **Recurring Revenue**: Approximately 80% of revenue is recurring, driven by consumables and a large installed base [7] - **Secular Growth Drivers**: - Aging global population projected to exceed 1.5 billion over 65 by 2050, increasing healthcare demand [8] - Shift towards biologics with over 20,000 biologics in the pipeline [9] - Growth in molecular diagnostics, which has expanded 2.5 times since 2019 [10] - Advancements in life sciences research driving new therapy classes [10] Segment Performance Bioprocessing - **Revenue**: Over $6 billion, with 80% from monoclonal antibodies [11] - **Growth Outlook**: High single-digit core revenue growth expected in 2026, supported by reshoring and equipment growth [12][39] Life Sciences - **Revenue**: $7.3 billion, diversified across pharma, biopharma, and genomics [13] - **Growth Outlook**: High single-digit long-term core revenue growth with margin expansion opportunities [14][43] Diagnostics - **Revenue**: $10 billion, with strong performance from Cepheid in molecular diagnostics [14] - **Growth Outlook**: Double-digit growth expected in molecular diagnostics, with mid-single-digit growth in other segments [15][48] Innovation and Product Development - **New Products**: Significant innovations such as the ZenoTOF 7600 mass spectrometer and the DxI 9000 immunoassay analyzer, enhancing drug discovery and diagnostics capabilities [16][18] - **Impact on Revenue**: New product revenue increased by 25% over the last year [19] Capital Allocation and M&A Strategy - **Focus on M&A**: Capital allocation bias towards acquisitions, with a disciplined approach based on market analysis and company positioning [21][46] - **Market Conditions**: Improved conditions for M&A with stabilized risks and more reasonable valuations [46] Challenges and Market Outlook - **Near-term Hurdles**: Ongoing normalization in the diagnostics market, particularly in China, with expectations for continued improvement [29][30] - **Long-term Confidence**: Strong conviction in the underlying health of end markets, with positive momentum expected in 2026 and beyond [27][28] Summary - Danaher is well-positioned in attractive biotechnology, life sciences, and diagnostics markets, with a strong financial profile and significant growth opportunities driven by innovation and market trends. The company anticipates continued growth and margin expansion in 2026, supported by a robust pipeline of new products and a disciplined approach to capital allocation and M&A.

Summary of Fortrea Holdings Conference Call Company Overview - **Company Name**: Fortrea Holdings - **Industry**: Contract Research Organization (CRO) - **Background**: Fortrea was spun out from Labcorp in 2023, with roots tracing back to Covance, which Labcorp acquired in 2015. The company focuses on advancing clinical development and providing innovative solutions for drug development [2][3]. Core Points and Arguments - **Value Proposition**: Fortrea positions itself as a pure-play global CRO with decades of experience, capable of serving a diverse client base, from large pharmaceutical companies to small biotech firms [4][5]. - **Market Environment**: The overall market for pharmaceutical R&D investments is cautiously optimistic, with expected growth rates of approximately 3%-4% in the near term, driven by big pharma's renewed focus on R&D and improvements in biotech funding [6][24][26]. - **Service Offerings**: Fortrea provides a comprehensive suite of services across the clinical trial continuum, including clinical operations, data management, biostatistics, and consulting services, with expertise in over 20 therapeutic areas [8][12]. - **Technological Integration**: The company is modernizing study delivery by leveraging AI and machine learning to enhance productivity and quality in clinical trials [5][14]. - **Client Relationships**: Fortrea emphasizes building strong, long-term relationships with clients, which is reflected in its balanced client base of approximately 50% large pharma and 50% biotech [13][39]. Important but Overlooked Content - **Operational Focus**: The management team is concentrating on three pillars of excellence: commercial, operational, and financial, to drive sustained revenue growth and margin expansion [15][17]. - **Cost Management**: Fortrea aims to achieve approximately $150 million in gross cost savings, with a focus on right-sizing the organization while also driving revenue growth [32][33]. - **Market Trends**: There is a shift towards hybrid outsourcing models, particularly among mid-sized biotech companies, which Fortrea is well-positioned to accommodate [28]. - **Pricing Discipline**: The CRO market is competitive, and while pricing plays a significant role in FSP (Functional Service Provider) contracts, Fortrea maintains a focus on quality and team performance over price alone [34][35]. - **Capital Allocation**: Post-spin, Fortrea is focused on improving its debt position and making targeted organic investments to enhance productivity and relevance in the market [36][38]. Conclusion - **Key Message**: Fortrea has successfully transitioned out of its spin-off phase, is focused on execution and customer satisfaction, and is optimistic about returning to sustainable growth as market conditions improve [39].

Insulet (NasdaqGS:PODD) FY Conference Summary Company Overview - **Company**: Insulet Corporation - **Industry**: Medical Technology, specifically in diabetes management and automated insulin delivery systems - **Product**: Omnipod 5, an automated insulin delivery (AID) system Key Points and Arguments Vision and Mission - Insulet aims to create a world where diabetes demands less every day, driven by empathy and proven by science [2][3] Market Leadership - Insulet has transitioned from a disruptor to a market leader in automated insulin delivery, with Omnipod 5 being the most requested and prescribed solution among diabetes patients and clinicians [4][5] - The company has driven 66% of global market growth in the AID category over the past five years, achieving a 26% compound annual growth rate (CAGR) [5][6] Financial Performance - Revenue is projected to reach approximately $2.7 billion for 2025, with a customer base of over 600,000 podders across 25 markets [4][6] - Revenue has compounded at a 25% CAGR since 2021, with adjusted operating margins expanding nearly 600 basis points [6][7] - Insulet became cash flow positive in 2023, with accelerating free cash flow supporting continued growth and innovation [6][7] Total Addressable Market (TAM) - The total addressable market for Insulet is over $30 billion, with significant under-penetration in Type 1 and Type 2 diabetes communities [9][10] - In the U.S., Type 1 diabetes represents a $9 billion market with only 40% AID penetration, while Type 2 diabetes represents a $12 billion market with less than 5% penetration [9][10] Competitive Advantages - Insulet has built durable competitive moats through unique technology, strong brand loyalty, and a highly scaled manufacturing infrastructure [5][11] - The company has invested over $3 billion in R&D and manufacturing, enabling it to produce tens of millions of pods annually [11][39] Innovation Pipeline - Insulet plans to launch several updates to Omnipod 5 in 2026, including automation improvements and full CGM integration [13][15] - The launch of Omnipod 6 in 2027 will feature enhanced connectivity and personalized automation, while a fully closed-loop system for Type 2 diabetes is expected in 2028 [17][18] Strategic Growth Initiatives - Insulet aims to penetrate the U.S. Type 1 market further, targeting over 50% penetration by 2028 through demand generation and improved prescriber engagement [21][22] - The company is also focused on expanding its presence in international markets, with plans to increase penetration from 25% to 30%-35% by 2028 [24][25] Financial Projections - Revenue is forecasted to grow at approximately 20% through 2028, with adjusted EPS expected to grow at a 25% CAGR [25][26] - Insulet plans to invest over $1 billion in R&D over the next three years to fuel innovation and maintain competitive advantages [27][42] Market Position and Competition - Insulet maintains a strong market position despite increasing competition, with a unique technology platform that sets it apart from other manufacturers [30][31] - The company has a recurring revenue model and a healthy balance sheet, allowing for continued investment in innovation and market expansion [33][39] Additional Important Insights - The new ADA guidelines recommend AID as the preferred insulin delivery system for all individuals with Type 1 and Type 2 diabetes on multiple daily injections, which could drive further adoption of Insulet's products [23][22] - Insulet's focus on simplifying the prescribing process and enhancing user experience is expected to improve access and adoption rates among healthcare providers and patients [18][19] This summary encapsulates the key insights from the conference, highlighting Insulet's strategic direction, market opportunities, and competitive advantages in the diabetes management sector.

Summary of Chicago Atlantic BDC Fireside Chat (January 13, 2026) Company Overview - **Company**: Chicago Atlantic BDC (NasdaqGM: LIEN) - **Industry**: Cannabis finance sector, specifically focusing on mortgage REITs and BDCs Key Points and Arguments Business Model and Strategy - Chicago Atlantic operates three verticals to provide diverse funding solutions, including real estate-backed loans and cash flow lending, allowing for larger fundings and diversified portfolios for investors [1][2] - The BDC has a blend of 20% to 30% non-cannabis direct loans, leveraging its expertise in the cannabis industry while also exploring broader investment opportunities [3] Market Sentiment and Performance - The mortgage REIT and BDC sectors experienced negative performance in 2025 due to declining interest rates and concerns over private credit market saturation, leading to decreased stock prices [9][10] - Chicago Atlantic's portfolio is less exposed to interest rate declines due to high interest rate floors in its floating-rate loan portfolio, which mitigates downside risk compared to broader market trends [11][13] Risk and Reward Profile - Chicago Atlantic lends to cannabis operators at lower leverage ratios (1-2 times EBITDA) compared to the broader private credit industry (4-6 times EBITDA), indicating a more conservative risk profile [23][24] - The company emphasizes the importance of real covenants in its loans, which enhances the reliability of its portfolio compared to competitors [23] Competitive Landscape - The entry of AFC Gamma as a competitor in the cannabis BDC space is acknowledged, but Chicago Atlantic believes its unique positioning and focus on smaller operators provide a competitive advantage [72] - The company maintains that its origination platform and underwriting capabilities are superior, allowing for better control and flexibility in loan structuring [39][40] Regulatory Environment and Future Outlook - Anticipation of cannabis rescheduling in 2026 is expected to increase demand for credit among operators, although the fundamental issues preventing capital flow into the industry remain [44][46] - The potential for cannabis companies to list on U.S. exchanges is viewed as a transformative opportunity for access to capital, more significant than rescheduling alone [46] Financial Performance - In Q3, Chicago Atlantic deployed over $60 million, but faced significant early repayments, which impacted net deployments [66] - The company expects 2026 to be a strong year for investment, despite challenges in predicting repayment schedules [67] Non-Accruals and Risk Management - The company reported approximately $25 million in non-accruals, with expectations for resolution and return to accrual status in the near future [79] Relationship with Vireo Growth - Chicago Atlantic's relationship with Vireo Growth is highlighted as a positive example of supporting borrower growth initiatives, enhancing trust and collaboration within the industry [90][91] Additional Important Insights - The company emphasizes the need for a broader ecosystem of credit providers to support the cannabis industry, including banks, credit rating agencies, and insurance companies [62][63] - Chicago Atlantic's focus on building relationships and trust within the cannabis sector is seen as a critical factor for success in a capital-constrained environment [91]

Summary of Vor's Presentation at the 44th Annual J.P. Morgan Healthcare Conference Company Overview - **Company**: Vor - **CEO**: Jean-Paul Kress - **Focus**: Transitioning from a cell therapy company to an autoimmune disease powerhouse, referred to as Vor 2.0 [2][16] Key Product: Telitacicept - **Asset**: Telitacicept, an innovative BAFF APRIL inhibitor, aimed at treating autoimmune B-cell mediated diseases [2][3] - **Source**: In-licensed from RemeGen, a company based in China [2][3] - **Clinical Validation**: Over 10,000 patients treated in China, with clinical validation across more than eight autoimmune diseases [4][6] Pipeline and Indications - **Selected Indications**: - Myasthenia Gravis (MG) - Sjögren's Disease [4][11] - **Current Trials**: - Global Phase 3 trial for MG is underway, with plans to start the Sjögren's trial soon [4][10] - **Market Potential**: - MG market in the U.S. projected to reach approximately $10 billion by the end of the decade [7][8] - Sjögren's disease affects around 300,000 patients in the U.S., with 100,000 currently eligible for biologics [11][12] Clinical Efficacy - **Myasthenia Gravis**: - Achieved a significant improvement of -4.8 on the MG-ADL score at week 24, with sustained improvement of 7.5 by week 48 [9][10] - **Sjögren's Disease**: - Demonstrated compelling efficacy in clinical trials, with a focus on disease modification and long-term treatment potential [12][14] Competitive Advantage - **Best-in-Class Profile**: Telitacicept is positioned as the most advanced BAFF APRIL inhibitor globally, with a favorable safety profile and no burdensome vaccination requirements [6][10] - **Learning from Competitors**: Insights gained from Novartis's trials in Sjögren's will enhance Vor's study design and execution [25][31] Financial Position - **Cash Reserves**: Vor has $450 million on its balance sheet, providing a runway until mid-2028 to support ongoing trials and commercial launches [4][33] - **Investment Strategy**: Focus on maximizing current studies while considering future indications for telitacicept [16][29] Team and Expertise - **Leadership Team**: Includes experienced professionals from leading biotech companies, enhancing Vor's capability to execute its strategy [18][19] - **Regulatory Engagement**: Ongoing discussions with regulators to ensure compliance and optimize trial protocols [24][26] Conclusion - Vor is well-positioned to transform the treatment landscape for autoimmune diseases with telitacicept, targeting significant unmet medical needs in MG and Sjögren's disease, backed by a strong financial position and an experienced team [16][17]

Alkermes Conference Call Summary Company Overview - **Company**: Alkermes - **Industry**: Biotechnology, specifically in neuroscience and sleep medicine - **Key Products**: ALKS 2680 (orexin compound), Vivitrol, Lybalvi, Aristada, Lumryz Core Points and Arguments Financial Performance - In 2025, Alkermes' commercial business generated over **$1.4 billion** in total revenues, demonstrating strong cash flow and profitability [3] - The planned acquisition of Avidel and its product Lumryz is expected to enhance revenue growth and diversify the commercial portfolio [26] Product Development - **ALKS 2680** is entering phase three trials for narcolepsy, following a successful phase two program [3][9] - The drug has been granted **FDA Breakthrough Therapy designation** for narcolepsy type 1 (NT1) [4][30] - The market opportunity for ALKS 2680 in narcolepsy and idiopathic hypersomnia (IH) is projected to exceed **$10 billion annually** [6][8] Market Dynamics - There are approximately **200,000** people in the U.S. with narcolepsy, with only about half diagnosed [6] - Currently, **80,000** patients are receiving treatment for narcolepsy, but **80%** report residual symptoms [7] - The branded pharmaceutical market for narcolepsy treatments, particularly oxybates, is limited, with only **16,000 to 18,000** patients using them annually [8] Clinical Trials and Efficacy - The Vibrance studies demonstrated statistically significant improvements in sleep latency and excessive daytime sleepiness for ALKS 2680 [11] - Approximately **95%** of patients in the studies opted to continue into the safety extension phase, indicating high patient satisfaction [12] - The ongoing phase two study for IH is expected to complete in Q4 2026, with plans to initiate the phase three program shortly after the end-of-phase two meeting with the FDA [15][17] Future Growth and Pipeline - Alkermes plans to develop additional compounds, including **ALK-7290** for ADHD and **ALK-4510** for fatigue associated with neurodegenerative diseases [20][23] - The company aims to leverage its experience in drug development to establish a strong presence in the ADHD market, which includes approximately **15.5 million** adults and **6.5 million** children diagnosed with the condition [22] Competitive Positioning - ALKS 2680 is positioned to compete effectively against Takeda's product due to its broader therapeutic index and multiple dosing options [43][44] - The company emphasizes the importance of rigorous clinical data to create barriers for future competitors [46][47] Additional Important Insights - The acquisition of Avidel is expected to close soon, enhancing Alkermes' entry into the sleep medicine market [10][27] - The company has a strong financial foundation, with over **$1.3 billion** in net sales from its existing products [27] - Alkermes is focused on addressing unmet patient needs in narcolepsy and other sleep disorders, emphasizing the importance of patient-reported outcomes in clinical trials [50][51] This summary encapsulates the key points discussed during the conference call, highlighting Alkermes' strategic direction, product pipeline, and market opportunities.

Coherus Oncology FY Conference Summary Company Overview - **Company**: Coherus Oncology (NasdaqGM:CHRS) - **Event**: FY Conference at the 44th JPMorgan Healthcare Conference - **Date**: January 13, 2026 Key Points Company Transformation and Strategy - Coherus has evolved into an innovative oncology company focused on overcoming immune resistance in cancer treatment, with Lactose as a cornerstone therapy [2][3] - The acquisition of Surface Oncology in September 2023 provided global rights to promising products CHS-114 (a CCR8 Treg depleter) and Casdozokitug [4] - The company divested its biosimilar business, raising approximately $800 million, which helped pay down $480 million in debt and support ongoing clinical studies [5] Product Pipeline and Market Opportunities - Coherus's pipeline represents a market opportunity of approximately $29 billion, with significant potential in both U.S. and ex-U.S. markets [9] - **Lactose**: A next-generation PD-1 therapy showing high activity, particularly in low PD-1 states, with a five-year survival rate improvement from 34 months to 65 months when combined with chemotherapy [11] - **CHS-114**: Positioned as a best-in-class Treg depleter, targeting Tregs in the tumor microenvironment to enhance T cell infiltration [15][16] - **Casdozokitug**: A first-in-class IL-27 antagonist showing a 38% overall response rate in hepatocellular carcinoma (HCC) studies, with ongoing trials expected to yield data in mid-2026 [24][25] Financial Projections and Sales Growth - Coherus anticipates revenue growth for Lactose, projecting $150-$200 million by mid-2028, supported by a strong sales trajectory and market penetration strategies [12][49] - The company has successfully increased demand growth quarter-over-quarter, exceeding initial guidance of 10%-15% [12] Clinical Trials and Data Expectations - Coherus is conducting multiple clinical trials across various cancers, with significant data readouts expected in 2026 [6][19] - The company is focused on optimizing dosing and understanding the best treatment settings for its products, particularly for Tecmo Kito and Casdozokitug [31][32] Competitive Landscape and Differentiation - Coherus emphasizes the selectivity and potency of its products, particularly Tecmo Kito, which is the only selective CCR8 binder disclosed, differentiating it from competitors [33][34] - The company is pursuing partnerships to enhance the development of its therapies, particularly in combination with other modalities like T-cell engagers and CAR-T therapies [40][41] Challenges and Market Dynamics - The company faces challenges in educating community physicians about its products due to the rarity of the diseases treated, necessitating sophisticated outreach strategies [48][49] - Coherus is aware of the competitive landscape and is strategically positioning its products to overcome resistance mechanisms in solid tumors [43] Future Outlook - Coherus is optimistic about 2026, with a strong focus on data generation and strategic partnerships to drive growth and enhance shareholder value [29][30] Conclusion Coherus Oncology is strategically positioned for growth in the oncology market with a robust pipeline and a focus on innovative therapies. The company is actively working to enhance its market presence and drive shareholder value through strategic partnerships and clinical advancements.