五月必读报告

Michael J. Yee * | Equity Analyst(415) 229-1535 | michael.yee@jefferies.comDina Elmonshed * | Equity Associate+1 (212) 778-8388 | delmonshed@jefferies.comKyle Yang, CFA * | Equity Associate(212) 284-2260 | kyle.yang@jefferies.comMatthew Hagood * | Equity Associate+1 (212) 778-8293 | mhagood@jefferies.comMadeleine Lee * | Equity Associate+1 (212) 778-8733 | mlee6@jefferies.com from CBO - of which $715B would directly come from Medicaid on the basis of cutting ~10%of covered lives + generally in-line w expectations. Today's update is still not final + subject tochange - but we are tracking it. HERERecent Acquisitions + Similar Ideas:We note three small-cap M&A deals all happened in last 3weeks (VIGL, RGLS, INZY) which reflects a rough XBI tape, stocks much cheaper, and challengingfinancing environment esp for the small caps. We are counting the largest # of biotechs tradingat or near neg EV (22% of the sector), despite some w/ promising data or impt late stage datacoming up. We highlight 10 similar ones (promising data, trades near cash, pharma cares on thetarget or disease, etc). HEREWe also surveyed HIV PrEP patients onGILDlenacapavir (HERE & HERE), summarized key themesfromrecent investor meetings(HERE), surveyed management aboutrecent FDA interactions(HERE & HERE), reviewed the setup forAMGNinto ADA (HERE), read someYee Leaveson our large-caps (HERE), and filmed aspecial video(HERE)...Please see important disclosure information on pages 5 - 12 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Exhibit 1 - The Yee-sential Reads for May.#TickerTitle1IndustryGenerative AI in Drug Discovery and Precision Medicine Diagnostics2IndustryMFN: Keeping It Simple for the Generalist3Industry“What’s Up in Biotech?” Near-Term Catalysts/Events Ahead4Industry**PrEP Survey Says** Patients appear bullish to swap to Len if approved soon...5Industry1000+ Burning Questions for Mgmt at Jefferies Global HC Conference June 3-56IndustryKeep eye on Medicaid cut proposals by House as expected today7IndustryMFN Executive Order this AM - here's what we know...8Video*VIDEO REPLAY* Trades for ASCO: JefBio Discussion on Key Data Coming9IndustryTariff and MFN Comments Recently May Not be as Bad as Street Expectations10Industry3 Small Caps Recently Acq'd by Pharma... Here's a List of 10 Similar Ideas11IndustryMedicaid exposure + MFN calculations, running numbers; New CBER head thoughts12Industry*SLIDES* FDA Corporate Survey Results + Our Thoughts on CBER and Future Change13GILDBuzz is out there already for Len in PreP - we remain bullish into the launch14VRTXThoughts and investor debate on stock reaction - short term vs bigger picture15VideoVIDEO: Volatile Week... Take POTUS Seriously - Not Literally - Esp Drug Pricing16VideoVIDEO REPLAY: FDA Corporate Mgmt. Survey Discussion and Investor Takeaways17Multiple"Reading the Yee Leaves" into Memorial Day Break (GILD, AMGN, VRTX, BIIB, MRNA)18IndustryQuick Hits from Today's RFK Senate & House Hearings + Update on Medicaid Cuts19VideoVIDEO REPLAY: Yee + Taylor Sector Thoughts on Biotech and Medtech20VideoVIDEO: Narratives and debates coming out of EPS week21AMGNThinking About AMGN at Current Levels + Dynamics Rest of the Year22VRTXCompetitor pain acquisition adds intrigue ...new VRTX '993 data coming soon23MBXKey Phase II PTH Data on Track for Q3; We Like Setup for Sig Potential Upside24IndustryLast Priority Review valuable vouchers issued? ABEO, SRRK, DNLI etc benefit?25ALXONo Gastric Filing... Thesis and Focus Remain on Phase II Combos + EGFR ADC26VRTX5 takeaways from call - Journavx Rx higher than 3rd party data implies27IndustryDisappointing but Not Surprising Phase III AL Amyloidosis Data - Move to Hold28IndustryExamining the Outlook for MedTech vs. BioTech Given Tariff De-Escalation + MFN29ZLABDLL3 Update Around the Corner — Webcast on Jun 2nd; What are we looking for?30MRNAWe will take this new vaccine framework - seems OK for now...31ALXOPot'l best and first in class EGFR ADC; Big Year Ahead w multiple shots on goal32MultipleZLAB, OLMA, NUVB - quick takes from abstracts today - more data at conf33VideoSpecial VIDEO: Don't Stop Believing... Hold On To Those Biotech Feelings34VideoVIDEO REPLAY: PrePPing for GILD Launch – Fireside with Current Patients35Industry3 Key Investor Sentiment Themes From The Road This Week36SRRKSMA review on track for Sep PDUFA, obesity soon but not huge focus37AMGN5 tidbits from the call + preparing for narrative into ADA38AKROF4 Data Still Strong + Very Attractive for FGF21 Ahead39GILDTrodelvy Could Start to Grow Again (+) 1L TNBC Pot'l New Standard at ASCO40VRTXQ1 fine though lighter than normal + stock near all time high41DNLIHunter BLA complete + FDA impacts to CDER likely limited for now...42MultipleGILD, SDGR, BEAM: Updates from EHA43VTYXThree Phase II datasets coming up this year; risk/reward skews to the upside44AMGNSolid Q1 Beat ... Guidance Unchanged for Now45BIIBWorking Through 2025 ... There's