The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: James Gordon - JPMorgan - Analyst
: Thank you. Can you hear me? I'll do -- James Gordon from JPMorgan. I'll do two questions, please. One was -- you talked about launching generic
semaglutide, ex-US, from 2026. And I think you said that you would use externally sourced API and a mixture of fill finish externally and internally.
But in terms of the devices, I've seen some nice devices out there. But do you have lots of device capacity yourself or would you source that
externally? What's the plan there? Might you need to make significant investment in being able to produce a lot more devices to serve those ex-US
markets? That's the first question, please.
Question: James Gordon - JPMorgan - Analyst
: Thanks. So just to make sure I followed that correctly, is it that somewhere like Brazil, you might initially launch the product without it being in the
same device?
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SEPTEMBER 03, 2024 / 12:30PM, SDZ.S - Sandoz Group AG to Discuss the Company's Strategic Review Call
Question: James Gordon - JPMorgan - Analyst
: Thank you. And then the second question was Stelara biosimilars for the US. So how big an opportunity should we think that as being? And is
what's ended up happening with Humira and CVS a good guide for how something like that might go? Or should we think of Humira more as a
one-off that's gone surprisingly well and don't extrapolate that?
Question: James Gordon - JPMorgan - Analyst
: Sure, thank you.
Question: James Gordon - JPMorgan - Analyst
: Thank you. James from JPMorgan. Moving on from GLP1s, ADCs, I saw, was on the slides. $32 billion target, was it, from '29 to '34. But how much
more difficult and how much more expensive do you think it's going to be to develop a biosimilar ADC? Because I know even some of the innovator
companies have found the linkers a bit fiddly and some other aspects complicated.
So is it that you might just one or two of them because they're going to be more expensive and more challenging? Or are you going to go after
most ADCs because it's going to be straightforward? And are these very far off? They're like the wave beyond GLP1s. These get interesting or could
you actually launch something in '25 -- sorry, in '29 or '30?
Question: James Gordon - JPMorgan - Analyst
: Thank you. Two other ones, please. One was on Humira in the North American business. It's done very well with CVS, but have you effectively hit
a ceiling in terms of how much this product can do? Now, the only way is down in terms of pricing. So does it become a headwind we need to start
worrying about for next year or can there still be some more growth there?
Question: James Gordon - JPMorgan - Analyst
: Thank you. And I think you preempted my third question, which was the question I asked before. So is how you've done with Humira a precedent
for how you might do with Stelara? And could you do a CVS-like deal? Or is this a smaller opportunity? It's not something to be as excited about
for '25.
Question: James Gordon - JPMorgan - Analyst
: Thank you.
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