Big Pharma (L)Earnings Q2’23 | Gilead, Regeneron, Amgen, Moderna, Bayer, Lilly

Below is round three (and perhaps the final round) of Big Pharma (L)Earnings for this quarter. Given the length of this series, I've included a TLDR section below with my key takes. Enjoy!

TLDR: My Key Takes/Opinions

Gilead

Despite most of the investment community writing off the Immunomedics and Kite acquisitions a couple years after they occurred, both TRODELVY and YESCARTA are looking to be on a great trajectory and still have key inflection points on the horizon to continue growth. Oftentimes it’s hard/unfair to judge the success/failure of a deal until we have a clearer picture of a product's “outs” (in the poker sense).

Regeneron

Dupixent’s development plan is vast and extremely well thought out. If successful, it will provide Regeneron with HUMIRA-like leverage with payers and a sizable moat.