Over the Pill

Listen to Kerry and Luisa discuss the findings of their analysis of the latest remuneration packages for the executive committees: Pharma CEO remuneration. 2026 brings greater alignment with shareholders as LTIPs are more closely linked to “total shareholder return”. This is largely driven by CEO changes at Novo Nordisk and Sanofi. Interesting snippets across the companies are revealed. The scores are in for the 2023 total compensation packages and the 2025 annual bonus delivery. The best share price performance over 2023-25 was delivered at Eli Lilly (+194%) where remuneration scorecards have the smallest number of metrics, pipeline has the second highest weight in the annual bonus, LTIP is linked to “total shareholder return” only and the highest proportion of remuneration is delivered in equity.

With Q1 reporting season now underway, Luisa & Kerry run through key highlights from Sanofi and Roche results with a focus on longer dosing interval Dupixent. As usual obesity is in focus after CMS had to extend its Medicare bridge program to allow patients access from July after payers failed to opt-in on time.

Back from their travels, Luisa and Kerry “provide an update” after a jam-packed week of East Coast investor meetings. They discuss the obesity pill launches (Wegovy pill versus Foundayo), latest M&A trends (with a focus on Alumis as a potential target on immunology following impressive psoriasis data) and the start of the Q1 reporting season.

Before heading on Easter break, the team discuss key takeaways from DrugBank and Rebate Round-up publications. Luisa and Kerry also touch on the latest clinical data readouts for AZN’s anti-IL-33 in COPD and the unfolding battle in rare genetic diseases (FSHD and DM1), between Novartis/Avidity, Sarepta and Dyne Therapeutics. 

Luisa records from the road this week as she visits AstraZeneca and Sanofi “up north”. Kerry highlights key takes from her meetings with GSK at the recent Berenberg UK conference. The duo also discuss the longevity of Sanofi’s Dupixent, expectations ahead of Lilly’s orforglipron launch and the Medicare obesity BALANCE pilot programme.

It’s time for Top of the Pills 2026! Kerry and Luisa discuss their analysis of the top 50 drugs by NPV from Berenberg DrugBank. The team also highlight their “Annual check-up” series, detailing key findings from pharma annual reports, including AstraZeneca, AbbVie, UCB and Pfizer. 

This week brings the first special guest to OTP! Luisa and Kerry discuss the aesthetics of weight loss with Berenberg consumer analyst, Bethan Davies. The team consolidate thoughts on recent data readouts, including Zealand/Roche’s P2b petrelintide (obesity) and Roche’s P3 giredestrant (1L breast cancer), and the possible implications of the FDA one P3 trial proposal. 

Kerry and Luisa re-group after a week apart with updates on “the aesthetics of weight loss” (after time on the road with our Galderma analyst), AbbVie’s opportunity to restore aesthetics harmony (amylin/HarmonyCA), GSK’s acceleration in business development (a new battle of the pills emerging versus Merck’s Winrevair) and more on the TL1A’s in colitis/Crohn’s after breakfast with Teva (Merck & Co, Roche, Sanofi/Teva).

The “Battle of the Pills” continues in HIV, breast cancer, UC/Crohn’s and HS. Listen as Kerry and Luisa consolidate their thoughts after the latest Q4 results calls on the upcoming clinical trial readouts for long-acting HIV medicines (GSK, Gilead), oral SERDs in breast cancer (AstraZeneca, Eli Lilly, Roche), TL1A’s in UC/Crohn’s (AbbVie, Merck & Co, Roche, Sanofi/Teva) and HS (AbbVie, Novartis, UCB).

What a week on the obesity battlefield. Listen as Kerry and Luisa dissect the contrasting 2026 guidance from Novo Nordisk and Eli Lilly, the Hims’ obesity pill, TrumpRx, Super Bowl adverts and Clash Royale. The conversation also captures the latest updates on the “Battle of the Pills” in multiple sclerosis for Roche vs Novartis. 

Results season is upon. Listen in for the latest snippets we have picked up plus a summary of our final research reports in January. Our speedy zoom schedule revealed that pharma is investable again. It’s obesity with a larger side-dish of pharma names. Investor sentiment is highest on AstraZeneca, Merck & Co & UCB and lowest on Sanofi, AbbVie and Zealand.

We review our first research notes of 2026 and summarise investor sentiment on large pharma after our annual January 50@50 (speedy zooms). We have termed 2026 “The Battle of the Pills”. Great news for patients – not just in obesity but also breast cancer, lung cancer, multiple sclerosis, cardiomyopathy, hypertension, cholesterolaemia, atopic dermatitis & beyond.