MS Healthcare Conference Highlights for Our Coverage: Day 1

Morgan Stanley provides takeaways for companies in its coverage from the first day of the 24th Annual Morgan Stanley Global Healthcare Conference, including ARGX, AXSM, BMRN, CGON, DNLI, GENB, IMCR, IRON, MPLT and ONC, with the Biotechnology (North America) industry view at Attractive. Highlights: argenx said MG remains the primary growth driver, up 17% q/q in 2Q, and reiterated Vision 2030 (50,000 patients, 10 on-label indications, five late-stage programs), with stat-sig results in IMNM but a miss in DM; Axsome pointed to NBRx hitting an all-time high of 3,800 weekly, guided SG&A to plateau near $208mn, and reiterated a clear path to cash flow positivity; BioMarin expects the Amicus transaction to be accretive in year one, with most synergies realized in 2027 and capacity restored to ~$4-5bn by mid-2027; CG Oncology said PIVOT-006 topline is near-term, with a 30% relative risk reduction viewed as clinically meaningful, and rolling BLA CMC-module completion on track for 4Q26;