What happened? In this report we provide feedback on several pharma companies attending day two of our annual BNPP Exane Healthcare Conference including Galderma (+), Novartis (=), Rovi (+) and UCB (+). BNPP Exane View: Galderma (Outperform, CHF106) Speaker(s): Thomas Dittrich, Chief Financial Officer Feedback: Galderma continues to be confident that a continuation of recent strong international region growth (~60% of Group) in countries where its penetration rates remain low (China, India etc) will allow it to deliver continued robust growth despite risk of continued softness in the US consumer. Notably, Galderma points to 2025 as representing a strong year for new international launches (including Sculptra in China) and the company expects a further four new product launches in the US in 2026 which should help it to sustain that strong momentum. The company notes positive anecdotal feedback on the rapid speed-of-onset with Relfydess versus current neuromodulators following recent initial launches and seems confident remaining questions from the FDA can be addressed, with a US launch possible in 2026. The company also continues to report positive feedback from the Nemluvio launch, noting good insurance access that has not been a barrier to patient uptake and anecdotal reports of use in biologic naive patients in the AD setting which has been a positive surprise to expectations. Importantly, currently known tariff headwinds (Cetaphil/Canada) are reflected in guidance and management sees additional tariff risk as manageable as there is a level playing field in the neuromodulator space (both Dysport and Botox are manufactured outside the US) and the economic value of Nemluvio imported into the US is low. Although the Nemluvio launch will restrain margins in 2025, the company sees potential for significant margin accretion beyond its current mid-term targets if Nemluvio achieves its $2bn sales target. Novartis (Neutral, CHF106) Speaker(s): Harry...