Replay: Expert Access: Feedback from Barclays KOL call: Injectable Aesthetics market dynamics and emerging innovations (relevant for GALD, IPN, ABBV)

Research evidence excerpt

Replay: Expert Access: Feedback from Barclays KOL call: Injectable Aesthetics market dynamics and emerging innovations (relevant for GALD, IPN, ABBV)

ion and Price Target: Upside risks include slower Somatuline erosion if

generic supply stays constrained; stronger Iqirvo momentum and positive ELSPIRE enabling earlier-line use; clear IPN10200 differentiation boosting

toxin expectations; and/or value-accretive late-stage BD improving earnings visibility. Downside risks include faster multi-source lanreotide entry

accelerating Somatuline erosion; Iqirvo deceleration as switching normalises or payers push back; aesthetics pressure from Relfydess mix-shift;

pipeline uncertainty (e.g. IPN10200); and/or low-return BD or execution mis-steps.

Disclaimer:

This publication has been produced by Barclays Research Department in the Investment Bank of Barclays Bank PLC and/or one or more of its affiliates

(collectively and each individually, "Barclays").

It has been prepared for institutional investors and not for retail investors. It has been distributed by one or more Barclays affiliated legal entities listed

below or by an independent and non-affiliated third-party entity (as may be communicated to you by such third-party entity in its communications

with you). It is provided for information purposes only, and Barclays makes no express or implied warranties, and expressly disclaims all warranties of

merchantability or fitness for a particular purpose or use with respect to any data included in this publication. To the extent that this publication states

on the front page that it is intended for institutional investors and is not subject to all of the independence and disclosure standards applicable to debt

research reports prepared for retail investors under U.S.