A picture is worth a thousand words

Research evidence excerpt

A picture is worth a thousand words

Update

July 24, 2026 12:49 PM GMT

Morgan Stanley & Co. LLCMBiopharma | North America Terence C Flynn, Ph.D.

Equity Analyst

A picture is worth a thousand Terence.Flynn@morganstanley.comAlexander Yevdokimov, Ph.D. +1 212 761-2230

Research Associate

Alexander.Yevdokimov@morganstanley.com +1 212 761-2167

words Chris Yu, J.D., Ph.D.

Chris.L.Yu@morganstanley.com +1 212 761-2535

Comprehensive US drug market analysis (IQVIA Rx). The latest Hailey Horowitz

weekly Total Prescription YoY growth (wk ending 7/17) was +1.1% ResearchHailey.Horowitz@morganstanley.comAssociate +1 212 761-5264

vs. -5.3% last wk and +1.0% over the past 12 wks. Damien H Kerner

For week ended Jul 17, US total market weekly TRx YoY change was +1.1% vs. Damien.H.Kerner@morganstanley.com +1 212 761-3829

Connor M Massari

+3.0% year ago ( Exhibit10 ). Rolling 4-week TRx YoY was +1.3% and rolling 12- Equity Analyst

week TRx YoY was +1.0%. Extended unit (EUTRx) weekly YoY growth was +0.9%, Connor.Massari@morganstanley.com +1 212 761-2417

below TRx YoY ( Exhibit 13 ). Sequential weekly TRx growth was +4.6% compared Morgan Stanley India Company Private Limited+

to -2.8% week before. Exhibit17 – Exhibit19 depict YoY momentum for key Saket Agarwal

products. Saket.Agarwal@morganstanley.com +91 22 6995-4012

BMY's Cobenfy was approved for schizophrenia on 9/26/24. Scripts are ~3,140 for Major Pharmaceuticals

the week vs ~3,300 last week. For full details on our views on the launch see our North America

Industry View In-Line

note "Contextualizing Cobenfy launch expectations", where we discuss that the

analogs we are most focused on are the schizophrenia volumes from the Rexulti,

Caplyta, and Lybalvi launches. We estimated that to achieve 2026 consensus