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1、 See page 5 for Analyst Certification,Important Disclosures,Non-US Research Analyst disclosures and BNP Paribas Group Corporate Social Responsibility(CSR)policies.BNP Paribas has adopted strict CSR policies that govern financing and investment in certain sectors.For time of dissemination,please refe

2、r to the Cube.(1)FINRA member firm and broker-dealer registered with the U.S.Securities Exchange Commission EQUITIES PHARMACEUTICALS FLASH NOTEFLASH NOTE Increasing pressure on DTC pharma ads 10 SEPTEMBER 2025 Securities Research Report Production time:05:49*(London time)Research Analyst&Publishing

3、Entities Navann Ty,CFA BNP Paribas Securities Corp(1)+(1)917 749 7734 What happened?President Trump sent a memo to the HHS Secretary and the FDA Commissioner to address“misleading”prescription drug DTC ads.BNPP Exane View:We think the administration may make DTC more difficult by increasing the FDAs

4、 oversight of DTC ads,as eliminating DTC altogether would have been difficult,in our view(First Amendment issue,according to our expert and AbbVies opinion).We view the announcements as potential negatives for the industry,especially for new Therapeutic Areas(TAs)entrants,we think.AbbVie(=)had previ

5、ously commented that it could shift resources appropriately to maintain a high share of voice.We note the FDA is initiating a rulemaking process to close the“adequate provision”loophole,which allowed pharma advertisements to place safety info in another format or location.Returning to status quo pol

6、icy pre-1997 will require presentation of factual and uncontroversial statements which are already legally required to be communicated in drug advertising.The FDA is sending letters warning pharmaceutical companies to remove misleading ads and issuing 100 cease-and-desist letters to companies with d