1、NORTH AMERICA|BiotechnologyEquity ResearchJuly 19,2025 RogerSong,MD,CFA*|Equity Analyst(617)342-7955|NabeelNissar*|Equity Associate+1(617)345-8677|LiangCheng,Ph.D.*|Equity Associate+1(617)342-7896|FionaJia,Ph.D.*|Equity Associate+1(617)342-7942|Cha ChaYang,MS,MBA*|Equity Associate+1(857)330-5772|Vac

2、cine Weekly Tracker:Policy/Regulation+Rx(CV19,Flu,PCV,RSV)On vaccine policy/regulation,new major study clears aluminum safety,Prasadreaffirms RCT bar for CV19,MRNA exits Japan amid demand reset.For retail Rxfrom key respiratory vaccines,US seasonal vaccine season,driven by CV19 andflu,has come to a

3、close.CV19 vaccine reached 30.56M doses in the seasonas of 7/11,lower than last season but in line with the flu trend.PCV season isupcoming.Bottom line.As the vaccine space continues to evolve on the policy/regulation side under newleadership,we provide our thoughts on recent landscape updates and w

4、atch for key upcomingcatalysts Chart 1.This week showed a mixed/postive sentiment.1)FDA reaffirmed a moreconservative stance on COVID-19 vaccines,reinforcing the need for RCTs and signaling potential formore safety label changes.2)A large-scale aluminum safety study strengthens the scientific casefo

5、r pediatric vaccines amid ongoing ACIP scrutiny.3)GSKs RSV filing and FDA acceptance reflectcontinued regulatory momentum for adult risk-based immunization.No new negative surprises,but policy headwinds persist for broad-label CV19 and pediatric vaccines.On PCV:Seasonality haspreviously trended up J

6、uly/Aug Chart 5,and early uptake patterns over the next weeks may offera read on pediatric vaccine sentiment under the new HHS leadership.1)Large-Scale Study Finds No Link Between Aluminum in Vaccines and Chronic Disease.ADanish registry-based cohort study of 1.2M children(19972018)published in Anna