Ashland Inc. (NYSE:ASH) Q4 2024 Earnings Conference Call November 7, 2024 8:00 AM ET Company Participants William Whitaker - VP, Finance and Director, IR Guillermo Novo - Chair and CEO Kevin Willis - SVP and CFO Alessandra Faccin - SVP and GM, Life Sciences and Intermediates Jim Minicucci - SVP and GM, Personal Care Dago Caceres - SVP and GM, Specialty Additives Conference Call Participants Michael Sison - Wells Fargo James Cannon - UBS John Roberts - Mizuho Mike Harrison - Seaport Research Partners Operato ...

earnings conference call fourth quarter fiscal 2024 — November 7, 2024 9:00 a.m. ET 2 — Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Ashland has identified some of these forward-looking statements with words such as "anticipates," "believes," "expects," "estimates," "is likely," "predicts," "projects," "forecasts," "objectives," " ...

WILMINGTON, Del., Nov. 08, 2024 (GLOBE NEWSWIRE) -- Ashland Inc. (NYSE: ASH) will host a strategy update event for analysts and investors on Tuesday, December 10, 2024, in New York City. The company will provide an in-depth review of Ashland’s strategic priorities, key initiatives and financial objectives while emphasizing a proactive approach to market uncertainty in fiscal year 2025. The event will include presentations and prepared remarks from members of Ashland’s executive team, as well as breakout ses ...

Core Insights - Cellectar Biosciences is set to present new data from the Phase 2 CLOVER-WaM study of iopofosine I 131 for treating Waldenstrom's macroglobulinemia at the ASH 2024 conference [1][4] - Iopofosine I 131 is a novel cancer-targeting agent that has not yet received approval for use in any country [2] - The CLOVER-WaM trial focuses on patients with relapsed and refractory WM who have undergone at least two prior therapies [3] Company Overview - Cellectar Biosciences is a late-stage clinical biopharmaceutical company dedicated to developing drugs for cancer treatment, utilizing its proprietary Phospholipid Drug Conjugate™ (PDC™) delivery platform [10][11] - The company aims to improve efficacy and safety in cancer treatments by targeting cancer cells more effectively [10] Market Need - Waldenstrom's macroglobulinemia is an incurable B-cell malignancy with limited treatment options, highlighting the urgent need for new therapies [2][7] - Approximately 26,000 individuals in the U.S. are affected by WM, with 1,500–1,900 new diagnoses each year [7] - There is a significant unmet need for FDA-approved treatments, as over 60% of patients currently use non-FDA approved therapies [9] Clinical Study Details - The CLOVER-WaM trial is an international, multicenter, open-label study assessing the efficacy and safety of iopofosine I 131 in previously treated WM patients [3][5] - The presentation at ASH 2024 will be led by Dr. Sikander Ailawadhi from the Mayo Clinic [5] Future Plans - Cellectar plans to submit a New Drug Application to the FDA in the coming months, seeking priority review due to the lack of effective alternatives for WM patients [4]

For the quarter ended September 2024, Ashland (ASH) reported revenue of $522 million, up 0.8% over the same period last year. EPS came in at $1.26, compared to $0.41 in the year-ago quarter.The reported revenue represents a surprise of +0.63% over the Zacks Consensus Estimate of $518.74 million. With the consensus EPS estimate being $1.33, the EPS surprise was -5.26%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their n ...

Ashland (ASH) came out with quarterly earnings of $1.26 per share, missing the Zacks Consensus Estimate of $1.33 per share. This compares to earnings of $0.41 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -5.26%. A quarter ago, it was expected that this chemical company would post earnings of $1.47 per share when it actually produced earnings of $1.49, delivering a surprise of 1.36%.Over the last four quarters, the company h ...

[Financial Results and Outlook](index=1&type=section&id=Ashland%20reports%20financial%20results%20for%20fourth-quarter%20fiscal%202024) Ashland's financial performance for Q4 and full fiscal year 2024, segment results, portfolio optimization, and fiscal year 2025 outlook are detailed [Fourth-Quarter Fiscal 2024 Financial Highlights](index=1&type=section&id=Financial%20results%20for%20fourth-quarter%20fiscal%202024) Ashland reported a 1% sales increase to $522 million in Q4 FY2024, with Adjusted EBITDA up 68% to $124 million, despite portfolio optimization impacts and operational issues Q4 FY2024 Key Financial Metrics (in millions) | Metric | Q4 FY2024 | Q4 FY2023 | Change | | :--- | :--- | :--- | :--- | | Sales | $522 million | $518 million | +1% | | Income from Continuing Operations | $19 million | ($8 million) | N/A | | Adjusted EBITDA | $124 million | $74 million | +68% | | Diluted EPS from Continuing Operations | $0.39 | ($0.15) | N/A | | Adjusted Diluted EPS (excl. intangibles) | $1.26 | $0.41 | +207% | - Portfolio optimization initiatives, including the sale of the nutraceuticals business and curtailment of certain CMC and MC products, reduced overall sales by approximately **$24 million**, or **5%**, compared to the prior-year quarter[1](index=1&type=chunk)[2](index=2&type=chunk) - Adjusted EBITDA fell short of expectations, primarily due to HEC operating issues of about **$5 million** during the commissioning of productivity investments and weaker coatings demand in China[1](index=1&type=chunk) - The company repurchased **1.7 million shares** in Q4, with **$620 million** remaining under its evergreen share repurchase authorization[1](index=1&type=chunk)[4](index=4&type=chunk) - Cash flows from operating activities were **$80 million**, down from **$130 million** in the prior-year quarter. Ongoing free cash flow was **$88 million**[1](index=1&type=chunk)[5](index=5&type=chunk) [Reportable Segment Performance (Q4 2024)](index=2&type=section&id=Reportable%20Segment%20Performance) All business units achieved organic sales volume growth in Q4 2024, with varied sales performance across Life Sciences, Personal Care, Specialty Additives, and Intermediates segments [Life Sciences](index=2&type=section&id=Life%20Sciences) Pharma revenue grew 6%, but overall segment sales declined 5% to $192 million due to portfolio optimization - Pharma generated **6% revenue growth**, but overall segment sales were down **5%** to **$192 million**, primarily due to a **$15 million (7%)** reduction from CMC portfolio optimization and the nutraceuticals divestiture[8](index=8&type=chunk) Life Sciences Q4 Performance (in millions) | Metric | Q4 FY2024 | Q4 FY2023 | Change | | :--- | :--- | :--- | :--- | | Sales | $192 million | $203 million | -5% | | Adjusted EBITDA | $56 million | $48 million | +17% | [Personal Care](index=2&type=section&id=Personal%20Care) Sales grew 11% to $162 million, driven by strong demand in skin and hair care across most regions - Sales grew **11%** to **$162 million**, driven by higher sales volume in skin care and hair care, reflecting improved demand in most regions. Globalization initiatives for biofunctionals and microbial protection also delivered strong growth[10](index=10&type=chunk) Personal Care Q4 Performance (in millions) | Metric | Q4 FY2024 | Q4 FY2023 | Change | | :--- | :--- | :--- | :--- | | Sales | $162 million | $146 million | +11% | | Adjusted EBITDA | $47 million | $36 million | +31% | [Specialty Additives](index=2&type=section&id=Specialty%20Additives) Sales remained flat at $144 million, as volume growth was offset by portfolio optimization and lower pricing - Sales were flat at **$144 million**, as higher sales volumes in coatings and performance specialties were offset by portfolio optimization actions (reducing sales by **$6 million** or **4%**) and lower pricing, particularly in China[11](index=11&type=chunk) Specialty Additives Q4 Performance (in millions) | Metric | Q4 FY2024 | Q4 FY2023 | Change | | :--- | :--- | :--- | :--- | | Sales | $144 million | $144 million | 0% | | Adjusted EBITDA | $29 million | $8 million | +263% | [Intermediates](index=3&type=section&id=Intermediates) Sales decreased 3% to $36 million, primarily due to lower NMP pricing despite increased BDO volumes - Sales decreased **3%** to **$36 million**, driven by lower n-methyl-2-pyrrolidone (NMP) pricing, which was partially offset by increased butanediol (BDO) volumes[13](index=13&type=chunk) Intermediates Q4 Performance (in millions) | Metric | Q4 FY2024 | Q4 FY2023 | Change | | :--- | :--- | :--- | :--- | | Sales | $36 million | $37 million | -3% | | Adjusted EBITDA | $10 million | $3 million | +233% | [Unallocated & Other](index=3&type=section&id=Unallocated%20%26%20Other) Adjusted unallocated and other expense EBITDA was $18 million, a decrease from the prior-year quarter - Adjusted unallocated and other expense EBITDA was **$18 million**, compared to **$21 million** in the prior-year quarter[15](index=15&type=chunk) [Fiscal Year 2024 Results Summary](index=3&type=section&id=Fiscal%20Year%202024%20Results%20Summary) For fiscal year 2024, sales decreased 4% to $2.1 billion, while Adjusted EBITDA remained flat at $459 million, with margin expansion to 22% FY2024 Key Financial Metrics (in millions) | Metric | FY2024 | FY2023 | Change | | :--- | :--- | :--- | :--- | | Sales | $2.1 billion | $2.2 billion | -4% | | Income from Continuing Operations | $199 million | $168 million | +18% | | Adjusted EBITDA | $459 million | $459 million | 0% | | Diluted EPS from Continuing Operations | $3.95 | $3.13 | +26% | | Adjusted Diluted EPS (excl. intangibles) | $4.45 | $4.07 | +9% | - Adjusted EBITDA margin increased by **80 basis points** to **22%** compared to the prior year[18](index=18&type=chunk) - Ongoing free cash flow increased to **$270 million** from **$217 million** in the prior year[19](index=19&type=chunk) [Portfolio Optimization Actions](index=3&type=section&id=Portfolio%20Optimization%20Actions) Ashland is optimizing its portfolio through strategic reviews, a $150 million share buyback, and restructuring plans to generate $90 million in savings - The company is taking the following actions to strengthen its core and offset the impact of portfolio optimization[19](index=19&type=chunk) - Reviewing strategic alternatives for the Avoca business line - Completed a **$150 million** share buyback to offset the earnings impact from the nutraceuticals divestiture and future exit of Avoca - Initiated a **$30 million** restructuring plan, with savings realized over fiscal years **2025** and **2026** - Advancing a multi-year manufacturing optimization plan expected to generate **$60 million** in pre-tax savings, with **$5 million** expected in fiscal **2025**[19](index=19&type=chunk) [Fiscal Year 2025 Financial Outlook](index=4&type=section&id=Financial%20Outlook) Ashland projects FY2025 sales between $1.90 billion and $2.05 billion and Adjusted EBITDA between $430 million and $470 million, factoring in economic uncertainties and cost reductions FY2025 Guidance (in billions/millions) | Metric | FY2025 Outlook | | :--- | :--- | | Sales | $1.90 billion to $2.05 billion | | Adjusted EBITDA | $430 million to $470 million | - Key assumptions for the FY2025 outlook include: - Continued geopolitical and economic uncertainty, with lower overall growth - A challenged Chinese economy, especially the property market - Volume growth partially offset by price erosion from competitive intensity - A net negative impact from portfolio actions (nutraceuticals sale, Avoca exit) and price carryover, partially offset by improved absorption and cost reductions[20](index=20&type=chunk) - The company is increasing its focus on controllables, initiating restructuring to reduce costs and improve manufacturing productivity, especially in its HEC and VP&D businesses[22](index=22&type=chunk) [Upcoming Events](index=4&type=section&id=Conference%20Call%20Webcast) Ashland will host an earnings conference call on November 7, 2024, and a strategy update event on December 10, 2024, in New York City - An earnings conference call is scheduled for **9 a.m. ET** on Thursday, **November 7, 2024**[23](index=23&type=chunk) - A strategy update event will be held on Tuesday, **December 10, 2024**, in New York City, to review strategic priorities and key initiatives[25](index=25&type=chunk) [Financial Statements and Reconciliations](index=8&type=section&id=Financial%20Statements%20and%20Reconciliations) This section provides detailed consolidated financial statements, including income, balance sheets, cash flows, and reconciliations of non-GAAP financial measures [Statements of Consolidated Income (Loss)](index=8&type=section&id=Table%201) This table presents the consolidated income statement for fiscal years 2024 and 2023, highlighting sales, gross profit, and net income Fiscal Year Income Statement Highlights (in millions) | Line Item | FY 2024 | FY 2023 | | :--- | :--- | :--- | | Sales | $2,113 | $2,191 | | Gross Profit | $618 | $668 | | Operating Income (Loss) | ($26) | $172 | | Income from Continuing Operations | $199 | $168 | | Net Income (Loss) | $169 | $178 | [Condensed Consolidated Balance Sheets](index=9&type=section&id=Table%202) This table details the company's consolidated balance sheets as of September 30, 2024 and 2023, showing assets, liabilities, and equity Balance Sheet Highlights (in millions) | Line Item | Sept 30, 2024 | Sept 30, 2023 | | :--- | :--- | :--- | | Total Current Assets | $1,195 | $1,506 | | Total Assets | $5,645 | $5,939 | | Total Current Liabilities | $490 | $456 | | Long-Term Debt | $1,349 | $1,314 | | Total Liabilities | $2,777 | $2,842 | | Stockholders' Equity | $2,868 | $3,097 | [Statements of Consolidated Cash Flows](index=9&type=section&id=Table%203) This table outlines the consolidated cash flows from operating, investing, and financing activities for fiscal years 2024 and 2023 Fiscal Year Cash Flow Highlights (in millions) | Line Item | FY 2024 | FY 2023 | | :--- | :--- | :--- | | Cash from Operating Activities | $462 | $294 | | Cash from Investing Activities | ($51) | ($109) | | Cash from Financing Activities | ($479) | ($371) | | Decrease in Cash | ($117) | ($229) | | Cash at End of Period | $300 | $417 | [Reconciliation of Non-GAAP Data](index=10&type=section&id=Tables%204-8) These tables provide detailed reconciliations of GAAP measures to non-GAAP measures, including Adjusted EBITDA, Ongoing Free Cash Flow, and Adjusted Diluted EPS FY2024 Reconciliation of Net Income to Adjusted EBITDA (in millions) | Line Item | FY 2024 | | :--- | :--- | | Net Income | $169 | | Adjustments (Taxes, Interest, D&A, etc.) | +123 | | Key Items (Impairments, Restructuring, etc.) | +167 | | **Adjusted EBITDA** | **$459** | FY2024 Reconciliation of Operating Cash Flow to Ongoing Free Cash Flow (in millions) | Line Item | FY 2024 | | :--- | :--- | | Cash from Operating Activities | $462 | | Additions to property, plant and equipment | ($137) | | **Free Cash Flow** | **$325** | | Adjustments (A/R Programs, Restructuring, etc.) | ($55) | | **Ongoing Free Cash Flow** | **$270** | FY2024 Reconciliation of Diluted EPS to Adjusted Diluted EPS | Line Item | FY 2024 | | :--- | :--- | | Diluted EPS from continuing operations | $3.95 | | Total key items adjustment | ($0.75) | | **Adjusted Diluted EPS** | **$3.20** | | Amortization expense adjustment | $1.25 | | **Adjusted Diluted EPS (Excl. Intangibles)** | **$4.45** |

ROCKVILLE, Md. and SUZHOU, China, Nov. 6, 2024 /PRNewswire/ -- Ascentage Pharma (6855.HK), a global biopharmaceutical company engaged in discovering, developing, and commercializing therapies to address global unmet medical needs primarily for malignancies, today announced that the latest results from three clinical studies of one of the company's key drug candidate, lisaftoclax (APG-2575), have been selected for presentations, including an Oral Report, at the 66th American Society of Hematology (ASH) Annua ...

New Phase 1/2 data support the potential of our CAR T-cell therapy candidates, GLPG5101 and GLPG5201, in addressing unmet needs for patients with poor prognoses. Our innovative decentralized cell therapy manufacturing platform delivers fresh, fit cells within a median vein-to-vein time of seven days, with potentially encouraging patient outcomes. Three abstracts, including one oral presentation for GLPG5101 in relapsed/refractory non-Hodgkin lymphoma, and a company showcase, will spotlight our cutting-edge ...

Core Insights - Genmab A/S announced the presentation of over 20 abstracts, including four oral presentations, at the 66th Annual Meeting and Exposition of the American Society of Hematology (ASH), focusing on new clinical data for epcoritamab in treating non-Hodgkin's lymphoma (NHL) patients [1][2][3] Epcoritamab Development Program - The presentations will cover data on fixed-duration subcutaneous epcoritamab in patients with previously untreated diffuse large B-cell lymphoma (DLBCL), large B-cell lymphoma (LBCL), and relapsed/refractory (R/R) follicular lymphoma (FL) [2] - A study evaluating epcoritamab monotherapy in patients with R/R chronic lymphocytic leukemia (CLL) will also be featured [2] - Three-year efficacy and safety data for subcutaneous epcoritamab in patients with R/R DLBCL from the EPCORE NHL-1 trial will be presented [2] Clinical Results and Future Commitments - Dr. Judith Klimovsky highlighted the encouraging clinical results from epcoritamab trials, emphasizing its potential as a core therapy for B-cell malignancies [3] - Genmab, alongside AbbVie, is committed to advancing the epcoritamab development program to provide additional therapeutic options for patients [3] Upcoming Events - Genmab will host a virtual 2024 R&D Update and ASH Data Review on December 11, 2024, to discuss the findings presented at ASH [4] Abstracts and Presentations - Key oral presentations include: - Epcoritamab + R2 in R/R FL with a two-year follow-up from the EPCORE NHL-2 trial [4] - Epcoritamab + R-CHOP in previously untreated DLBCL [4] - Epcoritamab monotherapy in older patients with previously untreated large B-cell lymphoma [4] - Epcoritamab in R/R CLL [4] Research and Development Focus - Genmab and AbbVie are evaluating epcoritamab across various hematologic malignancies, with four ongoing Phase 3 trials [15] - The trials include comparisons of epcoritamab as a monotherapy versus chemotherapy and in combination with other treatments [15] Company Overview - Genmab is an international biotechnology company focused on developing innovative antibody therapeutics, with a vision to transform the lives of patients with cancer by 2030 [16]