Financial Data and Key Metrics Changes - For Q2 2025, net income increased by 8%, adjusted EBITDA increased by 7%, and adjusted DCF increased by 9% year-over-year [5] - Net income for Q2 2025 was $25.2 million compared to $46.1 million in Q2 2024, while adjusted EBITDA was $98.2 million compared to $121.1 million in the same period [9] - Adjusted DCF for Q2 2025 was $52.3 million compared to $74.2 million in Q2 2024 [9] Business Line Data and Key Metrics Changes - GDSO product margin decreased by $13.6 million to $207.9 million due to lower site count and adverse weather conditions [10] - Gasoline distribution product margin decreased by $9.4 million to $137.9 million, reflecting lower fuel volumes [10] - Station operations product margin decreased by $4.2 million to $70 million, impacted by weather and lower site count [10] Market Data and Key Metrics Changes - The wholesale segment's product margin was $91.7 million, with gasoline and gasoline blend stocks decreasing by $11.6 million to $58.8 million [11] - Product margin from distillates and other oils increased by $11.4 million to $32.9 million due to favorable market conditions [12] Company Strategy and Development Direction - The company is focused on operational excellence, disciplined capital allocation, and delivering consistent returns for unitholders [16] - Recent terminal acquisitions have expanded the company's reach and strengthened its presence in key markets, establishing a stronger platform for long-term value [6] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of adverse weather conditions on performance, particularly in May and early June [20] - The company is satisfied with its current site portfolio and anticipates minimal further rationalization [23] Other Important Information - The company approved a quarterly cash distribution of $0.75 per unit, marking the fifteenth consecutive increase [6] - The company completed a private offering of $450 million senior unsecured notes to strengthen its balance sheet and extend its debt maturity profile [14] Q&A Session Summary Question: Can you quantify the impact of weather on the quarter? - Management noted that the weather had a material impact, particularly in May, but did not provide an exact number [20][22] Question: How close is the company to completing site rationalization? - Management indicated that they are very satisfied with the current site count and expect minimal further changes [23][25] Question: Is the strength in CPG tied to terminal acquisitions? - Management clarified that the strength is independent of terminal acquisitions and is more related to supply advantages and vertical integration [26] Question: What is the acquisition outlook? - Management stated that bid-ask spreads are wide on the terminaling side, but the retail side remains active with potential opportunities [29]

[Overview of Second Quarter 2025 Performance](index=1&type=section&id=Overview%20of%20Second%20Quarter%202025%20Performance) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) The CEO highlighted solid year-over-year growth in earnings and cash flow for the first half of 2025, attributing it to a diversified asset base and disciplined execution First Half 2025 Year-over-Year Growth | Metric | YoY Growth | | :--- | :--- | | Net Income | 8% | | Adjusted EBITDA | 7% | | Adjusted DCF | 9% | - The company is pleased with the second-quarter performance of its retail, terminal, and wholesale liquid energy portfolio[4](index=4&type=chunk) - The strategic acquisition of key terminals has expanded the company's reach and enhanced its market presence[4](index=4&type=chunk) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Global Partners reported a decline in key profitability metrics for the second quarter of 2025 compared to the same period in 2024, impacted by a **$2.8 million** loss on the early extinguishment of debt Q2 2025 vs. Q2 2024 Financial Metrics (in millions, except per unit data) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Income | $25.2 | $46.1 | | Diluted EPS | $0.55 | $1.10 | | EBITDA | $95.7 | $118.8 | | Adjusted EBITDA | $98.2 | $121.1 | | Distributable Cash Flow (DCF) | $52.0 | $73.1 | | Adjusted DCF | $52.3 | $74.2 | | Gross Profit | $272.4 | $287.9 | - All reported non-GAAP financial measures for Q2 2025 include a **$2.8 million** loss on the early extinguishment of debt related to the redemption of the Partnership's **7.00%** senior notes due 2027[7](index=7&type=chunk) [Segment Performance](index=2&type=section&id=Segment%20Performance) In Q2 2025, the Wholesale segment's product margin remained stable, while the GDSO segment saw a decrease due to lower site count, with overall sales increasing to **$4.6 billion** driven by Wholesale volume Q2 2025 vs. Q2 2024 Product Margin by Segment (in millions) | Segment | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | GDSO | $207.9 | $221.5 | | Wholesale | $91.7 | $91.9 | | Commercial | $6.1 | $6.2 | Q2 2025 vs. Q2 2024 Sales and Volume by Segment | Segment | Sales (Q2 2025) | Sales (Q2 2024) | Volume (Q2 2025) | Volume (Q2 2024) | | :--- | :--- | :--- | :--- | :--- | | Wholesale | $3.1B | $2.6B | 1.5B gal | 1.1B gal | | GDSO | $1.2B | $1.5B | 382.4M gal | 407.0M gal | | Commercial | $275.8M | $280.9M | 141.9M gal | 119.5M gal | | **Total** | **$4.6B** | **$4.4B** | **2.0B gal** | **1.6B gal** | - The decline in GDSO product margin from both gasoline distribution and station operations was partly attributed to a decreased site count year-over-year[10](index=10&type=chunk) [Recent Developments](index=2&type=section&id=Recent%20Developments) The company completed a **$450 million** senior unsecured notes offering due 2033 to refinance debt and announced a quarterly cash distribution of **$0.7500 per common unit** - Completed an upsized private offering of **$450 million** of **7.125%** senior unsecured notes due 2033[15](index=15&type=chunk) - Net proceeds were used to purchase outstanding **$400 million** **7.00%** senior notes due 2027 and to repay a portion of borrowings under its credit agreement[15](index=15&type=chunk) - Announced a quarterly cash distribution of **$0.7500 per common unit** (**$3.00 annualized**), payable on August 14, 2025[15](index=15&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) For Q2 2025, Global Partners reported total sales of **$4.63 billion** and net income of **$25.2 million**, a decrease from **$46.1 million** in Q2 2024, while six-month net income increased to **$43.9 million** Income Statement Highlights (in thousands, except per unit data) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Sales | $4,626,925 | $4,409,698 | $9,219,122 | $8,555,090 | | Gross Profit | $272,362 | $287,884 | $527,603 | $503,019 | | Operating Income | $60,066 | $83,869 | $115,953 | $109,705 | | Net Income | $25,210 | $46,149 | $43,894 | $40,547 | | Diluted Net Income per Unit | $0.55 | $1.10 | $0.92 | $0.73 | [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, Global Partners had total assets of **$3.78 billion** and total liabilities of **$3.10 billion**, with cash and cash equivalents increasing to **$16.1 million** Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $16,097 | $8,208 | | Total current assets | $1,215,163 | $1,207,380 | | Total assets | $3,784,338 | $3,788,198 | | Total current liabilities | $1,027,264 | $1,000,121 | | Senior notes | $1,270,916 | $1,186,723 | | Total liabilities | $3,098,033 | $3,071,585 | | Partners' equity | $686,305 | $716,613 | [Non-GAAP Financial Measures and Reconciliations](index=3&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) [Explanation of Non-GAAP Measures](index=3&type=section&id=Explanation%20of%20Non-GAAP%20Measures) The company uses non-GAAP measures like Product Margin, EBITDA, Adjusted EBITDA, DCF, and Adjusted DCF to evaluate core profitability, operational performance, and cash generation for distributions and debt service - Product Margin (product sales minus product costs) is used to measure the core profitability of operations[19](index=19&type=chunk) - EBITDA and Adjusted EBITDA are used to assess financial performance, ability to generate cash, and compliance with debt covenants[20](index=20&type=chunk)[23](index=23&type=chunk) - Distributable Cash Flow (DCF) and Adjusted DCF serve as indicators of the company's success in providing a cash return to limited partners[21](index=21&type=chunk)[24](index=24&type=chunk) [Financial Reconciliations](index=8&type=section&id=Financial%20Reconciliations) The report provides detailed reconciliations, showing Q2 2025 gross profit of **$272.4 million** reconciled to a combined product margin of **$305.7 million**, and net income of **$25.2 million** reconciled to Adjusted EBITDA of **$98.2 million** and Adjusted DCF of **$52.3 million** Q2 2025 Reconciliations (in thousands) | Reconciliation | Starting Value (GAAP) | Ending Value (Non-GAAP) | | :--- | :--- | :--- | | Gross Profit to Product Margin | $272,362 | $305,725 | | Net Income to Adjusted EBITDA | $25,210 | $98,158 | | Net Income to Adjusted DCF | $25,210 | $52,281 | - EBITDA, adjusted EBITDA, DCF and adjusted DCF for Q2 2025 all include a loss on early extinguishment of debt of **$2.8 million**[32](index=32&type=chunk) [Other Information](index=3&type=section&id=Other%20Information) [About Global Partners LP](index=3&type=section&id=About%20Global%20Partners%20LP) Global Partners LP is a Fortune 500 master limited partnership operating **54 liquid energy terminals** and approximately **1,700 retail locations** across the Northeast, Mid-Atlantic, and Texas, trading on the NYSE under the ticker symbol **"GLP"** - A Fortune 500 company operating **54 liquid energy terminals** and approximately **1,700 retail locations**[17](index=17&type=chunk) - Distributes gasoline, distillates, residual oil, and renewable fuels to wholesale, retail, and commercial customers[17](index=17&type=chunk) - Trades on the New York Stock Exchange as a master limited partnership under the ticker symbol **"GLP"**[18](index=18&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This section contains a standard safe harbor statement, cautioning readers that forward-looking statements are based on current expectations and are subject to significant risks and uncertainties - The press release contains forward-looking statements based on current expectations, which are not guarantees of future performance[26](index=26&type=chunk) - Readers are cautioned about significant risks and uncertainties and are directed to the Partnership's SEC filings (Form 10-K, 10-Q, 8-K) for more details[26](index=26&type=chunk)[27](index=27&type=chunk)

Core Insights - Eli Lilly's investigational oral medication orforglipron has shown significant efficacy in weight loss and cardiovascular risk factor improvement in the Phase 3 ATTAIN-1 trial, with plans for regulatory submission by year-end [1][4][5] Efficacy Results - In the ATTAIN-1 trial, orforglipron demonstrated a mean weight reduction of 12.4% (27.3 lbs) at the highest dose (36 mg) compared to 0.9% (2.2 lbs) with placebo after 72 weeks [1][2] - Key secondary endpoints showed that 59.6% of participants on the highest dose lost at least 10% of their body weight, while 39.6% lost at least 15% [1][2] - The treatment also resulted in significant reductions in cardiovascular risk markers, including non-HDL cholesterol and systolic blood pressure [1][3] Safety Profile - The safety profile of orforglipron was consistent with existing GLP-1 receptor agonists, with gastrointestinal-related adverse events being the most common [3] - The most frequently reported adverse events included nausea (28.9% to 35.9%), constipation (21.7% to 29.8%), and diarrhea (21.0% to 23.1%) across different doses, compared to lower rates in the placebo group [3] Clinical Trial Details - The ATTAIN-1 trial involved 3,127 participants with obesity or overweight and at least one weight-related medical issue, randomized to receive either orforglipron or placebo [6][7] - The trial's primary objective was to demonstrate superior body weight reduction compared to placebo after 72 weeks [6] Future Plans - Eli Lilly plans to present detailed results from the ATTAIN-1 trial at the European Association for the Study of Diabetes Annual Meeting in 2025 and publish findings in a peer-reviewed journal [4] - Additional results from the ATTAIN Phase 3 clinical trial program and the ACHIEVE Phase 3 program for type 2 diabetes are expected later this year [4]

Core Insights - Novo Nordisk A/S (NVO) reported Q2 2025 earnings of 97 cents per ADR, surpassing the Zacks Consensus Estimate of 93 cents, and up from 65 cents per ADR in the same quarter last year [1][7] - Revenues reached $11.68 billion, a 13% increase year-over-year in Danish kroner (DKK) and an 18% increase at constant exchange rates (CER), driven by higher sales in Diabetes and Obesity Care, although total revenues fell short of the Zacks Consensus Estimate of $11.79 billion [2][7] Revenue Breakdown - The Diabetes and Obesity Care segment generated sales of DKK 71.94 billion, reflecting a 17% increase. Notably, sales of fast-acting insulin Fiasp decreased by 5%, while NovoRapid sales rose by 26% [4] - Sales of Ozempic reached DKK 31.8 billion, up 15%, while Rybelsus sales were DKK 5.65 billion, down 1%. Victoza sales saw a significant decline of 57% [5][6] - Obesity Care sales (Saxenda and Wegovy) increased by 53% to DKK 20.37 billion, with Wegovy sales growing 75% to DKK 19.53 billion, although growth was impacted by illegal compounded versions in the U.S. market [6][7] Rare Disease Segment - Sales in the Rare disease segment rose by 28% to DKK 4.92 billion, with rare blood disorder products contributing DKK 3.1 billion, up 13%. NovoSeven sales increased by 16% to DKK 2 billion [9] Cost Structure - Sales and distribution costs increased by 19% to DKK 17.53 billion, primarily due to promotional activities for Wegovy in the U.S. [10] - Research and development (R&D) costs decreased by 26% to DKK 11.69 billion, mainly due to a prior year impairment loss, despite increased investment in late-stage clinical studies [11] Outlook Revision - Novo Nordisk revised its 2025 sales growth outlook to 8-14%, down from 13-21%, and operating profit growth to 10-16%, down from 16-24%, reflecting weaker-than-expected momentum for key drugs Wegovy and Ozempic [12][13] - The company cited challenges from unregulated compounded GLP-1 alternatives and slower-than-expected uptake of Wegovy in the U.S. market [13][14] Competitive Landscape - Novo Nordisk's global diabetes market share declined by 1.4% to 32.6%, attributed to increased competition from Eli Lilly's tirzepatide products [15] - Despite the competitive pressure, Novo Nordisk aims to maintain a market share of over one-third by 2025 [15] Future Prospects - The company is optimistic about increasing Wegovy sales in the second half of 2025 through initiatives like NovoCare Pharmacy and exclusive formulary coverage with CVS [19] - Ongoing FDA reviews for expanded indications of semaglutide drugs and other pipeline candidates are expected to bolster future revenues [17][18]

Core Insights - The article emphasizes the investment philosophy focused on small cap companies, highlighting the importance of identifying mispriced securities through understanding financial drivers and utilizing DCF model valuation [1] Group 1 - The investment strategy is not confined to traditional categories such as value, dividend, or growth investing, but rather considers all prospects of a stock to assess risk-to-reward [1]

Core Insights - Hims & Hers Health, Inc. is actively expanding into European markets through ZAVA and is pursuing new growth opportunities [1] Group 1 - The company is focusing on solid expansion strategies in Europe [1] - Hims & Hers Health, Inc. has been involved in various initiatives to enhance its market presence [1]

Core Viewpoint - The article discusses the author's long-term investment in Novo Nordisk (NVO) and reflects on the perceived value of the stock despite current losses, emphasizing a fundamental analysis approach to investing [1]. Group 1: Investment Perspective - The author initially invested in Novo Nordisk when the stock was priced at $80 per share, believing it to be a bargain [1]. - Despite experiencing considerable losses, the author maintains that the initial investment price was reasonable [1]. - The author expresses a preference for fundamental analysis over technical analysis, focusing on actual company performance rather than stock price movements [1]. Group 2: Investor Background - The author is a 27-year-old investor from Italy, with a background in Business Administration and completion of CFA level 1 [1]. - The author has been involved in financial markets for about five years, transitioning from trading to a focus on fundamental analysis [1]. - The investment strategy is characterized by a long-term view and often takes a contrarian approach, primarily investing in stocks and ETFs, with a preference for US companies but also analyzing European and Chinese firms [1].

Core Viewpoint - McKesson Corporation is set to report its first-quarter fiscal 2026 results, with expectations of revenue growth driven by the adoption of GLP-1 weight loss drugs and demand for specialty pharmaceuticals [1][2]. Revenue Growth - Revenue growth has been significantly influenced by the rapid adoption of GLP-1 weight loss drugs and sustained demand for branded pharmaceuticals [2]. - The rising demand for specialty pharmaceuticals has also played a crucial role in revenue expansion [2]. Segment Performance - The U.S. Pharmaceutical segment is expected to continue its steady growth, driven by strong demand for specialty pharmaceuticals, particularly oncology treatments [5]. - The Prescription Technology Solutions segment is projected to see revenues of $1.31 billion, reflecting a 5.7% year-over-year improvement, supported by strong demand for technology services [12]. - The Medical Surgical Solutions segment is estimated to generate $2.74 billion, indicating a 3.9% year-over-year increase, aided by a rebound in primary care visits [14]. Earnings Estimates - The Zacks Consensus Estimate for earnings is $8.23 per share, representing a 4.4% year-over-year improvement, while revenue estimates are pegged at $96.1 billion, indicating a 21.2% year-over-year surge [4]. Challenges - The sale of European operations and divestments in Canada may negatively impact sales [8]. - Lower distribution volumes of COVID-19 vaccines and changes in formularies could weigh on segmental performance [9][10]. - Margin pressures from low-margin GLP-1 sales and increased costs may limit earnings upside [10].

Analyst's Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. This article is intended to provide informational content and should not be viewed as an exhaustive an ...

Core Insights - Ascletis Pharma Inc. has completed enrollment for its 13-week Phase IIa study of ASC30, a small molecule oral GLP-1 receptor agonist aimed at treating obesity, with 125 participants enrolled in just over one month [2][3]. Group 1: Study Details - The Phase IIa study is randomized, double-blind, placebo-controlled, and multi-center, focusing on participants with obesity (BMI ≥ 30 kg/m²) or overweight (BMI ≥ 27 kg/m² but < 30 kg/m²) who have at least one weight-related comorbidity [3][4]. - Two oral formulations of ASC30 are being evaluated: formulation 1 (ASC30 tablets) and formulation 2 (ASC30 tablets A1), with a primary endpoint of mean percentage body weight change from baseline at Week 13 [3][4]. - The study protocol starts with a low dose of 1 mg for both formulations, with weekly titrations to maintenance doses of 20 mg and 40 mg for formulation 1, and 20 mg, 40 mg, and 60 mg for formulation 2 [3]. Group 2: Product Information - ASC30 is a first and only investigational small molecule GLP-1R biased agonist, designed for both once-daily oral and once-monthly subcutaneous injection dosing options for obesity treatment [4][5]. - The compound has U.S. and global patent protection until 2044, ensuring its exclusivity in the market [5]. Group 3: Company Overview - Ascletis Pharma Inc. is a fully integrated biotechnology company focused on developing and commercializing therapeutics for metabolic diseases, utilizing proprietary platforms for drug discovery [6]. - The company is listed on the Hong Kong Stock Exchange under the ticker 1672.HK [6].