Q1 FY26 Investor Presentation June 5, 2025 Disclaimer and Statement Regarding Use of Non-GAAP Measures This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements may relate to, but are not limited to, expectations of future operating results or financial performance, market size and growth, industry developments and trends, the calculation of certain of our financial and operat ...

Group 1 - Amgen will present at the Goldman Sachs 46th Annual Global Healthcare Conference on June 10, 2025, at 9:20 a.m. PT, featuring executives Peter Griffith and Jay Bradner [1] - The webcast of the presentation will be available on Amgen's website and archived for at least 90 days [2] - Amgen is recognized for its innovative medicines and has a strong pipeline targeting various diseases, including cancer and heart disease [3] Group 2 - In 2024, Amgen received accolades such as being named one of the "World's Most Innovative Companies" and "America's Best Large Employers" [4] - Amgen is part of the Dow Jones Industrial Average and the Nasdaq-100 Index, highlighting its market significance [4]

Summary of Atai Life Sciences (ATAI) Conference Call Company Overview - **Company**: Atai Life Sciences (ATAI) - **Industry**: Psychedelic Pharmaceuticals Key Points and Arguments Company Strategy and Transition - Atai has transitioned from a hub-and-spoke model to a more traditional biotech structure, focusing on wholly owned assets in the psychedelic space [4][5] - The company now has three clinical-stage assets in Phase 2, specifically targeting depression [5][6] - Legacy projects include RECOGNIFY, which is developing a drug for cognitive impairment in schizophrenia, where Atai holds approximately 60% ownership [6] Differentiation and Pipeline - Atai aims to develop compounds that fit into the SPRAVATO paradigm, focusing on single administration and fewer doses while improving efficacy [7] - The recent acquisition of Beckley Cytec allows Atai to potentially own 100% of the company, contingent on meeting efficacy and safety benchmarks in Phase 2b trials [13][14] Clinical Trials and Data Expectations - Upcoming datasets from Beckley and RECOGNIFY are expected in mid-2025, with both trials closely timed [11] - The Phase 2b study will have a four-week primary endpoint and an eight-week blinded follow-up, focusing on efficacy and safety metrics [24][30] - The study is designed to be robust, with a primary endpoint based on the MADRS scale and responder rates [24][25] Competitive Landscape - Atai's BPL-3 compound uses intranasal administration, contrasting with GH Research's vaporization technology, which has faced regulatory scrutiny [46][50] - Atai's approach is designed to be more compliant with FDA standards, focusing on safety and efficacy [50][52] Regulatory Environment and Market Potential - The FDA has been supportive of psychedelic research, and there is potential for regulatory changes that could streamline the approval process for psychedelics [87][89] - The company is optimistic about the market potential, especially if the administration allows for a single Phase 3 trial instead of two [89] Investor Misconceptions - There is a misconception among investors that Atai's rollout will mirror the slow adoption of SPRAVATO, which was affected by COVID-19 and operational challenges [72][75] - Atai believes that the current understanding of psychedelics and their therapeutic potential will lead to a quicker market acceptance compared to previous years [76][77] Future Directions - If the Phase 2b trial is successful, Atai plans to engage with the FDA to expedite the start of Phase 3 trials [70] - The company is focused on redefining the understanding of mental health treatments, potentially expanding the addressable market for psychedelics [102] Additional Important Insights - The company emphasizes the importance of psychological support for patients undergoing psychedelic treatment, ensuring they are prepared for the experience [64][66] - Atai is targeting a low percentage of patients with prior psychedelic experience to ensure the integrity of the trial results [68] - The discussion around the redefinition of what constitutes an illness and the potential for broader access to psychedelic treatments is a significant focus for Atai and the industry [96][102]

Core Insights - American Rebel Light Beer is experiencing significant consumer demand driven by strategic marketing efforts in Nashville, motorsports, and music events [1][2][3] - The company has completed a production run and plans additional runs to support retail expansion and new market entries [1][3] Production and Market Expansion - American Rebel Light Beer has the capacity to produce over 2 million cases annually, thanks to partnerships with AlcSource and City Brewing [3] - The beer is brewed in LaCrosse, Wisconsin, using 100% natural ingredients, with nutritional information of 100 calories, 3.2 carbs, and 4.3% ABV per 12oz serving [3][15] - The brand is expanding into 62 Total Wine & More locations across seven states, enhancing its market presence [3] Brand Positioning and Partnerships - The company emphasizes its patriotic branding and commitment to supporting military events, motorsports, and music festivals [2][5] - American Rebel Light Beer is an official sponsor of the Loser's Parking Lot Concert Series in Nashville, further solidifying its presence in the local music scene [5][6] Events and Sponsorships - The company is involved in high-profile events, including the Week of the Eagles celebration at Fort Campbell, KY, honoring the U.S. Army [7][8] - CEO Andy Ross is actively participating in events, including performances at NHRA races, reinforcing the brand's connection to motorsports [6][8] Product Quality and Consumer Appeal - American Rebel Light Beer is marketed as a high-quality, better-for-you option in the domestic light beer market, free from corn, rice, or added sweeteners [4][15] - The brand aims to resonate with consumers seeking a refreshing and natural beer experience [4][15]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 173.70 [5][8]. Core Insights - The company is experiencing sustained demand growth, particularly in the AIoT sector, with significant opportunities in smart home applications and AI toys [2][4]. - The company plans to raise funds through a private placement to enhance its product lineup, focusing on Wi-Fi 7 and AI edge chips, which will support long-term growth [4][5]. - The developer ecosystem is thriving, with over 140,000 open-source projects on GitHub, indicating strong community engagement and innovation [3]. Summary by Sections Demand and Growth - In Q1 2025, the company reported a 30% year-on-year revenue growth in the smart home sector, with faster growth in industrial, energy, and healthcare markets [2]. - The company anticipates continued demand growth in Q2, driven by new applications such as AI toys [2]. Product Development and Strategy - The company is focused on a "processing + connectivity" strategy, with ongoing product upgrades and a commitment to maintaining a gross margin target of 40% [2][5]. - New products, including the P4, are entering mass production, while older products like ESP8266/ESP32 are seeing extended lifecycles due to high customer loyalty [2]. Financial Projections - The company forecasts revenues of RMB 2,632 million in 2025, with a net profit of RMB 461.47 million, reflecting a 36% increase from the previous year [7]. - The expected EPS for 2025 is RMB 2.94, with a projected net profit margin of 17.53% [7]. Capital Raising and Investment - The company plans to raise up to RMB 1.778 billion through a private placement, allocating funds for Wi-Fi router chips, AI edge chips, and the construction of a research center [4]. Market Position - The company aims to maintain its leading position in the Wi-Fi MCU market and expects the revenue contribution from smart home products to continue evolving [2].

Core Insights - The semiconductor industry is experiencing a mild recovery, with significant growth in AI-driven markets and demand for data centers, as evidenced by Nvidia's impressive Q1 performance, which saw a 73% year-over-year increase in data center revenue [3][4] - The semiconductor industry ETF (159582) has shown notable performance, with a 33.93% increase in net value over the past year, ranking in the top 8.67% among equity index funds [4][5] - Recent U.S. export restrictions on semiconductor technology to China have led to increased costs for companies like Nvidia, impacting their financials [3][4] ETF Performance - The semiconductor industry ETF has seen a significant increase in scale, growing by 30.85 million yuan over the past three months, placing it in the top half of comparable funds [4] - The ETF's share count has also increased by 30 million shares in the last six months, indicating strong investor interest [4] - The ETF's year-to-date performance shows a relative drawdown of 0.48% compared to its benchmark, with a Sharpe ratio of 1.11, indicating a favorable risk-adjusted return [5] Top Holdings - The top ten weighted stocks in the semiconductor index account for 75.47% of the index, with North Huachuang (002371) holding the largest weight at 15.51% [5][7] - Other significant holdings include Zhongwei Company (688012) at 12.80% and SMIC (688981) at 11.67%, reflecting a concentration in key players within the semiconductor sector [5][7] - The performance of these stocks varies, with some experiencing slight declines while others, like Tuojing Technology (688072), have seen increases of 3.02% [7]

Group 1 - The article is authored by Terry Chrisomalis, who operates the Biotech Analysis Central pharmaceutical service on Seeking Alpha Marketplace, offering a two-week free trial for new subscribers [1] - Biotech Analysis Central includes a library of over 600 biotech investing articles, a model portfolio of more than 10 small and mid-cap stocks, and various analysis and news reports to assist healthcare investors [2] - The service is priced at $49 per month, with a yearly plan available at a discounted rate of $399, reflecting a 33.50% discount [1] Group 2 - The article does not provide any specific investment recommendations or advice regarding the suitability of investments for particular investors [4] - The author has no current stock or derivative positions in any mentioned companies and does not plan to initiate any within the next 72 hours [3] - The views expressed in the article may not represent those of Seeking Alpha as a whole, as the platform includes contributions from various authors, both professional and individual investors [4]

Core Insights - Shares of MoonLake Immunotherapeutics (MLTX) increased by 18% following reports of Merck's interest in acquiring the company [1][8] - Merck had previously made a non-binding offer for MoonLake valued at over $3 billion, which was rejected, but discussions may resume [2][8] - MoonLake is focused on developing sonelokimab, a novel nanobody therapy for inflammatory diseases, with key data expected in September 2025 [3][4] Company Overview - MoonLake Immunotherapeutics is a clinical-stage biotech company based in Switzerland, developing sonelokimab for conditions such as hidradenitis suppurativa and psoriatic arthritis [3] - The company is also exploring sonelokimab for additional dermatological and rheumatological indications [4] Market Context - Merck's interest in MoonLake is part of a strategy to diversify its revenue sources, which are heavily reliant on Keytruda, accounting for nearly 46% of its total revenues in 2024 [7] - Concerns over Keytruda's potential loss of exclusivity after 2028 have prompted Merck to seek new drug candidates [7][8] - Recent M&A activity in the pharmaceutical sector indicates a trend towards acquiring small biotechs with promising assets, aligning with Merck's rumored pursuit of MoonLake [13] Recent Transactions - Sanofi announced a $9.5 billion acquisition of Blueprint Medicines to enhance its immunology pipeline [11] - Bristol Myers Squibb entered a co-development agreement with BioNTech for an investigational bispecific antibody, reflecting ongoing interest in oncology candidates [12]

Industry Overview - The Zacks Wireless National industry is facing high capital expenditures for infrastructure upgrades, uncertainty from tariff threats, supply-chain disruptions due to geopolitical tensions, and high customer inventory levels. However, it is expected to benefit from accelerated 5G rollout and increased fiber densification in the long run [1][4]. Current Market Dynamics - T-Mobile US, Verizon Communications, and Gogo are positioned to gain from rising demand for scalable infrastructure to support sustainable networks, driven by the proliferation of the Internet of Things (IoT), wireless traction, and solid broadband momentum [2]. Industry Description - The industry includes firms providing a wide range of communication services such as wireless, wireline, data/broadband, video, managed networking, and cloud-based services to both retail consumers and businesses. It also encompasses edge computing services for optimized application traffic routing [3]. Challenges Facing the Industry - High raw material prices and tariff impositions have disrupted supply chains and inflated equipment costs, impacting profitability. Increased competition from over-the-top service providers and price-sensitive customer retention strategies are expected to intensify challenges [4][6]. Growth Opportunities - The deployment of 4G LTE Advanced technologies and expansion of fiber optic networks are enhancing data speeds and capacity. The use of C-Band spectrum is expected to improve coverage in both rural and urban areas, leading to significant customer experience enhancements as the 5G ecosystem evolves [5]. Financial Performance - The Zacks Wireless National industry has outperformed the S&P 500 and the broader Zacks Computer and Technology sector over the past year, with a growth of 27.3% compared to 10.8% for the S&P 500 and 9.2% for the sector [9]. Valuation Metrics - The industry is currently trading at a trailing 12-month enterprise value-to-EBITDA (EV/EBITDA) of 9.38X, significantly lower than the S&P 500's 16.85X and the sector's 16.58X. Over the past five years, the industry has seen a range from 5.88X to 9.78X [12]. Notable Companies - **Gogo**: Focused on business aviation connectivity, Gogo has restructured its business model post-divestiture of its commercial in-flight connectivity division, improving liquidity and unlocking new opportunities. It has delivered an earnings surprise of 129.5% on average over the last four quarters [14]. - **T-Mobile**: A leading national wireless service provider, T-Mobile has achieved record-low churn rates and significant postpaid customer growth, supported by its Ultra Capacity 5G network. The stock has gained 37.1% over the past year with a long-term earnings growth expectation of 17.2% [17]. - **Verizon**: As a full-service wireless carrier, Verizon is expanding its fiber-optic networks and deploying advanced technologies to enhance data speeds. The stock has gained 5.5% over the past year and maintains a strong operational focus [20].

Market Overview - The global temperature data logger market is projected to grow from USD 529.0 million in 2025 to USD 701.1 million by 2030, representing a compound annual growth rate (CAGR) of 5.8% [1][8]. Key Drivers - The increasing need for precise temperature monitoring in industries such as pharmaceuticals, food & beverage, chemicals, and logistics is driving market growth [3]. - Regulatory requirements from agencies like the FDA, WHO, and EU GDP emphasize the importance of temperature control for sensitive goods, including vaccines, leading to expanded usage of temperature data loggers [3]. Market Segmentation - Standalone temperature data loggers are expected to capture a significant market share due to their portability and cost-effectiveness, essential for environmental monitoring and quality assurance in various industries [4]. - The food & beverage industry is a major adopter of temperature data loggers, driven by regulations like HACCP and FSMA, which necessitate temperature management for perishables [5]. Regional Insights - The US is anticipated to dominate the global temperature data logger market, supported by its advanced industrial framework, strong regulatory compliance, and technological advancements [7]. - The US's role as a hub for pharmaceutical research and production increases the demand for reliable temperature management solutions [7]. Challenges and Opportunities - High initial costs and integration challenges are noted as care points for market participants [2]. - Opportunities exist in emerging technologies and markets, particularly with the increasing adoption of IoT and wireless connectivity [10].