Viatris Investor Event Summary Company Overview - **Company**: Viatris (NasdaqGS: VTRS) - **Date**: March 19, 2026 - **Key Leadership**: CEO Scott Smith, CFO Doretta Mistras, Chief R&D Officer Philippe Martin, Chief Commercial Officer Corinne Le Goff, Chief Strategy Officer Hemanth J. Varghese Core Business Segments - Viatris operates three main business segments: - **Global Generics**: A strong generics powerhouse - **Established Brands**: Includes iconic brands like Lipitor, Norvasc, Celebrex, Xanax, and Viagra - **Innovative Medicines**: A growing segment focusing on new drug development [6][5][4] Financial Performance and Projections - **2026 Revenue**: Expected to generate approximately $14.7 billion - **Adjusted EBITDA**: Projected at $4.3 billion - **EPS**: Anticipated at $2.40 per share - **Free Cash Flow**: Expected to be around $2.2 billion - **Long-term Targets (by 2030)**: - Total revenue growth: 5%-6% - Adjusted EBITDA growth: 7%-8% - Adjusted EPS growth: 9%-10% - Annual free cash flow: More than $3 billion [6][10][9] Strategic Initiatives - Focus on: - Driving base business growth - Fueling innovative portfolio development - Modernizing for sustainable growth - Plans to generate at least $11 billion in cash by 2030, balancing shareholder returns and business development [7][8][9] R&D and Pipeline Development - R&D focuses on three areas: - **Generic Medicines**: Core and complex generics - **Value-Added Medicines**: Established brands and 505(b)(2) applications - **Innovative Portfolio**: Emerging assets like Selatogrel and Cenerimod [15][16][22] Key Pipeline Assets - **Selatogrel**: A P2Y12 inhibitor for self-administered emergency treatment of recurrent myocardial infarction (MI). Expected to initiate a global registration study (SOS-MI) [26][27][30]. - **Cenerimod**: An oral S1P1 receptor modulator for systemic lupus erythematosus (SLE) and lupus nephritis. A pivotal program (OPUS) is underway with results anticipated in the first half of 2027 [31][32][36]. Commercial Strategy - Viatris has a robust commercial platform with a sales force of approximately 8,500 people, targeting growth across 165 countries [50][51]. - **Growth Drivers**: - **Europe**: Continued growth from promoted brands and generics leadership - **North America**: Leadership in complex generics and expansion of promoted brands - **Emerging Markets**: Focus on established brands leveraging physician trust [52][53][54] Upcoming Product Launches - **Fast-Acting Meloxicam**: A non-opioid option for acute pain, with peak net sales potential of up to $500 million [60][61]. - **Low-Dose Estrogen Contraceptive Patch**: Expected peak net sales of $180 million or higher, targeting young women [62][63]. - **Cenerimod and Selatogrel**: Anticipated global launches with blockbuster potential, with Cenerimod projected to exceed $1 billion in peak sales [65][68]. Conclusion - Viatris is positioned for durable growth through a diversified portfolio of generics, established brands, and innovative medicines. The company is focused on executing its strategic initiatives and leveraging its strong R&D capabilities to drive future success [69][70].

Summary of Collegium Pharmaceutical Investor Call Company Overview - **Company**: Collegium Pharmaceutical (NasdaqGS: COLL) - **Industry**: Biopharmaceuticals, specifically focusing on ADHD and pain management Key Points from the Call Acquisition Announcement - Collegium announced the acquisition of **AZSTARYS** and relevant corporate subsidiaries from **Corium Therapeutics** for **$650 million** in cash, with potential contingent payments of up to **$135 million** based on sales and regulatory milestones [2][8][19] - This acquisition significantly expands Collegium's position in the ADHD market, complementing its existing product **Jornay PM** [2][5] Strategic Rationale - The acquisition is seen as a strategic addition that accelerates growth and enhances patient care, with a focus on differentiated commercial medicines that have exclusivity into the **2030s** and beyond [4][5] - AZSTARYS is expected to extend future ADHD revenues into **2037**, five years beyond Jornay PM's expected loss of exclusivity [7][19] Financial Implications - The acquisition is expected to be immediately accretive to adjusted EBITDA, with AZSTARYS projected to generate over **$50 million** in pro forma net revenues in the second half of **2026** [10][11] - Collegium generated over **$329 million** in cash from operations in **2025**, indicating strong cash flow to support the acquisition [9] Market Dynamics - The ADHD market is large and growing, with approximately **22 million** patients in the U.S. and **111 million** prescriptions written in **2025** [12] - Prescriptions for ADHD have been growing at about **8%** annually over the past five years, with **90%** of prescriptions for stimulant medications [12] Product Differentiation - **Jornay PM** is unique as it is taken at night and provides efficacy upon awakening, while **AZSTARYS** combines fast and long-acting medications in one capsule, addressing different patient needs [15][17] - Both products are expected to be complementary, with **70%** of healthcare professionals indicating a strong intent to increase prescribing of Jornay PM and **53%** for AZSTARYS [15][16] Operational Synergies - Collegium plans to leverage its existing ADHD commercial infrastructure to achieve significant cost synergies, estimated to exceed **$50 million** within 12 months post-acquisition [10] - The combined sales force will enhance market access and operational efficiencies, allowing for better service to the ADHD community [18] Future Outlook - Collegium remains focused on executing its strategy of driving growth through business development, with an openness to exploring other therapeutic areas, including rare diseases [49][50] - The company plans to update its financial guidance for **2026** following the transaction's closure, expected in the second quarter [11][19] Additional Insights - The acquisition aligns with Collegium's capital allocation strategy, balancing portfolio expansion with fiscal responsibility [8] - The company emphasizes its commitment to improving patient care and delivering shareholder value through strategic acquisitions and operational efficiencies [21][22]

Core Viewpoint - The company, Tongyou Technology, is focused on leveraging resources from its Beijing and Changsha locations to ensure timely order fulfillment and plans to enhance product promotion efforts by 2026 to expand its influence in core business areas [1] Group 1 - The company can effectively utilize resources from both Beijing and Changsha to guarantee timely delivery of orders [1] - In 2026, the company will increase its product promotion efforts to replicate its initial successes on a larger scale [1] - The goal is to expand the company's influence in key customer business areas and accelerate future business development [1]

Core Viewpoint - The company, Hangyu Micro, acknowledges the competitive market landscape and the uncertainties in future development while planning to leverage its technological advantages and market conditions to advance its business [2] Group 1 - The company is responding to investor inquiries regarding its business development strategies [2] - There is an emphasis on the company's intention to combine its technological strengths with market conditions for growth [2] - The company highlights the intense market competition as a factor contributing to future uncertainties [2]

Financial Data and Key Metrics Changes - Union Pacific reported a full-year net income of $7.1 billion, up 6%, and earnings per share of $11.98, up 8% compared to 2024 [9] - Freight revenue, excluding fuel surcharge, grew 3% year-over-year, setting a record for the full year [9] - The adjusted operating ratio improved by 60 basis points to 59.3% compared to 2024 [10] - Fourth quarter operating revenue was $6.1 billion, a decrease of 1% versus 2024, with freight revenue declining by 1% on a 4% lower volume [12] Business Line Data and Key Metrics Changes - Bulk segment revenue increased by 3% on a 3% increase in volume, driven by strong coal demand [19] - Industrial revenue was up 1% for the quarter on a 1% increase in volume, with strong core pricing gains offset by business mix [20] - Premium revenue declined by 6% despite a 10% increase in volume, reflecting business mix and higher fuel surcharges [20] Market Data and Key Metrics Changes - The competitive and global market environment impacted pricing and mix, particularly in agricultural sectors [12] - Domestic intermodal volumes faced challenges due to lower West Coast imports and customer shifts, although 2025 was the best-ever year for domestic intermodal [20] Company Strategy and Development Direction - The company aims to maintain industry-leading operating ratios and return on invested capital while focusing on safety, service, and operational excellence [32] - Capital spending for 2026 is targeted at approximately $3.3 billion, prioritizing core infrastructure and modernization [30] - The merger with Norfolk Southern is expected to enhance competition and improve service offerings, with a focus on seamless operations [40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in operational capabilities despite a challenging economic backdrop, with expectations for mid-single-digit earnings growth in 2026 [34] - The company anticipates inflationary pressures and a softer economic environment but remains focused on driving productivity and efficiency [33] - Management is optimistic about coal and grain markets, expecting continued strength supported by business development efforts [24] Other Important Information - The company achieved record safety performance in 2025, with significant improvements in personal injury and derailment rates [26] - Cash return to shareholders grew by 25% in 2025, totaling $5.9 billion through dividends and share repurchases [17] Q&A Session Summary Question: How will the company improve operating ratio in 2026 given inflation and no expected price increases? - Management indicated that improvements will come from productivity gains and a more favorable business mix, despite challenges in pricing [46][48] Question: Can you elaborate on the $2 billion targeted net revenue gains from the merger? - Management expressed confidence in the projected traffic growth and emphasized that the operational efficiency will handle the increased traffic effectively [54][56] Question: What is the expected impact of regulatory changes on the business? - Management supports increased competition and optionality for customers, emphasizing the need for clarity in regulatory details [80][82]

Core Viewpoint - Canaan Technology (300412) emphasizes its commitment to maintaining its core business while promoting orderly development across various sectors to create good returns for investors [1] Group 1 - The current management team possesses rich industry experience and a keen forward-looking vision [1] - The company aims to ensure the orderly development of its various business operations [1] - The focus remains on delivering strong returns to investors [1]

Core Viewpoint - The company, Zhongwen Online, is committed to advancing its business development and enhancing its core competitiveness to create long-term value for shareholders [1] Business Development - The company will continue to fully promote various business developments [1] - Efforts will be made to improve core competitiveness [1]

Group 1 - Huayuan Co., Ltd. reported progress in the construction of its intelligent manufacturing base in Hubei and disclosed operational data for the first half of 2025 [1] - Lingge Technology announced new developments in its solid-state battery business, with a year-on-year increase in orders on hand [2] - Jiaxian Co., Ltd. shared updates on its photoresist business and a dual-wheel adjustment strategy during an investor meeting [3] Group 2 - Jinbo Bio announced plans to increase the registered capital of its wholly-owned subsidiary by RMB 165 million to support business development [4] - Qianjin Technology is utilizing RMB 15 million of its idle funds to purchase bank wealth management products to enhance fund efficiency [5] - Yiguangming is using RMB 30 million of its idle funds and RMB 18 million of raised funds for wealth management to improve fund efficiency [6] - Zecheng Electronics is investing RMB 26.9373 million of its idle funds in wealth management products [7] - Lijia Technology is allocating RMB 83 million of its idle funds for wealth management to enhance fund efficiency [8] Group 3 - Audiwei received a project designation notice from a leading intelligent driving system integrator, with an expected contract value of RMB 176 million [9] - Sanwei Equipment announced that several shareholders plan to reduce their holdings, with a maximum reduction of 1% of shares [10] - Guohang Ocean's wholly-owned subsidiary obtained a patent for a method and system for identifying abnormal behavior in ship entry and exit speeds, enhancing the company's competitive edge [11]

Financial Data and Key Metrics Changes - The company reported record revenues of $1.13 billion for Q3 2025, representing a 7% increase year-over-year [3] - The guidance for revenue was narrowed, with an increase in ANI and EPS guidance due to strong momentum and disciplined expense management [4] - A deferred tax asset of $206 million was recognized related to the Chimerix acquisition, which will reduce future tax liabilities [5] - The company ended the quarter with approximately $2 billion in cash and investments, and generated about $1 billion in cash flow for the first nine months of the year [5] Business Line Data and Key Metrics Changes - Epidiolex and Xywav, the two largest brands, showed strong growth, contributing significantly to overall revenue [3] - Xywav has been particularly successful in the idiopathic hypersomnia (IH) market, with 325 new patient ads in IH compared to 125 in narcolepsy [18] - Epidiolex is on track to achieve blockbuster status, with an 11% growth year-to-date and a need for only 3% growth to reach that milestone [24] Market Data and Key Metrics Changes - The company is seeing a growing patient base in the IH market, which is expected to continue as awareness increases [19] - The competitive landscape in the small cell lung cancer market is evolving, with new entrants and significant advancements in treatment options [39] - The company anticipates potential headwinds for Xywav in 2026 due to the introduction of generic versions of Xyrem [20][21] Company Strategy and Development Direction - The company is focused on business development opportunities in oncology and epilepsy, with a strategic emphasis on areas with high unmet needs [14][59] - The acquisition of Chimerix is seen as a strategic fit, providing access to a therapy for a rare form of glioma [10] - The company aims to build upon its presence in brain cancer and glioma, leveraging the expertise gained from the Chimerix acquisition [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong performance of zanidatamab in clinical trials, positioning it as a potential first-line treatment for HER2-positive gastric cancer [6] - The company is aware of the challenges posed by competition in the narcolepsy market but has not experienced net patient losses, indicating strong product demand [18] - Management is cautiously optimistic about the impact of potential policy changes and tariffs, indicating a manageable risk profile moving forward [35] Other Important Information - The company has implemented initiatives to improve patient identification and treatment persistence for Epidiolex, including a Nurse Navigator program [26][28] - The initial launch of Midaso has exceeded expectations, with $11 million in net sales recognized in Q3 2025 after only a few weeks on the market [43][45] - The company is exploring opportunities in rare and orphan diseases beyond its current focus areas, indicating a willingness to expand its therapeutic portfolio [59] Q&A Session Summary Question: What is the rationale behind the Chimerix acquisition? - The acquisition was driven by the unmet need in treating a rare form of glioma, with the asset showing durable patient responses and strong patent protection [10] Question: How is the company addressing the competition in the narcolepsy market? - The company has not experienced net patient losses in narcolepsy despite competition, indicating the strong benefits of Xywav [18] Question: What are the growth drivers for Epidiolex? - Key drivers include improved patient identification, nurse navigator support, and increased awareness of both seizure and non-seizure benefits [24][26] Question: What is the company's strategy regarding oncology? - The company is focused on building its oncology portfolio through acquisitions and partnerships, with a particular emphasis on rare diseases [59] Question: How does the company view the impact of potential tariffs? - Management believes the potential impact from tariffs is manageable, with proactive measures taken to mitigate risks [35]

Core Viewpoint - Dazhu CNC (301200) is experiencing positive trends in all business areas and is focused on enhancing production capacity in response to downstream customer technology development and capacity expansion [1] Group 1 - The company is actively improving its production capacity [1] - The business development trends are reported to be good [1] - The company is aligning its strategies with the technological advancements and capacity expansion of downstream customers [1]