PresentationWelcome to the 44th J.P. Morgan Healthcare Conference. I'm Richard Vosser, European pharma analyst with J.P. Morgan. It's my great pleasure to host and introduce the CEO, Belén Garijo, from Merck KGaA, Darmstadt, Germany and their presentation today at the conference. Just before I hand over to Belén, just a few housekeeping remarks. [Operator Instructions] Belén, welcome to the conference.Belén Garijo LópezChair of Executive Board & CEO Thank you so much. Thank you very much. Good morning, ever ...

General Information - The document ID is 1190497.2.2 [1]

Group 1: Sirius XM Overview - Sirius XM is currently facing significant challenges, with a total return of negative 55% over the past five years, while the S&P 500 has returned 113% in the same period [1] - The company generates a recurring revenue stream, with 77% of its sales coming from subscriptions as of Q1 [5] - Sirius XM holds a legal monopoly as the only satellite radio provider in the U.S., which provides a competitive advantage despite competition from streaming platforms [6] Group 2: Financial Performance - In Q1, Sirius XM reported a 2% year-over-year decline in domestic subscribers, a 4% decrease in revenue, and a 15% drop in net income [7] - The stock is considered cheap, with a forward price-to-earnings (P/E) ratio of 7.9 and a dividend yield of 4.81% [7] Group 3: Comparison with Amazon - Amazon has significantly outperformed Sirius XM, with shares increasing by 12,000% over the past two decades, contrasting Sirius XM's disappointing performance [9] - Amazon benefits from multiple growth trends, including online shopping, digital advertising, cloud computing, and artificial intelligence, while Sirius XM struggles against streaming services [10] - Amazon's operating income surged by 86% year-over-year in 2024 and is expected to grow faster than revenue, indicating strong cost optimization [11]