Financial Data and Key Metrics Changes - For fiscal 2025, the company reported net sales of $10.3 billion, a 6% increase compared to the prior year, primarily driven by the Sovos Brands acquisition [27] - Organic net sales decreased by 1% year-over-year, attributed to lower volume and unfavorable mix and net price investment [27] - Adjusted EBIT increased by 2% compared to the previous year, while adjusted EPS decreased by 4% to $2.97 due to higher adjusted net interest expense [28][29] Business Line Data and Key Metrics Changes - Organic net sales in the meals and beverages division were flat, while snacks division saw a 3% decrease [27] - The company achieved $145 million in enterprise cost savings under a $250 million cost savings program, which was later increased to $375 million by the end of fiscal 2028 [28] Market Data and Key Metrics Changes - The company generated strong operating cash flow of $1.1 billion, slightly lower than the previous year due to changes in working capital [28] - Capital expenditures for fiscal 2025 were $426 million, an 18% decline compared to the prior year [29] Company Strategy and Development Direction - The company aims to leverage category leadership and innovation capabilities to keep its brands aligned with consumer trends while focusing on efficiency and effectiveness for sustainable long-term growth [30] - The company intends to use cost savings as a lever to offset tariff headwinds [28] Management's Comments on Operating Environment and Future Outlook - Management expressed that fiscal 2025 results were slightly ahead of expectations, driven by a focus on execution in a dynamic operating environment [27] - The company remains committed to returning cash to shareholders, having paid $459 million in dividends and $62 million in share repurchases [29] Other Important Information - The board unanimously recommended against two shareholder proposals regarding simple majority voting and a report on the effectiveness of the regenerative agriculture program [15][23] - The company’s independent audit was performed by PricewaterhouseCoopers LLP, and the results of the voting on various proposals were reported [25] Q&A Session Summary - No questions were submitted regarding the formal agenda items, and the meeting proceeded to voting [24] - Management was prepared to answer questions related to the business or operations of the company, but no questions were asked during the session [30]

The Campbell’s Company (NasdaqGS:CPB) FY 2025 Annual General Meeting November 18, 2025 09:00 AM ET Speaker5Hello and welcome to the annual meeting of shareholders of The Campbell's Company. Please note that today's meeting is being recorded. During the meeting, we will have two question-and-answer sessions. The first will address questions related to the formal agenda items, and the second will address questions related to the operations of the company. Shareholders who signed in with their 15-digit control ...

Financial Data and Key Metrics Changes - Total net revenues for 2024 were $56.3 billion, exceeding initial expectations by over $2 billion [4] - Adjusted earnings per share were $10.12, which was $0.49 above the initial guidance midpoint, excluding the impact of IPR&D expense [4] - The company demonstrated a rapid return to sales growth following the loss of exclusivity for HUMIRA, with expectations to exceed previous peak revenue in 2025 [4][5] Business Line Data and Key Metrics Changes - AbbVie's growth platform delivered full-year sales growth of over 18%, allowing the company to absorb the largest loss of exclusivity in the industry and continue investing for long-term growth [5] - Adjusted R&D investment increased by $3 billion, with approximately 20 early-stage deals signed and acquisitions of ImmunoGen and Cerevil completed [5] Market Data and Key Metrics Changes - The company is well-positioned to deliver high single-digit compound revenue growth through the end of the decade [5] Company Strategy and Development Direction - AbbVie is focused on assets that can add depth to its pipeline and drive growth over the next decade, with significant investments in R&D and business development [23] - The company has expanded its immunology portfolio and entered new therapeutic areas such as obesity, which represents a potential new source of long-term growth [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in AbbVie's ability to rapidly return to growth despite challenges related to HUMIRA's loss of exclusivity [21] - The company plans to invest over $10 billion in U.S. manufacturing capacity to support volume growth and expansion into new areas [29] Other Important Information - The board of directors opposed a shareholder proposal for a simple majority vote, stating that even if it passed, it would not eliminate the supermajority voting requirement [18] Q&A Session Summary Question: Will AbbVie continue to raise the dividend in coming years? - AbbVie generates substantial free cash flow, allowing it to support a strong and growing dividend, which was increased by 5.8% in Q1 2025 [21][22] Question: Is AbbVie considering additional M&A deals to support long-term growth? - AbbVie is focused on acquiring assets that can enhance its pipeline, including recent acquisitions in immunology and oncology [23][24] Question: Why did AbbVie decide to combine the CEO and Chair roles again? - The board believes that a combined leadership structure has proven effective and ensures appropriate oversight and independence [25] Question: How will sectoral tariffs on pharmaceuticals impact AbbVie? - It is premature to speculate on the impact of sectoral tariffs, but AbbVie plans to mitigate any potential effects through inventory management and cost efficiency initiatives [27][28] Question: How has the pipeline progressed in the past year? - AbbVie achieved several regulatory approvals and is advancing multiple pipeline programs that could be significant sources of long-term growth [32][33]