>> Interesting stuff. Angelica. Thank you.We will be watching that and watching shares of those companies and those commercials. Very catchy. Well, speaking of healthcare, J&J is on your radar today for the best stocks in the market.Josh. >> Yes, I almost said with Jardiance it's easy to say I'm lowering my a-1c, but I didn't want to get CNBC in trouble. I don't know if they're a sponsor.All right J&J. Okay. This is a this is a great setup for me to explain a really important concept that transcends the J&J ...

Financial Data and Key Metrics Changes - The company reported Q1 revenue of $14 million, rebounding from $12.4 million in Q4 of fiscal 2025, indicating a recovery from previous softness [3][7] - Year-over-year revenue comparison appears flat, but the current quarter is viewed as a return to stability and the start of renewed momentum [8] - GAAP loss from operations was $0.5 million compared to income of $1.3 million in the same quarter last year, with adjusted EBITDA slightly positive at $60,000 [8][9] Business Line Data and Key Metrics Changes - Research services contributed $13.7 million to the total revenue, while the data business provided the remaining amount [7] - Gross margin decreased to 43% from 50% year-over-year, primarily due to increased outsourced lab service costs [8][9] - Operating expenses rose to $6 million, with intentional increases in R&D and sales and marketing to support the data business [9] Market Data and Key Metrics Changes - Customer cancellations have decreased, and bookings to revenue conversion has improved, indicating stronger customer relationships [4] - The macro environment remains challenging, but there are signs of improvement in biotech funding and R&D budgets [3][4] Company Strategy and Development Direction - The company aims to drive value opportunities in Corellia and its data business while expanding its core TOS platform [3][4] - The focus is on integrating radiopharmaceutical services to enhance customer offerings and improve gross margins [4][5] - The company is optimistic about the long-term potential of AI and machine learning in drug discovery [5] Management's Comments on Operating Environment and Future Outlook - Management expresses cautious optimism regarding the investment landscape, noting improvements in budget constraints [20][21] - The company anticipates sequential revenue growth and margin expansion as operations improve [11] - There is confidence in the ability to execute and deliver shareholder value, supported by a strong balance sheet and no debt [11] Other Important Information - The company ended Q1 with $10.3 million in cash, up $0.5 million from year-end, and expects to remain cash neutral in Q2 [10][11] - Management emphasizes the importance of investments in R&D and sales and marketing for future growth [9] Q&A Session Summary Question: Changes in data licensing business strategy - Management confirmed no changes in strategy for the data licensing business, with early wins and customer engagement being encouraging [14] Question: Size of the opportunity in the data business - Management stated it is too early to predict the exact size and success of the data opportunity, but there is potential and interest [15] Question: Deal structuring for Corellia - Management is looking for external partners and funding to support Corellia's advancement, with compelling data emerging from the platform [16] Question: Broader investment landscape - Management described the environment as tough but cautiously optimistic about improvements in market conditions [20] Question: Revenue expectations for Q2 - Management anticipates revenue will increase on a quarterly basis but did not provide specific guidance on numbers [27]

Financial Data and Key Metrics Changes - The company reported Q1 revenue of $14 million, rebounding from $12.4 million in Q4, indicating a recovery from previous softness [3][7] - Year-over-year revenue comparison appears flat, but the company views this quarter as a return to stability and the start of renewed momentum [8] - GAAP loss from operations was $0.5 million compared to income of $1.3 million in the same quarter last year, with adjusted EBITDA slightly positive at $60,000 [8][11] Business Line Data and Key Metrics Changes - Research services contributed $13.7 million to revenue, while the data business provided the remainder [7] - Gross margin decreased to 43% from 50% year-over-year, primarily due to increased outsourced lab service costs [8] - Operating expenses rose to $6 million, with intentional increases in R&D and sales and marketing to support the data business [9] Market Data and Key Metrics Changes - Customer cancellations are down, and bookings to revenue conversion has increased, indicating improved customer relationships [4] - The macro environment remains challenging, but there are signs of improvement in biotech funding and R&D budgets [3][20] Company Strategy and Development Direction - The company is focused on driving value opportunities in Corellia and its data business while expanding its TOS platform [3] - The radiopharmaceutical services platform is being enhanced with new infrastructure and capabilities, aiming to reduce costs and improve gross margins [4] - The data platform is gaining momentum, with three consecutive quarters of data sales since the first licensing deal [4] Management Comments on Operating Environment and Future Outlook - Management expresses cautious optimism about improving market conditions, although they do not expect a rapid recovery [20] - The company anticipates sequential revenue growth and margin expansion as they bring more work in-house [11] - There is confidence in the long-term potential of the data business and Corellia, despite current funding challenges in biotech [5][11] Other Important Information - The company ended Q1 with $10.3 million in cash, remaining debt-free, which provides flexibility for future investments [10] - Management plans to continue updating stakeholders on progress in the next earnings call scheduled for mid-December [32] Q&A Session Summary Question: Any changes in the strategy on the data licensing business? - Management confirmed there are no changes to the strategy, emphasizing early wins and potential in the data business [14] Question: How would you characterize the size of the opportunity in the data business? - Management stated it is still early to predict the exact size and success of the opportunity, but there is significant interest [15] Question: What frameworks are being considered for structuring deals with Corellia? - Management indicated they are looking for external partners and funding to support Corellia's advancement [16] Question: Can you provide insights on the broader investment landscape? - Management noted it remains a tough environment but sees signs of improvement and feels well-positioned to capitalize on opportunities [20] Question: Will the stabilization period be more in the first half of the year? - Management believes Q1 may have been the low point for the fiscal year, with expectations for gradual revenue growth [24] Question: Any color on Q2 revenue compared to last year? - Management refrained from providing specific guidance but anticipates revenue will increase on a quarterly basis [28]

Core Insights - California is experiencing a pharmaceutical renaissance, driven by significant investments from major biopharma companies like Amgen and Gilead, focusing on science, supply chains, and innovative therapies [1][4]. Group 1: Amgen's Investment - Amgen has invested $600 million to establish a state-of-the-art science and innovation center at its headquarters in Thousand Oaks, CA, aimed at enhancing collaboration among scientists, engineers, and researchers [2]. - This investment is part of Amgen's broader strategy, which has seen the company allocate over $40 billion into domestic manufacturing and R&D since the 2017 Tax Cuts and Jobs Act, including more than $5 billion in direct capital expenditures [3]. Group 2: Gilead's Development Initiatives - Gilead Sciences has initiated the construction of a new Technical Development Hub to accelerate biopharma innovation in the U.S., highlighting the importance of specialized infrastructure in the industry [4]. Group 3: Supply Chain Modernization - The investments from these companies also contribute to the modernization of supply chains, which are now viewed as critical systems requiring transparency, flexibility, and resilience [5]. - Advanced cold chain management practices are being developed, utilizing predictive analytics to monitor not only temperature but also equipment functionality, which is essential for therapeutic delivery [6]. Group 4: California's Biopharma Ecosystem - The current investments reflect California's reassertion as a national life sciences engine, fostering partnerships between academia and startups through its R&D hubs [8].

Summary of Royalty Pharma Investor Day Company Overview - **Company**: Royalty Pharma (NasdaqGS:RPRX) - **Industry**: Biopharma royalty market - **Event Date**: September 11, 2025 - **Key Leadership**: George Brofic (Investor Relations), Pablo (CEO), Ashwin (EVP), Chris (EVP), Marshall, Brienne, Terry Core Messages and Financial Performance - **Execution of Strategy**: Royalty Pharma has successfully executed its strategy since its IPO in 2020, delivering strong growth and returns in the rapidly expanding royalty market [21][23][24] - **Market Growth**: The biopharma royalty market has more than doubled in size since 2020, with expectations for continued growth driven by increasing capital needs in the biopharma sector [24][34] - **Financial Targets**: The company is on track to achieve a compounded annual growth rate (CAGR) of 12% in top line revenue since 2020, with a target of at least $4.7 billion by 2030 [26][28][59] - **Capital Deployment**: Royalty Pharma has deployed approximately $14 billion in capital on new royalty transactions since 2020, generating a 15% return on invested capital [26][29] Competitive Advantages - **Business Model**: Royalty Pharma has refined its business model over nearly 30 years, positioning itself as the optimized buyer of royalties, with a focus on delivering win-win solutions for partners [24][39] - **Investment Approach**: The company employs a rigorous investment process, historically transacting on only 2% of initial reviews, and maintains a healthy balance between approved and development stage investments [42][44] - **Risk Mitigation**: Royalty Pharma focuses on low-risk opportunities, with 90% of its royalty investments since 2020 projected to exceed its cost of capital [43][46] Industry Dynamics - **Funding Role of Royalties**: Royalties are increasingly recognized as a critical funding source for biopharma, offering flexibility and non-dilutive capital compared to traditional debt and equity [30][31] - **Market Demand**: The total addressable market for funding in biopharma is projected to exceed $1 trillion over the next decade, driven by high capital needs and the increasing number of licensing deals [34][88] - **Megatrends**: Key trends include rapid scientific innovation, R&D fragmentation, and significant capital requirements in the biopharma sector, all contributing to the growth of the royalty market [82][84][88] Survey Insights - **Deloitte Study**: A recent survey by Deloitte indicates that 87% of biotech executives would consider using royalties for financing, highlighting the growing acceptance and strategic importance of royalties in the capital structure [67][71] - **Executive Perspectives**: The survey revealed that two-thirds of executives cited the lack of equity dilution as a key benefit of royalties, with many expressing increased interest in royalty financing over the past three years [68][71] Philanthropic Efforts - **Community Engagement**: Royalty Pharma emphasizes its commitment to philanthropy and public service, supporting health equity, STEM education, and community initiatives [63][64] Conclusion - **Future Outlook**: Royalty Pharma is positioned for strong value creation, with a best-in-class investment platform and a commitment to delivering mid-teens annualized total shareholder returns over the next five years [60][63]

Group 1 - The presentation features Johnson & Johnson, with key executives including Chairman and CEO Joaquin Duato and Executive Vice President John Reed [1] - Terence Flynn, Morgan Stanley's U.S. biopharma analyst, is hosting the event [1]

Group 1 - The presentation features Johnson & Johnson, with key executives including Chairman and CEO Joaquin Duato and Executive Vice President John Reed [1] - Terence Flynn, Morgan Stanley's U.S. biopharma analyst, is hosting the session [1]

Group 1 - The company is focusing on strategic priorities as it heads into 2026, with an emphasis on pipeline development [2] - Key executives from the company, including the COO and CMO, are present to discuss the company's direction and initiatives [1] - The discussion aims to provide insights into the company's strategic focus and operational goals moving forward [2]

Company Overview - Nurix is being hosted at a conference by Morgan Stanley, with Arthur Sands serving as the President and CEO [1] - The conference aims to discuss the company's current standing and strategic priorities [2]

Group 1 - IQVIA Holdings Inc. has partnered with Flagship Pioneering to enhance the growth of innovative life sciences companies [2][3] - The collaboration will leverage IQVIA's extensive data assets, AI-driven analytics, and expertise throughout the drug development cycle, aiming to improve the success rate of early-stage therapies [3][4] - Both companies anticipate that this partnership will lead to faster and more efficient drug development, ultimately delivering transformative treatments to patients and creating long-term value in the life sciences sector [4] Group 2 - Despite the potential of IQVIA as an investment, there are other AI stocks that are perceived to offer greater upside potential and lower downside risk [5]