PresentationI'm pleased to introduce the CEO of the company; Robert Wessman, the CFO of the company; Linda Jonsdottir, the CEO; Joseph McClellan, and the Head of Investor Relations, which is Patrik Ling. There is one page in the presentation with the convertible bond terms. We can go through that afterwards. There will also be a Q&A session [Operator Instructions].Robert WessmanCEO, Founder & Executive Chairman Yes. Thank you so much. First of all, I want to thank you, everyone, for joining in here today, a ...

Biopharma Business Growth and Strategy - Fresenius' Biopharma business is rapidly scaling, with revenue increasing from €04 billion in 2022 to an estimated >€08 billion in 2025[23, 24] - The company aims to approximately double its Biopharma revenue by 2030, targeting a ~20% EBIT margin[42, 43] - The global biosimilars market is projected to grow sixfold by 2035, reaching >€180 billion[19, 48] Manufacturing and Cost Leadership - Fresenius is investing >€300 million over the next 5 years to expand Biopharma manufacturing capacity and drive growth[122] - The company's vertical integration strategy, particularly through mAbxience, provides a competitive advantage, covering ~75% of manufacturing costs[64] - Fresenius aims to increase internal Drug Substance (DS) manufacturing to >60% of total capacity required by 2030[130] Portfolio and R&D - Fresenius has a competitive portfolio and pipeline covering €200 billion in originator sales[82, 89] - The company targets 2+ molecules per year entering development through in-house R&D and strategic in-licensing[82, 88] - Fresenius' US tocilizumab biosimilar, Tyenne, has achieved a market share of ~18% as of September 2025[163] Commercial Excellence - Fresenius is expanding its commercial presence in the US, with revenue growth of >60% expected from 2024 to 2025[161] - The company is implementing a targeted go-to-market strategy, molecule by molecule, to optimize market access and contracting[151, 165] - Fresenius has a strong European core with direct sales in >20 markets and deep payer access[157]

Core Insights - The transaction involves the sale of the Just - Evotec Biologics manufacturing site in Toulouse for approximately US$ 350 million in cash, along with upfront technology license fees for Evotec's continuous manufacturing platform [1] - Evotec is eligible for additional license fees and development revenues, including success-based milestones, which could exceed US$ 300 million in the coming years [1] - The agreement covers royalties on a portfolio of up to ten biosimilars, targeting over US$ 90 billion in originator net sales, enhancing Evotec's revenue mix and profit margins [1] Financial Impact - The sale is immediately earnings accretive, improving Evotec's short, mid, and long-term revenue mix and capital efficiency [1] - Total potential payments from the transaction may exceed US$ 650 million, in addition to royalties from up to ten biosimilar molecules, six of which have an originator net sales value of US$ 90 billion [1] Transaction Details - The agreement was finalized following a non-binding term-sheet in July and a contract signing in November, with the effective date of the transaction being December 5, 2025 [1] - The buyer of the Toulouse site is Sandoz AG, which will benefit from Evotec's continuous manufacturing platform technology [1]

HCA Healthcare and CVS Health are firing on all cylinders.Broadly speaking, stocks have performed pretty well this year, with the S&P 500 up 16% since January. Two that have performed significantly better than that are HCA Healthcare (HCA 2.71%) and CVS Health (CVS 3.18%), both of which have soared by more than 70% year to date. In the wake of such gains, it's natural to wonder whether there's any upside left for these high-flying companies. Is there still time to invest in them, or is it too late? In this ...

Financial Data and Key Metrics Changes - The company reported strong Q1 results with all five operating segments showing double-digit profit growth, particularly in the pharma and specialty services business, which experienced significant profit growth driven by strong demand, execution, and focus on specialty services [4][5] - The guidance for fiscal year 2026 was raised to $9.65-$9.85, reflecting confidence in the business model and the ability to navigate regulatory changes [7][8] - The company is generating strong cash flow, raising adjusted free cash flow guidance to $3 billion-$3.5 billion for the year, and increasing CapEx guidance to $600 million-$650 million [56][58] Business Line Data and Key Metrics Changes - The pharma and specialty services business, which is the largest segment, saw outsized demand across its portfolio, contributing to strong growth [5][11] - The "Other" segment, which includes at-home nuclear precision health and OptiFreight, reported 60% profit growth, with each business growing more than the long-term target of 10% [5] - The GMPD business, part of the turnaround strategy, showed positive profit and cash flow, successfully navigating tariff impacts [54] Market Data and Key Metrics Changes - The company is experiencing strong demand in the generic market, with a robust pipeline of pharmaceuticals expected to go generic in the next five years, contributing to confidence in future growth [12][36] - The introduction of oral GLP-1s is anticipated to simplify distribution and potentially improve profitability, although the impact remains uncertain [29] - The biosimilars market is still in early stages, with the company focusing on supporting development while acknowledging hurdles to widespread adoption [41] Company Strategy and Development Direction - The company is focused on long-term investments and growth opportunities, managing the business with a multi-quarter outlook rather than short-term results [6][58] - The MSO strategy is differentiated by not being solely reliant on pharmaceutical revenue, instead leveraging strengths in various specialties and building an ecosystem that connects suppliers and clinical practices [20][24] - The company aims to maintain a strong balance sheet while returning capital to shareholders, with plans for M&A opportunities that align with existing strategies [59] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating regulatory changes and maintaining profitability despite potential pressures from WAC reductions [14][15] - The company is optimistic about the at-home solutions business, positioning itself as a strong partner for the administration's regulatory goals [49][50] - The GMPD business turnaround is progressing well, with management highlighting productive conversations with customers regarding pricing adjustments [54] Other Important Information - The company is investing in its nuclear business, with a $150 million investment in new capacity and a focus on theranostics, which is expected to drive growth [43][45] - The competitive bidding rules for the at-home solutions business are expected to have a small near-term financial impact, with significant time to adapt before they take effect [50] Q&A Session Summary Question: How does the company view the sustainability of profit growth? - Management noted that while the long-term growth target is 5%-7%, recent performance has exceeded expectations due to outsized demand and strong operational execution [10][11] Question: What is the impact of WAC reductions on the distribution business? - Management acknowledged concerns but emphasized that the company has been adapting to industry changes and expects to be compensated for the services provided, regardless of regulatory changes [14][15] Question: How is the MSO strategy differentiated from competitors? - The company highlighted its focus on strengths in various specialties and the integration of data and clinical practices, rather than solely relying on pharmaceutical revenue [20][24] Question: What are the expectations for the generics market? - Management indicated strong demand and a robust pipeline of generics, while maintaining a cautious outlook on long-term growth expectations of 2%-3% [36][37] Question: What is the outlook for biosimilars? - Management expressed aspirations for the biosimilars market but noted that it is still in early stages and not yet a significant contributor to profitability [41][42]

Cencora (NYSE:COR) FY 2025 Conference December 02, 2025 01:00 PM ET Company ParticipantsBennett Murphy - Head of Investor RelationsJim Cleary - CFOConference Call ParticipantsDaniel Grosslight - Health Tech and Distribution AnalystDaniel GrosslightEveryone, thanks for joining us for the Cencora Fireside Chat. Hopefully, everyone is now well-fed and well-entertained by Dan Marino. But I have some better entertainment here today for you guys. Obviously, very thrilled to have Jim Cleary, Cencora's CFO, here wi ...

Financial Data and Key Metrics Changes - The company reported a strong fiscal year 2025, with EPS and adjusted operating income both up 16% [4] - The stock price has compounded at 25% over the past several years, with a 55% increase recently [4] - Long-term operating income guidance has been raised to 6%-9% growth, with U.S. healthcare operating income growth expected at 9%-11% for 2026 [4][5] Business Line Data and Key Metrics Changes - The U.S. operating income growth is projected at 9%-11%, with a potential 10%-12% growth when excluding a 1% headwind from a competitor acquisition [5][6] - The specialty business continues to drive outsized growth, particularly in pharmaceutical utilization trends and sales of specialty products [7][8] Market Data and Key Metrics Changes - The international healthcare solutions segment saw weaker performance, with 85% of operating income coming from the U.S. and only 15% from international [50] - The 3PL market is identified as the fastest-growing part of the international distribution business, with improvements noted in the global specialty logistics business [51][53] Company Strategy and Development Direction - The company is focusing on expanding its MSO business, particularly in oncology and retina, to provide higher value services to physician practices [15] - A commitment to remain pharmaceutical-centric in all strategic moves, leveraging innovation in the pharmaceutical market and demographic trends for long-term growth [9][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term growth driven by pharmaceutical innovation and demographics, despite expecting normalization in growth rates post-fiscal 2026 [9][10] - The company is optimistic about the international business for fiscal year 2026, with a turnaround in the global specialty logistics business noted [51][53] Other Important Information - The company plans to invest approximately $900 million in capital expenditures for infrastructure and technology in the current year [62] - A balanced capital deployment strategy includes strategic acquisitions, opportunistic share repurchases, and a commitment to increasing dividends [63][64] Q&A Session Summary Question: What are the key growth drivers for the MSO business? - The MSO business is evolving through organic growth and acquisitions, with a focus on providing management services to physician practices [15][17] Question: How does the company view potential headwinds from drug pricing? - The company has historically advocated for community providers and believes that pharmaceuticals are the most efficient form of care, which should mitigate potential pricing headwinds [24][25] Question: What is the impact of biosimilars on the business? - Biosimilars are expected to benefit the company from a distribution and GPO standpoint, as they offer higher margins compared to brand-name drugs [27][28] Question: How is the relationship with Walgreens affected by its privatization? - The relationship remains strong, with contracts in place until 2029, and the company continues to work on improving operational efficiencies [42][43] Question: What actions are being taken regarding the PharmaLex business? - The company is focusing on the more attractive parts of PharmaLex, particularly in pharmacovigilance, market access, and regulatory affairs, while evaluating strategic alternatives for less competitive segments [56][57]

Financial Data and Key Metrics Changes - The company reported a strong fiscal year 2025, with EPS and adjusted operating income both up 16% [5] - The stock price increased by approximately 55% over the year [5] - Long-term operating income guidance was raised to 6%-9% growth, with a 2026 forecast for U.S. healthcare operating income growth of 9%-11% [6][7] Business Line Data and Key Metrics Changes - The U.S. operating income growth is expected to be 9%-11%, with a potential 10%-12% growth when excluding a 1% headwind from a competitor acquisition [7][8] - The company is focusing on expanding its specialty business, particularly in oncology and retina markets, which are seen as key growth drivers [8][15] Market Data and Key Metrics Changes - The international healthcare solutions segment faced challenges, contributing only 15% to overall operating income, while the U.S. segment accounted for 85% [49] - The 3PL market is identified as the fastest-growing part of the international distribution business, with improvements noted in the global specialty logistics business [50][52] Company Strategy and Development Direction - The company is committed to a pharmaceutical-centric approach, focusing on specialty products and management services for physician practices [8][15] - Strategic acquisitions, particularly in the MSO space, are a priority, with plans to acquire the remaining 65% of OneOncology [17][63] - The company is also investing in infrastructure and technology, with capital expenditures projected at about $900 million [62][63] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term growth driven by pharmaceutical innovation and demographic trends [9] - There are concerns about potential policy-induced headwinds affecting coverage and insurance enrollment, but management believes pharmaceuticals remain a critical and efficient form of care [10][12] Other Important Information - The company is evaluating strategic alternatives for underperforming segments, including parts of PharmaLex, while retaining growth-oriented businesses [56][60] - The dividend growth rate was increased to 9%, aligning with long-term EPS growth guidance of 9%-13% [63] Q&A Session Summary Question: What are the key growth drivers for the MSO business? - The MSO business is seen as a natural evolution of the specialty business, providing additional management services to physician practices [14][15] Question: How does the company differentiate itself from competitors in the MSO space? - The company maintains a pharmaceutical-centric focus, which is a key differentiator in its strategy [15] Question: What impact do potential drug pricing changes have on the business? - Management emphasized the importance of community-based providers and the efficiency of pharmaceuticals in maintaining care access [25][26] Question: How is the company addressing challenges in the international market? - The company is focusing on the 3PL market and has seen improvements in its global specialty logistics business [50][52] Question: What is the company's approach to capital deployment? - The company prioritizes balanced capital deployment, including investments in business growth, strategic acquisitions, share repurchases, and dividend payments [62][63]

Accessibility StatementSkip Navigation Sessions with AcariaHealth, the National Association of Specialty Pharmacy (NASP), and Reuters Events deliver actionable insights on biosimilar adoption, patient access, and specialty pharmacy readiness ORLANDO, Fla., Nov. 20, 2025 /PRNewswire/ --Â AcariaHealth, a leading specialty pharmacy and a company of Centene Corporation (NYSE:Â CNC), announced the completion of three national educational events in October focused on the evolving U.S. biosimilars landscape. Hoste ...

Core Insights - Organon reported Q3 CY2025 results that exceeded market revenue expectations, with sales increasing by 1.3% year-on-year to $1.60 billion, beating analyst estimates by 2% [1][7][8] - The company's full-year revenue guidance of $6.23 billion at the midpoint is 1% below analysts' estimates [1][8] - Non-GAAP profit of $1.01 per share was 8.5% above analysts' consensus estimates [1][7] Company Overview - Organon was spun off from Merck in 2021, focusing on addressing unmet needs in women's health through various healthcare solutions [4] Revenue Growth - Over the last five years, Organon's revenue declined by 1.7% per year, indicating weak demand and a lack of business quality [5] - The company has shown an annualized revenue growth of 1.2% over the last two years, which is an improvement over the five-year trend, but still disappointing [6] Financial Performance - Adjusted EBITDA was reported at $518 million, with a margin of 32.3%, exceeding analyst estimates by 7.9% [7] - Operating margin decreased to 15.2%, down from 21.4% in the same quarter last year [7] - Market capitalization stands at $1.76 billion [7] Future Outlook - Analysts expect revenue to remain flat over the next 12 months, indicating potential demand headwinds for Organon's products and services [8]