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Amneal Pharmaceuticals (AMRX) FY Conference June 10, 2025 10:40 AM ET Speaker0 Okay. Great. Well, thank you everyone for joining us today. My name is Matt Delatorre, and I'm the generics pharma analyst here at GS. And we're we're very pleased to have Amneal Pharmaceuticals with us for this session with Sharag Patel, cofounder and co CEO, and Tassos Konidaris, the chief financial officer. Great. So maybe maybe just to get started, you know, how about just level set us on where Amneal is headed from kind of a ...

Summary of Niagen Bioscience Conference Call Company Overview - Niagen Bioscience is focused on the development and commercialization of nicotinamide riboside (Niagen), a molecule that elevates NAD levels in cells, which is crucial for energy metabolism and cellular repair [5][7][8] - The company has over 90 patents protecting its core molecule and has built a strong scientific foundation with extensive research [8][14] Core Points and Arguments - **Scientific Research and Clinical Studies**: Niagen has conducted 40 peer-reviewed clinical studies demonstrating the safety and efficacy of its product, particularly in age-related conditions [7][18][24] - **Unique Positioning**: Unlike many dietary supplement companies, Niagen is rooted in scientific research and intellectual property, which differentiates it from competitors that primarily engage in marketing [11][14][17] - **Regulatory Challenges**: The company faces strict regulations that prevent it from making health claims typically associated with drugs, which influences its marketing strategy [23][24] - **Market Strategy**: Niagen relies on word-of-mouth and expert endorsements rather than direct consumer claims to build trust and credibility [24][25] Recent Developments - **Product Launches**: The company launched the Niagen Plus line, which includes IV products and at-home injectables, generating significant media attention and interest from celebrities and influencers [34][35][40] - **Clinical Trials**: A phase three clinical study on Parkinson's disease with 400 participants is nearing completion, which could significantly impact the company's valuation and credibility in the biotech space [18][54] - **Financial Health**: Niagen is cash flow positive, has no debt, and does not require additional capital for its operations, which is atypical for biotech companies [52][54] Potential Risks and Concerns - **Market Competition**: The rise of fraudulent companies claiming to offer NAD products poses a risk to the overall market perception and could impact Niagen's reputation [27][29] - **Consumer Education**: There is a need to educate consumers about the differences between Niagen and other NAD products, particularly regarding bioavailability and efficacy [27][37] Future Outlook - **Injectable Products**: The company plans to introduce a self-injection product within the next year, tapping into the growing trend of self-administered health solutions [49][50] - **Pharmaceutical Opportunities**: Niagen is exploring drug indications beyond dietary supplements, which could enhance its market position and attract sophisticated investors [54] Conclusion - Niagen Bioscience is well-positioned in the NAD market with a strong scientific foundation, innovative products, and a clear strategy to navigate regulatory challenges while maintaining financial stability. The company's focus on research and quality sets it apart from competitors, and its future product developments could significantly expand its market reach and impact.

Summary of Conference Call Company Overview - The conference call involved Baxter, a company undergoing a transformation period, including a portfolio transformation and CEO change [6][10]. Key Industry Insights - Saudi Arabia announced a $5.8 billion investment in Michigan for a high-capacity IV fluid facility, which may face economic challenges and could take several years to build [1][2][3]. - Baxter has recently renewed its Group Purchasing Organization (GPO) contracts, which are multiyear agreements, limiting competition for the next three to five years [4]. Financial Performance - Baxter reported a 5% growth in Q1, with underlying growth adjusted for one-time factors at 3% [14][19]. - The HST business showed strong performance with a 7% growth in CCS and 14% growth in PSS US [16]. - The company anticipates Q2 growth to be lower, guided at 1-2%, due to expected conservation in fluid usage and a pull forward effect from distributor restocking [23][24]. Strategic Focus - The company is focusing on capital allocation to prioritize investments that drive higher growth and returns, especially after divesting the kidney business [8][10]. - Simplification of operations is a key strategy, reducing the number of distribution centers and associated costs [9][10]. - Baxter aims to pay down debt, targeting a net debt to EBITDA leverage of three times by the end of the year [10]. CEO Search - The board is conducting a thoughtful and expedient search for a new CEO, looking for candidates who can drive innovation and operational excellence [12][13]. Market Dynamics - The company is managing the impact of tariffs, particularly from China, which constitutes about half of their exposure. They are optimistic about potential benefits from recent trade negotiations [45][46]. - Baxter has not factored in the impact of pharma tariffs into their current forecasts, indicating a strong position due to domestic manufacturing [49][51]. Margin and Growth Outlook - Baxter raised its operating margin guidance to 16.5% for the year, with expectations for sequential improvement in margins throughout the year [59][63]. - The company is focused on maintaining R&D investments while also implementing cost reduction measures to improve margins [52][71]. - There is confidence in achieving long-term operating margins above 19%, supported by strategic exits from lower-margin businesses and improved product mix [73][70]. Conclusion - Baxter is positioned for steady growth with a focus on innovation, operational efficiency, and strategic capital allocation, despite facing challenges from market dynamics and economic conditions [80].

Core Viewpoint - Baxter International Inc. reported strong first-quarter 2025 results, exceeding both management guidance and Wall Street estimates for adjusted EPS and sales growth [1][2]. Financial Performance - Adjusted EPS for Q1 2025 was 62 cents, surpassing management's guidance of 47 to 50 cents and Wall Street's estimate of 48 cents [1]. - Total sales reached $2.63 billion, reflecting a 5% year-over-year increase, which also exceeded the consensus estimate of $2.59 billion [1][2]. - The company raised its 2025 adjusted EPS guidance to a range of $2.47-$2.55, compared to the previous guidance of $2.45-$2.55, with sales growth expectations adjusted to 7%-8% from 5%-6% [3]. Segment Performance - Medical Products & Therapies sales increased by 3% to $1.26 billion, with a 6% increase on a constant currency basis, driven by strong demand for IV infusion pumps and nutrition therapies in the U.S. [3]. - Healthcare Systems & Technologies sales totaled approximately $704 million, up 6% on both a reported and operational basis, fueled by strong U.S. sales in Patient Support Systems [3]. - Pharmaceutical sales reached $581 million, reflecting a 1% increase on a reported basis and a 3% increase operationally, driven by mid-single-digit growth in specialty injectables [3]. Future Guidance - For Q2 2025, Baxter expects adjusted EPS in the range of 59 to 63 cents, with a consensus estimate of 61 cents, and sales growth projected at 4%-5% on a reported basis [4].

Core Insights - Baxter International reported a revenue of $2.63 billion for the quarter ended March 2025, reflecting a decline of 26.9% year-over-year, while EPS was $0.55 compared to $0.65 in the same quarter last year [1] - The revenue exceeded the Zacks Consensus Estimate of $2.57 billion by 2.09%, and the EPS surpassed the consensus estimate of $0.48 by 14.58% [1] Financial Performance Metrics - Net Sales in Advanced Surgery - International reached $123 million, exceeding the average estimate of $117.52 million, with a year-over-year increase of 6% [4] - Net Sales in Pharmaceuticals - U.S. were $195 million, slightly below the average estimate of $196.51 million, showing a year-over-year growth of 2.1% [4] - Net Sales in Front Line Care - International totaled $75 million, surpassing the average estimate of $69.14 million, with a year-over-year increase of 7.1% [4] - Net Sales in Other - U.S. were reported at $48 million, significantly above the average estimate of $15.59 million, reflecting a year-over-year increase of 336.4% [4] - Total Net Sales in Pharmaceuticals amounted to $581 million, compared to the average estimate of $590.04 million, with a year-over-year change of 0.5% [4] - Net Sales in Other reached $78 million, exceeding the average estimate of $46.71 million, with a year-over-year increase of 387.5% [4] - Net Sales in Front Line Care were $277 million, above the average estimate of $269.11 million, showing a year-over-year increase of 4.5% [4] - Net Sales in Infusion Therapies and Technologies were $994 million, surpassing the average estimate of $975.62 million, with a year-over-year change of 2.9% [4] - Net Sales in Care and Connectivity Solutions reached $427 million, exceeding the average estimate of $416.60 million, with a year-over-year increase of 6.2% [4] - Net Sales in Healthcare Systems and Technologies were $704 million, above the average estimate of $685.71 million [4] - Net Sales in Medical Products and Therapies totaled $1.26 billion, slightly above the average estimate of $1.25 billion [4] - Net Sales in Injectables and Anesthesia reached $335 million, exceeding the average estimate of $330.83 million [4] Stock Performance - Baxter's shares have returned -7.4% over the past month, compared to a -0.7% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - First quarter sales from continuing operations grew 5% on both a reported and operational basis, totaling $2.63 billion, exceeding previous guidance of 3% to 4% [6][12] - Adjusted earnings per share from continuing operations were $0.55, up 53% compared to the prior year, driven by favorable top line results and lower non-operational expenses [27][33] - Adjusted gross margin from continuing operations was 41.8%, a decrease of 160 basis points year-over-year, impacted by higher planning and fulfillment costs [29] Business Line Data and Key Metrics Changes - Medical Products and Therapies (MPT) segment sales were $1.3 billion, increasing 6%, with strong growth in U.S. Infusion systems [13][14] - Healthcare Systems and Technologies (HST) segment sales totaled $704 million, increasing 6%, driven by 14% growth in the U.S. for Care and Connectivity Solutions [18][19] - Pharmaceutical segment sales were $581 million, increasing 3%, with injectables and anesthesia sales growing 4% [22] Market Data and Key Metrics Changes - The U.S. market showed strong recovery with hospitals beginning to rebuild inventory levels, particularly in IV Solutions, which is expected to improve as allocations are removed [16][62] - International procurement remains a part of operations, with ongoing impacts from U.S. and retaliatory tariffs affecting the supply chain [39][40] Company Strategy and Development Direction - The company is focused on leveraging its verticalized operating model to enhance agility and drive profitable growth [5] - Continued investments in innovation are prioritized to bring new products to market and redefine healthcare delivery [26] - The search for a permanent CEO is active, with the board working with a leading search firm to identify the right candidate [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the volatility in the global macro environment and the uncertainty created by new tariffs, but remains positive about opportunities for sales growth and margin expansion [8][34] - The company expects total sales growth of 7% to 8% on a reported basis for the full year 2025, with operational growth of 4% to 5% [35][42] Other Important Information - The company is actively working on mitigating the impacts of tariffs, including optimizing supply chains and seeking exemptions [40] - Adjusted operating margin from continuing operations is expected to be between 16% to 16.5% for the full year [41] Q&A Session Summary Question: What actions are being taken to offset tariff headwinds? - Management is optimizing supply chains, negotiating with suppliers, and seeking exemptions while maintaining targeted pricing strategies [47][48] Question: How should we think about the sustainability of the HST business recovery? - The HST segment has shown strong order growth and competitive wins, with management optimistic about its future performance despite monitoring the capital environment [52][56] Question: What is the expected impact of IV Solutions on the business as hospitals return to normal inventory levels? - Hospitals are expected to continue conservation efforts, but some are using more solutions than pre-hurricane levels, indicating a mixed recovery [60][62] Question: Can you provide clarity on the potential impact of pharmaceutical tariffs? - The company is monitoring the situation closely, with a small exposure from the Clarus plant, and is proactive in scenario planning [66] Question: What are the expectations for operating margin expansion in 2026? - Management remains committed to margin expansion, but acknowledges that the tariff environment will influence future projections [100][102]