PAPZIMEOS Approval and Launch - PAPZIMEOS received full FDA approval in 2025 for treating all adults with RRP, regardless of disease severity[10, 14] - PAPZIMEOS is the first and only FDA-approved therapy for adults with RRP, targeting the underlying cause of the disease[16] - The company commenced the commercial US launch of PAPZIMEOS and initiated its commercial manufacturing campaign in 2025[10] - Over 50 accounts, including academic and community settings, have prescribed PAPZIMEOS[33] - The company has seen a rapid increase in unaided brand awareness of PAPZIMEOS across academic and community settings[34] Clinical Data and Efficacy - Clinical data shows a 51% complete response rate with PAPZIMEOS, with durable ongoing complete responses[21] - PAPZIMEOS significantly reduced the number of surgeries required post-treatment, with p<0001[22] - Median duration of follow-up was at 36 months (27-37), and the median duration of complete response has yet to be reached[25] Market Opportunity and Expansion - The prevalence of RRP in the US is approximately 27000 adult patients, suggesting a multi-billion-dollar revenue potential[30] - The prevalence of RRP ex-US is approximately 35000 adults in EU4, UK, and Japan, approximately 50000 adults in the rest of EU and select markets, and approximately 85000 adults in China, suggesting a multi-billion-dollar revenue potential[30] - The company anticipates PAPZIMEOS regulatory expansion to the EU and Japan[37] Financials and Future Milestones - The company secured up to $125 million in non-dilutive funding to fortify its balance sheet[10] - The company aims to achieve positive cash flow in 2026 by continuing execution and expansion to maximize the PAPZIMEOS market opportunity[37]

Financial Highlights - Fourth quarter revenue increased by 5.7% sequentially in NT$ and by 1.9% in U.S. dollar terms to $33.7 billion, slightly exceeding guidance [3] - Gross margin rose by 2.8 percentage points sequentially to 62.3%, driven by cost improvements and favorable foreign exchange rates [3] - Operating margin increased by 3.4 percentage points to 54%, with operating expenses at 8.4% of net revenue [3] - Full year 2025 revenue increased by 35.9% in U.S. dollar terms to $122 billion, with gross margin at 59.9% [9] Business Line Performance - 3 nm process technology contributed 28% of wafer revenue in Q4, while 5 nm and 7 nm accounted for 35% and 14% respectively [4] - High-Performance Computing (HPC) revenue increased by 48% year-over-year, accounting for 58% of total revenue in 2025 [6] - Smartphone revenue increased by 11% year-over-year, contributing 29% to total revenue [6] Market Data - HPC accounted for 55% of Q4 revenue, with smartphone at 32% and IoT at 5% [5] - Advanced technologies (7 nm and below) accounted for 77% of wafer revenue for the full year [4] Company Strategy and Industry Competition - TSMC plans to invest $52 billion to $56 billion in capital expenditures in 2026 to support growth in AI and other advanced technologies [14] - The company aims to maintain a long-term gross margin of 56% and higher through strategic pricing and operational excellence [17] - TSMC is expanding its global manufacturing footprint, including new fabs in Arizona and Japan, to meet increasing demand [26][27] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of AI demand, indicating it is a megatrend that will drive growth [20][22] - The company anticipates a 14% growth in the Foundry 2.0 industry in 2026, with TSMC expected to outperform this growth [20] - Concerns about potential tariff policies and rising component prices were acknowledged, but management remains focused on fundamentals [19] Other Important Information - TSMC's effective tax rate for 2025 was 16%, expected to rise to between 17% and 18% in 2026 [10] - The company generated TWD 2.3 trillion in operating cash flow in 2025 and paid TWD 467 billion in cash dividends, up 28.6% year-over-year [9] Q&A Session Summary Question: Customer Demand and AI Bubble Concerns - Management confirmed strong customer demand for AI, with evidence of business growth from cloud service providers [36][38] - Concerns about a potential AI bubble were acknowledged, but management remains confident in the long-term growth of AI [39] Question: U.S. Expansion Plans - TSMC is accelerating its fab expansion in Arizona due to strong demand from AI customers, with plans for additional fabs [42][43] - The company aims to achieve 20% to 30% of its 2 nm capacity in the U.S. as part of its long-term strategy [40] Question: Power Supply for Data Centers - Management is actively evaluating power supply considerations for AI infrastructure, ensuring that silicon supply remains the primary bottleneck [48][49] Question: Non-AI Market Outlook - Management expects minimal unit growth in PC and smartphone markets due to rising memory costs, but demand for high-end products remains strong [56][68] Question: Competition from Intel Foundry - Management does not view Intel's foundry competition as a significant threat, citing the complexity and time required to develop advanced technologies [60]

Financial Data and Key Metrics Changes - Fourth quarter revenue increased by 5.7% sequentially in NT$ and by 1.9% in U.S. dollar terms to $33.7 billion, slightly exceeding guidance [3] - Gross margin rose by 2.8 percentage points sequentially to 62.3%, driven by cost improvements and favorable foreign exchange rates [3] - Operating margin increased by 3.4 percentage points sequentially to 54% due to lower operating expenses [3] - Full year 2025 revenue increased by 35.9% in U.S. dollar terms to $1 billion, with gross margin up 3.8 percentage points to 59.9% [6][7] - Full year EPS increased by 46.4% to TWD 66.25 and ROE increased by 5.1 percentage points to 35.4% [7] Business Line Data and Key Metrics Changes - 3 nm process technology contributed 28% of wafer revenue in Q4, while 5 nm and 7 nm accounted for 35% and 14% respectively [4] - Advanced technologies (7 nm and below) accounted for 77% of wafer revenue for the full year, up from 69% in 2024 [4] - High-Performance Computing (HPC) revenue increased by 48% year over year, accounting for 58% of total revenue in 2025 [5] Market Data and Key Metrics Changes - HPC revenue increased by 4% quarter over quarter to account for 55% of Q4 revenue, while smartphone revenue increased by 11% to account for 32% [5] - Automotive revenue decreased by 1% to account for 5%, and Data Center Equipment (DCE) revenue decreased by 22% to account for 1% [5] - Overall, smartphone, IoT, and automotive segments saw year-over-year increases of 11%, 15%, and 34% respectively in 2025 [5] Company Strategy and Development Direction - TSMC plans to invest between $52 billion and $56 billion in capital expenditures for 2026, focusing on advanced process technologies [13] - The company aims to leverage manufacturing excellence to drive productivity and optimize capacity across nodes [10][16] - TSMC is committed to supporting customer growth while maintaining a disciplined approach to capacity planning [22][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the AI megatrend, forecasting a 14% growth in the Foundry 2.0 industry for 2026, supported by robust AI-related demand [19] - Concerns about potential tariff policies and rising component prices were acknowledged, with a focus on prudent business planning [18] - Management expects 2026 to be another strong growth year, with full-year revenue projected to increase by close to 30% in U.S. dollar terms [19] Other Important Information - TSMC's cash and marketable securities totaled TWD 3.1 trillion or $98 billion at the end of Q4 [5] - The company plans to pay a cash dividend of TWD 23 per share in 2026, up from TWD 18 in 2025 [8] Q&A Session Summary Question: Insights on customer demand and AI-related growth - Management confirmed strong customer demand for AI, with evidence of growth in their businesses, indicating that AI is a real and growing trend [36][37] Question: U.S. expansion plans and capacity commitments - Management is accelerating fab expansion in Arizona due to strong demand from AI customers, with plans for additional fabs [41][42] Question: Evaluation of power supply for data centers - Management is actively assessing power supply needs for AI infrastructure, ensuring that silicon supply remains the primary bottleneck [46][47] Question: Advanced packaging revenue contribution and focus areas - Advanced packaging contributed about 8% of revenue in 2025, with expectations for growth in the next five years [50][51] Question: Non-AI market outlook and competition - Management expects strong demand in non-AI segments, particularly in high-end smartphones, despite rising memory costs [55][66] Question: Engineering talent and capacity planning - Management acknowledged challenges in developing engineering talent but emphasized productivity improvements as a focus for 2026-2027 [71][72]

Financial Highlights - In Q4 2025, revenue increased by 5.7% sequentially in NT$ and by 1.9% in U.S. dollars to $33.7 billion, slightly exceeding guidance [3] - Gross margin rose by 2.8 percentage points sequentially to 62.3%, driven by cost improvements and favorable foreign exchange rates [3][9] - Operating margin increased by 3.4 percentage points to 54% due to operating leverage [3] - Full year 2025 revenue increased by 35.9% in U.S. dollars to $1 billion, and by 31.6% in NT dollars to TWD 3.8 trillion [7] - Full year EPS increased by 46.4% to TWD 66.25, and ROE increased by 5.1 percentage points to 35.4% [7] Business Line Performance - In Q4 2025, 3 nm process technology contributed 28% of wafer revenue, while 5 nm and 7 nm accounted for 35% and 14% respectively [4] - Advanced technologies (7 nm and below) accounted for 77% of wafer revenue for the full year, up from 69% in 2024 [4] - High-Performance Computing (HPC) revenue increased by 48% year-over-year, accounting for 58% of total revenue in 2025 [5] Market Performance - HPC revenue increased by 4% quarter-over-quarter to account for 55% of Q4 revenue, while smartphone revenue increased by 11% to account for 32% [5] - Automotive revenue decreased by 1% to account for 5%, and Data Center Equipment (DCE) revenue decreased by 22% to account for 1% [5] - Overall, HPC accounted for 58% of 2025 revenue, with smartphone at 29%, IoT at 5%, automotive at 5%, and DCE at 1% [5] Company Strategy and Industry Competition - TSMC plans to increase capital expenditures to $52 billion-$56 billion in 2026 to support growth in advanced process technologies [12] - The company aims to maintain a long-term gross margin of 56% and higher through the cycle, despite challenges from overseas expansion and rising manufacturing costs [15] - TSMC is focused on leveraging manufacturing excellence and optimizing capacity across nodes to support profitability [15] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the AI megatrend, forecasting a 14% growth in the Foundry 2.0 industry in 2026, supported by robust AI-related demand [18] - TSMC expects full-year revenue to increase by close to 30% in U.S. dollar terms in 2026 [18] - The company is committed to supporting customer growth and addressing the structural increase in long-term market demand [19] Other Important Information - TSMC's cash and marketable securities reached TWD 3.1 trillion ($98 billion) at the end of Q4 2025 [5] - The company generated TWD 726 billion in cash from operations and spent TWD 357 billion on capital expenditures in Q4 2025 [6] - TSMC plans to pay a cash dividend of TWD 23 per share in 2026, up from TWD 18 in 2025 [8] Q&A Session Summary Question: Customer Demand and AI Bubble Concerns - Management reassured that customer demand for AI is real, with evidence of growth and financial returns from cloud service providers [33][34] - Concerns about a potential AI bubble were acknowledged, but management remains confident in the long-term growth driven by AI [35] Question: U.S. Expansion Plans - TSMC is accelerating its fab expansion in Arizona to meet strong AI demand, with plans for multiple fabs and a Gigafab cluster [39][40] Question: Power Supply for Data Centers - Management confirmed that power supply considerations are factored into planning, and customers have been proactive in addressing power needs for AI infrastructure [44][46] Question: Non-AI Market Outlook - Management expects strong demand in high-end smartphones and PCs, which are less sensitive to memory price increases [52][68] Question: Competition from Intel Foundry - Management expressed confidence in TSMC's competitive position, noting that technology complexity and time to market are significant barriers for new entrants [60]

Unleash Innovation 2025 Fourth Quarter Earnings Conference January 15, 2026 © 2026 TSMC, Ltd 1 TSMC Property Unleash Innovation Agenda Unleash Innovation • Welcome Jeff Su, IR Director C.C. Wei, Chairman & CEO • Q&A © 2026 TSMC, Ltd 2 TSMC Property • Key Messages Wendell Huang, CFO • 4Q25 Financial Results and 1Q26 Outlook Wendell Huang, CFO Unleash Innovation Safe Harbor Notice © 2026 TSMC, Ltd 3 TSMC Property • TSMC's statements of its current expectations are forward-looking statements subject to signifi ...

Briefing on Sustainability Overview of the Chemical Business and Initiatives Toward Realizing a Sustainable Society Daikin Industries, Ltd. January 15, 2026 Presenters Yoshiyuki Hiraga Senior Executive Officer, Responsible for Chemicals Division Kota Miyazumi Senior Executive Officer, Responsible for Corporate Communications Yasuhisa Hirao General Manager, Chemicals Division Tadashi Ogawa Department Manager, Planning Department, Chemicals Division Keiko Washino Department Manager, External Public Affairs Gr ...

Liquidia Conference Call Summary Company Overview - **Company**: Liquidia - **Industry**: Biopharmaceuticals, specifically focused on inhaled drug delivery for pulmonary diseases - **Key Product**: Yutrepia, FDA approved on May 23, 2025, for pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) [3][5] Financial Performance - **2025 Performance**: Achieved profitability in the first quarter post-launch with net product sales of $148.3 million, growing from $51.7 million in Q3 2025 to $90.1 million in Q4 2025, representing a 75% quarter-over-quarter growth [5][6] - **Cash Flow**: Generated over $30 million in positive cash flow, strengthening the balance sheet [6][31] Market Opportunity - **Market Size**: The prostacyclin market for PAH and PH-ILD is estimated at $4.3 billion annually, with inhaled therapies generating $1.7 billion, oral therapies nearly $2 billion, and parenteral therapies about $572 million [6][7] - **Patient Population**: Approximately 18,000 patients for PAH, 60,000 for PHALD, 30,000 for scleroderma, 200,000 for idiopathic pulmonary fibrosis (IPF), and 300,000 for pulmonary hypertension associated with chronic obstructive pulmonary disease (PH-COPD) [24] Product Development and Pipeline - **Yutrepia Launch**: Launched in June 2025, with 2,800 new prescriptions and a conversion rate from referral to start of 85% [8][9] - **Clinical Studies**: Ongoing studies include the ASCENT study for PH-ILD, transitioning patients from Tyvaso to Yutrepia, and a study for transitioning patients from oral therapies [14][15][16] - **L606 Development**: An extended-release liposomal formulation expected to provide more consistent exposure and potentially better tolerability compared to existing therapies [25][27] Competitive Landscape - **Market Share**: Liquidia has captured approximately 25% market share in the inhaled treprostinil space within seven months of launch, compared to competitors who have been in the market longer [39] - **Transition from Competitors**: 30% of new patients on Yutrepia are transitioning from oral therapies, indicating a successful displacement strategy [10][32] Future Outlook - **Growth Projections**: The company aims to achieve over $1 billion in product sales by 2027, driven by increasing prescriptions and market penetration [32][33] - **New Indications**: Plans to explore additional indications for Yutrepia and L606, including studies in IPF and PH-COPD, with potential market opportunities approaching $20 billion cumulatively [24][25] Legal Considerations - **Litigation Status**: Ongoing litigation with United Therapeutics, with confidence in the arguments presented and anticipation of a ruling soon [34] Summary Liquidia is positioned for significant growth in the biopharmaceutical market, particularly in the inhaled drug delivery segment for pulmonary diseases. With a strong financial performance, a robust pipeline, and strategic market penetration, the company is set to capitalize on the substantial unmet needs in this therapeutic area.

Summary of Biomea Fusion FY Conference Call Company Overview - **Company**: Biomea Fusion (NasdaqGS:BMEA) - **Focus**: Development of treatments for diabetes and obesity, specifically through two main assets: Covamenib and BMF-650 [2][22] Key Points on Covamenib - **Mechanism**: Covamenib is a selective and partial menin inhibitor targeting the root cause of diabetes, which is progressive beta cell failure [4][11] - **Patient Population**: Approximately 35 million people in the U.S. have type 2 diabetes, with 7 million considered insulin deficient [5] - **Clinical Study**: Covalent 111 study showed significant A1C reduction, with a placebo-adjusted reduction of about 1.5 after 52 weeks [7][19] - **Insulin Production**: Covamenib increases insulin secretion as measured by C-peptide, indicating enhanced beta cell function [19] - **Safety Profile**: Adverse event rates were similar between placebo and covamenib groups, with no significant safety issues reported [16][17] Upcoming Studies - **Covalent 211**: Focused on insulin-deficient patients with HbA1c between 7.5 and 10.5, aiming for a 26-week primary endpoint readout in Q4 2026 [20][28] - **Covalent 212**: Targets patients on GLP-1 therapy with A1Cs greater than 7.5, also with a 26-week readout expected in Q4 2026 [21][28] Key Points on BMF-650 - **Type**: Oral GLP-1 receptor agonist designed for better bioavailability and consistent efficacy [22] - **Preclinical Data**: Demonstrated significant body weight reduction in monkey studies, with a 15% reduction in body weight at the highest dose after 28 days [24] - **Clinical Study Design**: Phase one study includes single ascending doses and multiple ascending doses, focusing on overweight or obese patients [26][27] Financial Overview - **Cash Position**: Approximately $70 million at the end of Q3, with a quarterly burn rate of around $12 million, providing a runway into early 2020 [34] Additional Insights - **Market Potential**: Covamenib offers a potential alternative to chronic insulin therapy, providing a short-term oral treatment option [19] - **Weight Loss Expectations**: For BMF-650, a 5% weight loss after 28 days is considered a win scenario, with a focus on maintaining weight loss over time [32][33]

Neogen Conference Call Summary Company Overview - **Company**: Neogen Corporation - **Industry**: Food and Animal Safety - **Core Business**: Provides diagnostic testing solutions across the food supply chain and animal health markets globally [1] Key Points and Arguments Market Opportunity - The food safety market is expanding due to increased food complexity, stricter regulations, and rising consumer expectations for quality and safety [4] - In 2022, there were 50 million foodborne illness cases in the U.S., with 100,000 hospitalizations and 3,000 deaths, highlighting the critical need for food safety solutions [2][3] - Neogen aims to ensure food safety, sufficiency, and suitability for everyone, positioning itself as a trusted authority in the industry [3][10] Business Structure and Portfolio - Neogen operates through two global business units: food safety and animal safety, with a focus on consumable-driven products that provide recurring revenue [4][5] - The company has market leadership in pathogen detection indicators, particularly with its flagship product, Petrifilm, which simplifies microbiology testing in food processing [5][6][8] Recent Challenges and Turnaround Strategy - Neogen has faced challenges following the acquisition of the 3M Food Safety business, which doubled its size but complicated integration [10] - The management team has been restructured, with five new leaders hired to drive the turnaround strategy, which includes three stages: stabilize, accelerate, and expand [12][13] - The goal is to achieve mid to high single-digit revenue growth and adjusted EBITDA margins of 20% to 30% in the long term [11] Innovation and Future Growth - Innovation is a key focus, with plans to enhance product offerings and address customer needs through a dedicated Chief Science Officer [14][17] - A new standalone Petrifilm production site in Lansing, Michigan, is on track for completion by November 2026, which will support product validation and production [16][17] - The company aims to increase investment in R&D, focusing on tangible projects that solve customer problems [17] Financial Performance and Guidance - Neogen reported improved Q2 results, exceeding consensus forecasts, but has been cautious in raising full-year guidance due to the need for sustained performance [25][26] - The management team is focused on building a predictable and sustainable business while recognizing the importance of restoring trust with investors [19][20] Additional Important Insights - The food safety industry is less constrained by reimbursement or government funding, driven instead by regulatory requirements, which presents a favorable market environment [22][30] - The innovation cycle in food safety is faster compared to human diagnostics, allowing Neogen to respond more quickly to market needs [30] - The company acknowledges past operational challenges but is optimistic about the potential for improvement under the new leadership team [31][32] Conclusion - Neogen is positioned in a growing market with significant opportunities for innovation and improvement. The new management team is focused on stabilizing the business and driving growth through enhanced operational execution and customer engagement [20][36]

Cytek Biosciences FY Conference Summary Company Overview - **Company**: Cytek Biosciences (NasdaqGS:CTKB) - **Industry**: Cell analysis and flow cytometry - **Recognition**: Named one of the fastest growing companies by Time Magazine and awarded Company of the Year by Clinical Leader and the Journal [2][3] Financial Performance - **Revenue**: Reported $201 million for FY 2025, slightly above the previous year [3] - **Cash Position**: $262 million by the end of Q3 2025 [3] - **Q4 Revenue**: $62 million, with a quarter-to-quarter growth trend showing recovery [17][18] - **Growth Rates**: - Q1: -8% YoY - Q2: -2% YoY - Q3: 2% YoY - Q4: 8% YoY [17][18] Market Dynamics - **Market Size**: The overall market opportunity is projected to be $5.1 billion by 2025, with a CAGR of 8.8% through 2032 [4][5] - **Revenue Sources**: - 59% from biotech and pharma - 41% from academic and government-supported agencies [4] - **Geographic Revenue Breakdown**: - 50% from the U.S. - 26% from APEC (including China) - 24% from other regions [4] Business Model and Strategy - **Five Business Pillars**: Instruments, applications, bioinformatics, clinical, and reagents [5] - **Reagent Business**: Focus on expanding reagent sales, with a growth of over 20% in 2025 [30] - **Cytek Cloud**: Over 20,000 users, providing automated panel optimization and data management [6][7] - **Clinical Applications**: Instruments approved for clinical use in China and Europe, targeting applications like leukemia MRD [8][9] Competitive Positioning - **Market Share**: Growth attributed to capturing market share from competitors, especially in a challenging market environment [26][28] - **Product Portfolio**: Broad range of cell analysis tools, including the new Aurora EVO, which has been well-received [11][12][20] - **Innovation Focus**: Continuous investment in R&D to drive product innovation and maintain leadership in flow cytometry [19][21] Future Outlook - **Growth Projections**: Anticipated substantial growth in 2026, driven by an increased installed base and stabilization in North America and EMEA [28][22] - **Recurring Revenue Potential**: Significant opportunities in reagents and services, with low current market penetration [32][33] - **M&A Strategy**: Balanced approach to capital allocation, focusing on share repurchase and opportunistic acquisitions [35] Key Takeaways - **Technology Leadership**: Cytek is positioned as a leader in flow cytometry, with essential tools for life sciences [23][37] - **Global Diversification**: Manufacturing and sales operations across multiple continents, enhancing resilience [24] - **Positive Cash Flow**: One of the few life science tool companies generating positive cash flow [25] Conclusion Cytek Biosciences is well-positioned for continued growth and profitability, supported by a strong product portfolio, innovative technology, and a strategic focus on expanding its market share and recurring revenue streams [38]