Powering how Americans save, spend, and invest in health Copyright © 2026 HealthEquity, Inc. All rights reserved. | HealthEquity does not provide legal, tax or financial advice. Investor presentation 1 #1 HSA provider 1 in 4 HSAs in the US are with us +100k clients 200+ Network partners 10.1M HSAs +6% YoY $34.4B HSA assets +15% YoY 17.3M Total Accounts +5% YoY Source: HealthEquity key metrics reported as of Oct 31, 2025. #1 HSA by number of accounts based on 2025 Midyear Devenir HSA report, October 9, 2025. ...

Danaher Corporation Rainer Blair, President & CEO J.P. Morgan Healthcare Conference | January 13, 2026 Innovation at the speed of life. Forward Looking Statements Statements in this presentation that are not strictly historical, including any statements regarding Danaher's estimated or anticipated financial performance and any other statements regarding events or developments that we believe or anticipate will or may occur in the future are "forward looking" statements within the meaning of the federal secu ...

Extraordinary Care That Changes Lives Option Care Health, Inc. 44th Annual J.P. Morgan Healthcare Conference January 13, 2026 © 2026 OPTION CARE HEALTH, INC. ALL RIGHTS RESERVED 1 Disclaimers Forward-Looking Statements This presentation may contain "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "believe," "project," "estim ...

44th Annual J.P. Morgan Healthcare Conference 2026 Breakthrough Therapies Driving Accelerating Growth Brett Monia, Ph.D. Chief Executive Officer January 2026 | Nasdaq: IONS Forward-Looking Statements This presentation includes forward-looking statements regarding our business, financial guidance and the therapeutic and commercial potential of our commercial medicines, additional medicines in development and technologies and our expectations regarding development and regulatory milestones. Any statement desc ...

Takeda Pharmaceutical Company FY Conference Summary Company Overview - **Company**: Takeda Pharmaceutical Company (NYSE: TAK) - **Revenue**: $30 billion, with over 50% from the U.S. market, up from less than 20% a decade ago [2][3] - **R&D Investment**: Approximately $5 billion annually [3] - **Global Presence**: Operations in 80 countries, with headquarters in Tokyo and a significant hub in Boston [2][3] Core Focus Areas - **Innovation and Digital Transformation**: Takeda has shifted focus towards innovation and digital technology since 2014, moving all data to the cloud in 2018 [1][2] - **Therapy Areas**: Focus on gastroenterology, neuroscience, and oncology [3] Financial Performance and Strategy - **Generic Exposure**: Experienced a 20% revenue loss from 2021 over the past five years due to generic competition, but expects lower exposure moving forward [3] - **Product Portfolio**: Transitioned away from branded generics and OTC businesses to concentrate on innovative medicines [2][3] Upcoming Product Launches - **Pipeline**: Eight late-stage assets expected to launch before the end of the decade, with significant potential for revenue generation [5][19] - **Key Products**: - **Oveporexton**: First orexin agonist, expected launch in H2 2026, with peak revenue potential of $2-$3 billion [12][19] - **Rusfertide**: For polycythemia vera, also launching in H2 2026, with potential to transform standard care [13][19] - **Zasocitinib**: TYK2 inhibitor for psoriasis and psoriatic arthritis, with peak revenue potential of $3-$6 billion [18][19] Market Dynamics - **Oveporexton**: Addresses unmet needs in narcolepsy type 1, with a patient population of approximately 100,000 in the U.S. [11][12] - **Rusfertide**: Aims to replace phlebotomy in treatment, with 78% of patients currently uncontrolled [14][19] - **Zasocitinib**: Competes in a mature market, with a focus on creating a new oral treatment option [17][28] Oncology Pipeline - **TAC-928 and TAC-921**: New immuno-oncology assets with promising data, focusing on non-small cell lung cancer and gastric cancer respectively [6][7] - **Market Positioning**: Takeda aims to differentiate its oncology products through unique mechanisms and partnerships, particularly with Innovent in China [44] Leadership Transition - **CEO Transition**: Christophe will retire in June 2026, with Julie Kim set to succeed him, marking a significant leadership change [4][21] Challenges and Future Outlook - **Patent Cliffs**: Anticipated decline in revenue from Entyvio starting in 2030, necessitating successful launches of new products to offset losses [19][20] - **Investment Strategy**: Balancing investment in new product launches with margin commitments, while managing the transition from recent losses [45][46] Conclusion - Takeda is positioned for significant growth through its innovative pipeline and strategic focus on high-potential therapy areas, while navigating challenges related to market competition and patent expirations. The upcoming product launches are critical for sustaining revenue growth and maintaining market leadership.

Summary of Astrana Health Conference Call Company Overview - **Company**: Astrana Health - **Industry**: Healthcare, specifically value-based provider organization Core Points and Arguments 1. **Healthcare Infrastructure Issues**: The U.S. healthcare system is described as fundamentally broken due to accessibility, patient and provider satisfaction, and limited technology integration [2][3] 2. **Astrana's Model**: Astrana aims to transform healthcare delivery through a coordinated, aligned network that improves patient outcomes while generating financial savings for itself and its partners [4][5] 3. **Single Payer Model**: Astrana operates a pseudo-single payer model that simplifies the reimbursement process for providers, allowing for better care coordination and reduced administrative burdens [9][12] 4. **Member Engagement**: The company engages members longitudinally, allowing for proactive investments in their health, which is not typically feasible for traditional payers [5][6] 5. **Financial Performance**: Astrana has achieved a 33% CAGR in revenue over the past six years and plans to continue growing in the mid-20s in the medium term [17] 6. **Membership and Revenue Growth**: The company focuses on growing membership and revenue per member, with a significant shift towards full-risk arrangements, increasing from 0% in 2021 to approximately 80% of revenue by early 2023 [22][24] 7. **Cost Control**: Astrana has managed to control medical costs effectively, achieving 67% fewer hospital admissions compared to Medicare fee-for-service benchmarks [25] 8. **Technology Utilization**: The proprietary technology platform developed by Astrana enhances care management and administrative functions, leading to improved patient outcomes and operational efficiencies [26][28] 9. **Market Expansion**: Astrana has expanded to 16 markets, focusing on areas with high population density and diverse provider networks [48] 10. **Acquisition of Prospect Health**: The acquisition of Prospect Health is expected to yield $12-$15 million in synergies and strengthen Astrana's market position [21][39] Additional Important Content 1. **Regulatory Adaptation**: Astrana is adapting to changes in Medicaid and health insurance exchange markets, with a focus on maintaining a strong Medicare Advantage business [42][43] 2. **Industry Challenges**: The company acknowledges challenges such as increased scrutiny on risk adjustment and high utilization trends but believes it can manage these effectively [30][33] 3. **Collaborative Approach with Payers**: Astrana emphasizes a partnership approach with payers, aiming to create win-win scenarios rather than treating negotiations as zero-sum games [50] 4. **Long-term Outlook**: Despite short-term headwinds in Medicaid and exchange markets, Astrana is positioned to grow due to its focus on quality and cost management [45][46] This summary encapsulates the key points discussed during the Astrana Health conference call, highlighting the company's innovative approach to healthcare delivery and its strategic growth initiatives.

Summary of BridgeBio Oncology Therapeutics FY Conference Call Company Overview - **Company**: BridgeBio Oncology Therapeutics (NasdaqGM:BBOT) - **Date of Conference**: January 12, 2026 Key Points Industry and Product Focus - The company is focused on developing innovative therapies for KRAS G12C mutant non-small cell lung cancer (NSCLC) and other cancers, utilizing novel inhibitors such as 8520, BBO-11818, and BBO-10203 [1][2][3] Core Findings and Data - **8520**: - First direct KRAS G12C on-off inhibitor with a monotherapy efficacy overall response rate of 65% and a disease control rate of 100% in previously treated patients [6][12] - 83% of patients eligible for six-month follow-up remained on treatment for over six months, indicating promising durability [6] - Safety profile is differentiated from off inhibitors, particularly regarding liver toxicities, with no grade three or higher liver toxicity reported [7][9] - **BBO-11818**: - A pan-KRAS inhibitor showing encouraging dose escalation data and confirmed partial response in heavily pretreated pancreatic cancer patients [2][15] - Demonstrates anti-tumor activity across dose levels with tumor reductions observed [2][15] - **BBO-10203**: - A novel RAS PI3K alpha breaker that has achieved all phase one monotherapy objectives with no hyperglycemia observed, differentiating it from other PI3K alpha inhibitors [3][21] - The drug is designed to avoid affecting glucose homeostasis, making it suitable for a broader patient population [18][21] Combination Therapy Insights - The combination of 8520 with pembrolizumab has shown promising efficacy, with three of three partial responses in first-line patients and two of five in pretreated patients [8][12] - The safety profile of the combination remains favorable, with manageable treatment-related adverse events [9][12] - The company plans to explore combinations of 8520 and 203, as well as 818 and 203, to enhance therapeutic outcomes [24][26] Competitive Landscape - The KRAS G12C space is described as crowded, but the company believes its differentiated efficacy and safety profile positions it as a best-in-class option [30] - The focus on sparing H&N RAS in BBO-11818 is expected to drive higher levels of inhibition safely, avoiding common toxicities associated with other treatments [32] Future Directions - The company is set to release additional data on combination therapies and monotherapy results throughout 2026, with a focus on expanding treatment options for underserved patient populations [25][26] - There is a strong emphasis on the potential of the 203 program in combination with other therapies, particularly in addressing unmet needs in the PI3K alpha space [34] Additional Considerations - The company has observed early encouraging signals in resistant patient populations, particularly those with STK11 KEAP1 co-mutations, where all five patients treated have responded positively [2][12] - The strategic focus on rapid dose escalation and combination studies is aimed at addressing the high unmet need in cancer treatment [33][34] This summary encapsulates the key insights and data presented during the conference call, highlighting the company's innovative approaches and future plans in the oncology space.

Summary of Arcturus Therapeutics FY Conference Call Company Overview - **Company**: Arcturus Therapeutics (NasdaqGM:ARCT) - **Industry**: Biotechnology, specializing in messenger RNA (mRNA) medicines and therapeutics - **Founded**: 2013 - **Location**: San Diego - **Employee Count**: Approximately 100 - **Key Products**: COVID vaccine Kostaive, H5N1 pandemic flu funding from BARDA [2][3] Core Products and Pipeline Kostaive COVID Vaccine - Approved in over 30 countries, including Japan, the UK, and the EU [2] - Partnered with CSL for distribution in Japan and BARDA for pandemic efforts in the U.S. [3] mRNA Therapeutic Candidates 1. **Ornithine Transcarbamylase (OTC) Deficiency** - Flagship liver program with a focus on replacing the missing OTC enzyme [19][20] - Phase 1 and 1B studies completed, transitioning to Phase 2 trials [20][21] - Received orphan drug designation and fast track designation from the FDA [21] 2. **Cystic Fibrosis (CF)** - Inhaled mRNA therapeutic candidate targeting Class I CF patients [9][10] - Phase 2 study ongoing with a focus on safety, tolerability, and preliminary efficacy [11][12] - CF Foundation has committed approximately $25 million to this asset [7] Key Milestones and Data Cystic Fibrosis Program - **Phase 2 Study**: - Initiating a fourth cohort study with 20 CF participants planned for the first half of 2026 [11][12] - Significant mucus plug reduction observed in the second cohort, with reductions of 28%-33% in volume [14] - High-resolution CT scans used to evaluate lung structure changes, which are predictors of lung function improvements [13] OTC Deficiency Program - **Phase 2 Trials**: - Focus on safety, tolerability, and biomarker responses (glutamine, ammonia, ureogenesis) [21][22] - Significant reduction in glutamine levels observed, indicating drug efficacy [22][23] - Ammonia levels maintained within normal range, supporting the drug's safety profile [23] Regulatory and Market Considerations - **Regulatory Clarity**: - Need for alignment with FDA on pivotal trial strategies for both pediatric and adult populations for OTC deficiency [24] - Importance of demonstrating clinical activity and safety to facilitate potential product approval [25] Financial Position - **Cash Runway**: Extended into 2028, providing flexibility to pursue clinical milestones and continue innovation on the LUNAR platform [34] - **Operational Decisions**: Restructuring and expense reduction have strengthened the balance sheet, allowing focus on key value-creating milestones [34][35] Conclusion - Arcturus Therapeutics is positioned to leverage its innovative mRNA delivery technology and strong financial position to advance its clinical programs in cystic fibrosis and OTC deficiency, with significant unmet medical needs in both areas. The upcoming regulatory discussions and clinical data will be critical for the company's future growth and market opportunities [24][35]

Summary of Nvidia's Presentation at J.P. Morgan's 44th Annual Healthcare Conference Company Overview - **Company**: Nvidia - **Industry**: Healthcare and AI Semiconductors - **Key Speaker**: Kimberly Powell, Vice President and General Manager of Healthcare at Nvidia Core Points and Arguments 1. **Shift in Healthcare Technology**: Nvidia is experiencing a once-in-a-generation platform shift in the healthcare industry, with accelerated computing and AI becoming integral to healthcare solutions [5][41] 2. **Agentic AI Deployment**: The deployment of agentic AI in healthcare is occurring faster than in any other industry, with significant advancements in robotics and simulation [6][13] 3. **Open Models and Innovation**: Open models are crucial for innovation, with 80% of startups built on these models. Nvidia became the largest contributor to open-source AI in 2025, with over 650 language models and 250 datasets [8][9] 4. **Healthcare Market Size**: The U.S. healthcare market is valued at $4.9 trillion, and AI is being deployed at an unprecedented scale to address acute challenges in the industry [14] 5. **AI as Digital Coworkers**: Healthcare systems are beginning to hire AI systems as digital coworkers to alleviate the shortage of healthcare professionals, projected to be tens of millions by 2030 [13][14] 6. **Return on Investment (ROI)**: The cost of AI inference has decreased significantly, making it viable for mass-market healthcare adoption. For example, the cost of running an agent has dropped from $1 to $0.01 [48] 7. **Impact on Clinical Development**: AI is transforming clinical development processes, making them less labor-intensive and more efficient. Companies like ConcertAI and Cytoreason are leveraging AI for better planning and execution of clinical trials [18][19] 8. **Partnerships and Collaborations**: Nvidia is collaborating with companies like Thermo Fisher to build AI infrastructure for labs, enhancing the quality and throughput of scientific experiments [26][27] 9. **Future of Drug Discovery**: The integration of AI in drug discovery is expected to reinvent the $300 billion R&D industry, with AI-driven models accelerating the process [23][32] 10. **Investment in AI Infrastructure**: Nvidia announced a $1 billion investment over five years in partnership with Lilly to co-innovate in AI lab infrastructure, aiming to flip the current lab-to-compute ratio from 90-10 to a more compute-centric model [37][38] Additional Important Content - **AI in Lab Automation**: AI agents are being developed to autonomously run experiments and analyze results in real-time, significantly reducing manual work and increasing data quality [25][27] - **Emerging AI Science Companies**: New companies are emerging that focus on AI-driven scientific research, utilizing Nvidia's platforms to enhance their capabilities [20][36] - **Global AI Infrastructure**: Nvidia's technology is being integrated into public clouds worldwide, with expectations that every country will develop its own AI healthcare infrastructure [51][52] - **Democratization of AI**: The accessibility of AI tools and models is enabling scientists to become AI researchers, fostering a new paradigm in scientific discovery [44][46] This summary encapsulates the key insights and developments presented by Nvidia at the conference, highlighting the transformative role of AI in healthcare and the company's strategic initiatives to lead this change.

Summary of Exelixis Conference Call Company Overview - **Company**: Exelixis - **Event**: 44th Annual J.P. Morgan Healthcare Conference - **Presenter**: Michael Morrissey, President and CEO Key Industry Insights - **Focus on Oncology**: Exelixis is dedicated to improving cancer treatment through innovative therapies, particularly in solid tumors, leveraging their expertise in biology, pharmacology, and clinical sciences [4][5][6] - **Franchise Building**: The company emphasizes building multiple blockbuster franchises rather than focusing on single indications, aiming to maximize value for patients and shareholders [4][6][30] Financial Performance - **2025 Preliminary Results**: - Total revenues: $2.32 billion - Net product revenues: $2.123 billion - R&D expenses: approximately $825 million - Cash at year-end: $1.65 billion [13][14] - **2026 Guidance**: - Net product revenue expected between $2.325 billion and $2.425 billion, with a midpoint of $2.375 billion - R&D expenses projected between $875 million and $925 million [14][15] Product Pipeline and Growth Strategy - **Cabozantinib (Cabo)**: - Continues to be the primary revenue driver, maintaining its position as the top TKI in the U.S. for renal cell carcinoma (RCC) [7][13] - Cumulative growth of 30% from 2023 to 2025 [13] - **Zanzalitinib (Zanza)**: - Aiming to establish Zanza as a significant oncology franchise, with ongoing pivotal trials in RCC, colorectal cancer (CRC), and neuroendocrine tumors (NET) [9][10][29] - First regulatory filing for CRC submitted in Q4 2025 [9][15] - **Pipeline Expansion**: - Four molecules currently in clinical trials, with plans for additional investigational new drug (IND) applications [10][12] Market Opportunities - **Colorectal Cancer (CRC)**: - Identified as a fragmented market with a $1.5 billion opportunity, with strategies to position Zanza effectively against competitors [32][33] - **Neuroendocrine Tumors (NET)**: - Projected market growth from $2.5 billion to over $7 billion, with a focus on innovative therapies [29] Strategic Approach - **Combination Therapies**: - Emphasis on developing combination therapies that leverage different mechanisms of action to enhance treatment efficacy [24][25][26] - **Market Leadership**: - Aiming to establish leadership in multiple tumor types, including RCC and CRC, while focusing on improving patient outcomes and standard of care [17][22] Shareholder Returns - **Capital Allocation**: - $2.16 billion returned to shareholders through share repurchase programs since March 2023, with an ongoing $750 million program [12][30] Conclusion - Exelixis is strategically positioned to leverage its strong product pipeline and market insights to drive growth in the oncology sector, focusing on building franchises that enhance patient care and deliver shareholder value. The company is committed to disciplined capital allocation and innovative research to maintain its competitive edge in the market [30][38]