15 Nov 2024 15:02:39 ET │ 9 pages Metal Matters China export tax rebate removal for copper and aluminum semis bigger | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------- ...

Company and Industry Overview * **Company**: Viatris Inc. (NASDAQ: VTRS) * **Industry**: Pharmaceuticals, Healthcare Key Points and Arguments 1. **Strategic Pillars**: * **Diversified and Growing Base Business**: Demonstrated year-over-year operational adjusted revenue growth for six consecutive quarters, driven by both brands and generics. [4] * **Innovative Pipeline**: Executing clinical trials for selatogrel and cenerimod, and entered into an exclusive licensing agreement with Lexicon for sotagliflozin. [8] * **Capital Allocation**: 50% for business development, 25% for share repurchases, and 25% for dividends. [17] 2. **Financial Performance**: * Generated strong free cash flow of $866 million in Q3, bringing year-to-date cash flow generation to $1.9 billion. [7] * Repurchased about $1.9 billion of debt in Q3. [6] * Confident in generating $2.3 billion of cash flow on an ongoing basis. [7] 3. **New Product Revenue**: * On track to achieve $500 million to $600 million of new product revenue for the year. [5] * Pipeline includes generic launches in North America and Europe, as well as key complex generics like glucagon, liraglutide, and iron sucrose. [12] 4. **Regulatory Updates**: * Nearing the end of regulatory processes for sandostatin LAR, liraglutide, and iron sucrose. [14] * Meeting with FDA for GA Depot in December. [14] 5. **Capital Allocation Strategy**: * 50% of free cash flow allocated to business development, focusing on supporting the base business and adding innovative assets. [24] * Disciplined approach to evaluating business development opportunities, considering strategic fit, commercial potential, and financial impact. [29] 6. **Therapeutic Areas of Focus**: * Ophthalmology, GI, dermatology, cardiovascular, and immunology. [53] 7. **Geographical Focus**: * Europe, Greater China, emerging markets, and JANZ. [55] Additional Important Points * Viatris has a strong global footprint and expertise in both brands and generics. [55] * The company is focused on leveraging its existing infrastructure and capabilities to drive growth. [24] * Viatris is committed to being disciplined and thoughtful in its approach to business development. [29]

Boston Scientific Corporation (NYSE:BSX) UBS Global Healthcare Conference November 12, 2024 10:15 AM ET Company Participants Jonathan Monson - Senior Vice President, Investor Relations Nick Spadea-Anello - VP & GM of Interventional Cardiology Conference Call Participants Danielle Antalffy - UBS Danielle Antalffy So good morning, everyone. Thanks so much for joining us. And for those who don't know me, I'm Danielle Antalffy, I'm the U.S. Medtech analyst here at UBS. Very lucky to have with us Boston Scientif ...

S&P Global Inc. (NYSE:SPGI) JPMorgan Ultimate Services Investor Conference November 14, 2024 10:50 AM ET Company Participants Martina Cheung - President, CEO Conference Call Participants Andrew Steinerman - JPMorgan Andrew Steinerman Hello, everyone. It's still morning. It's Andrew Steinerman, your business information services analyst here at JPMorgan, and welcome to the Ultimate Services Investor Conference. This is the Info Services track. And just as a little quick announcement, we just put out our quar ...

FedEx Corporation (NYSE:FDX) Baird Global Industrial Conference November 12, 2024 Industry/Company * **Industry**: Transportation and logistics * **Company**: FedEx Corporation (NYSE:FDX) Core Points and Arguments 1. **DRIVE Program**: FedEx's DRIVE program aims to achieve $2.2 billion in savings by fiscal year 2025, following $1.8 billion in savings in fiscal year 2024. The program focuses on cost-cutting initiatives and operational improvements across the company. 2. **Network 2.0**: This initiative involves optimizing the company's network by improving facilities, personnel, and technology. It is expected to be completed by the end of fiscal year 2027. 3. **Peak Season Preparedness**: FedEx is well-prepared for the peak season, with adequate staffing and capacity to meet customer demand. 4. **Tariffs and Taxes**: FedEx supports free trade and is prepared to adapt to any changes in tariffs or taxes. The company has a strong presence in 220 countries and can adapt to changes in demand. 5. **Pricing Strategy**: FedEx has implemented peak pricing surcharges and is encouraged by its ability to pass along costs to customers. The pricing environment remains rational and competitive. 6. **Postal Service Contract Expiration**: FedEx is prepared for the expiration of its Postal Service contract, which will result in a loss of revenue. The company has taken immediate action to mitigate the impact and is working to adapt its network to the change. 7. **Product Mix Shift**: FedEx has seen a shift in product mix towards deferred services, which has put pressure on earnings and margins. The company is focused on improving yields and managing costs. 8. **European Operations**: FedEx is working to improve profitability in Europe through service improvements and operational efficiencies. The company has implemented new leadership and is focused on improving service quality. 9. **Tricolor Program**: This program involves redesigning the company's network to optimize asset utilization and improve efficiency. It includes three networks: purple (Express), white (e-commerce deferred), and orange (priority freight). 10. **Freight Business**: FedEx is conducting a strategic review of its freight business and expects to announce the outcome by the end of the year. 11. **Capital Allocation**: FedEx is focused on investing capital in areas with the highest return on invested capital (ROIC), such as network modernization and hub modernization. The company has reduced capital expenditures and is committed to returning capital to shareholders through share repurchases and dividends. Other Important Points * FedEx has implemented a One FedEx structure, bringing together its Ground and Express companies to create more opportunities for collaboration and efficiency. * The company has a strong focus on talent development and cross-functional collaboration. * FedEx is committed to improving its environmental sustainability and has set ambitious goals for reducing emissions and waste.

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) Guggenheim Inaugural Healthcare Innovation Conference November 12, 2024 9:00 AM ET Company Participants Reshma Kewalramani - President and CEO Conference Call Participants Debjit Chattopadhyay - Guggenheim Partners Debjit Chattopadhyay Good morning, and thank you for joining Guggenheim's Inaugural Healthcare Innovations Conference. I am Debjit, one of the therapeutic analysts, and my privilege to welcome Dr. Reshma Kewalramani, President and CEO of Vertex. T ...

Union Pacific Corporation Conference Call Summary Company Overview - **Company**: Union Pacific Corporation (NYSE: UNP) - **Participants**: Jennifer Hamann (CFO), Rahul Jalali (CIO), Garrett Holland (Robert W. Baird & Co.) Key Points Financial Performance - **Q3 Performance**: Achieved 11% growth in operating income and 10% growth in earnings per share (EPS) [5][10] - **Volume Growth**: Reported a 6% increase in volume, primarily driven by a 33% increase in international intermodal volumes [7][12] - **Revenue Growth**: Freight revenue growth, excluding fuel, was 5% [7] - **Operating Ratio**: Improved by 310 basis points to 60.3%, marking the third consecutive quarter of industry-leading performance [10][11] Strategic Focus - **Core Strategy**: Emphasizes safety, service, and operational excellence as fundamental components of the business [6] - **Service Improvement**: Noted improvements in freight car dwell and freight velocity, indicating enhanced service delivery [13][14] - **Workforce Productivity**: Achieved all-time best productivity metrics in September and Q3 [14] Growth Opportunities - **Revenue Pipeline**: Identified a pipeline of $1.6 billion in revenue opportunities from approximately 200 track construction projects [19] - **Market Segments**: Focus on truckload conversion, access to Mexico, petrochemicals, and grain products as key growth areas [20][22][23] - **Long-term Contracts**: 75% of long-term contracts have been repriced since 2022, with expectations for further adjustments [25][26] Pricing Strategy - **Pricing Dynamics**: Core pricing continues to exceed inflation, with expectations for pricing to become accretive to margins starting in 2025 [30][52] - **Customer Engagement**: Emphasizes the importance of providing value to customers to facilitate pricing discussions and increase market share [52] Technology and Innovation - **Tech Investments**: Implemented advanced technology systems, including AI and machine learning, to enhance operational efficiency [42][44] - **Customer Visibility**: Launched a pilot program for a visibility solution called "Customer Vision" to improve customer experience [48][49] Market Outlook - **2025 Guidance**: Anticipates moderate growth in volumes and revenue, with a focus on maintaining industry leadership in operating ratio [29][31][61] - **Economic Indicators**: Current outlook suggests incremental growth rather than dramatic shifts in the market [61] Capital Allocation - **Shareholder Returns**: Plans to return $4 billion to $5 billion in shares to shareholders annually over the next three years, alongside consistent annual dividend increases [32] Regulatory Environment - **Regulatory Impact**: Acknowledges the potential for regulatory changes to positively impact the business, though specifics remain uncertain [39] Conclusion - **Overall Sentiment**: The company expresses optimism about future growth and the execution of its strategic initiatives, positioning itself well for sustained performance in the industry [33][66]

Johnson & Johnson (NYSE:JNJ) Guggenheim Global Healthcare Conference November 12, 2024 10:30 AM ET Company Participants Biljana Naumovic - Worldwide VP, Global Commercial Strategy, Oncology Mark Wildgust - VP, Global Medical Affairs Oncology Conference Call Participants Vamil Divan - Guggenheim Securities Edouard Mullarky - Guggenheim Securities Vamil Divan All right. I think we're ready to get started. Thanks, everyone, again, for joining us at the Guggenheim Inaugural Healthcare Innovation Conference this ...

Elevance Health, Inc. (NYSE:ELV) UBS Global Healthcare Conference November 12, 2024 10:15 AM ET Company Participants Mark Kaye - Executive VP & CFO Conference Call Participants A.J. Rice - UBS A.J. Rice I think we'll go ahead and kick off today. I'm A.J. Rice, the health care services analyst at UBS. Thanks, everybody, for coming out to our conference this year. We're very pleased to have to kick off our session Elevance Health and principal speaker is going to be Mark Kaye, Chief Financial Officer and Exec ...

Honeywell International Inc (NASDAQ:HON) Baird Global Industrials Conference November 12, 2024 8:20 AM ET Company Participants Ken West - President and CEO, Energy and Sustainability Solutions Conference Call Participants Peter Arment - Baird Peter Arment Okay. Good morning, everyone. Thank you for joining us. My name is Peter Arment. I'm a senior aerospace defense analyst here at Baird. We're delighted to have Honeywell International with us. And with us from Honeywell, we have Ken West, who's the Presiden ...