Biogen FY Conference Summary Company Overview - **Company**: Biogen (NasdaqGS:BIIB) - **Date of Conference**: December 02, 2025 Key Points Company Transformation - Biogen has undergone significant changes under the leadership of CEO Chris Viehbacher, focusing on a "new Biogen" strategy that includes cost-cutting measures and restructuring to achieve $1 billion in gross savings and $800 million in net savings [3][4] Pipeline Development - The company has expanded its focus beyond multiple sclerosis (MS) to include four different franchises, with a robust pipeline of 10 phase 3 or phase 3-ready programs [4][5] - Key upcoming products include: - **Leqembi** for Alzheimer's disease - **BIIB080** for tau - **Litifilimab** for lupus - **LRRK2 asset** for Parkinson's disease [4][5] Alzheimer's Market Opportunity - The potential market for pre-symptomatic Alzheimer's treatment is vast, with estimates suggesting it could be multiples larger than the current indications [10][13] - The company is closely monitoring the outcomes of trials from competitors, such as Lilly, which could influence Biogen's strategy and market positioning [11][12] Commercial Dynamics of Leqembi - Pricing for Leqembi: - **IV Induction**: $23,000 - **IV Maintenance**: $13,000 (50% of induction) - **Subcutaneous (SubQ)**: Approximately $18,000, with a potential for a higher price point due to reduced administration costs [22][24][26] - Blood-based biomarkers are expected to play a significant role in diagnosis and treatment confirmation, with an estimated 350,000 tests anticipated this year [29][30] Zurzuvae Program - **Zurzuvae (Zuranolone)** is a 14-day oral medication for postpartum depression, showing strong quarter-over-quarter growth despite initial challenges in market positioning [31][35] - The launch strategy has pivoted towards OB-GYNs, which has proven effective [34][36] Felzartamab Program - Felzartamab is anticipated to be a significant product in nephrology, with a focus on indications such as Antibody-Mediated Rejection (AMR) and IgA Nephropathy (IgAN) [48][49] - The AMR indication alone has a patient population of approximately 11,000, suggesting a multi-billion dollar market potential [50] Future Considerations - The company is exploring the development of an oral BTK inhibitor with a clean liver profile, which could be a valuable addition to its MS portfolio if safety concerns are addressed [52] Additional Insights - The company is focused on building a strong market access team to navigate pricing and value propositions for its new products [50] - Anecdotal evidence from patients indicates potential improvements in quality of life with current treatments, which may influence physician adoption and patient acceptance [15][19] This summary encapsulates the key discussions and insights from Biogen's FY conference, highlighting the company's strategic direction, product pipeline, and market opportunities.

Summary of Cisco Systems Conference Call Company Overview - **Company**: Cisco Systems (NasdaqGS:CSCO) - **Date**: December 02, 2025 - **Key Speakers**: Bill Gartner (SVP and GM of Optical Systems and Optics Group), Sami Badri (Head of Investor Relations and Market Insights) Industry Insights - **Industry**: Optical Systems and Networking - **Key Competitors**: Ciena, Fujitsu, Adva, Infinera, Huawei, ZTE [2][8] Core Business Segments 1. **Optical Systems**: - Focus on DWDM systems for service providers and hyperscalers [2] - Includes chassis-based solutions with line cards and software [2] 2. **Optics Business**: - Short-distance transceivers for switches and routers [2] 3. **Acacia Technologies**: - Provides coherent technology for optical systems and DCO pluggables [3] Demand and Growth - **Hyperscaler Demand**: - Significant increase in demand for DCI optics from hyperscalers, leading to a revised forecast for FY26 [8][9] - FY25 saw $1 billion in AI infrastructure revenues, with expectations of $3 billion in FY26 [64][68] - **Scale Across vs. Traditional WAN**: - Scale across networks allow for direct connections between scale-out networks, bypassing WAN constraints [14][18] - This model is crucial for cost-effective scaling of AI infrastructure [14] Market Dynamics - **Optics vs. Switching**: - Current mix is approximately one-third optics and two-thirds switching, but this can fluctuate based on customer deployment cycles [21][24] - Transition from 400-Gig to 800-Gig optics is underway, with some customers skipping directly to 1.6T [29][30] - **Long Tail of Technology**: - Legacy technologies like 10-Gig still represent a significant portion of the optics business, indicating a slow adoption curve for new technologies [28] Competitive Positioning - **Pluggable Technology**: - Cisco is leading in the pluggable optics market, with a significant share among hyperscalers [75] - Competitors are beginning to adopt pluggable models, which Cisco views as a long-term trend [75] Financial Outlook - **Fiscal 2026 Drivers**: - AI infrastructure is the primary growth driver, alongside a campus refresh cycle [78][80] - The campus cycle is expected to provide steady growth over several years rather than a sharp spike [82] - **Supply Chain Management**: - Cisco is actively managing supply chain challenges, particularly with DRAM and other components, but does not foresee significant disruptions [55][58] Key Takeaways - Cisco is well-positioned to capitalize on the growing demand for AI infrastructure and optical networking solutions, with a strong focus on adapting to customer needs through a component business model [48][86] - The company emphasizes the importance of providing an open solution for AI infrastructure, contrasting with competitors that may offer more proprietary systems [86]

Applovin (NasdaqGS:APP) 2025 Conference December 02, 2025 12:55 PM ET Company ParticipantsMatthew Stumpf - CFOAdam Foroughi - CEOAdam Foroughi - CEOModeratorAll right, great. I think we're gonna go ahead and get started. I'm Steven Gee with the UBS US Internet team. Sitting to my left are the management team of AppLovin. We have founder and CEO Adam Foroughi, and CFO Matthew Stumpf. So thanks for coming, guys, and welcome to Arizona.Matthew StumpfThanks for having us.ModeratorThanks. Awesome. So let's put y ...

Pegasystems (NasdaqGS:PEGA) 2025 Conference December 02, 2025 12:55 PM ET Company ParticipantsKen Stillwell - COO and CFORadi Sultan - Software Equity ResearchRadi SultanAwesome. Thank you, everyone, for being here today at the UBS Global Technology and AI Conference. My name is Radi Sultan. I cover the mid-cap infrastructure software stocks here at UBS. Next up, we have Pegasystems, Ken Stillwell, COO and CFO, and Peter VP of Corp Dev, and runs IR as well. So, first of all, thank you very much for being he ...

Block (NYSE:SQ) 2025 Conference December 02, 2025 12:55 PM ET Company ParticipantsNone - ModeratorOwen Jennings - Business LeadNoneA couple more people come in. All right. Let's get something out of the way as some people are finding their seats here. So we're going to start with a legal disclaimer. During this conversation, Owen may make forward-looking statements, including about Block's expectations for its financial performance that are subject to certain risks and uncertainties. The statements are base ...

Sagimet Biosciences (NasdaqGM:SGMT) FY Conference December 02, 2025 12:55 PM ET Company ParticipantsEduardo Martins - CMODave Happel - CEORob D'Urso - Senior VP of New ProductsConference Call ParticipantsNone - AnalystNoneOkay, let's get started. Welcome, everybody. With me is the management team of Sagimet Biosciences. Gentlemen, welcome. We have Dave Happel, did I pronounce that correctly? Dave Happel, CEO; Eduardo Martins, CMO; and Rob D'Urso, Senior VP of New Products. Gentlemen, welcome. Thanks so much ...

Nasdaq (NasdaqGS:NDAQ) 2025 Conference December 02, 2025 12:55 PM ET Company ParticipantsSarah Youngwood - CFOConference Call ParticipantsAlexander Kramm - Senior Research AnalystAlexander KrammOnce again, Alex Kramm, Senior Research Analyst at UBS, covering exchanges and business services. And since I just said exchanges, we actually are delighted to have an exchange here today, although that may be a misnomer, but we'll get to that in a minute. But Sarah Youngwood, CFO of Nasdaq here, for the first time a ...

Lam Research (NasdaqGS:LRCX) 2025 Conference December 02, 2025 12:55 PM ET Company ParticipantsTim Archer - President and CEODoug Bettinger - EVP and CFOConference Call ParticipantsTim Arcuri - Managing Director and Semiconductors and Semiconductor Equipment Equity Research AnalystTim ArcherI was supposed to say that, Tim? Sorry. The mic just came on.Tim ArcuriWe're going to start. Good morning, good afternoon. I'm Tim Arcuri. I'm the Semi and Semi-Equipment Analyst here at UBS. Very pleased to have Lam Res ...

Central Garden & Pet Company (NasdaqGS:CENT) 2025 Conference December 02, 2025 12:45 PM ET Company ParticipantsBrad Smith - CFOConference Call ParticipantsNone - AnalystNoneIf you have any questions, please reach out to your Morgan Stanley sales representative. Brad, happy to have you here with us today.Brad SmithThank you.Thanks for taking the time. And so maybe just to kick it off, for those in the room who may not know Central as much as other staples companies, can you give us a little background on the ...

Molson Coors Beverage Company (NYSE:TAP) 2025 Conference December 02, 2025 12:45 PM ET Company ParticipantsRahul Goyal - CEOTracey Joubert - CFOEric Adam Serotta - Executive DirectorEric Adam Serotta Okay.Rahul GoyalI feel like.Eric Adam SerottaGreat. Good afternoon, everyone. I'm Eric Serotta from Morgan Stanley's Beverages and Household Products and Tobacco team, and I'm very pleased to welcome Molson Coors back to our Global Consumer and Retail Conference. Before we begin, please see the Morgan Stanley R ...