Summary of Alumis Conference Call Company Overview - **Company**: Alumis - **Industry**: Precision Immunology, specifically focusing on psoriasis and other autoimmune diseases Key Points and Arguments Financial and Operational Highlights - Alumis has a strong balance sheet with over **$630 million** in cash, providing runway into the **fourth quarter of 2027** [91] - The company is preparing for a potential NDA filing in the **second half of 2023** [37] Clinical Development - **Envudeucitinib**: Phase 3 results in psoriasis show: - **PASI 75** at week 24 is in the **70s%** - **PASI 90** and **PASI 100** rates are approximately **65%** and **40%**, respectively [3] - Fast onset of action with separation of PASI scores observed as early as week 4 [3] - Safety profile consistent with Phase II data, with no new safety signals [3] Market Dynamics - The oral drug market for psoriasis is expected to expand significantly, as **75%** of psoriasis patients prefer oral medications over injectables or topicals [27] - Current market dynamics indicate that the patient share of oral drugs is higher than that of injectables [25] - Alumis aims to position itself strongly in the oral psoriasis market, particularly for patients with scalp involvement and significant itch [31] Competitive Landscape - The company acknowledges competition from other TYK2 inhibitors, including **Sotyktu** and **Zasocitinib** from Takeda [22] - Alumis believes its product has a competitive edge in terms of efficacy and quality of life improvements [18] Future Indications and Research - Alumis is exploring additional indications beyond psoriasis, including **Systemic Lupus Erythematosus (SLE)** and other autoimmune diseases [46] - The company is conducting a pivotal Phase IIb trial for SLE, with results expected in the **third quarter of 2023** [52] - The potential for **20+ indications** is being considered, with a focus on optimizing the psoriasis indication and exploring rheumatology-related conditions [70] Strategic Partnerships - While Alumis has the capability to launch its products independently, the company is open to partnerships to optimize its TYK2 franchise across multiple indications [41][43] Conclusion - Alumis is positioned for significant growth in the precision immunology space, with promising clinical data and a strong financial foundation. The company is strategically preparing for market entry while exploring a broad pipeline of indications.

Financial Data and Key Metrics Changes - In Q4 2025, adjusted EPS was $2.39, reflecting double-digit year-over-year earnings growth despite external pressures [22][23] - Full-year revenue reached $4.2 billion, with adjusted operating income of $550 million and adjusted EBITDA of $743 million, indicating continued double-digit earnings growth [31][32] - Consolidated operating margins expanded by approximately 30 basis points compared to the previous year, with expectations for continued margin improvement into 2026 [31][32] Business Line Data and Key Metrics Changes - The EFT segment showed strong performance with revenue growing 8%, adjusted operating income increasing 12%, and adjusted EBITDA growing 13% in Q4 [23][24] - The Money Transfer segment experienced a 1% decline in revenue year-over-year, with adjusted operating income down 6% and adjusted EBITDA down 5%, primarily due to macroeconomic and immigration-related pressures [24][27] - Epay revenue declined approximately 2%, with adjusted operating income decreasing 7% and adjusted EBITDA declining 8%, reflecting product mix shifts and macroeconomic challenges [24] Market Data and Key Metrics Changes - The global digital channel for Money Transfer saw 31% transaction growth and 33% revenue growth in Q4, with a significant increase in new customer acquisitions [19] - The gaming-related branded payments business within Epay accounted for 37% of total branded payments margin, benefiting from the growing global video game market, projected to grow at a 13% CAGR through 2031 [14][15] - Remittances into Mexico declined approximately 2% in Q4 2025, reflecting broader industry trends influenced by macroeconomic conditions [27] Company Strategy and Development Direction - The company remains focused on executing growth initiatives across all segments, particularly in digital strategies and expanding its global network [4][8] - Recent acquisitions, including Kyodai and CrediaBank's merchant acquiring business, are expected to drive multiyear growth and enhance the company's competitive position [7][11] - The company aims to optimize its operations and enhance digital customer engagement, particularly in the Money Transfer segment, to support future growth [17][29] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the operating environment, acknowledging ongoing macroeconomic challenges but highlighting positive trends in January [38][39] - The company anticipates adjusted EPS growth of 10%-15% in 2026, supported by a strong pipeline of growth initiatives and an optimized operating model [30][36] - Management emphasized the importance of maintaining a diversified business model to mitigate risks associated with specific markets, such as Mexico [82] Other Important Information - The company returned approximately $388 million in capital to shareholders through share repurchases in 2025, reflecting a disciplined capital allocation strategy [31][33] - The EFT business is evolving from a model centered on ATM ownership to one focused on payments infrastructure, enhancing its capabilities in digital transactions [13] Q&A Session Summary Question: Are there signs of improvement in macro issues affecting the business? - Management noted some positive trends in January but cautioned against over-optimism due to ongoing challenges in the operating environment [38][39] Question: What triggered the review of the Money Transfer business? - The review was initiated to ensure the organization aligns with the growth opportunities and customer base, not out of desperation but to optimize operations [42][44] Question: What is the expected contribution of CoreCard in 2026? - Management indicated that CoreCard is expected to perform well, leveraging its strong platform and customer relationships, but specific numbers were not disclosed [71][74] Question: How is the merchant processing business performing? - The merchant acquiring business is experiencing significant growth, with combined EBITDA from both epay and EFT segments reaching approximately $90 million [51] Question: What are the expectations for free cash flow in 2026? - Free cash flow is expected to improve in line with earnings growth, with a strong focus on supporting digital initiatives across all segments [55][56]

International Flavors & Fragrances (NYSE:IFF) Q4 2025 Earnings call February 12, 2026 09:00 AM ET Company ParticipantsDavid Begleiter - DirectorErik Fyrwald - CEOJosh Spector - Executive Director of Chemicals Equity ResearchKevin McCarthy - PartnerLauren Lieberman - Managing DirectorLisa De Neve - Executive DirectorMichael Bender - VP of Investor RelationsMichael DeVeau - EVP and CFOMike Sison - Managing DirectorConference Call ParticipantsChris Parkinson - Managing Director and Senior AnalystFulvio Cazzol ...

Pilgrim's Pride (NasdaqGS:PPC) Q4 2025 Earnings call February 12, 2026 09:00 AM ET Company ParticipantsAndrew Rojeski - Head of Investor RelationsFabio Sandri - CEOMatthew Galvanoni - CFOConference Call ParticipantsBenjamin M. Theurer - AnalystGuilherme Palhares - AnalystLeah Jordan - AnalystPeter Galbo - AnalystPriya Ohri-Gupta - AnalystThomas Henry - AnalystNone - AnalystNone - AnalystOperatorGood morning, and welcome to the fourth quarter and fiscal year 2025 Pilgrim's Pride earnings conference call and ...

Financial Data and Key Metrics Changes - In 2025, the company achieved dollar-based EPS growth of 6% to $3.73 per share, with a 9.4% increase in constant currency [22][26] - EBITDA increased by 4.9%, with margin expansion of 101 basis points, resulting in a revenue per hectoliter increase of 4.4% [7][21] - Free cash flow was maintained at $11.3 billion, allowing for increased share buybacks and a 15% increase in total dividends compared to the previous year [7][24] Business Line Data and Key Metrics Changes - The Mega Brands and premium portfolio outperformed the overall business, with the Beyond Beer and non-alcohol beer portfolios growing revenues by 23% and 34%, respectively [6][15] - The BEES Marketplace GMV increased by 61% to $3.5 billion, indicating strong growth in the digital marketplace segment [6][17] Market Data and Key Metrics Changes - Revenue increased in 65% of the company's markets, with EBITDA growth in four of five operating regions [8] - In the U.S., market share gains were noted in both beer and spirits, with significant growth from brands like Michelob ULTRA and Cutwater [9][10] - In China, revenue declined by low teens, but market share trends improved towards the end of the year [11][45] Company Strategy and Development Direction - The company continues to focus on premiumization, innovation, and expanding its digital ecosystem through the BEES Marketplace [12][18] - The strategy emphasizes long-term growth drivers such as balanced choices, premiumization, and the Beyond Beer segment [33][60] - The company aims to leverage its diversified geographic footprint to capture future industry growth, particularly in emerging markets [8][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the 2026 outlook, citing improved momentum as the company exited 2025 and the upcoming FIFA World Cup as a significant opportunity [26][33] - The operating environment in 2025 was described as dynamic, with challenges in consumer demand and weather impacting performance [26][32] Other Important Information - The company invested $7.4 billion in sales and marketing in 2025, maintaining an average of over $7 billion per year since 2021 [12] - The company has a strong focus on sustainability, achieving goals in water and agriculture while making progress in climate and packaging objectives [24][25] Q&A Session Summary Question: Insights on beer as a passion point for consumers - Management emphasized the role of beer in bringing people together and creating moments of celebration, highlighting the importance of moderate consumption [30][31] Question: Key elements of the U.S. market turnaround - Management noted the importance of consistency and long-term investment strategies in the U.S. market turnaround, with a focus on portfolio rebalancing and brand innovation [37][39] Question: Update on China’s commercial execution - Management reported progress in penetrating the off-trade channel and noted stabilization in the on-trade channel, with cautious optimism for 2026 [43][45] Question: Competitive dynamics in Brazil - Management indicated that improved weather conditions and closing price gaps contributed to positive momentum in Brazil, with strong brand demand continuing into the new year [46][47] Question: Thoughts on phasing in 2026 - Management acknowledged the unique dynamics of 2026, particularly with the World Cup, and indicated a concentration of marketing investments in the second and third quarters [64][67] Question: CapEx sustainability - Management expressed confidence in maintaining low CapEx levels through efficiency and technology, ensuring support for business needs [68][69] Question: Potential of BEES Marketplace - Management highlighted the growth opportunity in the BEES Marketplace, particularly in the third-party segment, which is becoming increasingly profitable [72][75] Question: Growth in non-alcohol beer and RTDs - Management attributed high growth in non-alcohol beer to superior product quality and technology investments, with plans for further expansion in the U.S. [79][80]

International Flavors & Fragrances (NYSE:IFF) Q4 2025 Earnings call February 12, 2026 09:00 AM ET Company ParticipantsDavid Begleiter - DirectorErik Fyrwald - CEOJosh Spector - Executive Director of Chemicals Equity ResearchKevin McCarthy - PartnerLauren Lieberman - Managing DirectorLisa De Neve - Executive DirectorMichael Bender - VP of Investor RelationsMichael DeVeau - EVP and CFOConference Call ParticipantsChristopher Parkinson - Managing Director and Senior AnalystFulvio Cazzol - Equities AnalystGhansh ...

Service Corporation International (NYSE:SCI) Q4 2025 Earnings call February 12, 2026 09:00 AM ET Company ParticipantsA.J. Rice - Managing DirectorEric Tanzberger - CFOScott Schneeberger - Managing DirectorTobey Sommer - Managing DirectorTom Ryan - Chairman and CEOTomohiko Sano - Managing DirectorTrey Bocage - Assistant VP of Treasury and Investor RelationsConference Call ParticipantsJoanna Gajuk - Equity Research AnalystParker Snure - Associate AnalystOperatorGood day, and welcome to the SCI Fourth Quarter ...

Anterix (NasdaqCM:ATEX) Q3 2026 Earnings call February 12, 2026 09:00 AM ET Company ParticipantsChris Guttman-McCabe - Chief Regulatory and Communications OfficerElena Marquez - CFOGeorge Sutton - Co-Director of Research and PartnerMike Crawford - Senior Managing DirectorNatasha Vecchiarelli - VP of Investor Relations and Corporate CommunicationsScott Lang - President and CEOOperatorGood day, and thank you for standing by. Welcome to the Anterix third quarter fiscal 2026 earnings conference call. At this ti ...

Anterix (NasdaqCM:ATEX) Q3 2026 Earnings call February 12, 2026 09:00 AM ET Company ParticipantsChris Guttman-McCabe - Chief Regulatory and Communications OfficerElena Marquez - CFOGeorge Sutton - Co-Director of Research and PartnerMike Crawford - Senior Managing DirectorNatasha Vecchiarelli - VP of Investor Relations and Corporate CommunicationsScott Lang - President and CEOOperatorGood day, and thank you for standing by. Welcome to the Anterix third quarter fiscal 2026 earnings conference call. At this ti ...

Service Corporation International (NYSE:SCI) Q4 2025 Earnings call February 12, 2026 09:00 AM ET Company ParticipantsA.J. Rice - Managing DirectorEric Tanzberger - CFOScott Schneeberger - Managing DirectorTobey Sommer - Managing DirectorTom Ryan - Chairman and CEOTomohiko Sano - Managing DirectorTrey Bocage - Assistant VP of Treasury and Investor RelationsConference Call ParticipantsJoanna Gajuk - Equity Research AnalystParker Snure - Associate AnalystOperatorGood day, and welcome to the SCI Fourth Quarter ...