Bristol-Myers Squibb Company (NYSE:BMY) Goldman Sachs 45th Annual Global Healthcare Conference June 11, 2024 11:20 AM ET Company Participants Chris Boerner - Board Chair and Chief Executive Officer Conference Call Participants Chris Shibutani - Goldman Sachs Good morning, still, I think, everybody, and welcome. We are very pleased that you're joining us here on the Second Day of the Goldman Sachs Healthcare Conference. My name is Chris Shibutani, and along with all my colleagues, especially on my team, we'r ...

Bank of America Corporation (NYSE:BAC) Morgan Stanley US Financials, Payments & CRE Conference Call June 11, 2024 9:30 AM ET Company Participants Dean Athanasia - President, Regional Banking Conference Call Participants Betsy Graseck - Morgan Stanley Betsy Graseck I do have to read a disclaimer notice. So, I'm going to start with that. For important disclosures, please see Morgan Stanley Research Disclosures website at www.morganstanley.com/researchdisclosures. The taking of photographs and use of recording ...

Walmart Inc. (NYSE:WMT) Oppenheimer's 24th Annual Virtual Consumer Growth and E-Commerce Conference June 11, 2024 9:45 AM ET Company Participants John Furner - President and CEO, Walmart U.S. Conference Call Participants Rupesh Parikh - Oppenheimer Rupesh Parikh Good morning, everyone and thank you for joining us at Oppenheimer's 24th Annual Consumer Growth and E-Commerce Conference. My name is Rupesh Parikh. I'm the Senior Food, Grocery and Consumer Products Analyst here at Oppenheimer. I'm very excited to ...

Merck & Co., Inc. (NYSE:MRK) Goldman Sachs 45th Annual Global Healthcare Conference Call June 11, 2024 10:00 AM ET Company Participants Robert Davis - Chairman, President and Chief Executive Officer Dean Li - Executive Vice President and President, Merck Research Laboratories Conference Call Participants Chris Shibutani - Goldman Sachs Chris Shibutani Okay, let's get underway. Good morning, everybody, and welcome to the Second Day of the conference. My name is Chris Shibutani. And on behalf of the entire Go ...

CRISPR Therapeutics AG (NASDAQ:CRSP) Company Conference Call June 11, 2024 9:20 AM ET Company Participants Sam Kulkarni - Chief Executive Officer Conference Call Participants Salveen Richter - Goldman Sachs Salveen Richter Good afternoon everyone, thank you for joining us. Really pleased to have Sam Kulkarni, CEO of CRISPR Therapeutics here with us. Sam, perhaps to start here, you have a couple of verticals - you have cancer, ex-vivo non-cancer, regenerative medicine, and in vivo verticals. Can you discus ...

Key Points Industry/Company * **Company**: Advanced Micro Devices, Inc. (AMD) * **Industry**: Technology, Semiconductor, Computing Core Views and Arguments * **AMD's Comprehensive Portfolio**: AMD highlighted its comprehensive portfolio covering CPU, GPU, MPU, and FPGA, positioning itself as a leader in end-to-end solutions for data centers, PCs, and embedded systems [4]. * **AI and Data Center Focus**: AMD emphasized its focus on AI and data center technologies, showcasing its leadership in performance per watt and performance per dollar with its Gen 5 EPYC servers [6]. * **GPU Roadmap**: AMD outlined its GPU roadmap, including the MI325, MI350, and MI400, showcasing significant performance improvements and competitive advantages over NVIDIA's offerings [7]. * **Chiplet Architecture**: AMD highlighted its adoption of Chiplet architecture, providing flexibility and enabling higher memory capacity and faster roadmap development [8]. * **Open Standard for Interconnect**: AMD discussed its collaboration with industry leaders to establish an open standard for interconnect, supporting 2,000 GPUs and driving interconnect scalability [11]. * **Software Development**: AMD emphasized its progress in software development, including ROCm 6.1 and library tools, facilitating easier model porting and customer adoption [14]. * **Inference vs. Training**: AMD acknowledged its focus on inference, driven by market demand and its competitive advantages in memory capacity and bandwidth [16]. * **HBM Supply Chain**: AMD addressed HBM supply chain challenges, noting capacity limitations but optimism for improvement in the second half of the year [19]. * **Traditional Server Market**: AMD discussed the traditional server market, highlighting its momentum with Gen 4 server CPU platforms and market share gains [21]. * **Enterprise Market**: AMD emphasized its focus on the enterprise market, particularly the commercial segment, and its go-to-market approach for expanding market share [33]. * **Gross Margin**: AMD discussed its gross margin progress, driven by data center mix and improvements in performance per watt and performance per dollar [36]. Other Important Points * **AMD's Leadership in IPC**: AMD showcased its leadership in IPC with the AIPC 300 series, offering premium notebook solutions with advanced GPU and NPU capabilities [5]. * **ARM-based PCs**: AMD discussed the potential of ARM-based PCs, emphasizing its competitive advantages in performance and ecosystem compatibility [27]. * **AI Application Adoption**: AMD highlighted the importance of AI applications in driving AIPC adoption, particularly in the enterprise segment [31]. * **Gaming Business**: AMD acknowledged the impact of the gaming business on gross margin, noting its lower than average gross margin and the impact of the gaming cycle [37].

Teva Pharmaceutical Industries Limited (NYSE:TEVA) Goldman Sachs 45th Annual Global Healthcare Conference Call June 11, 2024 8:00 AM ET Company Participants Richard Francis - President & Chief Executive Officer Conference Call Participants Nathan Rich - Goldman Sachs Nathan Rich Good morning, everyone. My name is Nathan Rich. I cover the generic and specialty pharma space for Goldman Sachs. We're very pleased to have Teva here with us this morning, Richard Francis, President and CEO. Thanks very much for be ...

Company and Industry Overview * **Company**: Corteva, Inc. (NYSE:CTVA), a leading global provider of seed and crop protection solutions in the agricultural sector. * **Industry**: Agri-tech, specifically seed and crop protection. * **Merger and IPO**: Formed post the merger of DowDuPont in 2017, with an IPO in 2019. Key Accomplishments and Financials * **Technology Innovation**: Added 7,000 patents to its technology innovation portfolio over the past five years. * **Operational Improvements**: Improved EBITDA margins by over 500 basis points from 2019 to 2023, reaching 19.6%. * **Cash Return to Shareholders**: Returned over $5 billion in dividends and share buybacks during the same period. Business Performance Update * **Seed Business**: Strong start to the year, with favorable planting conditions and good volume in the US and Pioneer core corn seed business. * **Crop Protection Business**: Headwinds due to tough comparisons from the previous year and demand-supply imbalances. However, generated over $1 billion of EBITDA and maintained strong cash flow. * **Market Updates**: * **US**: Planting progress is on track, with corn and soybean planting percentages close to historic averages. * **Europe**: Cold and damp weather in Northern Europe has delayed planting and Crop Protection applications, impacting the second quarter. * **Latin America**: Severe flooding in Southern Brazil and Argentina may affect the upcoming season, with corn stunt in Argentina being a new concern. Financial Guidance * **EBITDA**: Guidance of $3.5 billion to $3.7 billion for the year, with the second half expected to be slightly down year-over-year due to weather-related factors. * **Cost Savings**: Targeting $350 million to $450 million in cost savings, including royalty expense reductions, productivity improvements, and ingredient cost deflation. * **Capital Allocation**: Targeting $1.5 billion to $2 billion in free cash flow generation, with a focus on dividends and share buybacks. Future Outlook * **2025 EBITDA Margin**: Targeting 21% to 23%, driven by seed pricing, new Crop Protection products, and the biologicals business. * **Investment in Innovation**: Continuing to invest in innovation, including new products, the biologicals business, and gene editing technologies. * **Upcoming Investor Day**: Scheduled for November in New York, focusing on strategy, the future of agriculture, and innovation.

3M Company (NYSE:MMM) 2024 Wells Fargo Industrials Conference June 11, 2024 8:15 AM ET Company Participants Monish Patolawala - CFO Conference Call Participants Joe O'Dea - Wells Fargo Joe O'Dea All right. Good morning, everyone. We are excited to get the Wells Fargo 2024 Industrials Conference underway and thrilled to have 3M with us this morning. From the company, we have CFO, Monish Patolawala. I'm Joe O'Dea. I cover the multi-industry sector here at Wells. To kick it off, I'll turn it over to you, Monis ...

Company and Industry Overview * **Company**: Wells Fargo & Company (NYSE:WFC) * **Industry**: US Financials, Payments & CRE * **Date**: June 11, 2024 * **Participants**: * Michael Santomassimo - CFO, Wells Fargo * Unidentified Analyst Key Themes and Discussion Points 1. EPS Growth Drivers * **Higher for Longer**: * Analysts highlighted the potential for EPS growth due to higher interest rates and longer duration. * CFO Michael Santomassimo acknowledged the positive impact of higher rates but emphasized the importance of considering other factors like deposits and loan growth. * **Expense Ratio Improvement**: * Analysts mentioned the potential for expense ratio improvement as a driver of EPS growth. * CFO Santomassimo discussed ongoing efforts to improve efficiency and reduce costs across the organization. * **Capital Deployment Opportunities**: * Analysts inquired about capital deployment opportunities, including buybacks and investments. * CFO Santomassimo emphasized the importance of serving clients and maintaining capital levels while considering buyback opportunities. 2. Net Interest Income (NII) Outlook * **Down 7% to 9% Year-on-Year**: * Analysts questioned the NII outlook given the expectation of only one rate cut in 2024. * CFO Santomassimo confirmed the NII outlook and highlighted the importance of considering factors like deposits and loan growth in addition to interest rates. * **Deposit Pricing and Mix Shift**: * CFO Santomassimo discussed the stability of deposit pricing and the shift in deposit mix, noting the migration of funds from checking accounts to CDs and savings. * He expressed confidence in the stability of consumer deposits and the potential for further migration in the future. 3. Loan Growth * **Muted Loan Demand**: * CFO Santomassimo acknowledged the muted loan demand, attributing it to cautiousness around inventory builds and capital investments. * He emphasized the importance of maintaining consistent credit underwriting practices and focusing on the long-term credit risk profile of the commercial book. * **Consumer Lending**: * CFO Santomassimo discussed the lack of refinance volume in the mortgage market and the impact of credit tightening in the auto lending space. * He highlighted the strong performance of the card business, driven by the efforts to rebuild the business over the past few years. 4. Wealth and Investment Management * **Growth Strategies**: * CFO Santomassimo outlined three key growth strategies within the wealth management business: * Growing the core advisor business * Providing more investment advice to bank customers * Expanding the independent advisor channel * He emphasized the early stages of these initiatives and the potential for growth in the future. 5. Expenses and Capital * **Efficiency Initiatives**: * CFO Santomassimo discussed ongoing efforts to improve efficiency and reduce costs across the organization, noting the completion of $8 billion to $10 billion in gross savings over the past few years. * He highlighted the potential for further efficiency improvements and the reinvestment of savings into the business. * **Capital Deployment**: * CFO Santomassimo discussed the company's capital deployment strategy, emphasizing the importance of serving clients and maintaining capital levels while considering buyback opportunities. * He highlighted the company's commitment to returning capital to shareholders and the significant amount of stock repurchased since 2020. 6. Outlook and Goals * **ROTCE Goal**: * CFO Santomassimo expressed confidence in achieving the company's medium-term ROTCE goal of 15%. * He highlighted the importance of executing on the card and home lending initiatives, optimizing capital levels, and improving efficiency to achieve this goal.