American Tower Corporation (NYSE:AMT) Citi's 2024 Global TMT Conference September 4, 2024 2:10 PM ET Company Participants Steve Vondran - President & CEO Conference Call Participants Michael Rollins - Citi Michael Rollins Welcome to Citi's 2024 Global TMT Conference. For those of you I haven't met yet, I'm Mike Rollins with Citi Research and we're pleased to welcome American Tower's President and CEO, Steve Vondran. Steve, thank you so much for joining us. Steve Vondran Well, thanks for the invite. It is go ...

Summary of Bristol-Myers Squibb Company (NYSE:BMY) Conference Call Company Overview - **Company**: Bristol-Myers Squibb Company - **Event**: Wells Fargo 2024 Healthcare Conference - **Date**: September 6, 2024 - **Key Participant**: Adam Lenkowsky - Chief Commercialization Officer Core Industry Insights Financial Performance - The company reported a strong second quarter with good momentum in its growth portfolio, particularly with products like Breyanzi, Reblozyl, Opdualag, and Camzyos [3][4] - Anticipated growth in the second half of the year is expected to be consistent with the first half [3] Product Pipeline and Regulatory Updates - Upcoming PDUFA dates include: - KarXT on September 26, 2024, which targets schizophrenia [4] - Nivolumab subcutaneous formulation at the end of December 2024 [4] - A series of key data readouts are expected over the next 24 months, including lung data for Opdualag at ESMO [4] KarXT Launch Insights - KarXT is positioned as the first new mechanism for schizophrenia in 70 years, with efficacy comparable to Zyprexa but fewer side effects [7] - Anticipated launch in 2025, with expected 80% access by the first half of next year [9] - Long-term potential is viewed as a multibillion-dollar opportunity with plans for additional indications [9] Sotyktu Product Dynamics - Sotyktu's access improved from 25% to 65% in 2024, with expectations for further improvement by January 2025 [17] - Challenges include patient drop-off due to access issues, but optimism remains for growth as data readouts are expected [19][20] Breyanzi Market Position - Breyanzi is expected to continue strong performance with new indications and a capacity unconstrained supply [22] - The product is viewed as best-in-class CAR T therapy, with plans for expansion into international markets [23] Camzyos Growth and Challenges - Initial challenges included educating physicians on the REMS program, but growth has been steady with a strong uptake curve [25][26] - Continued focus on community cardiology practices to enhance prescribing rates [29] Opdivo Long-term Outlook - Expected mid-single-digit growth for Opdivo, with new indications driving future growth [39] - Plans to convert 30% to 40% of the business from IV to subcutaneous formulations [40] Additional Considerations Part D Redesign Impact - The redesign is expected to be favorable for Eliquis, with the coverage gap elimination benefiting the product [34] - However, there will be offsets from products like Revlimid and Pomalyst due to increased generics [35] IRA Impact - The IRA is viewed as unfavorable for patients and pharmaceutical innovation, but manageable for Eliquis [37][38] Future Growth Catalysts - Exciting opportunities in the pipeline include KarXT, Milvexian, and NEX-T CD19, which are expected to drive long-term growth [45][48][49] Overall Company Sentiment - The company is optimistic about its growth trajectory and pipeline, with a focus on delivering sustainable growth in the long term [51]

ON Semiconductor Corporation (NASDAQ:ON) Citi's 2024 Global TMT Conference Call September 4, 2024 3:00 PM ET Company Participants Hassane El-Khoury - Chief Executive Officer Thad Trent - Chief Financial Officer Conference Call Participants Chris Danely - Citi Chris Danely Thanks for coming, everyone. Thanks for being here on this afternoon of the Annual Citi TMT Conference. I'm Chris Danely, your friendly neighborhood semiconductor analyst. It's our pleasure next to have ON Semi, the dream team. We have Has ...

Gilead Sciences, Inc. (NASDAQ:GILD) Wells Fargo 2024 Healthcare Conference September 4, 2024 11:00 AM ET Company Participants Andrew Dickinson - Chief Financial Officer Conference Call Participants Mohit Bansal - Wells Fargo Mohit Bansal Good morning, my name is Mohit Bansal. I'm one of the biopharma analyst here at Wells Fargo. And this is my third year hosting it. And I think... Andrew Dickinson Third year's [indiscernible]. Mohit Bansal So thank you, Andy, for joining us today. Andrew Dickinson Thank you ...

Equinix, Inc. (NASDAQ:EQIX) Bank of America's 2024 Media, Communications and Entertainment Conference September 5, 2024 5:00 PM ET Company Participants Adaire Fox-Martin - President & CEO Conference Call Participants David Barden - Bank of America David Barden Our superstar guest, the new President and CEO of Equinix, Adaire Fox-Martin. Adaire Fox-Martin Thank you. Superstar, I appreciate that. David Barden Before we begin, do you have to do any of the Safe Harbor comments? Adaire Fox-Martin I do. So any fo ...

Gilead Sciences, Inc. (NASDAQ:GILD) Morgan Stanley 22nd Annual Global Healthcare Conference September 5, 2024 12:20 PM ET Company Participants Daniel O'Day - Charman & CEO Andrew Dickinson - Chief Financial Officer Conference Call Participants Terence Flynn - Morgan Stanley Terence Flynn Thanks for joining us, everybody. I'm Terence Flynn, the U.S. biopharma analyst here at Morgan Stanley. Before we get started, for important disclosures, please see the Morgan Stanley research disclosure website at www.morg ...

Company and Industry Overview * **Company**: Open Text Corporation (NASDAQ: OTEX) * **Industry**: Information Management, Content Management, Cybersecurity, Business Networks, IT Operations Management, Application Automation, Analytics Key Points and Arguments 1. **Company Transformation and Focus**: * OpenText has undergone significant changes, including acquiring Micro Focus, divesting parts of Micro Focus, and restructuring. * The company now focuses on information management, with a strong emphasis on cloud-based solutions. * Cloud bookings growth is a key indicator of future revenue growth. 2. **Product Groups and Markets**: * OpenText's revenue is divided into several product groups: content (40%), cybersecurity (20%), business network (10%), IT operations management (10%), application automation (15%), and analytics (5%). * Cloud is a key driver of growth across all product groups. 3. **Growth Drivers**: * Cloud bookings growth (25% in fiscal '25) * Expansion of existing product groups (e.g., content, cybersecurity) * New use cases and applications for AI and cloud solutions 4. **Optimization Initiatives**: * OpenText implemented a 2% reduction in force (RIF) to improve efficiency and focus on core competencies. * The company is reinvesting in sales, professional services, and renewal management to drive growth. 5. **Leadership Changes**: * Madhu Ranganathan was promoted to President, CFO, and Corporate Development. * New go-to-market leaders have been appointed to drive sales and cloud adoption. 6. **AI and Cloud**: * AI is a key growth driver for OpenText, with customers seeking solutions to prepare for and leverage AI. * OpenText's Aviator AI products are being integrated into various product groups. 7. **Macroeconomic Environment**: * OpenText's solutions are mission-critical for enterprises, making the company resilient to macroeconomic fluctuations. * The company assumes no improvement in interest rates or currency exchange rates for its financial modeling. 8. **Segment Performance**: * Content and cybersecurity are performing well. * IT operations management is in the early stages of growth. 9. **Q4 Performance**: * The company missed license revenue targets in Q4 due to lost selling time related to the Micro Focus divestiture. * Cloud organic growth was strong in Q4, and the company expects continued growth in fiscal '25. 10. **Capital Allocation**: * OpenText prioritizes share repurchases, dividends, debt reduction, and selective M&A for capital allocation. * The company aims to achieve a net leverage ratio of 2.9x. 11. **OpenText World Conference**: * The conference in November will showcase product innovation, growth strategy, and cloud operations. Additional Important Points * OpenText's cloud gross margin is expected to improve from 59% in Q4 to the low 60s in fiscal '25. * The company expects to generate $1.2 billion to $1.3 billion in free cash flow in fiscal '25. * OpenText remains undervalued and is a strong buy according to the company.

American Tower Corporation (NYSE:AMT) Bank of America's 2024 Media, Communications and Entertainment Conference Call September 5, 2024 9:40 AM ET Company Participants Steven Vondran - President and Chief Executive Officer Conference Call Participants David Barden - Bank of America David Barden [Abrupt start] joining us again. We're super pleased to have Steve Vondran, President and CEO from American Tower, joining us. Kind of playing cleanup for our Tower guests at the conference this year. Steve, thanks so ...

Autodesk, Inc. (NASDAQ:ADSK) Citi's 2024 Global TMT Conference September 5, 2024 10:50 AM ET Company Participants Andrew Anagnost - CEO Conference Call Participants Tyler Radke - Citi Tyler Radke Happy Thursday. Welcome to day two of Citi's Tech Conference. I'm Tyler Radke, Head of Software Equity Research. Thanks for joining. And we're really excited to have Andrew Anagnost, the CEO of Autodesk. Andrew, thanks for coming out from the West Coast for our conference. I know you wanted to read an exciting sta ...

Company and Industry Overview * **Company**: General Mills, Inc. (NYSE:GIS) * **Industry**: Consumer Staples, specifically Cereals, Snacks, and Pet Food Long-Term Goals and Strategy * **Long-Term Sales Growth**: Aim for 2% to 3% organic net sales growth. * **Category Growth**: Expect categories to grow between 2% and 3%. * **Share Holding**: Confident in holding or gaining share in current categories. * **Key Drivers**: Leading brands, increased marketing spend, and improved capabilities in strategic revenue management, media, and online media. Industry Environment and Recovery * **Volume Recovery**: Recognize a more elongated volume recovery than initially expected. * **Fiscal '25 Outlook**: Consistent with gradual progress theme, expecting flat-to-up 1% organic sales growth and EPS between down 1% and up 1% year-over-year. * **Category Growth**: Categories returning to growth, with pounds up 1% in the last three months. * **Macroeconomic Factors**: Inflation expected at 3% to 4%, with over 50% coverage in commodities. * **Productivity**: Expect 4% to 5% productivity improvement. North America Retail * **Leadership**: Dana McNabb, Group President, North America Retail. * **Approach**: Focus on regaining household penetration, particularly with kids, through a remarkable total product offering. * **Key Initiatives**: Product innovation, advertising and communications, in-store execution, and strategic revenue management. * **Share Performance**: Improving in pound share in seven out of 10 biggest categories and in dollar share in six out of 10 categories. Cereal Business * **Category**: North America Cereal market is $9 billion in sales. * **Competitive Landscape**: More competition is seen as beneficial for the category. * **Focus**: Continue to focus on strong brand building and innovation. * **New Products**: Launched new products like double chocolate cookies, fruity cheerios, and Fiber One brownies. Pet Food * **Priority**: Return Blue Buffalo to growth after a reset year in fiscal '24. * **Performance**: Blue Buffalo is now more profitable than a year ago and starting to gain market share in dry dog food. * **Wilderness**: Losses cut in half and declining at 6% in the first quarter. * **Fresh Pet Food**: Testing fresh pet food with Blue Buffalo, with mixed results but potential for future opportunities. * **Edgard & Cooper**: Acquired for its premium pet food proposition and global expansion potential. International and Foodservice * **Foodservice**: Strong Foodservice business with distinct capabilities and sales and channel experience. * **International**: Mixed performance, with growth in Europe and Australia but challenges in China and Brazil. Capital Allocation and M&A * **M&A Strategy**: Focus on bolt-on acquisitions of $1 billion to $2 billion in sales, with a preference for areas like Pet, Snacking, and Foodservice. * **Priority**: Organic growth remains the number one priority. Conclusion General Mills is confident in its long-term growth prospects, focusing on category growth, share holding, and strategic investments in marketing and capabilities. The company is also actively managing its international and foodservice segments, while remaining cautious on M&A activity.