Legend Biotech (NasdaqGS:LEGN) FY Conference January 14, 2026 12:00 PM ET Company ParticipantsYing Huang - CEOConference Call ParticipantsNone - AnalystJessica Fye - Biotech AnalystJessica FyeGreat. Welcome. Good morning, everyone. My name's Jess Fye. I'm a biotech analyst at J.P. Morgan, and we're continuing our 44th annual healthcare conference this morning with Legend. First, you're going to hear a presentation from the company, and then we're going to go into a Q&A session. So for all of you in the room ...

Intuitive Surgical (NasdaqGS:ISRG) FY Conference January 14, 2026 12:00 PM ET Company ParticipantsDavid Rosa - CEO and Member of Board of DirectorsJamie Samath - EVP and CFOConference Call ParticipantsRobbie Marcus - Senior AnalystRobbie MarcusGood morning, everyone. I'm Robbie Marcus, the MedTech analyst at JPMorgan. Very happy to host our next session with Intuitive Surgical. CEO Dave Rosa will give a presentation, and we'll be joined on stage by some Q&A. Dave?Jamie SamathActually, no.David RosaAll right ...

Summary of Fresenius SE Conference Call Company Overview - Fresenius SE is a comprehensive healthcare company with a diverse portfolio including hospitals, pharmaceuticals, medical technology, and innovative products and services [2][3] Key Industry Trends - **Longevity Trend**: Increasing aging population and rising chronic diseases leading to workforce challenges [3][4] - **Healthcare System Inefficiencies**: Most systems, especially in Western countries, are inefficient, creating opportunities for Fresenius to address these challenges [4] - **Generics Market**: 90% of prescribed drugs in the U.S. are generics, accounting for only about 10% of costs, positioning Fresenius as a solution provider in drug shortages [5] Business Segments Fresenius Kabi - **IV Generics and Fluids**: Strong market position with stable growth (2%-3%) and high margins (22%) [7][8] - **Nutrition**: Significant growth (46% market growth) with a projected $2.5 billion business growing at 4%-6% [9] - **Biopharma**: Expected to reach nearly $1 billion in sales by 2026, with a target to double revenues by 2030 [10][11] Hospital Business - Largest hospital chains in Germany (Helios) and Spain (Quirónsalud) with a focus on quality and efficiency [12][13] - High margins and stable earnings, with ongoing structural changes to increase efficiency [13] Financial Performance - **Growth Metrics**: 6% growth in Q1 to Q3, with EPS growth of 14% [14] - **Debt Management**: Improved net debt to EBITDA ratio from nearly 4 to 3.0, allowing for capital deployment [14][24] - **Capital Allocation**: Focus on R&D, CapEx, and potential bolt-on M&As to scale operations [21][24] Strategic Focus - **Rejuvenation Phase**: Emphasis on innovation and execution to drive incremental revenue and margin expansion [20] - **Management Incentives**: New share ownership guidelines for leadership to align interests with shareholders [17] Market Dynamics - **U.S. Market**: Fresenius covers 70% of the FDA Essential Medicines List, playing a vital role in addressing drug shortages [28][29] - **China Market**: Challenges due to Value-Based Procurement (VBP) but potential for growth with new factory openings [35] MedTech and Innovation - **Growth in MedTech**: Expected growth of 8%-10% driven by innovative products like the Ivenix pump and software solutions [36][37] - **Biosimilars**: Focus on expanding market presence and leveraging regulatory changes to enhance competitiveness [40][41] Challenges and Outlook - **Regulatory Environment**: Anticipated changes may reduce costs and time to market but also increase competition [44] - **Helios Germany**: Facing headwinds in 2025 but potential tailwinds in 2026 with industry surcharges [46] Conclusion - Fresenius SE is well-positioned to capitalize on healthcare trends and inefficiencies, with a strong focus on innovation, operational efficiency, and strategic capital deployment to drive future growth [22][27]

Summary of Impinj Conference Call Company Overview - **Company**: Impinj - **Event**: 28th Annual Medium Growth Conference - **Key Speakers**: CEO Chris Diorio, CFO Cary Baker, VP Andy Cobb Key Industry Insights - **Industry**: RAIN RFID technology in retail and logistics - **Event Highlights**: - NRF trade show showcased significant activity around RAIN RFID technology - Gen2X enhancements were prevalent, improving readability and performance in the field [4][7] - Increased focus on food retail adoption, with notable advancements in tagging perishable items [8][51] Financial Performance - **Q4 2025 Revenue Guidance**: Expected near the high end of $90-$93 million, with Adjusted EBITDA above the midpoint of $15.4-$16.9 million [4] - **Gross Margin**: Non-GAAP gross margin increased by over 125 basis points sequentially [4] Product Developments - **Gen2X Technology**: - Enhances communication reliability between readers and tags, improving inventory accuracy and reducing labor costs [63] - Adoption by multiple partners, including EM Microelectronic as a strategic partner for endpoint ICs [17][66] - **M800 IC**: - Key driver for revenue growth, contributing to improved gross margins [67] Market Trends - **Retail Adoption**: - Transition from handheld to fixed reading opportunities in retail stores, enhancing inventory management [29][30] - Strong engagement with lighthouse enterprises, driving innovation and adoption [32][34] - **Logistics Sector**: - Active pipeline with multiple pilots underway, indicating strong interest in RAIN RFID solutions [42] Strategic Partnerships - **Collaboration with EM Microelectronic**: - Licensing of Gen2X technology to enhance product offerings and ensure multiple sources of supply for endpoint ICs [17][21] - **Walmart and Kroger Initiatives**: - Walmart's phased approach to RAIN RFID adoption across various categories, with significant potential for endpoint IC sales [46][49] - Kroger's successful implementation of RAIN RFID in bakery departments, significantly reducing inventory time [60] Future Outlook - **Food Category**: - Slow but steady adoption expected, with significant long-term potential as economics improve [54][56] - **Long-term Financial Goals**: - Revenue targets of $500 million to $750 million with gross margins of 55%-57% and operating margins of 19%-25% [73][74] - **Capital Allocation**: - Focus on reducing convertible debt and exploring M&A opportunities, with a high threshold for potential acquisitions [76][77] Conclusion - Impinj is positioned strongly within the RAIN RFID market, with promising developments in technology and strategic partnerships. The company is focused on driving adoption in retail and logistics, particularly in the food sector, while maintaining a clear path towards achieving long-term financial goals.

Moog (NYSE:MOG.A) FY Conference January 14, 2026 11:45 AM ET Company ParticipantsPat Roche - President and CEOJohn E. Tanwanteng - Managing DirectorJennifer Walter - EVP and CFOJohn E. TanwantengGood morning and happy New Year, everyone. Thank you for attending the CJS Winter New Ideas Conference. My name is John Tanwanteng, and I'm the covering analyst for Moog, which we have rated as a market outperformer. Moog is a leader in electromechanical and electrohydraulic control systems and electronics, as well ...

Kaltura (NasdaqGS:KLTR) FY Conference January 14, 2026 11:45 AM ET Company ParticipantsRon Yekutiel - CEONone - Video Narrator 4None - Video Narrator 2None - Video Narrator 3None - Video Narrator 1None - Video Narrator 5Conference Call ParticipantsRyan Koontz - Communications and Networking AnalystRyan KoontzGood afternoon and welcome to Needham's 28th Annual Growth Conference. I'm Ryan Koontz. I cover the communications and networking sector here at Needham. Really pleased to be introducing Kaltura today. ...

Helios Technologies (NYSE:HLIO) FY Conference January 14, 2026 11:45 AM ET Company ParticipantsTania Almond - VP of IR and Corporate CommunicationsJeremy Evans - EVP and CFOConference Call ParticipantsChris Moore - Senior AnalystChris MooreGood morning. Welcome to CJS Securities' 26th Annual New Ideas for the New Year Conference. I'm Chris Moore, Senior Analyst. Very pleased to have with us management from Helios Technologies. With us today, Jeremy Evans, EVP and CFO, and Tania Almond, Vice President, IR an ...

Avantor (NYSE:AVTR) FY Conference January 14, 2026 11:15 AM ET Company ParticipantsBrent Jones - CFOEmmanuel Ligner - CEOConference Call ParticipantsCasey Woodring - VP and Equity Research AnalystCasey WoodringAll right, great. Welcome, everybody. Thank you for joining us today. My name is Casey Woodring from the Life Science Tools and Diagnostics team here at J.P. Morgan. Welcome to the conference. Pleased to be joined by the Avantor management team. We have CEO Emmanuel Ligonier, CFO Brent Jones. They're ...

AbbVie Conference Call Summary Company Overview - **Company**: AbbVie - **Key Executives Present**: Scott Reents (CFO), Jeff Stewart (Chief Commercial Officer), Roopal Thakkar (Chief Medical Officer) Key Industry Insights 1. Financial Performance and Strategy - AbbVie aims to deliver strong financial results and advance its pipeline as it approaches 2026, continuing the strategy established in previous years [3][4] - The company anticipates a peak sales guidance for 2025, projecting an overall sales growth of approximately $7 billion from 2023 to 2025, despite a $10 billion erosion from Humira and $2 billion from the IRA [4] - The growth platform, excluding Humira, is expected to grow by roughly $15 billion, with the neuroscience portfolio contributing an additional $3 billion [4] - Overall business growth is projected at around 8% for the top line, with the growth platform achieving approximately 19% growth [4] 2. Long-term Growth Projections - AbbVie has set a long-term guidance for high single-digit compound annual growth rate (CAGR) through the decade, with expectations to maintain this growth into the 2030s [7] - The company plans to invest approximately $9 billion in R&D for 2025, representing nearly 15% of sales, with expectations for EPS to expand faster than sales due to improved operating margins [7][8] 3. Pipeline Development - AbbVie is focused on advancing its pipeline, with anticipated approvals for Vyalev and Tavapadon, and indication expansions for Rinvoq, Ubrelvy, and Qulipta [5] - Pivotal data for Lutikizumab and Itentamig is expected in the near future, with a strong emphasis on developing growth drivers for the next decade [5] 4. Market Dynamics and Competitive Landscape - The company acknowledges that while the strength of its franchises, particularly in Immunology and Neuroscience, is recognized, there is still a need to emphasize the durability and potential of these segments [9] - Neuroscience is highlighted as the fastest-growing franchise, with expectations to become the largest player in the industry soon [9] - The oncology pipeline is also noted as underappreciated, with several promising assets in development [9] 5. Pricing and Market Access - AbbVie anticipates low single-digit pricing headwinds for its immunology brands, with a competitive landscape that remains stable despite market pressures [34][35] - The company is adapting to changes in the pharmacy benefit manager (PBM) landscape, emphasizing its ability to operate effectively in various pricing models [64][65] 6. Aesthetics and Consumer Engagement - The aesthetics business, particularly in the HA filler market, has faced challenges but remains a key part of AbbVie's strategy, with plans for significant consumer investments to revitalize the market [52][53] - The introduction of Trinibot E, a short-acting toxin, is expected to address consumer concerns about appearance and cost, enhancing market penetration [55] 7. Future Opportunities - AbbVie is exploring opportunities in the obesity market, focusing on the tolerability and durability of weight loss therapies, with a strategic interest in expanding its portfolio in this area [61][62] - The company is also committed to enhancing its pipeline through strategic acquisitions and partnerships, having completed nearly 40 transactions since early 2024, deploying approximately $8 billion [58][60] Conclusion - AbbVie is positioned for continued growth through strategic execution, robust pipeline development, and a focus on market dynamics. The company is committed to maintaining its leadership in key therapeutic areas while adapting to evolving market conditions and consumer needs.

Summary of Aptar's Presentation at the 44th Annual JPMorgan Healthcare Conference Company Overview - **Company**: Aptar - **Industry**: Healthcare, specifically focusing on drug delivery systems, beauty, and closures - **Key Executives Present**: Stephan Tanda (CEO), Vanessa Kanu (CFO), Gael Touya (President, Aptar Pharma), Mary Skafidas (SVP, Investor Relations and Communications) [1] Core Business Segments - **Pharma Business**: Represents 46% of total company revenue and contributes two-thirds of EBITDA, with a growth rate of 7% [2][4] - **Beauty and Closures**: These segments are also performing well, with significant improvements noted [2][48] Financial Performance and Strategy - **Capital Allocation**: The company maintains a balanced approach, with approximately 70% of capital invested in growth and 30% returned to shareholders through dividends and share buybacks [5][44] - **Dividends**: Aptar has a history of 32 years of increasing dividends, supported by growing cash flow [5] - **Share Repurchases**: Increased activity in share buybacks, with $270 million remaining in authorization expected to be utilized [5][45] Market Dynamics and Growth Opportunities - **Total Addressable Market (TAM)**: The company is focused on large and growing markets, with Pharma leading at a 7% growth rate, Beauty at 4%, and Closures at 2% [4] - **Pipeline Growth**: Since 2019, the average weighted value of Aptar's pipeline has increased by 54%, with the number of opportunities growing by 46% [10] - **Innovative Drug Delivery**: The company is pioneering systemic nasal drug delivery, which allows for direct administration into the bloodstream, bypassing the gastrointestinal tract [11][12] Product Innovations - **Nasal Delivery Systems**: Significant advancements in drug delivery through the nasal route, including treatments for neurological disorders and chronic diseases [12][17] - **Injectables**: The injectables segment is expected to grow significantly, driven by demand for GLP-1 medications and vaccines [19][20] - **Digital Health Solutions**: Partnerships, such as with Oura, enhance patient engagement and adherence through technology [24][43] Regulatory and Competitive Position - **Regulatory Expertise**: Aptar's deep regulatory knowledge is a competitive advantage, allowing for successful navigation of the drug approval process [6][7] - **Intellectual Property**: The company emphasizes the importance of its IP portfolio, which includes patents and trade secrets, as a core component of its business strategy [28][29] Challenges and Market Adjustments - **Narcan Market Dynamics**: The company anticipates a normalization period following a surge in Narcan sales, with a projected $65 million headwind expected in the first half of 2026 due to inventory adjustments [30][33] - **Supply Chain Strategy**: Aptar's four-region supply chain strategy positions it well to meet market demands amid geopolitical challenges [20] Conclusion - **Overall Outlook**: Aptar is well-positioned for growth with a strong pipeline, innovative drug delivery solutions, and a commitment to sustainability and patient-centric approaches [24][42]