Financial Performance - In Q3 2025, net sales grew by 7% year-over-year, and core operating income also increased by 7%, with a core margin of 39.3% [4][26] - Excluding negative adjustments, underlying growth would have been 9% for net sales and 11% for core operating income, driven by priority brands and new launches [26][27] - Core EPS reached $2.25, reflecting a 10% increase, and free cash flow totaled $6.2 billion [27][28] - For the first nine months, net sales grew by 11%, core operating income increased by 18%, and core EPS was up 21% at $6.94 [27][28] Business Line Performance - Kisqali experienced a 68% growth in Q3, with U.S. growth at 91%, making it a leader in both metastatic and early breast cancer markets [5][6] - Pluvicto grew by 45% in constant currency, with U.S. sales up 53%, driven by new patient starts [10][11] - Leqvio sales increased by 54%, on track for over $1 billion in annual sales, with strong performance in both the U.S. and international markets [13][14] - Scemblix grew by 95% in constant currency, becoming the most prescribed TKI by NBRx in the U.S. [15] - Cosentyx had a mixed quarter, with a slight decline in growth due to one-time effects, but remains on track for mid-single-digit growth for the full year [16][17] Market Performance - Kisqali's early breast cancer indication is approved in 56 countries, with significant growth potential outside the U.S. [6][10] - Pluvicto is expected to reach peak sales potential with ongoing approvals in Japan and China [12] - Leqvio shows strong uptake in various international markets, particularly in China and the Middle East [14] - Scemblix is gaining traction in both first-line and second-line settings, with a strong launch momentum in Japan [15] Company Strategy and Industry Competition - The company is focused on driving growth through its priority brands while managing the impact of generic erosion from key products [4][5] - The proposed acquisition of Avidity Biosciences is expected to enhance long-term growth prospects and support mid-single-digit growth over the long term [33][34] - The company is committed to maintaining a strong pipeline and investing in R&D to support future growth [28][29] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in navigating generic headwinds and reaffirmed guidance for high single-digit growth in net sales and low teens growth in core operating income for the full year [29][30] - The company anticipates a challenging first half of 2026 due to the impact of generics but expects to emerge stronger in the second half [31][32] - Management highlighted the importance of addressing pricing and reimbursement challenges in the current regulatory environment [38][61] Other Important Information - The company achieved significant pipeline milestones, including FDA approvals and positive phase 3 results for several key products [4][20] - Management emphasized the importance of cash flow for reinvestment and shareholder returns, with a new $10 billion share buyback program announced [28][29] Q&A Session Summary Question: Industry response to Medicaid and tariffs - Management noted ongoing discussions with the administration and emphasized the need for solutions that address underlying industry issues [38] Question: CapEx over the next five years - Management clarified that the majority of the $23 billion commitment is for R&D OpEx, with no significant increase in CapEx expected [39][40] Question: Market reaction to ATR abstract - Management expressed confidence that detailed data presentation would improve market appreciation of the product [43][44] Question: Impact of Ocrevus subcutaneous launch on Cosentyx - Management indicated no significant impact from Ocrevus, with Cosentyx maintaining its market share [69][70] Question: Pluvicto launch curve and peak sales ambition - Management stated that Pluvicto is on a strong growth trajectory, with expectations of reaching $5 billion in peak sales [52][56]

GeneDx (NasdaqGS:WGS) Q3 2025 Earnings Call October 28, 2025 08:30 AM ET Company ParticipantsBryan Dechairo - COOKevin Feeley - CFOKatherine Stueland - CEO and PresidentSubbu Nambi - Director of Equity Research DepartmentSabrina Dunbar - Head of Investor RelationsConference Call ParticipantsDavid Westenberg - Senior Research Analyst and Managing DirectorKeith Hinton - Director and Equity Research AnalystTycho Peterson - Managing Director and Research AnalystMark Massaro - Managing Director and Life Science ...

American Tower (NYSE:AMT) Q3 2025 Earnings Call October 28, 2025 08:30 AM ET Company ParticipantsRod Smith - EVP, CFO, and TreasurerSpencer Kern - Senior Vice President of Investor RelationsDavid Barden - Head of U.S. Communication ServicesSteve Vondran - President and CEOMichael Rollins - Managing DirectorRic Prentiss - Head of Telecommunications Services ResearchConference Call ParticipantsEric Luebchow - Director and Senior Equity AnalystNick Deo - Senior Research AnalystJim Schneider - Senior Equity Ana ...

Financial Data and Key Metrics Changes - Third quarter sales were just over $1 billion, down 6% year-over-year, primarily due to soft demand in residential end markets and sales attrition from the divestiture of the aerospace business [8][11] - Third quarter EBIT was $171 million, and adjusted EBIT was $73 million, a $3 million decrease year-over-year, primarily from lower volume [11] - Third quarter earnings per share were $0.91, with adjusted EPS at $0.29, a $0.03 decrease year-over-year [11] - Operating cash flow for the third quarter was $126 million, an increase of $30 million compared to the third quarter of 2023 [11][12] - Total debt was reduced by $296 million in the third quarter, bringing total debt reduction for the year to $367 million [11][12] Business Line Data and Key Metrics Changes - Bedding product sales decreased 10% year-over-year but improved 3% sequentially [8] - Specialized product sales declined 7%, while furniture, flooring, and textile product sales were flat year-over-year [8] - U.S. mattress industry production improved sequentially but remained negative year-over-year, with total market consumption expected to decline low single digits for the full year [9][10] Market Data and Key Metrics Changes - The U.S. spring unit volume was in line with mattress consumption and domestic production volumes, both estimated to have declined low single digits [8] - Domestic mattress production improved sequentially, marking the second consecutive quarter of improvement, but remained negative year-over-year [9] - The automotive supply chain risks, including availability of aluminum and semiconductors, have begun impacting the industry, although no material impact has been experienced to date [10] Company Strategy and Development Direction - The company is reaffirming the midpoint of its full-year sales and adjusted EPS guidance, with sales expected to be $4.0 billion-$4.1 billion, down 6%-9% versus 2024 [14] - The restructuring plan is nearing completion, with expected annualized EBIT benefits of $60 million-$70 million [13][14] - The company aims to focus on organic growth, funding strategic acquisitions, and returning cash to shareholders through dividends and share repurchases [15][57] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about tariffs potentially driving inflation and impacting consumer confidence and demand [6][7] - The company remains focused on providing high-quality, innovative products while navigating a dynamic operating environment [7][16] - Management highlighted a robust innovation pipeline and partnerships with customers to develop products tailored to market needs [16][17] Other Important Information - The company completed the divestiture of its aerospace business, using proceeds to pay down commercial paper and reduce net debt [4][5] - Total liquidity at the end of the quarter was $974 million, comprised of $461 million in cash and $513 million in revolving credit capacity [13] Q&A Session Summary Question: Benefits from cost actions and restructuring - Management noted that restructuring efforts are meeting or exceeding expectations, with no customer disruptions and a projected annualized EBIT benefit of $60 million-$70 million [22][24] Question: Demand environment in bedding - Management characterized the market as stable, with sequential improvement in sales, but acknowledged ongoing challenges from macroeconomic factors [26][30] Question: Capital expenditure plans for 2026 - Management indicated that normalized CapEx is expected to be around $100 million, with ongoing funding for growth initiatives [32] Question: Segment margins for the year - Bedding segment margins are expected to be up 200 basis points, while specialized segments are projected to increase by 50 basis points [33] Question: Growth opportunities post-restructuring - Management sees significant growth potential in finished bedding and innovation, with a focus on private label products [52][53] Question: Future trajectory of textiles business - Management highlighted the potential for bolt-on acquisitions in textiles, leveraging successful past strategies [76][77]

Financial Data and Key Metrics Changes - Third quarter sales were just over $1 billion, down 6% year over year, primarily due to soft demand in residential end markets and sales attrition from the divestiture of the aerospace business [8][11] - Third quarter EBIT was $171 million, and adjusted EBIT was $73 million, a $3 million decrease year over year [11] - Third quarter earnings per share were $0.91, with adjusted EPS at $0.29, a $0.03 decrease year over year [11] - Operating cash flow for the third quarter was $126 million, an increase of $30 million compared to the third quarter of 2023 [11][12] - Total debt was reduced by $296 million in the third quarter, bringing total debt to $1.5 billion [11][12] Business Line Data and Key Metrics Changes - Bedding product sales decreased 10% year over year but improved 3% sequentially [8] - Specialized product sales declined 7%, while furniture, flooring, and textile product sales were flat year over year [8] - U.S. mattress industry production improved sequentially but remained negative year over year, with total market consumption expected to decline low single digits for the full year [9][10] Market Data and Key Metrics Changes - The domestic mattress production volume declined low single digits year over year, with expectations for a slowdown in the fourth quarter due to seasonality [9][10] - The automotive supply chain faced risks, including availability of aluminum and semiconductors, but no material impact was reported to date [10] - The textiles segment experienced growth in geo components, while home furniture and flooring saw declines [10][72] Company Strategy and Development Direction - The company is focused on optimizing its portfolio, having completed the divestiture of its aerospace business [4][5] - A restructuring plan is nearing completion, with expected annualized EBIT benefits of $60 to $70 million [11][14] - The company aims to strengthen its balance sheet by prioritizing debt reduction and considering small strategic acquisitions [15][57] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about tariffs potentially driving inflation and impacting consumer confidence [6][7] - The company remains focused on providing high-quality, innovative products while navigating a dynamic operating environment [7][16] - Management reaffirmed the midpoint of full-year sales and adjusted EPS guidance, expecting sales of $4.0 to $4.1 billion [14] Other Important Information - The company plans to use excess cash flow primarily for debt reduction, with potential for small strategic acquisitions and share repurchases in the future [15][57] - Capital expenditures are expected to be lower this year at $60 to $70 million, with a return to normalized levels in the future [15][32] Q&A Session Summary Question: Benefits from cost actions and restructuring - Management highlighted successful execution of the restructuring plan, with expected annualized EBIT benefits of $60 to $70 million [22][23] Question: Demand environment in bedding - Management noted stability in demand patterns, with some improvement observed in the third quarter despite macroeconomic challenges [26][30] Question: Future CapEx plans - Management indicated a return to a more normalized CapEx level of around $100 million in the future [32] Question: Segment margins outlook - Bedding segment margins are expected to increase by 200 basis points, while specialized products are projected to rise by 50 basis points [33] Question: Growth opportunities post-restructuring - Management sees significant growth potential in finished bedding and innovation-driven product development [52][53] Question: Future capital allocation and acquisitions - The long-term net debt leverage target is two times, with a focus on reducing debt and considering small strategic acquisitions [57]

D.R. Horton (NYSE:DHI) Q4 2025 Earnings Call October 28, 2025 08:30 AM ET Company ParticipantsMichael Rehaut - Executive DirectorStephen Kim - Senior Managing DirectorAlan Ratner - Managing Director of Equity ResearchJessica Hansen - SVP of CommunicationsTrevor Allinson - DirectorMike Murray - COOJade Rahmani - Managing DirectorRafe Jadrosich - Managing DirectorMike Dahl - Managing Director of Equity ResearchSam Reid - Executive Director Equity Research of Home Builders & Building ProductsAlex Rygiel - Mana ...

Repligen (NasdaqGS:RGEN) Q3 2025 Earnings Call October 28, 2025 08:30 AM ET Company ParticipantsDoug Schenkel - Managing Director and Head of Life Science Tools and DiagnosticsJason Garland - CFOCasey Woodring - VP of Equity ResearchOlivier Loeillot - President and CEOBrandon Couillard - Managing DirectorDaniel Markowitz - VPDan Arias - Managing DirectorLuke Sergott - Director of Healthcare Equity ResearchJacob Johnson - VP of Investor RelationsConference Call ParticipantsAnna Snopkowski - Equity Research A ...

Financial Data and Key Metrics Changes - Revenue increased by 7% year over year, exceeding $1.1 billion [3][4] - Adjusted EPS was $0.85, surpassing the high end of the projected range by $0.10 [3] - Adjusted EBITDA totaled $225 million, with $215 million excluding oil and gas rights, marking a 19% year-over-year improvement [14][3] - Adjusted EBITDA margin exceeded 20%, the highest since the pandemic [3][4] - Cash generated from operations year to date reached $299 million, a $273 million improvement from last year [4][14] Business Line Data and Key Metrics Changes - High Performance Materials & Components (HPMC) segment margins were above 24%, while Advanced Alloys & Solutions (AANS) segment margins were above 17% [4][15] - Aerospace and Defense (A&D) revenue rose 21% year over year, accounting for 70% of total revenue [5][6] - Jet engine revenue, which constitutes 39% of total revenue, grew 19% year over year [6][8] - Airframe sales increased by 9% year over year, supported by Boeing and Airbus production ramps [7][8] - Defense revenue surged 51% year over year, reflecting broad-based strength across various defense programs [9][10] Market Data and Key Metrics Changes - Jet engine growth is expected to exceed 20% for the full year, with Q4 growth anticipated in the high single to low double digits [6][8] - Airframe revenues are expected to finish modestly above 2024 levels, with high single-digit growth anticipated next year [8] - Defense markets are projected to continue record performance due to modernization and replenishment programs [10][12] Company Strategy and Development Direction - The company is focused on high-value materials and markets, with 70% of revenue now coming from aerospace and defense [12][20] - Strategic pricing and mix optimization are key levers for growth, with long-term agreements supporting future investments [20][21] - Operational excellence and productivity improvements are driving margin expansion and cash generation [21][22] - The company is committed to disciplined capital deployment, prioritizing high-return investments [13][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong demand in core markets, particularly aerospace and defense [5][20] - The outlook for Q4 and 2026 remains positive, with expectations of sustained growth in A&D [27][60] - The company is well-positioned to capitalize on long-term growth opportunities, supported by strong customer relationships and proprietary materials [12][20] Other Important Information - The company plans to continue monetizing non-core assets while maintaining disciplined capital investments [15][18] - The CFO, Don Newman, is set to retire after Q4, with a search for his successor underway [19] Q&A Session Summary Question: What has changed since Q2 to drive the revised outlook and guidance increase? - Management noted stronger than expected A&D performance, particularly in defense, contributing to the guidance increase [26][27] Question: What is being done to manage melt capacity for nickel alloys? - The company is focusing on productivity, reliability, and selective expansion of melt capacity to meet growing demand [29][30] Question: What does being the number one source of flat rolled titanium products to Airbus mean for the P&L? - This status translates to increased revenue and higher margins from premium titanium products, with a significant revenue increase expected next year [34][35] Question: What is the expected growth in airframe sales for 2026? - Airframe sales are anticipated to grow at a high single-digit rate, with continued strength in jet engine demand expected [60] Question: How is the company managing working capital improvements? - Improvements in accounts receivable management and inventory efficiencies have contributed to better working capital performance [52][53]

Zebra Technologies (NasdaqGS:ZBRA) Q3 2025 Earnings Call October 28, 2025 08:30 AM ET Company ParticipantsBill Burns - CEOMike Steele - VP of Investor RelationsNathan Winters - CFONone - Company RepresentativeConference Call ParticipantsRob Mason - AnalystGuy Hardwick - AnalystJoe Giordano - AnalystAndrew Buscaglia - AnalystPiyush Avasthy - AnalystJamie Cook - AnalystBrad Hewitt - AnalystKatie Fleischer - AnalystBrian Drab - AnalystTommy Moll - AnalystDamian Karas - AnalystKeith Housum - AnalystOperatorWelc ...

Herc (NYSE:HRI) Q3 2025 Earnings Call October 28, 2025 08:30 AM ET Company ParticipantsAaron Birnbaum - SVP and COOLeslie Hunziker - SVP of Investor RelationsTami Zakaria - Executive DirectorMircea Dobre - Managing DirectorMark Humphrey - SVP and CFOLarry Silber - President and CEOConference Call ParticipantsNone - AnalystRob Wertheimer - Founding Partner and Machinery AnalystKenneth Newman - VP and Equity Research AnalystOperatorHello and thank you for standing by. My name is Mark and I will be your confer ...