Key Points Company and Industry Information 1. **Company**: Sanofi (SYN) 2. **Event**: 43rd Annual J.P. Morgan Healthcare Conference 3. **Date**: January 14, 2025 4. **Time**: 12:45 PM ET 5. **Participants**: - Paul Hudson - Chief Executive Officer - Francois-Xavier Roger - Chief Financial Officer - Houman Ashrafian - Executive Vice President and Head of Research and Development - Richard Vosser - JPMorgan - Operator [1] Core Views and Arguments 1. **Progress and Achievements**: CEO Paul Hudson highlights the company's progress over the last five years, expressing pride in the advancements made. 2. **Guidance and Science**: Hudson mentions the company's recent change in guidance and renewed commitment to science, noting that while some raised eyebrows initially, the decision has been validated over the past year. [4] Other Important Content 1. **Dialogue Format**: The session will include a dialogue between the three executives followed by a Q&A session. 2. **Team Involvement**: Hudson acknowledges the involvement of the team, particularly Houman Ashrafian, in the company's journey. [2][3]

Key Points Company and Industry Overview 1. **Novartis Transformation**: Novartis has undergone significant transformation over the last decade, transitioning from a diversified healthcare conglomerate to a pure-play pharmaceutical company. This transformation involved creating four separate entities: Haleon Consumer Health with GSK, Alcon (medical devices), Sandoz (generics), and the current 100% focused Novartis. [3] 2. **Innovative Medicines Performance**: Despite these transformations, Novartis' Innovative Medicines business has demonstrated strong underlying performance. Sales have grown by 7%, core operating income by 14%, and margins have increased by 990 basis points. [3] [3]

Key Points Company and Industry Overview - **Company**: Illumina, Inc. (NASDAQ: ILMN) - **Industry**: Life Science Tools and Diagnostics - **Event**: 43rd Annual JPMorgan Healthcare Conference Call - **Date**: January 14, 2025 - **Time**: 12:00 PM ET - **Participants**: Jacob Thaysen (CEO), Ankur Dhingra (CFO), Rachel Vatnsdal (JPMorgan) - **Duration**: 40 minutes (20 minutes presentation, 20 minutes Q&A) - **Focus**: Business overview, financial results, strategic direction, and future outlook Core Points and Arguments - **Business Growth**: Illumina has been pioneering next-generation sequencing (NGS) technology for over 25 years, making it a foundational tool in genomic research and clinical applications worldwide. - **Global Strength**: Illumina is operating from a position of global strength, with significant market presence and influence. - **2024 Results**: Preliminary Q4 and full year 2024 results will be covered, along with outlook for 2025. - **New Strategy**: Illumina is shifting its focus from cost per gigabase to providing the highest quality insights at the lowest end-to-end cost. - **Excitement for Future**: The company is incredibly excited about the path ahead and the opportunities it presents. Other Important Points - **Forward-Looking Statements**: The presentation includes forward-looking statements and non-GAAP measures, which are detailed in Illumina's SEC filing. - **Presentation Structure**: The presentation will cover four main areas: business overview, financial results, strategic direction, and future outlook. - **Q&A Session**: Approximately 20 minutes of the session will be dedicated to answering questions from participants.

Key Points Industry Overview 1. **Industry Performance**: The 3D printing industry experienced a challenging year in 2024, with a continuation of the tumultuous conditions from the previous year. This period was marked by some of the worst six quarters the industry has faced [doc id='4']. 2. **Customer Spending**: There was a significant decrease in capital expenditure (CapEx) spending by customers for capacity expansion, which negatively impacted revenue across the industry, including 3D Systems [doc id='4']. 3D Systems Performance 1. **Revenue Impact**: The decrease in CapEx spending by customers led to a tough year for 3D Systems, with a significant impact on revenue. The company was not immune to the industry-wide challenges [doc id='4']. 2. **R&D Investment**: Despite the challenging conditions, 3D Systems maintained its investment in research and development (R&D) to stay current and advance its technology platforms. This was a strategic decision to ensure the company's long-term competitiveness [doc id='4']. 3. **Balance Sheet**: The company focused on maintaining a strong balance sheet to ensure it could continue investing in R&D during both up and down cycles [doc id='4']. Conclusion The 3D printing industry faced a challenging year in 2024, with a decrease in customer CapEx spending impacting revenue across the industry. 3D Systems, while not immune to these challenges, maintained its focus on R&D and balance sheet strength to navigate the turbulent conditions.

Key Points Company Overview 1. **Company Name and Stock Symbol**: Viatris Inc. (NASDAQ: VTRS) 2. **Event**: 43rd Annual J.P. Morgan Healthcare Conference 2025 3. **Date and Time**: January 14, 2025, 11:15 AM ET 4. **Participants**: - Scott Smith - CEO - Doretta Mistras - CFO - Philippe Martin - Chief R&D Officer - Corinne Le Goff - Chief Commercial Officer - Chris Schott - JPMorgan [1] Forward-Looking Statement 1. **No Guidance Provided**: The company will not be commenting on the full year 2024 or providing guidance for 2025 during the presentation. [2] Financial Highlights 1. **Revenue**: $15 billion in the last 12 months 2. **Adjusted EBITDA**: $4.8 billion in the last 12 months 3. **Free Cash Flow**: $2.4 billion in the last 12 months 4. **Financial Strength**: Viatris demonstrates tremendous financial strength [3] Business Segments 1. **Global Generics Business**: Strong global generics business 2. **Iconic Brands**: Home to iconic brands in the pharma world, including Lipitor, Lyrica, Celebrex, Norvasc, Viagra, etc. [3] Geographic Presence 1. **Global Operations**: Operates in 165 countries around the world [4]

Key Takeaways Company and Industry Overview 1. **Company**: Thermo Fisher Scientific Inc. (NYSE:TMO) 2. **Event**: 43rd Annual J.P. Morgan Healthcare Conference Call 3. **Date**: January 14, 2025 4. **Time**: 11:15 AM ET 5. **Participants**: Marc Casper - CEO, Sandy Pound - Chief Communications Officer, Raf Tejada - Vice President of Investor Relations, Rachel Vatnsdal - JPMorgan Performance and Future Outlook 6. **2024 Performance**: Strong differentiated performance delivered in 2024 [5] 7. **Upcoming Results**: Results to be reported in a couple of weeks [5] 8. **Industry Position**: Thermo Fisher is an industry leader with leading businesses enabling customer success [5] 9. **Market Share**: Gaining market share in the industry [5] 10. **End Markets**: Serving attractive end markets [5] 11. **Long-term Growth Drivers**: Sound and create a bright future for the industry and the company [5] Additional Notes 12. **Non-GAAP Financials**: Safe harbor statement and non-GAAP financials available on the company's website [4]

Key Points Company and Industry Overview 1. **GSK as a Global Biopharma Company**: GSK is a global biopharma company focused on the prevention and treatment of disease [3]. 2. **Demerger and Biopharma Focus**: GSK demerged its consumer business three years ago, creating a dedicated biopharma company with a clear focus on benefiting patients and shareholders [2]. Financial Performance 3. **2024 Sales and Profit Growth**: In the first nine months of 2024, GSK delivered 9% sales growth and 19% core operating profit growth [3]. 4. **Full-Year 2024 Guidance**: GSK confirmed its guidance for full-year 2024, expecting sales growth of 7% to 9% and core operating profit growth of 11% to 13% [5]. Product Approvals and Outlook 5. **Product Approvals and Growth Outlook**: GSK expects to secure five product approvals in the coming year and remains highly confident in delivering the growth outlooks set for 2026 and 2031 [5].

Key Points Company and Industry Information 1. **Company**: Teladoc Health, Inc. (NYSE:TDOC) 2. **Event**: JPMorgan 43rd Annual Healthcare Conference 3. **Date**: January 13, 2025 4. **Time**: 7:30 PM ET 5. **Participants**: - Chuck Divita - Chief Executive Officer - Mala Murthy - Chief Financial Officer - Lisa Gill - JPMorgan [1] Core Views and Arguments 1. **Global Virtual Care Organization**: Teladoc Health is a global virtual care organization well-positioned for future growth and innovation in the sector. 2. **Fourth Quarter Results**: The company will report its fourth quarter results at the end of February, providing an update on its business and outlook. 3. **CEO's Perspective**: Chuck Divita has been in his role for about 7 months and aims to share his perspectives on the business, priorities, and future growth. [3] Other Important Content 1. **CEO's Tenure**: Chuck Divita joined Teladoc Health in June 2024, approximately 7 months prior to the conference. 2. **CFO's Participation**: Mala Murthy, the Chief Financial Officer, will join the Q&A portion of the call. 3. **Event Significance**: This is Chuck Divita's first JPMorgan Healthcare Conference, highlighting the importance of the event for the company. [2]

Key Points Company Overview 1. **Company Name**: UiPath Inc. (NYSE:PATH) 2. **Annual Revenue**: Approximately $1.6 billion 3. **Industry**: Enterprise software and SaaS 4. **Founding Year**: 2007 5. **CEO and Founder**: Daniel Dines 6. **Core Platform**: RPA (Robotic Process Automation) platform 7. **Expansion**: Transitioned from RPA platform to a full-fledged automation platform over the last five years [4] Product and Services 1. **Automation Platform**: Offers a full lifecycle of automation, including process intelligence, automation of simple tasks, and complex tasks [6] Growth and Scaling 1. **Scaling**: Achieved significant scaling due to its strong, contemporary, and open architecture [4] Participants 1. **Company Participants**: Ashim Gupta - Chief Financial Officer 2. **Conference Call Participants**: Scott Berg - Needham

Merck & Co. Inc. - Key Takeaways from the 43rd Annual J.P. Morgan Healthcare Conference Company Overview - **Company**: Merck & Co. Inc. (NYSE:MRK) - **Event**: 43rd Annual J.P. Morgan Healthcare Conference - **Date**: January 13, 2025 - **Participants**: - Robert Davis - Chairman and CEO - Dean Li - Executive VP & President of Merck Research Laboratories - Chris Schott - JPMorgan Core Insights - **Strategic Execution**: The company is focused on executing its strategic priorities, emphasizing the advancement and augmentation of its pipeline [3] - **Scientific Innovation**: Merck prioritizes scientific innovation with a patient-centered approach, which is seen as a key driver for long-term sustainable value for shareholders and stakeholders [3] - **Forward-Looking Statements**: The CEO highlighted the importance of forward-looking statements and the associated risks and uncertainties, encouraging stakeholders to refer to the company's website for more information [2] Additional Important Points - **Leadership Transition**: The CEO noted that it has been over 3.5 years since he assumed the role, indicating stability in leadership during this period [4] - **Market Positioning**: The company is positioning itself to leverage its scientific advancements to enhance its market presence and stakeholder value [3] This summary encapsulates the key points discussed during the conference, focusing on Merck's strategic direction, commitment to innovation, and leadership stability.