https://reportify-1252068037.cos.ap-beijing.myqcloud.com/media/production/s_m_content_e552a6863a9c55eeb0fe28038593a6dc.html ...

https://reportify-1252068037.cos.ap-beijing.myqcloud.com/media/production/s_m_content_7633c730b22eea5b7085d7ceaf1e02c7.html ...

https://reportify-1252068037.cos.ap-beijing.myqcloud.com/media/production/s_m_content_60976714fdbcb771306ee274020d93d5.html ...

https://reportify-1252068037.cos.ap-beijing.myqcloud.com/media/production/s_m_content_ce2aec7083bc6c4bccdbdcad5cc628d1.html ...

https://reportify-1252068037.cos.ap-beijing.myqcloud.com/media/production/s_m_content_952d194cc2f81287271064b308bd46db.html ...

https://reportify-1252068037.cos.ap-beijing.myqcloud.com/media/production/s_m_content_809cb61dd471bbcf5f7166ad078e861b.html ...

https://reportify-1252068037.cos.ap-beijing.myqcloud.com/media/production/s_m_content_f83c307eccd3da6b61f9d08e206dfa5c.html ...

Johnson & Johnson Conference Call Summary Company Overview - **Company**: Johnson & Johnson (NYSE: JNJ) - **Event**: Morgan Stanley 21st Annual Global Healthcare Conference - **Date**: September 13, 2023 - **Participants**: Joaquin Duato (Chairman and CEO), John Reed (Executive Vice President, Pharmaceuticals, R&D) Key Points Strategic Priorities and Company Focus - Johnson & Johnson has completed the separation of its Consumer business, creating an independent company, Kenvue, allowing J&J to focus exclusively on Pharmaceuticals and MedTech [3][2] - The separation is expected to enhance productivity, margins, and growth rates, as the Consumer segment had lower margins and growth compared to MedTech and Pharma [3] - The company aims to be a multi-decade leader in healthcare, focusing on R&D and innovation [3] Financial Performance and Guidance - J&J reported an 8% growth in total revenue for the first half of 2023, with a full-year guidance midpoint of $84 billion, reflecting an 8% operational growth and over 12% EPS increase [7] - The company has a disciplined capital allocation strategy, prioritizing investments in R&D, maintaining competitive dividends, and pursuing value-creating M&A opportunities [8][9] R&D and Product Pipeline - Over the last five years, J&J invested $64 billion in R&D and $60 billion in dividends and share repurchases [9] - The company is confident in achieving $57 billion in Pharma revenue by 2025, driven by a strong portfolio including TREMFYA, ERLEADA, and DARZALEX, all expected to grow significantly [14][17] - New product launches, including CARVYKTI and TECVAYLI, are anticipated to contribute substantially to growth [18] M&A Strategy - While M&A is important for future growth, the majority of J&J's growth is expected to come from its existing R&D and portfolio [11] - The company prefers early-stage deals in both Pharma and MedTech to leverage its scale in development and commercialization [12] Myeloma and Oncology Focus - J&J has a strong position in multiple myeloma with products like DARZALEX and CARVYKTI, aiming to shift the treatment paradigm from managing to curing the disease [33][34] - The company is exploring combinations of existing therapies to enhance treatment efficacy and potentially achieve curative outcomes [39] Emerging Therapies - J&J is developing nipocalimab for autoimmune diseases, with promising safety and efficacy data expected to be disclosed soon [44][45] - The company is focused on precision medicine strategies in autoimmune diseases, aiming to improve patient outcomes [47] Market Position and Future Outlook - J&J aims for a significant market share in multiple myeloma, targeting to treat 75% of newly diagnosed patients with its regimens by the end of the decade [40] - The company is committed to providing more visibility into its growth profile and pipeline during upcoming investor events [25] Additional Insights - The company emphasizes the importance of maintaining a robust financial profile while pursuing growth opportunities [8] - J&J's dual capabilities in MedTech and Pharmaceuticals are seen as a unique advantage in addressing complex healthcare needs [6]

Company and Industry Overview * **Company**: Carrier Global Corporation (NYSE:CARR) * **Industry**: HVAC, Climate Solutions, Energy Efficiency Key Points Performance and Financials * **Q2 2023**: 6% organic growth, residential sales down mid-single digits, aftermarket up mid-teens YTD, full-year projected price cost positive up 300 million plus 300 million of productivity. * **Viessmann Climate Solutions**: Base business tracking to €4 billion in sales this year and €700 million EBITDA, double-digit growth profile. * **Business Exits**: Formal process of engaging with prospective buyers for security and commercial refrigeration begun, industrial fire in market next month, commercial and residential fire businesses targeting listing dates in late spring or early summer 2024. Market Trends and Opportunities * **Residential**: Sales expected to be down a few percent, volume down in high single-digit range, light commercial up around 20%. * **Light Commercial**: Strong across the board, 60% growth in Q2, 35% growth in Q1, driven by new beltless design, ESSER Funding for K-12, and lower end retail. * **Commercial Applied**: Up double digits, driven by growth in aftermarket controls, strong backlog, and focus on key verticals like K-12, healthcare, and data centers. * **Data Centers**: Strong growth, well-positioned in Europe and the United States, leveraging heat pumps and chillers, and Nlyte acquisition for heat dissipation and optimization. * **Heat Pumps**: Bullish on residential and commercial applications, driven by IRA incentives and energy efficiency benefits. * **Sustainability**: Focus on all things digitally enabled lifecycle revenues and sustainability, with strong traction in aftermarket and ESG initiatives. Competitive Positioning * **Brand**: Attractive brand recognition globally, with premier brand recognition for Carrier and other brands like Toshiba. * **Channel Access**: Deliberate channel approach that works globally. * **Product Portfolio**: Strong focus on energy efficiency, with new digital platforms and innovative products like mag-bearing chillers. * **Service**: Aftermarket tracking well, with high single-digit to low double-digit growth, strong coverage, and growing attachment rates. Strategic Initiatives * **Portfolio**: Exiting Fire and Security businesses, focusing on HVAC, Climate Solutions, and Energy Efficiency. * **Viessmann Acquisition**: Gaining a strong position in the European residential heating market and expanding into commercial and industrial markets. * **Capital Markets**: Exploring IPO for commercial and residential fire businesses to clean exit, maximize value, and improve leverage ratio. Regulatory Environment * **Germany**: Encouraging legislation for sustainability, with increased funding and subsidies for heat pumps and district heating. * **Europe**: Strong trajectory for heat pumps and greenification, with alignment with the European Green Deal-Fit for 55 and repower EU targets.

Inovio Pharmaceuticals, Inc. (NASDAQ:INO) H.C. Wainwright 25th Annual Global Investment Conference Call September 12, 2023 4:30 PM ET Company Participants Jacqueline Shea - President and Chief Executive Officer Conference Call Participants Li Chen - H.C. Wainwright Li Chen Good afternoon, everyone, and welcome to H.C. Wainwright 25th Annual Global Investment Conference. My name is Li Chen, and I'm H.C. Wainwright Equity Research Associate. I'd like now to welcome our next speaker, Dr. Jacqueline Shea, Presi ...