Novo Nordisk A/S (NVO) J.P. Morgan 42nd Annual Healthcare Conference January 9, 2024 12:45 PM ET Company Participants Lars Fruergaard Jorgensen - President & Chief Executive Officer Conference Call Participants Richard Vosser - JPMorgan Richard Vosser Welcome to the Novo Nordisk session at the 2024 JPMorgan Healthcare Conference. I'm Richard Vosser, European pharma analyst with JPMorgan, and it's my great pleasure to welcome the CEO of Novo, Lars Fruergaard Jorgensen to the conference for the first time. So ...

Thermo Fisher Scientific, Inc. (NYSE:TMO) 42nd Annual J.P. Morgan Healthcare Conference January 9, 2023 11:15 AM ET Company Participants Marc Casper – Chief Executive Officer Conference Call Participants Rachel Vatnsdal – J.P. Morgan Rachel Vatnsdal Perfect. Good morning everyone. This is Rachel Vatnsdal from the Life Science Tools and Diagnostics team here at J.P. Morgan. I'm joined on stage by Marc Casper, CEO of Thermo Fisher. So as we typically do, this is going to be a 40 minute session. First of it, h ...

Agilent Technologies, Inc. (NYSE:A) J.P. Morgan 42nd Annual Healthcare Conference January 9, 2024 12:45 PM ET Company Participants Mike McMullen - President & Chief Executive Officer Bob McMahon - Chief Financial Officer Conference Call Participants Rachel Vatnsdal - JPMorgan Rachel Vatnsdal Hi. Good morning, everyone. This is Rachel Vatnsdal with the Life Science Tools and Diagnostics team here at JPMorgan. I'm joined by the Agilent management team on stage as these sessions typically are, it's 40 minutes, ...

Summary of Cigna Group's J.P. Morgan 42nd Annual Healthcare Conference Company Overview - **Company**: Cigna Group (NYSE: CI) - **Participants**: - David Cordani - President, Chief Executive Officer & Chair - Eric Palmer - Chief Executive Officer & President, Evernorth - **Date**: January 9, 2024 Key Points 1. Strong Performance in 2023 - Cigna reported a strong performance in 2023, continuing a track record of organic growth across various operating platforms, including PBM, commercial business, international benefits, and government benefits [3][4][8] 2. EPS Guidance for 2024 - The company reiterated its EPS outlook for 2024 at least $28, which is above the high end of its growth algorithm of 10% to 13% EPS growth over time [5][8] 3. Capital-Light Business Model - Cigna operates a capital-light, service-oriented portfolio, allowing for quick conversion of operating cash flow to deployable cash flow, providing strategic advantages in a fluid business environment [6][8] 4. Innovations in Pharmacy and Healthcare - Cigna is focusing on pharmacy innovations, particularly in pharmacological advancements like GLP-1s, and aims to optimize clinical protocols for better value for patients and financiers [7][8] 5. Government Benefits Business - Cigna is committed to expanding its capabilities in the government services portfolio, including Medicare and Medicaid, and sees growth potential in this area [14][15] 6. Evernorth's Growth and Strategy - Evernorth is positioned to reduce fragmentation in healthcare delivery and improve health outcomes through partnerships, such as with VillageMD, focusing on risk-bearing and performance-based models [18][19][21] 7. Market Trends and Client Needs - There is a trend of point solution fatigue among employers, leading to a demand for more integrated healthcare solutions and precision in care delivery [40][70] 8. Retention and Growth in PBM - Cigna's PBM business is experiencing strong retention and growth, with innovations in product offerings and a focus on client satisfaction [25][26][27] 9. Legislative Environment for PBMs - The PBM industry is under scrutiny, with potential legislative changes expected. Cigna is proactively engaging with officials to ensure transparency and value delivery [62][64][66] 10. Biosimilars and Market Adoption - Cigna anticipates increased adoption of biosimilars, particularly for high-cost medications like HUMIRA, which is expected to improve affordability for clients [58][60][61] 11. Commercial Business Outlook - Cigna's commercial business is expected to grow, particularly in the Select segment, despite anticipated softening in the employment landscape [67][70][71] Additional Insights - Cigna emphasizes the importance of aligning incentives in value-based care arrangements, which can involve shared risk with manufacturers or providers [46][48] - The company is adapting to market changes, including the potential resurgence of mail-order pharmacy services due to evolving consumer preferences [54][57] This summary encapsulates the key insights and strategic directions discussed during the conference, highlighting Cigna's robust performance, innovative approaches, and proactive engagement in the healthcare landscape.

Novavax, Inc. (NASDAQ:NVAX) JPMorgan 42nd Annual Healthcare Conference January 8, 2024 8:15 PM ET Company Participants John Jacobs - President and CEO John Trizzino - Chief Commercial Officer & Chief Business Officer James Kelly - CFO Filip Dubovsky - President of Research & Development Conference Call Participants Eric Joseph - JPMorgan Eric Joseph All right, okay. We'll get started here. I'm Eric Joseph, Senior Biotech Analyst with JPMorgan. And our next presenting company is Novavax. Presenting on behalf ...

Teva Pharmaceutical Industries Limited (NYSE:TEVA) J.P. Morgan 42nd Annual Global Healthcare Conference January 8, 2024 11:15 AM ET Company Participants Richard Francis - President, CEO & Director Conference Call Participants Christopher Schott - JPMorgan Christopher Schott Good morning, everybody. I'm Chris Schott, Firm Analyst at JPMorgan and it's my pleasure to be introducing Teva today. From the company we have CEO, Richard Francis. Richard joined Teva roughly a year ago, can be said a very productive 2 ...

Company and Industry Overview * **Company**: Medtronic plc (NYSE: MDT) * **Industry**: Medical technology (med tech) * **Event**: JP Morgan 42nd Annual Global Healthcare Conference, January 8, 2024 Key Points 1. Company Performance and Strategy * **Consistent Results**: Medtronic has delivered improved and durable results, with a focus on innovation and growth. * **Product Approvals**: Several major product approvals in key markets, including cardiac ablation, diabetes, and structural heart. * **Transformation**: Comprehensive transformation over the past few years, including changes to the operating model, incentives, culture, and leadership. * **Earnings Power**: Prioritizing the restoration of earnings power, driven by efficiency improvements and cost savings. 2. Portfolio Strategy * **Three Categories**: * **Highest-Growth**: 20% of revenue, growing faster than the overall company, receiving disproportionate capital investments. * **Synergistic**: Businesses with near-term catalysts, including M&A and organic R&D. * **Established Market Leaders**: Largest businesses with commanding market positions, responsible for half of revenue and profits. 3. Highest-Growth Opportunities * **Cardiac Ablation**: Significant investments in EP, leading in pulse field ablation with PulseSelect technology. * **Diabetes**: Transitioning from stand-alone CGM to smart dosing systems, with strong performance of 780G system and Simplera Sync CGM. * **Structural Heart**: Strong position in TAVR market with Evolut X technology and differentiated clinical data. 4. Synergistic Businesses * **M&A**: Acquisitions in ENT (Intersect ENT), cardiac surgery (Penditure LAA exclusion system), and neuromodulation (Percept RC recharge and Inceptiv). * **Innovation**: New devices and technologies in neuromodulation, endoscopy (GI Genius), and other areas. 5. Established Market Leaders * **CRM**: Disruptive EV-ICD launch, next-generation pacemakers, and 3830 lead. * **Cranial & Spine Technologies**: Strong position in enabling technology, with robotics, imaging, navigation, and preoperative planning software. * **Surgical**: Hugo robot, Touch Surgery, and market-leading surgical instruments. * **Symplicity Spyral renal denervation system**: Approved by FDA, with significant market opportunity. 6. Transformation Initiatives * **Operating Model**: Centralized operations and supply chain, with P&L responsibility to businesses. * **Leadership**: New leaders with domain expertise in areas like global operations and supply chain. * **Capital Allocation**: Focused on highest-growth opportunities. * **Incentives**: Performance-driven culture. 7. Global Operations and Supply Chain * **Efficiency Improvements**: Focus on cost of goods sold (COGS) efficiency, supplier performance, network optimization, and automation. * **Expected Impact**: Stabilization and improvement of margins, and earnings leverage. 8. AI and Machine Learning * **Applications**: Clinical decision support, new indications, personalized treatments, and improved patient outcomes. * **Examples**: GI Genius, Touch Surgery, Spine AI, Diabetes algorithms, and cardiology AI. 9. Future Outlook * **Revenue Growth**: Confident in the durability of top-line growth due to product approvals and technology pipeline. * **Earnings Power**: Focused on improving earnings power and delivering strong shareholder returns. * **Long-Term Vision**: Becoming an "and" company, balancing mission-driven and performance-driven approaches.

Company and Industry Overview * **Company**: Waters Corporation (NYSE: WAT) * **Industry**: Life Science Tools and Diagnostics * **Focus**: Serving regulated markets with large unmet needs, including pharmaceuticals, clinical, food and environmental, and materials testing. Key Points Business Model and Market * **Market Size**: Approximately $12 billion, growing mid-single digits. * **Pharmaceuticals**: Largest market, growing high single digits, driven by demand for high-quality medicines and biologics. * **Clinical**: Expected to grow high single digits, focused on early disease detection and biomarker identification. * **Food and Environmental**: Mid-single digit growth, driven by the need for more sensitive testing for PFAS and other impurities. * **Materials**: Mid-single digit growth, driven by the need for safe and renewable energy, particularly in batteries and electric vehicles. Business Model * **Deep understanding of customer needs**. * **Development of complex instruments into simple, yet sophisticated systems**. * **Focus on QA/QC in the pharmaceutical space**. * **High recurring revenue**. * **Industry-leading profitability**. Transformation and Execution * **Three-year transformation plan**: * Strengthen execution. * Revitalize innovation. * Enter faster-growing adjacencies. * **Revenue growth**: Flat year-to-date, despite China's decline, driven by strong performance outside of China, particularly in pharmaceuticals. * **Execution of commercial initiatives**: * Replacement of instruments. * Increase in service attachment rates. * Increase in e-commerce adoption of chemistry portfolio. * Increase in footprint with contract research and contract manufacturing customers. * Focus on innovation. * **Margin expansion**: Achieved through cost management and operational excellence. Innovation * **Liquid chromatography**: Alliance iS, reducing errors by over 50%. * **Mass spectrometry**: Xevo TQ Absolute, setting a new standard in sensitivity. * **Thermal analysis**: TAM IV battery cycler microcalorimeter, detecting early heat signatures of parasitic reactions in batteries. * **Precision chemistry**: MaxPeak Premier Column, growing well into the 20%. * **Acquisition of Wyatt Technology**: Adding capabilities in light scattering and expanding into new adjacencies. Adjacencies * **Biologics**: Revenue growth from large molecules exceeding 35%. * **Clinical**: Growth from low single digits to double digits. * **Battery**: Growth tenfold compared to three years ago. * **Other adjacencies**: Substantial progress in bioseparations, bioanalytical characterization, early disease detection, battery testing, and sustainable polymers. M&A * **Acquisition of Wyatt Technology**: Largest acquisition in Waters' history, adding capabilities in light scattering and expanding into new adjacencies. * **Integration of Wyatt Technology**: On track to deliver synergies, including increased attachment rates and integration of data and software. Future Outlook * **Growth drivers**: Secular tailwinds, including increased prescription growth, demand for high-volume testing, and new applications in biologics. * **Volume growth**: Expected from new therapies, PFAS testing, and biologics characterization. * **Pricing**: Expected to increase by 100 basis points. * **EPS growth**: Expected to benefit from revenue growth, margin expansion, and capital deployment, including M&A. ESG * **Renewable energy**: Over 75% of electricity comes from renewable low-carbon sources. * **Corporate Equality Index**: Scored 100 out of 100 in 2023 and 2024. * **Governance**: Board selected as the 2024 Public Company Board of the Year by the National Academy of Corporate Directors in New England.

The Bank of Nova Scotia (NYSE:BNS) RBC Capital Markets Canadian Bank CEO Conference January 9, 2024 9:20 AM ET Company Participants Scott Thomson - President and Chief Executive Officer Conference Call Participants Darko Mihelic - RBC Capital Markets Darko Mihelic Okay. Join me on the stage now is Scott Thomson, the CEO of Scotiabank. Question-and-Answer Session Q - Darko Mihelic And Scott, I think I'm going to start in a similar place with you this morning in terms of the questioning. Starting I think on t ...

Start Time: 19:30 January 1, 0000 8:10 PM ET Merck & Co., Inc. (NYSE:MRK) JPMorgan 42nd Annual Healthcare Conference January 08, 2024, 19:30 PM ET Company Participants Rob Davis - Chairman and CEO Dean Li - President, Merck Research Labs Conference Call Participants Chris Schott - JPMorgan Chris Schott Good afternoon, everybody. I'm Chris Schott at JPMorgan, and it's my pleasure to be introducing Merck today. From the company, we have Rob Davis, Chairman and CEO; as well as Dean Li, President of Merck Resea ...