Summary of Cardinal Health Conference Call Company Overview - **Company**: Cardinal Health - **Industry**: Healthcare Services - **CEO**: Jason Hollar - **CFO**: Aaron Alt - **Revenue**: Expected to exceed $250 billion in the current year [5][6] Key Financial Highlights - **Earnings Per Share (EPS)**: Expected to be at least $10 per share for fiscal 2026, driven by broad-based growth and strategic initiatives [3][14] - **Core Operating Earnings Growth**: Achieved a 14% CAGR over the last several years, translating into an 18% EPS growth [4] - **Adjusted Free Cash Flow**: Averaging over $3 billion, with a conversion rate of over 150% over the last three years [6] - **Pharmaceutical and Specialty Solutions Business**: Accounts for over 90% of revenue and nearly 80% of profit [6] Strategic Focus Areas - **Core Business**: Emphasis on pharmaceutical and specialty solutions, with a focus on organic and inorganic growth [15][16] - **At-Home Solutions**: Growth in this segment is seen as a strategic priority, with investments in technology and partnerships [11][60] - **GMPD (Medical Supply Division)**: Positioned as a turnaround business, with significant investments to improve performance and service levels [62][64] Market Dynamics - **Demographics**: Increasing number of Americans over 65 years old, leading to higher pharmaceutical utilization [10] - **Utilization Trends**: Strong demand across various product categories, with a focus on maintaining low unit costs [9][32] - **Pricing Environment**: Contractual ability to renegotiate prices in response to market changes, with a focus on maintaining margins [28][30] Growth Opportunities - **Specialty Areas**: Focus on autoimmune, urology, and oncology, with significant growth expected in these therapeutic areas [19][20] - **Biopharma Solutions**: Anticipated growth of over 30% in fiscal 2026, with plans to achieve $1 billion in revenue by fiscal 2028 [21][22] - **M&A Strategy**: Focus on tuck-in acquisitions to enhance existing capabilities, particularly in specialty areas [66][67] Risks and Challenges - **Regulatory Changes**: Potential impacts from CMMI demos and pricing changes related to Part B, but manageable due to the diversified payer mix [34][35] - **Market Competition**: Continuous investment in capabilities to maintain competitive advantage and customer relationships [13][40] Conclusion - **Overall Outlook**: Cardinal Health is positioned for continued growth with a strong focus on strategic initiatives, operational improvements, and market opportunities. The company remains committed to delivering value to shareholders while navigating industry challenges [68]

Summary of Viatris Conference Call Company Overview - Viatris operates as three distinct businesses: a global generics company, an established brands company, and an emerging innovative brands platform [2][3] - The company reported $14.1 billion in revenue, $4.1 billion in EBITDA, and $2.2 billion in free cash flow over the last 12 months [2] Key Financial Highlights - Viatris delivered $14.1 billion in revenue and $4.1 billion in EBITDA [2] - Achieved $2.32 in adjusted EBITDA and $2.2 billion in free cash flow [2] - The company operates in 165 countries with 1,400 unique products, serving over 1 billion people annually [3] Strategic Developments - The company advanced its pipeline with five positive phase 3 readouts out of six [4] - Significant progress was made with Cenerimod, Selatogrel, and Lucerastat in their phase 3 programs [4] - Over $1 billion was returned to shareholders through dividends and share buybacks [4] - Conducted 60 regional business development deals to support the base business, particularly in Japan [4][5] Future Outlook - Anticipated high-value product launches in 2026, including Sotagliflozin, Phentolamine, and Effexor GAD [6][7] - The company expects to generate significant cash flow in 2026, with plans for continued shareholder returns and growth asset development [9] - A strategic review is expected to yield substantial savings and reinvestment opportunities [22][24] Market Dynamics - The company is focusing on the U.S. market for high-margin revenue-generating assets, while also revitalizing its portfolio in Japan [36] - The competitive landscape is favorable for acquiring assets in the $500 million-$1 billion revenue range, with less competition for these assets [20][21] Pipeline and Product Development - Positive phase 3 results for Cenerimod and Selatogrel are expected to lead to significant market opportunities [51][60] - Fast-Acting Meloxicam is positioned to address the opioid crisis in pain management, with a strong market potential [43][45] - Selatogrel aims to revolutionize acute myocardial infarction management, with a large patient population and significant unmet need [60][62] Challenges and Risks - Pricing pressures and policy adjustments are anticipated in the JANS business, along with generic competition in Japan [29] - The Indore facility's remediation is nearing completion, with limited expected volatility in 2026 numbers [30][32] Capital Allocation Strategy - The company plans a balanced approach to capital allocation, focusing on shareholder returns and business development [34] - Expected free cash flow of over $2 billion annually for the next five years [33] Conclusion - Viatris is positioned for sustainable growth with a strong pipeline, strategic acquisitions, and a focus on enhancing its core business while navigating market challenges [12][15]

Boston Scientific (NYSE:BSX) FY Conference January 13, 2026 12:00 PM ET Company ParticipantsMike Mahoney - Chairman and CEOKen Stein - Senior VP and Chief Medical OfficerJon Monson - EVP and CFOConference Call ParticipantsRobbie Marcus - Medtech Senior AnalystRobbie MarcusHello, everyone. Welcome. I'm Robbie Marcus, the MedTech Analyst at JPMorgan. Really happy to host Boston Scientific. We have Mike Mahoney, CEO, Jon Monson, CFO, and Dr. Stein, Chief Medical Officer. We're going to do a fireside chat here. ...

EverQuote (NasdaqGM:EVER) FY Conference January 13, 2026 11:45 AM ET Company ParticipantsJoseph Sanborn - CFOConference Call ParticipantsMayank Tandon - AnalystMayank TandonMy name is Mayank Tandon. I cover fintech at Needham. I'd like to welcome Joseph Sanborn from EverQuote, the CFO. Joseph, thank you for joining us.Joseph SanbornThank you. Great to be back.Mayank TandonYes. Well, you guys are here every year, and we appreciate that very much. So, Joseph, maybe I'll kick things off with just a more broad ...

Archer Aviation (NYSE:ACHR) FY Conference January 13, 2026 11:45 AM ET Company ParticipantsAdam Goldstein - CEOConference Call ParticipantsNone - AnalystChris Pierce - Senior AnalystChris PierceGood morning, everyone. Welcome to the 20th Annual Needham Growth Conference. My name is Chris Pierce with the Needham Research Team. It's my pleasure to welcome Adam Goldstein, CEO, Archer Aviation. Why don't you give us 30 seconds to on company history, why you decided to start the company, then we can move into so ...

Onto Innovation (NYSE:ONTO) FY Conference Summary Company Overview - **Company**: Onto Innovation (NYSE:ONTO) - **Event**: 28th Annual Needham Growth Conference - **Date**: January 13, 2026 Key Industry Insights - **AI Impact**: AI is a significant driver in the semiconductor industry, with NVIDIA projecting a 40% CAGR over the next few years, influencing demand and supply dynamics [6][7] - **Revenue Ties**: In 2025, 61% of Onto's revenue was derived from customers directly supporting the AI supply chain, indicating a strong correlation with AI growth [7] - **Market Outlook**: The outlook for 2026 is expected to be at least 10% stronger in the first half compared to the second half of 2025, reflecting improved customer sentiment [7] Product and Technology Developments - **AI Value Chain**: Onto is positioned in several areas of the AI value chain, including Gate-All-Around nodes, advanced packaging inspection, and 3D metrology [8][9] - **New Technologies**: The company is focusing on co-packaged optics and charge metrology, which are expected to contribute significantly to revenue growth, with an estimated additional opportunity of $1 billion [10][12] - **Dragonfly Platform**: The Dragonfly G3 has seen less decline than expected, with new applications being added. The upcoming Dragonfly G5 is expected to enhance resolution and throughput significantly [14][15] Financial Performance and Projections - **Operating Margin Improvement**: Onto aims for at least a 30% improvement in operating margin for 2026, driven by overseas manufacturing, new product value, and synergies from the SDI acquisition [18][19] - **Revenue Growth Drivers**: Growth is anticipated from advanced nodes and packaging, particularly in HBM and AI-related applications [21][30] Market Position and Competitive Landscape - **OSAT Engagement**: Onto is benefiting from the outsourcing of capabilities to OSATs, which are increasingly involved in AI packaging, enhancing Onto's market position [23][24] - **Lithography Business**: The JetStep system for panel-level packaging is gaining traction, with customers recognizing the importance of inline process control [25][27] Geopolitical Considerations - **China Exposure**: Onto's limited exposure to China provides some protection against geopolitical volatility, while the shift of manufacturing to Asia is expected to enhance engagement with Chinese customers [32][34] Customer Engagement and Value Proposition - **Value Quantification**: Onto emphasizes the importance of solving customer problems through reliable measurements and faster processing, which justifies their pricing strategy [36] - **Sustainable Advantage**: The company's understanding of customer challenges and its ability to address complex issues in packaging and inspection are seen as key differentiators in maintaining a competitive edge [37] Conclusion Onto Innovation is strategically positioned to leverage the growth in AI and advanced semiconductor technologies, with a strong focus on enhancing product capabilities and improving operational efficiencies. The company is optimistic about its growth trajectory in 2026, driven by innovative technologies and a robust market demand.

Protagonist Therapeutics (NasdaqGM:PTGX) FY Conference January 13, 2026 11:15 AM ET Company ParticipantsDinesh Patel - President and CEOArturo Molina - CMOSamuel Saks - CDAAsif Ali - EVP and CFOConference Call ParticipantsBrian Cheng - Senior Biotech AnalystNone - AnalystBrian ChengGood morning, everyone. Thanks for joining us for another session at the 44th JPMorgan Healthcare Conference. I'm Brian Cheng. I'm the Senior Biotech Analyst here at the firm. On stage, we have the CEO of Protagonist Therapeutics ...

Thermo Fisher Scientific FY Conference Summary Company Overview - **Company**: Thermo Fisher Scientific (NYSE:TMO) - **Revenue**: $44 billion - **Employees**: 120,000 - **R&D Investment**: Approximately $1 billion annually - **Market Share**: About 20% in the life sciences tools and diagnostics industry [4][7][20] Key Points from 2025 Performance - **Operational Success**: 2025 was characterized by excellent performance and effective navigation of market conditions, leading to significant advancements in growth strategy [3][12] - **End Markets**: The company serves four primary end markets: Pharma and biotech (56% of revenue), diagnostics and healthcare, academic and government, and industrial and applied [6][8] - **Market Trends**: Aging population and increasing demand for affordable healthcare are driving growth in the industry [8][9] - **Financial Growth**: Averaged 10% growth in top line over the last decade, with low double-digit growth in adjusted earnings per share and free cash flow [11] 2026 Outlook - **Market Context**: Positive sentiment in the biotech sector with improving funding and confidence in pharmaceutical investments [28] - **Growth Strategy**: Focus on executing growth strategy, gaining market share, and leveraging advanced AI capabilities for operational excellence [25][26] - **Revenue Growth Expectations**: Projected organic revenue growth of 3%-6% for 2026 and 2027, with expectations of 7%+ growth in 2028 and beyond [50][52] Capital Deployment and Acquisitions - **M&A Activity**: Active year with acquisitions including Solventum's purification and filtration business, a Sanofi manufacturing site, and a $9 billion acquisition of Clario [19][22] - **Strategic Fit**: Clario is expected to enhance Thermo Fisher's capabilities in clinical development and is projected to be accretive to earnings [48][49] Business Segment Performance - **Pharma Services**: High single-digit growth expected, benefiting from reshoring efforts and strong execution in clinical trials and drug product capabilities [34][36] - **Bioproduction**: Strong growth driven by leadership in media and single-use technologies, with the addition of Solventum expected to enhance the portfolio [37][38] - **Clinical Research**: Strong visibility and momentum in bookings, with a focus on accelerating drug development capabilities [40] - **Analytical Instruments**: Low single-digit organic growth, driven by innovation and demand from leading researchers despite a muted funding environment [41][43] Corporate Social Responsibility - **Environmental Initiatives**: Over 56% of global electricity sourced from renewable energy, on track to reach 80% by 2030 [24] - **Community Engagement**: Active in facilitating education and health equity initiatives globally [24] Conclusion - **Future Prospects**: Thermo Fisher is well-positioned for continued growth with a strong strategy, innovative product launches, and a commitment to operational excellence and corporate responsibility [26][29]

Teva Pharmaceutical Industries (NYSE:TEVA) FY Conference January 13, 2026 11:15 AM ET Company ParticipantsRichard Francis - CEONone - Company RepresentativeConference Call ParticipantsChris Schott - AnalystChris SchottGood morning, everybody. I'm Chris Schott from JPMorgan, and it's my pleasure to be introducing Teva today. From the company, we have CEO Richard Francis. Richard's been at Teva for roughly three years, and the company and the stock have had, obviously, a great run here. So looking forward to ...

Cogent Biosciences FY Conference Summary Company Overview - **Company**: Cogent Biosciences (NasdaqGS:COGT) - **Lead Asset**: Bezuclastinib, a potent and selective KIT mutant inhibitor - **Focus**: Treatment of gastrointestinal stromal tumors (GIST) and systemic mastocytosis Key Points Industry and Market Opportunity - **Market Size**: The combined annual opportunity for non-advanced systemic mastocytosis and advanced systemic mastocytosis is approximately **$8 billion** [5] - **Competition**: Limited competition exists, primarily from Sanofi's Ayvakit for systemic mastocytosis and no competition in second-line GIST [5][10] - **Second-Line GIST Market**: Expected to be a **$4 billion** market with about **6,000 patients** annually becoming resistant to imatinib [10] Clinical Trials and Regulatory Submissions - **Pivotal Trials**: Three pivotal trials for bezuclastinib were positive in 2025, leading to NDA submissions: - **SUMMIT**: Non-advanced systemic mastocytosis (NDA submitted December 2025) - **PEAK**: GIST (NDA expected in April 2026) - **APEX**: Advanced systemic mastocytosis (NDA to follow PEAK) [2][3] - **Expected Launch**: Anticipated launch in the U.S. in the second half of 2026 for at least the non-advanced systemic mastocytosis indication [3] Financial Position - **Cash Reserves**: Approximately **$900 million** on the balance sheet, providing a cash runway into 2028 [4] - **Profitability Outlook**: Positioned to discuss profitability based on the timing of commercializations [4] Intellectual Property - **Patent Protection**: Strong intellectual property position with protection extending into the mid-2040s, including composition of matter and formulation patents [6][7] Clinical Efficacy - **GIST Trial Results**: - **Median Progression-Free Survival**: **16.5 months** - **Objective Response Rate**: Nearly **50%**, significantly higher than historical drugs [8][9] - **Symptomatic Improvement**: Notable improvements in overall symptoms and mast cell burden in systemic mastocytosis patients [11][12] Commercial Strategy - **Commercial Organization**: Building a team of approximately **100 employees** focused on access and patient community engagement [22][23] - **Expanded Access Program**: Ongoing program to provide access to bezuclastinib for patients, enhancing experience prior to full commercial launch [21] Future Developments - **Pipeline Expansion**: Plans to initiate trials for additional indications, including first-line GIST and combination therapies [18][19] - **New Assets**: Development of a selective JAK2 V617F inhibitor and a pan-KRAS inhibitor, with IND filings expected in 2026 [25][26] Pricing Strategy - **Benchmarking**: Pricing will be informed by existing KIT inhibitors, with current benchmarks around **$41,000 to $46,000** per month [39][40] International Expansion - **Partnerships**: Actively exploring partnerships for commercialization outside the U.S., particularly in Europe and other regions [41][42] Conclusion Cogent Biosciences is positioned for significant growth with its lead asset, bezuclastinib, targeting substantial market opportunities in rare diseases. The company is on track for multiple NDA submissions and a potential launch in 2026, backed by a strong financial position and a robust clinical pipeline.