Merck & Co., Inc. (NYSE:MRK) Goldman Sachs 45th Annual Global Healthcare Conference Call June 11, 2024 10:00 AM ET Company Participants Robert Davis - Chairman, President and Chief Executive Officer Dean Li - Executive Vice President and President, Merck Research Laboratories Conference Call Participants Chris Shibutani - Goldman Sachs Chris Shibutani Okay, let's get underway. Good morning, everybody, and welcome to the Second Day of the conference. My name is Chris Shibutani. And on behalf of the entire Go ...

Summary of CRISPR Therapeutics AG Conference Call Company Overview - **Company**: CRISPR Therapeutics AG (NASDAQ: CRSP) - **Date**: June 11, 2024 - **Participants**: Sam Kulkarni (CEO), Salveen Richter (Goldman Sachs) Key Points Industry and Company Focus - CRISPR Therapeutics is focusing on multiple verticals: cancer, ex-vivo non-cancer, regenerative medicine, and in vivo gene editing [2][3][5] - The company aims to balance its portfolio between rare and common diseases, believing CRISPR technology can impact both equally [2][3] Pipeline and R&D Strategy - The company has an approved drug, Casgevy, for sickle cell disease and thalassemia, marking a significant milestone [3] - CRISPR is leveraging its expertise in cell handling and technologies to develop best-in-class CAR-T therapies for cancer [3] - Regenerative medicine is viewed as an under-invested area with potential for significant impact on longevity and organ replacement [4] - In vivo gene editing is a growing focus, with plans for multiple programs targeting various organs [5] Innovation and Adaptation - CRISPR Therapeutics is committed to staying at the forefront of gene editing technology, adapting to innovations in the field [7][8] - The company has established a group called CRISPR X to explore next-generation applications of CRISPR technology [8] Delivery Technology - The company is shifting focus from viral delivery vehicles to lipid nanoparticles (LMPs) due to their safety and degradability [11][12] - LMPs are being explored for various organ systems, with ongoing challenges in non-liver applications [13] Commercial Portfolio and Casgevy Launch - The launch of Casgevy is seen as a significant opportunity, with high demand and supportive reimbursement from healthcare systems [15][16][17] - The company anticipates a long-term growth trajectory for Casgevy, differing from typical pharmaceutical launches [18] Reimbursement Landscape - The U.S. market has normalized its approach to rare disease pricing, with a better understanding of cell and gene therapies [20] - European markets are still adapting, with varying processes across countries [21] Patient Preferences - Patients show a preference for CRISPR-based therapies over traditional gene therapies when both options are available [24][25] Future Developments - The company is working on improving the preconditioning regimen for Casgevy to expand the patient population [26][27] - In vivo editing for hematopoietic cells is a long-term goal, with ongoing research into targeted LMPs [29] Cardiovascular Disease Trials - Upcoming data on cardiovascular disease trials is expected to provide insights into gene editing's effectiveness in reducing risk factors [31][32] Autoimmune Vertical - CRISPR is exploring opportunities in autoimmune diseases, particularly lupus, with a focus on CD19-directed cell therapies [34][36] - The company is well-positioned to compete in this space due to its unique approach and manufacturing capabilities [38] Oncology Portfolio - The oncology vertical remains a priority, with upcoming data expected to inform future strategies [41][44] - The company is advancing multiple CAR-T programs, including CTX-110 and CTX-112, targeting CD19 and CD70 [46] Regenerative Medicine - Regenerative medicine efforts are significant, particularly in developing stealth cells for Type 1 diabetes and other organ systems [48][50] Conclusion CRISPR Therapeutics AG is strategically positioned in the gene editing landscape, focusing on a diverse pipeline that includes cancer therapies, regenerative medicine, and autoimmune diseases. The company is adapting to technological advancements and market dynamics while maintaining a strong emphasis on patient needs and innovative delivery methods.

Key Points Industry/Company * **Company**: Advanced Micro Devices, Inc. (AMD) * **Industry**: Technology, Semiconductor, Computing Core Views and Arguments * **AMD's Comprehensive Portfolio**: AMD highlighted its comprehensive portfolio covering CPU, GPU, MPU, and FPGA, positioning itself as a leader in end-to-end solutions for data centers, PCs, and embedded systems [4]. * **AI and Data Center Focus**: AMD emphasized its focus on AI and data center technologies, showcasing its leadership in performance per watt and performance per dollar with its Gen 5 EPYC servers [6]. * **GPU Roadmap**: AMD outlined its GPU roadmap, including the MI325, MI350, and MI400, showcasing significant performance improvements and competitive advantages over NVIDIA's offerings [7]. * **Chiplet Architecture**: AMD highlighted its adoption of Chiplet architecture, providing flexibility and enabling higher memory capacity and faster roadmap development [8]. * **Open Standard for Interconnect**: AMD discussed its collaboration with industry leaders to establish an open standard for interconnect, supporting 2,000 GPUs and driving interconnect scalability [11]. * **Software Development**: AMD emphasized its progress in software development, including ROCm 6.1 and library tools, facilitating easier model porting and customer adoption [14]. * **Inference vs. Training**: AMD acknowledged its focus on inference, driven by market demand and its competitive advantages in memory capacity and bandwidth [16]. * **HBM Supply Chain**: AMD addressed HBM supply chain challenges, noting capacity limitations but optimism for improvement in the second half of the year [19]. * **Traditional Server Market**: AMD discussed the traditional server market, highlighting its momentum with Gen 4 server CPU platforms and market share gains [21]. * **Enterprise Market**: AMD emphasized its focus on the enterprise market, particularly the commercial segment, and its go-to-market approach for expanding market share [33]. * **Gross Margin**: AMD discussed its gross margin progress, driven by data center mix and improvements in performance per watt and performance per dollar [36]. Other Important Points * **AMD's Leadership in IPC**: AMD showcased its leadership in IPC with the AIPC 300 series, offering premium notebook solutions with advanced GPU and NPU capabilities [5]. * **ARM-based PCs**: AMD discussed the potential of ARM-based PCs, emphasizing its competitive advantages in performance and ecosystem compatibility [27]. * **AI Application Adoption**: AMD highlighted the importance of AI applications in driving AIPC adoption, particularly in the enterprise segment [31]. * **Gaming Business**: AMD acknowledged the impact of the gaming business on gross margin, noting its lower than average gross margin and the impact of the gaming cycle [37].

Teva Pharmaceutical Industries Limited Conference Call Summary Company Overview - **Company**: Teva Pharmaceutical Industries Limited (NYSE: TEVA) - **Event**: Goldman Sachs 45th Annual Global Healthcare Conference Call - **Date**: June 11, 2024 Key Points Pivot to Growth Strategy - **Focus on Innovation**: The "Pivot to Growth" strategy emphasizes innovative products as a core component of Teva's growth from 2023 to 2030 [5][11][12] - **Capital Allocation**: Teva has established four pillars for capital allocation: delivering on growth engines, stepping up innovation, creating a sustainable generics powerhouse, and focusing the business [5][6][8] - **Performance Metrics**: The company has seen significant growth in products like AUSTEDO, AJOVY, and UZEDY, indicating effective resource allocation and capability building [6][9] Financial Targets - **Revenue Growth**: Teva aims to return to revenue growth with a target of 30% EBIT margins by 2027, although this growth is expected to be non-linear due to ongoing investments in innovative products [10][11][12] - **Investment in R&D**: Increased spending on R&D and sales/marketing is noted, with a focus on ensuring these investments lead to profitable growth [10][11] Product Pipeline and Development - **Innovative Pipeline**: Teva has a robust pipeline in Phase 3, including products like olanzapine, TL1A, and IL15, which are expected to drive future growth [14][16][30] - **Focus Areas**: The company is concentrating on CNS (central nervous system) and immunology for pipeline expansion, leveraging existing capabilities [18][19] Market Dynamics - **Long-Acting Injectables**: Teva is optimistic about the potential for long-acting injectables like olanzapine and UZEDY, which are designed to improve patient compliance [20][24][26] - **Biosimilars Strategy**: Teva is late to market with biosimilars like HUMIRA but remains optimistic about future uptake, focusing on maximizing opportunities while being cautious about capital investment [56][58] Generics Business - **Market Position**: Teva remains a world leader in generics, with a strong presence outside the US, but faces challenges in the US market due to pricing pressures [70][72] - **Pricing Strategy**: The company does not anticipate improvement in pricing for generics and plans to focus on launching new products with less competition to maintain profitability [71][72] Operational Focus - **Performance Culture**: Teva is fostering a performance-based culture, emphasizing accountability and execution to meet ambitious targets [49][50] - **Clinical Trials**: The company is committed to accelerating clinical trials and recruitment processes to bring products to market faster [42][43] Additional Insights - **Market Awareness**: Teva believes that the presence of competitors like AstraZeneca can help raise awareness for products like ICS/SABA, which is expected to be a significant market opportunity [39][40] - **Patient Population**: There is a large untreated patient population for conditions like tardive dyskinesia, which Teva aims to address through targeted marketing and adherence programs [54][55] This summary encapsulates the key insights from the conference call, highlighting Teva's strategic focus, financial targets, product pipeline, and market dynamics.

Company and Industry Overview * **Company**: Corteva, Inc. (NYSE:CTVA), a leading global provider of seed and crop protection solutions in the agricultural sector. * **Industry**: Agri-tech, specifically seed and crop protection. * **Merger and IPO**: Formed post the merger of DowDuPont in 2017, with an IPO in 2019. Key Accomplishments and Financials * **Technology Innovation**: Added 7,000 patents to its technology innovation portfolio over the past five years. * **Operational Improvements**: Improved EBITDA margins by over 500 basis points from 2019 to 2023, reaching 19.6%. * **Cash Return to Shareholders**: Returned over $5 billion in dividends and share buybacks during the same period. Business Performance Update * **Seed Business**: Strong start to the year, with favorable planting conditions and good volume in the US and Pioneer core corn seed business. * **Crop Protection Business**: Headwinds due to tough comparisons from the previous year and demand-supply imbalances. However, generated over $1 billion of EBITDA and maintained strong cash flow. * **Market Updates**: * **US**: Planting progress is on track, with corn and soybean planting percentages close to historic averages. * **Europe**: Cold and damp weather in Northern Europe has delayed planting and Crop Protection applications, impacting the second quarter. * **Latin America**: Severe flooding in Southern Brazil and Argentina may affect the upcoming season, with corn stunt in Argentina being a new concern. Financial Guidance * **EBITDA**: Guidance of $3.5 billion to $3.7 billion for the year, with the second half expected to be slightly down year-over-year due to weather-related factors. * **Cost Savings**: Targeting $350 million to $450 million in cost savings, including royalty expense reductions, productivity improvements, and ingredient cost deflation. * **Capital Allocation**: Targeting $1.5 billion to $2 billion in free cash flow generation, with a focus on dividends and share buybacks. Future Outlook * **2025 EBITDA Margin**: Targeting 21% to 23%, driven by seed pricing, new Crop Protection products, and the biologicals business. * **Investment in Innovation**: Continuing to invest in innovation, including new products, the biologicals business, and gene editing technologies. * **Upcoming Investor Day**: Scheduled for November in New York, focusing on strategy, the future of agriculture, and innovation.

3M Company (NYSE:MMM) 2024 Wells Fargo Industrials Conference June 11, 2024 8:15 AM ET Company Participants Monish Patolawala - CFO Conference Call Participants Joe O'Dea - Wells Fargo Joe O'Dea All right. Good morning, everyone. We are excited to get the Wells Fargo 2024 Industrials Conference underway and thrilled to have 3M with us this morning. From the company, we have CFO, Monish Patolawala. I'm Joe O'Dea. I cover the multi-industry sector here at Wells. To kick it off, I'll turn it over to you, Monis ...

Company and Industry Overview * **Company**: Wells Fargo & Company (NYSE:WFC) * **Industry**: US Financials, Payments & CRE * **Date**: June 11, 2024 * **Participants**: * Michael Santomassimo - CFO, Wells Fargo * Unidentified Analyst Key Themes and Discussion Points 1. EPS Growth Drivers * **Higher for Longer**: * Analysts highlighted the potential for EPS growth due to higher interest rates and longer duration. * CFO Michael Santomassimo acknowledged the positive impact of higher rates but emphasized the importance of considering other factors like deposits and loan growth. * **Expense Ratio Improvement**: * Analysts mentioned the potential for expense ratio improvement as a driver of EPS growth. * CFO Santomassimo discussed ongoing efforts to improve efficiency and reduce costs across the organization. * **Capital Deployment Opportunities**: * Analysts inquired about capital deployment opportunities, including buybacks and investments. * CFO Santomassimo emphasized the importance of serving clients and maintaining capital levels while considering buyback opportunities. 2. Net Interest Income (NII) Outlook * **Down 7% to 9% Year-on-Year**: * Analysts questioned the NII outlook given the expectation of only one rate cut in 2024. * CFO Santomassimo confirmed the NII outlook and highlighted the importance of considering factors like deposits and loan growth in addition to interest rates. * **Deposit Pricing and Mix Shift**: * CFO Santomassimo discussed the stability of deposit pricing and the shift in deposit mix, noting the migration of funds from checking accounts to CDs and savings. * He expressed confidence in the stability of consumer deposits and the potential for further migration in the future. 3. Loan Growth * **Muted Loan Demand**: * CFO Santomassimo acknowledged the muted loan demand, attributing it to cautiousness around inventory builds and capital investments. * He emphasized the importance of maintaining consistent credit underwriting practices and focusing on the long-term credit risk profile of the commercial book. * **Consumer Lending**: * CFO Santomassimo discussed the lack of refinance volume in the mortgage market and the impact of credit tightening in the auto lending space. * He highlighted the strong performance of the card business, driven by the efforts to rebuild the business over the past few years. 4. Wealth and Investment Management * **Growth Strategies**: * CFO Santomassimo outlined three key growth strategies within the wealth management business: * Growing the core advisor business * Providing more investment advice to bank customers * Expanding the independent advisor channel * He emphasized the early stages of these initiatives and the potential for growth in the future. 5. Expenses and Capital * **Efficiency Initiatives**: * CFO Santomassimo discussed ongoing efforts to improve efficiency and reduce costs across the organization, noting the completion of $8 billion to $10 billion in gross savings over the past few years. * He highlighted the potential for further efficiency improvements and the reinvestment of savings into the business. * **Capital Deployment**: * CFO Santomassimo discussed the company's capital deployment strategy, emphasizing the importance of serving clients and maintaining capital levels while considering buyback opportunities. * He highlighted the company's commitment to returning capital to shareholders and the significant amount of stock repurchased since 2020. 6. Outlook and Goals * **ROTCE Goal**: * CFO Santomassimo expressed confidence in achieving the company's medium-term ROTCE goal of 15%. * He highlighted the importance of executing on the card and home lending initiatives, optimizing capital levels, and improving efficiency to achieve this goal.

Summary of Intuit Inc. (NASDAQ:INTU) Investor Conference Call Company Overview - Intuit serves 100 million customers, including 90 million consumers and 10 million small businesses, primarily through its brands QuickBooks and TurboTax [3][4] - The company generates over $16 billion in revenue, with more than half from small businesses, approximately 15% from Credit Karma, and about 35% from TurboTax [4] Key Points from the Earnings Call Financial Performance and Guidance - Intuit raised its revenue growth and margin guidance despite the uncertain economic environment [6] - The small business segment has shown an 18% growth over the last couple of quarters, with the online ecosystem growing at a 19% rate [6] - Payment volumes increased by 22% in the last quarter, indicating strong portfolio resilience [7] Consumer Segment Insights - The assisted tax market, valued at $20 billion, grew by 17%, contributing $1.4 billion, or 30% of the Consumer Group's revenue [7] - TurboTax Live units increased by 12%, and full-service customers doubled year-over-year [8] Growth Strategies - Intuit aims to improve the customer experience for tax services, particularly through Credit Karma, which has over 40 million monthly active users [9] - The company is transitioning from a software-based to a service-based shopping experience [10] - Local search visibility is being enhanced to improve conversion rates for tax preparer searches [11] Market Dynamics - Small businesses are performing better than pre-COVID levels, with profitability up over the last six months, although cash reserves have decreased [19] - The company supports a diverse range of small businesses, which helps mitigate risks associated with economic fluctuations [20] Mid-Market Strategy - Intuit is focusing on improving its offerings for mid-market customers, including enhancing product features and go-to-market strategies [31][32] - The company is building a dedicated account management team for mid-market engagement [32] Competitive Advantages - Intuit's competitive edge lies in its existing customer base, ease of use, and integrated offerings that reduce the need for third-party services [34][36] AI Strategy - Intuit has been investing in AI since 2018, leveraging its extensive customer data to enhance product offerings and customer experiences [39] - AI applications are being tested in TurboTax and QuickBooks, showing promising results in customer retention and conversion rates [40][42] Profitability and Margins - Operating leverage is a key focus, with a goal to grow revenue faster than expenses, leading to margin expansion [46] - The use of third-party cloud services for processing helps keep costs down while leveraging proprietary AI models for better performance [49] Additional Insights - The Mailchimp acquisition is expected to enhance cross-selling opportunities and improve international market performance [24][29] - Intuit is committed to localized product offerings and marketing strategies to better serve international markets [25] This summary encapsulates the key insights and strategic directions discussed during the Intuit Inc. investor conference call, highlighting the company's growth potential and market positioning.

Regeneron Pharmaceuticals, Inc. Conference Call Summary Company Overview - **Company**: Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) - **Event**: Goldman Sachs 45th Annual Global Healthcare Conference - **Date**: June 11, 2024 Key Points Capital Allocation Strategy - Regeneron's capital allocation strategy is based on three pillars: 1. Investment in internal R&D capabilities, which is considered the best long-term value for shareholders [6] 2. Investment in manufacturing capabilities, including a recent investment in a fill package and labeling facility in Rensselaer, New York [6] 3. Returning capital to shareholders through share buybacks, with over $12 billion spent since the program began and an additional $3 billion authorized for buybacks [8] Development Balance with Sanofi - As of the first quarter, the development balance with Sanofi was $2.2 billion, expected to be fully reimbursed by the end of 2026, potentially adding $600 million to $800 million in profitability for Regeneron [10][11] EYLEA HD Product Update - EYLEA HD received a permanent J-code from CMS, streamlining reimbursement and increasing physician confidence in prescribing [14] - The product is seeing a steady increase in prescribing, with a significant portion of patients switching from EYLEA and other treatments [17][18] - Over 80% of lives are covered for EYLEA HD, indicating strong market penetration [19] Legal Matters - Regeneron is involved in litigation to protect its aflibercept formulation patent, with a recent favorable ruling in December 2023 [21] - The company is seeking injunctions against biosimilar applicants to prevent market entry until patent expiration in June 2027 [22] Dupixent Update - The FDA extended the PDUFA date for Dupixent in COPD due to additional analyses requested, but Regeneron remains confident in its approvability [24][25] - The patent portfolio for Dupixent is robust, with ongoing preclinical activities to extend treatment duration and explore biobetters [27] Pipeline Developments - Upcoming data releases include: - PDUFA date for linvoseltamab in August 2024 - Libtayo adjuvant CSCC data by the end of 2024 - Phase 3 melanoma data expected in 2025 [29][30] - Regeneron is also exploring obesity treatments with promising early data from Phase 1 studies [33][35] Allergy and Oncology Programs - Initial data from a combination study of linvoseltamab and Dupixent in severe food allergies is expected by the end of 2024 [42] - The oncology portfolio is highlighted by the fianlimab program, with lung data anticipated by the end of 2024 [46] M&A and Dividend Considerations - Regeneron has $17.5 billion in cash, providing flexibility for potential M&A opportunities, though no immediate plans are in place [57] - The company is evaluating the possibility of issuing dividends but has not committed to any at this time [58] Additional Insights - Regeneron is focused on innovative R&D across various therapeutic areas, including oncology, genetic medicines, and inflammation [54] - The company is optimistic about its pipeline and the potential for new treatments to address unmet medical needs [55]

NXP Semiconductors N.V. (NASDAQ:NXPI) NASDAQ Investor Conference Conference Call June 11, 2024 4:00 AM ET Company Participants Kurt Sievers - President & CEO Bill Betz - CFO Conference Call Participants Blayne Curtis - Jefferies Blayne Curtis Go ahead and get started. And I'm Blayne Curtis, recently joined Jefferies, covering U.S. Semiconductor, Semi Cap Equipment. I've known NXP for a very long time. Very happy to have Kurt Sievers, the President and CEO; as well as Bill Betz, who's the CFO. Welcome both o ...