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Medtronic plc (MDT) JPMorgan 42nd Annual Global Healthcare Conference (Transcript)
2024-01-09 17:28
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.
Waters Corporation (WAT) Presents at 42nd Annual J.P. Morgan Healthcare Conference (Transcript)
2024-01-09 17:21
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 (BNS) RBC Capital Markets Canadian Bank CEO Conference
2024-01-09 16:25
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 ...
Merck & Co., Inc. (MRK) Presents at JPMorgan 42nd Annual Healthcare Conference (Transcript)
2024-01-09 05:39
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 ...
Moderna, Inc. (MRNA) Presents at J.P. Morgan 42nd Annual Healthcare Conference Transcript
2024-01-09 02:18
Moderna, Inc. (NASDAQ:MRNA) J.P. Morgan 42nd Annual Healthcare Conference January 8, 2024 6:45 PM ET Company Participants Jamey Mock - Chief Financial Officer Conference Call Participants Jessica Fye - JPMorgan Jessica Fye Great. Welcome, everyone. Good afternoon. Good afternoon. My name is Jessica Fye. I'm a biotech analyst at JPMorgan, and we're continuing the 42nd Annual Healthcare Conference today with Moderna. I'm going to pass it over to the company's CFO, Jamey Mock, for a presentation and then we're ...
Pfizer Inc. (PFE) J.P. Morgan 42nd Annual Healthcare Conference (Transcript)
2024-01-09 01:45
Pfizer Inc. (NYSE:PFE) J.P. Morgan 42nd Annual Healthcare Conference January 9, 2024 6:00 PM ET Company Participants Albert Bourla - Chairman and Chief Executive Officer Conference Call Participants Chris Schott - J.P. Morgan Chris Schott Good afternoon, everybody. I'm Chris Schott at J.P. Morgan, and it's my pleasure to be hosting a fireside chat today with Albert Bourla, Chairman and CEO of Pfizer. So, Albert, happy New Year. Thanks for joining us. I know you want to make some quick opening remarks and th ...
Regeneron Pharmaceuticals Inc. (REGN) 42nd Annual JPMorgan Healthcare Conference - (Transcript)
2024-01-09 01:25
Regeneron Pharmaceuticals Inc. - Key Takeaways from the 42nd Annual JPMorgan Healthcare Conference Call Company Overview - **Company**: Regeneron Pharmaceuticals Inc. (NASDAQ: REGN) - **Date**: January 8, 2024 - **Participants**: Leonard Schleifer (CEO), George Yancopoulos (CSO), Marion McCourt (EVP, Commercial) Core Industry Insights 2023 Performance Highlights - 2023 was a successful year with significant progress in both core products and pipeline development [2][5] - Key products include EYLEA and DUPIXENT, with EYLEA HD launched in August 2023 [5][7] - DUPIXENT achieved approximately $8.4 billion in sales in the first nine months of 2023, reflecting a 34% growth [8][9] EYLEA HD Launch - EYLEA HD generated $123 million in its first quarter, indicating strong market acceptance despite some prescriber hesitancy due to lack of a permanent J-code [7][8] - Approximately two-thirds of lives are covered, and a permanent J-code is expected to enhance reimbursement confidence by April 2024 [8][36] DUPIXENT Developments - DUPIXENT has been approved for five indications and is expected to launch for COPD, targeting approximately 500,000 patients in the G7 [10][20] - The product has shown a remarkable safety profile and efficacy across various allergic diseases [9][21] Pipeline and Innovation Oncology Pipeline - Regeneron is focusing on immuno-oncology, with three validated classes of immunomodulatory agents [14][15] - The company aims to be a leading oncology player by the end of the decade, with significant advancements in bispecific antibodies [10][15] - Upcoming pivotal data expected from ongoing trials, particularly in melanoma and multiple myeloma [17][57] Genetic Medicines - Regeneron is advancing genetic medicine initiatives, including CRISPR and siRNA technologies, with several programs entering clinical trials [26][27] - The collaboration with Alnylam has achieved proof-of-concept for silencing genes in the liver and brain [26] Obesity and Muscle Preservation - Regeneron is developing antibodies to improve weight loss quality by preserving muscle mass during caloric restriction [24][25] - Early data shows promising results in preclinical models, with trials expected to initiate soon [25] Future Opportunities Severe Allergies - A novel combination approach using DUPIXENT and BCMA bispecific is being explored to potentially reverse severe allergies [21][22] - Clinical trials are planned to assess the safety and efficacy of this combination [52] COPD and Other Indications - The company is preparing for the launch of DUPIXENT for eosinophilic COPD, with strong enthusiasm from pulmonologists [44][46] - Itepekimab, an IL-33 antibody, is also in development for a distinct subset of COPD patients [20] Conclusion - Regeneron is positioned for continued growth with a robust pipeline and innovative approaches across various therapeutic areas, including oncology, genetic medicine, and immunology [12][32] - The company emphasizes its commitment to scientific innovation and improving patient outcomes while maintaining a focus on corporate responsibility [32]
Biogen Inc. (BIIB) J.P. Morgan 42nd Annual Healthcare Conference (Transcript)
2024-01-08 21:48
Biogen Inc. (NASDAQ:BIIB) J.P. Morgan 42nd Annual Healthcare Conference Summary Company Overview - **Company**: Biogen Inc. - **Industry**: Biotechnology and Pharmaceuticals - **Event**: J.P. Morgan 42nd Annual Healthcare Conference - **Date**: January 8, 2024 - **Participants**: Chris Viehbacher (CEO), Chris Schott (J.P. Morgan) Key Points Company Performance and Strategy - **2023 Reflections**: The past year was busy, with a focus on overcoming challenges from the ADUHELM controversy and declining revenues in the MS franchise. The company aimed to return to growth, which is crucial for both investors and internal motivation [4][5] - **Shift in Focus**: Biogen is transitioning from a focus on multiple sclerosis (MS) to new growth drivers, particularly LEQEMBI and Zuranolone. LEQEMBI has received full approval and is expected to address significant unmet needs in Alzheimer's treatment [5][6] - **Cost Management**: The company announced a $1 billion gross cost savings initiative, with $800 million net savings expected. This involved a complete redesign of the company to align with future success [6][7] Product Updates - **LEQEMBI**: The launch is progressing well, with a focus on establishing care pathways and addressing reimbursement issues. CMS has clarified reimbursement for LEQEMBI and related diagnostics, which is expected to facilitate patient access [12][14][15] - **Zuranolone**: Approved for postpartum depression, the product is expected to meet a significant unmet need, with a strong media presence aiding its launch [5][75] - **SKYCLARYS**: The launch is outperforming expectations, aided by active patient advocacy and a strong initial response. The company is also setting up early access programs in Europe [47][48] Research and Development - **Pipeline Focus**: The R&D pipeline has been streamlined to focus on high-value projects. Biogen is looking to expand its pipeline with assets in rare diseases and immunology, particularly through collaborations [54][55] - **Upcoming Data**: The company anticipates significant data releases in 2024, particularly regarding its ASO for tau and other ongoing studies in lupus and ALS [72][78] Market Dynamics - **Reimbursement and Diagnostics**: The introduction of blood-based diagnostics is expected to change the landscape for Alzheimer's diagnosis, potentially reducing reliance on PET scans and improving patient triage [43][44] - **Commercialization Strategy**: Biogen is focusing on establishing a strong go-to-market model in the U.S. before expanding its approach internationally. The collaboration with partners is being optimized to enhance efficiency [33][34] Financial Outlook - **2024 Expectations**: The company is shifting its revenue mix towards more product revenue, which is expected to improve gross margins. The focus will be on executing the growth strategy and managing operational expenses effectively [59][60] - **Long-term Growth**: Biogen aims to achieve a sustainable growth trajectory, with a focus on maintaining a disciplined approach to R&D investment while ensuring value creation [65][66] Conclusion - Biogen is positioned for a turnaround with a focus on innovative products and strategic cost management. The company is optimistic about its growth prospects, particularly with LEQEMBI and SKYCLARYS, while also addressing the challenges of market dynamics and operational execution [78]
Gilead Sciences, Inc. (GILD) J.P. Morgan 42nd Annual Healthcare Conference (Transcript)
2024-01-08 21:45
Gilead Sciences, Inc. (NASDAQ:GILD) J.P. Morgan 42nd Annual Healthcare Conference January 8, 2023 1:30 PM ET Company Participants Dan O’Day - Chairman and CEO Johanna Mercier - Chief Commercial Officer Merdad Parsey - Chief Medical Officer Andrew Dickinson - Chief Financial Officer Conference Call Participants Chris Schott - JPMorgan Chris Schott Good morning, everybody. I’m Chris Schott at JPMorgan, and it’s my pleasure to be introducing Gilead today. From the Company, we’re going to have a presentation fr ...
Johnson & Johnson (JNJ) J.P. Morgan 42nd Annual Healthcare Conference (Transcript)
2024-01-08 21:31
Johnson & Johnson. (NYSE:JNJ) J.P. Morgan 42nd Annual Healthcare Conference January 8, 2024 12:45 PM ET Company Participants Joaquin Duato - Chairman and CEO of J&J Conference Call Participants Chris Schott - JPMorgan Chris Schott Good morning, everybody. I'm Chris Schott at JPMorgan, and it's my pleasure to be hosting this fireside discussion today with Joaquin Duato, Chairman and CEO of J&J. So, Joaquin, Happy New Year. Great speaking with you today. I thought it might be a good way to start the conversat ...