Downloaded from Capital IQ by Zoe Shi (zshi@generalatlantic.com) at General Atlantic Service Company, L.P. on Friday May 31 2024 09:16:30 AM, Sessionid:uz33kb2ioepo1sx3rps1zyy3 Ac更ces多sib资le v料ers加ion入知识星球：水木调研纪要 关注公众号：水木纪要 The Flow Show Pain = Gain Scores on the Doors: crypto 51.4%, gold 13.1%, commod 9.1%, stocks 8.9%, oil 8.7%, 3 1 May 2024 US dollar 3.4%, cash 2.2%, HY bonds 1.8%, IG bonds -1.7%, govt bonds -5.6% YTD. Investment Strategy Global Tale of the Tape: political polarization, protectionism, wa ...

Key Points Industry: Biopharma | North America * **Overall Market**: The biopharma industry in North America is experiencing growth, with various therapies showing positive sales trends. * **Oncology**: Oncology drugs, particularly immuno-oncology therapies, are driving growth in the biopharma industry. Key players include Bristol Myers Squibb (Opdivo, Yervoy), Merck (Keytruda), and AstraZeneca (Lynparza). * **BTK Inhibitors**: BTK inhibitors are also a significant growth area, with drugs like Imbruvica, Calquence, and Brukinsa showing strong sales growth. * **Biosimilars**: Biosimilars are gaining market share, with examples including Neulasta, Avastin, and Herceptin biosimilars. Companies * **Bristol Myers Squibb (BMY)**: * Opdivo and Yervoy are leading oncology drugs, with strong sales growth. * Opdivo sales by indication: NSCLC (25%), Melanoma (15%), RCC (10%), HNSCC (5%), Urothelial Carcinoma (5%), and others (5%). * Keytruda sales by indication: NSCLC (24%), Melanoma (8%), H&N (8%), Bladder (8%), MSI-High (11.2%), RCC (8%), TNBC (8%), and others (12.5%). * **Merck (MRK)**: * Keytruda is a leading oncology drug, with strong sales growth. * Keytruda sales by indication: NSCLC (24%), Melanoma (8%), H&N (8%), Bladder (8%), MSI-High (11.2%), RCC (8%), TNBC (8%), and others (12.5%). * **AstraZeneca (AZN)**: * Lynparza is a leading PARP inhibitor, with strong sales growth. * Lynparza received additional approvals for first-line maintenance therapy in ovarian cancer and metastatic castration-resistant prostate cancer. * **AbbVie (ABBV)**: * Imbruvica is a leading BTK inhibitor, with strong sales growth. * Imbruvica sales by indication: MCL (50%), CLL (30%), Waldenstrom's Macroglobulinemia (10%), Marginal Zone Lymphoma (5%), and Chronic GVHD (5%). * **Pfizer (PFE)**: * Bavencio and Imfinzi are leading immuno-oncology drugs, with strong sales growth. * Bavencio sales by indication: Melanoma (50%), NSCLC (25%), SCLC (25%), and others (0%). * Imfinzi sales by indication: NSCLC (50%), SCLC (25%), H&N (25%), and others (0%). * **Johnson & Johnson (JNJ)**: * Erleada and Zytiga are leading androgen receptor inhibitors, with strong sales growth. * Erleada sales by indication: Castration-resistant prostate cancer (metastatic high-risk). * Zytiga sales by indication: Castration-resistant prostate cancer (non-metastatic). * **Amgen (AMGN)**: * Kyprolis is a leading proteasome inhibitor, with strong sales growth. * Kyprolis sales by indication: Multiple Myeloma (100%). Other Important Points * **IQVIA Sales Data**: The report uses IQVIA sales data to analyze market trends and drug sales. * **Normalization**: Sales data is normalized to a 4-week basis to compare with other months. * **Reporting Restrictions**: Some drugs have reporting restrictions due to contractual conditions between suppliers and manufacturers. * **Market Share**: The report also analyzes market share for various drugs and therapies.

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 supplier/geography. M Update | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Good day, and thank you for standing by. Welcome to the Encino First Quarter Fiscal Year 2025 Financial Results Conference Call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. After the speaker's presentation, there will be a question and answer session. To ask a question, please press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. I would now like to hand the con ...

Summary of Moderna, Inc. (NASDAQ:MRNA) Conference Call Company Overview - **Company**: Moderna, Inc. (NASDAQ:MRNA) - **Event**: Bernstein's 40th Annual Strategic Decisions Conference - **Date**: May 31, 2024 - **Participants**: - Stephane Bancel - CEO - Courtney Breen - Bernstein U.S. biopharma analyst Key Points Industry and Company Insights - **mRNA Technology**: Moderna's foundation is based on mRNA as a digital medicine, allowing for the creation of drugs that are not feasible with traditional methods [3][4] - **Platform Company**: Moderna aims to be a platform company with a focus on scalability and efficiency in drug development, leveraging synthetic manufacturing processes [9][10] - **Pipeline**: The company has a robust pipeline with 28 vaccines and 16 therapeutic programs, targeting a total addressable market (TAM) of approximately $27 billion for respiratory vaccines and over $10 billion for rare diseases [11][12] Financial and Market Position - **Investment in R&D**: Moderna's R&D investment is comparable to that of established companies like Amgen, indicating a strong commitment to innovation [11] - **Market Leadership**: The company anticipates becoming the largest vaccine company globally, with a significant number of products in late-stage development [14][15] Product Development and Approvals - **Upcoming Approvals**: Expected approvals include RSV vaccine and flu plus COVID combination vaccine, with potential market availability as early as fall 2025 [16][15] - **Cancer Treatment**: Moderna is optimistic about its cancer treatment pipeline, particularly in enhancing the efficacy of existing therapies like KEYTRUDA [20][21] Manufacturing and Scalability - **Manufacturing Efficiency**: The company is focused on reducing manufacturing cycle times and increasing throughput, which is critical for individualized treatments [24][25] - **New Facilities**: Moderna is building new manufacturing plants to support its growing pipeline and improve production capabilities [63] Commercial Strategy - **Leadership Role**: Stephane Bancel has taken on the role of Chief Commercial Officer to ensure the commercial success of Moderna's products [29][30] - **Customer Engagement**: The company is enhancing its relationships with pharmacies and healthcare providers to streamline distribution and improve customer intimacy [41][42] Regulatory and Safety Considerations - **FDA Interactions**: Moderna is in the process of obtaining FDA approvals for its products, with a focus on safety and efficacy data [45][46] - **Safety Profile**: The company believes it may have a safety advantage over competitors, particularly concerning rare side effects like Guillain-Barré syndrome [49][50] Future Outlook - **Long-term Vision**: Over the next decade, Moderna aims to expand its vaccine offerings significantly, addressing a wide range of diseases, including cancers linked to viral infections [18][19] - **mRNA Platform Evolution**: The company is exploring the potential of its mRNA platform to revolutionize vaccine development and stockpiling strategies in response to emerging infectious diseases [51][52] Additional Considerations - **Collaboration Opportunities**: Moderna is in discussions with the U.S. government regarding potential collaborations for vaccine development, particularly for avian flu [57][58] - **Market Dynamics**: The company is adapting its strategies based on lessons learned from the COVID-19 pandemic, particularly in manufacturing and rapid response capabilities [56][59] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Moderna's innovative approach and future ambitions in the biopharmaceutical industry.

JPMorgan Chase & Co. (NYSE:JPM) Bernstein's 40th Annual Strategic Decisions Conference May 29, 2024 9:00 AM ET Company Participants James Dimon - CEO Conference Call Participants Unidentified Analyst Thanks, everyone. Very happy to have JPMorgan Chase CEO, Jamie Dimon joining us. Jamie, thanks so much for coming back. Great to have you here. James Dimon Thank you. Question-and-Answer Session Q - Unidentified Analyst I was hoping to start off with a few follow-ups from Investor Day last week. Couple of thing ...

Texas Instruments Incorporated (NASDAQ:TXN) Conference Call Summary Company Overview - **Company**: Texas Instruments Incorporated (TI) - **Industry**: Semiconductor - **Event**: Bernstein's 40th Annual Strategic Decisions Conference Call - **Date**: May 30, 2024 Key Points and Arguments Capacity and Capital Expenditure (CapEx) Plans - TI plans to invest **$5 billion in CapEx per year from 2022 to 2026**, increased from **$3.5 billion**. This investment aims to support **7% to 10% revenue growth** post-2026 [5][6] - The company is currently reviewing its plans in light of recent activist involvement from Elliott Management [3][4] Market Opportunities - TI identifies **secular growth in industrial and automotive sectors** as accelerating, despite current inventory corrections [8][12] - The company has achieved **75% of its revenue in 2023** from industrial and automotive markets, indicating a strong market position [11] Revenue Growth and Capacity Utilization - TI has grown its industrial and automotive revenue at a **10% CAGR from 2013 to 2023** and anticipates further acceleration [13] - The **Lehi fab** is expected to support **$4 billion in revenue** at full capacity, ramping to production by 2025 [17] - **RFAB2** is projected to support **$6 billion in revenue** when fully operational [21] Strategic Investments - TI is modernizing its **150mm wafer fab** in Sherman, Texas, to enhance production efficiency and reduce costs [22][24] - The company is also investing in **new fabs** (LFAB2 and Sherman) to support advanced technology and higher revenue potential [26][32] Market Share and Competitive Landscape - TI acknowledges losing market share in China due to capacity constraints but is optimistic about regaining it as production ramps up [46][70] - The company competes effectively in China, with **80% of its revenue** in the region coming from industrial and automotive sectors [70] Pricing and Inventory Strategy - TI has maintained a customer-friendly pricing strategy, avoiding significant price hikes compared to competitors, which may have affected its revenue peak in 2022 [47][48] - The company is building inventory strategically to prepare for future demand surges, reflecting lessons learned from past cycles [51][53] Future Outlook - TI expects a **good year in 2024**, with signs of recovery in various markets, particularly automotive, which has shown resilience [58][59] - The company anticipates that the **industrial sector** will be the last to recover, with a timeline extending into late 2024 for full recovery [60] Emerging Technologies and Growth Markets - TI sees significant opportunities in **electric vehicles (EVs)**, with potential content per vehicle exceeding **$1,000** as the market evolves [78][81] - The company is also exploring opportunities in **AI**, particularly in cloud and server applications, which require advanced power management solutions [82] Additional Important Insights - TI's **distribution revenue mix** is approximately **25%**, with ongoing investments in e-commerce to enhance customer engagement [63] - The **CHIPS Act** has positively influenced TI's investment strategy, allowing for increased capacity investments [74][75] This summary encapsulates the critical insights from the Texas Instruments conference call, highlighting the company's strategic direction, market positioning, and future growth opportunities.

Good day everyone and welcome to the second quarter 2024 HP Incorporated Earnings Conference call. My name is Eric and I'll be your conference moderator for today's call. At this time all participants will be in listen-only mode. We will be facilitating a question and answer session towards the end of the conference. Should you need assistance during the call, please signal a conference specialist by pressing the star key followed by zero. As a reminder, this conference is being recorded for replay purposes ...

Good day and welcome to the C3AI's fourth quarter fiscal year 2024 conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand t ...

eBay Inc. Conference Call Summary Company Overview - **Company**: eBay Inc. (NASDAQ: EBAY) - **Event**: Bernstein 40th Annual Strategic Decisions Conference - **Date**: May 30, 2024 - **Participants**: Stephen Priest (CFO), Nikhil Devnani (Bernstein Analyst) Key Points Recent Developments - eBay closed a significant deal with Adevinta, realizing $2.4 billion from the sale of a stake, which was a 50% increase on the initial price discussed [5][4] - eBay retains an 18% stake in Adevinta and has the option to divest an additional 10% over the next six months [5] Capital Allocation - Since 2022, eBay has returned $6.2 billion to shareholders, exceeding its target of 125% of free cash flow [7][8] - Future capital allocation strategies will be discussed in the next earnings release [6] Strategic Direction - eBay is focusing on three key pillars: relevant experiences, scalable solutions, and magical innovation [12][13] - The company aims to enhance trust and relevance in key markets (U.S., U.K., Germany) [12] Enthusiast Buyers - eBay has 132 million active buyers, with 16 million classified as "enthusiast buyers," who account for 70% of GMV [16][17] - Enthusiast buyers spend an average of $3,000 each, primarily in focus categories [17] Market Trends - The U.K. and Germany have experienced negative e-commerce growth for eight quarters, attributed to inflation and reduced disposable income [27][28] - The U.S. market is slightly better but still faces challenges due to inflation [29] Focus Categories - Focus categories represent 30% of overall GMV and grew 4% year-over-year in 2023 [23] - eBay is seeing positive growth in focus categories, with a 5% increase in Q1 [23] Innovation and Technology - Generative AI is being leveraged to enhance user experience and streamline listing processes [14][55] - eBay is investing in technology to improve search capabilities and listing efficiency [41][55] Financial Performance - eBay expects a 200 basis point increase in revenue growth compared to GMV for 2024, driven by advertising revenue [62] - The company anticipates margin expansion in 2024, guided by cost efficiencies and leveraging past investments [65][66] M&A Strategy - eBay follows a "build, buy, partner" framework for capital deployment, focusing on enhancing core business relevance [80] - Recent acquisitions include partnerships in collectibles and trading cards, aimed at driving innovation [81][82] Future Outlook - eBay aims for GMV to turn positive in Q3 or Q4 of 2024, with a focus on sustainable growth [72] - The company targets mid-single-digit GMV growth in the medium to long term, contingent on macroeconomic conditions [78] Seller Engagement - eBay's platform supports a large number of C2C sellers, with many engaging more during economic downturns [34] - The company emphasizes creating economic opportunities for sellers while being environmentally conscious [35] Conclusion - eBay is navigating a challenging macro environment while focusing on strategic investments, enhancing buyer experiences, and leveraging technology to drive growth and shareholder value [76][78]