AbbVie, Inc. (NYSE:ABBV) Conference Call Summary Company Overview - **Company**: AbbVie, Inc. - **Date**: May 15, 2024 - **Participants**: - Robert Michael - CEO - Roopal Thakkar - SVP, Chief Medical Officer, Global Therapeutics - Jeffrey Stewart - COO - **Industry**: Healthcare, specifically focusing on pharmaceuticals and biotechnology Key Points 1. Growth Platform Performance - The growth platform constitutes 80% of AbbVie's business and is experiencing mid-teens growth, contributing $5.6 billion in growth this year alone [2][3] - The company anticipates robust growth next year, projecting above industry average growth, ultimately aiming for high single-digit compound growth throughout the decade [3][5] 2. HUMIRA Erosion and Management - HUMIRA's revenue declined by approximately $6.5 billion last year and is expected to decline to about $4.5 billion this year [5] - Despite HUMIRA's erosion, AbbVie is returning to growth one year post the U.S. HUMIRA loss of exclusivity (LOE), a feat not achieved by others in the industry [5][13] 3. SKYRIZI and RINVOQ Outlook - SKYRIZI and RINVOQ are performing exceptionally well, with significant market share capture and continued momentum in inflammatory bowel disease (IBD) indications [4][6] - SKYRIZI is expected to receive UC approval mid-year, which will further enhance its growth trajectory [8] - RINVOQ is projected to expand into new indications by 2026-2028, potentially adding several billion dollars in peak revenue [9] 4. Oncology Pipeline Developments - AbbVie is focusing on its ADC (antibody-drug conjugate) pipeline, with promising programs in oncology, including ELAHERE and ABBV-400 [6][19] - The company is entering Phase III trials for ABBV-400 in colon cancer, showing greater depth of response compared to previous treatments [19][20] 5. Part D Benefit Changes - The redesign of the Part D benefit is expected to impact growth, particularly in immunology and oncology, but AbbVie has already factored this into their guidance [11][12] - The company anticipates several points of growth despite the changes, maintaining a robust growth outlook [12][13] 6. Aesthetics Business Recovery - The U.S. toxin market has returned to growth, with mid-single-digit growth observed in the first quarter [44] - AbbVie projects high single-digit growth for its aesthetics business, aiming for over $9 billion by 2029 [45][48] 7. Business Development Strategy - AbbVie is focusing on smaller-sized opportunities that can drive long-term growth, particularly in immunology and oncology [50][51] - The company is committed to maintaining a net leverage of 2x within 2-3 years while pursuing growth opportunities [52] 8. Competitive Landscape in Neuroscience - AbbVie is optimistic about its position in the neuroscience market, particularly with the development of tavapadon for Parkinson's disease [30][32] - The company believes its product profile offers advantages over competitors, enhancing its market share potential [36] 9. Market Dynamics and Share Performance - AbbVie has maintained its market share in the aesthetics segment despite competition from new entrants like DAXXIFY [44] - The company is seeing strong performance in its Juvederm family, contributing to overall share growth [45] 10. Future Growth Drivers - AbbVie is exploring innovative products, including short-acting toxins and regenerative fillers, to drive growth in the aesthetics market [48] - The company is also looking to expand its ADC capabilities and enhance its oncology portfolio through strategic investments [50][51] Conclusion AbbVie is navigating a transitional phase with the erosion of HUMIRA while focusing on its growth platforms, particularly SKYRIZI and RINVOQ. The company is optimistic about its oncology pipeline and aesthetics business recovery, with a strategic focus on smaller, high-potential opportunities for long-term growth.

Summary of CRISPR Therapeutics AG Conference Call Company Overview - **Company**: CRISPR Therapeutics AG (NASDAQ: CRSP) - **Event**: BofA Securities 2024 Health Care Conference Call - **Date**: May 15, 2024 - **CEO**: Samarth Kulkarni Key Points Company and Product Development - CRISPR has launched CASGEVY in collaboration with Vertex, which is performing well commercially [2][3] - The company has five clinical programs across various therapeutic areas: oncology, autoimmune, cardiovascular, rare diseases, and diabetes [3] - There are 10 preclinical programs, including new targets for AGT and ALS [3] - The company aims to advance multiple candidates towards pivotal trials and approvals, with a goal of becoming a $20 billion company [5] CASGEVY Launch and Market Potential - CASGEVY is seen as a bellwether for the industry, with significant enthusiasm from treatment centers [6] - The therapy targets severe sickle cell and thalassemia, with no existing alternatives, leading to high demand [6] - Vertex is expanding the number of treatment centers globally, particularly in regions with high prevalence of sickle cell disease [7] - Targeted conditioning is expected to triple the market potential for CASGEVY [8] In Vivo and CAR T Platforms - CRISPR has developed a modular and scalable in vivo platform, showing nearly 70% editing efficiency in non-human primate studies [10] - The company is advancing CAR T therapies, claiming to have some of the most potent allogeneic CAR Ts in development [9][19] - CTX130 and CTX131 programs have shown promising results in solid tumors, with CTX131 demonstrating a complete response in renal cell carcinoma [10][20] Cardiovascular Programs - The company is targeting ANGPTL3 and LPA, with ANGPTL3 showing significant triglyceride and LDL reduction in studies [11][12] - LPA is gaining interest from major pharmaceutical companies, with a potential for a transformative one-time editing approach [13][14] Hypertension and Rare Diseases - A new program targeting angiotensinogen (AGT) aims to reduce blood pressure significantly, focusing on refractory and treatment-resistant hypertension populations [15][16] - The ALAS1 program targets acute hepatic porphyrias, with a one-time edit expected to reduce neurotoxic byproducts [17][18] Autoimmune Disease Focus - CRISPR is positioning itself to lead in autoimmune therapies, leveraging its CAR T technology for conditions like systemic lupus erythematosus (SLE) [21][22] - The company believes its allogeneic CAR T can achieve deep B cell depletion, leading to durable remissions in autoimmune diseases [23] Manufacturing and Future Prospects - CRISPR's manufacturing facility in Framingham, Massachusetts, is state-of-the-art and designed for efficient cell processing [27] - The company is exploring next-gen editing technologies, including gene writing, which may reach clinical stages faster than competitors [28][29] - CRISPR aims to maintain a diversified pipeline and anticipates a catalyst-rich 12 to 18 months ahead [30] Strategic Vision - The long-term vision includes becoming a $5 billion to $10 billion company, with aspirations to reach $20 billion and beyond [31][32] - The success of CASGEVY and advancements in CAR T and in vivo platforms are seen as key drivers for growth [32] Additional Insights - The company is cautious about partnerships, preferring to retain value until data is available to inform decisions [38] - There is a strong focus on autoimmune diseases as a major priority moving forward, with expectations for significant developments in the next six months [40]

Corteva, Inc. (NYSE:CTVA) 2024 BMO Farm to Market Chemicals Conference May 15, 2024 9:30 AM ET Company Participants Dave Anderson - CFO Sam Eathington - CTO Kim Booth - VP, IR Conference Call Participants Joel Jackson - BMO Capital Joel Jackson Okay. Thanks. So, we'll keep going here. We're going to get into the world of seeds and crop cans. So next up is a fireside chat with Corteva who is, of course, a leading ag chem producer, very strong seed and trade portfolio and a very large crop protection producer ...

Johnson & Johnson (NYSE:JNJ) RBC Capital Markets Global Healthcare Conference May 15, 2024 11:00 AM ET Company Participants Timothy Schmid - Executive Vice President and Worldwide Chairman of MedTech Conference Call Participants Shagun Singh - RBC Capital Markets Shagun Singh We will get started. Hello everyone, and welcome to the 2024 RBC Capital Global Healthcare Conference. I’m Shagun Singh, Senior Medical Device Analyst at RBC. And I’m very pleased to have Johnson & Johnson here with us again this year. ...

Summary of Gilead Sciences, Inc. Conference Call Company Overview - **Company**: Gilead Sciences, Inc. (NASDAQ:GILD) - **Event**: RBC Capital Markets Global Healthcare Conference - **Date**: May 15, 2024 - **Participants**: Johanna Mercier (Chief Commercial Officer), Brian Abrahams (Senior Biotech Analyst at RBC Capital Markets) Key Points on HIV Franchise - **Market Leadership**: Gilead holds over 70% market share in the HIV treatment market, primarily driven by Biktarvy, which has a 49% share in the daily oral segment [3][4] - **Market Growth**: The HIV treatment market grows annually by 2-3%, with Gilead's Biktarvy showing a 3% year-on-year market share growth in Q1 [3][4] - **Long-Acting Treatments**: Gilead is developing long-acting oral treatments and injectables, including lenacapavir, which is expected to enhance adherence and drive growth [4][5][6] - **Prevention Market**: The HIV prevention market is currently about $3 billion, with Gilead holding over 40% share through Descovy. The market is growing at approximately 11% year-on-year [7][9] - **Future Opportunities**: Lenacapavir for PrEP (pre-exposure prophylaxis) is anticipated to launch by late 2025, potentially doubling the market size due to its less frequent dosing [8][9][10] Financial Guidance - **2025 Outlook**: Gilead expects flat growth for HIV in 2025 due to the impact of the IRA (Inflation Reduction Act) but anticipates a reset to growth in 2026 [12][13] Oncology Insights - **Trodelvy Performance**: Trodelvy is the leading treatment for second-line metastatic triple-negative breast cancer, with significant room for growth as only 1/3 of eligible patients are currently treated with it [15][16] - **Bladder Cancer**: Gilead has conditional approval for bladder cancer treatment and is awaiting data from the TROPiCS-04 trial, which could establish a stronger position in the second-line setting [16][17] - **Lung Cancer**: Gilead is exploring opportunities in lung cancer, with ongoing trials and data expected to be presented at ASCO [18][19] New Product Development - **Seladelpar for PBC**: Gilead is preparing to launch Seladelpar for primary biliary cholangitis (PBC) in Q3 2024, targeting a market of approximately 130,000 patients in the U.S. [22][24] - **Multiple Myeloma**: Gilead is collaborating with Arcellx to develop Anito-cel for multiple myeloma, with a market opportunity estimated at $12 billion [27][28] Strategic Focus - **Therapeutic Areas**: Gilead is focusing on urology, inflammation, and oncology for future growth and potential acquisitions [36][38] - **Pipeline Confidence**: The company expresses strong confidence in its current pipeline and growth opportunities over the next 5 to 10 years [39] Additional Insights - **Market Dynamics**: The HIV prevention market is expected to expand significantly with new entrants, increasing awareness and treatment uptake [7][10] - **Patient Demographics**: Current PrEP treatments primarily serve affluent demographics, indicating a need for broader outreach to underserved populations [9][10] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Gilead's market position, growth opportunities, and future product developments.

Intuitive Surgical, Inc. (NASDAQ:ISRG) BofA Securities 2024 Health Care Conference May 15, 2024 11:00 AM ET Company Participants Brian King - Head of Investor Relations Brandon Lamm - Investor Relations Conference Call Participants Travis Steed - Bank of America Travis Steed We've got Intuitive Surgical. Got, Brian King, Vice President Treasurer, Head of Investor Relations. We also have Brandon Lamm up here from Investor Relations as well. Thanks for joining us. Brian King Thank you for having us. Brandon L ...

Key Points Industry/Company * **Company**: Visa, Inc. (NYSE: V) * **Event**: Barclays 14th Annual Emerging Payments and FinTech Forum * **Date**: May 15, 2024 Core Views and Arguments * **Revenue Growth**: Visa reported a strong Q2 with 10% revenue growth and EPS exceeding expectations. * **Payment Volumes**: Global total payment volume grew 8% in Q2, with stable growth across regions except for Asia, primarily due to macroeconomic conditions in Mainland China. * **Cross-Border Growth**: Cross-border payment volumes grew 16% in Q2, driven by both travel and e-commerce. * **Consumer Resilience**: Visa attributes the stable performance to a resilient consumer base, with trends in high and low spend categories remaining relatively unchanged. * **Addressable Opportunity**: Visa sees over $20 trillion of addressable opportunities in the consumer payment space, categorized into cash and check, ACH and other digital payments, and volume on other domestic networks. * **Value-Added Services**: Value-added services revenue grew 23% in Q2, driven by various solutions including issuing solutions, acceptance solutions, risk and advisory services, advisory and consulting services, and open banking. * **New Flows**: Visa Direct transactions exceeded 31% growth in Q2, expanding beyond traditional consumer to business flows. * **B2B Strategy**: Visa's B2B strategy focuses on carded and virtual card space, cross-border B2B, and APAR space. * **Pricing Strategy**: Visa continues to price to value, with similar pricing levels expected for FY2024. * **Reg II**: The impact of Reg II has been modest, with Visa emphasizing the value proposition of its network and capabilities. * **MDL Settlement**: Visa reached a settlement on the landmark case, addressing concerns raised by small businesses while retaining flexibility for consumers. Other Important Points * **Tap-to-Pay Penetration**: Visa is approaching 50% tap-to-pay penetration in the U.S., with significant growth potential in other markets. * **E-commerce Growth**: E-commerce continues to grow faster than face-to-face transactions, providing opportunities for Visa to penetrate the long tail of cash in mature markets. * **Acceptance Growth**: Visa has a global strategy for growing acceptance, with a focus on underpenetrated markets and partnerships with local players. * **Visa Direct Use Cases**: Visa Direct is expanding into new use cases, including gig economy payouts, merchant settlements, content creator payouts, and marketplace settlements. * **B2B Connect**: Visa launched B2B Connect, a multi-lateral network focused on high-dollar, low-velocity cross-border B2B transactions. * **APAR Space**: Visa is exploring opportunities in the APAR space, including Visa Spend Clarity and partnerships with SAP.

Mastercard Incorporated (NYSE:MA) Barclays 14th Annual Emerging Payments and FinTech Forum May 15, 2024 9:10 AM ET Company Participants Raj Seshadri - Chief Commercial Payments Officer Conference Call Participants Ramsey El-Assal - Barclays Ramsey El-Assal Fantastic. Welcome back, everybody. We are very pleased and honored to have Raj Seshadri here with us, Chief Commercial Payments Officer at Mastercard, and I had to read that, because you recently changed your role. Raj Seshadri Yes, very recently and tha ...

Cardinal Health, Inc. (NYSE:CAH) BofA Securities 2024 Health Care Conference May 14, 2024 11:00 AM ET Company Participants Jason Hollar - Chief Executive Officer Aaron Alt - Chief Financial Officer Conference Call Participants Unidentified Analyst CEO, Jason Hollar and CFO, Aaron Alt. First off, thank you both for joining us today. Now, Jason, you've been with the company since COVID began and we're finally entering a more normalized operating environment. And I guess as we sit here today, what are you most ...

Johnson & Johnson (NYSE:JNJ) BofA Securities Health Care Conference Transcript May 14, 2024 4:40 PM ET Executives John Reed - Executive Vice President, Innovative Medicine, R&D Analysts Geoff Meacham - Bank of America Charlie Yang - Bank of America Geoff Meacham The afternoon sessions of the first day of the BofA Healthcare Conference. My name is Geoff Meacham, I’m the Senior Biopharma Analyst here at BofA. And Charlie Yang from my team is on stage as well. So we’re thrilled today to have Johnson & Johnson ...