Summary of Amgen Inc. Conference Call Company Overview - **Company**: Amgen Inc. (NASDAQ: AMGN) - **Event**: Goldman Sachs 44th Annual Global Healthcare Conference - **Date**: June 14, 2023 - **Participants**: Robert Bradway (Chairman and CEO), Salveen Richter (Goldman Sachs) Key Points Industry Context - The healthcare and biopharma sectors are experiencing significant regulatory scrutiny, particularly regarding mergers and acquisitions, as evidenced by the FTC's move to block Amgen's acquisition of Horizon Therapeutics [2][3][4]. Acquisition of Horizon Therapeutics - Amgen remains optimistic about the acquisition, asserting that there are no anti-competitive issues that should prevent the merger [3][4]. - The company is preparing for a hearing in autumn 2023 to present its case against the FTC's concerns [3][6]. - Amgen expects the deal to close by mid-December 2023, pending the outcome of the hearing [5][6]. TEPEZZA Sales Performance - TEPEZZA sales have been weaker than anticipated, but Amgen remains confident in the product's potential and is actively working to expand its market presence [9][10][12]. - Data shows a significant benefit of TEPEZZA in chronic disease patients, with a 62% efficacy rate compared to 7% for placebo [12]. Biosimilars Business - Amgen has successfully launched AMJEVITA, a biosimilar, and is positioned as a leader in the biosimilars market [14][15]. - The company has launched six biosimilars and plans to launch five more, expecting to double its biosimilars business compared to 2021 levels [15][17]. - Amgen emphasizes the importance of being among the first to launch biosimilars to capture market share [14][16]. Hematology/Oncology Portfolio - The hem/onc business is performing well, driven by strong data supporting the efficacy of its products, particularly BLINCYTO [25][26]. - BLINCYTO is noted for its potential to improve outcomes in leukemia patients, and the company is excited about its subcutaneous formulation [26][27]. - Other products in the portfolio, such as Vectibix and KYPROLIS, are also showing strong performance [27]. Long-term Guidance and Growth - Amgen has reiterated its long-term guidance, citing strong growth in in-line products and international markets [30][32]. - The company reported a 20% volume growth in Europe and 35-36% in the Japan-Asia region [32]. - Amgen is optimistic about its pipeline, including potential breakthroughs in cancer therapies and treatments for cardiovascular diseases [33][54]. Challenges and Regulatory Environment - The Inflation Reduction Act is viewed negatively by Amgen, as it may hinder innovation and affect patient access to new therapies [46][47]. - Price pressure in the pharmaceutical industry is expected to continue, necessitating operational efficiency [57][58]. Innovation and AI Integration - Amgen is leveraging AI and machine learning to enhance its research capabilities and improve drug development processes [60][62]. - The company is focused on using human genetic data to inform its drug development strategies [61]. Capital Allocation Strategy - Amgen's capital allocation strategy includes investing in innovation, returning capital to shareholders, and paying down debt incurred from the Horizon acquisition [64]. Additional Insights - Amgen is committed to addressing unmet medical needs, particularly in oncology and rare diseases, and is excited about the potential of its innovative therapies [52][54]. - The company is adapting to regulatory changes and market dynamics while maintaining a focus on long-term growth and patient care [48][49].

Luminar Technologies, Inc. (NASDAQ:LAZR) Deutsche Bank Global Auto Industry Conference June 14, 2023 12:50 PM ET Company Participants Tom Fennimore - CFO Conference Call Participants Winnie Dong - Deutsche Bank Winnie Dong All right. Good afternoon, everyone. Thanks for joining us for the session with Luminar, as part of Deutsche Bank’s Global Auto Conference. My name is Winnie Dong, and I work in the U.S. Auto and Technology Research team here at DB. Luminar is a LiDAR technology company founded in 2012. I ...

NVIDIA Corporation (NASDAQ:NVDA) Nasdaq London Investor Conference Call June 14, 2023 11:30 AM ET Company Participants Colette Kress - Executive Vice President and Chief Financial Officer Conference Call Participants Mark Lipacis - Jefferies Mark Lipacis Okay, great. So do we have Colette on? Colette, can you hear me? Colette Kress I can. How are you? Mark Lipacis Hi, Colette. How are you? Colette Kress I am good. I am good. Mark Lipacis Well, welcome and so welcome to London. We are in the Jefferies room. ...

Walmart Inc. (NYSE:WMT) Evercore ISI Consumer & Retail Conference Call June 14, 2023 10:15 AM ET Company Participants John Rainey - Executive Vice President and Chief Financial Officer Steph Wissink - Senior Vice President and Head, Investor Relations Conference Call Participants Greg Melich - Evercore Group LLC Greg Melich Good morning, everyone. I'm Greg Melich. I cover the Retail Broadlines and Hardlines here at Evercore ISI. It's my pleasure to have with us today, John David Rainey, the Chief Financial ...

Regeneron Pharmaceuticals Inc. (NASDAQ:REGN) Goldman Sachs 44th Annual Global Healthcare Conference June 14, 2023 11:40 AM ET Company Participants Ryan Crowe - VP, IR Bob Landry - EVP & CFO Marion McCourt - EVP & Head of Commercial Conference Call Participants Salveen Richter - Goldman Sachs Salveen Richter Great. Good morning, everyone. Thanks so much for joining us. I'm Salveen Richter, I cover biotechnology at Goldman Sachs and really pleased to have the team from Regeneron here with us. So we have, at ...

AbbVie Inc. (NYSE:ABBV) Goldman Sachs 44th Annual Global Healthcare Conference Call June 14, 2023 11:00 AM ET Company Participants Rob Michael - President and Vice Chair Jeff Stewart - Chief Commercial Officer Roopal Thakkar - Chief Medical Officer Conference Call Participants Chris Shibutani - Goldman Sachs Chris Shibutani Okay. Here we go. Good morning, everybody and welcome to Wednesday, third day of the 44th Annual Goldman Sachs Healthcare Conference. Congratulations to all of you who have survived, hop ...

Honeywell International Inc. Conference Call Summary Company Overview - **Company**: Honeywell International Inc. (NASDAQ: HON) - **Event**: Bank of America Securities 2023 Financial Services Conference - **Date**: June 14, 2023 - **Participants**: Greg Lewis (CFO), Joe O'Dea (Wells Fargo) Key Points Financial Outlook - Honeywell reaffirmed a growth algorithm of **4% to 7%** and margin expansion of **40 to 60 basis points** [2] - Gross margin target set at **40% or more**, currently at **37%** [2] - Recurring revenue base is about **one-third** of the portfolio, with a target to grow it over **35%** [3] - Capital deployment expected to exceed **$25 billion** over the next three years [3] - Upgraded margin expectations for HPT to **27%** and SPS to **20%** [3] Demand and Market Trends - Strong demand in aerospace and defense, with an upgraded outlook to low-double-digits growth [4] - China’s market is improving, with low-single-digit growth in Q1 accelerating in Q2 [7] - Aerospace demand remains solid despite supply chain challenges, with normalization expected in short-cycle businesses [8] - Past due backlogs in aerospace continue to grow due to strong demand [12] Supply Chain and Pricing - Supply chain issues are bifurcated: semiconductor shortages are more concentrated, while aerospace faces skilled labor shortages [14][15] - Improvement in supplier commitments and reduced decommit rates, leading to better output [16] - Honeywell achieved **10% price increase** in 2022, with a more nuanced pricing strategy for 2023 [18][19] - Confidence in maintaining positive price-cost dynamics across the portfolio [20][24] M&A Strategy - Honeywell is focusing on M&A with a target of **two to four deals annually** [45] - The current capital markets environment is favorable for Honeywell due to a strong balance sheet [44] - Increased bandwidth for M&A activities as integration efforts from previous transformations are winding down [42] Segment Insights - **Aerospace**: Expected mid-single-digit organic revenue growth, with strong demand for commercial aerospace and defense [46][48] - **HBT (Honeywell Building Technologies)**: New construction represents about **10%** of total demand, with a focus on institutional customers [50] - **PMT (Performance Materials and Technologies)**: Targeting sustainable technologies, aiming to grow this segment to a **$1 billion** business [56] - **SPS (Safety and Productivity Solutions)**: E-commerce trends remain strong, with expectations of a bottoming out in revenue trends by the end of 2023 [61][62] Digital Transformation - Honeywell is reducing ERP systems from **150 to 10**, enhancing operational efficiency and data integration [36][39] - Focus on creating a digital infrastructure that supports various business models, improving customer experience and operational metrics [29][33] Conclusion - Honeywell is positioned for growth with a robust financial outlook, strong demand across key segments, and a strategic focus on M&A and digital transformation initiatives. The company is navigating supply chain challenges while maintaining pricing power and exploring sustainable technology opportunities.

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) Goldman Sachs 44th Annual Global Healthcare Conference Call June 13, 2023 5:40 PM ET Company Participants Reshma Kewalramani - President and Chief Executive Officer Stuart Arbuckle - Chief Operating Officer Conference Call Participants Salveen Richter - Goldman Sachs Salveen Richter Great. Good afternoon, everyone. Thanks for joining us. I am Salveen Richter, I cover the biotechnology sector at Goldman Sachs. And we are really pleased to have Vertex team wit ...

Johnson & Johnson (NYSE:JNJ) Goldman Sachs 44th Annual Global Healthcare Conference Call June 13, 2023 4:20 PM ET Company Participants Biljana Naumovic - Worldwide Vice President, Oncology Mark Wildgust - Medical Affairs Conference Call Participants Chris Shibutani - Goldman Sachs Chris Shibutani Here we are. And welcome back from lunch, everybody. I hope everyone enjoyed that last panel discussion. Always informative to hear from the dark side. The opportunity now is to have the afternoon session kick off. ...

The Home Depot, Inc. (NYSE:HD) 2023 INVESTOR CONFERENCE June 13, 2023 9:00 AM ET Company Participants Isabel Janci - Investor Relations Ted Decker - Chairman, President, and Chief Executive Officer Ann-Marie Campbell - Executive Vice President of U.S. Stores & International Operations Billy Bastek - Executive Vice President of Merchandising Jordan Broggi - President of Online Business Matt Carey - Executive Vice President of Customer Experience Molly Battin - Senior Vice President and Chief Marketing Office ...