Summary of Viatris Conference Call Company Overview - Viatris operates as three distinct businesses: a global generics company, an established brands company, and an emerging innovative brands platform [2][3] - The company reported $14.1 billion in revenue, $4.1 billion in EBITDA, and $2.2 billion in free cash flow over the last 12 months [2] Key Financial Highlights - Viatris delivered $14.1 billion in revenue and $4.1 billion in EBITDA [2] - Achieved $2.32 in adjusted EBITDA and $2.2 billion in free cash flow [2] - The company operates in 165 countries with 1,400 unique products, serving over 1 billion people annually [3] Strategic Developments - The company advanced its pipeline with five positive phase 3 readouts out of six [4] - Significant progress was made with Cenerimod, Selatogrel, and Lucerastat in their phase 3 programs [4] - Over $1 billion was returned to shareholders through dividends and share buybacks [4] - Conducted 60 regional business development deals to support the base business, particularly in Japan [4][5] Future Outlook - Anticipated high-value product launches in 2026, including Sotagliflozin, Phentolamine, and Effexor GAD [6][7] - The company expects to generate significant cash flow in 2026, with plans for continued shareholder returns and growth asset development [9] - A strategic review is expected to yield substantial savings and reinvestment opportunities [22][24] Market Dynamics - The company is focusing on the U.S. market for high-margin revenue-generating assets, while also revitalizing its portfolio in Japan [36] - The competitive landscape is favorable for acquiring assets in the $500 million-$1 billion revenue range, with less competition for these assets [20][21] Pipeline and Product Development - Positive phase 3 results for Cenerimod and Selatogrel are expected to lead to significant market opportunities [51][60] - Fast-Acting Meloxicam is positioned to address the opioid crisis in pain management, with a strong market potential [43][45] - Selatogrel aims to revolutionize acute myocardial infarction management, with a large patient population and significant unmet need [60][62] Challenges and Risks - Pricing pressures and policy adjustments are anticipated in the JANS business, along with generic competition in Japan [29] - The Indore facility's remediation is nearing completion, with limited expected volatility in 2026 numbers [30][32] Capital Allocation Strategy - The company plans a balanced approach to capital allocation, focusing on shareholder returns and business development [34] - Expected free cash flow of over $2 billion annually for the next five years [33] Conclusion - Viatris is positioned for sustainable growth with a strong pipeline, strategic acquisitions, and a focus on enhancing its core business while navigating market challenges [12][15]

Summary of Cardinal Health Conference Call Company Overview - **Company**: Cardinal Health - **Industry**: Healthcare Services - **CEO**: Jason Hollar - **CFO**: Aaron Alt - **Revenue**: Expected to exceed $250 billion in the current year [5][6] Key Financial Highlights - **Earnings Per Share (EPS)**: Expected to be at least $10 per share for fiscal 2026, driven by broad-based growth and strategic initiatives [3][14] - **Core Operating Earnings Growth**: Achieved a 14% CAGR over the last several years, translating into an 18% EPS growth [4] - **Adjusted Free Cash Flow**: Averaging over $3 billion, with a conversion rate of over 150% over the last three years [6] - **Pharmaceutical and Specialty Solutions Business**: Accounts for over 90% of revenue and nearly 80% of profit [6] Strategic Focus Areas - **Core Business**: Emphasis on pharmaceutical and specialty solutions, with a focus on organic and inorganic growth [15][16] - **At-Home Solutions**: Growth in this segment is seen as a strategic priority, with investments in technology and partnerships [11][60] - **GMPD (Medical Supply Division)**: Positioned as a turnaround business, with significant investments to improve performance and service levels [62][64] Market Dynamics - **Demographics**: Increasing number of Americans over 65 years old, leading to higher pharmaceutical utilization [10] - **Utilization Trends**: Strong demand across various product categories, with a focus on maintaining low unit costs [9][32] - **Pricing Environment**: Contractual ability to renegotiate prices in response to market changes, with a focus on maintaining margins [28][30] Growth Opportunities - **Specialty Areas**: Focus on autoimmune, urology, and oncology, with significant growth expected in these therapeutic areas [19][20] - **Biopharma Solutions**: Anticipated growth of over 30% in fiscal 2026, with plans to achieve $1 billion in revenue by fiscal 2028 [21][22] - **M&A Strategy**: Focus on tuck-in acquisitions to enhance existing capabilities, particularly in specialty areas [66][67] Risks and Challenges - **Regulatory Changes**: Potential impacts from CMMI demos and pricing changes related to Part B, but manageable due to the diversified payer mix [34][35] - **Market Competition**: Continuous investment in capabilities to maintain competitive advantage and customer relationships [13][40] Conclusion - **Overall Outlook**: Cardinal Health is positioned for continued growth with a strong focus on strategic initiatives, operational improvements, and market opportunities. The company remains committed to delivering value to shareholders while navigating industry challenges [68]

Boston Scientific (NYSE:BSX) FY Conference January 13, 2026 12:00 PM ET Company ParticipantsMike Mahoney - Chairman and CEOKen Stein - Senior VP and Chief Medical OfficerJon Monson - EVP and CFOConference Call ParticipantsRobbie Marcus - Medtech Senior AnalystRobbie MarcusHello, everyone. Welcome. I'm Robbie Marcus, the MedTech Analyst at JPMorgan. Really happy to host Boston Scientific. We have Mike Mahoney, CEO, Jon Monson, CFO, and Dr. Stein, Chief Medical Officer. We're going to do a fireside chat here. ...

EverQuote (NasdaqGM:EVER) FY Conference January 13, 2026 11:45 AM ET Company ParticipantsJoseph Sanborn - CFOConference Call ParticipantsMayank Tandon - AnalystMayank TandonMy name is Mayank Tandon. I cover fintech at Needham. I'd like to welcome Joseph Sanborn from EverQuote, the CFO. Joseph, thank you for joining us.Joseph SanbornThank you. Great to be back.Mayank TandonYes. Well, you guys are here every year, and we appreciate that very much. So, Joseph, maybe I'll kick things off with just a more broad ...

Archer Aviation FY Conference Summary Company Overview - **Company**: Archer Aviation (NYSE: ACHR) - **Industry**: Electric Vertical Takeoff and Landing (eVTOL) Aircraft - **Founded**: 2018 - **Headquarters**: San Jose, California - **Employees**: Approximately 1,300 - **Manufacturing Facility**: Located in Covington, Georgia Key Points and Arguments Industry and Market Position - Archer Aviation builds eVTOL aircraft designed for urban environments, offering advantages such as safety, noise reduction, and lower costs compared to traditional helicopters [2][4] - The company aims to start flying these aircraft in urban airspace, pending FAA certification for civil applications and military airworthiness for defense applications [2] Regulatory and Capital Environment - Regulatory challenges have been more favorable than expected, with the previous administration creating a new category for eVTOLs called "powered lift" [4] - Strong capital markets have provided Archer with the necessary funding to advance its projects [4] Manufacturing Challenges - The U.S. aircraft manufacturing industry has significantly declined, producing less than 5,000 aircraft annually compared to over 100,000 in 1944 [6] - Balancing performance, manufacturability, and certification remains a significant challenge for Archer [5][6] 2025 and 2026 Goals - In 2025, Archer was awarded the exclusive air taxi partnership for the 2028 Los Angeles Olympics, which is a critical opportunity to showcase its aircraft [9] - The company is working on the eVTOL Integration Pilot Program (EIPP) to facilitate the commercialization of eVTOLs in major cities starting in 2026 [9][10] Consumer Acceptance and Market Readiness - Surveys indicate that 25% of early adopters are willing to use eVTOLs, while 50% are uncertain, and 25% are opposed [18] - The EIPP aims to normalize eVTOLs in public perception, similar to how autonomous vehicles have become accepted in certain areas [17] Defense Applications - Archer has a partnership with Anduril for defense applications, focusing on programs like NYX, which involves autonomous collaborative aircraft [20][21] - The company faces challenges in competing with traditional military logistics due to the high costs associated with eVTOL technology [22][48] Financial Strategy and Investment - Archer's primary use of cash is for internal commercialization projects related to its Midnight aircraft and defense initiatives [56] - The company is cautious about large investments, focusing on opportunistic acquisitions that align with its core business [56] Certification and Regulatory Framework - The certification process is complex, with the FAA needing to be comfortable with the safety and reliability of eVTOLs before granting approval [27][29] - Archer plans to demonstrate its aircraft through the EIPP to build public and regulatory confidence ahead of the 2028 Olympics [30] Future Outlook - The company is focused on establishing a sustainable business model, emphasizing the need to prove profitability and scalability before expanding operations [24][25] - Archer aims to create a breadth of operations rather than depth, gradually increasing the number of aircraft in various cities [25] Infrastructure and Partnerships - Archer has acquired an airport in Hawthorne, Los Angeles, which will serve as a hub for its operations and facilitate partnerships with major venues [13][14] - The company is working to build public infrastructure and partnerships to support its eVTOL operations [14] Additional Important Insights - The company emphasizes a conservative approach to aircraft design and manufacturing to mitigate risks associated with certification and market entry [40][41] - Archer's strategy includes leveraging existing technologies and partnerships to reduce the risk of certification failures [42] This summary encapsulates the key points discussed during the Archer Aviation FY Conference, highlighting the company's strategic direction, market challenges, and future opportunities in the eVTOL industry.

Onto Innovation (NYSE:ONTO) FY Conference Summary Company Overview - **Company**: Onto Innovation (NYSE:ONTO) - **Event**: 28th Annual Needham Growth Conference - **Date**: January 13, 2026 Key Industry Insights - **AI Impact**: AI is a significant driver in the semiconductor industry, with NVIDIA projecting a 40% CAGR over the next few years, influencing demand and supply dynamics [6][7] - **Revenue Ties**: In 2025, 61% of Onto's revenue was derived from customers directly supporting the AI supply chain, indicating a strong correlation with AI growth [7] - **Market Outlook**: The outlook for 2026 is expected to be at least 10% stronger in the first half compared to the second half of 2025, reflecting improved customer sentiment [7] Product and Technology Developments - **AI Value Chain**: Onto is positioned in several areas of the AI value chain, including Gate-All-Around nodes, advanced packaging inspection, and 3D metrology [8][9] - **New Technologies**: The company is focusing on co-packaged optics and charge metrology, which are expected to contribute significantly to revenue growth, with an estimated additional opportunity of $1 billion [10][12] - **Dragonfly Platform**: The Dragonfly G3 has seen less decline than expected, with new applications being added. The upcoming Dragonfly G5 is expected to enhance resolution and throughput significantly [14][15] Financial Performance and Projections - **Operating Margin Improvement**: Onto aims for at least a 30% improvement in operating margin for 2026, driven by overseas manufacturing, new product value, and synergies from the SDI acquisition [18][19] - **Revenue Growth Drivers**: Growth is anticipated from advanced nodes and packaging, particularly in HBM and AI-related applications [21][30] Market Position and Competitive Landscape - **OSAT Engagement**: Onto is benefiting from the outsourcing of capabilities to OSATs, which are increasingly involved in AI packaging, enhancing Onto's market position [23][24] - **Lithography Business**: The JetStep system for panel-level packaging is gaining traction, with customers recognizing the importance of inline process control [25][27] Geopolitical Considerations - **China Exposure**: Onto's limited exposure to China provides some protection against geopolitical volatility, while the shift of manufacturing to Asia is expected to enhance engagement with Chinese customers [32][34] Customer Engagement and Value Proposition - **Value Quantification**: Onto emphasizes the importance of solving customer problems through reliable measurements and faster processing, which justifies their pricing strategy [36] - **Sustainable Advantage**: The company's understanding of customer challenges and its ability to address complex issues in packaging and inspection are seen as key differentiators in maintaining a competitive edge [37] Conclusion Onto Innovation is strategically positioned to leverage the growth in AI and advanced semiconductor technologies, with a strong focus on enhancing product capabilities and improving operational efficiencies. The company is optimistic about its growth trajectory in 2026, driven by innovative technologies and a robust market demand.

Protagonist Therapeutics (NasdaqGM:PTGX) FY Conference January 13, 2026 11:15 AM ET Company ParticipantsDinesh Patel - President and CEOArturo Molina - CMOSamuel Saks - CDAAsif Ali - EVP and CFOConference Call ParticipantsBrian Cheng - Senior Biotech AnalystNone - AnalystBrian ChengGood morning, everyone. Thanks for joining us for another session at the 44th JPMorgan Healthcare Conference. I'm Brian Cheng. I'm the Senior Biotech Analyst here at the firm. On stage, we have the CEO of Protagonist Therapeutics ...

Thermo Fisher Scientific FY Conference Summary Company Overview - **Company**: Thermo Fisher Scientific (NYSE:TMO) - **Revenue**: $44 billion - **Employees**: 120,000 - **R&D Investment**: Approximately $1 billion annually - **Market Share**: About 20% in the life sciences tools and diagnostics industry [4][7][20] Key Points from 2025 Performance - **Operational Success**: 2025 was characterized by excellent performance and effective navigation of market conditions, leading to significant advancements in growth strategy [3][12] - **End Markets**: The company serves four primary end markets: Pharma and biotech (56% of revenue), diagnostics and healthcare, academic and government, and industrial and applied [6][8] - **Market Trends**: Aging population and increasing demand for affordable healthcare are driving growth in the industry [8][9] - **Financial Growth**: Averaged 10% growth in top line over the last decade, with low double-digit growth in adjusted earnings per share and free cash flow [11] 2026 Outlook - **Market Context**: Positive sentiment in the biotech sector with improving funding and confidence in pharmaceutical investments [28] - **Growth Strategy**: Focus on executing growth strategy, gaining market share, and leveraging advanced AI capabilities for operational excellence [25][26] - **Revenue Growth Expectations**: Projected organic revenue growth of 3%-6% for 2026 and 2027, with expectations of 7%+ growth in 2028 and beyond [50][52] Capital Deployment and Acquisitions - **M&A Activity**: Active year with acquisitions including Solventum's purification and filtration business, a Sanofi manufacturing site, and a $9 billion acquisition of Clario [19][22] - **Strategic Fit**: Clario is expected to enhance Thermo Fisher's capabilities in clinical development and is projected to be accretive to earnings [48][49] Business Segment Performance - **Pharma Services**: High single-digit growth expected, benefiting from reshoring efforts and strong execution in clinical trials and drug product capabilities [34][36] - **Bioproduction**: Strong growth driven by leadership in media and single-use technologies, with the addition of Solventum expected to enhance the portfolio [37][38] - **Clinical Research**: Strong visibility and momentum in bookings, with a focus on accelerating drug development capabilities [40] - **Analytical Instruments**: Low single-digit organic growth, driven by innovation and demand from leading researchers despite a muted funding environment [41][43] Corporate Social Responsibility - **Environmental Initiatives**: Over 56% of global electricity sourced from renewable energy, on track to reach 80% by 2030 [24] - **Community Engagement**: Active in facilitating education and health equity initiatives globally [24] Conclusion - **Future Prospects**: Thermo Fisher is well-positioned for continued growth with a strong strategy, innovative product launches, and a commitment to operational excellence and corporate responsibility [26][29]

Teva Pharmaceutical Industries FY Conference Summary Company Overview - **Company**: Teva Pharmaceutical Industries (NYSE: TEVA) - **CEO**: Richard Francis - **Conference Date**: January 13, 2026 Core Industry and Company Strategy - Teva is transitioning from a leading global generics company to a leading biopharma company, a strategy initiated three years ago [2][3] - The "pivot to growth" strategy is based on four pillars: 1. Deliver on growth engines 2. Step up innovation 3. Create a generics powerhouse 4. Focus the business [3] Financial Performance - Teva has achieved 11 consecutive quarters of growth since early 2023, reversing a previous decline [5] - The company is experiencing a transformation in financials, with improvements in gross margin, free cash flow, EBITDA, and operating margin while reducing debt [6][30] - Revenue growth is primarily driven by the innovative business, which has doubled in the last three years [11] Innovative Products and Pipeline - Key innovative products include: - **Austedo**: Revenue expectations have increased from $1.4 billion to potentially $3 billion [9] - **Ajovy**: Targeting $1 billion in revenue with double-digit growth [9] - **Uzedy**: Projected to achieve $1.5-$2 billion in revenue [10] - Teva's pipeline includes several promising products: - **Duvakitug**: Entering phase 3 studies for ulcerative colitis (UC) and Crohn's disease (CD) [4] - **Anle138b**: Treatment for multiple system atrophy (MSA) with a significant unmet need [23] - **Anti-IL-15**: Targeting celiac disease and vitiligo, with multiple indications expected [19][25] Market Position and Competitive Landscape - Teva is positioning itself in high-value markets, including a $9 billion market for schizophrenia treatments [14] - The company aims for over $10 billion in peak sales across its innovative portfolio [13] - Teva's generics business is expected to grow at a low CAGR of 1%-2%, with a focus on biosimilars [26] Future Outlook - Teva anticipates a stable generics business while focusing on innovative growth, with a long-term vision extending over 20 years [5][31] - The company expects to maintain a 30% operating margin and continue growing EBITDA and free cash flow through 2027 [30] - Upcoming product launches include Olanzapine in 2026 and Daria in 2027, with a steady cadence of new products expected [36][38] Key Financial Metrics and Guidance - Revenue for 2026 is projected to be at the lower end of guidance due to the loss of $1.1 billion from generic Revlimid [29][41] - Despite this loss, Teva expects to grow EBITDA and operating margin, indicating a successful transformation of its portfolio [30] Conclusion - Teva is on a transformative journey towards becoming a leading biopharma company, with a strong focus on innovation and a robust pipeline of products that address significant unmet medical needs. The company is well-positioned for future growth, despite challenges in the generics market.

Alcon (NYSE:ALC) FY Conference January 13, 2026 11:15 AM ET Company ParticipantsDavid Endicott - CEODavid Adlington - Head of the European Medtech and Services ResearchNone - Video NarratorTim Stonesifer - SVP and CFOConference Call ParticipantsNone - AnalystDavid AdlingtonGood morning, everybody. Welcome to day two of the JPMorgan Conference. I'm David Adlington. I head up the European Medtech and Services Research Team in London for JP. It's my pleasure to introduce, we've got David and Tim on stage. Over ...