Summary of Waters (NYSE: WAT) FY Conference Call - January 12, 2026 Company Overview - **Company**: Waters Corporation - **Industry**: Life Science Tools and Diagnostics - **Recent Acquisition**: BD's Bioscience and Diagnostics business Key Points Transformation and Growth Strategy - Waters has undergone a transformation over the past five years, enhancing commercial strength and innovation, leading to the acquisition of BD's Bioscience and Diagnostics business [2][19] - The company invests approximately 10% of product sales in R&D to develop complex instrumentation into user-friendly systems for regulated applications [3][4] Market Position and Financial Performance - Waters operates in core markets valued at approximately $11 billion, growing mid-single digits, while the biologics market is growing at double digits [5][6] - The total addressable market (TAM) for Waters is estimated at $19-$20 billion, with growth projected in mid to high single digits [6] - Waters has achieved an adjusted operating margin that is 180 basis points higher than its closest competitor, with an 8% growth rate over the last 12 months, outpacing the industry average [16] Product and Service Innovations - Key product innovations include: - **Alliance iS**: Leading instrument in its category, reducing errors in quality control by 40% and growing 270% year-over-year [10] - **Xevo TQ Absolute**: Most sensitive mass spectrometer for PFAS testing, growing 40% in its third year [10] - **MaxPeak Premier columns**: Bio-inert columns for biologics characterization, growing 35% year-over-year [11] - The service team contributes roughly one-third of total revenue, with a Net Promoter Score (NPS) 20% higher than the industry average [4] Acquisition of BD's Bioscience and Diagnostics Business - The acquisition is valued at $3.3 billion, with a 5% CAGR from 2019 to 2024, and 80% of revenue is recurring [19][20] - The business includes: - **Biosciences**: $1.5 billion revenue, focusing on flow cytometry and antibodies [20] - **Diagnostic Solutions**: $1.8 billion revenue, with a strong presence in microbiology and molecular diagnostics [21] Strategic Synergies and Future Growth - Expected synergies from the acquisition include: - **Cost Synergies**: Estimated at $200 million over three years, with potential to exceed $300 million [29][30] - **Revenue Synergies**: Anticipated revenue growth of $115 million from high-growth adjacencies [32] - Focus on cross-selling opportunities and leveraging BD's commercial infrastructure to enhance Waters' product offerings [33] Financial Outlook - Waters projects a 7% CAGR in revenue over the next five years, with a margin expansion of approximately 500 basis points [39] - Expected mid-teen EPS growth, supported by strong performance in biologics and diagnostics [39] Additional Insights - The company is optimistic about the impact of GLP-1 testing, PFAS testing, and generics testing in India, contributing significantly to revenue growth [14][17] - Waters aims to build a biologics QC environment that simplifies processes similar to small molecules, enhancing market access for biosimilars [25][51] Conclusion - Waters is positioned strongly for future growth, driven by strategic acquisitions, innovative product offerings, and a robust financial outlook, setting the stage for continued success in the life sciences industry [39]

Tivic Health Systems Conference Call Summary Company Overview - **Company**: Tivic Health Systems (NasdaqCM:TIVC) - **Industry**: Biopharmaceuticals, specifically focusing on immunotherapeutics and contract development and manufacturing organization (CDMO) services Key Points Strategic Transition - In 2025, Tivic transitioned from a consumer health tech company to a late-stage vertically integrated immunotherapeutics company through a licensing agreement and acquisition of manufacturing assets [3][4] - The acquisition of Scorpius Holdings Inc.'s biomanufacturing assets enhances operational capabilities and supports the commercialization of drug candidates [4][6] Acquisition Details - The acquisition cost approximately $16 million, significantly lower than the estimated $30-$32 million for outsourcing cGMP production [6][20] - Tivic can now produce tens of millions of doses of Entolimod annually, enhancing its capacity for various indications [7][8] Velocity BioWorks - A new subsidiary, Velocity BioWorks, was established to manage in-house manufacturing and development, reducing costs and wait times associated with outsourcing [9][11] - Velocity BioWorks aims to serve both Tivic and third-party biotech companies, with potential annual revenue of up to $70 million at full capacity [10][14] Market Opportunity - The biologics CDMO market is projected to reach approximately $145 billion by 2037, with a compound growth rate of over 15% [13] - The phase I and II segment is growing even faster at 17%-19% annually, driven by the demand for monoclonal antibodies and biosimilars [13][14] Financial Implications - The acquisition and financing package includes $60 million in debt, with expectations that revenue from Entolimod and Velocity BioWorks will cover debt obligations [18][23] - The potential revenue from Entolimod is estimated at $1.6-$2 billion, with production capacity for over 20 million doses [23][24] Regulatory and Government Engagement - Upcoming meetings with BARDA are critical for securing government interest and funding for Entolimod as a radiation countermeasure [25] - The ability to control manufacturing and supply chain enhances Tivic's position with government agencies, particularly in light of national security concerns [12][23] Future Outlook - 2026 is focused on execution, with plans to accelerate clinical and product development timelines across Tivic's oncology portfolio [27] - The transformation positions Tivic to create significant shareholder value through its proprietary TLR5 platform and secured manufacturing capabilities [28] Additional Insights - The aging population and increasing prevalence of chronic diseases are driving pharmaceutical demand, presenting further opportunities for Tivic [15] - Velocity BioWorks is designed to address the capacity gap faced by small to mid-sized biotech companies, which often encounter long wait times for manufacturing slots [14][22] This summary encapsulates the strategic direction, operational enhancements, market opportunities, and financial implications for Tivic Health Systems as discussed in the conference call.

Biogen Conference Call Summary Company Overview - **Company**: Biogen - **CEO**: Chris Viehbacher - **Industry**: Biotechnology, focusing on neurological diseases and therapies Key Points and Arguments Financial Performance and Cost Management - Biogen achieved **$1 billion** in gross cost savings and **$800 million** in net savings through organizational redesign and a **15%** reduction in headcount, enhancing agility [3][4] - The company is spending **26% less** on R&D compared to three years ago while maintaining a robust pipeline with **10 phase III programs** and **five potential new products** [4][5] Product Pipeline and Growth Drivers - New product launches include therapies for **Alzheimer's disease**, **Friedreich's ataxia**, **postpartum depression**, and **ALS**, which are offsetting declines in the multiple sclerosis (MS) portfolio [5][6] - Key growth drivers include: - **Leqembi**: Strong growth and potential for further expansion - **Skyclarys**: Gaining traction in various markets - **Zurzuvae**: Exceeding market expectations - **Qalsody**: Positive impact on ALS patients, despite lower revenue expectations [6][7][8] Strategic Focus and Future Outlook - Biogen's long-term strategy focuses on three pillars: current growth drivers, a balanced pipeline, and sustainable growth [5][18] - The company aims to expand into **immunology**, leveraging existing expertise in autoimmune diseases, while also exploring rare immunology opportunities [22][23] - Upcoming catalysts include readouts for **Litifilimab** and **Zorevunersen**, with significant potential in the lupus market [18][19] Market Position and Competitive Landscape - Biogen is positioned to unlock the lupus market, which is often underestimated in size compared to MS, with multiple modalities being explored [15][46] - The company is addressing challenges in the Alzheimer's market by simplifying care pathways and enhancing patient access through blood-based diagnostics [26][27] Research and Development Strategy - Biogen is focusing on building a more balanced early-stage pipeline, with collaborations aimed at expanding research capabilities [20][21] - The company is committed to breakthrough science, particularly in areas with high unmet medical needs, while also managing risk profiles to appeal to investors [10][12] Regulatory and Market Challenges - The company is navigating complexities in the Alzheimer's market, including skepticism around treatment efficacy and the need for improved patient throughput [25][26] - Biogen is preparing for full reimbursement applications for subcutaneous formulations, which are expected to enhance patient experience and adherence [28][29] Conclusion - Biogen is executing a consistent strategy aimed at delivering long-term sustainable growth, with a focus on innovative therapies and efficient cost management [18][48] - The company anticipates 2026 to mark a transformational era, with significant advancements in its product pipeline and market presence [18][48]

Summary of Bausch + Lomb FY Conference Call (January 12, 2026) Company Overview - **Company**: Bausch + Lomb (NYSE: BLCO) - **Industry**: Eye health solutions, including consumer products, surgical devices, and pharmaceuticals Key Points and Arguments Company Transformation and Strategy - Bausch + Lomb is undergoing a transformation with a focus on innovation, disciplined execution, and a clear strategy aimed at meeting the growing demand for eye health solutions [1][2] - The company has rebuilt its culture to prioritize accountability, urgency, and a mindset geared towards innovation, leading to a more effective development engine [2][4] Innovation and R&D - The company has seen a significant increase in patent filings, indicating a stronger R&D organization and a shift towards a more innovative culture [3][4] - Innovation is now integrated across all business areas, including product design, digital capabilities, and customer engagement [4] Pipeline and Growth Opportunities - Bausch + Lomb's pipeline is designed for long-term revenue potential, with a focus on consumer, surgical, contact lens, and pharmaceutical segments [5][6] - Upcoming product launches include: - **Blink Triple Care** preservative-free drops (2026) - **PreserVision AREDS 3** for age-related macular degeneration (AMD) (2026) - **Lumify Luxe** for redness relief (2027) [8] - The contact lens segment is expected to grow with the introduction of new daily eye offerings and the innovative **Project Halo**, a bioactive contact lens [9][10] Financial Performance and Projections - The company anticipates a 7% constant currency revenue growth in the consumer segment over the past year, with significant pipeline impacts expected [7] - Expected peak sales from new contact lenses under development could total $1.25 billion, potentially doubling the size of the contact lens business [10] - The pharmaceutical segment, particularly MIEBO and Xiidra, is projected to drive top-line growth and margin improvement [11][12] Surgical Business and Market Position - The surgical business is expected to see growth driven by premium ocular lenses and new product launches, including ELIOS for glaucoma surgery [12][13] - The company aims to improve surgical margins through a shift to higher-margin products and enhanced manufacturing efficiencies [29][30] Financial Metrics and Goals - Bausch + Lomb targets a 23% EBITDA margin by 2028, representing a 600 basis point increase from current levels [38] - The company expects double-digit EPS growth annually, driven by improved operational efficiencies and cost management [42] Market Conditions and Consumer Trends - The contact lens market is projected to grow at a rate of 4% to 6%, with Bausch + Lomb maintaining a strong position despite market slowdowns experienced by competitors [21][22] - The company is optimistic about consumer confidence and pricing power in the market, particularly in the U.S. [22][23] Capital Allocation and Future Plans - Bausch + Lomb plans to focus on strengthening its balance sheet, reducing leverage, and pursuing opportunistic M&A, with no immediate need for large-scale acquisitions [47][48] Additional Important Insights - The company emphasizes a commitment to operational excellence and financial discipline, aiming for significant improvements in cash flow and working capital management [44][45] - Bausch + Lomb's approach to innovation is grounded in addressing real clinical needs, which is expected to create long-term shareholder value [6] This summary encapsulates the key points discussed during the Bausch + Lomb FY Conference Call, highlighting the company's strategic direction, innovation pipeline, financial goals, and market positioning.

Summary of Madrigal Pharmaceuticals FY Conference Call Company Overview - **Company**: Madrigal Pharmaceuticals (NasdaqGS:MDGL) - **Industry**: Metabolic and liver disease - **Key Product**: Rezdiffra, the first-ever approved product for MASH (Metabolic Associated Steatotic Hepatitis) Core Points and Arguments 1. **Market Leadership**: Madrigal is positioned as a leader in the MASH space with a successful product launch, achieving over $1 billion in annualized sales after six quarters [3][4][29]. 2. **Future Growth**: The company anticipates significant growth opportunities with the upcoming F4C indication data expected in 2027, which could potentially double the market opportunity for Rezdiffra [4][30]. 3. **Patient Base**: As of Q3 2025, over 29,500 patients are on Rezdiffra therapy, with 10,000 prescribers, indicating a strong foundation for continued growth [9][10]. 4. **Market Dynamics**: The MASH market is currently under-penetrated, with only 10% of diagnosed patients being treated. The company sees potential for expansion similar to other large specialty markets [11][12]. 5. **Pipeline Development**: Madrigal is focused on building a robust pipeline in MASH, including new mechanisms of action and combination therapies to enhance treatment efficacy [17][18][20]. Important Developments 1. **Combination Therapies**: The company is exploring combination therapies with new assets like a DGAT2 inhibitor and an oral GLP-1 molecule, which are expected to enhance the efficacy of Rezdiffra [20][25]. 2. **Clinical Trials**: Ongoing and upcoming trials include the Maestro Outcomes trial for F4C and the Maestro NASH study for F2, F3, with data expected in 2027 and 2028 respectively [17][18]. 3. **Market Access**: Madrigal has secured first-line access with no step-edit requirements, which is crucial for maintaining strong market presence against competitors [10][49]. Financial Outlook 1. **Sales Growth**: The company expects robust net revenue growth in 2026 despite anticipated changes in gross-to-net dynamics due to commercial contracting [49][50]. 2. **Profitability Timeline**: While profitability is not the immediate focus, the company is confident in achieving it as top-line growth outpaces spending [45][46]. Additional Insights 1. **Global Expansion**: Madrigal has launched in Germany and is exploring opportunities in other countries, particularly in the Middle East, but does not expect significant contributions from international sales in 2026 [55][56]. 2. **Competitive Landscape**: The company acknowledges the presence of competitors but believes that the unique profile of Rezdiffra and its established market access will allow it to thrive [10][53]. Conclusion Madrigal Pharmaceuticals is strategically positioned to lead the MASH market with its innovative product Rezdiffra and a growing pipeline. The company is focused on maximizing its market potential through combination therapies and expanding its patient base while maintaining a strong financial outlook for the coming years [28][30].

United Therapeutics FY Conference Summary Company Overview - **Company**: United Therapeutics (NasdaqGS: UTHR) - **Industry**: Biotechnology, specifically focusing on treatments for pulmonary diseases and orphan oncology Core Points and Arguments - **Key Focus Areas**: - **IPF (Idiopathic Pulmonary Fibrosis)**: A fatal condition with limited effective treatments available. United Therapeutics aims to address this with their new drug, Tyvaso, which has shown significant potential in clinical trials [6][10][11]. - **Superprostacyclin**: Refers to Ralinepag, a next-generation prostacyclin molecule developed by United Therapeutics, which is expected to have superior pharmacokinetic and pharmacodynamic properties compared to existing treatments [8][9][12]. - **Clinical Trials**: - The **TETON 2 trial** demonstrated a dramatic improvement in forced vital capacity for patients with IPF, indicating that Tyvaso could become the most prescribed medicine for this condition [10][24]. - The company plans to file for FDA approval based on the results of TETON 2 and an upcoming confirmatory study, TETON 1, which is expected to yield similar results [12][39]. - **Market Potential**: - There are approximately **100,000 patients** in the U.S. suffering from IPF, with a significant opportunity for revenue growth as Tyvaso is introduced to this market [11][25]. - The company anticipates a substantial increase in revenue, potentially **two to four times** the current levels, following the launch of Tyvaso for IPF [13]. - **Drug Development Strategy**: - United Therapeutics emphasizes a commitment to **orphan drug development**, leveraging their success with Unituxin for neuroblastoma to expand into other pediatric and orphan cancers [16][17]. - The company is also exploring **xenotransplantation** as a solution for patients needing organ transplants, with FDA-approved clinical trials for xenokidneys and xenocardiac transplants underway [32][33]. Additional Important Content - **Innovative Approaches**: - The use of **computational biology models** (CLIME model) to predict drug efficacy has been highlighted as a significant advancement in trial design, allowing for faster and more accurate results [18][19]. - United Therapeutics is developing **drug-device combination products** to enhance the delivery and effectiveness of their medications [20][21]. - **Quality Control in Xenotransplantation**: - The company is implementing rigorous quality assurance and control measures in their xenotransplantation facilities to mitigate risks associated with porcine endogenous viruses [43][45]. - **Future Outlook**: - The company is optimistic about the upcoming data from the TETON 1 trial and the potential for Ralinepag to become the leading treatment for pulmonary hypertension, with expectations to surpass current patient numbers [27][29]. - **Regulatory Strategy**: - United Therapeutics is committed to following FDA guidance closely, planning to submit data from both TETON trials to ensure a robust application for approval [38][39]. This summary encapsulates the key points discussed during the United Therapeutics FY Conference, highlighting the company's strategic focus on IPF, innovative drug development, and the potential for significant market impact.

Kodiak Sciences FY Conference Summary Company Overview - **Company**: Kodiak Sciences (NasdaqGM: KOD) - **Focus**: Pre-commercial stage retina-focused biotech company Key Assets and Pipeline - **KSI-101**: Strong data from APIC studies, targeting IL-6 and VEGF, with phase 3 Peak and Pinnacle studies enrolling ahead of expectations. Top-line data expected in Q4 2026 and Q2 2027 [4][8] - **Tarcocimab**: Targeting a BLA in mid-2026 after the Daybreak study readout. Significant market opportunity in retinal vein occlusion (RVO), diabetic retinopathy (DR), and wet AMD [4][5][10] - **KSI-501**: Bispecific conjugate with potential for improved efficacy in retinal vascular diseases. Top-line data from the Daybreak study expected in Q3 2026 [4][10][22] Market Opportunities - **RVO Market**: Estimated at $3 billion, with tarcocimab showing strong durability and efficacy in the BEACON study [5][18] - **Diabetic Retinopathy**: High unmet need with an estimated 850,000 patients in the U.S. currently treated with anti-VEGF agents [19] - **Retinal Vascular Diseases**: A $15 billion market with opportunities for biologics that provide both high immediacy and durability [11][12] Clinical Development and Data Readouts - **Phase 3 Studies**: Three phase 3 programs in retina, with significant data readouts expected in 2026 and 2027 [7][10] - **GLO2 Study**: Expected top-line data at the end of Q1 2026, focusing on DR with a profile that could be valuable for BLA submission [20][42] - **Daybreak Study**: Ongoing study in wet AMD, with expectations for strong disease control and visual acuity gains [21][22] Manufacturing and Commercialization - **Manufacturing Facility**: Partnership with Lonza for commercial manufacturing, with validation batches completed for key assets [6][24] - **Investment in Manufacturing**: Significant investments made to support the launch of multiple ABC products into large markets [24] Financial Position and Future Outlook - **Recent Financing**: Successful capital raise to support upcoming milestones and operational needs through key data readouts [50][51] - **Investment Opportunity**: Kodiak positioned as a compelling investment opportunity with a strong pipeline and upcoming data that could significantly enhance company value [2][35] Additional Insights - **Innovative Drug Development**: Focus on multifunctional and modular drug development across diverse APIs, enhancing long-term value [11] - **Safety and Efficacy**: Strong emphasis on safety profiles and efficacy improvements in formulations, particularly for tarcocimab and KSI-501 [15][45] - **Regulatory Strategy**: Plans to file BLAs based on strong data from pivotal studies, with a focus on maximizing patient outcomes and revenue [46][47] This summary encapsulates the key points from the Kodiak Sciences FY Conference, highlighting the company's strategic focus, pipeline developments, market opportunities, and financial positioning.

Tempus AI FY Conference Summary Company Overview - **Company**: Tempus AI (NasdaqGS:TEM) - **Industry**: Life Sciences, Diagnostics, and Data Analytics Key Points and Arguments Business Model and Strategy - Tempus was founded to leverage AI-enabled diagnostics to unlock precision medicine, focusing on the integration of vast proprietary data and distribution systems to deliver insights to physicians and patients [2][3] - The company has built a substantial dataset of over 400 petabytes, covering phenotypic, morphologic, and molecular data, which is essential for advancing AI in healthcare [5][7] - Tempus connects with over 5,000 providers, reaching two-thirds of the U.S. healthcare system, which allows for extensive data collection and distribution [4][5] Financial Performance - Tempus generated $1.27 billion in revenue for the previous year, exceeding guidance, with a core business growth rate of approximately 30% [33] - The data business alone achieved $316 million in revenue, growing at 31% year-over-year, indicating strong demand from biopharma clients [18][21] - The company expects to generate $1.59 billion in revenue for 2026, with a growth target of 25% over the next three years [33][60] Diagnostic Business - The diagnostic segment includes genomics and genetics, with a focus on therapy selection and monitoring post-treatment [12][13] - The company has seen significant growth in both liquid and solid tumor profiling products, with a 28% growth rate in Q4 [16][39] - Average Selling Prices (ASPs) are expected to rise from $1,630 to approximately $2,200 due to enhanced reimbursement from FDA-approved assays [17][18] Data Business - Tempus has established a robust data business, licensing data to 19 of the 20 largest pharmaceutical companies and over 250 biotech firms [21][44] - The total contract value (TCV) for data licenses is over $1.1 billion, with $350 million related to 2026 being non-cancelable contracts [22][24] - The data business is characterized by high net revenue retention of 126%, indicating strong client loyalty and increasing data licensing [22] AI and Technology Integration - AI is embedded across all Tempus products, enhancing decision-making for physicians and improving patient outcomes [30][31] - The company is developing large multimodal foundation models in partnership with AstraZeneca, leveraging its extensive data for advanced analytics [31][32] Challenges and Future Outlook - Tempus faces challenges in managing rapid growth, particularly in its data business, which is currently experiencing high demand [25][42] - The company is focused on sustainable growth rather than accelerated growth that could lead to volatility in future periods [40][61] - There is ongoing investment in improving product offerings, particularly in the MRD (Minimal Residual Disease) testing segment, to enhance market adoption [56][59] Additional Insights - Tempus has a strong competitive advantage due to its direct data pipeline with hospitals, which is not matched by competitors in the diagnostics space [50][51] - The company has invested over $1 billion in data acquisition and technology, positioning itself as a leader in the market [53][54] This summary encapsulates the key points discussed during the Tempus AI FY Conference, highlighting the company's strategic focus, financial performance, and future growth potential in the life sciences and diagnostics industry.

Caris Life Sciences (NasdaqGS:CAI) FY Conference January 12, 2026 04:30 PM ET Company ParticipantsDavid Spetzler - PresidentLuke Power - CFOBrian Brille - Vice ChairmanConference Call ParticipantsSebastien Sandler - AnalystSebastien SandlerGreat. Welcome back from lunch, everyone. My name is Sebastian Sandler from the Life Sciences Tools and Diagnostics team at JPMorgan. I'm pleased to be joined by the Caris Life Sciences team. As usual, there will be 20 or so minutes of presentation followed by Q&A. And so ...

Daiichi Sankyo Company FY Conference Summary Company Overview - **Company**: Daiichi Sankyo Company - **Headquarters**: Tokyo, Japan - **Fiscal Year Ending**: March 31, 2026 - **Revenue Forecast**: Approximately 2.1 trillion JPY, an increase of 11% from the previous fiscal year [3] - **Core Operating Profit Forecast**: 350 billion JPY, reflecting a growth of 12% from the previous fiscal year [3] - **Revenue Distribution**: Approximately 70% generated outside Japan, particularly in the United States [3] Key Products and Technologies - **Main Growth Drivers**: HER2-directed ADC Enhertu and Trop2-directed ADC Dataway [3] - **DXd ADC Technology**: Proprietary technology platform with two launched products, Enhertu and Dataway, approved in multiple indications [4] - **Clinical Development**: Seven different ADC assets in clinical development, with promising outcomes in various cancers [4] - **Breakthrough Therapy Designation**: Five DXd ADCs received BTD from FDA, with Enhertu's DESTINY-Breast05 study being the 14th to receive this designation [4] Market Performance - **Global Net Sales (Q2 FY 2025)**: 160 billion JPY, growing 24% year-over-year [6] - **Enhertu Impact**: Over 200,000 patients treated across 85 countries, with significant market share leadership in various cancer indications [6][5] - **Dataway Sales**: Exceeded 10 billion JPY in Q2, with U.S. revenue growing 113% and Japan's revenue growing 59% compared to the previous quarter [8] Clinical Insights - **Enhertu in HER2-positive Metastatic Breast Cancer**: Reduced risk of disease progression or death by 44% compared to standard treatments, with over 40 months of progression-free survival [7] - **Dataway in HR-positive, HER2-negative Metastatic Breast Cancer**: Early experiences reported positively by oncologists, with expectations for triple-negative breast cancer indication [9][10] Future Growth and Strategy - **New Indications**: Anticipated growth from Enhertu and Dataway in 2026, with multiple pivotal trials expected to read out over the next few years [10][11] - **Investment in R&D**: Continued investment in clinical trials and establishing in-house capabilities for clinical development [19][24] - **Shareholder Returns**: Targeting a dividend on equity of 8% or more, with plans for consecutive annual dividend increases [15] Manufacturing and Development - **Global Manufacturing Sites**: 13 sites globally, with ongoing investments in manufacturing capabilities in Germany, China, and the U.S. [14][29] - **Platform Strategy**: Focus on developing multiple ADC technologies, including modified PBD ADC and STING agonist ADC technologies [12][27] Conclusion - **Commitment to Oncology**: Transition from a cardiovascular company to a global oncology leader, with a strong pipeline and innovative ADC technologies [17][19] - **Sustainable Growth**: Aiming for sustainable growth beyond 2030 through continuous innovation and enhanced shareholder returns [20]