14 Nov 2024 03:35:11 ET │ 11 pages V i e w p o i n t | Global Semiconductors Memory Pricing Update: 4Q DRAM ASP Likely to be Better-ThanFeared; Memory ASP Recovery in 2H25E CITI'S TAKE Recently, the market appeared to be concerned about a potential decline in 4Q DRAM pricing due to concerns on HBM oversupply and weakening demand for conventional memory. Contrary to market concerns, we expect 4Q DRAM pricing to be better-than-feared driven by increasing mix of HBM and premium memory with high bandwidth and h ...

15 November 2024 | 11:44AM CST China Healthcare: Plasma 3Q24 Wrap-up: Albumin under pressure but IVIG stronger; three debates to address | --- | --- | |-------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------| | | | | All 7 A-share listed plasma product companies have published their 3Q24 reports. | Research \| Equity | | We observe that most companies h ...

15 November 2024 | 6:52PM HKT China: SAFE data suggest modest FX inflows in October | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------| | | | | Bottom line: Our preferred FX flow measure shows modest FX inflows of US$5bn in October | Xinquan Chen +852-2978-2418 \| xinquan.chen@gs.com Goldman Sach ...

15 Nov 2024 15:02:39 ET │ 9 pages Metal Matters China export tax rebate removal for copper and aluminum semis bigger | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------- ...

Company and Industry Overview * **Company**: Viatris Inc. (NASDAQ: VTRS) * **Industry**: Pharmaceuticals, Healthcare Key Points and Arguments 1. **Strategic Pillars**: * **Diversified and Growing Base Business**: Demonstrated year-over-year operational adjusted revenue growth for six consecutive quarters, driven by both brands and generics. [4] * **Innovative Pipeline**: Executing clinical trials for selatogrel and cenerimod, and entered into an exclusive licensing agreement with Lexicon for sotagliflozin. [8] * **Capital Allocation**: 50% for business development, 25% for share repurchases, and 25% for dividends. [17] 2. **Financial Performance**: * Generated strong free cash flow of $866 million in Q3, bringing year-to-date cash flow generation to $1.9 billion. [7] * Repurchased about $1.9 billion of debt in Q3. [6] * Confident in generating $2.3 billion of cash flow on an ongoing basis. [7] 3. **New Product Revenue**: * On track to achieve $500 million to $600 million of new product revenue for the year. [5] * Pipeline includes generic launches in North America and Europe, as well as key complex generics like glucagon, liraglutide, and iron sucrose. [12] 4. **Regulatory Updates**: * Nearing the end of regulatory processes for sandostatin LAR, liraglutide, and iron sucrose. [14] * Meeting with FDA for GA Depot in December. [14] 5. **Capital Allocation Strategy**: * 50% of free cash flow allocated to business development, focusing on supporting the base business and adding innovative assets. [24] * Disciplined approach to evaluating business development opportunities, considering strategic fit, commercial potential, and financial impact. [29] 6. **Therapeutic Areas of Focus**: * Ophthalmology, GI, dermatology, cardiovascular, and immunology. [53] 7. **Geographical Focus**: * Europe, Greater China, emerging markets, and JANZ. [55] Additional Important Points * Viatris has a strong global footprint and expertise in both brands and generics. [55] * The company is focused on leveraging its existing infrastructure and capabilities to drive growth. [24] * Viatris is committed to being disciplined and thoughtful in its approach to business development. [29]

Boston Scientific Corporation (NYSE:BSX) UBS Global Healthcare Conference November 12, 2024 10:15 AM ET Company Participants Jonathan Monson - Senior Vice President, Investor Relations Nick Spadea-Anello - VP & GM of Interventional Cardiology Conference Call Participants Danielle Antalffy - UBS Danielle Antalffy So good morning, everyone. Thanks so much for joining us. And for those who don't know me, I'm Danielle Antalffy, I'm the U.S. Medtech analyst here at UBS. Very lucky to have with us Boston Scientif ...

S&P Global Inc. (NYSE:SPGI) JPMorgan Ultimate Services Investor Conference November 14, 2024 10:50 AM ET Company Participants Martina Cheung - President, CEO Conference Call Participants Andrew Steinerman - JPMorgan Andrew Steinerman Hello, everyone. It's still morning. It's Andrew Steinerman, your business information services analyst here at JPMorgan, and welcome to the Ultimate Services Investor Conference. This is the Info Services track. And just as a little quick announcement, we just put out our quar ...

FedEx Corporation (NYSE:FDX) Baird Global Industrial Conference November 12, 2024 Industry/Company * **Industry**: Transportation and logistics * **Company**: FedEx Corporation (NYSE:FDX) Core Points and Arguments 1. **DRIVE Program**: FedEx's DRIVE program aims to achieve $2.2 billion in savings by fiscal year 2025, following $1.8 billion in savings in fiscal year 2024. The program focuses on cost-cutting initiatives and operational improvements across the company. 2. **Network 2.0**: This initiative involves optimizing the company's network by improving facilities, personnel, and technology. It is expected to be completed by the end of fiscal year 2027. 3. **Peak Season Preparedness**: FedEx is well-prepared for the peak season, with adequate staffing and capacity to meet customer demand. 4. **Tariffs and Taxes**: FedEx supports free trade and is prepared to adapt to any changes in tariffs or taxes. The company has a strong presence in 220 countries and can adapt to changes in demand. 5. **Pricing Strategy**: FedEx has implemented peak pricing surcharges and is encouraged by its ability to pass along costs to customers. The pricing environment remains rational and competitive. 6. **Postal Service Contract Expiration**: FedEx is prepared for the expiration of its Postal Service contract, which will result in a loss of revenue. The company has taken immediate action to mitigate the impact and is working to adapt its network to the change. 7. **Product Mix Shift**: FedEx has seen a shift in product mix towards deferred services, which has put pressure on earnings and margins. The company is focused on improving yields and managing costs. 8. **European Operations**: FedEx is working to improve profitability in Europe through service improvements and operational efficiencies. The company has implemented new leadership and is focused on improving service quality. 9. **Tricolor Program**: This program involves redesigning the company's network to optimize asset utilization and improve efficiency. It includes three networks: purple (Express), white (e-commerce deferred), and orange (priority freight). 10. **Freight Business**: FedEx is conducting a strategic review of its freight business and expects to announce the outcome by the end of the year. 11. **Capital Allocation**: FedEx is focused on investing capital in areas with the highest return on invested capital (ROIC), such as network modernization and hub modernization. The company has reduced capital expenditures and is committed to returning capital to shareholders through share repurchases and dividends. Other Important Points * FedEx has implemented a One FedEx structure, bringing together its Ground and Express companies to create more opportunities for collaboration and efficiency. * The company has a strong focus on talent development and cross-functional collaboration. * FedEx is committed to improving its environmental sustainability and has set ambitious goals for reducing emissions and waste.

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) Guggenheim Inaugural Healthcare Innovation Conference November 12, 2024 9:00 AM ET Company Participants Reshma Kewalramani - President and CEO Conference Call Participants Debjit Chattopadhyay - Guggenheim Partners Debjit Chattopadhyay Good morning, and thank you for joining Guggenheim's Inaugural Healthcare Innovations Conference. I am Debjit, one of the therapeutic analysts, and my privilege to welcome Dr. Reshma Kewalramani, President and CEO of Vertex. T ...

Union Pacific Corporation (NYSE:UNP) Baird 2024 Global Industrial Conference November 12, 2024 10:40 AM ET Company Participants Jennifer Hamann - Executive VP & Chief Financial Officer Rahul Jalali - Executive VP & Chief Information Officer Conference Call Participants Garrett Holland - Robert W. Baird & Co. Garrett Holland We're pleased our next session is with Union Pacific. From the company, we've got Jennifer Hamann, Executive Vice President and Chief Financial Officer; as well as Rahul Jalali, Executiv ...