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Alex Drebin

Research Analyst at Morgan Stanley

Alex Drebin is an Executive Director and equity research analyst at Morgan Stanley, specializing in the coverage of major North American specialty pharmaceuticals and biotechnology companies. He has provided in-depth analysis on key firms such as Amgen, Biogen, Gilead Sciences, and Vertex Pharmaceuticals, contributing research that has consistently aided investors in making informed decisions—a track record reflected in strong published ratings and recognized by industry platforms. Drebin began his research career at Morgan Stanley, steadily advancing through the analyst ranks since joining the firm in the early 2010s, with prior experience at Duff & Phelps and Citi. He holds FINRA Series 7, 63, 86, and 87 licenses, underlining his credentials as a registered securities professional.

Alex Drebin's questions to On Holding (ONON) leadership

Question · Q3 2025

Alex Drebin asked for more details on On's initial 2026 guidance of 23% constant currency growth, seeking insights into regional, channel, and category confidence, and whether any areas are expected to decelerate more than others.

Answer

Martin Hoffmann (CEO and CFO) confirmed the 23% growth is constant currency and emphasized On's strategy to expand its addressable market by increasing brand awareness among diverse communities, not just existing sportswear consumers. He highlighted a 'firework of innovation' in products (Cloudrunner, Cloudmonster, Lightspray), continued apparel growth, and retail expansion (20-25 new doors annually), driving strong growth across all regions, including the Americas.

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