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    David Adlington • JPMorgan Chase & Co.

    David Adlington's questions to Fresenius Medical Care AG (FMS) leadership

    David Adlington's questions to Fresenius Medical Care AG (FMS) leadership • Q2 2025

    Question

    David Adlington from J.P. Morgan asked for early thoughts on 2026 headwinds from phosphate binder annualization and ACA subsidy expiration, and also inquired about the company's view on recent ProKidney clinical data.

    Answer

    CEO Helen Giza noted it was too early for 2026 guidance but sized the ACA subsidy expiration impact at ~2% of U.S. Care Delivery EBIT. She described the phosphate binder situation as fluid. Head of IR Dominik Heger commented that it is too early to assess the long-term impact of ProKidney, pending further data on efficacy and pricing.

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    David Adlington's questions to Fresenius Medical Care AG (FMS) leadership • Q1 2025

    Question

    David Adlington from JPMorgan Chase & Co. pushed for more detail on the Q1 phosphate binder benefit, re-confirmed the full-year guidance, and asked about any regulatory concerns arising from the new U.S. administration.

    Answer

    CFO Martin Fischer reiterated a "double-digit million" contribution from phosphate binders in Q1, consistent with the full-year outlook. CEO Helen Giza stated that based on current information, they do not expect major changes to core Medicare or Medicaid kidney care programs from the administration.

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    David Adlington's questions to Fresenius Medical Care AG (FMS) leadership • Q4 2024

    Question

    David Adlington from JPMorgan questioned the math behind the 11-12% margin guidance relative to the high-teens OI growth outlook. He also asked about the sustainability of the EUR 100 million profit benefit from phosphate binders, given CMS's history of clawing back such gains.

    Answer

    CEO Helen Giza explained that the 11-12% margin guidance reflects the wide range provided for operating income growth. On the phosphate binder benefit, she stressed that the EUR 100 million is a net figure across three of the company's businesses (clinic, pharma, pharmacy). She noted the situation differs from past bundle changes like calcimimetics because both generic and branded binders are already in the mix, and the company will monitor utilization changes during the TDAPA period.

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    David Adlington's questions to Fresenius Medical Care AG (FMS) leadership • Q2 2024

    Question

    David Adlington of JPMorgan Chase & Co. pointed out the volume growth difference between the U.S. and ex-U.S. markets, asking for the reason. He also requested initial feedback on the new 5008X machine following its first patient treatments.

    Answer

    CFO Martin Fischer explained that international same-market treatment growth was 1.9% in Q2, higher than in the U.S., attributing the difference to varying mortality rates, with the U.S. experiencing a longer flu season. CEO Helen Giza shared excitement about the 5008X launch, reporting that initial treatments in Boston were successful with positive feedback from patients and staff. She reiterated that the full rollout is planned for the end of 2025 and is not in the current 2025 plan.

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    David Adlington's questions to Smith & Nephew PLC (SNN) leadership

    David Adlington's questions to Smith & Nephew PLC (SNN) leadership • H1 2025

    Question

    David Adlington from JPMorgan Chase & Co. questioned the expected year-end net debt to EBITDA ratio following the share buyback and asked about the medium-term target for inventory reduction and the potential cash it could unlock.

    Answer

    CFO John Rogers responded that despite the £500M buyback, he expects to exit the year below the 2.0x net debt to EBITDA target, leaving capacity for growth ambitions. On inventory, he noted that while Sports and Wound are approaching good industry levels, further opportunity for improvement exists in Orthopedics, with progress expected to continue into H2 and beyond.

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    David Adlington's questions to Smith & Nephew PLC (SNN) leadership • H1 2025

    Question

    David Adlington from JPMorgan Chase & Co. asked about the expected year-end net debt to EBITDA ratio following the share buyback and inquired about the medium-term target for inventory days and the potential cash that could be freed up.

    Answer

    CFO John Rogers stated that despite the £500M buyback, he expects the company to end the year with a net debt to EBITDA ratio below 2.0x, preserving capacity for growth initiatives. On inventory, he noted that while Sports and Wound are approaching optimal levels, further opportunity exists in Ortho, with improvements expected to continue into H2 and beyond, though he did not provide a specific medium-term target.

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    David Adlington's questions to Koninklijke Philips NV (PHG) leadership

    David Adlington's questions to Koninklijke Philips NV (PHG) leadership • Q2 2025

    Question

    David Adlington from JPMorgan Chase & Co. asked about the role of pricing versus advertising and promotional spend in the Personal Health segment's performance and inquired about early customer conversations regarding the US hospital capital expenditure environment for 2026.

    Answer

    CFO Charlotte Hanneman clarified that the company invested heavily in advertising and promotion to support new launches and drive sell-out in China, stating that pricing in Personal Health was "broadly flat." CEO Roy Jakobs addressed the US market, noting that demand remains strong, fueled by high patient volumes and the need for productivity solutions. He sees continued strength and growth opportunities, with no immediate trend breach observed in customer conversations for 2026.

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    David Adlington's questions to Koninklijke Philips NV (PHG) leadership • Q2 2025

    Question

    David Adlington from J.P. Morgan asked about pricing dynamics within the Personal Health segment, specifically regarding the recent advertising and promotion spend, and inquired about early conversations with U.S. hospitals concerning their CapEx plans for 2026.

    Answer

    CFO Charlotte Hanneman clarified that the increased A&P spend in Personal Health was to support new innovations and sell-out in China, not to fund price reductions, stating that pricing is 'broadly flat.' CEO Roy Jakobs reported continued strong demand from North American hospitals, which are focused on productivity solutions, and noted that Philips has seen six quarters of double-digit order growth in the region with no signs of an immediate slowdown.

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    David Adlington's questions to Koninklijke Philips NV (PHG) leadership • Q1 2025

    Question

    David Adlington inquired about the annualized impact of tariffs in 2026 and whether Philips engaged in inventory pre-purchasing in Q1. He also asked about Personal Health trends in North America and the contribution of price to its growth.

    Answer

    CFO Charlotte Hanneman stated it's too early to quantify the 2026 tariff impact but expects mitigation benefits to increase over time. CEO Roy Jakobs noted some order pull-in at the end of Q1 but emphasized strong underlying sellout momentum in Personal Health, especially in international markets. Hanneman confirmed inventory levels decreased year-over-year, with no significant pre-purchasing.

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    David Adlington's questions to Koninklijke Philips NV (PHG) leadership • Q4 2024

    Question

    David Adlington inquired about market share dynamics for the Diagnosis & Treatment (D&T) business in China amidst local competition, and asked for any updates on the timing of the Department of Justice (DOJ) matter.

    Answer

    CEO Roy Jakobs highlighted that in China, the relaunch of the helium-free MR and the new AI-driven VM11 Ultrasound suite are gaining good momentum, which he believes will help build on their market share. On the DOJ timing, Jakobs stated there was no new information to share, noting that collaboration is ongoing but no timeline has been indicated.

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    David Adlington's questions to Koninklijke Philips NV (PHG) leadership • Q2 2024

    Question

    David Adlington from JPMorgan Chase & Co. questioned the contribution of pricing to the quarter's 2% sales growth and asked for an outlook on the pricing environment for both sales and new orders.

    Answer

    CFO Abhijit Bhattacharya explained that the net pricing impact was close to zero for the group. He detailed that while Health Systems saw a positive pricing benefit flow from the order book to the P&L, the subdued consumer sentiment in Personal Health meant there were no further pricing upsides there. For new orders, he noted pricing is "still okay" and the company is making good progress on material price reductions to support future profitability.

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    David Adlington's questions to Alcon AG (ALC) leadership

    David Adlington's questions to Alcon AG (ALC) leadership • Q1 2025

    Question

    David Adlington asked for the geographic source of the $80 million tariff impact and what the financial effect would be if rates reverted to previous levels. He also questioned if Alcon sees any competitive tailwind from competitors being more exposed to tariffs.

    Answer

    Chief Financial Officer Tim Stonesifer explained the $80 million impact is primarily from exports to China and is based on current rates, as future rates are too uncertain to speculate on. Chief Executive Officer David Endicott stated they do not see a competitive tailwind as most peers are in a similar position. He emphasized that the company's focus is on advocating for a MedTech exemption while preparing mitigation strategies like pricing and network optimization if necessary.

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    David Adlington's questions to Alcon AG (ALC) leadership • Q4 2024

    Question

    David Adlington questioned why the 2025 revenue guidance of 6-8% is the same as the prior year's despite new product launches, asking about offsets, and if the strong 2H 2025 exit rate implies faster growth in 2026.

    Answer

    CEO David Endicott explained that offsets to growth include legacy brand performance and general market conditions, particularly continued softness in the U.S. implantables market. He emphasized that geographic and product diversity provides stability. Regarding 2026, he stated it was too early to comment, as the 6-8% range for 2025 reflects uncertainty around the ramp-up of the new products.

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    David Adlington's questions to Alcon AG (ALC) leadership • Q2 2024

    Question

    David Adlington questioned the inventory provision for the contact lens supply chain issue, asking why a provision was taken instead of seeking compensation from the supplier. He also asked what percentage of equipment sold in the quarter included an upgrade option to the new Unity platform.

    Answer

    CEO David Endicott clarified that the provision was necessary for product already manufactured with the faulty raw material and that the company is pursuing all appropriate avenues with the supplier. On the second question, he declined to provide specific numbers on upgrade options but reiterated that the total installed base of around 30,000 units operates on a roughly 10-year replacement cycle, which is the primary driver of the upgrade opportunity.

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