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    Erin Wright

    Senior Equity Research Analyst at Morgan Stanley

    Erin Wright is a Senior Equity Research Analyst at Morgan Stanley, specializing in healthcare sector research with a focus on major public companies such as UnitedHealth Group, McKesson, Steris, Stericycle, Patheon NV, VCA Antech, Nexvet Biopharma, and Parexel. Wright has delivered strong performance, including a notable 212.5% return on Chewy (CHWY) and maintains a TipRanks success rate of 64.63% across 60 covered stocks. She began her career prior to 2013, previously holding a Director-equivalent role in Life Sciences equity research, and has been based in New York City since joining Morgan Stanley. Erin Wright possesses key professional credentials including FINRA registration and relevant securities licenses for equity research and analysis.

    Erin Wright's questions to PHIBRO ANIMAL HEALTH (PAHC) leadership

    Erin Wright's questions to PHIBRO ANIMAL HEALTH (PAHC) leadership • Q4 2025

    Question

    Erin Wright of Morgan Stanley inquired about the underlying organic growth assumptions for fiscal year 2026, including key headwinds and tailwinds. She also asked for quantification of the Fibro Forward initiative's cost savings and details on the nature of the company's strategic investments.

    Answer

    CFO Glenn David explained that fiscal 2026 guidance assumes flat to low single-digit growth for the legacy MFA business, with continued strong, albeit stabilizing, growth in Vaccines and Nutritional Specialties. He noted that a significant portion of EBITDA growth comes from the full-year impact of the Zoetis acquisition, with the remainder from the legacy business and the Fibro Forward initiative, which is expected to peak in fiscal 2027. EVP of Corporate Strategy Daniel Bendheim added that Fibro Forward is a broad, ongoing initiative embedded in SG&A, covering areas like CRM, customer focus, and the establishment of a global procurement organization.

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    Erin Wright's questions to CARDINAL HEALTH (CAH) leadership

    Erin Wright's questions to CARDINAL HEALTH (CAH) leadership • Q4 2025

    Question

    Erin Wright of Morgan Stanley inquired about utilization trends in the GMPD segment, the progress of tariff mitigation efforts, the expected quarterly profit cadence for FY26, and the role of price increases in the strategy.

    Answer

    CEO Jason Hollar stated that utilization remains consistent and tariff mitigation is on track. CFO Aaron Alt detailed the FY26 cadence, expecting a one-third/two-thirds profit split between H1 and H2, with Q2 likely being the lowest point due to the timing of tariff expense realization.

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    Erin Wright's questions to DENTSPLY SIRONA (XRAY) leadership

    Erin Wright's questions to DENTSPLY SIRONA (XRAY) leadership • Q2 2025

    Question

    Erin Wright from Morgan Stanley asked what makes the new CEO's turnaround approach different and what he views as the optimal business mix for success. She also questioned if he was re-evaluating strategies for flagship areas like CAD/CAM.

    Answer

    CEO Dan Scavilla acknowledged the legitimacy of the question but stated that being only five days into the role, it was too early to outline a detailed strategic shift. He noted his belief that the company needs to move 'deeper and fast enough' and promised to provide a broader strategic scope after completing his initial 'listen and learn' phase with the team and customers.

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    Erin Wright's questions to Elanco Animal Health (ELAN) leadership

    Erin Wright's questions to Elanco Animal Health (ELAN) leadership • Q2 2025

    Question

    Erin Wright from Morgan Stanley questioned the implied growth slowdown in the second half of the year, particularly in Q4, asking about potential stocking dynamics and whether the guidance was overly conservative. She also requested an update on the regulatory status and approval timeline for the IL-31 monoclonal antibody for atopic dermatitis.

    Answer

    President and CEO Jeffrey Simmons stated that company-wide inventory levels are at or below historical lows and are not a factor in the guidance. He characterized the second-half outlook as a prudent and disciplined approach that considers a dynamic environment, competitive launches, and FX volatility. For IL-31, Simmons confirmed it remains on track for a 2025 approval and a commercial launch in the first half of 2026, noting that key milestones with the USDA have been met, though acknowledging the lack of a formal PDUFA-like timeline.

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    Erin Wright's questions to MCKESSON (MCK) leadership

    Erin Wright's questions to MCKESSON (MCK) leadership • Q1 2026

    Question

    Erin Wright from Morgan Stanley asked for an update on McKesson's perspective regarding the potential impact of a Most Favored Nation (MFN) drug pricing model, particularly on U.S. Oncology and other business areas.

    Answer

    CEO & Director Brian Tyler stated that McKesson's view has not changed, emphasizing that the community setting is the lowest-cost, highest-quality care option. He noted that it is still very early in the MFN process, which is expected to play out over a long time horizon. He affirmed that McKesson is actively engaged with policymakers to educate them on the value of preserving vibrant community care settings.

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    Erin Wright's questions to Cencora (COR) leadership

    Erin Wright's questions to Cencora (COR) leadership • Q3 2025

    Question

    Erin Wright of Morgan Stanley sought clarification on CEO Robert Mauch's comment about de-emphasizing investments in less strategically aligned areas. She specifically asked how this applies to Cencora's commitment to its international and animal health businesses.

    Answer

    President & CEO Robert Mauch clarified that his comment was about applying rigorous discipline across the entire portfolio to ensure strategic fit. This process helps the company decide how to best deploy resources—capital, operating expenses, and talent—by prioritizing investment in differentiated, high-growth areas and de-prioritizing those that are less aligned with the core strategy. He did not single out any specific business for de-emphasis.

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    Erin Wright's questions to Zoetis (ZTS) leadership

    Erin Wright's questions to Zoetis (ZTS) leadership • Q2 2025

    Question

    Erin Wright asked about Zoetis's ability to achieve high single-digit operational growth in 2026 amidst a changing competitive landscape and its innovation pipeline. She also questioned the drivers of the strong Q2 margins and the outlook for cost management.

    Answer

    CEO Kristin Peck expressed confidence in long-term, above-market growth, citing the portfolio's diversity and a pipeline expected to deliver a major approval annually. EVP & CFO Wetteny Joseph added that portfolio breadth and strong livestock momentum support future growth. He noted Q2 margin strength was driven by favorable product mix and disciplined cost management, which will continue, though manufacturing costs will normalize in the second half.

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    Erin Wright's questions to IDEXX LABORATORIES INC /DE (IDXX) leadership

    Erin Wright's questions to IDEXX LABORATORIES INC /DE (IDXX) leadership • Q2 2025

    Question

    Erin Wright asked about the specifics of InVueDx contracts and consumable agreements, utilization trends, and whether adoption was stronger in independent or corporate practices. She also questioned the updated guidance for vet office visit trends and the implied cadence for the second half of the year.

    Answer

    CEO Jay Mazelsky noted that while they don't break out consumable usage by product, new innovations were key contributors to the strong 14% organic growth in VetLab consumables. He explained that independent practices adopt new technology more quickly than corporate accounts, which have longer pilot phases. CFO Andrew Emerson added that the updated guidance reflects recent clinical visit trends of approximately -2.5% continuing through year-end, with no material step-up in CAG Diagnostic recurring revenue growth assumed.

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    Erin Wright's questions to BrightSpring Health Services (BTSG) leadership

    Erin Wright's questions to BrightSpring Health Services (BTSG) leadership • Q2 2025

    Question

    Erin Wright of Morgan Stanley asked about the extent to which market share gains from competitors exiting the market are driving growth and whether regulatory disruption could create M&A opportunities. She also requested the generic penetration rate for the specialty pharmacy business.

    Answer

    CEO Jon Rousseau confirmed that competitor exits, particularly in the acute infusion market, have created growth opportunities. He highlighted BrightSpring's strong M&A track record and scale as key advantages in consolidating the market. While he did not provide a specific generic penetration rate, he reiterated that generics constitute the majority of the pharmacy business and are a core part of their value proposition.

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    Erin Wright's questions to BrightSpring Health Services (BTSG) leadership • Q4 2024

    Question

    Erin Wilson Wright asked if BrightSpring plans to refine its business mix further following the Community Living divestiture and how that aligns with integration efforts. She also inquired about the outlook and potential risks related to the company's Medicaid exposure.

    Answer

    Executive Jon Rousseau stated that the divestiture creates a 'very tight set of Pharmacy and Provider Services,' which he views as a 'terrific platform for the future,' implying no further major portfolio changes are planned. Regarding Medicaid, Rousseau expressed confidence that the populations BrightSpring serves—seniors and people with disabilities—are not the focus of current political discussions around potential program changes, such as work requirements, and therefore are not at significant risk.

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    Erin Wright's questions to Envista Holdings (NVST) leadership

    Erin Wright's questions to Envista Holdings (NVST) leadership • Q2 2025

    Question

    Erin Wright asked for details on the two small acquisitions made in the first half and for an update on Envista's broader M&A strategy, including its appetite for larger transactions.

    Answer

    CEO Paul Keel reiterated that organic investment is the top priority, followed by accretive M&A. He described the two H1 deals as very small, single-digit million investments at attractive multiples. He added that as the business gains momentum, the company would be open to larger deals that fit strategically in its core or adjacent markets, provided capital is available.

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    Erin Wright's questions to Cigna (CI) leadership

    Erin Wright's questions to Cigna (CI) leadership • Q2 2025

    Question

    Erin Wright from Morgan Stanley asked for an update on the retail pharmacy reimbursement landscape, particularly the trend towards cost-plus models and its potential expansion into government business.

    Answer

    President and COO Brian Evanko noted that while there is market curiosity, there has been limited client appetite for cost-plus models due to concerns about paying more and misaligned incentives. Chairman and CEO David Cordani added that the broader trend is a push for affordability through more transparent, fee-based, and performance-based models, which Cigna is actively innovating and offering to clients.

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    Erin Wright's questions to CVS HEALTH (CVS) leadership

    Erin Wright's questions to CVS HEALTH (CVS) leadership • Q2 2025

    Question

    Erin Wright of Morgan Stanley inquired about the Medicare Part D space, how it is performing relative to plan, the impact of a recent CMS demo announcement, and any observed trends in member behavior or utilization.

    Answer

    EVP & President - Aetna, Steve Nelson, reported that Part D plans are performing well due to deliberate de-risking actions, such as consolidating to a single standard plan offering. While this had an expected impact on membership, it positioned the business for long-term sustainability. He noted the company is still analyzing the recent CMS guidance.

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    Erin Wright's questions to ALIGN TECHNOLOGY (ALGN) leadership

    Erin Wright's questions to ALIGN TECHNOLOGY (ALGN) leadership • Q2 2025

    Question

    Erin Wright of Morgan Stanley asked if any of Align's own initiatives, such as promotional activities in June, failed to perform as expected and whether any actions were a response to competitive moves.

    Answer

    President & CEO Joe Hogan stated that the company ran its standard promotional playbook. CFO John Morici added that while awareness and interest remained high, the conversion from a scan to a treatment start did not see the expected sequential improvement for the teen season in North America and Europe, which he attributed to consumer economic concerns.

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    Erin Wright's questions to HUMANA (HUM) leadership

    Erin Wright's questions to HUMANA (HUM) leadership • Q2 2025

    Question

    Erin Wright from Morgan Stanley requested more details on the drivers of the specialty pharmacy strength and how Part D dynamics related to the IRA were unfolding relative to expectations.

    Answer

    CFO Celeste Mellet attributed the outperformance to strategic initiatives, including new pharma partnerships that enabled a direct-to-consumer model for drugs like GLP-1s and secured access to previously unavailable limited distribution drugs. She reiterated that overall Part D trends are in line with expectations.

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    Erin Wright's questions to LABCORP HOLDINGS (LH) leadership

    Erin Wright's questions to LABCORP HOLDINGS (LH) leadership • Q2 2025

    Question

    Erin Wright of Morgan Stanley asked a broader question about diagnostic utilization trends, what assumptions are embedded in the updated guidance, and how durable management believes these trends are.

    Answer

    President, CEO, and Chairman Adam Schechter confirmed that strong, healthy utilization is expected to continue and is factored into the raised guidance. He views the trend as durable, supported by long-term drivers like an aging population, high disease prevalence, and advancements in diagnostics. EVP & CFO Julia Wang added that of the $0.23 raise to the EPS guidance midpoint, approximately one-third was driven by this operational strength, with the remainder from favorable FX.

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    Erin Wright's questions to MOLINA HEALTHCARE (MOH) leadership

    Erin Wright's questions to MOLINA HEALTHCARE (MOH) leadership • Q2 2025

    Question

    Erin Wright from Morgan Stanley asked about the expected cadence of the impact from the recently passed budget bill on Molina's expansion population and whether current long-term projections already factor in potential state mitigation efforts.

    Answer

    CEO Joseph Zubretsky clarified that Molina's long-term revenue targets for 2026 ($46B) and 2027 ($52B) do not yet include any estimated impact from the budget bill. He emphasized that they believe any changes will be implemented gradually, not abruptly, giving states and the market time to adjust, partly due to the administrative burden on states to implement the new rules.

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    Erin Wright's questions to QUEST DIAGNOSTICS (DGX) leadership

    Erin Wright's questions to QUEST DIAGNOSTICS (DGX) leadership • Q2 2025

    Question

    Erin Wright from Morgan Stanley inquired about utilization trends, asking how they progressed throughout the second quarter and into the third, and whether the strength was driven by underlying market trends or market share gains.

    Answer

    CEO James Davis described strong utilization in Q2 that has remained consistent into early Q3. He attributed the performance to a combination of factors, including market share gains from expanded health plan access with Elevance and Centerra, strong demand for advanced diagnostics like Alzheimer's and cardiometabolic tests, and a rebound in patient visits following weather disruptions in Q1.

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    Erin Wright's questions to Elevance Health (ELV) leadership

    Erin Wright's questions to Elevance Health (ELV) leadership • Q2 2025

    Question

    Erin Wright asked for specifics on cost structure initiatives that are within the company's control, including their nature, timing, and potential magnitude.

    Answer

    CEO Gail Boudreaux detailed several initiatives, including ongoing process automation with technology, using AI to identify and combat billing abnormalities like the misuse of the IDR process, and expanding Carelon's role in managing high-cost areas like specialty services and oncology. She emphasized these are long-term affordability programs not yet factored into the 2025 trend outlook.

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    Erin Wright's questions to PDCO leadership

    Erin Wright's questions to PDCO leadership • Q1 2025

    Question

    Inquired about the Animal Health segment, asking if there are changes in manufacturer negotiations, if guidance assumes shifts in buy-sell vs. agency models, or a normalization of companion animal volumes. Also asked if the customer deprioritization was related to manufacturers or veterinarians, and whether there was increased promotional activity from online competitors.

    Answer

    The company stated there are no changes in manufacturer contracts and that the focus is on new product flow. The customer strategy is about how manufacturer relationships play through to the end veterinarian customer. They are not seeing any notable increase in promotional activity from alternative channels, attributing the quarter's weakness to internal timing dynamics rather than competitive pressure.

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