Erin Wright • Morgan Stanley

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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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