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    Hugo Solvet • BNP Paribas

    Hugo Solvet's questions to Qiagen NV (QGEN) leadership

    Hugo Solvet's questions to Qiagen NV (QGEN) leadership • Q2 2025

    Question

    Hugo Solvet inquired about the evolution of NIH-related accounts in Q2, customer feedback from the academic and life science sectors following a recent Congress vote, and the potential for a future budget flush.

    Answer

    CEO Thierry Bernard reported that direct sales to government agencies like the NIH and CDC remain strong and unaffected by budget discussions. However, he acknowledged a sluggish environment for capital sales in the broader research and academic market. He stated it is too early to assess the impact of the Congress vote but that the company is budgeting for a decreased NIH budget in 2026, though perhaps less severe than feared.

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    Hugo Solvet's questions to Qiagen NV (QGEN) leadership • Q4 2024

    Question

    Hugo Solvet asked for the expected sales contribution from NeuMoDx in 2025 and for more detail on the levers for margin progression beyond 2025, including the gross margin trajectory.

    Answer

    CEO Thierry Bernard clarified that NeuMoDx sales should cease by H2 2025, with expected full-year revenue between $8 million and $10 million. CFO Roland Sackers detailed that future margin expansion will be driven by IT infrastructure upgrades, increased digitalization of sales, and significant underlying gross margin improvement from product mix, QIAstat-Dx volume growth, and higher margins on instruments like QIAcuity.

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    Hugo Solvet's questions to Fresenius Medical Care AG (FMS) leadership

    Hugo Solvet's questions to Fresenius Medical Care AG (FMS) leadership • Q2 2025

    Question

    Hugo Solvet of BNP Paribas inquired about Fresenius Medical Care's confidence in achieving U.S. volume growth in 2026 and the margin outlook for the Care Enablement segment in the second half of 2025.

    Answer

    CEO Helen Giza expressed confidence in 2026 U.S. volume growth, citing encouraging referral trends and inflows, contingent on mortality normalization. For Care Enablement, she confirmed the existing margin band and expects H2 to be stronger than H1, driven by typical seasonality and strong execution.

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    Hugo Solvet's questions to Fresenius Medical Care AG (FMS) leadership • Q1 2025

    Question

    Hugo Solvet of BNP Paribas asked about the potential impact of U.S. tariffs, whether the company saw any benefit from a competitor's recent cyber-attack, and for clarification on a 40 bps impact on U.S. volumes.

    Answer

    CEO Helen Giza stated that the impact from tariffs in 2025 is expected to be limited due to a resilient U.S. manufacturing footprint. She confirmed seeing some additional patient referrals in Q2 following a competitor's cyber-attack and clarified the 40 bps was a negative impact from missed treatments due to flu, which was offset by strong underlying referral inflows.

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    Hugo Solvet's questions to Fresenius Medical Care AG (FMS) leadership • Q4 2024

    Question

    Hugo Solvet from BNP Paribas asked how critical the 5008x HDF platform is to driving patient volumes back to 2% or higher, especially if growth remains muted, and inquired about the timeline for this impact.

    Answer

    CEO Helen Giza described the 5008x HDF platform as a very exciting opportunity and a key innovation for the industry. She highlighted the potential to significantly lower the 17% mortality rate in the U.S. towards the 12% seen in Europe, where HDF is standard. Citing a study showing a 23% improvement in all-cause mortality, she suggested this could lead to substantial volume growth over time as the platform is rolled out, noting it will be a key topic at the June Capital Markets Day.

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    Hugo Solvet's questions to Fresenius Medical Care AG (FMS) leadership • Q2 2024

    Question

    Hugo Solvet of BNP Paribas asked for details on the revenue and earnings contribution from value-based care in Q2 and the outlook for H2. He also inquired about the latest developments on the PPS rate for next year and whether the new volume growth guidance implies a specific exit rate for 2024.

    Answer

    CFO Martin Fischer confirmed a positive revenue and margin contribution from value-based care in H1, driven by the CKCC program, and expects this to continue. CEO Helen Giza addressed the PPS rate, noting the proposed 2.1% net increase is within their planning assumptions, though they are commenting on the draft rule. Regarding the volume exit rate, she indicated that while June and July trends are encouraging, it's too early to predict the precise phasing for the rest of the year.

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    Hugo Solvet's questions to Koninklijke Philips NV (PHG) leadership

    Hugo Solvet's questions to Koninklijke Philips NV (PHG) leadership • Q2 2025

    Question

    Hugo Solvet from BNP Paribas asked for clarification on China trends, specifically if restocking is occurring in Q3, and questioned the company's confidence in achieving "mid to high teens" margins beyond 2025, noting the recent reference to "mid teens."

    Answer

    CEO Roy Jakobs clarified that the goal in China is to keep stock levels aligned with sell-out, not to restock, and that while consumer demand is strengthening, the outlook remains cautious. Regarding long-term margins, he stated that the focus will be on driving growth and favorable mix, on top of continued productivity, to expand margins. He affirmed that the company sees ample opportunity for expansion, taking inflation and tariffs into account, with more detail to come at the CMD.

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    Hugo Solvet's questions to Koninklijke Philips NV (PHG) leadership • Q2 2025

    Question

    Hugo Solvet of BNP Paribas asked for clarification on China trends, questioning if the end of destocking implies restocking, and sought management's confidence level in achieving margins above the mid-teens beyond 2025.

    Answer

    CEO Roy Jakobs clarified that the end of destocking in China means inventory levels are now appropriately balanced with sell-out, with no immediate need for restocking. He reiterated a cautious but improving outlook for China. Regarding long-term margins, he expressed confidence in continued expansion driven by growth, mix, and productivity, while noting that factors like inflation and tariffs will influence the ultimate level, which will be detailed further at the Capital Markets Day.

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    Hugo Solvet's questions to Koninklijke Philips NV (PHG) leadership • Q1 2025

    Question

    Hugo Solvet asked about Philips' exposure to Chinese restrictions on rare earth minerals, the drivers of long-term margin expansion beyond operating leverage, and the specific modalities and countries driving the mentioned improvement in European hospital CapEx.

    Answer

    CEO Roy Jakobs stated that Philips currently sees no impact from rare earth export controls. CFO Charlotte Hanneman outlined that long-term margin expansion will be driven by ongoing mitigation efforts, a EUR 2.5 billion productivity program, and the value from new innovations. Roy Jakobs added that the strategy to grow higher-margin businesses and improve profitability in areas like Sleep & Respiratory Care (SRC) also contributes to margin expansion.

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    Hugo Solvet's questions to Koninklijke Philips NV (PHG) leadership • Q4 2024

    Question

    Hugo Solvet asked for a reminder of Philips' manufacturing footprint concerning potential tariffs, particularly in North America, and inquired if the new cash/share dividend option is a transitional step toward a full cash dividend.

    Answer

    CEO Roy Jakobs clarified that Philips has no direct manufacturing in Mexico or Canada but operates a global, regionalizing footprint. CFO Charlotte Hanneman described the dividend option as a significant step forward, signaling progress in deleveraging while balancing the upcoming $1.1 billion cash payment for settlements, framing it as the 'next big step on our journey.'

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    Hugo Solvet's questions to Koninklijke Philips NV (PHG) leadership • Q2 2024

    Question

    Hugo Solvet from BNP Paribas Exane questioned if the China stimulus could cause customers to delay orders, asked for quantification of the margin improvement in Sleep & Respiratory Care (SRC), and inquired about the company's strategic commitment to the Personal Health business.

    Answer

    CEO Roy Jakobs stated he does not expect customers to delay orders while waiting for the stimulus, as underlying demand is the primary driver. Regarding SRC, he confirmed its return to profitability in Q1 strengthened further in Q2, driven by sales momentum and productivity measures, but declined to provide specific figures. He affirmed a full commitment to the Personal Health business, citing its attractive cash and profit profile, market-leading positions, and strategic importance in the shift of care to the home.

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