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    James Vane-Tempest • Jefferies & Company Inc.

    James Vane-Tempest's questions to Fresenius Medical Care AG (FMS) leadership

    James Vane-Tempest's questions to Fresenius Medical Care AG (FMS) leadership • Q2 2025

    Question

    James Vane-Tempest from Jefferies questioned the levers available to reach the upper end of the guidance range with flat volumes and asked how a failure to reach the 2%+ volume exit rate would affect capital allocation timing.

    Answer

    CEO Helen Giza explained that hitting the upper end of guidance is achievable through strong performance in other areas like rate/mix, revenue cycle management, and FME25 savings. CFO Martin Fischer affirmed the capital allocation strategy, stating strong cash flow supports the plan to initiate the €1 billion share buyback in August as announced.

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    James Vane-Tempest's questions to Fresenius Medical Care AG (FMS) leadership • Q1 2025

    Question

    James Vane-Tempest of Jefferies Financial Group Inc. questioned the significant drop in D&A and its impact on operating income growth, asking if the current run rate is sustainable. He also asked for more detail on the 5008x (HDF) launch, including pricing and U.S. market feedback.

    Answer

    CFO Martin Fischer clarified that the material reduction in D&A was primarily due to prior-year divestitures and that the underlying D&A trend is stable. CEO Helen Giza reiterated that details on the 5008x launch, including commercialization strategy, would be provided at the June Capital Markets Day, noting positive early feedback from the 11-patient pilot program.

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    James Vane-Tempest's questions to Fresenius Medical Care AG (FMS) leadership • Q4 2024

    Question

    James Vane-Tempest from Jefferies asked about the evolution of the FME25 savings target from EUR 500M to EUR 750M and whether the associated restructuring costs would cease after 2025.

    Answer

    CEO Helen Giza explained that the increased savings target was driven by the successful implementation of the new operating model, which provided greater financial transparency and revealed more opportunities than initially expected. She emphasized that as the company gained experience running under the new structure, it was able to go deeper to find efficiencies. She deferred questions about costs beyond 2025 to the upcoming Capital Markets Day.

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    James Vane-Tempest's questions to Fresenius Medical Care AG (FMS) leadership • Q2 2024

    Question

    James Vane-Tempest of Jefferies Financial Group Inc. asked what was compensating for the lower-than-budgeted volume growth and questioned the risk of a guidance downgrade if mortality worsens. He also asked if the FME25 savings in Care Enablement represent a minimum quarterly run-rate.

    Answer

    CEO Helen Giza stated that the acceleration of the FME25 savings program, which is now expected to hit the top end of its target range, is compensating for the volume shortfall. She acknowledged that higher mortality would be a risk but asked for patience until Q3 for more visibility. CFO Martin Fischer clarified that the quarterly FME25 savings are not a minimum run-rate and that the remaining EUR 41 million in savings will be spread over the second half of the year to reach the EUR 150 million target.

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    James Vane-Tempest's questions to Aurinia Pharmaceuticals Inc (AUPH) leadership

    James Vane-Tempest's questions to Aurinia Pharmaceuticals Inc (AUPH) leadership • Q2 2025

    Question

    James Vane-Tempest asked for details on the drivers behind the raised 2025 revenue guidance, particularly concerning new patient starts and early Q3 trends. He also questioned the timeline for the next Aratinircept data update and the factors guiding indication selection.

    Answer

    President and CEO Peter Greenleaf explained the revised guidance reflects different scenarios: the low-to-midpoint assumes historical summer sales flattening, while the high end assumes continued growth through Q3 and Q4. On Aratinircept, Greenleaf reiterated that for competitive reasons, the company is not disclosing specific timelines or indications but confirmed plans to initiate studies in at least two diseases by year-end.

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