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    Julien Ouaddour

    Senior Analyst at Bank of America

    Julien Ouaddour is a Senior Analyst at Bank of America Securities specializing in European healthcare equities, with focused coverage on major companies such as Alcon, bioMérieux, Straumann Group, Fresenius SE & Co., and Fresenius Medical Care. He has established a reputation for precise financial analysis, consistently maintaining Buy ratings and competitive price targets for covered stocks, while contributing to consensus reports recognized by investor relations departments of leading firms. Ouaddour has developed his expertise over years at Bank of America, becoming a trusted industry observer in the diagnostics, medical devices, and healthcare services spaces. Possessing advanced professional credentials including relevant securities licensing typical for senior research analysts, he is noted for providing regularly cited forecasts and recommendations to institutional investors.

    Julien Ouaddour's questions to KONINKLIJKE PHILIPS (PHG) leadership

    Julien Ouaddour's questions to KONINKLIJKE PHILIPS (PHG) leadership • Q1 2025

    Question

    Julien Ouaddour questioned the confidence in the strong second-half acceleration required to meet guidance amid macro uncertainty. He also asked for clarification on the free cash flow guidance cut, specifically how much was due to tariffs and why the cash impact differs from the P&L impact.

    Answer

    CFO Charlotte Hanneman explained the second-half sales uplift is partly 'mechanical' due to much easier year-over-year comparables in China for both Health Systems and Personal Health. CEO Roy Jakobs added that confidence is also supported by a better-filled order book. On cash flow, Hanneman confirmed the reduction is entirely driven by tariffs, explaining that the cash impact is felt upfront as duties are paid, while the P&L impact is recognized over time as inventory turns.

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    Julien Ouaddour's questions to KONINKLIJKE PHILIPS (PHG) leadership • Q4 2024

    Question

    Julien Ouaddour sought to confirm if the Personal Health business is the primary reason for Philips' China guidance differing from peers. He also asked about the potential risk to U.S. hospital budgets from future healthcare spending cuts.

    Answer

    CEO Roy Jakobs confirmed that the Personal Health business, with its double-digit decline in the first half, is indeed the main factor driving the mid- to high single-digit decline forecast for China. Regarding U.S. hospital CapEx, he stated that Philips expects the current strong momentum to continue, driven by robust underlying demand, and that it is difficult to speculate on the impact of potential future policy changes.

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    Julien Ouaddour's questions to KONINKLIJKE PHILIPS (PHG) leadership • Q2 2024

    Question

    Julien Ouaddour of Bank of America asked about the performance of the Ultrasound business, particularly regarding reported market share loss in China, sought an update on the European class action for Respironics, and requested a breakdown of order intake by modality.

    Answer

    CFO Abhijit Bhattacharya explained that Ultrasound's flat performance was due to a tough comparison against over 30% growth in H1 2023 as supply chains normalized, and expressed confidence in new product launches. CEO Roy Jakobs addressed the European class action, stating it's in very early stages with limited information, and Philips will defend itself rigorously. He noted the legal system differs from the U.S. CFO Bhattacharya declined to provide an order intake breakdown by modality for competitive reasons.

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    Julien Ouaddour's questions to ALCON (ALC) leadership

    Julien Ouaddour's questions to ALCON (ALC) leadership • Q4 2024

    Question

    Julien Ouaddour asked for more detail on the IOL market momentum and share gains in China, and questioned if the Surgical segment's margin would expand in 2025.

    Answer

    CEO David Endicott confirmed that China is expected to perform well in 2025, with significant share gains since participating in the VBP, driven largely by Vivity. He reminded that China's European-level pricing moderates the value impact of unit growth. CFO Tim Stonesifer stated that the Surgical segment will see slight margin expansion, though increased equipment sales from new launches will exert some initial pressure.

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    Julien Ouaddour's questions to SCHOTT Pharma AG & Co. KGaA/ADR (SHTPY) leadership

    Julien Ouaddour's questions to SCHOTT Pharma AG & Co. KGaA/ADR (SHTPY) leadership • Q4 2024

    Question

    Asked for confirmation of the long-term mRNA guidance, the product mix outlook, Q1 performance trends, and whether the company has dual-chamber syringe technology for tenders like CagriSema. Followed up on the growth outlook for Q1 and Q2.

    Answer

    The company is still comfortable with its previously communicated mRNA sales value. Q1 is expected to see negative year-over-year growth due to lower polymer syringe demand, with overall growth for the year being back-end loaded. The company has no intention of entering the dual-chamber syringe market but is participating in large tenders for glass syringes. The Q2 outlook is uncertain and depends on the timing of sales from the new Hungary facility.

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    Julien Ouaddour's questions to SCHOTT Pharma AG & Co. KGaA/ADR (SHTPY) leadership • Q4 2024

    Question

    Julien Ouaddour of Bank of America questioned if the mid-to-long-term mRNA cumulative guidance still holds and asked for a potential product mix split for the polymer business outside of mRNA. He also inquired about business trends in Q1, the back-end loaded nature of the guidance, and the company's stance on developing dual-chamber syringe technology for drugs like CagriSema.

    Answer

    CFO Dr. Almuth Steinkuhler confirmed the company is still comfortable with its previously communicated mRNA sales value and noted that while mRNA is a significant part of the polymer business, other applications are also important. She clarified that Q1 FY25 is expected to see negative growth due to lower polymer demand, with the full-year growth being back-end loaded. CEO Andreas Reisse reiterated that the company has no intention of entering the dual-chamber syringe market, as they do not believe in its long-term viability, but are participating in tenders for standard glass syringes.

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    Julien Ouaddour's questions to GNNDY leadership

    Julien Ouaddour's questions to GNNDY leadership • Q2 2024

    Question

    Inquired about the company's plans for DNN technology, drivers for Hearing margins, the reason for the extended lag in Enterprise recovery, and potential share gains with Amplifon.

    Answer

    The company is actively working on DNN/AI technology. They are on track for their Hearing margin target, driven by Nexia, synergies, and H2 seasonality. The lag in Enterprise recovery is slightly different this cycle, but underlying drivers are positive. They did not comment on specific customer shelf space but noted their overall growth is strong and that large account economics are favorable due to lower cost-to-serve.

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    Julien Ouaddour's questions to GNNDY leadership • Q1 2024

    Question

    Asked about Hearing market dynamics in France and VA channel expectations, the phasing of Hearing margins for the rest of the year, and the quantitative relationship between PC market growth and headset market growth.

    Answer

    The French market recovered well, and GN grew on top of it with Nexia. The company sees a good opportunity to grow in the VA channel but has no specific targets. The Hearing margin guidance of 18-20% for the full year is maintained, with Q1's underlying performance being a proof point. The relationship between PC and headset growth is not a direct one-to-one correlation; rather, the PC market recovery is a positive leading indicator for a modest headset market recovery in H2.

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