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    Richard Felton • Goldman Sachs

    Richard Felton's questions to Alcon AG (ALC) leadership

    Richard Felton's questions to Alcon AG (ALC) leadership • Q2 2025

    Question

    Richard Felton from Goldman Sachs asked about the performance of the Systane brand amid a potential category slowdown and questioned the strategic importance of China for the STAAR Surgical acquisition, including the local competitive landscape.

    Answer

    CEO David Endicott reported that Systane saw healthy mid-to-high single-digit growth and that the overall category grew, benefiting from competitor advertising. Regarding STAAR, he emphasized that while China is a key market, the acquisition provides a global platform to address the worldwide myopia epidemic by complementing Alcon's existing LASIK business.

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    Richard Felton's questions to Alcon AG (ALC) leadership • Q2 2024

    Question

    Richard Felton pointed to a deceleration in the Ocular Health business and asked for color on the trend, particularly for the Systane brand. He also asked if the strong first-half free cash flow represents a new normal level of cash conversion for Alcon.

    Answer

    CEO David Endicott clarified that Systane remains very strong with double-digit growth and that after adjusting for a contact lens care headwind, the Ocular Health business grew slightly ahead of the market. CFO Tim Stonesifer addressed cash flow, explaining that while a significant step-up is expected for the full year, 2023 was pressured by unusual items. He guided that going forward, cash flow should normalize and progress more in line with operating income.

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    Richard Felton's questions to Fresenius Medical Care AG (FMS) leadership

    Richard Felton's questions to Fresenius Medical Care AG (FMS) leadership • Q2 2025

    Question

    Richard Felton of Goldman Sachs asked to quantify the financial benefit from phosphate binders in the first half and to place the recent five-month trend of improved patient inflows into historical context.

    Answer

    CFO Martin Fischer confirmed a double-digit million positive contribution from phosphate binders in Q2, in line with expectations. CEO Helen Giza added that Q2 2025 marked the strongest quarter for patient inflows since 2020, and the consistent improvement over the past five months represents a new, encouraging trend for the company.

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    Richard Felton's questions to Fresenius Medical Care AG (FMS) leadership • Q1 2025

    Question

    Richard Felton of Goldman Sachs Group Inc. asked for an update on the growth of new patient starts compared to the prior year and questioned if Baxter's sale of Vantive has created new competitive dynamics or opportunities.

    Answer

    CEO Helen Giza noted that while underlying referral trends are improving monthly, year-over-year referrals were down in Q1, partly due to one less dialysis day. Regarding Vantive, she expressed confidence in Fresenius's own product portfolio and market position, stating there is space for both companies to compete.

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    Richard Felton's questions to Fresenius Medical Care AG (FMS) leadership • Q2 2024

    Question

    Richard Felton of Goldman Sachs Group, Inc. asked about the medium-term outlook for U.S. treatment volume growth and whether a return to 2-3% is still plausible. He also inquired about capital allocation priorities given the leverage ratio is approaching the bottom of the target corridor.

    Answer

    CEO Helen Giza reiterated confidence in returning to a 2-3% growth rate by the end of 2025 once mortality normalizes, stating that underlying fundamentals remain unchanged. CFO Martin Fischer addressed leverage, confirming that deleveraging remains the top priority and the company will continue to use divestiture proceeds to reduce debt, expressing comfort with approaching the lower end of the 3.0-3.5x target range.

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    Richard Felton's questions to Smith & Nephew PLC (SNN) leadership

    Richard Felton's questions to Smith & Nephew PLC (SNN) leadership • H1 2025

    Question

    Richard Felton from Goldman Sachs inquired about the specific drivers of operating savings expected in H2, the visibility on achieving them, their structural nature into FY26, and whether the softer U.S. Knees procedure environment continued into Q3.

    Answer

    CEO Deepak Nath noted it was difficult to pinpoint the exact cause of the Q2 procedure slowdown but confirmed that competitive churn has remained favorable. CFO John Rogers explained that H2 savings are broad-based, coming from procurement, logistics, and business support, with high visibility as most initiatives are already in progress. He also confirmed that an additional £50M-£100M in savings are expected to flow through in 2026 and 2027.

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    Richard Felton's questions to Smith & Nephew PLC (SNN) leadership • H1 2025

    Question

    Richard Felton from Goldman Sachs inquired about the drivers and visibility of operating savings in H2, their structural nature into FY26, and the reasons for the softer procedure environment for U.S. Knees at the end of the quarter.

    Answer

    CEO Deepak Nath explained the U.S. Knees slowdown was observed within their customer base, possibly related to vacations or surgeon transitions, but noted that competitive churn remains favorable. CFO John Rogers detailed that H2 savings are well-vetted, coming from procurement, distribution, and other areas, with 51 initiatives mobilized. He confirmed another £50M-£100M in savings are expected to flow through in 2026 and 2027.

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    Richard Felton's questions to Koninklijke Philips NV (PHG) leadership

    Richard Felton's questions to Koninklijke Philips NV (PHG) leadership • Q2 2025

    Question

    Richard Felton from Goldman Sachs inquired about the progress of the SKU reduction initiative within the D&T segment and asked for management's perspective on which parts of the current strategy have worked well ahead of the upcoming Capital Markets Day.

    Answer

    CFO Charlotte Hanneman described the SKU reduction as a multi-year process that is on track and impacting all D&T modalities, with initial benefits seen in reducing complexity. CEO Roy Jakobs highlighted that fundamental improvements in patient safety, supply chain, and productivity are working well, creating a stronger platform for innovation-led growth. He stated the upcoming CMD will focus on accelerating this profitable growth to reach mid-single-digit growth and mid-to-high teens margins.

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    Richard Felton's questions to Koninklijke Philips NV (PHG) leadership • Q2 2025

    Question

    Richard Felton from Goldman Sachs Group, Inc. inquired about the progress of the SKU reduction initiative within the Diagnosis & Treatment (D&T) segment and asked for a high-level view on which parts of the current strategy are working well ahead of the 2026 Capital Markets Day.

    Answer

    CFO Charlotte Hanneman described the SKU reduction as a multi-year process that is on track and impacting all D&T modalities, reducing complexity and improving margins. CEO Roy Jakobs highlighted that fundamental improvements in patient safety, supply chain, and productivity have worked well, creating a stronger platform. He noted that focused innovation is now driving order growth, which will be a key theme for the CMD as the company targets profitable growth expansion.

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    Richard Felton's questions to Koninklijke Philips NV (PHG) leadership • Q1 2025

    Question

    Richard Felton asked about Philips' tariff mitigation strategy, specifically concerning supply chain network optimization and its execution timeline. He also inquired about the impact of China's Volume-Based Procurement (VBP) on the ultrasound business.

    Answer

    CEO Roy Jakobs explained that Philips is accelerating its existing supply chain regionalization program, focusing on localizing more production into its 46 U.S. locations, leveraging its existing footprint for speed. CFO Charlotte Hanneman added that mitigation actions, including inventory management and pursuing exemptions, total several hundred million euros. Regarding China, Jakobs noted that ultrasound performed well in Q1, driven by new AI-powered innovations in the cardiovascular space, which is less susceptible to standardization pressures from VBP.

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    Richard Felton's questions to Koninklijke Philips NV (PHG) leadership • Q4 2024

    Question

    Richard Felton asked about the assumptions embedded in the top-line guidance for the rest of the world outside of China, and for more detail on the source and application of the newly announced additional cost savings.

    Answer

    CEO Roy Jakobs stated that while global uncertainty persists, Philips expects the strong CapEx environment outside of China to continue, supporting growth. He clarified that the outlook does not depend on a strong rebound in China. Regarding cost savings, Jakobs explained the additional EUR 500 million comes from a mix of role reductions, discontinuing certain activities, scaling innovations, and procurement savings, all while protecting the company's innovation spending.

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    Richard Felton's questions to Koninklijke Philips NV (PHG) leadership • Q2 2024

    Question

    Richard Felton of Goldman Sachs asked about market share trends for key modalities following recent product launches and requested color on the profitability trajectory for the growing Enterprise Informatics business.

    Answer

    CEO Roy Jakobs stated that the 9% order intake growth supports a strong market performance, with benefits from new innovations in Ultrasound, Azurion, and CT expected to materialize in market share gains in the coming months and into 2025. He also noted that improved supply chain lead times, especially in MR, are boosting competitiveness. For Enterprise Informatics, Jakobs confirmed it is contributing positively to profitability and the company is driving towards its long-term goal of double-digit margins for the division.

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