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    Veronika Dubajova • Citigroup

    Veronika Dubajova's questions to Alcon AG (ALC) leadership

    Veronika Dubajova's questions to Alcon AG (ALC) leadership • Q2 2025

    Question

    Veronika Dubajova of Citi inquired about the Unity launch, asking when Alcon might achieve a 3,000 annual installation run-rate and requesting an outlook for the equipment business in the second half of the year.

    Answer

    CEO David Endicott stated the Unity launch is on track, with installation capacity being the primary gating factor, not demand. He reiterated the long-term goal of replacing the 30,000-unit installed base over a decade. CFO Tim Stonesifer added that new products, led by Unity, are a key driver for the expected sales acceleration in the second half, particularly in Q4.

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    Veronika Dubajova's questions to Alcon AG (ALC) leadership • Q1 2025

    Question

    Veronika Dubajova inquired about the expected shape of organic growth for the remainder of the year, seeking clarity on the acceleration from 3% to the guided 6-7% and its key drivers. She also asked whether the subdued U.S. cataract market is a market-wide issue or a competitive one for Alcon.

    Answer

    Chief Financial Officer Tim Stonesifer explained that the growth acceleration is back-half weighted, driven by the cadence of new product launches like Unity VCS and PanOptix Pro, and he anticipates high single-digit revenue growth in the second half. Chief Executive Officer David Endicott attributed the soft U.S. cataract market to a surgeon productivity issue, particularly following private equity acquisitions leading to surgeon retirements, rather than a loss of competitive share. He expressed confidence that new products like Unity VCS will help improve efficiency.

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    Veronika Dubajova's questions to Alcon AG (ALC) leadership • Q2 2024

    Question

    Veronika Dubajova questioned the full-year organic sales growth guidance of 7-9%, asking what provides confidence for a back-half acceleration given the current trend toward the low end. She also asked about the contribution from China VBP-related stocking to implantable sales.

    Answer

    CFO Tim Stonesifer responded that achieving the higher end of the guidance depends on factors like market growth, pricing effectiveness, and the pace of the China VBP rollout, acknowledging that current trends point toward the low end. CEO David Endicott added that the VBP contribution was relatively small and that implantable strength was broad-based, driven by strong penetration growth globally, even when excluding China.

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    Veronika Dubajova's questions to Fresenius Medical Care AG (FMS) leadership

    Veronika Dubajova's questions to Fresenius Medical Care AG (FMS) leadership • Q2 2025

    Question

    Veronika Dubajova from Citi asked for clarification on U.S. patient inflow dynamics, seeking to distinguish between market recovery and internal process improvements, and questioned the timeline for returning to 2%+ volume growth.

    Answer

    CEO Helen Giza explained that the positive inflow trend, the best since 2020, is a result of both market factors and internal operational improvements. She reiterated that achieving the 2%+ growth target is dependent on mortality rates normalizing, but the current strength in inflows is an encouraging sign for 2026.

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    Veronika Dubajova's questions to Fresenius Medical Care AG (FMS) leadership • Q1 2025

    Question

    Veronika Dubajova of Citigroup Inc. asked about the sustainability of the strong U.S. revenue per treatment trend, probing commercial and Medicare Advantage dynamics, and questioned the contribution of pricing to the Care Enablement segment's margin improvement.

    Answer

    CEO Helen Giza attributed the positive revenue per treatment trend to the PPS rate increase and moderate 1-2% price increases across the payer portfolio. CFO Martin Fischer noted that Care Enablement pricing momentum was robust and positive globally, even after accounting for headwinds from volume-based procurement in China.

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    Veronika Dubajova's questions to Fresenius Medical Care AG (FMS) leadership • Q2 2024

    Question

    Veronika Dubajova of Citigroup Inc. inquired about the U.S. same-market treatment growth, specifically asking for color on June's performance and the outlook for the second half, and questioned the drivers of the Care Enablement segment's margin improvement, particularly the role of pricing.

    Answer

    CEO Helen Giza explained that while elevated mortality impacted H1 growth by 60 basis points, June showed the strongest treatment per day this year due to improved admission times and reduced mistreatments. She noted the new guidance of flat to 0.5% assumes current mortality levels persist. For Care Enablement, Giza confirmed the team is delivering on its plans and stated that pricing contributed to about two-thirds of the margin improvement in the quarter.

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    Veronika Dubajova's questions to Smith & Nephew PLC (SNN) leadership

    Veronika Dubajova's questions to Smith & Nephew PLC (SNN) leadership • H1 2025

    Question

    Veronika Dubajova of Citigroup asked about the drivers and sustainability of the strong growth in Joint Repair (ex-China), the company's exposure to Skin Substitutes risk from new CMS proposals, and if the buyback indicates future cash return capacity.

    Answer

    CEO Deepak Nath attributed strong Joint Repair growth to the Q-Fix and REGENETEN platforms, with the latter's expansion into new indications suggesting sustainability. He acknowledged the CMS proposal would be a headwind but stated the company could navigate it. CFO John Rogers clarified that the capital allocation policy prioritizes growth investments and dividends over buybacks, which are an option for excess cash and do not compromise growth ambitions.

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    Veronika Dubajova's questions to Smith & Nephew PLC (SNN) leadership • H1 2025

    Question

    Veronika Dubajova of Citigroup Inc. asked about the sustainability of the strong double-digit growth in Joint Repair (ex-China), the company's exposure to risks from new reimbursement proposals for skin substitutes, and whether the current buyback indicates future capacity for cash returns.

    Answer

    CEO Deepak Nath attributed the Joint Repair growth to the strong performance of QFix and REGENETEN, which he sees as a sustainable platform technology. He acknowledged the skin substitute reimbursement proposal would be a headwind but stated the company can navigate it. CFO John Rogers clarified the capital allocation policy, positioning share buybacks as the last option after organic investment, M&A, and dividends, emphasizing the primary focus remains on driving top-line growth.

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    Veronika Dubajova's questions to Koninklijke Philips NV (PHG) leadership

    Veronika Dubajova's questions to Koninklijke Philips NV (PHG) leadership • Q2 2025

    Question

    Veronika Dubajova of Citi requested more detail on the drivers and sustainability of the strong performance in the Personal Health segment, particularly in Europe and the U.S., and asked for elaboration on the specific modalities driving the robust order strength in the health systems businesses.

    Answer

    CEO Roy Jakobs explained that Personal Health's momentum is driven by new innovations like the i9000 shaver and new Sonicare ranges, with strong performance in the U.S. and Europe. He noted that order strength was broad-based, with double-digit growth in Image-Guided Therapy (IGT), high-single-digit growth in Precision Diagnosis (PD) led by MR and CT, and resilient demand in Connected Care despite a high comparison base.

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    Veronika Dubajova's questions to Koninklijke Philips NV (PHG) leadership • Q2 2025

    Question

    Veronika Dubajova from Citigroup Inc. questioned the drivers and sustainability of the strong growth in the Personal Health segment, particularly in Europe and the US, and requested more detail on the specific modalities and regions contributing to the robust order intake strength.

    Answer

    CEO Roy Jakobs explained that Personal Health momentum is broad-based, driven by new innovations like the i9000 shaver and Sonicare range, with strong sell-out in North America and Europe. He expressed confidence for H2, supported by a pickup in China. For order strength, he detailed double-digit growth in Image Guided Therapy (IGT) across multiple regions, high-single-digit growth in Precision Diagnosis (PD) led by MR and CT, and strong momentum in hospital patient monitoring.

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    Veronika Dubajova's questions to Koninklijke Philips NV (PHG) leadership • Q1 2025

    Question

    Veronika Dubajova asked for a breakdown of the tariff guidance, seeking the gross versus net impact and the geographic drivers. She also questioned Philips' competitive standing, noting its order growth appeared to underperform peers and asking about specific areas of softness.

    Answer

    CFO Charlotte Hanneman clarified the net tariff impact is EUR 250-300 million after hundreds of millions in mitigations, with the majority stemming from high U.S.-China tariffs. CEO Roy Jakobs defended the company's competitive position, highlighting double-digit order growth in North America and mid-single-digit growth in Diagnosis & Treatment (excluding strong service orders), which he believes is competitive. He attributed this momentum to new AI-driven innovations meeting customer demand for productivity.

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    Veronika Dubajova's questions to Koninklijke Philips NV (PHG) leadership • Q2 2024

    Question

    Veronika Dubajova of Citigroup Inc. asked for clarification on the cautious D&T growth outlook for H2, probed again on the conservatism of the margin guidance, and requested an update on China's market dynamics and the potential impact of government stimulus.

    Answer

    CFO Abhijit Bhattacharya attributed the cautious D&T outlook to a very tough comparison in Q3, which saw mid-teens growth last year. On margins, he reiterated that H1's 90 bps improvement is in line with guidance and it's too early to change it. CEO Roy Jakobs, recently returned from China, noted that while the market is improving, it's not "out of the woods." He expects a gradual recovery in H2, with orders preceding sales. He views the government stimulus as a "bonus" on top of fundamental demand, with its timing and size still uncertain.

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