2025 Bernstein Insights: Healthcare Leaders and Disruptors September 25, 2025 © 2025 Moderna, Inc. All rights reserved. Forward-looking statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding: the potential of Moderna's oncology portfolio to treat patients across all stages of cancer; the development plan for mRNA-4157 and Moderna's off-the-shelf cancer antigen therapies; the condu ...

KB Home (NYSE: KBH) reported third-quarter results on Wednesday that topped Wall Street’s profit expectations, though the homebuilder continued to face lower deliveries and narrowing margins. The company posted earnings of $1.61 per share, exceeding analyst estimates of $1.50. Net income fell to $109.8 million, or $1.61 per share, compared with $157.3 million, or $2.04 per share, in the same period last year. Revenue came in at $1.62 billion, ahead of expectations of $1.59 billion but below the $1.75 billio ...

H.B. Fuller Company (NYSE: FUL) reported third-quarter adjusted earnings that slightly exceeded expectations, but shares dropped more than 2% pre-market Thursday after revenue came in light and management tightened its full-year guidance. The adhesives maker reported adjusted earnings per share of $1.26, up 12% year-on-year and a penny above consensus. Revenue was $892 million, short of the $896.55 million estimate and down 2.8% from the prior year. Excluding the impact of its flooring divestiture, revenue ...

Jefferies upgraded Ameresco (NYSE: AMRC) from Hold to Buy with a price target of $39.00, up from $19.00, sending shares more than 3% higher in pre-market trading Thursday. The firm said execution risks and uncertainty around the Inflation Reduction Act had largely eased and that a rebound in EBITDA growth appeared likely. Jefferies highlighted momentum from new data center announcements and a recovery in the Projects business as key drivers. Analysts added that after a difficult 2024–2025, Ameresco appeared ...

Needham downgraded Lululemon Athletica Inc. (NASDAQ: LULU) from Buy to Hold, with shares falling more than 1% in pre-market trading Thursday. The firm said the last 18 months had been disappointing for Lululemon, and while new product launches were expected to lift U.S. sales in 2025, the competitive environment had proven too challenging. Needham also said Street estimates for FY26 were too high, forecasting a mid-single-digit EPS decline compared with consensus expectations for flat performance. Analysts ...

Barclays raised its price target on NVIDIA (NASDAQ: NVDA) to $240 from $200 while reiterating an Overweight rating, citing accelerating industry-wide investment in AI infrastructure. The firm noted that NVIDIA CEO Jensen Huang’s earlier forecast of a $1 trillion market by the end of the decade now looked conservative, with announced projects pointing to more than $2 trillion in planned spending. Roughly 65%–70% of this was expected to flow into compute and networking, areas where NVIDIA was a dominant playe ...

Wells Fargo upgraded Adient (NYSE: ADNT) from Equal Weight to Overweight, raising its price target to $31 from $24. Shares rose nearly 2% in pre-market trading Thursday. The firm said Adient stood to benefit from improved global light vehicle production in 2026, with adjusted EBITDA projected about 7% above consensus and the stock trading at near-trough valuation multiples. While the company’s turnaround had been delayed by weak global production, unfavorable customer mix, extended unprofitable programs, an ...

业绩总结 - 非GAAP毛账单达到227亿美元，同比增长12%[6] - 非GAAP稀释每股收益为3.58美元，同比增长25%[6] - 第三季度GAAP收入为157亿美元，同比增长7%[8] - 非GAAP运营收入为4.75亿美元，同比增长21%[8] - 公司在2025财年第三季度的收入为15,650,924千美元，同比增长6.6%[66] - 2025年第三季度的收入为156.51亿美元，较2024年的146.85亿美元增长了6.5%[69] - 非GAAP毛账单为227.31亿美元，较2024年的202.82亿美元增长了12.1%[69] - 毛利润为11.30亿美元，较2024年的9.61亿美元增长了17.6%[75] - 非GAAP净收入为296,244千美元，同比增长18.2%[87] - 自由现金流为213,920千美元，同比下降37.0%[92] 用户数据 - 美洲地区非GAAP毛账单为142亿美元，同比增长9%[10] - 欧洲地区非GAAP毛账单为69亿美元，同比增长14.9%[10] - 亚太地区非GAAP毛账单为17亿美元，同比增长29.7%[10] - 公司在美洲地区的收入为9,267,939千美元，同比增长2.0%[66] - 公司在欧洲地区的收入为5,174,835千美元，同比增长12.7%[66] - 公司在亚太地区的收入为1,208,150千美元，同比增长20.4%[66] 未来展望 - 第四季度预计非GAAP毛账单在230亿至240亿美元之间[11] - 公司计划到2045年实现净零温室气体排放[54] - 2025年8月31日的非GAAP净收入预期为281千美元至322千美元[99] 成本与费用 - 销售第三方供应商服务合同、软件即服务安排及某些履行合同相关的成本为70.80亿美元，较2024年的55.98亿美元增长了26.5%[69] - 调整后的销售、一般和行政费用为6.55亿美元，较2024年的5.68亿美元增长了15.4%[80] - 非GAAP收入成本为216.01亿美元，较2024年的203.01亿美元增长了3.9%[78] 财务指标 - 截至2025年8月，现金余额为8.74亿美元，总流动性为56.29亿美元[30] - 2025年8月31日的有效税率为22.66%[85] - 2025年8月31日的非GAAP有效税率为22.96%[85] - 2025年8月31日的调整后EBITDA为504,224千美元，较2025年5月31日的444,348千美元增长13.5%[108] - 2025年8月31日的总借款为4,238,842千美元，较2025年5月31日的4,105,705千美元增长3.2%[105] - 2025年8月31日的净债务为3,364,492千美元，较2025年5月31日的3,338,606千美元增长0.8%[105] 其他信息 - 公司在2025财年第三季度的毛利率为92%[45] - 公司在2025财年第三季度的应收账款天数(DSO)为39天[50] - 2025年第三季度的毛利率为7.22%，较2024年的6.54%有所提升[75] - 2025年8月31日的存货为9,137,505千美元，较2025年5月31日的8,655,741千美元增长5.5%[96] - 2025年8月31日的应付账款为15,651,286千美元，较2025年5月31日的14,542,575千美元增长7.6%[96]

Among the factors that could cause actual results and outcomes to differ materially from those contained in the forward-looking statements are the following: changes in the competitive landscape and/or our failure to successfully adjust to such changes; changes in general or regional U.S. economic conditions, including economic downturns, inflationary pressures, fluctuating interest rates, tariffs or the effect of trade policies, and the potential impact of international events; changes in the availability ...

BUILDING THE NEXT COPPER-GOLD GIANT High-Grade, High-Impact, Strategically Positioned NO GUTS, NO GLORY TSX: NGEX OTCQX: NGXXF NGEXminerals.com Investor Day Presentation | September 25, 2025 Cautionary Statement Certain statements made and information contained herein in the presentation constitutes "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation (collectively, "forward-looking information"). The forward-looking information contained in ...