Daily Brief United States: Blackrock Inc, Cirrus Aircraft, Newell Rubbermaid, Capri Holdings , Newmarket Corp, Medpace Holdings Inc, Natera Inc, Neurocrine Biosciences, Roivant Sciences Ltd, Simply Good Foods Co and more

• Blackrock is a massive asset management firm with $10 trillion in assets under management
• Blackrock recently made a transformative acquisition of Global Infrastructure Partners (GIP)
• The deal has wide-ranging effects for the private capital industry and is a wake-up call for Wall Street firms to rethink their strategies and partnerships

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• Cirrus Aircraft (0153126D US) seeks to raise up to US$197m in its Hong Kong IPO.
• Cirrus Aircraft designs, develops, manufactures, and sells premium aircrafts. Its two aircraft product lines, the SR2X Series and the Vision Jet, are currently certified and validated in over 60 countries.
• In our previous notes, we talked about the company’s historical performance and PHIP updates. In this note, we undertake a quick peer comparison and share our thoughts on valuation.

• Newell Brands displayed a strong performance in its first quarter of 2024, reflecting continued progress in its strategic turnaround efforts.
• The company reported improvements across multiple metrics, including gross margin, operational efficiency, and core sales despite a challenging external environment.
• Moreover, Newell Brands maintained its full-year outlook and highlighted ongoing focus on operational excellence and innovation.

• Capri Holdings Limited recently reported its financial performance for the fourth quarter and full fiscal year of 2023.
• Despite facing numerous challenges, including an uncertain macroeconomic environment and specific difficulties in the Americas, the company managed to achieve high single-digit revenue growth and mid-single digit growth in earnings per share on a 52-week constant currency basis.
• However, these figures fell short of the company’s initial expectations.

• NewMarket Corporation reported a solid performance in the first quarter of 2024, with notable developments in financial results and strategic actions aimed at expanding its business operations.
• The company reported a net income of $108 million or $11.23 per share, reflecting an increase from $98 million or $10.09 per share in the same period the previous year.
• The primary revenue generator, the petroleum additives segment, demonstrated a robust operating profit of $151 million up from $132 million in the first quarter of 2023, though it experienced a slight decline in sales from $700 million in the previous year to $677 million.

• Medpace’s financial results for the first quarter of 2023 highlight a mixed scenario, reflecting both the opportunities and challenges inherent in the clinical contract research organization (CRO) industry.
• The company reported that revenues reached $511 million for the quarter, marking a significant 17.7% increase on a year-over year basis.
• This positive trajectory can be attributed to healthy demand for Medpace’s clinical research services, as demonstrated by the growth in ending backlog which stood at approximately $2.9 billion—an increase of 18.2% compared to the previous year.

• Natera, Inc., during its Q1 2024 discussion, presented results that indicate robust financial and operational achievements alongside a renewed forward outlook reflecting the company’s strong position in the genomic diagnostics market.
• The company noted a significant increase in its revenue and volume growth across its diversified operational segments, which include oncology, organ health, and women’s health.
• Notably, Natera, Inc. achieved a major corporate milestone by reaching cash flow breakeven in Q1, significantly ahead of schedule.

• Neurocrine Biosciences recently concluded its quarterly update, focusing on its strategic progress and financial achievements.
• One of the highlights is the significant year-over-year growth marked by the continued success of INGREZZA, its flagship product, which reported sales of $506 million for the quarter, reflecting over 20% annual growth.
• This consistent growth trajectory, despite seasonal payer dynamics, underscores the effective management and robust demand for INGREZZA in treating conditions like tardive dyskinesia (TD) and Huntington’s disease chorea.

• Roivant’s latest financial and business developments indicate both potential and challenges.
• The company reported a series of product updates and financial adjustments aimed at fostering growth and efficiency.
• Notably, Roivant’s executive team highlighted fiscal responsibility through renegotiations of Dermavant’s obligations, which are projected to reduce costs significantly.

• The Simply Good Foods Company reported its fiscal third-quarter results for 2024, reflecting a combination of growth and investment strategies aimed at harnessing both immediate gains and longer-term opportunities.
• The company’s results were favorable, with a reported net sales increase of 3.1% to $334.8 million, driven primarily by Quest’s volume growth.
• Notably, retail takeaway across measured and unmeasured channels outpaced net sales growth, reaching approximately 5%.