Deep Intelligence Across Industries

Company Headquarters: Tokyo, Japan Founded: 1921 Workforce: 25,000 Company Working: Terumo Medical Corporation delivers innovative health solutions and provides breakthrough solutions and technologies. The company is involved in manufacturing and sales of medical products and equipment, such as pharmaceuticals, nutritional food supplements, disposable medical devices, vascular grafts, and blood glucose monitoring systems, among others. It has a market presence in over 160 countries in the world. It operates its business through three segments, namely, cardiac and vascular company, blood management company, and general hospital company. Terumo Interventional Systems (TIS), a division of Terumo Medical Corporation, is a market leader in minimally invasive entry site management, lesion access, and interventional technologies. TIS offers a complete, solution-based product portfolio used in advanced coronary, peripheral endovascular and urological treatments with strategic initiatives in Transradial Access, Complex Coronary Intervention, Peripheral Artery Disease and Embolotherapy.

Company Headquarters: New Jersey, US Founded: 1897 Workforce: ~65,000 Company Working: Becton, Dickinson and Company (BD) is engaged in developing and manufacturing medical supplies, laboratory equipment, and diagnostic products. It operates in two segments, BD Medical and BD Life Sciences. Its life sciences segment offers products, such as liquid-based cytology systems, specimens, and blood collection products and systems, automated blood and tuberculosis culturing, molecular testing, rapid diagnostic assays, microbiology laboratory automation products, and fluorescence-activated cell sorters. Its medical segment comprises products, such as needle-free IV connectors and extension sets, peripheral IV and advanced peripheral catheters, acute dialysis catheters, vascular care and preparation products, and IV fluids. BD has a strong presence throughout Eastern Europe, the Middle East, and Africa regions with technical specialists, sales specialists, technical service, and application support for its products. The company distributes its products in North America (Canada, Mexico, and the US), Europe (Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherland, Poland, Switzerland, Russia, United Kingdom, Turkey, Hungary, Italy), South America (Argentina, Brazil, Chile, and Colombia), Asia-Pacific (Australia, New Zealand, Indonesia, Korea, Malaysia, Philippines, Thailand, and Vietnam) and the Middle East and Africa (the Middle East, North Africa, and Africa).

Company Headquarters: Nagoya, Japan Founded: 1951 Workforce: ~3,083 Company Working: Menicon Co., Ltd (Menicon) manufactures, sells, exports, and imports contact lenses, lens care products, and other medical goods worldwide. The company offers daily disposable and replacement type lenses. Menicon is the only manufacturer in the world that is involved in all areas of contact lens-related business, including material development, lens designing, and manufacturing of contact lenses, and care solutions.

Company Headquarters: Pleasanton, California, US Founded: 1980 Workforce: ~11,800 Company Working: CooperVision is a global medical device company which manufactures soft contact lenses. The company operates through two business units, CooperVision and Coopersurgical. The company offers contact lenses in a variety of materials, which include phosphorylcholine technology (PC) and silicone hydrogel aquaform technology. It primarily manufactures its products in facilities located in the UK, Hungary, Puerto Rico, Costa Rica, and the US and distributes its products in the US, UK, Belgium, and various smaller international regions.

Company Headquarters: New Jersey, US Founded: 1853 Workforce: 20,000+ Company Working: Bausch & Lomb Incorporated develops, manufactures, and markets eye care products. The company’s products include contact lens and lens care products, such as chemical disinfectants for soft contact lenses, Boston line of products, and prescription pharmaceutical medicines to treat eye conditions such as glaucoma, conjunctivitis, eye allergies, dry eye, and retinal diseases, among others. Moreover, it also offers contract manufacturing services for sterile and non-sterile solutions, suspensions, ointments, gels, creams, nasals, and injectables. It is headquartered in the US and has additional offices in Argentina, Australia, Austria, Belgium, Bulgaria, Brazil, Canada, China, the Czech Republic/Slovakia, Dubai, France, Germany, Greece, and Hong Kong, among others. Bausch & Lomb Incorporated operates as a subsidiary of Bausch Health Companies Inc.

Company Headquarters: London, UK Founded: 1971 Workforce: 1,000 Company Working: Sinclair Pharma is a global healthcare company engaged in the development, manufacture, and distribution of pharmaceutical products. Other medical offerings of the company include aesthetics and cosmetic products. It has a portfolio of differentiated complementary aesthetics technologies with a focus on collagen stimulation. The company constitutes a huge network of international distributors throughout the world. Sinclair Pharma operates as a subsidiary of Huadong Medicine Co., Ltd.(China). The company has a strong presence in Europe, as well as the US, Brazil, and South Korea

Company Headquarters: Hyderabad, Telangana, India Founded: 1986 Workforce: 100+ Company Working: Ortin Laboratories Limited is involved in manufacturing and marketing pharmaceutical products and operates through business segments, namely, formulations, API intermediates, research and development, biotechnology, and merchant export trading. The company has its own WHO GMP Standards certified manufacturing unit for the production of raw materials and final products. It recently merged with M/s Vineet Laboratories Pvt. Ltd to expand its product portfolio and gained control over its drug intermediates manufacturing unit. It has a strong presence in India and caters to the needs of government and private customers.

Company Headquarters: Massachusetts, US Founded: 1992 Workforce: ~ 22 Company Working: Yield10 Bioscience, Inc. changed its name from Metabolix Inc. to Yield10 Bioscience, Inc. in 2017. Yield10 Bioscience, Inc. is actively involved in developing and manufacturing high-quality seed traits for the agriculture and food industry. It concentrates on the development of products related to the agricultural bioscience segment in which crops such as corn, soybean, canola, wheat, and rice are main major focus areas of the company. It operates in only one business segment namely, Innovation Platform. Its investments in R&D are significantly high, and it has a strong product pipeline.

Evogene is a micro-capitalisation Israeli technology company that has spent 2025–2026 converting itself from a diversified "computational predictive biology" holding group — with subsidiaries spanning ag-biologicals, microbiome therapeutics, castor seeds, ag-chemicals and medical cannabis — into a narrowly focused generative-AI computational chemistry business. Its core asset is ChemPass AI™, a proprietary engine for designing and multi-parameter-optimising novel small molecules for pharmaceutical and crop-protection applications, built in part on a Google Cloud foundation model and now augmented with autonomous AI agents. Monetisation is collaboration-led (upfront, R&D, milestone and royalty economics, with Evogene retaining downstream rights) alongside an internal four-program drug pipeline and an ag-chemical pipeline run through subsidiary AgPlenus. The company has monetised non-core assets (Lavie Bio to ICL; BMC128 licensed to Lishan), cut cash burn by more than half, but remains revenue-light, going-concern-qualified, below Nasdaq's USD 1 bid-price threshold, and embroiled in an activist control contest. --- ### Company's own description In its current corporate boilerplate (press releases from late 2025 onward and the company website), Evogene describes itself as a pioneer in computational chemistry, specialising in the generative design of small molecules for the pharmaceutical and agricultural industries, with ChemPass AI™ — its proprietary generative AI engine — at the core of the offering, designed to produce novel, highly potent molecules optimised across multiple critical parameters, improving success rates while reducing development time and cost. The company labels its operating philosophy "Real-World Innovation", emphasising the integration of computation with industry partner needs (evogene.com/company). The FY2025 20-F still describes the group structure as Evogene acting as a technology hub with divisions and subsidiaries beneath it that draw on the Computational Predictive Biology (CPB) platform and its engines (ChemPass AI and GeneRator AI), each subsidiary being responsible for its own pipeline, go-to-market and financing. However, the same filing makes clear that this hub-and-spoke model has been heavily pruned: Lavie Bio's activity was sold to ICL, Biomica was scaled down to complete one clinical trial, and Casterra and AgPlenus underwent dispositions and workforce reductions. ### Independent characterisation Stripped of legacy framing, Evogene in October 2026 is best characterised as: 1. **An early-stage AI drug-discovery services-and-pipeline company** with six disclosed pharma discovery collaborations (biotechs and academic institutions), no clinical-stage proprietary small molecules, and internal programs at hit-to-lead / lead-optimisation stage. Preclinical work on internal candidates is guided to begin in 2H 2027 (Q2 2026 call). 2. **A small ag-chemical discovery business (AgPlenus)** with one surviving big-ag collaboration (Corteva, herbicides) after Bayer terminated its herbicide project in May 2026, and an internal wheat fungicide program (Zymoseptoria tritici / Septoria) in lead optimisation. 3. **A residual portfolio of monetised or wind-down subsidiaries** — Lavie Bio (asset-sold shell distributing cash), Biomica (licensed BMC128 to Shanghai Lishan; no ongoing operations; reported as discontinued from Q2 2026), and Casterra (castor seeds, realigned exclusively to Brazil). Economically, the company is pre-commercial in its core business. Historical revenue has been dominated by non-core sources — Casterra seed sales and collaboration payments in Lavie Bio and AgPlenus — which are now shrinking or gone. ### Business and revenue model Mix characterisation (FY2025, management commentary): the decline in revenue from ~USD 5.6M (restated FY2024) to ~USD 3.9M (FY2025) was attributed to lower AgPlenus milestone revenue, completion of the Corteva collaboration revenue stream recognised in 2024, and lower Casterra seed sales. Product sales (Casterra) therefore made up the majority of FY2025 revenue; licensing/collaboration constituted the balance. No subscription/SaaS revenue exists. ### Value-chain position, customers and end-markets Evogene sits at the very front of the value chain — target-to-hit and hit-to-lead small-molecule discovery — upstream of preclinical development, clinical trials, regulatory approval and commercialisation, all of which it expects partners to carry. In agriculture it sits upstream of formulation, field development, registration (EPA etc.) and distribution, which are controlled by a consolidated oligopoly (Bayer, Corteva, Syngenta, BASF). **Customer types:** biotech companies and academic drug-discovery centres (pharma); multinational crop-protection companies (ag); an industrial castor-seed purchaser (described in filings and calls as a major oil-and-gas company) and seed growers (Casterra). **Customer concentration:** extreme. In H1 2025, one customer (Customer B, Casterra-related) accounted for 63% of revenue, another 14%, and a subsidiary shareholder 11% (6-K, H1 2025 interim statements). In 2021–2023 a single subsidiary shareholder accounted for 35%, 48% and 62% of revenue respectively (20-F FY2023). **End-markets:** AI-enabled small-molecule drug discovery (immunology, neurology, oncology, metabolism per pipeline slide); crop-protection chemicals (herbicides, fungicides); industrial castor oil / biofuel feedstock (Brazil).

Company Headquarters: Indianapolis, US Founded: 1989 Workforce: ~21,100 Company Working: Corteva Agriscience develops, manufactures, and markets a wide range of products, including seeds and traits, crop protection, software, and digital solutions, seed treatments, forages, inoculants, vegetation management, pasture management, turf and ornamental, urban pest management, and oil. It is directly present in more than 50 countries and covers all major regions such as North America, Asia-Pacific, Latin America, Europe, and the Middle East & Africa. Corteva Agriscience is a subsidiary of Dow Chemical Company. Hence, the provided financial information is of the Dow Chemical Company.

Company Headquarters: Petaluma, US Founded: 1993 Workforce: ~2,400 Company Working: LGC Biosearch Technologies operates as a subsidiary of LGC Limited and acquired Douglas Scientific in the year 2016. LGC, Biosearch Technologies designs, manufactures and markets PCR reagents, custom genotyping assays, genomic services, gene editing, and NGS services, as well as workflow solutions. The company operates in three business segments, namely, products, technologies, and services. It is present in more than 22 countries and has seven manufacturing units along with the three service laboratories all over the world. LGC Biosearch Technologies is a subsidiary of LGC Limited. Hence, the provided financial information is of LGC Limited.

Company Headquarters: Paris, France Founded: 1990 Workforce: ~ 6,653 Company Working: Vilmorin & Cie is one of the world’s leading companies in the seed sector. The company has three business segments, namely, vegetable seeds, field seeds, and garden seeds activity, and out of these vegetable and field seeds are its core businesses. It relies on continuous investment in its research and development (R&D) and a robust international development strategy to strengthen its position in the market. It also focuses exclusively on seeds and is not at all involved in agrochemicals.

Company Headquarters: California, US Founded: 2002 Workforce: ~40 Company Working: Arcadia Biosciences develops and markets high-value food ingredients, nutritional oils, and improved crops using biotechnology techniques. This consumer-driven agricultural technology company uses state-of-the-art gene-editing technology and advanced breeding techniques to naturally enhance the nutritional quality of grains and oilseeds to address the rapidly evolving trends in consumer health and nutrition. The company has also developed a broad pipeline of high-value crop productivity traits designed to enhance farm economics. It provides gamma-linolenic acid safflower (Carthamus tinctorius) oil under the brand SONOVA. It has collaboration with Dow AgroSciences LLC to develop and commercialize soybean traits. Based in Davis, it comprises administrative offices in Phoenix and Arizona in the US. Some of the flagship brands of Arcadia Biosciences include GoodWheat, SONOVA, and HB4, among others. The company’s portfolio of agricultural traits (Nitrogen Use Efficiency, Salinity Tolerance, Water Use Efficiency) is being developed to enable farmers around the world to be more productive and minimize the impact of agriculture on the environment. As of March 2019, the company’s patent portfolio included 153 issued patents and 63 pending patent applications worldwide in 30 patent families relating to the trait technologies. This company, along with Bioceres Crop Solutions Corp. also constitutes a joint venture, Verdeca, which is focused on developing and deregulating crop varieties with next-generation agricultural technologies. Verdeca received commercialization approval from the US Food and Drug Administration (FDA) in 2017 for HB4 Drought Tolerance trait in soybean. Regulatory approvals for the same product were obtained in Argentina in 2015. Regulatory submissions were made in 2016 for import approval of HB4 soybeans into China, whereas regulatory approval for Brazil was submitted in 2018, and import approval in the European Union is to be submitted in 2019.

Company Headquarters: Vevey, Switzerland Founded: 1905 Workforce: 328,000 + employees (2017) Company Working: The company is focusing on developing the world's best products and services for all stages of life helping people and their families. The company produces approximately a billion science-based nutritional solutions per year which are available through retail and pharmacy outlets or recommended by healthcare professionals in institutions, which addresses a spectrum of health conditions from pediatric allergy to malnutrition amongst the frail elderly.

Company Headquarters: Dublin, Ireland Founded: 2013 Workforce: ~16,900 Company Working: Allergan is a leading global pharmaceutical company. The company is engaged in the manufacturing and commercialization of hyaluronic acid for medical products, devices, biologics, and surgical products for patients across the world. It operates through three business segments, namely US Specialized Therapeutics, US General Medicine, and International. The company sells its products primarily to the retailers and distributors including food store chains and national retail drug. The prime customers are hospitals, clinics, and government agencies as well as managed healthcare providers, such as health maintenance organizations and other institutions. The company has operations in 100 countries. The US and Canada account for around 10% of the company’s revenue. The three prominent customers of the company are McKesson Corporation, which accounted for around 25% of the sales revenue; Cardinal Health, Inc with 23%; and AmerisourceBergen Corporation with 22% in 2018. In addition, the company has development and manufacturing centers of raw materials, intermediate ingredients, and active pharmaceutical ingredients. Its manufacturing plants are located in Ireland, the US, Brazil, Belgium, France, and Costa Rica.

Company Headquarters: Warsaw, Indiana, (US) Founded: 1927 Workforce: 19,000+ Company Working: Zimmer develops, produces, and markets musculoskeletal healthcare products. It is a leading brand in providing customized joint and bone healthcare solutions. It offers products related to orthopedics, healthcare, medical instruments, medical technology, surgical instruments, medical supplies, medical devices, innovation, and signature solutions. The company is present in all major markets and holds significant market share in the global tissue engineering market.

Company Headquarters: Tokyo, Japan Founded: 1939 Workforce: ~10,476 Company Working: Showa Denko KK is a chemical company that engages in the manufacturing and marketing of a wide range of petrochemicals, chemicals, electronics, inorganic chemicals, aluminum, and other products. The company, along with its affiliates and subsidiaries, operates in North America, Europe, and Asia. It provides products and services that are useful and exceed customer expectation.

Company Headquarters: San Diego, California, US Founded: 2011 Workforce: ~214 Company Working: Retrophin, Inc., is a biopharmaceutical company that develops and delivers therapies for people with rare diseases. It operates in different therapeutic areas such as fosmetpantotenate for pantothenate kinase-associated neurodegeneration (PKAN), and other life-threatening neurological disorders. The company focuses on the identification, development, acquisition, and commercialization of therapies for the treatment of rare diseases.

Company Headquarters: Michigan, US Founded: 1941 Workforce: ~51,000 Company Working: Stryker is engaged in developing, manufacturing, and marketing specialty surgical and medical products. Its products include implants, biologics, surgical, neurologic, ear, throat, interventional pain equipment, endoscopic, surgical navigation, communications, and digital imaging systems. The company also offers products for patient handling and emergency medical equipment. It operates through three major segments: medical & surgical equipment (MedSurg), orthopedics, and neurotechnology & spine. Stryker has been focused on providing automation solutions in its product portfolio. It has a presence in over 75 countries across the globe.

Company Headquarters: Massachusetts, US Founded: 2015 Workforce: ~370+ Company Working: Mustang Bio is a subsidiary of Fortress Biotech, Inc. It is a clinical‐stage biopharmaceutical company focused on the development and commercialization of novel cancer immunotherapy products designed to leverage the patient’s immune system to eliminate cancer cells. Mustang Bio aims to acquire rights to these technologies by licensing or otherwise acquiring an ownership interest, funding research and development, and out-licensing or bringing the technologies to market. Mustang has partnered with the City of Hope National Medical Center (COH) and Fred Hutchinson Cancer Research Center in the development of proprietary CAR T therapies for many cancers. Mustang Bio’s lead programs are in Phase 1 clinical trials at COH: MB-101 for the treatment of brain cancer and MB-102 as a therapeutic agent in acute myeloid leukemia

Company Headquarters: New Jersey, US Founded: 2014 Workforce: ~500 Company Working: Legend Biotech is a multinational biopharmaceutical company. The company has three core cell therapy platforms—CAR-T) T-cell receptor T-cell therapy (TCR-T), and allogeneic cell therapy. The company has been developing a strong pipeline of CAR-T products to treat solid and liquid tumors. Legend Biotech is utilizing the extensive cell therapy experience of its leaders and R & D staff, global clinical partners, and expanding research facilities. It is doing so to utilize the potential of cell therapy to treat diseases that are thought to be incurable, such as hematologic malignancies, solid tumors, infectious diseases, and autoimmune diseases

Company Headquarters: Washington, US Founded: 2013 Workforce: ~500 (2016) Company Working: Juno Therapeutics is a part of Celgene Corporation. It is a biopharmaceutical company formed through the collaboration of Fred Hutchinson Cancer Research Center, Memorial Sloan-Kettering Cancer Center and pediatrics partner Seattle Children's Research Institute. The company is into the development of cell-based cancer immunotherapies based on chimeric antigen receptor (CAR) and high-affinity T cell receptor technologies to genetically engineer T cells to recognize and kill cancer. Juno Therapeutics is developing multiple cell-based product candidates to treat a variety of B-cell malignancies as well as multiple solid tumors and multiple myeloma. The company has its offices in the US and Germany. The company has its manufacturing plant in Washington, US.

Company Headquarters: France, Paris Founded: 1999 Workforce: ~161 Company Working: Cellectis is a clinical stage biotechnological company involved in the development of immuno-oncology products based on gene-edited T-cells that express chimeric antigen receptors to target and eradicate cancer cells. The company operates through two segments—Therapeutics and Plants. Cellectis is currently developing UCART19, an allogeneic T-cell product candidate for the treatment of CD19-expressing hematologic malignancies, such as acute lymphoblastic leukemia (ALL), UCART22 to treat ALL and non-Hodgkin lymphoma (NHL), ALLO-501 for treating relapsed/refractory NHL, and UCART123 for the treatment of acute myeloid leukemia (AML) and blastic plasmacytoid dendritic cell neoplasm, among others

Lonza is the world's largest and longest-established pure-play contract development and manufacturing organization (CDMO). It sells development, manufacturing and technology services to pharmaceutical and biotechnology companies across the main modalities: - mammalian and microbial biologics; - small-molecule APIs and drug products; - antibody-drug conjugates (ADCs) and bioconjugates; - cell and gene therapies; - mRNA. Following the March 2026 agreement to sell Capsules & Health Ingredients (CHI) to Lone Star Funds, Lonza is completing a two-year transformation into a focused CDMO. It now operates three business platforms: Integrated Biologics, Advanced Synthesis and Specialized Modalities. Its differentiation rests on four things: - scale, including Visp, Vacaville (the largest US biologics CDMO site) and Portsmouth; - an integrated drug-substance-to-drug-product offering; - a proprietary toolbox: GS Xceed® expression, Ibex®, Synaffix® ADC linkers and the Nona TfR1 BBB technology; - a quality track record across 125+ years of chemical and biological manufacturing. FY2025 continuing sales were CHF 6.5bn at a 31.6% CORE EBITDA margin. Management guides FY2026 to 11–12% CER growth and a 33–34% margin. --- **Company's own description.** In its 2026 releases Lonza calls itself the world's leading CDMO "dedicated to serving the healthcare industry." It describes a team of around 20,000 people working with pharma and biotech customers to turn breakthrough innovations into viable therapies, using science, smart technology and lean manufacturing (H1 2026 release boilerplate). The FY2025 FYR and AR2025 present the business as three complementary, integrated CDMO Business Platforms "powered by the Lonza Engine®." The Lonza Engine is the company's term for its combined strengths in science, smart technology and lean manufacturing for complex and emerging modalities (6 Mar 2026 release). **What Lonza does.** Lonza takes a customer's molecule, from DNA sequence or chemical route, and develops and manufactures it. Work runs from pre-clinical development through clinical supply to commercial launch and lifecycle manufacturing. Revenue comes from four sources: - **Development services.** Cell-line development, process and analytical development, formulation and regulatory CMC. Typically billed fee-for-service or per milestone. - **Clinical and commercial manufacturing.** Drug substance and drug product. Usually batch-based or capacity-reservation contracts, often with take-or-pay or minimum-volume features. Large commercial deals are frequently multi-year and sometimes involve customer co-funding of dedicated capacity, as in the Ibex model and the 2026 Stein ADC line backed by a long-term customer commitment. - **Technology licensing.** GS Xceed® expression system licences, Synaffix ADC technology licences with upfront/milestone/royalty structures, bYlok® and the Nona TfR1 BBB platform. - **Products (Bioscience).** Cell-culture media, primary cells, transfection systems (Nucleofector™), endotoxin and microbial testing. Sold as consumables and instruments. **Revenue-model mix.** Lonza does not publish an exact split between product, service, subscription and licensing revenue. The analyst estimate is that more than 90% of continuing revenue is service-based CDMO revenue (development plus manufacturing). The rest is Bioscience products, reported within Specialized Modalities, and technology licensing. There is no subscription revenue. Licensing is strategically important as a customer-acquisition funnel but financially small; its amount is not separately disclosed. **Value-chain position.** Lonza sits between drug innovators (big pharma, mid-cap and small biotech) and patients. It is an outsourced manufacturer that carries large fixed-asset intensity: - PP&E of CHF 8.3bn at FY2025 (S&P/StockAnalysis); - CapEx of CHF 1.3bn in FY2025, 19.6% of sales (FY2025 FYR). Its upstream suppliers are equipment, single-use consumable, raw-material and media vendors. Downstream, its customers own the regulatory licences and commercialize the drugs. **Customer types:** 1. Large pharmaceutical companies outsourcing commercial capacity. Examples are the strategic multi-site US biopharma collaboration expanded on 1 Jul 2026 and the Vacaville commercial contracts. 2. Mid-size and emerging biotech needing integrated DNA-to-IND and clinical supply. Example: the ImmuneOncia late-stage mAb deal, March 2026. 3. Academic and research customers (Bioscience). 4. Cell and gene therapy developers (autologous and allogeneic). **End-markets.** The main end-markets are: - biologic therapeutics (mAbs, bispecifics, fusion proteins); - ADCs and bioconjugates in oncology; - small-molecule APIs including highly potent APIs (HPAPI); - cell and gene therapy; - microbial-derived proteins, peptides and enzymes; - mRNA/LNP; - research tools. **Analyst characterization.** Lonza is a capital-heavy, scale-advantaged infrastructure provider to biopharma. Its economics depend on asset utilization: - New plants dilute margins during ramp-up. This was visible in FY2023, when the CORE EBITDA margin fell to 29.8%, and in early Vacaville. - Mature, full assets earn returns well above group average. Advanced Synthesis reached a 48.1% CORE EBITDA margin in H1 2026. The CHI exit removes a lower-growth consumer-health and capsule business that lacked CDMO synergy. It turns Lonza into a purer "picks-and-shovels" exposure to biologic and complex-modality pipelines. The key debates are: - the pace of capacity absorption at Vacaville and Visp large-scale; - competitive intensity from Asian CDMOs and big-pharma insourcing; - capital intensity versus free-cash-flow conversion.

Company Headquarters: US Founded: 1991 Workforce: 13,755+ Company Working: Gentherm is a global technology and industry leader in designing, developing, and manufacturing innovative thermal management technologies. Its products provide solutions for automotive passenger comfort and convenience, battery thermal management, remote power generation, patient temperature management, and other consumer and industrial temperature control needs. Gentherm’s automotive products can be found on the vehicles of nearly all major automotive manufacturers operating in North America, Europe, and Asia. The company identifies future thermal technology product opportunities in both automotive and other markets. It concentrates research on the development of new technologies and new applications from existing technologies to create product and market opportunities for a wide array of thermal management solutions.

Company Headquarters: Massachusetts, US Founded: 1956 Workforce: ~488 Company Working: Lantheus Medical Imaging, Inc. (Lantheus) is a global leader in the manufacturing, developing, and commercializing of innovative diagnostic medical imaging products. The company provides diagnostic imaging and nuclear medicine products primarily used for the diagnosis of cardiovascular diseases. Clinicians use these imaging agents and products across a range of imaging modalities, including echocardiography and nuclear imaging. Its commercial products are used by cardiologists, nuclear physicians, radiologists, internal medicine physicians, technologists, and sonographers working in a variety of clinical settings. The company sells its products to radio pharmacies, integrated delivery networks, hospitals, clinics, and group practices.

Company Headquarters: Shenyang, Liaoning China Founded: 1998 Workforce: 10,001 Company Working: Neusoft Corporation (Neusoft) deals in providing innovative information technology-enabled solutions and services to meet the unmet demands of its customers. Neusoft was established at Northeastern University, China. It has ten software research and development bases, eight regional headquarters, and a comprehensive marketing and service network covering over 60 cities across China, as well as subsidiaries in the US, Europe, Japan, the Middle East, and South America. It helps industry customers establish best practices in business development and management.