AstraZeneca
Equity Market Cap (M) £211,897
Healthcare
Isabel Gibson, Louise Pearson – Investor Relations Directors
With operations spanning oncology, biopharma and rare diseases, the company emphasised how this spread reduces reliance on any single area while allowing expertise within each field. Management highlighted that its structure – separate leadership across research & development and commercial units – helps to ensure that scientific merit and commercial viability are embedded in decision-making.
A key focal point was the strength of the pipeline. The team pointed to a high number of late-stage trial successes, alongside continued progress from new molecular entities. Growth is not solely dependent on existing products; new treatments are beginning to contribute. This combination of extending current drugs into new uses and bringing through new assets underpins their confidence in expansion.
Discussion also centred on the company’s ambition to reach $80bn in revenue by 2030. They suggested that market expectations have moved closer to this goal. Much of the uncertainty has eased as pipeline assets mature and risks are better understood, reinforcing confidence in delivery.
The team stressed that artificial intelligence is already embedded across AstraZeneca’s operations, from molecule discovery through to regulatory submissions. While AI is improving efficiency, they were keen to stress that it will not replace clinical trials. Instead, it is enabling faster and targeted development, allowing more to be achieved with existing resources.
Focus turned to some recent headwinds, notably in China (where a key former executive remains under investigation) and in the US (where drug pricing reforms dominated 2025). The team sounded confident that the China risk was now limited, and that the deal the company signed with the US administration has provided some clarity around drug pricing. However, we continue to monitor these developments closely.
London Stock Exchange Group
Equity Market Cap (M) £44,358
Financials
Peregrine Rivière, Head of Investor Relations
Many businesses are evolving due to the emergence
of artificial intelligence, and the London Stock Exchange Group (LSEG) is no exception. Since its acquisition of Refinitiv in 2019, LSEG has undergone a significant transformation. Rivière was keen to emphasise that it is now firmly positioned as a data and analytics organisation.
The Data & Analytics division accounts for more than 45% of total group revenue. It delivers financial data and insights to clients through three primary channels: firstly, via its Workspace platform (similar to Bloomberg terminals); secondly, through data feeds that integrate directly into clients’ internal systems; and thirdly, via third-party distribution, such as supplying data to platforms like BlackRock’s Aladdin, which is widely used by investment professionals.
This division has come under greater scrutiny in recent years as artificial intelligence reshapes how data is distributed, accessed and analysed. While there is a risk that AI could disrupt LSEG’s traditional business model, management believes the opposite may prove true. They argue that increased AI adoption will expand the number of channels through which data is consumed, ultimately driving demand for high-quality, proprietary datasets – an area where LSEG is a global leader.
Although there is a possibility that LSEG’s user interfaces could be bypassed by large language models such as ChatGPT or Claude, the company maintains a platform-agnostic approach. This is demonstrated by its Model Context Protocol (MCP) server, which enables LSEG data to be accessed directly within these AI tools. Early adoption has reportedly been strong. Ultimately, LSEG’s future will depend on its ability to remain relevant in an AI-driven landscape, and the company is taking active steps to reinforce its position.
Nestlé
Equity Market Cap (M) CHF 203,494
Consumer staples
Samuel Tornay and Abigail Lundmark, Investor Relations Managers
We met with Nestlé’s Investor Relations team following the Q1 results. A key area of focus was the potential impact of GLP-1 drugs for regulation of blood-glucose levels. Management is watching this closely, particularly in the US where uptake is highest. The exposure is mixed across the portfolio: confectionery, ice cream and some snacking categories are more at risk, while coffee and infant nutrition are relatively insulated.
We also spent time on competitive positioning, particularly around scale. We pushed on what truly sets Nestlé apart if competitors had enough time and capital to catch up. The response focused less on manufacturing or distribution, and more on retailer relationships. Nestlé’s presence across multiple categories allows it to act as a ‘category captain’ in several aisles, which is particularly valuable. This breadth, combined with leading positions in key categories, is seen as much harder to replicate than scale on its own. In emerging markets, this is supported by strong local brands and consistent marketing investment, which help to secure distribution and shelf space over time.
This multi-category footprint also feeds through into day-to-day execution. It allows Nestlé to deepen retailer relationships, share distribution infrastructure, and deploy marketing more efficiently across the portfolio, creating an advantage over more focused peers.
On the balance sheet, leverage has moved closer to 3x EBITDA. Management is comfortable operating within a 2–3x range and expects recent disposals, including water and ice cream stakes, to help bring this down over time. There are signs that demand is starting to settle, while growth is becoming less reliant on pricing, and volumes are beginning to play a more meaningful role again.
FINANCIALSLondon Stock Exchange Group
HEALTH CAREAstraZeneca
Haleon
INDUSTRIALSBAE Systems
Experian
IMI
RELX
Spirax Group
MATERIALSCroda International
Rio Tinto
CONSUMER DISCRETIONARYTechnoGym
CONSUMER STAPLESNestlé
