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CLAIM #42318 · 3M Company (MMM) · 2023Q2 earnings call · Jul 25, 2023 · due Jul 25, 2024

Nicole, I'll add one more is we are very confident and bullish about this business. In fact, we have added capacity to continue to have more production output out there as the demand comes back.

Monish Patolawala · CFO

PENDING
graded after results covering Jul 25, 2024 are reported

In context

what you're seeing is kind of the other side of that demand and also the inventory, working off the inventory that was built up and trying to respond to that demand. So we're seeing both aspects of that. The space, the opportunity that we see for innovation and for us, growing the business, we see this as a long-term growth driver. We have new solutions that -- and one of the reasons we had value as we came through the opportunity vaccines and therapeutics is we could combine steps in processing, multiple steps into one. And so that demand is going to be there. As we look forward, the recombinant protein therapeutics are an opportunity going forward or just near term working through that post-COVID dynamic, both in end-market demand and inventory in the broader channel. Monish Patolawala: Nicole, I'll add one more is we are very confident and bullish about this business. In fact, we have added capacity to continue to have more production output out there as the demand comes back. Nicole DeBlase: Got it. And just to clarify, in your second half outlook, like what's baked into the Health Care business? Have you embedded any improvement in biopharma? Or is the expectation that that's more of a 2024 dynamic? Monish Patolawala: So as I've mentioned, there is slight improvement that you're going to see in -- overall in Health Care. One is electric procedures should go up. Biopharma demand should start settling down. Hospital budgets are hopefully starting to bottom but we don't know that. So we'll have to see what happens with elective procedures. But overall, I would say there is improvement from a first half to second half in the market in general in Health Care that we have embedded into our guide. On the other hand, the thing we are watching also is oral care, Nicol

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SEC filings for MMM · Claim quote is verbatim from the 2023Q2 earnings call.