Yum China Q3 2023 Earnings Call Transcript

Quartr
Provided by Quartr
November 7, 2023

There are 13 speakers on the call.

Operator

Hello. My name is Travis, and I will be your conference operator today. At this time, I would like to welcome everyone to the March 2023 Third Quarter Earnings Call and WealthCast. All participant lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer period.

Operator

I will now turn the call over to Bill Zabusky, Head of Global Capital Markets. Please go ahead, sir.

Speaker 1

Good evening, everyone. Welcome to our Q3 2023 earnings call. With us today is our CEO, Scott Smith President, Rajeev Malik and CFO, Sanjeev Narula. During today's call, we will be making forward looking statements on a number of matters, including our financial guidance for 2023 and various strategic initiatives. These statements are subject to risk and uncertainties that could cause future results or events to differ materially from today's projections.

Speaker 1

Please refer to today's slide presentation and our SEC filings for a full explanation of those risks and uncertainties. We will also be referring to certain actual projected non GAAP financial measures to supplement investors' understanding and assessment of our financial performance. Reconciliations of those non GAAP measures The most directly comparable GAAP measures are available on our website and in the appendix of today's We will be making certain comparisons of results on an operational basis, which excludes the impact of foreign currency rates versus the plan that supports our prior period results, which also exclude the results from the divested biosimilars business. An archived copy of today's presentation and other earnings materials will be available on our website at investor. Viatrus.com following the conclusion of today's call.

Speaker 1

With that, I'll hand the call over to our CEO, Scott Smith.

Speaker 2

Good afternoon. I'm pleased to report that Beatrice had another outstanding quarter in Q3. We completed our 2nd consecutive quarter of year over year Our 11th strategic plan is consistently a key metric, all evidence that we could build momentum as we phase 1 of our strategic plan to successful completion. In the 3rd quarter, we delivered Total revenues of $3,940,000,000 representing approximately 1% year over year growth and adjusted EBITDA of 1.36 $1,000,000,000 in free cash flow of $738,000,000 both of which as you will hear more about from Sanjeev later were above Our expectations. Based on our strong operational performance in the 1st 9 months of the year, we are reaffirming our 2023 financial guidance ranges for adjusted EBITDA and free cash flow.

Speaker 2

Company is delivering strong operational revenues in line with our expectations. However, the impact of foreign exchange headwinds requires that we make a modest adjustment to our 2023 total revenue guidance range due solely to these FX headwinds. In addition, at the end of the Q3, we were pleased to announce that we entered into agreements on all our planned divestitures. Announcing these transactions marked the achievement of an important milestone in the execution of our Phase 1 strategic plan. We ran a strong and competitive process and we're able to sign agreements to divest substantially All of our over the counter business, our women's healthcare business, our API business in India and commercialization rights in certain non core markets That were acquired as part of the Upjohn transaction, all within our previously announced timelines and valuation ranges.

Speaker 2

We anticipate closing all these transactions by the end of the first half of twenty twenty four. As we look to 2024 and beyond, The momentum we see in the business gives us continued confidence that we are on track to meet our previously stated long term goals. Specifically, we believe our existing business is well positioned given the Number of expansions, 500,000,000 of product lines from our We continue to believe new avenues for growth to the state to help ensure we reach our goal of accelerating growth. At the moment, we remain at with the progress from our planned divestitures and our ability to generate at least $2,300,000,000 in free cash flow per year, excluding transaction costs and taxes, We have a clear line of sight to hitting our leverage target ratio of 3 times, while also returning capital to shareholders through dividends and share buybacks and investing heavily in accelerating the growth of our business. We believe our focus On returning capital to shareholders and on investing in our business will be important levers to put the company on the path to achieve our long term goals of revenue and earnings per share growth.

Speaker 2

Two measures that we believe will be critical to value our company in the future. We plan to make investments both in our base business And in business development activities that give us the greatest potential for growth, patient impact and shareholder value. From a business development perspective, I am optimistic that we will be able to execute high quality agreements that will capitalize on the strength of our global platform. We are focusing our efforts on M and A, strategic licensing and partnerships. We are looking for innovative high growth assets focused on areas of unmet medical need Our vision of addressing global healthcare needs and bringing access to high quality medicines to more patients worldwide.

Speaker 2

Before I turn the call over to Rajiv to provide you with an update on our operations and our pipeline, I want to acknowledge the recent announcement that Rajiv will be retiring as an executive The company next April. It has been a privilege to get to know and to work with Rajeev during this past year. I could not I have asked for a better partner during my onboarding at the company. I wish him nothing but the best in his eventual retirement. I I look forward to working closely together in the months ahead as we complete our planned divestitures and prepare the organization for the future And to this continued partnership as a member of the Board of Directors.

Speaker 2

I'd now like to turn it over to Rajeev.

Speaker 3

Cash costs, I appreciate it and look forward to working with you to ensure a Smooth transition while continuing to support you as we look out into the future, but in a different capacity. I also want to take the opportunity to thank all of our employees who have helped us build this strong global platform. I'm very pleased with where we are today in the aerospace journey and the strength as well as stability of our core business, which is now nicely set for the continued growth from here onwards. Moving to our commercial segment results. We have delivered a 2nd consecutive quarter of year over year operational top line growth as we predicted, which Further, we informed that we are standing strong and set up for the future.

Speaker 3

This quarter, we recorded 1% year over year operational growth And are well positioned to end the full year in line with our expectations. Our well balanced business of well known markets Delivered another strong quarter, growing 2% year over year operationally. Europe grew 1% versus Prior year on an operational basis making it the 7th consecutive quarter of year over year growth. France and Italy led the growth in the region. Its solid performance of generics in the Europe was another contributing factor.

Speaker 3

Our North America business was up 4% year over year on an operational basis, in line with our expectations. Our generics portfolio Better than expected, driven by new launches such as Brenna, the generic for Symbicort, list defeprotamine And the continued contribution of lenalidomide. Also, some other key products including Glatimer acetate, Vancomycin And Shulin performed better than expectations. Our brand business was supported by strong demand in YUPELRI, which grew 9% this quarter over the last year and in the epinephrine market. Overall, We remain confident that the developed market segment will meet our full year expectations.

Speaker 3

Margin markets had another strong quarter and delivered 2% year over year operational growth led by strength Across our broader generics portfolio and stronger than expected performance from brands like Lyrica, Zoloft and Effexor. Emerging Asia and Turkey were solid performing geographies. This segment is well positioned to deliver mid single digit year over year growth. Moving to Jans. The brands performed in line with our expectations, while generics were slightly below expectations, Primary due to customer buying patterns, we continue to be on track to deliver full year expectations.

Speaker 3

Greater China experienced another solid quarter, primarily driven by strong performance of retail channel in China. Greater China was flat to the prior year, in line with our expectations. We believe that this segment will perform Slightly better than our expectations for the full year. I'm also happy to report steady progress we made on our pipeline in this region. We recently received positive top line results for our Phase 3 clinical trials of YUPELRI in China, which is consistent with our U.

Speaker 3

S. Clinical data and we look forward to submitting our NDA mid-twenty 24. We currently have 10 other products under health authority review in China. Moving to the I Care division. As the bridge program sunsets, we saw almost 9% non bridge prescription growth in this quarter.

Speaker 3

We'll continue to focus on subscription growth in quarter 4 and into the future, supported by our 1st direct to consumer marketing campaign for Trevia, which we launched in early October. We have recorded $345,000,000 in new product revenue year to date And are on track to deliver more than $450,000,000 of revenue from new product launches for the full year. Let me now discuss some key updates for our R and D pipeline. We are excited by the continued progress of our eye care pipeline, which is aimed at addressing a range of vision related disorders. All the IT development programs remain on track and we are pleased that we received FDA approval for Ryzumvi For the reversal of pharmacologically induced mydriasis and are looking forward to a commercial launch in the U.

Speaker 3

S. In the first half of twenty twenty four. Switching to other pipeline updates, beginning with glaucomer acetate depot. As you recall, the FDA had accepted for review our NDA and assigned a PDUFA date of March 8, 2024. While we continue to make steady progress regarding the FDA review of our NDA, We are saddened by the tragic situation in Israel and we are working very closely with our partner, MAPI, who remains fully operational.

Speaker 3

We have recently submitted our registration in Europe and are excited about the potential opportunity to bring this product to patients in Europe. Our Botox biosimilar program It's progressing well from the development characterization of drug substance and drug product perspective. We recently completed the manufacturing of our IND enabling drug substance batches and are well on our way to complete the We remain on track to file our IND by the end of this year. We expect to initiate the pivotal clinical studies for this program in the first half of twenty twenty four. Our Phase 3 study for our Suling low dose program in U.

Speaker 3

S. Remains on track And we have benefited from an acceleration in the enrollment rate of rate for this study. We now expect to enroll our last patient this December. Also, we are closely interacting with FDA to initiate the Phase 3 program for our opioid sparing meloxicam novel product in late December. Our Phase 3 study for So, generalized anxiety disorder in Japan continues to progress according to our schedule, and we remain on target to submit the NDA filing in the first half of twenty twenty five.

Speaker 3

Finally, all of our complex injectable programs potential $1,000,000,000 franchise. With that, I will hand the call over to Sanjeet.

Speaker 4

Thank you and hello everyone. Before I begin, I would also like to extend my congratulations to Rajeev. It has been a great partnership over the past 3 years and I am proud of what we've accomplished together. We address our colleagues and patients all over the world benefiting from your leadership, expertise and dedication to our business. Turning to our outlook, I want to reiterate my confidence in the strength of our unique global platform and the continued durability of our significant free cash flow generation.

Speaker 4

We're pleased with the outcome of our announced divestiture, which upon closing will bring the successful conclusion to our Phase 1 commitments and further serves to accelerate our financial flexibility. As we work to finalize the plan for next year and although we are not providing guidance At this time, we continue to expect at least $2,300,000,000 in free cash flow in 2024 even when taking into consideration inflation and foreign change headwinds to date. This excludes any taxes and transaction costs associated with divestiture. For the 2nd consecutive quarter, the business delivered total operational revenue growth versus prior year. The performance was diversified across regions and categories.

Speaker 4

The positive mix of brand and new product drove strong gross margins. From a regional perspective, we saw 2% growth in net sales from developed and emerging markets. The growth included the benefit from brands, Genetics and new launches. Net sales for the quarter were in line with the expectation and grew 1% versus the prior The diverse portfolio of growth driver included brand performance in emerging markets, Europe and Greater China. These revenue trends and positive momentum are expected to continue as we exit the year driven by brands, Strength of our global generic portfolio and new products.

Speaker 4

New product revenue in the quarter met expectation and included the Q1 of Brainer. Adjusted gross margin was approximately 59% in the quarter and was ahead of our expectation. We continue to see the positive impact from portfolio decision driving favorable mix. We reported strong adjusted EBITDA, which included investment in G and A and R and D to advance key programs across eye care, injectable and complex products. As a result of strong adjusted EBITDA and improved cash conversion, we had an excellent quarter of free cash flow of $786,000,000 excluding the impact of transaction costs, which represents growth of 3% on a reported year on year basis.

Speaker 4

Which has helped to further strengthen and help us maintain our investment grade rating. Over last 11 quarters, we have generated over $7,200,000,000 of free cash flow. And as a result, we have been able to pay down approximately 6 $1,000,000,000 of debt during the same period. And we will pay down the $500,000,000 maturity in Q4 from cash on hand. Additionally, this quarter we returned approximately $144,000,000 of capital to our shareholders.

Speaker 5

Well, let me talk about

Speaker 4

the business continues to Expect to absorb this potential FX impact and still be able to

Speaker 5

leverage our

Speaker 4

cash flow. Now a few We continue to expect adjusted EBITDA to be lower in Q4 than Prior quarter is driven by 2 factors. 1st, low gross margin due to less favorable portfolio and segment mix. 2nd, SG and A to increase driven by investment in the Dhirvaya direct to consumer campaign and other areas to drive future growth. We anticipate free cash flow in Q4 to be impacted by lower adjusted EBITDA, higher capital expenditure and timing of biannual interest payments.

Speaker 4

As a reminder, our free cash flow guidance does not include any transaction costs and taxes associated with biosimilar divestments, the Icare acquisition or the planned divestiture. Additionally, our adjusted EBITDA and free cash flow guidance Excludes any acquired IP R and D for unsigned deals. In closing, based on the continued gas. Strong underlying fundamentals of our business, we're well positioned for the remainder of the year and the outlook for 2024 continues to be positive. With that, I'd like to hand it back to the operator to begin taking your questions.

Speaker 4

Thank you.

Operator

Our first question comes from Chris Schott, JPMorgan.

Speaker 2

Great.

Speaker 1

Here was on how envisioning kind of capital deployment and specific the divestiture? Verticals that you talked about in the past, I'm trying to get my hands around, is this something that we you're kind of actively looking at this point or we need to wait for the transactions Just to close and the sense of being more kind of a 2025 and beyond kind of event that we think about kind of the redeployment of some of the cash coming in the door Just any color you can provide there would be much appreciated. Thanks so much.

Speaker 2

Yes. Thank you, Chris. Thank you very much for the question. Yes, we're looking for innovative High growth assets that bring in predictable, durable revenue streams, good fit for our business that we can leverage with the strong global infrastructure we have. You asked about the verticals.

Speaker 2

We're definitely looking at things in the verticals. We're also going to be a little bit agnostic. And if there's a good opportunity that lies outside of those verticals, We will look at that very, very closely as well. The important thing for me is whatever we do, we want to leverage the global strength that we have As a company, in terms of business development, I look at it in sort of in 3 buckets. M and A, of course, but also licensing It's very, very important and partnership is very, very important.

Speaker 2

Some of them are more capital intensive than others. And in terms of speculating on timing, I I think, again, I won't speculate on timing at this point. I think we're looking at things very actively right now and We'll see where we get, but we're excited about the opportunities that are out there. I think there's a lot of opportunities that fit where we're going and what we're doing. So I appreciate the question.

Operator

Our next question comes from Nathan Rich, Saks.

Speaker 6

Great. Good afternoon and thanks for the question. I wanted to ask on the kind of transition to Phase 2 and You gave some details around the 2022 EBITDA of the announced divestitures. Now I know you don't want to give EBITDA guidance for 2024, but Any color you can provide on how those businesses have trended over the past year and any other considerations from a cost standpoint that we should think about? And then as we think about the transformation of the business and acceleration of top line growth, Can you maybe just think about like help us walk through what the building blocks are to eventually getting the business to that Kind of 3% revenue CAGR that you're targeting in Phase 2.

Speaker 2

Yes. So first of all, yes, So 'twenty four, I feel great about where we're going in 'twenty four. We've had now 2 consecutive quarters of operational growth and we believe we'll finish 'twenty three strong. I think it will set us up very, very nicely for 2024. We have full confidence that we're on track to meet our previously stated long term goals.

Speaker 2

I guess really importantly, we expect to have at least $2,300,000,000 in free cash flow in 'twenty four and beyond, even when you take into consider inflation, FX headwinds, etcetera. I think there's a very, very strong base to the business and we expect to grow just with the base business. As you mentioned, you're in that 3% range, Just off the base of the business that we have very stable, growing, strong globally right now. But we hope to even have Significantly higher growth rate than that from a revenue perspective as we start to invest in business development and other businesses and bring other assets and that can complement The organization we have in place. And Rajiv, I think there was a question around divestiture.

Speaker 3

Yes. Look, That was the statistic question. Nate, can you speak on the venture?

Speaker 5

We told them 2022, how those businesses are trending?

Speaker 3

Yes. First of all, from the Board of Business point of view as well as between 2 services, All our businesses are performing as we anticipated or better than anticipated, including Whether it's the geography or whether it's the brands, generics and those categories. And that holds basically true for also the Businesses which we have identified and which are going through the divestiture. But also, Scott, to your point, the 3% which we have growth which we have indicated, Just to add on to that, that included our base business, what we have in pipeline for today. That didn't include any more deployment of the capital deployment, It may come from 2024 onwards.

Speaker 3

That will be on top of that. So I just wanted to also build upon that. And Nate, one other thing to

Speaker 5

keep in mind, the businesses that we're divesting, Their margins are generally less than the company average. So what we expect post divestment, company's margin like gross margin to be stable From that perspective, that's an

Speaker 3

important thing to keep in mind as well.

Speaker 2

I also want to piggyback off what Rajeev said. And as we start to really pivot to real growth From a revenue perspective and given our capital allocation plan and our desire to buy back shares, we can move the story to a long term adjusted EPS Growth story, which we're very excited to move into that epoch.

Operator

Our next question comes from Amir Raffat, Evercore.

Speaker 7

Hi, guys. Thanks for taking my question. I wanted to focus on China business for a second. And it looks like your China business is holding in broadly fairly stable, except for FX. And it appears to be quite different in performance versus what some of your peer companies also with meaningful China businesses have reported.

Speaker 7

I kind of see that not just on the emerging markets sales reported sorry, Greater China sales reported, but also in the product level breakout. So I'm just curious, what do you think is tracking different and or is there some Timing of revenue recognition that is playing out and maybe we do see some weakness in 4Q because it does seem like it's a little more industry wide. Thank you.

Speaker 3

No, Omar, I can't speak about our peers. I can speak about our China business, which right from ever since we have gone through this Evolution around the policy dynamics and all that lived through over 95% business has gone through the VBP. We had gone through the cycles of VBP and we have taken this Time to reorient and shift our business more towards the private pay channel and that's what we have seen. We have found that equilibrium between the hospital and Private pay channel and we have been trying to invest more around that. And investing in the pipeline, for example, even this quarter, Just getting the YUPELRI positive data, with the YUPELRI that missed our performance now going through the fuel channels and also the pipeline, We cannot be more excited about what we are seeing in the underlying business or the fundamentals of our China business.

Speaker 3

So extending that to emerging markets, we've taken our time to figure out how to manage this The hybrid business we have between the brands as well as the generics and we have formed that sweet spot and you'll see emerging markets business, The branch performing better than expected, generics performing better than expected. So I can speak about our business. We seem very confident and optimistic about this business and that's what This is rendering the stability to the base and coupled with the new launches, new launch revenue, I think that's what is showing the base growth of 1% year over year, 1% but you have seen that.

Operator

Our next question comes from Glen Santangelo, Jefferies.

Speaker 2

Yes. Thanks for taking my question. I just wanted to follow-up, Rajeev, on some of the comments you were just talking about that the generics business was performing better than Could you maybe talk about the pricing environment in terms of what you saw in the quarter and if there's any discernible trends that are worth sort of calling out and Any sort of comments around the sustainability of that recent trend would be helpful. Thanks.

Speaker 3

Dan, after several quarters, I can say that we have seen I'm not we have seen perhaps a longer stretch of stability After so many years, I would say. And I don't see any trend at the moment because it's a Genetics business, as Glenn, you know, it's both demand and supply. And at this point of time, it's both that we see some still supply disruptions going on, On some key molecules and key products. And it's about your own portfolio, your own ability to supply and Basically, the flexibility in the supply to sometimes respond to the market need. And that's what I think we have said for ourselves, and that's what's giving us Sustainability.

Speaker 3

And I don't see at the moment in the environment some more trends, which we should be concerned about.

Operator

Our next question comes from Jason Gerberry, Bank of America.

Speaker 8

Hi, guys. Thanks for taking my question. Just wanted to inquire about the inflationary pressures on cost of goods that was flagged last quarter. It appears like Either that was maybe not realized this quarter because of mix or perhaps there were some other offsets. Really curious more so just to think about how those inflationary pressures, do you feel like you may see those manifest In 4Q or into next year, that would be helpful.

Speaker 8

Just some of your peers have flagged inflationary pressures as well on cost of goods. So just wondering if you can level set? Thanks.

Speaker 5

Yes. So Jason, thank you for the question. So we had anticipated Inflation pressure and we kind of talked about that when we made our plan and gave the guidance to that. We're managing our costs very well. So the impact is still there for inflation and in this quarter we have an inflation impact, But it is less than what we had anticipated.

Speaker 5

So clearly, our teams are doing a great job in managing the costs. And you can see that reflected in our gross margin, Which is coming better than the expected and we've actually raised the full year metrics to 58.75 percent on the strength of mix and us managing the cost including inflation Better than what we had anticipated.

Operator

Our next question comes from Ash Verma, UBS.

Speaker 9

So, on emerging markets, can you elaborate the dynamic here a little You mentioned customer buying patterns impacting 3Q. And I didn't hear you saying that you're going to expect to Get to the outlook that you had for the emerging market, although I heard that for other geographies. And second one, I just wanted to understand the FX impact. So 3Q revenues saw $7,000,000 headwind, but you're lowering your 2023 midpoint by $250,000,000 Is this all concentrated in Just 4Q alone. Thanks.

Speaker 3

I think on emerging market, some Some of our key brands, ZERICA, ZOLAF, the TracFAR across the region, some of the brands have been performing pretty well. Turkey and also emerging Asia, we call it, these are the geographies like Thailand and Malaysia and all those countries put together. We have performed above expectations. And I see this trend continue. I mean, I see emerging markets well on the track For mid single digit growth, year over year growth, given on the strength of their portfolio, diversity and markets, You know, Deb, we are seeing that confidence.

Speaker 5

Yes, yes. So Ash, on the FX, A couple of comments. So what's going on in the 3 currencies, so 70% of our business is Non U. S. Dollar denominated.

Speaker 5

50% comes from 3 currencies, which is the euro, Japanese yen and Chinese RMB. What was going on till about September, as you could probably track that, a dollar had strengthened against the Chinese RMB and Japanese yen. And then euro was favorable to what we had assumed. But September onwards, the euro started weakening with all the Fed action that was going on. So whatever the offset that we were seeing in the first half of the year went away.

Speaker 5

So you see the impact is much bigger now starting September and fourth Quarter than we had anticipated and that's what we are reflecting in our full year guidance assuming the October 8th stands. So it's all 3 currencies, it's all Thanks. And operationally exactly in line with what we had anticipated. And you saw that we reaffirmed our guidance on EBITDA and free cash flow Absorbing the FX impact.

Operator

Our next question comes from Balaji Prasad, Barclays.

Speaker 10

Hi, everyone. This is Mikaela on for Balaji. Just wondering if you guys have any thoughts on today's move by the FTC to challenge more than 100 improper patents listed in the FDA's orange book. I'm wondering if this will have any impact to the Back to you, Beatrice. Thanks.

Speaker 11

So this is Brian Roman, the General Counsel. Our company has been an industry leader in challenging improper orange book listings for many years. So this is an issue that we understand well, Take seriously and frankly like to see the issue getting some attention. FTC hasn't shared with us what concern they have about these particular patents. But I'd add that there already has been for years significant generic competition for our epinephrine auto injectors.

Operator

Thank you. Our next question comes from David Amsellem, Piper Sandler?

Speaker 12

Hey, thanks. So just a couple of product specific Questions. Can you talk about how are you thinking about the generic Symbicort contribution next year? I know you talked about Revenue being a little below expectations and developed markets because of phasing of that product.

Speaker 2

So just talk about where that product is heading?

Speaker 12

Then any update on iron sucrose? That would be helpful. And And on business develop targeted. What's your willingness to move away from that or look at other therapeutic silos? Thanks.

Speaker 2

So I'll answer this sort of last part of the question first. And as I said earlier, Yes, those three verticals we think very highly of in terms of the type of assets that are there out there that can help us really move the company in a good way. Again, what we're really looking to do is leverage the company globally. And if there are assets outside of those three areas that we find that can really help us secure

Speaker 3

our growth in Phase 2, we'll definitely look at them. And David, on launch of Brenna, the generic to the Symbicort, we couldn't be more pleased to launch another complex, hard to make product We are looking at the take up market share. IQOS doesn't capture our customers. For example, We can be in some comment selling to some comment entities, veterans or issues like Kaiser. So it doesn't capture we have it's exactly how we are modeled.

Speaker 3

It's going to be a significant contributor because we don't see a competition on the horizon at this point of time for the next year. It's going to be a meaningful contributor to that. And Amit, and I want to call, first of all, we are very happy to have more than $450,000,000 We have already captured 345,000,000 On the new launches, and we are well on track to do more than 450 Most likely the launch being already in the Q1 of the next year. And Nothing has changed otherwise. We are exactly on track.

Speaker 3

We delivered exactly how we planned.

Speaker 2

Are there any more questions you want?

Operator

No, sir. I would now like to turn the call back over to Scott Smith, CEO, to make a few closing remarks.

Speaker 2

Thank you very much and thank you to everybody on the call. In summary, I'm very, very pleased with the overall execution of the momentum And the momentum that we have as we bring Phase 1 of our strategic plan to a successful conclusion. I'm very much looking forward to moving into Phase 2 of our strategic plan and I Fully believe in the future trajectory of Vitrus and I'm very excited for what's to come. Thank you all again for your attention.

Operator

This does conclude today's Beatrice 2023 Third Quarter Earnings Call and Webcast. Please disconnect your line at this time and have a wonderful day.

Remove Ads
Powered by Quartr
Earnings Conference Call
Yum China Q3 2023
00:00 / 00:00
Remove Ads