The Rising Influence of Rising Affluence

[DewDiligence]

MON CC post-mortem: The company is firing on all cylinders with respect to recent launches, pipeline progress (see slide set in #msg-109685761), and market share/pricing in the US, Brazil, and Argentina. The only major negative is the currency headwind from the strong US Dollar, especially relative to the Brazilian Real and Argentine Peso. (Currency effects are expected to reduce FY2015 EPS by $0.15-0.20.)

MON re-iterated FY2015 guidance for non-GAAP EPS of $5.75-6.00; more important, MON reiterated the long-term projection of doubling non-GAAP EPS from FY2014 to FY2019, which implies a FY2019 figure of roughly $10.50 and an EPS CAGR of at least 15%.