Tue, 10 Feb 2026

February 06, 2026 | Financial Analysis

Bristol Myers Squibb CEO Christopher Boerner Delivers Q4 & Full-Year 2025 Financial Results; Reports Growth in Core Portfolio and Sets Optimistic 2026 Outlook

Bristol Myers Squibb Company  a leading global biopharmaceutical company, reported fourth quarter and full-year 2025 financial results, marked by resilient performance in its growth portfolio and strategic progress across its pipeline. CEO Christopher Boerner, Ph.D., highlighted diversified revenue streams, strong fundamentals and a forward-looking 2026 guidance that underscores sustainable long-term value creation.  Fourth Quarter 2025 Financial HighlightsFor the quarter ended December 31, 2025, Bristol Myers reported: • Total revenues of $12.50 billion, up 1% year-over-year. • Growth portfolio revenues of $7.4 billion, increasing 16%, driven by key immuno-oncology and specialty products. • Legacy portfolio revenues of $5.1 billion, down 15% on continued generic competition and channel dynamics. • GAAP earnings per share (EPS) of $0.53, compared with $0.04 in Q4 2024. • Non-GAAP EPS of $1.26, a 25% decline from $1.67 in the prior year period primarily reflecting acquired IPRD charges and licensing impacts. • Bristol Myers also increased its quarterly cash dividend to $0.63 per share, marking the 17th consecutive annual dividend hike. The growth portfolio—comprising innovative therapies such as Opdivo, Camzyos, Breyanzi, Reblozyl and Opdualag—continued to drive momentum, with multiple products posting double-digit percentage growth. By contrast, the legacy portfolio faced expected declines in products affected by generic entry, although Eliquis maintained demand stability. Full Year 2025 OverviewFor the full fiscal year, Bristol Myers delivered robust results: • Total revenues of $48.19 billion, essentially flat versus $48.30 billion in 2024. • Growth portfolio revenues climbed 17% to $26.4 billion, a key driver of sustained top-line performance. • GAAP EPS of $3.46, a notable turnaround from a prior year loss, and non-GAAP EPS of $6.15, more than fivefold higher than 2024’s non-GAAP result. Management attributed the strong growth portfolio performance to expanding indications and broader adoption of high-value therapies across oncology and cardiovascular categories. Additionally, disciplined cost management, streamlined R&D prioritization and strategic portfolio realignment contributed to year-over-year earnings improvements. Operational and Strategic DriversBristol Myers’ quarterly update highlighted several operational catalysts: Immuno-Oncology Leadership: The company’s immuno-oncology franchise, including Opdivo and associated combination therapies, posted solid gains, reflecting expanded clinical use and regulatory progress. Specialty Growth Products: Treatments like Camzyos and Breyanzi saw strong double-digit growth, demonstrating broadening market penetration and improved demand dynamics. Pipeline Advancement: Bristol Myers underscored ongoing progress across its late-stage pipeline, with multiple pivotal data readouts expected in 2026, bolstering medium-term growth potential. Despite pressures from generic erosion in its legacy portfolio, the company’s investment in high-growth franchises and new clinical assets has helped mitigate revenue headwinds and strengthen long-term prospects. 2026 Financial GuidanceLooking ahead, Bristol Myers issued forward guidance for fiscal 2026: • Revenue projected between $46.0 billion and $47.5 billion, reflecting continued growth portfolio strength despite anticipated legacy declines. • Non-GAAP EPS expected in the range of $6.05 to $6.35, consistent with analysts’ expectations and reflecting disciplined cost management and margin optimization. This outlook also embeds strategic assumptions around pricing dynamics, investment in pipeline advancement, and ongoing productivity initiatives. The market responded positively to the guidance, with analysts noting that 2026 projections outpaced more pessimistic revenue expectations, supporting confidence in the company’s growth trajectory. Market Commentary and Investment ContextIndustry observers have characterized Bristol Myers’ latest results as a “tale of two trends,” juxtaposing robust growth portfolio performance against pressures in older, generic-impacted segments. Despite the modest overall revenue increase, the company’s growth franchise was viewed as a driver of resilience and future opportunity. Investor sentiment has been buoyed by expectations for accelerated uptake of innovative therapies and several high-impact clinical catalysts scheduled for 2026, including late-stage trials across oncology and cardiovascular indications. Additionally, strategic pricing adjustments, particularly surrounding Eliquis, are expected to support revenue stability in a complex pricing environment. CEO CommentaryCEO Christopher Boerner reflected on 2025 achievements and future potential, stating that “significant progress in our growth portfolio and a strengthened balance sheet provide strategic flexibility to continue investing behind high-value opportunities.” He emphasized that upcoming data readouts and product launches position the company for sustainable, long-term growth into the next decade. Bristol Myers Squibb’s Q4 and full-year 2025 performance underscores the strategic pivot toward high-growth therapies and disciplined execution, with tangible improvements in earnings and a clear roadmap for 2026. While legacy portfolio dynamics remain a headwind, the company’s diversified revenue base, ongoing pipeline advancement and investor-aligned guidance reinforce confidence in its ability to navigate near-term challenges and capture long-term opportunities.

February 06, 2026 | Financial Analysis

Illumina CEO Jacob Thaysen Reports Q4 & Full-Year 2025 Financial Results; Signals Return to Growth and Positive 2026 Outlook

Illumina, Inc., a global leader in genomic sequencing and multi-omics technologies, reported financial results for the fourth quarter and full fiscal year 2025, highlighting a return to quarterly revenue growth, solid profitability improvements, and an upbeat outlook for fiscal 2026 under CEO Jacob Thaysen. Fourth Quarter 2025 HighlightsIllumina delivered $1.16 billion in revenue for Q4 2025, up 5% year-over-year (up 4% on a constant currency basis) — its first sequential rebound in recent quarters, reflecting improving demand in clinical markets and broader operational execution. • Ex-China revenue climbed 8% to $1.10 billion, signaling broader global momentum. • GAAP operating margin reached 17.4%, with non-GAAP operating margin at 23.7%, both improved from prior year comparatives. • GAAP diluted EPS was $2.16, a sharp increase from $0.73 in Q4 2024; non-GAAP diluted EPS was $1.35, up from $0.95 previously. Net income also rose meaningfully, with $334 million in GAAP earnings compared with $117 million a year earlier, reflecting improved operating leverage and lower legal contingencies. Operational efficiency metrics showed strength, with research and development (R&D) and selling, general and administrative (SG&A) expenses managed effectively, while free cash flow remained robust at $267 million for the quarter. Full Fiscal Year 2025 PerformanceFor the full year, revenue totaled $4.34 billion, essentially flat against 2024 on both reported and constant currency bases — driven by resilient core demand despite lingering headwinds. • Ex-China revenue grew 2% to $4.10 billion, indicating geographical diversification and market penetration. • GAAP operating margin widened to 18.6%, with non-GAAP operating margin at 23.1%, highlighting disciplined cost management. • GAAP diluted EPS was $5.45, and non-GAAP diluted EPS was $4.84, both reflecting solid profitability and effective capital allocation. Fiscal 2025 free cash flow was strong at $931 million, underscoring Illumina’s ability to convert earnings into cash and support strategic investments. Strategic Drivers and Segment TrendsIllumina’s performance was underpinned by several key trends: Clinical Markets Expansion: Broader adoption of next-generation sequencing (NGS) in clinical diagnostics contributed to revenue growth, particularly in consumables and service segments. Ex-China Strength: Growth outside China helped offset lingering market uncertainties tied to regulatory and trade restrictions in the region. Innovation and Portfolio Expansion: The completion of the SomaLogic acquisition and new product introductions bolstered the company’s technology pipeline in proteomics and AI-enabled discovery, expanding beyond core sequencing. Management also noted progress in addressing China market complexities, including the lifting of certain export bans, though the company remains on the Chinese Ministry of Commerce’s Unreliable Entities List — a risk factor that continues to require careful navigation. Outlook for Fiscal Year 2026Looking ahead, Illumina provided guidance that reflects renewed confidence in growth:• Total company revenue is expected between $4.5 billion and $4.6 billion, representing 4%–6% growth on a reported basis, including a modest contribution from the SomaLogic acquisition. • Ex-China organic revenue is projected to grow 2%–4%, excluding currency and acquisition impacts, underscoring underlying demand strength. • Non-GAAP operating margin is anticipated in the 23.3%–23.5% range, even after absorbing about **100 basis points of acquisition-related impacts. • Non-GAAP diluted EPS is forecast at $5.05–$5.20, which incorporates approximately $0.18 of dilution from the recent acquisition. CEO Jacob Thaysen commented that momentum built in the second half of 2025 — particularly in clinical adoption of NGS technologies — “reinforces our confidence as we enter 2026,” signaling strategic alignment with evolving market demand. Market Context and Competitive LandscapeIllumina’s results arrive amid a broader genomic technology industry landscape marked by variable funding for biotech research, competitive pressures, and macroeconomic factors influencing capital spending. In recent periods, the company faced challenges including China import restrictions on sequencing instruments and earlier guidance adjustments tied to those restrictions. Despite these headwinds, Illumina’s improved quarterly growth, robust cash generation and strategic investments in multi-omics position it to capture expanding clinical and research applications of sequencing technology. Its strong balance sheet and solid free cash flow also provide flexibility for product innovation and potential future acquisitions. Illumina’s Q4 and full-year 2025 financial performance reflects a meaningful rebound from recent industry headwinds, highlighted by quarterly revenue growth, margin expansion, and constructive financial guidance for 2026. Under CEO Jacob Thaysen’s leadership, the company is positioning itself to capitalize on accelerating clinical adoption of NGS and diversified technology platforms, with strategic investments aimed at long-term growth and shareholder value

February 05, 2026 | Financial Analysis

SK Bioscience Reports FY2025 & Q4 Financial Results Highlighting Growth, Investment and Strategic Momentum

SK Bioscience Co., Ltd. announced preliminary consolidated FY2025 financial results and fourth-quarter performance, delivering strong revenue growth driven by its expanded vaccine portfolio and the turnaround of recently acquired IDT Biologika, even as the company continues to invest heavily in R&D and capacity expansion.  Quarterly & Annual Performance Snapshot For the year ended December 31, 2025: Full-year revenue: approximately KRW 651.4 billion, up about 144 % from KRW 267.5 billion in FY2024 — reflecting substantial growth from both organic vaccine sales and the consolidation impact of IDT Biologika. Full-year operating loss: KRW 123.5 billion, narrowed from a loss of KRW 138.4 billion in the prior year despite large investments in R&D and manufacturing. For Q4 2025: Quarterly revenue: KRW 184.2 billion, about 17 % higher year-over-year from KRW 156.8 billion. Operating loss for Q4 expanded slightly compared to Q4 2024, with net and operating losses continuing, reflecting ongoing R&D and commercialization investment. These results underscore rapid top-line expansion, although profitability remains negative at the consolidated level due to aggressive long-term investment. Business Segment Performance & Key Drivers 1. Vaccine & Proprietary Products:SK Bioscience continued to translate demand for its core vaccine portfolio into strong revenue performance. Growth was supported by export volumes of influenza vaccine SKYCellflu into Central/South America and Southeast Asia, expanded global supply of SkyVaricella via organizations like the Pan American Health Organization, and increased domestic and export sales of SKYZoster shingles vaccine. 2. CDMO/Contract Biomanufacturing (IDT Biologika):A major growth driver was the inclusion of IDT Biologika’s results on a consolidated basis. IDT posted revenue of KRW 465.7 billion in 2025, up approximately 17 % year-on-year, and importantly, delivered a full-year operating profit of KRW 9.9 billion following its acquisition. This marks a material strategic inflection as the acquired business turned profitable within a year and contributed meaningfully to group scale. 3. Distribution Partnerships:Sales of vaccines distributed in partnership with Sanofi – including the RSV preventive Beyfortus, pediatric combination Hexaxim and Tdap Adacel – grew more than threefold year-on-year, broadening market reach and reinforcing SK Bioscience’s commercial footprint in Korea and overseas. Investment, Pipeline & Strategic Growth Initiatives SK Bioscience’s 2025 strategy included continued heavy investments in: R&D and clinical development (e.g., globally phased Phase 3 trials for the 21-valent pneumococcal conjugate vaccine co-developed with Sanofi). Manufacturing capacity expansion with the Andong L HOUSE facility and full operationalization of the Songdo Global R&PD Center to support commercial readiness and future pipeline scaling. Pipeline diversification through global licensing (e.g., RSV monoclonal antibody RSM01 with global rights), next-generation vaccines (pan-coronavirus, avian influenza), and expanded biologics capabilities across CDMO platforms. These initiatives reflect SK Bioscience’s positioning beyond traditional vaccine manufacturing toward a broader biopharmaceutical innovation and global supply platform. Profitability & Cost Dynamics While revenues expanded sharply in FY2025, profitability remained under pressure: Operating losses, though narrowed at the full-year level, persisted due to sustained R&D and infrastructure spending. Q4 losses widened compared to the prior year quarter, driven by investment costs and transitional integration effects from IDT. These financial patterns illustrate the company’s strategic prioritization of growth and future market expansion over short-term profit — characteristic of biotech innovators scaling pipeline and global manufacturing capacity. Outlook & Strategic Positioning Looking ahead, SK Bioscience’s strategic objectives include: Leveraging the profit contribution of IDT Biologika to help stabilize consolidated earnings. Driving global adoption of proprietary vaccines and partnership products in emerging and established markets. Advancing late-stage clinical programs and commercial readiness for next-generation vaccines. The company’s expanded manufacturing footprint and product diversification aim to position SK Bioscience as a global vaccine supplier with integrated CDMO capabilities, supporting both revenue consistency and future profitable growth. In FY2025 and Q4, SK Bioscience achieved remarkable revenue acceleration (~144 % annual growth and ~17 % quarterly growth), driven by vaccine portfolio expansion, strategic partnerships, and the consolidation of IDT Biologika — which itself turned profitable within a year of acquisition. Profitability at the group level remains under pressure as investments in R&D and capacity continue, yet narrowing losses and structural growth initiatives underscore long-term value potential.

February 05, 2026 | Financial Analysis

GE HealthCare CEO Peter Arduini Reports Q4 & Full-Year 2025 Results Highlighting Growth, Headwinds and Strategic Momentum

GE HealthCare Technologies Inc. delivered its fourth quarter and full-year 2025 financial results, demonstrating revenue growth across key segments and resilience amid global trade challenges. The company’s performance reflected solid demand in diagnostic imaging, pharmaceutical diagnostics and advanced visualization solutions, albeit with margin pressures caused by tariff headwinds. Quarterly Performance Snapshot For the quarter ended December 31, 2025: Revenues rose to $5.7 billion, up ~7.1% year-over-year, including ~4.8% organic revenue growth — driven by strength in Imaging, Pharmaceutical Diagnostics (PDx) and Advanced Visualization Solutions (AVS). Net income was $589 million, modestly lower than prior year, while Adjusted EBIT reached $950 million, under pressure from tariff costs and mix. Net income margin contracted to 10.3% from the prior period; Adjusted EBIT margin declined to 16.7%. Diluted EPS was $1.29, and Adjusted EPS came in at $1.44, essentially flat with prior year, tempering tariff-related headwinds. Orders grew modestly, and book-to-bill remained above parity, reflecting continued capital investment demand from healthcare providers. These results surpassed many Wall Street revenue and earnings forecasts and helped support investor confidence in the quarter. Segment Breakdown & Drivers GE HealthCare’s diversified portfolio showed varied performance across its key business lines: 1. Imaging Continued demand for CT, X-ray and PET systems supported top-line growth in the Imaging business with ~6.6% year-over-year revenue gains. Growth was underpinned by capital equipment purchases by hospitals and diagnostic centers, particularly in the U.S. and EMEA. 2. Pharmaceutical Diagnostics (PDx) PDx delivered strong double-digit organic growth, positioning GE HealthCare as a competitive supplier of contrast agents and diagnostic reagents — an area of recurring revenue. 3. Advanced Visualization Solutions (AVS) AVS maintained healthy mid-single-digit upsides, propelled by adoption of software and analytics tools that enhance imaging efficiency and interpretation accuracy. 4. Patient Care Solutions This segment lagged slightly, reflecting competitive pressures and cost headwinds in some service lines, although overall contribution remained stable. Market Trends & Operational Factors Tariff headwinds & costs: Global trade tariffs materially impacted margins, costing the business an estimated ~$100 million in the quarter. Despite this, GE HealthCare’s commercial execution and pricing partially mitigated impacts. Capital investment demand: Elevated demand for diagnostic hardware and integrated software suites from healthcare systems, particularly in diagnostic imaging, remained a key revenue driver. Market commentary from analysts applauded the revenue beat while noting that margins remain sensitive to global trade and supply chain dynamics. Full Year 2025 Context While the Q4 results highlight the quarter’s momentum, the full year 2025 picture also showed: Annual revenues rising as capital budgets normalized post-pandemic. Adjusted EBIT margin for the full year was slightly lower year-over-year due to cumulative tariff effects. Adjusted EPS for 2025 improved modestly compared with 2024, underlining disciplined execution despite external headwinds. These trends demonstrate that GE HealthCare’s core operational strength persists even as macroeconomic uncertainties continue to influence profitability. Strategic and Growth Initiatives GE HealthCare is advancing several strategic priorities that intersect with its financial outlook: Innovation & R&D: Continued investment in advanced imaging, AI-enabled diagnostics, and cloud-based workflows is central to long-term growth. M&A: The planned $2.3 billion acquisition of Intelerad, a cloud imaging software provider, aims to accelerate expansion into outpatient care and enhance recurring software-driven revenue streams. Global expansion: Strong demand in the U.S. and EMEA underpinned performance; ongoing efforts to regain momentum in Asia will be watched closely. These moves signal GE HealthCare’s intent to balance hardware leadership with software, services and data-driven solutions. CEO Commentary & Strategic Messaging GE HealthCare President and CEO Peter Arduini emphasized that disciplined execution, strong commercial performance, and resilient demand underscore the company’s strategic direction, even amid tariff headwinds. He highlighted investment in innovation and customer-centric solutions as core to future growth. Arduini’s messaging reinforces that short-term external pressures (e.g., trade barriers) are being managed while long-term competitive advantages — advanced diagnostics, analytics and recurring revenue streams — continue to strengthen. Outlook & Market Positioning Looking ahead: 2026 profit guidance is projected above Wall Street estimates, with expected organic revenue growth of ~3–4% and adjusted EPS forecasts exceeding consensus. Continued investments in outpatient care platforms, software, AI and recurring services should support sustainable demand. These projections underscore GE HealthCare’s balanced approach to growth and profitability, as it navigates macro pressures while advancing strategic initiatives. In Q4 and full-year 2025, GE HealthCare delivered resilient revenue growth, stabilized EPS performance, and advanced strategic priorities despite headwinds from tariffs and mix shifts. With strong capital equipment demand, robust diagnostic solutions and emerging software capabilities, the company is positioning itself for modest but sustainable growth in 2026 and beyond.

February 05, 2026 | Financial Analysis

AbbVie CEO Robert A. Michael Reports Full-Year and Q4 2025 Financial Results with Solid Growth and 2026 Outlook

AbbVie Inc. announced financial results for the full year and fourth quarter ended December 31, 2025, delivering modest revenue growth and operational progress across key therapeutic portfolios. The company also provided earnings guidance for 2026, reflecting confidence in its diversified platform amid an evolving competitive landscape following the loss of exclusivity for some legacy products. Robert A. Michael, Chairman and Chief Executive Officer of AbbVie, highlighted the company’s performance as a demonstration of its diversified growth strategy. He noted that record net sales in the second year after the U.S. Humira loss of exclusivity underscore the resilience of AbbVie’s business and its potential for sustained growth moving into 2026. Fourth Quarter 2025: Revenue and Earnings For the fourth quarter of 2025, AbbVie reported: Net Revenues: $16.618 billion, up 10.0% on a reported basis and 9.5% on an operational basis compared with Q4 2024. Diluted EPS (GAAP): $1.02. Adjusted Diluted EPS: $2.71 (excluding specified items such as acquired in-process research and development (IPR&D) and milestones expense of $0.71 per share). AbbVie’s quarterly revenue growth was driven largely by strong performance in the immunology and neuroscience portfolios, helping offset declines in certain other areas. Analysts have noted that while the overall numbers exceeded some expectations, mixed performance across segments influenced investor sentiment around the stock. Performance by Therapeutic Portfolio Immunology:AbbVie’s immunology segment delivered robust growth in the quarter: Net Revenues: $8.626 billion, up 18.3% reported and 17.7% operationally. Skyrizi: $5.006 billion, a strong 32.5% reported increase, supported by broad adoption in approved indications. Rinvoq: $2.374 billion, up 29.5% on a reported basis. Humira: $1.246 billion, down 25.9% as biosimilar competition continues to impact global sales. The strong results for Skyrizi and Rinvoq highlight AbbVie’s strategic shift toward newer immunology products as core drivers of growth post-Humira. Neuroscience:The neuroscience portfolio also helped bolster quarterly performance: Net Revenues: $2.961 billion, up 17.9% reported and 17.3% operationally. Vraylar: $1.022 billion, up 10.5%. Botox Therapeutic: $990 million, up 13.4%. Ubrelvy: $339 million, up 12.0%. Qulipta: $288 million, up 42.6%. This segment’s growth reflects broad treatment adoption across multiple neurologic indications and AbbVie’s continued investment in therapeutic breadth. Oncology:The oncology portfolio delivered mixed results: Net Revenues: $1.664 billion, a slight decrease of 1.5% reported and 2.5% operationally. Imbruvica: $671 million, down 20.8%. Venclexta: $710 million, up 8.6%. Elahere: $182 million, up 22.6%. While certain oncology products experienced headwinds, growth in newer therapies helped mitigate broader declines. Aesthetics:The aesthetics portfolio showed modest variation: Net Revenues: $1.286 billion, down 0.9% reported and 1.2% operationally. Botox Cosmetic: $717 million, up 4.2%. Juvederm: $249 million, down 10.7%. Aesthetics performance faced mixed demand dynamics, with Botox Cosmetic showing resilience while Juvederm sales declined slightly. Full-Year 2025 Results For the full year ended December 31, 2025, AbbVie posted: Net Revenues: $61.160 billion, an 8.6% increase on a reported basis and 8.5% on an operational basis. GAAP Diluted EPS: $2.36, down 1.3%. Adjusted Diluted EPS: $10.00, down 1.2%. These results include a $2.76 per share unfavorable impact related to acquired IPR&D and milestones expense. AbbVie’s full-year performance was anchored by continued growth in the immunology and neuroscience segments while navigating ongoing pressures in legacy products and certain therapeutic categories. 2026 Outlook and Guidance AbbVie provided guidance for full-year 2026 on an adjusted basis: Adjusted Diluted EPS Guidance: $14.37 to $14.57 (excludes acquired IPR&D and milestones expense impact). This guidance reflects AbbVie’s expectation for continued earnings growth, driven by its core therapeutic franchises and operational execution. Analysts view the outlook as reflective of AbbVie’s strategy to navigate near-term challenges while capitalizing on its growth assets. Operational and Margin Trends AbbVie’s operational metrics for Q4 2025 showed disciplined cost management: Gross Margin (GAAP): 72.6%. Adjusted Gross Margin: 83.6%. SG&A Expense (GAAP): 23.4% of net revenues; adjusted SG&A 22.3%. R&D Expense (GAAP): 15.5% of net revenues; adjusted R&D 15.4%. Acquired IPR&D and Milestones Expense: 7.6% of net revenues. These figures underscore AbbVie’s balanced investment across commercialization, research and development, and strategic acquisition activity. Market Reaction and Context Although AbbVie’s results and guidance generally exceeded expectations, the company’s stock faced downward pressure immediately following the report, reflecting investor caution amid mixed portfolio performance and broader macro concerns affecting certain segments. Robust growth in immunology products such as Skyrizi and Rinvoq supports optimism, even as legacy declines and competitive pressures temper sentiment. AbbVie’s full-year and Q4 2025 results deliver meaningful revenue growth and earnings resilience, supported by strong demand for immunology and neuroscience therapies. Guidance for 2026 reflects continued confidence in long-term profitability, even as the company navigates a competitive environment and transitions from legacy products.

February 05, 2026 | Financial Analysis

Eli Lilly CEO David Ricks Reports Strong Q4 2025 Results and Upbeat 2026 Outlook

Eli Lilly and Company reported robust financial results for the fourth quarter ended December 31, 2025, driven by accelerating demand for its leading diabetes and obesity therapies and solid operational execution. The company also provided financial guidance for the full year 2026, signaling continued growth momentum. Fourth-Quarter 2025 Financial Highlights Revenue: $19.3 billion, up 43% compared with $13.5 billion in Q4 2024.Reported EPS: $7.39, a 51% increase year-over-year.Non-GAAP EPS: $7.54, up 42% from prior year.Net Income (reported): $6.6 billion, a significant increase relative to Q4 2024 results. Lilly’s quarterly revenue comfortably exceeded consensus analyst estimates, underpinned by strong volume growth across key products. The company’s earnings performance beat expectations on both the top and bottom lines, reflecting sustained momentum in its core franchises and disciplined expense management. Product Performance and Growth Drivers Lilly’s diabetes and obesity drug portfolio continued to be the primary engine of growth in Q4 2025, led by: Mounjaro (tirzepatide for type 2 diabetes): Revenue of $7.41 billion, up 110% year-over-year. Strong demand in both the U.S. and international markets drove significant volume gains, though pricing pressures partially offset revenue uplift. Zepbound (tirzepatide for obesity): Revenue of $4.26 billion, a 123% increase compared with Q4 2024. The rapid uptake of Zepbound continued to contribute materially to total sales growth. Together, Mounjaro and Zepbound accounted for a combined $11.7 billion in sales during the quarter, representing roughly 60% of Lilly’s total quarterly revenue. This remarkable contribution underscores the dominance of the GLP-1 and dual-agonist category for Lilly’s near-term financial profile. Beyond the incretin portfolio, other established products such as Verzenio delivered modest growth, with revenue up 3% year-over-year to $1.6 billion. Growth in international markets helped offset a slight U.S. decline for Verzenio. Operational and Financial Performance Lilly’s operating performance reflected disciplined expense management alongside strategic investments in R&D and commercialization: Gross Margin: Expanded, supported by favorable product mix from high-growth products and ongoing operational efficiencies. R&D Expenses: Increased as the company continued to invest in pipeline advancement across key therapeutic areas. Selling, General & Administrative (SG&A) Expenses: Grew in line with expanded global marketing and launch activities for key products. 2026 Full-Year Guidance Lilly provided outlook guidance for the 2026 fiscal year, reinforcing its confidence in continued growth: Projected Revenue: $80 billion to $83 billion. Non-GAAP EPS: Expected in the range of $33.50 to $35.00. The guidance reflects robust demand forecasts for Lilly’s core portfolio and expectations of continued volume growth, particularly for its GLP-1 franchise and other high-growth therapies. At the midpoint of guidance, revenue is expected to grow approximately 25% year-over-year compared with full-year 2025 results, illustrating Lilly’s strong growth trajectory relative to industry peers. Market Reaction and Broader Context Investors responded positively to Lilly’s results and guidance, with shares rallying sharply on the announcement. The stock’s performance reflects confidence in future earnings power amid a competitive landscape in diabetes and obesity therapies. Analysts noted that Lilly’s guidance exceeded consensus estimates, supporting a favorable market outlook. Strategic Drivers and Pipeline Initiatives Lilly’s success in the quarter stemmed not only from strong product demand but also from its strategic investments in global market expansion and pipeline development: Global Adoption: The international expansion of Mounjaro and Zepbound contributed meaningfully to revenue growth, particularly in markets outside the United States. Oral GLP-1 Development: Lilly is progressing an oral GLP-1 agent, orforglipron, with regulatory milestones anticipated in mid-2026. Management expects this will broaden patient access and further diversify Lilly’s incretin portfolio. Pipeline Breadth: Continued advancement across oncology, immunology, and cardiovascular portfolios supports longer-term growth prospects beyond the incretin category. Competitive Landscape Lilly operates in a highly competitive environment, particularly in the diabetes and obesity therapy sectors. Competing products from other major pharmaceutical companies, including Novo Nordisk and Pfizer, have intensified market dynamics. However, Lilly’s strong growth suggests it continues to gain share in key markets. Chief Executive Officer Comment David Ricks, Chair and CEO of Eli Lilly and Company, highlighted the quarter’s achievements, emphasizing the company’s operational strength, strategic positioning, and commitment to driving meaningful patient impact through innovative therapies. He noted that Lilly’s performance demonstrated the enduring demand for its product portfolio and reiterated confidence in the company’s 2026 growth prospects. Lilly’s fourth-quarter 2025 performance showcased exceptional revenue and earnings growth driven by blockbuster therapies, complemented by optimistic full-year guidance for 2026. The results affirm Lilly’s leadership in the diabetes and obesity treatment landscape while underscoring the company’s strategic execution across global markets and therapeutic portfolios.

February 04, 2026 | Financial Analysis

Lonza FY 2025 Financial Results — CEO Wolfgang Wienand: Strong Contract Manufacturing Growth and Margin Expansion

Swiss life sciences specialist Lonza Group AG reported a robust set of full-year 2025 results, driven by strong demand across its contract development and manufacturing (CDMO) business and successful integration of the Vacaville site, under the leadership of CEO Wolfgang Wienand. Lonza delivered significant sales growth, expanded profitability and strengthened cash generation, while continuing to reposition its business around core high-growth platforms. The FY 2025 performance reflects Lonza’s strategic focus on advanced manufacturing services for biotech and pharmaceutical partners, even as the company progresses with divestment plans for its legacy Capsules & Health Ingredients (CHI) unit. Revenue & Overall Performance For the full year ended 31 December 2025, Lonza reported: Total sales: CHF 6.5 billion, up 21.7 % at constant exchange rates (CER) versus the prior year. CORE EBITDA: CHF 2.1 billion, delivering a 31.6 % margin, up ~1.4 percentage points versus 2024. Proposed dividend: CHF 5.00 per share, up 25 % year-on-year. Free cash flow: CHF 545 million, nearly doubled compared with 2024. The strong top-line growth significantly exceeded prior guidance and reflects exceptional commercial momentum across multiple platform technologies. Excluding the contribution from the recently acquired Vacaville facility, Lonza’s organic CDMO growth remained robust in the low-teens at CER, underscoring the underlying strength of the core business. Business Segment Performance & Drivers CDMO (Contract Development & Manufacturing Organization) The CDMO segment was the primary engine of Lonza’s 2025 performance, accounting for the majority of revenues and delivering strong double-digit growth in both sales and profitability. The business benefitted from higher utilization, robust demand for mammalian and small molecule manufacturing, and contribution from integrated biologics platforms, particularly at the Vacaville plant in California. Key tech platforms showing notable momentum included: Advanced Synthesis: High-growth small molecule and bioconjugate capabilities delivering >20 % organic CER expansion. Integrated Biologics: Significant contribution from mammalian manufacturing with ~30 %+ growth. Bioscience: Returned to healthy growth after recent softness. These segments exemplify Lonza’s pivot toward high-value, technology-intensive operations that underpin long-term contractual revenue streams with leading biopharma customers. Capsules & Health Ingredients (CHI) The CHI business — historically a traditional segment focused on capsules and consumable health ingredients — delivered +3.9 % CER sales growth and an improved margin in 2025, though it remains classified as a discontinued operation as Lonza progresses with a strategic exit of this unit. Profitability & Earnings Lonza achieved significant profitability expansion in 2025: CORE EBITDA margin: 31.6 %, benefiting from operational leverage and scale. Margin improvement: Up ~140 basis points versus 2024 according to slide summaries. Free cash flow: Nearly doubled versus the prior year due to improved earnings and working capital discipline. The margin expansion and robust cash flow position reflect disciplined cost management alongside growth investments — particularly in high-growth CDMO technologies — and successful execution of strategic initiatives such as operational integration across geographies. R&D & Strategic Initiatives While Lonza’s FY 2025 results primarily spotlight commercial execution rather than late-stage clinical R&D, the company emphasized key strategic developments that shape its competitive positioning: Completion of the Vacaville site integration, with multiple long-term commercial contracts signed during 2025, anchoring multi-year revenue visibility. Launch of the “One Lonza” operating model, designed to streamline customer engagement and standardize delivery across technology platforms. Continued strategic capital deployment on high-impact manufacturing assets while moderating peak CapEx spend. These initiatives support Lonza’s transformation from a diversified life sciences supplier to a focused full-service CDMO leader. CEO Commentary — Wolfgang Wienand Lonza’s CEO Wolfgang Wienand commented on the results: “FY 2025 was a standout year for Lonza, with strong organic growth and successful delivery on strategic priorities, including integration of the Vacaville site. Our diversified CDMO platforms continue to attract long-term contract commitments, and margin performance remains excellent. We remain committed to disciplined execution as we accelerate innovation and strengthen our service footprint globally.” Wolfgang Wienand's remarks emphasize both the operational success and strategic clarity achieved in 2025, signaling confidence in Lonza’s market positioning as a preferred partner for biomanufacturing and advanced pharmaceutical development. Outlook & 2026 Guidance Looking ahead to 2026 at constant exchange rates, Lonza provided updated guidance that reflects continued growth with a degree of moderation from extraordinarily strong 2025 comparatives: CER sales growth: 11 %–12 %, driven by the CDMO business. CORE EBITDA margin: Expected to expand further above 32 %, reflecting operating leverage and continued mix improvements. Dividend plans incorporate a +25 % increase versus 2025. The guidance acknowledges a normalization of growth rates as large integrations complete and high-growth project pipelines mature, yet retains overall confidence in Lonza’s strategic trajectory and market demand fundamentals. Lonza’s FY 2025 financial results under CEO Wolfgang Wienand reflect strong contract manufacturing momentum, expanding profitability and enhanced cash generation, underpinned by technology-driven platform growth and strategic asset integration. The company’s repositioned focus on high-value CDMO operations, disciplined margin expansion and forward guidance for sustainable growth positions Lonza well for the next phase of development, even as legacy segments are divested and macroeconomic headwinds — including currency factors — are managed.

February 04, 2026 | Financial Analysis

GSK FY 2025 Financial Results — CEO Luke Miels: Strong Specialty Medicines Growth and Record Profitability

CEO Luke Miels, GSK delivered a strong set of FY 2025 results, with group sales rising to £32.7 billion, up 7 % at constant exchange rates (CER), and broad progress across Specialty Medicines and vaccines driving profitability and cash generation. The company also reaffirmed long-term growth targets while outlining a confident strategic outlook for 2026 and beyond. The results reflect execution on GSK’s strategy to prioritize high-growth therapy areas including Respiratory, Immunology & Inflammation (RI&I), Oncology and HIV, while continuing investment in vaccines and general medicines. The 2025 performance was underpinned by operational efficiencies and strong core earnings expansion. Revenue & Overall Performance For the full year ended 31 December 2025, GSK reported: Total sales: £32,667 million (+4 % on reported basis; +7 % CER) Specialty Medicines sales: £13,474 million (+17 % CER) Vaccines sales: £9,157 million (+2 % CER) General Medicines sales: £10,036 million (-1 % CER) Cash generated from operations: £8,943 million Free cash flow: £4,000 million Total operating profit nearly doubled on an AER basis and more than doubled on a CER basis, driven by higher revenue, improved mix and lower significant legal costs. Core operating profit grew 11 % at CER, and core EPS increased 12 % at CER, reflecting solid operational discipline and sales momentum across key brands. Segment Performance & Key Growth Drivers Specialty Medicines GSK’s Specialty Medicines franchise delivered robust double-digit full-year growth, up 17 % at CER to £13.5 billion, powered by advances in Disease areas such as: HIV: £7.7 billion (+11 % CER), driven by strong demand for long-acting HIV treatments and continued patient uptake. Respiratory, Immunology & Inflammation (RI&I): £3.8 billion (+18 % CER), reflecting broad adoption of key therapies. Oncology: £2.0 billion (+43 % CER), with strong patient demand for GSK’s cancer portfolio. This segment’s consistent expansion highlights the success of GSK’s focus on targeted specialty therapies with differentiated clinical benefits. Vaccines Vaccines sales reached £9.2 billion in 2025, up 2 % at CER, supported by continued uptake of key products including Shingrix (herpes zoster vaccine) and meningitis vaccines, which grew 8 % and 12 % respectively at CER. Arexvy also contributed to performance with 2 % CER growth. Despite headwinds in some established vaccine lines, GSK’s portfolio remained resilient, underscoring the company’s strategic vaccine investments. General Medicines General Medicines was a more mixed story, with £10.0 billion in sales, reflecting a 1 % decline at CER. However, core brands such as Trelegy grew 13 % at CER, partially offsetting declines in other established medicines. Profitability & Earnings GSK delivered record profitability in 2025 through improved operating leverage and cost discipline: Total operating profit: £7,932 million (up ~97 % AER; >100 % CER) Core operating profit: £9,783 million (+11 % CER) Core operating margin: 29.9 % (+1.1 ppts CER) Total EPS: 141.1 p (>100 % growth) Core EPS: 172.0 p (+12 % CER) The strong earnings performance was driven by a combination of higher sales, favourable mix in specialty medicines, reduced significant legal expenses, productivity gains in SG&A and investment discipline in R&D, partly offset by intangible asset impairments. Cash flows also strengthened, providing solid support for dividend and capital allocation. R&D Pipeline & Strategic Initiatives GSK highlighted continued progress in its R&D pipeline and strategic collaborations: Five major FDA approvals during 2025, including important launches such as Blenrep and new respiratory and immunology assets. Seven pivotal trial starts, reinforcing momentum across oncology and RI&I. Ongoing partnerships and acquisitions to accelerate access to new therapeutic areas. The pipeline focus underscores GSK’s priority on innovative, high-impact therapies and reflects substantial investment aimed at sustaining long-term growth. CEO Commentary — Luke Miels GSK CEO Luke Miels said: “GSK delivered another strong performance in 2025, driven mainly by Specialty Medicines, with double-digit sales growth in respiratory, immunology & inflammation, oncology and HIV. Good R&D progress also continued, with key approvals and collaborations completed. We expect this positive momentum to continue in 2026 as we focus on execution, commercial launches and pipeline acceleration, delivering value for patients and shareholders.” Miels’ commentary reflects confidence in GSK’s strategic positioning and emphasis on transformative medicines with differentiated patient value. Outlook & 2026  Looking ahead to 2026 at constant exchange rates, GSK reaffirmed its near-term growth outlook: Revenue growth: 3 % to 5 % CER Core operating profit growth: 7 % to 9 % CER Core EPS growth: 7 % to 9 % CER GSK also expects continued progress on pipeline execution and shareholder returns, including dividend continuation and an ongoing share buyback program. This guidance reflects confidence in portfolio momentum while acknowledging industry and macro uncertainties. GSK’s 2025 results under Luke Miels demonstrate a balanced performance with strong specialty medicines growth, resilient vaccines revenue, improved earnings and solid cash generation. Profitability expanded appreciably, and the company successfully reinforced its pipeline and strategic goals for 2026. With long-term targets intact and a clear focus on innovation and execution, GSK is positioned to navigate near-term challenges while pursuing sustained growth.

February 04, 2026 | Financial Analysis

Novartis CEO Vas Narasimhan Reported High Single-Digit Sales Growth and Core Margin Expansion

Under the leadership of CEO Vas Narasimhan, Swiss pharma group Novartis reported robust full-year 2025 financial results, achieving high single-digit sales growth and significant expansion in core profitability, while setting the stage for a challenging 2026 outlook amid pending patent expirations. Net sales for the year rose 8% at constant currencies (cc) to USD 54.5 billion, driven by strong performance across priority brands and strategic pipeline advances. The results, released in a detailed media announcement by Novartis, reflect resilient commercial execution despite generic pressures in key markets and are supported by active investment in growth platforms, disciplined operational management, and a diversified therapeutic portfolio. Full-Year Financial Performance — Key Metrics For the full year ended December 31, 2025: Net Sales: USD 54,532 million (+8% cc; +8% in USD) versus USD 50,317 million in 2024. Operating Income: USD 17,644 million (+25% cc; +21% in USD). Net Income: USD 13,967 million (+19% cc; +17% in USD). Core Operating Income: USD 21,889 million (+14% cc; +12% in USD). Core Net Income: USD 17,411 million (+12% cc; +11% in USD). Core EPS: USD 8.98 (+17% cc; +15% in USD). Free Cash Flow: USD 17,596 million (+8% in USD). These results underscore not only top-line expansion but also strong core profitability, with Novartis achieving a core operating margin of 40.1% — an increase of 210 basis points at constant currency — demonstrating effective cost and portfolio management. Commercial Drivers and Product Performance Novartis’ 2025 sales growth was fueled by priority brands, which continued to build momentum across multiple therapy areas: oncology, immunology, neuroscience, and cardiovascular-renal-metabolic diseases. Key growth contributors included: Kisqali (+57% cc) — breast cancer therapy Kesimpta (+36% cc) — multiple sclerosis Pluvicto (+42% cc) — radioligand cancer therapy Scemblix (+85% cc) — leukemia Cosentyx (+8% cc) — immunology treatment The broad strength of these brands reflects Novartis’ shift toward high-value products and multiple novel therapies, offsetting the impact of generic competition on older franchises. Fourth Quarter Trends In the fourth quarter of 2025, Novartis experienced a modest slowdown in net sales — reported at USD 13.3 billion, essentially flat at +1% in USD but -1% at constant currencies due in part to continued US generic erosion and revenue deduction adjustments impacting products such as Entresto and Promacta. Despite this, core operating income for Q4 remained resilient, increasing +1% at constant currency, buoyed by persistent demand for priority brands, which continued strong momentum during the period. Profitability, Margins & Cash Generation Novartis demonstrated strong profitability improvements in 2025: Operating income grew 25% at cc, reflecting higher net sales and disciplined cost control. Core operating margin reached 40.1%, underscoring enhanced operational efficiency. Core EPS grew 17% at cc, highlighting meaningful earnings expansion. Free cash flow increased 8%, at USD 17.6 billion, providing substantial capital for reinvestment, dividends, and strategic initiatives. These metrics reflect the company’s ability to convert revenue growth into earnings and cash, providing flexibility in capital allocation and reinforcing shareholder value. R&D, Pipeline Milestones & Innovation Novartis continued to invest strategically in its pipeline throughout 2025, with several notable innovation accomplishments in Q4: FDA approval of Itvisma, a gene therapy for spinal muscular atrophy (SMA), expanding the company’s first-in-class offerings in rare neurological diseases. Progress in regulatory and development milestones, including positive Phase III data for pelabresib in myelofibrosis and submissions for remibrutinib in chronic inducible urticaria. Expanded EU approval for Scemblix in a broader chronic myeloid leukemia patient population. These pipeline achievements support Novartis’ long-term growth strategy, strengthening positions in high-impact therapeutic areas. CEO Commentary — Vas Narasimhan Novartis CEO Vas Narasimhan said, “Novartis delivered strong performance in 2025, with high single-digit sales growth and core margin expansion despite significant US generic entries. Growth drivers Kisqali, Kesimpta, Pluvicto, Scemblix and Cosentyx continued their strong trajectory. We advanced several potential multi-blockbusters in our pipeline, with FDA approvals and positive Phase III readouts across multiple programs. We also strengthened our pipeline through strategic deals, including the proposed acquisition of Avidity Biosciences, and in 2026 we expect to grow through the largest patent expiry in Novartis history, underscoring the strength of our business.” Narasimhan’s remarks highlight both resilience in 2025 and strategic focus on sustaining growth amid upcoming patent expirations. Outlook for 2026 Looking ahead, Novartis provided 2026 guidance with expectations of low single-digit net sales growth and a low single-digit decline in core operating income at constant currency, acknowledging the impact of generic competition and patent expiries on key products. Additional industry commentary also notes anticipation of a drop in operating profit in 2026 tied to patent expirations for several key drugs, including heart failure and autoimmune therapies, although the company remains focused on mid-term growth drivers and portfolio reinvigoration. Novartis’ 2025 financial results demonstrate solid sales growth, strong profitability, and cash generation, anchored by high-value brands and pipeline advancements. While near-term headwinds from generic competition and upcoming patent expiries pose challenges for 2026, the company’s strategic investments in innovation and targeted therapies position it well for sustained long-term growth under CEO Vas Narasimhan’s leadership. Read Full Report 

February 04, 2026 | Financial Analysis

Roche 2025 Financial Results Report — CEO Thomas Schinecker: Strong Growth Despite Currency Headwinds

Swiss healthcare giant Roche reported its full-year 2025 financial performance, highlighting resilient sales growth across its pharmaceuticals and diagnostics businesses under CEO Thomas Schinecker’s leadership. The company delivered a 7% increase in group sales at constant exchange rates (CER) to CHF 61.5 billion, driven by broad-based demand for key medicines and diagnostic solutions, though headwinds from a stronger Swiss franc tempered reported results in Swiss francs. Roche’s results reflect continued portfolio momentum and operational progress, with core profitability and earnings per share expanding meaningfully. This performance underscores the company’s strategic focus on high-value therapies and innovation across multiple disease areas. Revenue & Overall Performance For the full year ended December 31, 2025: Group sales increased 7% at CER to CHF 61,516 million compared with CHF 60,495 million in 2024 (2% growth in CHF). Pharmaceuticals Division sales grew 9% at CER to CHF 47,669 million (3% in CHF). Diagnostics Division sales climbed 2% at CER to CHF 13,847 million, though reported sales declined 3% in CHF. Core operating profit rose 13% at CER to CHF 21,833 million (5% growth in CHF). Core earnings per share (diluted) reached CHF 19.46, up 11% at CER (4% in CHF). IFRS net income jumped 58% at CER to CHF 13,799 million (50% in CHF), reflecting strong operating performance and a favorable base effect from impairments in the prior year. These results demonstrate both top-line expansion and significant operational leverage, particularly as Roche continues to scale profitability while navigating currency pressures. Pharmaceuticals Division: Key Growth Drivers Roche’s Pharmaceuticals Division remained the primary driver of group growth, with a 9% increase in CER sales. The company’s leading medicines delivered robust performance across therapeutic areas, reflecting strong global demand. Top contributing products included: Ocrevus, a treatment for multiple sclerosis Hemlibra, for haemophilia A Phesgo, a breast cancer therapy Xolair, for allergic diseases Vabysmo, for severe eye diseases Together, these best-selling products delivered a combined sales contribution of CHF 21.4 billion — up by CHF 3.2 billion at CER versus the prior year. Roche also continued to manage the decline of certain older products that have lost patent protection, such as Avastin, Herceptin, MabThera/Rituxan, Esbriet, Lucentis, and Actemra/RoActemra, where combined sales fell modestly, partially offset by growth in newer offerings. Diagnostics Division: Stable Growth and Market Demand Despite pricing reforms in key markets — notably China — Roche’s Diagnostics Division reported a 2% increase in CER sales, supported by diagnostic product demand in pathology and molecular lab solutions. Regionally, growth was driven by strong demand in Europe, the Middle East, and Africa and North America, although Asia-Pacific reflected weaker performance due to pricing pressures. Roche highlighted ongoing development of next-generation sequencing and advanced diagnostic technologies, which are expected to fortify its competitive positioning in lab automation and genomic solutions. Profitability & Earnings Per Share Roche’s profitability expanded meaningfully in 2025: Core operating profit rose 13% at CER, driven by higher sales and improved operational efficiencies. Core diluted EPS grew 11% at CER, reflecting both profit expansion and disciplined cost management. IFRS net income experienced a large year-over-year increase, benefiting from strong underlying earnings and the absence of certain impairment charges that weighed on 2024 results. These profitability gains underscore Roche’s ability to convert revenue growth into shareholder value despite external headwinds. R&D, Pipeline Progress & Strategic Advances Roche’s annual releases emphasized continued investment in innovation. The company reported that ten potential new medicines advanced into final-stage clinical development during 2025, and 12 late-stage clinical studies delivered positive results across multiple disease areas, including lupus and oestrogen receptor-positive breast cancer — a segment accounting for the majority of breast cancer cases globally. In diagnostics, Roche’s next-generation sequencing technology achieved a milestone in decoding a human genome in under four hours, indicating potential leadership in rapid genomic analysis. These developments reflect Roche’s commitment to pipeline breadth and depth, building long-term value beyond current revenues. CEO Commentary: Thomas Schinecker Roche CEO Thomas Schinecker said, “2025 was a strong year for Roche, reflecting our continued focus on operational and R&D excellence. With significant momentum across our pharmaceutical pipeline and sustained progress in diagnostics, we are well positioned for future growth.” Schinecker’s comments highlight both short-term execution and long-term strategic positioning as the company pushes forward with innovation and global commercial expansion. Outlook for 2026 For 2026, Roche anticipates mid-single-digit group sales growth at constant exchange rates and high-single-digit growth in core earnings per share, underpinning continued confidence in its business model and portfolio execution. The company also expects to further increase its dividend in Swiss francs, pending shareholder approval. However, currency volatility — particularly movements in the U.S. dollar relative to the Swiss franc — remains a key variable affecting reported growth in Swiss francs. Reuters reports that foreign exchange effects, including a weaker U.S. dollar, slightly diluted reported performance versus constant-currency results in 2025. Roche’s 2025 financial results show solid growth supported by strong performance in both pharmaceuticals and diagnostics, alongside meaningful profit and earnings expansion. Despite currency headwinds, the company’s innovation-driven strategy and product portfolio resilience indicate a positive trajectory for 2026 and beyond under CEO Thomas Schinecker’s leadership.

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