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ALEX: Welcome to Beta Finch, your AI-powered earnings breakdown where we decode the numbers that move markets. I'm Alex, and I'm here with my co-host Jordan to dive into Zoetis' Q4 2025 earnings call. Jordan, this was quite the earnings report from the animal health giant.

JORDAN: Absolutely, Alex. But before we jump into the numbers, I need to share an important disclaimer. This podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

ALEX: Thanks for that, Jordan. Now, let's talk Zoetis. The company reported some solid numbers for 2025 - $9.5 billion in revenue with 6% organic operational growth, and adjusted net income growing 7% organically. They hit the high end of their November guidance range.

JORDAN: That's right, and what I found particularly interesting is how their international markets really carried the load here. International delivered 8% organic operational revenue growth while the U.S. was at 4%. It really shows the value of having that global diversification, especially when you're dealing with some headwinds in your home market.

ALEX: Speaking of headwinds, CEO Kristin Peck was pretty candid about what they're seeing in the U.S. veterinary market. She mentioned economic pressure on Gen Z and millennial pet owners, which has led to declining therapeutic visits. But here's the fascinating part - emergency and urgent care are still showing strength.

JORDAN: That's such an important distinction, Alex. It's not that pet owners love their animals any less or that underlying demand for care is declining. It's more about price sensitivity and tighter household budgets when it comes to routine care. Pet owners are still bringing their dogs in when they're sick, but they're being more selective about wellness visits.

ALEX: Exactly. And Peck mentioned that clinics are starting to react by taking a more measured approach to the overall cost of care. The company is responding with targeted actions - optimizing their channel mix, increasing outreach to veterinarians, and reinforcing their scientific leadership through expanded medical education.

JORDAN: Let's talk about their star performer - the Simparica franchise. This is really impressive stuff. The franchise grew 12% operationally for the year, with Simparica Trio hitting over $1 billion in U.S. sales alone. That makes it their first brand to cross that billion-dollar threshold in the U.S.

ALEX: And globally, Trio maintained its position as the number one selling canine brand. What I found interesting is their omnichannel strategy - they're seeing double-digit contributions from retail and home delivery channels, which is helping them navigate those headwinds in traditional veterinary clinics.

JORDAN: That's smart positioning. They're essentially meeting customers where they want to shop, whether that's at the vet, at retail, or having products delivered to their home. It's all about convenience and compliance for pet owners.

ALEX: Now, let's address the elephant in the room - their OA pain franchise. This declined 3% operationally, with Librela specifically down 6%. This has been a challenge for Zoetis, and there have been some safety concerns raised about these monoclonal antibody treatments.

JORDAN: Right, but Peck seemed confident about their multipronged strategy to turn this around. She mentioned they're seeing stabilizing monthly sales trends and that veterinarian and pet owner satisfaction remains high. Plus, they're introducing new products like Lanivia and Portela to expand their OA pain portfolio.

ALEX: The guidance for 2026 is what really caught my attention, Jordan. They're projecting 3% to 5% organic operational revenue growth and 3% to 6% adjusted net income growth. That's a bit more conservative than what we've see

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**Beta Finch Podcast Script: Vertex Pharmaceuticals Q4 2025 Earnings**

ALEX: Welcome to Beta Finch, your AI-powered earnings breakdown where we decode the latest quarterly results to help you understand what really matters in the markets. I'm Alex.

JORDAN: And I'm Jordan. Today we're diving into Vertex Pharmaceuticals' Q4 2025 earnings call - and wow, what a story this company is telling about transformation and growth.

ALEX: Before we jump in, I need to mention that this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

JORDAN: Absolutely. Now Alex, Vertex has been known primarily as the cystic fibrosis company for years, but this earnings call really highlighted how they're becoming something much bigger.

ALEX: That's exactly right, Jordan. Let's start with the headline numbers because they're pretty solid. Q4 revenue hit $3.2 billion, up 10% year-over-year, and full-year 2025 revenue reached $12 billion - that's 9% growth. But here's what caught my attention - CEO Reshma Kewalramani kept emphasizing this word "diversification."

JORDAN: Yes! And you can see it in the numbers. While their cystic fibrosis franchise - which includes drugs like TRIKAFTA - still drives the bulk of revenue with 7% growth globally, they're now generating meaningful revenue from completely different disease areas. KASJEVY, their gene therapy for blood disorders, brought in $116 million for the full year. And Gernavix, their non-opioid pain medication, generated $60 million in just eight months since launch.

ALEX: Let's talk about that diversification strategy because it's really the core story here. Duncan McKechnie, their commercial head, painted a picture of a company that's essentially building three new franchises alongside their CF business - in blood disorders, pain management, and now kidney disease.

JORDAN: The kidney disease piece is fascinating, Alex. They have this drug called Povatacept - or "Povi" as they call it - that's being developed for multiple kidney conditions. What's interesting is how confident management sounded about this becoming their "fourth vertical" as they put it. Kewalramani was practically glowing when discussing the clinical data.

ALEX: Right, and there's a reason for that enthusiasm. In their Phase 2 trial for IgA nephropathy - that's a progressive kidney disease - Povatacept showed a 56% reduction in protein in the urine, which is a key measure of kidney function. They've already submitted for FDA approval and expect to complete that submission in the first half of 2026.

JORDAN: But here's what I found most compelling from an investor perspective - the market opportunity. Management estimates that IgA nephropathy affects 330,000 people in the US and Europe alone. And they're not stopping there - they're studying the same drug for other kidney diseases and even expanding into neurological conditions like myasthenia gravis.

ALEX: The "pipeline-in-a-product" concept, as they called it. One drug, multiple indications, multiple revenue streams. It's a smart strategy, especially given how expensive drug development is these days.

JORDAN: Absolutely. Now let's talk about their guidance for 2026 because it tells us a lot about management's confidence level. They're projecting total revenue between $12.95 billion and $13.1 billion - that's 8-9% growth. But here's the kicker: they expect at least $500 million to come from non-CF products. That's basically triple what they generated from those products in 2025.

ALEX: That's aggressive guidance, Jordan. What gives them confidence they can hit those numbers?

JORDAN: Well, for KASJEVY - their gene therapy - they have great visibility because of how the treatment works. Patients go through a months-long process of cell collection and modification before getting infused

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**BETA FINCH PODCAST SCRIPT**

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**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown where we dive deep into the numbers that matter. I'm Alex, and I'm joined as always by my co-host Jordan. Today we're breaking down Regeneron's Q4 2025 earnings - and folks, this biotech giant just delivered some fascinating insights into their pipeline and future strategy.

Before we jump in, I need to mention that this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

**JORDAN:** Thanks Alex. And what a quarter to analyze! Regeneron reported total revenue of $3.9 billion, up 3% year-over-year, with some really interesting dynamics happening across their portfolio. The headline number might seem modest, but when you dig into the details, there's a lot more going on here.

**ALEX:** Absolutely. Let's start with the standout performer - Dupixent. Jordan, this drug continues to be an absolute monster for Regeneron and their partner Sanofi.

**JORDAN:** It really is remarkable, Alex. Global Dupixent sales hit $4.9 billion in Q4 alone - that's 32% growth year-over-year. And get this - for the full year 2025, Dupixent brought in $17.8 billion globally. CEO Leonard Schleifer mentioned they now have 1.4 million patients on therapy worldwide across 8 approved indications.

**ALEX:** That's incredible scale. And what I found interesting was how Schleifer emphasized that most of those indications are still "significantly underpenetrated" - suggesting there's still room to grow this massive franchise.

**JORDAN:** Exactly. And speaking of growth, let's talk about their eye care franchise. EYLEA HD had a solid quarter with $506 million in U.S. sales, up 66% year-over-year. But the legacy EYLEA product is facing headwinds - it was down 15% sequentially as biosimilar competition looms.

**ALEX:** Right, and management was very transparent about the challenges ahead. They're expecting multiple biosimilar EYLEA products to launch in 2026, which will intensify competitive pressure. But they seem confident that EYLEA HD can hold its own with its differentiated profile.

**JORDAN:** The FDA just approved EYLEA HD for monthly dosing and a new indication, which should help. And they're waiting on approval for a prefilled syringe version that could make it more convenient for doctors to use. Marion McCourt, their commercial head, seemed optimistic about these enhancements.

**ALEX:** Now Jordan, what really caught my attention was the pipeline discussion. CSO George Yancopoulos laid out an incredibly ambitious clinical development plan.

**JORDAN:** Oh absolutely, Alex. They're planning to initiate 18 new Phase III studies targeting enrollment of 35,000 patients. That's a massive investment in late-stage development across multiple therapeutic areas - oncology, complement diseases, anticoagulation, and more.

**ALEX:** And the financial commitment is significant. CFO Christopher Fenimore guided R&D spending to $5.9-6.1 billion in 2026, up substantially from 2025. That's nearly $6 billion just on research and development!

**JORDAN:** Which brings us to one of the most intriguing parts of the call - their obesity strategy. Instead of just trying to compete head-to-head with existing GLP-1 drugs like Ozempic and Mounjaro, they're taking a differentiated approach.

**ALEX:** This was fascinating. Yancopoulos described their plan to combine a GLP-1/GIP drug with their PCSK9 inhibitor Praluent in a single injection. His quote was memorable - he said imagine if someone invented a new GLP-1 that not only delivers weight loss but also lowers bad cholesterol by 50-60%.

**JORDAN:** That's a clever strategy, Alex. Rather than fighting for an extra 1-2% in weight loss like everyone else, they're adding a completely different benefit. Many obese patients also

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**BETA FINCH PODCAST SCRIPT**

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**ALEX**: Welcome to Beta Finch, your AI-powered earnings breakdown where we cut through the noise to bring you what really matters from the latest quarterly reports. I'm Alex.

**JORDAN**: And I'm Jordan. Before we dive in, I want to make sure our listeners know that this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

**ALEX**: Thanks Jordan. Today we're breaking down Pfizer's Q4 2025 earnings, and wow - this was a packed call. We've got solid financial performance, major obesity drug developments, and some really interesting strategic moves. Let's start with the numbers, Jordan.

**JORDAN**: The headline numbers tell a story of resilience, Alex. Pfizer posted $62.6 billion in full-year revenue versus $63.6 billion last year - that's a 2% operational decline. But here's the key detail: when you strip out their COVID products, they actually grew operational revenue by 6%.

**ALEX**: That's huge because it shows the underlying business is healthy. What about profitability?

**JORDAN**: Even better news there. Adjusted earnings per share came in at $3.22 versus $3.11 last year, beating expectations. They expanded gross margins to 76%, and their recently launched and acquired products - which is really their growth engine - delivered over $10 billion in revenue with 14% operational growth.

**ALEX**: Now, the elephant in the room with Pfizer has always been their COVID business decline. How bad was that impact in Q4?

**JORDAN**: Pretty significant. COVID products dropped about 40% operationally year-over-year in Q4. But Alex, this is actually old news at this point. What's more interesting is how well they're managing through it. Their non-COVID business grew 9% in the quarter, driven by products like Abrysvo, Eliquis, Prevnar, and the Vyndaqel family.

**ALEX**: Speaking of managing through challenges, they reaffirmed their 2026 guidance today. Walk us through what they're expecting.

**JORDAN**: They're guiding for $59.5 to $62.5 billion in revenue and $2.80 to $3.00 in adjusted EPS for 2026. What's notable is they're expecting COVID revenues to drop to about $5 billion, and they're anticipating $1.5 billion in revenue compression from generic competition. But even with those headwinds, they expect their core business excluding COVID and loss-of-exclusivity products to grow about 4% operationally.

**ALEX**: Now let's talk about the real headline from today's call - their obesity drug data. This feels like a potential game-changer, Jordan.

**JORDAN**: Absolutely, Alex. They announced results from their VESPER-3 study for PF-3944, which is their investigational obesity treatment. And the key differentiator here is that it's designed for monthly dosing instead of weekly like current GLP-1 drugs.

**ALEX**: Monthly dosing - that's a big deal for patient convenience. What kind of weight loss are we talking about?

**JORDAN**: The data showed 10-12% placebo-adjusted weight loss at 28 weeks for their planned phase 3 doses. But here's what's really interesting - their modeling suggests the higher dose they're planning could deliver nearly 16% weight loss. And importantly, they didn't see a weight loss plateau at 28 weeks, suggesting patients could lose even more weight over time.

**ALEX**: How does that stack up against what's already on the market?

**JORDAN**: It's competitive with existing weekly GLP-1s like Ozempic and Wegovy, but the monthly dosing is the real differentiator. During the Q&A, their commercial team emphasized that reducing from four injections per month to just one could be a major advantage for patient compliance and switching existing patients to their therapy.

**ALEX**: What about side effects? That's always a concern with these obesity drugs.

**JORDAN**: The safety prof

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**BETA FINCH PODCAST SCRIPT - MERCK Q4 2025 EARNINGS**

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**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown where we cut through the noise to bring you what really matters from corporate America's quarterly reports. I'm Alex.

**JORDAN:** And I'm Jordan. Today we're diving into Merck's Q4 2025 earnings - and folks, this one's got some really interesting moving parts.

**ALEX:** Before we jump in, I need to mention that this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

**JORDAN:** Absolutely. Now Alex, let's start with the headline numbers because Merck delivered some solid, if not spectacular, results.

**ALEX:** Right, so Q4 revenue came in at $16.4 billion - that's 5% growth year-over-year, or 4% if you strip out foreign exchange impacts. But what's really interesting here is the story behind these numbers.

**JORDAN:** Exactly. Keytruda, their blockbuster cancer drug, continues to be the workhorse with $8.4 billion in sales, up 5%. But here's what caught my attention - CEO Rob Davis mentioned they now see a path to over $70 billion in potential commercial opportunity by the mid-2030s. That's $20 billion more than just a year ago!

**ALEX:** That's a massive increase in their pipeline projections. And Jordan, this gets to the heart of what investors are really worried about with Merck - what happens when Keytruda loses patent protection?

**JORDAN:** Bingo. The so-called "patent cliff." But here's where it gets interesting - Davis dropped some news about potentially extending Keytruda's protection. They have additional patents that could push the loss of exclusivity from December 2028 out to May or even November 2029.

**ALEX:** That's huge if it holds up. An extra year of Keytruda exclusivity could be worth billions. But let's talk about some of the challenges they're facing. Gardasil, their HPV vaccine, saw sales drop 35% to $1 billion, largely due to lower demand in China and Japan.

**JORDAN:** Yeah, that's a significant headwind. And looking at their 2026 guidance, they're projecting pretty modest growth - just 1% to 3% revenue growth to between $65.5 and $67 billion. That includes dealing with about $2.5 billion in headwinds from generic competition and pricing pressures.

**ALEX:** Speaking of 2026, there's this massive one-time charge of about $9 billion related to their acquisition of Sidera Therapeutics. This deal is all about MK1406, a potentially first-in-class flu prevention drug.

**JORDAN:** This acquisition really stood out to me. Management thinks MK1406 has greater than $5 billion in revenue potential. It's designed as a long-acting antiviral that could prevent influenza in high-risk individuals - basically a once-per-season shot instead of the traditional annual flu vaccine approach.

**ALEX:** The timing is interesting too, given we're in the middle of what seems to be a pretty severe flu season. Dr. Dean Li, their R&D chief, mentioned they've completed enrollment in the Northern Hemisphere for their Phase 3 trial and are now enrolling patients in the Southern Hemisphere.

**JORDAN:** Let's pivot to some of their other growth drivers. Winrevair, their pulmonary arterial hypertension drug, continues to impress with $467 million in global sales. They had over 1,500 new patients start treatment in the U.S. alone this quarter.

**ALEX:** And they just launched Ohtuvayre for COPD after acquiring Verona Pharma. That brought in $178 million in just part of the quarter. These respiratory drugs are clearly becoming a key growth pillar for Merck post-Keytruda.

**JORDAN:** What I found fascinating in the Q&A was the discussion around their HIV programs. They have this two-drug combination that showed non-inferior results to the standard three-drug regimen. Dr. Li was particularly excited abou

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**Beta Finch Podcast Script: Eli Lilly Q4 2025 Earnings**

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**ALEX**: Welcome to Beta Finch, your AI-powered earnings breakdown. I'm Alex, and joining me as always is Jordan. Today we're diving into Eli Lilly's blockbuster Q4 2025 results - and folks, when I say blockbuster, I mean it. This pharmaceutical giant just delivered some truly staggering numbers.

But before we jump in, I need to share our standard disclaimer: This podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

**JORDAN**: Thanks Alex. And wow, where do we even start with these numbers? Lilly just reported 45% full-year revenue growth - that's not a typo, folks - forty-five percent. We're talking about $65.2 billion in revenue for 2025, with earnings per share jumping 86% to $24.21.

**ALEX**: It's almost surreal when you see numbers like that from a major pharma company. Jordan, what's driving this incredible performance?

**JORDAN**: It all comes down to one word: incretins. These are the diabetes and obesity drugs that have become absolute juggernauts. Their key products - we're talking Mounjaro, Zepbound, and their international rollouts - generated over $13 billion in Q4 revenue alone and grew 91% compared to the same quarter last year.

**ALEX**: Let's break that down for our listeners. Mounjaro is their diabetes drug, Zepbound is the obesity treatment, but they're essentially the same molecule - tirzepatide - just branded differently for different conditions. And the demand has been absolutely explosive.

**JORDAN**: Exactly. What's fascinating is how they've captured market leadership. In the US, Mounjaro now has over 55% of new prescriptions in the diabetes incretin market, while Zepbound commands nearly 70% share in the branded obesity market. But here's what really caught my attention - they're not just winning in the US anymore.

**ALEX**: Right, their international business has been crushing it. CEO David Ricks mentioned they're now the incretin market share leader outside the US as well. That's a huge development because historically, US pharma companies have struggled to replicate their domestic success internationally, especially in obesity treatments.

**JORDAN**: And they're not slowing down. Looking ahead to 2026, management guided to revenue between $80-83 billion. That's another 25% growth at the midpoint. But here's where it gets interesting - they're expecting significant pricing headwinds.

**ALEX**: This is crucial for investors to understand. Lilly is projecting price declines in the low-to-mid teens for 2026. That's a massive headwind, but they believe volume growth will more than offset it.

**JORDAN**: The pricing pressure comes from several factors. First, they struck a deal with the US government to provide obesity medicines to Medicare patients for just $50 per month out-of-pocket starting no later than July 1st. That's huge for patient access but means lower prices for Lilly.

**ALEX**: They're also facing competition from oral versions of these drugs. During the call, they discussed launching their own oral obesity treatment, orforglipron, which they expect to get FDA approval for in Q2 2026.

**JORDAN**: The oral competition point is really interesting. When Novo Nordisk launched oral Wegovy recently, instead of cannibalizing existing injectable sales, it actually expanded the overall market. Lilly's management seems confident this trend will continue - that oral options bring new patients into treatment rather than just switching existing ones.

**ALEX**: Let's talk about their direct-to-consumer business because this is revolutionary for pharma. They've reached 1 million patients on their US direct-to-patient platform. Think about that - patients are buying prescription obesity drugs directly from the manufacturer, often payin

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**Beta Finch Podcast Script: Johnson & Johnson Q4 2025**

ALEX: Welcome to Beta Finch, your AI-powered earnings breakdown where we dive deep into the numbers that matter. I'm Alex, and joining me as always is my co-host Jordan. Today we're dissecting Johnson & Johnson's Q4 2025 earnings call, and wow - what a way to cap off the year.

Before we jump in, I need to mention that this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

JORDAN: Thanks Alex, and yeah, JNJ really delivered here. They're calling 2025 a "catapult year" - and the numbers back that up. Let's start with the headline figures because they're impressive across the board.

ALEX: Absolutely. Fourth quarter operational sales growth came in at 7.1%, which is solid, but the full-year picture is even better. They hit $94.2 billion in total revenue for 2025 with 5.3% operational growth. But here's the kicker, Jordan - they're guiding for $100 billion at the midpoint for 2026. That's a massive psychological milestone for any healthcare company.

JORDAN: Right, and what's fascinating is how they're positioning this growth. CEO Joaquin Duato kept emphasizing their "28 billion-dollar products" - that's an incredible diversification of revenue streams. No other healthcare company has that kind of breadth. They're not relying on one or two blockbusters like some of their competitors.

ALEX: Let's break down the two main segments. On the Innovative Medicine side, they posted 5.3% operational growth for the year, crossing $60 billion in pharma sales for the first time. The star performer here continues to be DARZALEX in multiple myeloma - $14 billion in annual sales with 22% growth. That's just staggering for a drug of that size.

JORDAN: And they're not stopping there. The multiple myeloma franchise is becoming a juggernaut. They mentioned being the number one company in that space, with 80% of patients treated with at least one of their four medicines. Plus, CARVICTI, their CAR-T therapy, is showing strong momentum with over 10,000 patients treated across 14 markets.

ALEX: The immunology story is equally compelling. Tremfya hit $5 billion in sales and grew 65% in Q4 - that's not a typo, sixty-five percent! They're confident it'll exceed $10 billion in peak sales, especially as it continues taking share in inflammatory bowel disease where STELARA used to dominate.

JORDAN: Speaking of STELARA, that's the elephant in the room that's actually becoming less relevant. STELARA declined 48.6% due to biosimilar competition, but here's what's remarkable - JNJ grew double digits for the full year excluding STELARA. They've successfully navigated that cliff, which was a major investor concern.

ALEX: Now let's talk MedTech. 5.4% operational growth for the year with some really strong pockets. Cardiovascular was the standout with 15% operational growth, reaching $9 billion. The Abiomed and Shockwave acquisitions are clearly paying dividends here.

JORDAN: What caught my attention was their robotics ambition. They just submitted their Ottava robotic surgery system for FDA approval via a de novo pathway - meaning there's no predicate device to compare it against. That suggests they truly believe they have something differentiated in a space dominated by Intuitive Surgical.

ALEX: The guidance for 2026 is aggressive but achievable based on their pipeline momentum. 5.7% to 6.7% operational sales growth, with that $100 billion midpoint I mentioned. Adjusted EPS growth of 5.5% at the midpoint, which factors in about $500 million in medtech tariffs - significantly higher than 2025.

JORDAN: I want to highlight something CFO Joe Wolk said about margins. They're expecting at least 50 basis points of adjusted operating margin improvement despite those tariff headwinds and increased investment in

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# Beta Finch Podcast Script: Gilead Q4 2025 Earnings

**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown where we dive deep into the numbers that move markets. I'm Alex, and as always, I'm joined by my co-host Jordan. Today we're unpacking Gilead Sciences' Q4 2025 results - and folks, there's a lot to dig into here.

Before we jump in though, I need to mention that this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

**JORDAN:** Thanks Alex. And what a quarter this was for Gilead! The biotech giant just wrapped up what CEO Dan O'Day called "a remarkable year" - and the numbers certainly back that up. They hit $28.9 billion in total product sales for 2025, beating their guidance range and showing some serious momentum heading into 2026.

**ALEX:** Absolutely, Jordan. Let's break down those headline numbers first. Total product sales came in at $7.9 billion for Q4, up 5% year-over-year. But here's what caught my attention - when you strip out their COVID drug Veclury, which has been declining as expected, their base business actually grew 7% in the quarter and 4% for the full year.

**JORDAN:** That's a key distinction, Alex. And speaking of key numbers, their HIV business - which is still their cash cow - delivered $20.8 billion in sales for the year, up 6%. But here's where it gets interesting: they faced an estimated $900 million headwind from Medicare Part D redesign changes. Without that policy impact, their HIV business would have grown 10%.

**ALEX:** That Medicare Part D impact is huge context, Jordan. For listeners who might not be familiar, this was a policy change that affected how drug pricing works for seniors on Medicare. So when Gilead says their underlying HIV business grew 10%, that's actually pretty impressive growth for what's considered a mature market.

**JORDAN:** Exactly. And let's talk about the star of the show - YES2GO. This is their twice-yearly injectable HIV prevention drug that launched in 2025, and it's already showing blockbuster potential. They did $150 million in sales for the year, and here's the kicker - they're guiding for $800 million in 2026.

**ALEX:** That's more than a 5x increase, Jordan. During the Q&A, analysts were really pressing on how realistic that number is. Management seems confident though, citing 90% payer coverage already - including all major insurers - with about 90% of covered patients getting it with zero co-pay.

**JORDAN:** The coverage piece is critical, Alex. Commercial launch is one thing, but getting insurance companies to pay for a premium-priced injectable is another. The fact that they hit their 90% coverage target well ahead of their one-year timeline suggests the value proposition is resonating with payers.

**ALEX:** Let's shift to their pipeline, because this is where things get really interesting for long-term investors. They have four potential product launches coming in 2026, plus five Phase III data readouts across HIV, cancer, and liver disease.

**JORDAN:** Right, and this diversification strategy is really starting to pay off. Their cancer drug Trodelvy grew 6% to $1.4 billion, and they just got positive Phase III data that could expand it from second-line to first-line treatment in triple-negative breast cancer. That's potentially doubling the addressable market.

**ALEX:** And Trodelvy isn't their only oncology play. They're preparing to launch something called Anidocel - a CAR-T therapy for multiple myeloma. The clinical data looks strong with a 96% overall response rate and what they're calling a "best-in-disease" safety profile.

**JORDAN:** The safety piece is huge in CAR-T, Alex. These are powerful but potentially toxic treatments. If they can deliver the efficacy without the severe side effects, that's a real competitive advant

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**ALEX**: Welcome to Beta Finch, your AI-powered earnings breakdown where we decode quarterly reports so you don't have to. I'm Alex, and I'm joined as always by my co-host Jordan. Today we're diving into Bristol Myers Squibb's Q4 2025 earnings call - and let me tell you, this one was packed with updates.

But first, Jordan, I need to get our mandatory disclaimer out of the way. This podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

**JORDAN**: Thanks Alex. And speaking of packed earnings calls, Bristol Myers definitely delivered on that front. Let's start with the headline numbers because they tell quite a story about this company's transformation.

**ALEX**: Absolutely. So Q4 revenue came in flat year-over-year at about $12.5 billion, but here's the key detail that investors need to understand - their growth portfolio, which includes all their newer drugs, grew 15% in the quarter and represented nearly 60% of total revenue. That's a massive shift from where this company was just a few years ago.

**JORDAN**: Right, and for the full year, that growth portfolio grew 17%. What's really impressive is that despite losing roughly $4 billion in revenue from legacy products - we're talking about patent cliffs and generic competition - the growth portfolio almost completely offset those declines. That's the kind of pipeline execution that pharma investors dream about.

**ALEX**: Let's talk about some of those growth drivers. Reblozyl, their blood disorder treatment, crossed $2 billion in annual sales. Breyanzi, their CAR-T cell therapy, grew 47% in Q4. And then you have Camzyos for heart disease growing 57%. These aren't just incremental gains - these are blockbuster-level products hitting their stride.

**JORDAN**: And here's what caught my attention from CEO Christopher Boerner's comments - he emphasized they're entering 2026 with "good momentum." But the real story is what's coming in the pipeline. They're expecting six registrational data readouts in the second half of 2026. That's potentially six new revenue streams or major label expansions.

**ALEX**: Jordan, let's break down that pipeline because it spans multiple therapeutic areas. You've got Milvexian for atrial fibrillation and stroke prevention - that's a massive market where they're trying to compete with their own Eliquis. Then there's admilparent for lung fibrosis, and several multiple myeloma treatments. This isn't just one bet - it's a diversified portfolio of shots on goal.

**JORDAN**: Speaking of Eliquis, that was probably the most complex part of the call. The drug is actually expected to grow 10-15% in 2026, which surprised me given it's facing patent cliffs. But management explained they took a strategic pricing reduction that eliminates certain penalty rebates while expanding patient access.

**ALEX**: That's a fascinating strategy. CFO David Elkins explained that the roughly 40% price reduction actually helps them competitively because it removes inflationary penalties that had been building up over years. It's counterintuitive - lower prices leading to higher growth - but it makes sense when you understand the complex rebate structures in pharma.

**JORDAN**: However, they're also guiding for a $1.5 to $2 billion step-down in Eliquis revenue from 2026 to 2027, primarily due to European patent expiries. So investors are looking at one good year before facing those headwinds.

**ALEX**: Let's talk about their cost management because this is where Bristol Myers is really showing discipline. They delivered $1 billion in cost savings in 2025 and expect another billion over 2026-2027. But here's the smart part - they're reinvesting some of those savings into growth initiatives like their partnership with BioNTech on pemiglatinib.

**JORDAN**: That partnership caught

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**Beta Finch Podcast Script: AbbVie Q4 2025 Earnings**

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ALEX: Welcome to Beta Finch, your AI-powered earnings breakdown where we digest the latest corporate earnings so you don't have to. I'm Alex.

JORDAN: And I'm Jordan. Today we're diving into AbbVie's fourth quarter 2025 results, and wow, what a story this pharmaceutical giant has to tell.

ALEX: Before we jump in, I need to mention that this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

JORDAN: Absolutely. Now Alex, AbbVie just delivered what CEO Robert Michael called "another excellent year," and the numbers certainly back that up. Let's start with the headline figures.

ALEX: The numbers are pretty impressive, Jordan. AbbVie hit $61.2 billion in adjusted net revenues for the full year - that's a record high and beat their initial guidance by over $2 billion. They're looking at 8.6% sales growth despite facing nearly $16 billion in HUMIRA erosion since it lost exclusivity.

JORDAN: That HUMIRA erosion is the elephant in the room, isn't it? But what's fascinating is how they've more than offset those losses. Their adjusted earnings per share came in at $10 - that's 54 cents above their initial guidance midpoint. It really shows the power of their newer drugs.

ALEX: Exactly, and speaking of those newer drugs, let's talk about the real stars of the show - SKYRIZI and RINVOQ. These two immunology powerhouses are absolutely crushing it.

JORDAN: The numbers are staggering. Combined, SKYRIZI and RINVOQ delivered about $25.9 billion in revenue - that's an $8 billion increase year-over-year. SKYRIZI alone hit $5 billion in the quarter with 31.9% operational growth, while RINVOQ came in at nearly $2.4 billion with 28.6% growth.

ALEX: And here's what caught my attention - they're already exceeding their 2027 long-term guidance by half a billion dollars. For 2026, they're projecting combined sales of over $31 billion for these two drugs. That's remarkable momentum.

JORDAN: What's really interesting is how they're dominating in specific markets. In psoriasis, SKYRIZI has over 45% prescription share in the U.S. biologic market, and their capture rates for new patients are exceeding 55% - that's four times higher than their next closest competitor.

ALEX: The competitive dynamics in IBD are particularly noteworthy. Despite new competition, SKYRIZI maintains a 75% capture rate in frontline IBD treatment, and it's even higher - 80% - specifically in Crohn's disease.

JORDAN: Now let's talk about what's really exciting for the future - their neuroscience portfolio. This segment delivered over $10.7 billion in revenue with nearly $1.8 billion in growth. But the real story here is Vialev, their Parkinson's treatment.

ALEX: Vialev hit $183 million in the quarter - up 33% sequentially - and management is now projecting it'll reach blockbuster status in 2026. That's a billion-dollar drug in its early launch phase. Pretty remarkable.

JORDAN: And they're not stopping there. They see their entire Parkinson's franchise, including Vialev, Duopa, and the upcoming Tavapadon, potentially reaching $5 billion in peak sales. Add their migraine franchise, which they also expect to exceed $5 billion, and you're talking about some serious long-term growth drivers.

ALEX: Let's shift to their pipeline because that's where AbbVie is really investing for the future. They spent nearly $1 billion more on R&D in 2025, fully funding 90 clinical programs. They also invested over $5 billion in business development.

JORDAN: Some of those acquisitions are fascinating - they picked up an in-vivo CAR-T platform, next-generation psychedelics for depression, a long-acting amylin analog for obesity, and even a novel siRNA platform. They're clearly positioning for the next decade of growth.

ALEX: Speaking of p

This episode includes AI-generated content.