Beta Finch - S&P 100 - EN

**BETA FINCH PODCAST SCRIPT**

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**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown where we turn complex corporate calls into clear insights. I'm Alex.

**JORDAN:** And I'm Jordan. Today we're diving into Eli Lilly's Q4 2024 earnings - and wow, what a quarter for the pharmaceutical giant.

**ALEX:** Before we jump in, 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.

**JORDAN:** Absolutely crucial reminder there. Now Alex, let's talk numbers because Lilly absolutely crushed it this quarter.

**ALEX:** They really did, Jordan. Revenue grew 45% in Q4 alone, and for the full year, they posted 32% growth. But here's the kicker - they exceeded their initial guidance by $4 billion. That's not a small miss on the upside, that's a massive beat.

**JORDAN:** And when you dig into what's driving this growth, it's really the incretin story - Mounjaro and Zepbound. Global Mounjaro sales hit $3.5 billion in Q4, while US Zepbound brought in $1.9 billion. These are the diabetes and obesity drugs that everyone's talking about.

**ALEX:** What I found fascinating in the call was CEO Dave Ricks addressing what he called the "turbulence" around demand predictions. There's been this narrative that maybe the obesity market isn't as big as everyone thought, with prescription growth slowing and supply catching up faster than expected.

**JORDAN:** Right, and one analyst - Steve Scala - basically asked the uncomfortable question everyone's thinking: "Are we all over our skis on this market?" But Ricks pushed back hard, saying they still believe this is a market with hundreds of millions of people globally and they're still gating promotion and launches because they can't make enough.

**ALEX:** That confidence is backed up by some interesting data points. Zepbound actually became the market leader in anti-obesity prescriptions in Q4, and they're seeing strong adherence rates - better than competitors in some cases.

**JORDAN:** Speaking of competition, let's talk about what's coming next because this is where it gets really interesting. They have Orforglipron, which is their oral GLP-1 drug, potentially launching in 2026. This could be a game-changer because it doesn't require refrigeration and addresses the 20-25% of patients who have needle phobia.

**ALEX:** The development timeline for Orforglipron is aggressive too. They're expecting multiple readouts in 2025 - up to five studies in diabetes and two in obesity. Dan Skovronsky, their Chief Scientific Officer, said they're aiming for efficacy similar to injectable single-acting GLP-1s, which would put it in the Ozempic range rather than the tirzepatide range.

**JORDAN:** But here's what I found most intriguing - they're not just staying in their lane. They're exploring incretins for brain health, substance use disorders, pain, and inflammation. They're essentially asking: "What else can these molecules do?"

**ALEX:** The pipeline is incredibly robust. Eight new Phase III programs started in 2024, and they're planning more for 2025. They're also expecting data from the tirzepatide cardiovascular outcomes study in Q3, which could be huge for reimbursement.

**JORDAN:** Let's talk margins because this is where Lilly is really showing operational leverage. Gross margins hit 83.2% in Q4, and they're guiding for 340 basis points of operating margin expansion in 2025. That's massive.

**ALEX:** CFO Lucas Montarce made an interesting comment about long-term margins though. They're not chasing the 50% operating margins that some analysts are projecting for the end of the decade. They believe reinvesting in R&D is more important for sustainable growth, keeping them in the low 40s range.

**JORDAN:** Smart approach, especially when you look at

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# Beta Finch Podcast Script: Eli Lilly Q3 2024 Earnings

**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown. I'm Alex, and I'm here with my co-host Jordan to dive into Eli Lilly's third quarter 2024 results. 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 Lilly! The pharmaceutical giant absolutely crushed it with 42% revenue growth, though there's definitely some nuance to unpack here.

**ALEX:** Absolutely. Let's start with the headline numbers. Lilly reported revenue growth of 42% after excluding their divested olanzapine portfolio, which is just massive for a company this size. The real stars of the show were their incretin drugs - Mounjaro and Zepbound - which drove over $3 billion in new product revenue growth.

**JORDAN:** Right, and when we look at Mounjaro specifically, it hit $3.1 billion in global sales with almost $2.4 billion coming from the U.S. alone. But here's where it gets interesting - despite strong underlying demand with 25% sequential quarter-over-quarter prescription volume growth, there were some channel inventory dynamics that created headwinds.

**ALEX:** Can you explain what that means for our listeners who might not be familiar with pharmaceutical distribution?

**JORDAN:** Sure! So basically, wholesalers and retailers were destocking - meaning they were drawing down their inventory levels of these drugs. Lilly estimated this impacted Q3 sales by mid-single digits. It's not a demand problem, it's more about the complexity of managing cold-chain storage for a dozen different dose combinations across the supply chain.

**ALEX:** That's a crucial distinction. The underlying demand is actually accelerating, but the financial results got a bit choppy because of these logistical challenges. What's Lilly doing about it?

**JORDAN:** Well, they're being much more strategic now. CEO Dave Ricks mentioned they've basically changed their approach to demand generation. Previously, they were being prudent about marketing spend because they didn't want to create demand they couldn't fulfill. Now, with supply constraints easing, they're ramping up direct-to-consumer advertising for the first time and increasing their healthcare provider promotional efforts.

**ALEX:** Speaking of supply, Lilly continues to throw absolutely massive amounts of capital at manufacturing. They announced nearly $2 billion in additional manufacturing investments in Ireland, bringing their total commitments since 2020 to over $20 billion. Plus, they're building this fascinating $4.5 billion "Lilly Medicine Foundry" facility.

**JORDAN:** The scale of that investment really shows their confidence in the long-term opportunity. And it's paying off - they're on track to exceed their target of producing at least 1.5 times the saleable doses of incretin medicines in the second half of this year compared to last year.

**ALEX:** Let's talk about the guidance update. Lilly raised their revenue guidance to $45.4-46 billion, with the midpoint representing about 50% growth in Q4 compared to last year. That's actually an acceleration from the 42% they just posted.

**JORDAN:** Exactly, and Lucas Montarce, their new CFO, was careful to explain that when you strip out the channel dynamics, this acceleration is actually quite consistent with their trajectory. The growth is coming from several factors: ramped up demand generation in the U.S., international Mounjaro launches in new countries, and continued strong performance across their non-incretin portfolio.

**ALEX:** Speaking of their broader portfolio, I was impressed that their non-incretin business still grew 17% excluding the olanzapine divestiture. Verzenio in oncology continues to perform well, and they got some importa

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# Beta Finch Podcast Script - Applied Materials Q1 2026 Earnings

**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown where we turn complex financial reports into conversations you can actually follow. I'm Alex.

**JORDAN:** And I'm Jordan. Today we're diving into Applied Materials' Q1 2026 earnings call - that's AMAT for those keeping score at home.

**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:** Thanks Alex. So Applied Materials - for folks who might not know - they're basically the behind-the-scenes heroes making the tools that manufacture semiconductors. Think of them as the company that makes the machines that make the chips.

**ALEX:** Exactly. And what's interesting about this quarter is we're seeing some really strong AI-driven demand flowing through to their business. CEO Gary Dickerson opened by highlighting "strong demand across AI, foundry-logic, and memory" with customers accelerating their technology roadmaps.

**JORDAN:** Right, and that's showing up in their financials. While they didn't give us specific revenue numbers in this transcript, CFO Brice Hill mentioned they delivered "strong revenue, margins, and cash flow" and that their backlog remains elevated with book-to-bill around unity.

**ALEX:** That book-to-bill metric is key for equipment companies like Applied Materials. When it's at or above 1.0, it means they're booking new orders at the same rate or faster than they're shipping products. It's a good leading indicator of future revenue.

**JORDAN:** What really caught my attention was the breadth of growth drivers they're seeing. It's not just one area - they mentioned AI, advanced packaging, HBM memory, and even improvements in both DRAM and NAND flash memory.

**ALEX:** HBM is High Bandwidth Memory, by the way - it's the super-fast memory that AI chips need to process all that data. Gary Dickerson specifically called out "strong pull for tools supporting HBM" with visibility extending through multiple quarters.

**JORDAN:** And here's something I found fascinating - they're not just riding the AI wave passively. When asked about advanced packaging, Dickerson talked about their "comprehensive toolset across wafer-level packaging, hybrid bonding, and inspection/metrology." They're positioning themselves across the entire value chain.

**ALEX:** That's Applied Materials' sweet spot - materials engineering. They keep emphasizing these complex new chip architectures like gate-all-around transistors and backside power delivery, which create "new materials and integration challenges" where their expertise becomes even more valuable.

**JORDAN:** Speaking of challenges, there was an interesting exchange about China and export controls. Dickerson said demand there "remains mixed by segment, with mature nodes steady and certain leading-edge areas impacted by restrictions." But they seem to be managing this well with their global footprint.

**ALEX:** Right, and what I appreciated was their transparency about supply chain issues. Brice Hill mentioned they're "expanding capacity in critical product lines" and that lead times are improving as they qualify additional suppliers. That's exactly what you want to hear from a company in this space.

**JORDAN:** The services business also looks solid. Hill talked about growth being "supported by our expanding installed base" and higher attachment to performance-based agreements. That's recurring revenue, which investors love because it's more predictable than equipment sales.

**ALEX:** Let's talk about what this means looking forward. One analyst asked about sustainability of AI demand, and Dickerson seemed pretty confident, saying their "pipeline and customer engagements give us conf

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# Beta Finch Podcast Script: Linde Q4 2025 Earnings

**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 Linde's Q4 2025 results, and folks, this industrial gas giant just delivered some impressive numbers despite a pretty challenging macro environment.

Before we get started, 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 it was for Linde! They posted record quarterly and annual performance across operating profit, margins, and EPS. Fourth quarter sales hit $8.8 billion, up 6% year-over-year, with EPS of $4.20 - also up 6%. But here's what's really impressive - they maintained a 29.5% operating margin despite all the industrial headwinds.

**ALEX**: That margin performance is remarkable, especially when you consider what CEO Sanjiv Lamba called "a study in contrast" in the economic environment. On one hand, you had this massive AI and digital infrastructure boom driving unprecedented activity. But on the other hand, traditional industrial markets like manufacturing, metals, and chemicals were still struggling.

**JORDAN**: Exactly. And Lamba really painted this picture of geographic unevenness. The US remained resilient - no surprise there - with growth across almost every end market. Electronics and commercial space really stood out. But Europe? Still broadly weak across manufacturing sectors, though there were some bright spots in Scandinavian countries and maybe - and I stress maybe - some early optimism in Germany.

**ALEX**: What caught my attention was their commentary on China. After several tough quarters, Lamba mentioned they're finally seeing some bottoming out. Their China merchant business actually grew faster than the published industrial production number for the first time in a while. That's significant.

**JORDAN**: Absolutely. And let's talk about what's really driving growth here - their project backlog. They're sitting on a record $10 billion backlog, and that doesn't even include over half a billion in space-related investments. This space opportunity is fascinating, Alex. They're supporting about 65-75% of all launches, and with 189 launches last year, that's serious business.

**ALEX**: The space angle is really compelling. They just started up a plant in Brownsville in January, and Lamba mentioned they're building out networks in Texas and Florida - the two major launch hubs. He's expecting this to become a billion-dollar business for them in the coming years. Double-digit growth in a secular trend - that's exactly what investors want to see.

**JORDAN**: And speaking of growth investments, their CapEx jumped 17% in Q4, largely driven by that record project backlog. Now, this did pressure their return on capital down to the low-to-mid 20% range, but management says that's expected and temporary as these projects come online.

**ALEX**: Let's talk guidance because this is where it gets interesting. They're projecting 2026 EPS growth of 6-9%, which puts them in the $17.40 to $17.90 range. Now, some analysts were hoping for that 10%+ growth we've seen historically, so this might seem a bit conservative.

**JORDAN**: It definitely feels conservative, and management admitted as much. CFO Matt White used words like "guarded" and "prudent." But here's the thing - they're assuming zero base volume growth and are essentially letting investors plug in their own macro assumptions. That's smart positioning in an uncertain environment.

**ALEX**: What I found most intriguing in the Q&A was the discussion around restructuring. They took $230 million in restructuring charges in Q4, mostly in EMEA, and expect the bulk of benefits to hit in the second half of 2026

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**Beta Finch - Episode 127: Coca-Cola Q4 2025**

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

**JORDAN:** And I'm Jordan. Today we're diving into Coca-Cola's Q4 2025 earnings call - and wow, what a historic moment this was.

**ALEX:** Absolutely. 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:** So Alex, let's start with the elephant in the room - this was CEO James Quincey's final earnings call after a decade at the helm.

**ALEX:** Right, and what a send-off! Quincey handed the reins to Henrique Braun, who's been with the company for over 30 years. But let's talk numbers first - Coca-Cola delivered on both their top and bottom line guidance for 2025, which is no small feat given the challenging macro environment.

**JORDAN:** The headline numbers are solid. They achieved 4% comparable earnings per share growth despite facing 5 points of currency headwinds and a 2-point increase in their tax rate. That's actually pretty impressive when you break it down.

**ALEX:** And they maintained their streak of gaining value share for 19 consecutive quarters. That's nearly five years of consistently winning market share, Jordan.

**JORDAN:** Let's dig into the Q4 specifics because there's an interesting story in the price-mix numbers. They reported only 1% price-mix growth, but CFO John Murphy clarified that underlying pricing was actually 4%, with a 3% negative mix impact from geography and timing issues.

**ALEX:** That's a perfect example of why Quincey urged analysts to take a "4-quarter view" rather than getting caught up in quarterly noise. When you smooth out the mix effects, you see consistent 5% revenue growth, which aligns with their long-term algorithm.

**JORDAN:** Speaking of long-term, let's talk about their 2026 guidance. They're projecting 4% to 5% organic revenue growth and 7% to 8% comparable EPS growth. But here's the kicker - they're expecting a more balanced mix between volume and pricing going forward.

**ALEX:** That's a key shift, Jordan. For the past few years, they've been heavily price-driven due to inflation. Now they're signaling a return to more balanced growth, which suggests they believe they can start winning back volume while maintaining pricing power.

**JORDAN:** But it's not all smooth sailing. They're facing some headwinds in key markets. Mexico is implementing an excise tax that will pressure volumes, China continues to see softer consumer spending, and India needs to rebuild momentum after a challenging 2025.

**ALEX:** New CEO Henrique Braun was pretty candid about this. He mentioned that their "all-weather strategy" helps them leverage strong markets to offset weaker ones. It's essentially a global portfolio approach - when one region struggles, others can pick up the slack.

**JORDAN:** Let's talk about innovation because Braun made some interesting comments here. He said their innovation "is not where it needs to be" and they need to get closer to consumers and improve speed to market.

**ALEX:** That was refreshingly honest. He talked about wanting to better anticipate the next growth opportunities in beverages and be more proactive rather than reactive. They announced two new billion-dollar brands - innocent and Santa Clara from Mexico - bringing their total to 32 billion-dollar brands.

**JORDAN:** The Mexico example is fascinating because Santa Clara started as a local value-added dairy brand and grew into a billion-dollar business. That's exactly the playbook Braun wants to replicate - start local, learn what works, then scale globally.

**ALEX:** Now let's talk about North America, which has been a real bright spo

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**BETA FINCH PODCAST SCRIPT**

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**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown where we turn complex quarterly reports into digestible insights. I'm Alex, and I'm joined as always by my co-host Jordan. Today we're diving into KLA Corporation's Q2 2026 earnings - that's ticker KLAC for those following along.

Before we jump in, 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.

Jordan, KLA just posted some pretty impressive numbers. Walk us through the headline figures.

**JORDAN:** Alex, these results are really something. KLA delivered $3.3 billion in revenue for Q2, which represents 17% year-over-year growth. But here's what really caught my attention - their earnings per share jumped 29% to $8.85 on a non-GAAP basis. That's some serious operating leverage right there.

**ALEX:** That leverage is exactly what you want to see in a capital equipment company. And they're not just growing - they're throwing off serious cash. What did free cash flow look like?

**JORDAN:** Record-breaking, Alex. They hit $1.26 billion in quarterly free cash flow, and for the full year they generated $4.4 billion - that's 30% growth year-over-year. They returned $3 billion to shareholders through dividends and buybacks. For a company with their market cap, that's substantial capital allocation.

**ALEX:** Now, KLA is a semiconductor equipment company, specifically focused on process control - think inspection and measurement tools that ensure chips are made correctly. What's driving this growth?

**JORDAN:** It's really the AI story, Alex. CEO Rick Wallace was crystal clear that AI infrastructure demand is a core driver. Their tools are essential for manufacturing the advanced chips needed for AI applications - everything from leading-edge foundry logic to high-bandwidth memory, or HBM.

What's fascinating is they're seeing process control intensity increase dramatically, especially in memory. Wallace mentioned that DRAM manufacturing now looks "much more similar to what logic did not that long ago" in terms of requiring sophisticated inspection tools.

**ALEX:** That's a key point about intensity. Can you break that down for our listeners?

**JORDAN:** Absolutely. Process control intensity basically means how much inspection and measurement equipment you need per dollar of total semiconductor equipment spending. As chips get more complex - smaller features, more layers, tighter specifications - you need proportionally more of KLA's tools.

In DRAM memory, they're seeing about 100 basis points of intensity increase with EUV lithography adoption, and another 100 basis points with HBM. That's essentially doubling their addressable market per chip produced.

**ALEX:** Speaking of markets, let's talk guidance. What's KLA expecting for 2026?

**JORDAN:** Here's where it gets interesting. For the full year, they're guiding for mid-single digit revenue growth, but CFO Bren Higgins emphasized that growth will accelerate in the second half. They're expecting the core wafer fab equipment market to grow high single to low double digits to about $120 billion, plus an additional $12 billion advanced packaging market.

But there's a constraint story here, Alex.

**ALEX:** Right, supply constraints. This came up multiple times in the Q&A. What's the issue?

**JORDAN:** Two main problems. First, KLA themselves are constrained by long lead-time components, especially optics. Higgins said decisions they made last summer are affecting what they can ship in the first half of 2026. Their lead times are extending because demand is so strong.

But second, and this is crucial - their customers are also constrained. Multiple executives mentioned that chipmakers are "frustrated with the shells that they ha

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**BETA FINCH PODCAST SCRIPT**

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ALEX: Welcome to Beta Finch, your AI-powered earnings breakdown. I'm Alex.

JORDAN: And I'm Jordan. Today we're diving into IBM's Q4 2025 earnings, and wow - this might be the strongest quarter we've seen from Big Blue in over a decade.

ALEX: Before we get started, 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 talk numbers because IBM just delivered some pretty impressive results. What caught your eye first?

ALEX: The headline number is huge - 9% revenue growth in Q4, which is their highest in over three years. But what's really striking is the full-year performance. They hit 6% revenue growth for 2025, which might not sound earth-shattering, but for IBM, this represents their best year in ages.

JORDAN: And the cash generation story is even better. They generated $14.7 billion in free cash flow - that's their highest level in over a decade and represents their best free cash flow margin in their 114-year history. That's not a typo, folks - 114 years.

ALEX: Let's break down what's driving this transformation. CEO Arvind Krishna has been repositioning IBM as a software-led company, and it's really paying off. Software now represents 45% of their business, up from just 25% back in 2018.

JORDAN: The software segment is where the magic is happening. It grew 11% in Q4 and 9% for the full year - which Krishna called their highest annual software growth rate in history. Three of their four software sub-segments hit double-digit growth.

ALEX: What's particularly interesting is their AI strategy. Their cumulative Gen AI book of business now stands at over $12.5 billion. That's split between more than $2 billion in software and over $10.5 billion in consulting.

JORDAN: But here's the kicker - this is the last quarter they're going to report that Gen AI metric separately. CFO Jim Kavanaugh said AI is now so embedded across their entire business that a standalone metric doesn't capture the full value anymore.

ALEX: That's actually a smart move. It shows they're not treating AI as a separate product line but as a foundational technology that enhances everything they do. Speaking of which, their mainframe business had an absolute monster year.

JORDAN: The Z17 mainframe launch has been phenomenal. Infrastructure revenue grew 17% in Q4, with IBM Z up 61% year-over-year. Krishna mentioned this represents the highest annual revenue for their mainframe business in about twenty years.

ALEX: What's fascinating about the mainframe story is how they're positioning it for the AI era. The Z17 can process 50% more AI inferencing operations per day than the previous generation, and it brings real-time AI capabilities directly into the mainframe environment.

JORDAN: That's a key differentiator. Instead of having to send data off-platform for AI processing - which takes seconds - they can do it inline in milliseconds. For financial institutions and other mission-critical applications, that speed difference is game-changing.

ALEX: Let's talk acquisitions because that's been a big part of their strategy. They're in the process of acquiring Confluent, which should close by mid-2026. Kavanaugh expects about $600 million in dilution from that deal initially.

JORDAN: But they're confident it'll be accretive to adjusted EBITDA within the first full year. This follows their successful HashiCorp acquisition, which delivered record bookings and is already ahead of accretion expectations.

ALEX: The productivity story is remarkable too. They originally set a goal to achieve $2 billion in productivity savings by the end of 2024. They're now at $4.5 billion in annual run-rate savings and expect to hit $5.5 billion by the end of 2026.

JORDAN: That productiv

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**BETA FINCH PODCAST SCRIPT**

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ALEX: Welcome to Beta Finch, your AI-powered earnings breakdown where we turn quarterly reports into conversations that actually make sense. I'm Alex.

JORDAN: And I'm Jordan. Before we dive in, 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: Today we're breaking down Honeywell's Q4 2025 earnings call, and wow - there's a lot happening at this industrial giant. Jordan, where do we even start with this one?

JORDAN: Alex, this is probably one of the busiest transformation stories we've covered. Honeywell is essentially splitting itself into three separate companies while posting some pretty impressive numbers. Let's start with the financial highlights because they're actually quite strong.

ALEX: Right, so Q4 revenue grew 11% organically, or 6% if you exclude this Bombardier agreement impact they keep mentioning. What really caught my attention was their orders growth - up 23% in the quarter. That's huge for an industrial company.

JORDAN: Exactly, and that massive order growth pushed their backlog to over $37 billion, which is a new record. CEO Vimal Kapur seemed pretty excited about this, calling it validation of their market positions. But here's what I find interesting - they're guiding for 2026 organic sales growth of just 3% to 6%. That seems conservative given the order strength, doesn't it?

ALEX: It does feel conservative, but I think management is being cautious about the macro environment. They're seeing some weakness in Europe and China, particularly in their industrial automation business. CFO Mike Stepniak mentioned that different regions are performing very differently - the US and Middle East are strong, but Europe is just "okay."

JORDAN: And speaking of regional differences, let's talk about their pricing power. Honeywell has been capturing about 4% price increases, which is well above their historical 1-2% range. Kapur explained this isn't just tariff pass-throughs - they're seeing persistent inflation in labor costs, electronics, and commodities that's forcing a more mature pricing strategy.

ALEX: That's a key point because sustainable pricing power often separates great industrial companies from average ones. Now, Jordan, let's dive into this massive portfolio transformation they're executing. Can you walk our listeners through what's happening?

JORDAN: Sure. So Honeywell is essentially breaking itself apart. They already spun off their Advanced Materials business in October - that's now trading as Solstice. Next up, they're spinning off Aerospace in Q3 2026, which is actually ahead of their original timeline. They've already named the leadership team for that spin-off.

ALEX: And they're not stopping there. They announced they're selling their Productivity Solutions and Services business plus their Warehouse and Workflow Solutions. Kapur said they expect to sign deals in Q2. What's the strategic logic here?

JORDAN: It's all about focus and growth rates, Alex. By shedding these businesses, Honeywell is essentially choosing to exit the transportation, logistics, and warehouse markets to concentrate on three core areas: process automation, buildings, and industrial sensing. The remaining industrial automation business becomes much simpler - basically a sensing and measurement company.

ALEX: That makes sense. Sometimes less really is more in the corporate world. Now, there was some interesting discussion about their quantum computing venture, Quantinuum. This isn't your typical industrial business unit.

JORDAN: Not at all! Quantinuum just raised $840 million at a $10 billion valuation and launched something called Helios, which they claim is the world's most accurate commercial quantum computer. Honeywell is investing about $100 million more in 2026 than they

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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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# Beta Finch Podcast Script - GE Vernova Q4 2025 Earnings

**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown where we decode the latest corporate results so you don't have to. I'm Alex, and joining me as always is Jordan. Today we're diving into GE Vernova's fourth quarter 2025 earnings - and wow, what a quarter this was.

**JORDAN:** Absolutely, Alex. But 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.

**ALEX:** Thanks Jordan. So GE Vernova - this is the power generation and electrical equipment spinoff from GE that's been really making waves since going public. Jordan, what jumped out at you first from these numbers?

**JORDAN:** The scale is just incredible, Alex. We're talking about a $150 billion backlog - that's up 25% or $31 billion year-over-year. And they booked $59 billion in orders for the full year, up 34%. For context, their revenue was $38 billion, so they're booking orders at about 1.5 times their current revenue run rate.

**ALEX:** That's a massive order book. And CEO Scott Strazik seemed particularly excited about their gas power business. Can you break down what's happening there?

**JORDAN:** Gas power is absolutely on fire - no pun intended. They went from having 46 gigawatts under contract at the start of 2025 to 83 gigawatts by year-end. That's almost doubling their contracted capacity in a single year. And here's the kicker - they expect to hit 100 gigawatts by the end of 2026.

**ALEX:** What's driving this demand surge?

**JORDAN:** It's really the perfect storm of factors. You've got data centers consuming massive amounts of power, aging grid infrastructure, and the need for reliable baseload power as renewable intermittency creates challenges. Strazik mentioned they signed 6 gigawatts of new gas contracts just in the last three weeks of December alone.

**ALEX:** And they're not just winning on volume - they're getting better pricing too, right?

**JORDAN:** Exactly. This was one of the most interesting parts of the call. They added $8 billion in equipment backlog margin dollars in 2025 - that's more than the previous two years combined. In their Power segment specifically, they saw 11 percentage points of margin improvement in their equipment backlog. Strazik mentioned their current slot reservation agreements are pricing 10 to 20 points higher than their existing backlog.

**ALEX:** That pricing power is impressive. Now, it wasn't all good news though. Their Wind segment continues to struggle, particularly with offshore projects.

**JORDAN:** Yeah, the Wind segment is definitely the problem child. They had $600 million in losses for the year, which was worse than their $400 million expectation. The big issue was a U.S. government stop-work order on December 22nd that halted all offshore wind construction, including their Vineyard Wind project that was nearly complete.

**ALEX:** That's got to be frustrating - being so close to finishing a project and then getting shut down by regulatory action.

**JORDAN:** Absolutely. CFO Ken Parks said they only had 10 turbines left needing blades and 1 turbine left to install when the order came down. The good news is they got an injunction yesterday, so they might be able to resume work. But if they can't complete those remaining 11 turbines, it could impact 2026 revenue by about $250 million.

**ALEX:** Let's talk about their Electrification business - that seems to be a real growth driver.

**JORDAN:** This is probably the most exciting part of the story long-term. Electrification revenue grew 26% in 2025, and they're expecting it to hit $13.5 to $14 billion in 2026. To put that in perspective, this business was doing about $5 billion in revenue back in 2022. So we're talking about nearly tripli

This episode includes AI-generated content.