| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | July 31, 2026 | 7/12 | 1 high, 2 medium, 3 low flags | 2 | 0 | Call sheet → |
| Q1'26 | April 29, 2026 | 9/12 | 1 medium, 5 low flags | 2 | 2 | Call sheet → |
| Q4'25 | February 4, 2026 | 11/12 | 3 medium, 4 low flags | 6 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Delivered | TMAB-A regulatory discussions for acceleration Received breakthrough designation, exceeded promise |
| Q2'26 | Pending | Imraclidine Phase 2 to begin in Q4 Reiterated but no acceleration despite dose progress |
| Q2'26 | Delivered | Operating margin ratio approaching 47% for full year Q2 at 48.3%, ahead of pace |
| Q2'26 | Pending | Tavapidon approval decision in Q3 Maintained Q3 timeline |
| Q2'26 | Pending | RINVOC and ludicizumab HS data in second half of year Reconfirmed for H2 2026, 16-week data |
| Q2'26 | Pending | Skyrizzy subcutaneous induction approval decision expected later this year On track for fall decision per management |
| Q1'26 | Exceeded | Combined Skyrizi/Rinvoq sales >$31B in 2026 Guided to $31.7B, already $500M above 2027 long-term target |
| Q1'26 | Missed | Obesity Phase II program beginning end of 2025/early 2026 Pushed to Q3 2026 - 6+ month delay attributed to dose optimization |
| Q1'26 | Delivered | Low single-digit pricing headwinds for Skyrizi and Rinvoq Q1 pricing flat but warned of 'high single-digit' headwinds for remainder of year |
| Q1'26 | Missed | Trinebotox approval expected this year CRL issued for manufacturing questions, now working on resubmission timeline |
| Q1'26 | Pending | Tavapadon approval decision in third quarter 2026 Reaffirmed Q3 timing, regulatory process on track |
| Q1'26 | Pending | VYALEV to achieve blockbuster revenue in 2026 (>$1B) Q1 at $201M run-rate needs 80%+ growth in remaining quarters - tracking behind |
| Q4'25 | Delivered | Continued BD focus on 2030s growth drivers $5B+ invested including Capstan, bretasilacin, multiple platforms |
| Q4'25 | Delivered | Tavapadon regulatory submission in 2025 Submitted to FDA, approval decision expected Q3 2026 |
| Q4'25 | Delivered | SKYRIZI/RINVOQ combined growth despite competition Hit $31B+ combined, $500M above 2027 long-term target |
| Q4'25 | Exceeded | High single-digit compound revenue growth '24-'29 2025 performance already exceeds previous peak by $3B+ |
| Q4'25 | Exceeded | Continue raising guidance if momentum persists Raised revenue guidance $400M in Q3, beat by $300M in Q4 |
| Q4'25 | Delivered | VYALEV expanded US coverage soon Management confirmed 'full coverage' achieved, enabling US ramp |
Get free previews of our earnings-call research: the key changes, management scores, and questions worth investigating. Subscribe for full call sheets and deeper analysis.
Subscriptions are managed by Substack. If the form does not load, subscribe directly. Or follow the RSS feed.