| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | July 29, 2026 | 4/12 | 2 high, 4 medium, 1 low flags | 2 | 2 | Call sheet → |
| Q1'26 | April 29, 2026 | 11/12 | 4 medium, 2 low flags | 5 | 0 | Call sheet → |
| Q4'25 | February 6, 2026 | 11/12 | 3 medium, 5 low flags | 4 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Delivered | Achieve >$850 M growth‑portfolio revenue in Q1 Q1 growth revenue was $851 M. |
| Q2'26 | Pending | Deliver SLE Phase‑III readouts in Q4 2026 Readouts scheduled for Q4; no data yet. |
| Q2'26 | Pending | Launch Lakembi iClick induction by May 24 2026 FDA approval received; product expected on market end‑August - still pending commercial launch. |
| Q2'26 | Missed | Maintain cash > $4 B after acquisition Cash fell to $1.3 B due to the $3.6 B cash outlay. |
| Q2'26 | Missed | Generate >$500 M free cash flow in Q2 Free cash flow came in at $408 M, 19% below the implied target. |
| Q2'26 | Delivered | Close the Apellis transaction Deal closed May 14 2026, as announced on the call. |
| Q1'26 | Delivered | Geographic expansion for growth products SKYCLARYS now in 35 countries, Brazil approval achieved |
| Q1'26 | Delivered | Cost discipline while investing for growth Maintained ~$1.1B quarterly core OpEx while funding Phase III programs |
| Q1'26 | Delivered | Pipeline readouts starting in 2026 Multiple programs advancing as promised with BIIB080 mid-year readout confirmed |
| Q1'26 | Pending | LITIFILIMAB Phase III SLE data by end of 2025 Accelerated timeline moved to end of 2026 |
| Q1'26 | Exceeded | High-dose SPINRAZA approval expected in multiple regions Delivered US, Europe, Japan approvals ahead of expectations |
| Q1'26 | Delivered | LEQEMBI subcutaneous maintenance approved for October launch Product launched in October 2025 as promised, though full Part D reimbursement delayed to 2027 |
| Q4'25 | Pending | Expect another 3 to 4 molecules into early-stage pipeline over coming 18 months Timeline still active, partially delivered with new collaborations |
| Q4'25 | Delivered | BIIB142 IRAK4 degrader Phase I study initiation Started Phase I study in normal healthy volunteers |
| Q4'25 | Pending | Sequential impact in Q4 to be roughly double the erosion we saw this quarter for TECFIDERA Guidance provided in Q3, will be measured in Q4 results |
| Q4'25 | Delivered | Continue to expect full year global SPINRAZA revenue to be relatively similar in 2025 as compared to 2024 Down only 2% for full year, within reasonable range of 'relatively similar' |
| Q4'25 | Exceeded | TOPAZ studies fully enrolled, readouts expected second half 2026 Accelerated to end of 2025 for SLE readouts due to successful recruitment |
| Q4'25 | Delivered | At least another one, if not two, further research stage deals by the end of the year Closed Vanqua Bio and Dara Therapeutics deals in Q4, plus Alcyone acquisition |
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