| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | August 4, 2026 | 8/12 | 6 medium, 2 low flags | 0 | 0 | Call sheet → |
| Q1'26 | May 5, 2026 | 11/12 | 1 medium, 5 low flags | 1 | 0 | Call sheet → |
| Q4'25 | February 3, 2026 | 9/12 | 1 high, 3 medium, 2 low flags | 5 | 1 | Call sheet → |
| Q3'25 | November 4, 2025 | 9/12 | 3 medium, 3 low flags | 3 | 1 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Pending | We continue to expect total company revenues in the range of $59.5 billion to $62.5 billion and adjusted diluted earnings per share in the range of $2.80 to $3 a share. This was FY2026 guidance, period not ended at the time of the Q1 call. By Q2, revenue guidance was revised upward with midpoint raised $500M and EPS guidance reaffirmed; this is a mid-year revision, not a delivered/missed outcome. |
| Q2'26 | Pending | So you'll see us, the capital allocation share repurchase lever will come back into greater consideration going forward. No timeline attached originally, and the topic was not revisited at all this quarter; actual not stated on the call. Unverified whether this lever is still active. |
| Q2'26 | Pending | We have already made meaningful progress on our productivity initiatives and remain on track to deliver the majority of the anticipated $7.2 billion in total net cost savings by the end of 26. Reaffirmed this quarter: 'We have made meaningful progress on our productivity enhancement initiative and remain on track to deliver most of the anticipated $7.2 billion in total net cost savings by the end of 2026.' FY2026 period has not ended, so status stays pending. |
| Q2'26 | Pending | We continue to expect approximately $700 million in savings from our phase one of our manufacturing optimization program this year, with approximately $175 million realized in this quarter. FY2026 target not yet ended; Q2 call confirms pace continuing with another $175M realized, putting cumulative H1 realization at roughly $350M against the $700M full-year target. On track but unproven for the full year. |
| Q1'26 | Pending | Adjusted EPS $2.80-3.00 for 2026 Q1 $0.75 ahead of expectations, tracking well vs guidance |
| Q1'26 | Pending | Total revenues $59.5-62.5B for 2026 Q1 beat expectations but guidance reaffirmed, suggests conservatism |
| Q1'26 | Exceeded | Mid-70s adjusted gross margin for 2026 Q1 delivered ~76% vs mid-70s guidance, back to historical range |
| Q1'26 | Pending | 8 key data readouts and 4 regulatory decisions in 2026 3 positive Phase III readouts mentioned as delivered in Q1, on track |
| Q1'26 | Pending | Approximately 20 pivotal study starts in 2026 Management confirmed 'keeping pace' with robust agenda - no specific count given for Q1 starts |
| Q1'26 | Pending | Deliver majority of $7.2B in cost savings by end of 2026 On track with $175M delivered in Q1 from manufacturing optimization alone |
| Q4'25 | Delivered | Maintain and over the long term grow dividend Returned $9.8B via quarterly dividends while maintaining commitment to future growth |
| Q4'25 | Delivered | Guidance for 2026 by end of 2025 Provided 2026 revenue guidance of $59.5B-$62.5B and EPS of $2.80-$3.00 |
| Q4'25 | Delivered | Phase 1 manufacturing optimization program contributing savings $600M in savings achieved through 2025, on track for $1.5B by 2027 |
| Q4'25 | Exceeded | At least $4.5 billion in cumulative net cost savings from cost realignment program by end of 2025 Dave confirmed they 'exceeded our savings target through 2025' from cost realignment program |
| Q4'25 | Delivered | Continue to invest behind recently launched and acquired products $10.2B revenue with 14% growth for recently launched/acquired products exceeded expectations |
| Q4'25 | Missed | Adult 25-valent PCV Phase III start in 2025 Explicitly pushed to 2026 with new qualifier about FDA alignment - regulatory uncertainty emerged |
| Q3'25 | Delivered | 2.7x leverage target maintenance Maintained target, though will temporarily exceed with Metsera |
| Q3'25 | Pending | Deploy AI and digital capabilities for R&D productivity Mentioned technology focus but no specific AI progress disclosed |
| Q3'25 | Delivered | Maintain and grow dividend over time Dividend maintained, commitment reiterated |
| Q3'25 | Delivered | Improved cash flows in back half of year $6.4B operating cash flow through 9 months shows improvement |
| Q3'25 | Pending | $4.5B cumulative cost savings by end of 2025 On track but not explicitly confirmed in Q3 |
| Q3'25 | Missed | Adult 25-valent PCV Phase III start in 2025 Quietly pushed to 2026 with FDA alignment caveat - clear regulatory pushback |
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