| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | 2026-07-30 | 5/12 | 3 medium, 3 low flags | 1 | 1 | Call sheet → |
| Q1'26 | April 29, 2026 | 11/12 | 1 medium, 5 low flags | 1 | 1 | Call sheet → |
| Q4'25 | January 30, 2026 | 8/12 | - | 5 | 0 | Call sheet → |
| Q3'25 | October 28, 2025 | 10/12 | 6 low flags | 3 | 1 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Pending | Factor XI VTE results in Q1 2027 Pushed to 'first half of 2027', another 3-month slip |
| Q2'26 | Pending | Simdisiran FDA decision in Q4 Changed from 'November' to 'fourth quarter', slight timeline softening |
| Q2'26 | Pending | Phase 3 obesity programs for olareptatide later this year Reiterated timeline but no specifics on trial design or sites |
| Q2'26 | Delivered | Initiate IL-13 antibody first-in-human by mid-year Enrolled initial healthy subjects, on track for patient dosing this quarter |
| Q2'26 | Pending | Limerick facility full production by end Q2 Initial production resumed, but won't know if fully operational until Q3 margins |
| Q2'26 | Missed | FDA decision on EYLEA HD PFS during Q2 Still pending, same language as Q1. FDA didn't act by April PDUFA for second manufacturer |
| Q1'26 | Pending | Geographic atrophy interim data in fourth quarter Maintained Q4 timeline for exploratory cohort results |
| Q1'26 | Pending | Fianlimab melanoma data in first half 2026 Reaffirmed 'later in second quarter' - still on track |
| Q1'26 | Missed | EYLEA HD prefilled syringe decision expected late April 2026 FDA did not act by April PDUFA, both applications still pending |
| Q1'26 | Pending | Four FDA approvals anticipated in 2026 including three new molecular entities Otarmeni approved, garetosmab PDUFA August, cemdisiran Q4 expected |
| Q1'26 | Delivered | IL-13 antibody entering clinic in coming months Actually accelerated to 'by middle of this year' with expedited path |
| Q1'26 | Pending | Factor XI initial registrational study results in first quarter 2027 Reaffirmed timeline, no change from Q4 2025 |
| Q4'25 | Delivered | Continue returning ~$4B to shareholders in 2025 Returned $3.8B primarily through $3.4B in buybacks |
| Q4'25 | Pending | Multiple pivotal readouts in first half 2026 Reaffirmed fianlimab melanoma data in H1 2026 |
| Q4'25 | Delivered | Mid-teens percentage increase in R&D expense for 2026 Confirmed with specific $5.9-6.1B guidance range |
| Q4'25 | Exceeded | Sanofi development balance fully reimbursed by end of Q3 2026 Now expects full reimbursement by mid-2026, accelerated timeline |
| Q4'25 | Delivered | Similar demand decline in Q4 for EYLEA 2mg EYLEA declined 15% sequentially as forecasted |
| Q4'25 | Exceeded | EYLEA HD sequential demand growth to moderate to high single digits in Q4 Delivered 18% quarter-over-quarter unit demand growth, well above guided range |
| Q3'25 | Delivered | Final obesity COURAGE study results presentation Final 26-week results to be presented at diabetes meeting September 2025 |
| Q3'25 | Pending | Fianlimab LAG-3 data in late 2025 or early 2026 Now anticipated in first half 2026 due to slower event accrual |
| Q3'25 | Delivered | C5 program results in Q3 for generalized myasthenia gravis Positive Phase III results announced for cemdisiran |
| Q3'25 | Delivered | Factor XI pivotal studies set to launch by year-end First pivotal study in knee replacement surgery has begun enrollment |
| Q3'25 | Missed | EYLEA HD enhancements approval in August 2025 Delayed due to Catalent manufacturing issues, now targeting late 2025 |
| Q3'25 | Pending | Sanofi development balance to be fully reimbursed by end of 2026 Corrected timeline from 'end of year' mistatement in Q2 call - still on track |
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