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Top 100 US-listed companies by market capitalization. AI-powered earnings call analysis for S&P 100 (SP100). Two AI hosts break down quarterly results, key metrics, and market implications in digestible podcast episodes.

  1. 11h ago

    Merck Q3 2026 Earnings Analysis

    More earnings analysis: https://betafinch.com Groups: PHARMA (https://betafinch.com/groups/PHARMA) ────────── **ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown. I'm Alex. **JORDAN:** And I'm Jordan. Today we're diving into Merck's third quarter 2026 results, reported this past Thursday. **ALEX:** Before we get into it — quick 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:** Good to have that squared away. So Alex, Merck's a company everyone's watching right now because of the Keytruda patent cliff looming. What'd the quarter actually look like? **ALEX:** Solid, honestly. Revenue came in at $18.1 billion, up 5% year-over-year, or 4% excluding currency effects. And they actually narrowed and raised the midpoint of their full-year guidance — now expecting $66.8 to $67.3 billion in revenue and EPS of $2.77 to $2.82. **JORDAN:** That's a good sign. Companies don't usually raise guidance if they're nervous about the quarter. Let's talk Keytruda specifically, since that's the elephant in the room. **ALEX:** Right, the Keytruda franchise — including the newer subcutaneous version, Keytruda Qlex — grew 6% to $8.6 billion. Still their biggest product by a mile. But management was candid: they're now approaching peak revenues in certain indications, and growth is moderating as they've basically saturated the eligible patient population. **JORDAN:** And that subcutaneous version, Qlex, is actually really interesting as its own story. $830 million in sales this quarter, and there's litigation drama in Europe — a Dutch court issued an injunction over hyaluronidase IP that's blocking sales in several smaller European markets. **ALEX:** Yeah, but CEO Robert Davis was pretty firm that this doesn't change their confidence. The U.S. business is humming — they're targeting 30-40% subcutaneous adoption by end of 2027, and the affected European markets are described as lower-volume anyway. **JORDAN:** Okay, so that's the "today" story. But the real headline for me is what they said about 2027 — because that's when the real Keytruda cliff pressure, plus generic competition for Bridion and Januvia, starts biting. **ALEX:** CFO Caroline Litchfield called it directly: more than $2 billion in headwinds next year from generics hitting Bridion, the Januvia family, and Adempas. Plus continued Keytruda moderation and some German pricing policy pressure. **JORDAN:** But — and this is the part I think investors should really sit with — she described 2027 as "a year of investment," not decline. They're framing the whole Keytruda loss-of-exclusivity period as more of a "hill" in revenue rather than a cliff, with earnings expected to largely mirror that shallow dip and then resume growth. **ALEX:** That's the bet they're making. And it's backed by what might be the most exciting part of this whole call — the pipeline news out of the ESMO oncology conference last weekend. **JORDAN:** Walk us through it, because there were a lot of acronyms flying around. **ALEX:** The biggest one: sac-TMT, their antibody-drug conjugate, showed nearly a 7-month improvement in median overall survival for endometrial cancer patients compared to chemo alone. That's a disease with rising incidence and a really poor prognosis, so that's meaningful. **JORDAN:** And then there's entismodigene — the individualized mRNA cancer vaccine they're developing with Moderna. This one actually got some strong outside validation. **ALEX:** Right, Dean Li, their research chief, quoted oncologist Antoni Ribas calling the melanoma data "a landmark in cancer drug development." It showed meaningful improvements in recurrence-free survival when combined with Keytruda in resected melanoma patients. They're now talking with the FDA about filing it. This episode includes AI-generated content.

  2. 11h ago

    Altria Q3 2026 Earnings Analysis

    More earnings analysis: https://betafinch.com Groups: INCOME (https://betafinch.com/groups/INCOME) ────────── **ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown! Today we're digging into Altria's third quarter 2026 results, and there's a lot on the table — from a lawsuit against the FDA to a brand-new flavor lineup for nicotine pouches. I'm Alex, here with Jordan, and we're going to break it all down for you. **JORDAN:** Before we get into it — quick reminder, Alex, you know the drill. **ALEX:** Right, right. 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:** Perfect. Okay, let's get into Altria's numbers. **ALEX:** So headline first: adjusted diluted EPS grew 4.8% in Q3, and 5.1% through the first nine months of the year. That's solid growth for a company that's often thought of as slow and steady. **JORDAN:** And here's the thing that jumped out at me — they actually raised guidance. Full-year adjusted EPS is now expected between $5.66 and $5.74, which works out to 4.5% to 6% growth off last year's $5.42. That's up from their original range of 2.5% to 5%. So management is feeling pretty confident here. **ALEX:** Yeah, and that confidence is coming largely from the smokeable products segment, which is still the earnings engine for Altria. Adjusted operating company income there grew 3.9% to $3.1 billion in the quarter. Margins expanded too, up to 64.5%. **JORDAN:** What's interesting is how they're doing it. This isn't just pure pricing power — it's a "total portfolio" strategy. Marlboro's holding the premium end, but they've also got Basic gaining share in the discount segment. Basic's retail share jumped 1.8 points year-over-year as more price-pressured smokers trade down. **ALEX:** And then there's the new kid — Marlboro Cowboy Cut. It's basically a lower-priced premium option designed to keep value-conscious Marlboro smokers in the franchise instead of losing them to discount brands entirely. It's already in about 100,000 stores, roughly 75% of cigarette volume nationally. **JORDAN:** Smart playbook, honestly. They've done this before with Marlboro Special Select and Marlboro Black — launch at an introductory price, then gradually take pricing up over time once it's established. And it seems to be working — Marlboro's share of the premium segment hit 60%, up slightly both year-over-year and sequentially. **ALEX:** Now let's talk about the smoke-free side of the business, because this is where things get really interesting strategically. On! nicotine pouches — shipment volume was up 13.3% in the quarter to 47.8 million cans. **JORDAN:** But retail share only ticked up 0.1 point year-over-year, and was actually down 0.3 sequentially. That tells you this category is getting fiercely competitive. Everybody's throwing flavors and higher nicotine strengths at the wall right now. **ALEX:** Which is exactly what Altria's subsidiary Helix is doing in response — they just rolled out on! PLUS 12-milligram nationally, and they're adding new flavors: Blueberry Mint and Mango Pineapple hit shelves this month, with Watermelon Mint coming in November. **JORDAN:** And don't sleep on the marketing push either — they hosted something called the "on!vitational," an invite-only golf tournament in Palm Beach. It's meant to be a recurring, multiyear brand platform. Altria's clearly trying to build lifestyle equity around on!, not just compete on nicotine strength and flavor. **ALEX:** Now, here's the part of this call I found most newsworthy — the regulatory fight. Altria's Helix and NJOY subsidiaries actually sued the FDA this quarter. **JORDAN:** Yeah, this is a big deal. The lawsuit is asking a court to force the FDA to stick to the 180-day review timeline that Congress set for product authorizatio This episode includes AI-generated content.

  3. 11h ago

    Mastercard Q3 2026 Earnings Analysis

    More earnings analysis: https://betafinch.com ────────── **ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown! I'm Alex, here with Jordan, and today we're diving into Mastercard's third quarter 2026 results. Before we jump in, quick note: 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:** And honestly, there's a lot to unpack here, Alex. Mastercard just put up some seriously strong numbers. **ALEX:** Let's start with the headline figures. Net revenue grew 14% year-over-year on a currency-neutral basis. Net income was up 18%, and EPS jumped 21% to $5.31 a share. **JORDAN:** That EPS number includes about 16 cents from share buybacks — they repurchased $3 billion in stock during the quarter, plus another $648 million through late October. So they're returning serious cash to shareholders while still growing the core business. **ALEX:** Right, and this wasn't a one-trick-pony quarter either. Worldwide gross dollar volume was up 7%, switched transactions grew 9%, cross-border volume jumped 11%. New CFO Ling Hai — this was her very first earnings call, by the way — pointed out that revenue actually came in above expectations, partly because some services projects and deals got pulled forward from Q4 into Q3. **JORDAN:** Which is an important nuance. That timing shift means Q4 might look a touch softer by comparison — not because the business is slowing, but because some of that strength already showed up early. **ALEX:** Let's talk about where the real growth engine is. Value-added services and solutions — things like fraud protection, analytics, consulting, identity — grew 19%. That's now a massive piece of the puzzle. **JORDAN:** And CEO Michael Miebach made a great point: 60% of their services are directly linked to network volume. So as more transactions flow through Mastercard's rails, there's more opportunity to upsell fraud tools, loyalty programs, marketing insights — it's a flywheel. More volume feeds more services, more services make the network stickier, which drives even more volume. **ALEX:** Speaking of new frontiers — agentic commerce was a huge theme on this call. That's basically AI agents shopping on your behalf. **JORDAN:** This was fascinating. Mastercard is pushing hard for something called Agent Pay — fully tokenized transactions where the payment, the agent, and the ecosystem are all verified and trusted. Miebach was really clear that they do NOT want virtual card numbers — VCNs — to become the long-term bridge for agentic payments. He called that just a patchwork solution, not a destination. **ALEX:** And they've already got real partners testing this. Shopify's Shop Pay is using Agent Pay and network tokens. And get this — they signed a broad strategic partnership with OpenAI this quarter. **JORDAN:** That's a big name to have in your corner as agentic commerce scales up. It's early days — Miebach even said the numbers aren't significant yet in the grand scheme — but the weekly growth rates on agentic transactions are apparently impressive. **ALEX:** Another storyline: digital assets and stablecoins. Mastercard closed its acquisition of BVNK during the quarter, and they've already launched a joint product — the Mastercard Global Money Platform. **JORDAN:** This lets banks and fintechs offer accounts where customers can hold, convert, and move between fiat currency and stablecoins, all built on Mastercard's massive money-movement network. Nuvei and Marqeta are already signed on as early adopters. Miebach said almost every conversation with a bank CEO now includes the stablecoin question — so having a ready-made answer is clearly valuable. **ALEX:** Let's not forget the win column either. Mastercard racked up some impressive deals this quarter — renewed partnerships wi This episode includes AI-generated content.

  4. 11h ago

    Eli Lilly Q3 2026 Earnings Analysis

    More earnings analysis: https://betafinch.com Groups: PHARMA (https://betafinch.com/groups/PHARMA) ────────── **ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown! I'm Alex, joined as always by Jordan, and today we're digging into Eli Lilly's Q3 2026 results — and folks, this is a big one. **JORDAN:** Huge one. Stock popped over 6.5% on the news. **ALEX:** It really did. But before we get into it — quick 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:** Important stuff. Okay, Alex, let's talk numbers because they're staggering. **ALEX:** Revenue grew 39% year-over-year — that's nearly $7 billion in additional revenue in a single quarter. Non-GAAP EPS came in at $7.48, and gross margin actually expanded to 84.4%. **JORDAN:** And the guidance raise is what really got everyone's attention. Full-year revenue guidance moved up to $91-92 billion, and EPS guidance jumped to $35-36 — that's roughly a $4 per share increase at the midpoint from where they were tracking before. **ALEX:** Which is wild because this isn't the first raise this year. CFO Lucas Montarce basically said they've now raised full-year revenue guidance by about $10 billion since the start of 2026. **JORDAN:** And when analysts pushed on that — like, "are you guys just being too conservative?" — CEO David Ricks had a great answer. He basically said, look, we're in the middle of the largest category expansion in pharma history. There's real uncertainty here, and he'd rather beat estimates than miss them. Two big unknowns this year were the Medicare bridge program uptake and how deep international out-of-pocket demand would go — and both surprised to the upside. **ALEX:** Let's talk about that Medicare bridge program because it's honestly the story of the quarter. This opened up obesity medicine access to about 20 million seniors starting July 1st, and in just one quarter, over half a million people already filled a prescription. **JORDAN:** And Lilly is absolutely dominating that channel — 7 out of 10 new bridge patients are starting on a Lilly medicine. There was even a USC Schaeffer Center study cited saying this program could save Medicare over $20 billion cumulatively over ten years. That's a pretty powerful argument for why this program might get extended or made permanent. **ALEX:** Right, and that was actually a direct question in the Q&A — will this bridge program survive past 2026? Ricks sounded genuinely optimistic, citing strong uptake, appropriate use based on BMI and comorbidities, and that cost-effectiveness data. He thinks it could get folded into the permanent Part D benefit going forward. **JORDAN:** Let's not overlook the core business though — Mounjaro and Zepbound combined for over $16 billion in the quarter alone, contributing $6 billion of year-over-year growth. China was a standout too — Mounjaro became the first medicine there ever to cross $1 billion in its first full year, with 62% constant currency growth. **ALEX:** And it's not just incretins anymore. Management specifically called out that oncology, immunology, and neuroscience revenue combined actually doubled year-over-year. Jaypirca up 59%, Ebglyss up 59%, and Kisunla — their Alzheimer's drug — up a staggering 175%. **JORDAN:** That diversification story matters. David Ricks made a point of saying three-fourths of their clinical pipeline is actually outside of obesity. They don't want to be a one-trick pony, even though the trick is working extremely well right now. **ALEX:** Speaking of the pipeline, there was some really juicy data this quarter. Retatrutide — their triple agonist — went head-to-head with semaglutide in type 2 diabetics and basically more than doubled the weight loss, 20-21% versus 9.4%. **JORDAN:** And then there This episode includes AI-generated content.

  5. 11h ago

    Linde Q3 2026 Earnings Analysis

    More earnings analysis: https://betafinch.com ────────── **ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown, where we turn dense earnings calls into conversations you'd actually want to have over coffee. I'm Alex. **JORDAN:** And I'm Jordan. Today we're digging into Linde — ticker LIN — the industrial gas giant, reporting Q3 2026 results. **ALEX:** Before we get into it, quick note: 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:** Got it. So Alex, let's set the scene. Three months ago, Linde's management basically admitted their numbers weren't great. CEO Sanjiv Lamba opened this call by saying the message was "received loud and clear." That's a pretty candid admission for a company this size. **ALEX:** Right, and they backed it up with action — a $425 million restructuring charge this quarter. Roughly half of that is severance, mostly in slower-growth regions. The other half is tied to portfolio moves, primarily around their U.S. home care business, Lincare. **JORDAN:** Lincare's the name that's going to come up a lot today. But first, let's talk headline numbers because on the surface, this was actually a record quarter. **ALEX:** Yeah — sales of $9.4 billion, up 9% year-over-year. Operating profit hit $2.8 billion, and EPS came in at $4.59, up 9%. All quarterly records. **JORDAN:** But — and this is the "yeah, but" moment — operating margin excluding cost pass-through was basically flat. So revenue's growing, profits are growing, but the underlying profitability engine isn't really improving yet. **ALEX:** Right, and management was upfront that non-gas segments — meaning Lincare and the Engineering business — are the drag. The core gas business is healthy; it's the stuff around the edges weighing things down. **JORDAN:** Let's talk about where growth is actually coming from, because it's pretty concentrated. Electronics was the star — 15% growth, driven by Asia-Pacific and the U.S. And get this: they've got about $2 billion of electronics projects under construction right now in the U.S., Korea, and China. **ALEX:** That's a serious pipeline. CEO Lamba basically said he expects double-digit electronics growth to continue for the next few years because of that backlog alone. **JORDAN:** Chemicals & Energy also grew 12%, helped by stronger volumes in the U.S. and China, plus some interesting geopolitical tailwinds — customers on the Gulf Coast and in China are benefiting from raw material advantages tied to the Middle East conflict. **ALEX:** Meanwhile, Europe remains... let's say "uninspiring." Lamba didn't sugarcoat it — he said there's "zero catalyst" for European industrial recovery right now. No pragmatic policy action, high energy costs, and no sign domestic demand is picking up anytime soon. **JORDAN:** And it's a similar story in China, interestingly. Exports are strong, but domestic consumption — including EV purchases, which were down 11-12% — just isn't showing up. Electronics is really the one bright spot there too. **ALEX:** Now let's get to Lincare, because this is the headline strategic story. Starting this quarter, Lincare now reports directly to CFO Matt White instead of sitting in the regional Americas segment, and it's been moved into the "Global Other" category. **JORDAN:** Which sounds like a filing cabinet move, but it's actually significant. It increases executive oversight and, frankly, makes the core Gases business numbers cleaner for investors to evaluate — because Lincare's been dragging on results. **ALEX:** CFO Matt White said Lincare is costing the company about 1.5 to 2 percentage points of EPS growth this year. Strip that out, and Linde would be back in double-digit EPS growth territory. **JORDAN:** And when analysts pushed on whether this means a This episode includes AI-generated content.

  6. 11h ago

    Intercontinental Exchange Q3 2026 Earnings Analysis

    More earnings analysis: https://betafinch.com ────────── **ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown. I'm Alex. **JORDAN:** And I'm Jordan. Today we're diving into Intercontinental Exchange — ticker ICE — and their third quarter 2026 results. **ALEX:** Before we get into it, quick 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:** With that out of the way, Alex, this was a huge quarter for ICE. **ALEX:** Huge is right. Adjusted EPS came in at $2.02, up 18% year-over-year. That's the best third quarter in the company's history, and the second-best quarter ever, period. **JORDAN:** Net revenues hit $2.8 billion, up 15%. And what I love is the composition — recurring revenue hit a record $1.4 billion, up 7%, while transaction revenue jumped 23%. That's really the ICE playbook in a nutshell. **ALEX:** Exactly. Steady, compounding recurring revenue as the base, and then when markets get volatile, transaction revenue gives you this operating leverage kicker on top. **JORDAN:** And CFO Warren Gardiner made a great point — they've now navigated three totally different market environments this year. Acute volatility in Q1, calm in Q2, and renewed geopolitical risk in Q3 with rates moving higher globally. And they grew through all three. **ALEX:** Let's talk segments, because every single one delivered. Exchanges net revenue was $1.5 billion, up 22% — a third-quarter record. Energy transaction revenue grew 26%, interest rates surged 48%, and ag and metals were up a wild 62%. **JORDAN:** The interest rate story is fascinating. European rate markets like EURIBOR and SONIA are exploding because Europe's financing this massive defense and infrastructure buildout through government borrowing. September alone saw total rate volume up 95%. **ALEX:** Ninety-five percent! And they set open interest records left and right — futures OI across financials hit 17.5 million lots on September 10th. **JORDAN:** Meanwhile energy keeps compounding too. TTF — that's the European gas benchmark — volume was up 39%, options up 72%. Europe's basically rebuilt its entire gas supply chain away from Russia, and ICE's benchmark is sitting right at the center of that repricing. **ALEX:** Now let's hit Fixed Income and Data Services — FIDS — because that's been a real standout. Record revenue of $674 million, up 9%, and they raised full-year recurring revenue guidance to the top of their range, around 8%. **JORDAN:** Chris Edmonds, who runs that business, had a great line about why — clients are consolidating vendors and want fewer partners who can deliver at scale. ICE's evaluated pricing and index business, which grew 24% by the way, is becoming core infrastructure. **ALEX:** And that ties directly into the MarketAxess deal, which is the big strategic headline this quarter. **JORDAN:** Right — they got DOJ approval last week, financing's fully locked in with $3.75 billion in senior notes plus a term loan, and the deal is now expected to close in Q1 2027, actually ahead of the original first-half timeline. **ALEX:** MarketAxess serves over 2,100 client firms in fixed income trading, so once that's folded into ICE's data and pricing network, you've got even more proprietary data flowing through the system — which feeds indices, which feeds more AUM benchmarked to ICE, and round and round it compounds. **JORDAN:** Let's talk about the part of this call that got the most attention, though — the blockchain and crypto strategy. Jeff Sprecher spent real time on this. **ALEX:** Yeah, ICE announced it's becoming the exclusive operator of Trade[XYZ]'s regulated markets — Trade[XYZ] builds perpetual futures markets on the Hyperliquid blockchain, which has attracted a ton of global retail trading volume. **JOR This episode includes AI-generated content.

  7. 11h ago

    Caterpillar Q3 2026 Earnings Analysis

    More earnings analysis: https://betafinch.com Groups: INDUSTRIALS (https://betafinch.com/groups/INDUSTRIALS) ────────── **ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown, where we dig into the numbers so you don't have to. I'm Alex. **JORDAN:** And I'm Jordan. Today we're talking heavy machinery, massive engines, and a backlog number that honestly made me do a double take. We're covering Caterpillar's third quarter 2026 results. **ALEX:** Before we dive in, quick 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:** Okay, with that out of the way — Alex, this was a big quarter. **ALEX:** Huge. Caterpillar posted record third-quarter sales of $20.7 billion, up 17% year-over-year. Adjusted earnings per share came in at $7.20, up 45%. And then there's the headline number: backlog hit an all-time high of $78 billion. **JORDAN:** Seventy-eight billion. For context, that's up roughly 96% from a year ago — basically doubled. And it grew sequentially for the fourth straight quarter across all three major segments. That's the kind of visibility most industrial companies dream about. **ALEX:** Right, and the story behind that backlog is really the story of this whole earnings call: demand for power generation equipment tied to data centers and AI is so strong that Caterpillar literally cannot build engines fast enough. **JORDAN:** That's the key tension here. CEO Joe Creed said it plainly — capacity, not demand, is the limiting factor in the Power and Energy segment. They're now taking orders for large reciprocating engines out into 2029, and turbine orders into 2030. **ALEX:** Which is wild when you think about it. Normally Caterpillar's backlog visibility is maybe 12 months. Now customers are locking in engine slots three or four years out. **JORDAN:** And to address that, they announced plans to nearly triple large reciprocating engine production by 2030 compared to 2024 levels. Part of that involves repurposing a facility in Winston-Salem, North Carolina — currently making locomotive engines — into a second assembly line for their big 3600 series engines, aimed at natural gas compression for oil and gas customers. **ALEX:** It's a smart move — using existing footprint and workforce rather than building new from scratch. Faster, cheaper way to add capacity. **JORDAN:** Let's talk segment performance, because all three told a slightly different story. Power and Energy sales grew 18% to $8.8 billion, with segment margin up 250 basis points to 24.4%. Power generation sales to users were up a stunning 75%, driven by data center demand for turbines and large engines. **ALEX:** Construction Industries also had a strong quarter — sales up 18% to $8 billion, and this marks the seventh consecutive quarter of year-over-year retail growth. North America sales to users grew 27%. They also launched this "Major Projects" rental joint venture with dealers to handle large-scale infrastructure and data center builds — basically supplementing dealer rental fleets when a project is too big for any single dealer to handle alone. **JORDAN:** Resource Industries was the laggard of the three — sales to users up only 4%, below expectations, because of shipping and commissioning delays in mining equipment. Management was clear this is temporary, not demand-related. In fact, orders in that segment have been strong for three straight quarters now, driven by copper and gold mining activity. **ALEX:** So demand isn't the problem anywhere — it's execution and logistics catching up with demand. That's a pretty good problem to have, frankly. **JORDAN:** It is, though it's not free. Let's talk margins, because this is where I think investors should pay attention. Full-year adjusted operating profit margin, exclud This episode includes AI-generated content.

  8. 11h ago

    Bristol-Myers Squibb Q3 2026 Earnings Analysis

    More earnings analysis: https://betafinch.com Groups: PHARMA (https://betafinch.com/groups/PHARMA) ────────── **ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown where we turn dense earnings calls into conversations you'd actually want to listen to. I'm Alex. **JORDAN:** And I'm Jordan. Today we're digging into Bristol Myers Squibb's third quarter 2026 results, reported this past Thursday. **ALEX:** Before we get into it, our standard 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:** Right, let's get into the numbers because honestly, Alex, this was a pretty strong quarter for BMS. **ALEX:** It was. Total revenue came in at $13.1 billion, up 7% year-over-year. But the number that really matters is the growth portfolio — that's their newer, patent-protected medicines — which jumped 12% to $7.7 billion. **JORDAN:** And that's the story investors want to hear with Bristol, right? They've got this massive legacy portfolio dealing with patent cliffs, but the growth portfolio is now carrying real weight. Eight products are annualizing over a billion dollars each. That's a surprisingly diversified base. **ALEX:** Diversified is the key word. Reblozyl grew 22% to $750 million, Breyanzi — their CAR-T therapy — grew 48% to $526 million. Camzyos jumped 42%. These aren't just incremental wins. **JORDAN:** The one that caught my eye is Qvantig, the subcutaneous version of Opdivo. Sequential growth of 28%, now annualizing over $1.3 billion. They've converted about 17% of their IV Opdivo business to this subcutaneous form, and management said they're tracking toward the higher end of their 30-40% conversion target. **ALEX:** Which matters because Opdivo itself actually declined 6% as patients shift over — but that's by design. It's essentially the same revenue moving to a better-margin, more convenient format. A three-minute in-office injection instead of an infusion. **JORDAN:** Meanwhile, Eliquis — still their biggest legacy product — grew 26% to $4.7 billion. Management flagged that Q4 will see some impact from loss of exclusivity in Europe, and there's a bigger $1.5 to $2 billion step-down expected in 2027. So enjoy this number while it lasts. **ALEX:** On the bottom line, diluted EPS was $1.35, though that includes a $0.58 hit from acquired IP R&D charges and licensing income. Strip that out, and the underlying EPS story actually improved by about 15 cents versus their prior guide. **JORDAN:** And they raised full-year guidance — new EPS range of $6.35 to $6.55. Gross margin held around 68.4%, and they're sitting on $13 billion in cash with $4.2 billion in operating cash flow this quarter alone. That's a company with real flexibility. **ALEX:** Let's talk pipeline, because this quarter was genuinely eventful. Bristol got FDA approval for Symvexis, their first CELMoD — that's a targeted protein degradation drug — for multiple myeloma. Early launch feedback has been positive. **JORDAN:** And it wasn't just one win. In the span of about two months, they had four positive registrational readouts. Admilparant hit its primary endpoint in a Phase 3 pulmonary fibrosis trial. Their radiopharmaceutical RYZ101 showed meaningful progression-free survival improvement in a rare tumor type called GEP-NETs. And Arlocel, their CAR-T for multiple myeloma, delivered positive Phase 2 results. **ALEX:** CEO Christopher Boerner was clearly feeling good about this streak, calling it a "next wave of launches coming into sharper focus." They're even putting real money behind it — $2.3 billion for a new manufacturing campus in Houston, plus $170 million for a radiopharmaceutical facility in Indiana. **JORDAN:** Now, the Q&A had some interesting tension. On admilparant, an analyst pushed on why the higher 12 This episode includes AI-generated content.

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Top 100 US-listed companies by market capitalization. AI-powered earnings call analysis for S&P 100 (SP100). Two AI hosts break down quarterly results, key metrics, and market implications in digestible podcast episodes.

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