Earnings calls, dissected.
Comprehensive earnings analysis of public company calls — delivered as a buy-side ready PDF at $99 flat. Same-day delivery on the day of the call.
McKesson closed FY2026 with full-year adjusted EPS of $39.11, up 18% year-over-year, on revenues of $403 billion, surpassing both initial guidance and long-term growth targets. The company enters FY2027 with $43.80–$44.60 EPS guidance and a $5 billion share repurchase plan underpinned by Medical-Surgical separation proceeds.
CVS Health delivered a strong first-quarter beat on both revenue and earnings, with adjusted EPS of $2.57 on revenues of $100.4 billion, prompting a $0.30 raise to full-year adjusted EPS guidance. The Health Care Benefits segment drove the upside, with Aetna's medical benefit ratio of 84.6% coming in well below prior-year levels amid disciplined cost management and favorable prior-year development.
Merck posted Q1 2026 worldwide sales of $16.3 billion, up 5% year-over-year, driven by KEYTRUDA family growth of 8% to $8.0 billion and WINREVAIR's 87% surge to $525 million. A non-GAAP EPS loss of $(1.28) reflected a $9.0 billion R&D charge from the Cidara Therapeutics acquisition, obscuring otherwise solid underlying operating momentum.
Analysis of Novartis Q1 FY2026 earnings, focused on the drag from US generic erosion, continued strength across key growth brands, pipeline and business-development momentum, and whether launch execution in oncology, neuroscience, and cardiovascular assets can offset the near-term profit pressure.
Cencora posted Q2 FY2026 revenue of $78.4 billion, up 3.9% year-over-year, with diluted EPS of $8.40 versus $3.68 in the prior-year period, driven in part by a $1.09 billion non-cash gain on the remeasurement of its previously held OneOncology equity investment. The quarter marked a significant portfolio transformation, with the completion of the OneOncology acquisition and the classification of MWI Animal Health and U.S. Consulting Services as held for sale.