Earnings calls, dissected.

Hapvida delivered R$7.9 billion in net revenue and R$803 million in Adjusted EBITDA in Q1 2026, with Cash MLR improving 328 bps sequentially to 72.2% as utilization normalised following elevated 2H25 claims. The quarter was characterised as largely clean of material one-offs, enabling a clearer read on underlying operational momentum as management executes a structured turnaround plan.

Bayer delivered a solid Q1 2026, with group EBITDA before special items rising 9% to €4.45bn and Core EPS climbing 13% to €2.71, driven by a Crop Science licensing windfall and continued momentum in pharmaceutical launches. Management confirmed its full-year currency-adjusted guidance while flagging elevated litigation cash outflows of €2.1bn as the dominant near-term drag on free cash flow.

AbbVie reported Q1 2026 net revenues of $15.0 billion, up 12.4% year-over-year, driven by explosive growth in its immunology franchise. GAAP diluted EPS of $0.39 declined sharply from $0.72 in Q1 2025, pressured by a $2.4 billion non-cash contingent consideration fair value charge and a $744 million acquired IPR&D expense including the $650 million RemeGen license.

Rede D'Or São Luiz delivered strong Q1 2026 results, with consolidated gross revenue of R$15.5 billion (+10.0% YoY) and EBITDA of R$3.0 billion (+27.3% YoY), driven by accelerating surgical volumes, oncology growth, and improving insurance loss ratios. Net income reached R$1.2 billion (+13.9% YoY), while leverage declined to 1.75x Net Debt/EBITDA.

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.

UnitedHealth Group reported Q1 2026 diluted EPS of $6.90, up from $6.85 a year ago, on revenues of $111.7 billion, a 2% year-over-year increase driven by UnitedHealthcare pricing and Optum Rx growth. Operating earnings of $9.0 billion remained broadly stable despite elevated restructuring costs and continued membership contraction across Medicare Advantage and Medicaid.

Pfizer delivered Q1 2026 revenues of $14.5 billion, up 5% year-over-year, beating expectations on top-line growth while adjusted diluted EPS of $0.75 declined 18% versus the prior-year quarter. Management reaffirmed full-year 2026 guidance of $59.5–$62.5 billion in revenue and $2.80–$3.00 adjusted diluted EPS.

Cardinal Health delivered a strong Q3 FY2026, with non-GAAP diluted EPS surging 35% year-over-year to $3.17 and revenue climbing 11% to $60.9 billion, driven by branded and specialty pharmaceutical growth. A $184 million goodwill impairment on the Navista & ION oncology platform weighed on GAAP results, while tariff headwinds continued to pressure the GMPD segment.

The Cigna Group delivered a strong first quarter in 2026, with total revenues rising 4.6% year-over-year to $68.5 billion and diluted EPS jumping 29% to $6.26, driven by accelerating Evernorth pharmacy volumes and disciplined cost management across the portfolio. The quarter underscores Cigna's ongoing repositioning as a pharmacy and health services platform following the 2025 divestiture of its Medicare Advantage business.

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.

AstraZeneca delivered total revenue of $15.3 billion in Q1 2026, up 8% at CER, with core operating profit rising 12% and core EPS of $2.58, up 5%. Full-year guidance was reiterated, with the company advancing four positive Phase III readouts and deepening its 2030 revenue ambition.

HCA Healthcare posted Q1 2026 revenue of $19.1 billion and diluted EPS of $7.15, both ahead of consensus, as pricing strength and operating cash flow momentum offset headwinds from rising uninsured volumes and softer surgical activity. The quarter demonstrated resilient top-line growth despite meaningful payer-mix pressure from the expiration of enhanced premium tax credits.

Humana reported Q1 2026 total revenues of $39.6 billion, up 23% year-over-year, driven by strong premium growth, though diluted EPS of $9.83 declined from $10.30 in Q1 2025 amid rising benefit costs and transformation charges. The quarter reflects a company navigating elevated medical cost pressure while investing aggressively in primary care infrastructure and operational restructuring.

Centene delivered a strong Q1 2026, with total revenues of $49.9 billion and adjusted diluted EPS of $3.37, reflecting double-digit year-over-year earnings growth. Operating cash flow surged to $4.4 billion and the company accelerated debt reduction, reinforcing its financial repositioning thesis.

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.

Roche delivered Q1 2026 Group sales of CHF 14.7 billion, +6% at constant exchange rates, driven by double-digit growth across key franchises in Pharma while Diagnostics faced ongoing headwinds from China healthcare pricing reforms. Full-year 2026 guidance for mid single-digit sales growth and high single-digit Core EPS growth at CER was confirmed.

Elevance Health delivered a first-quarter adjusted EPS beat of $12.58, exceeding expectations on improving claims experience and non-recurring investment income, prompting a raise in full-year adjusted diluted EPS guidance to at least $26.75. Operating revenue rose 1.5% year over year to $49.5 billion, supported by higher premium yields and Carelon growth despite deliberate membership repositioning in Medicare Advantage and Medicaid.

Johnson & Johnson delivered Q1 2026 revenue of $24.1 billion, up 9.9% reported and 6.4% operationally, beating consensus while adjusted EPS of $2.70 modestly exceeded expectations despite an approximately 920-basis-point STELARA biosimilar headwind. Management raised full-year operational sales and adjusted EPS guidance midpoints, signalling confidence in the underlying growth trajectory across both Innovative Medicine and MedTech.

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.

Hikma delivered full-year 2025 core revenue of $3,349 million (+6%) and core operating profit of $741 million (+3%), both in line with its revised November 2025 guidance. The group announced a $250 million share buyback and a 5% dividend increase, while withdrawing prior medium-term targets amid a strategic reset of the Injectables division.