S&P 500 Healthcare Sector SEC Filings — October 29, 2026

29-10-2026

Gilead reported Q3 2026 total product sales up 13% YoY to $8.3B, with product sales excluding Veklury up 16% to $8.2B, driven by HIV (+18% to $6.2B) and strong Trodelvy (+42%) and Descovy (+49%) growth. However, GAAP diluted EPS fell to $1.94 from $2.43 YoY on net losses from equity securities, higher opex and tax, while Veklury sales plunged 69% to $86M and Cell Therapy declined 18% to $355M. The company raised full-year 2026 product sales guidance to $31.0-31.3B but now expects a GAAP diluted loss per share of $(4.40)-$(4.05), reflecting ~$9.88 per share impact from $12.4B in acquired IPR&D charges tied to the Arcellx, Tubulis, Ouro Medicines and PepStar transactions.

• · GAAP diluted EPS declined 20.2% YoY to $1.94 from $2.43, while non-GAAP diluted EPS rose 3.2% to $2.55 from $2.47
• · R&D expenses rose 23.1% YoY to $1.6B from $1.3B; SG&A rose 14.3% YoY to $1.6B from $1.4B
• · Product gross margin improved to 81.0% from 78.6%; non-GAAP gross margin to 88.1% from 86.5%
• · Effective tax rate rose to 20.7% from 16.2%; non-GAAP ETR to 19.0% from 17.5%
• · Cash declined to $6.4B from $10.6B at Dec 31, 2025, driven by $11.3B acquisition outflows, $2.8B debt repayments, $3.1B dividends and $1.1B buybacks
• · FY2026 GAAP diluted loss per share guidance of $(4.40)-$(4.05) vs prior $(3.75)-$(3.40); non-GAAP $(1.20)-$(0.85) vs prior $(0.65)-$(0.30)
• · FY2026 guidance includes ~$9.88 per share impact from $12.4B acquired IPR&D charges
• · Board declared Q4 2026 dividend of $0.82 per share, payable Dec 30, 2026 to holders of record Dec 15, 2026
• · CMS set Maximum Fair Price for Biktarvy under Medicare, effective January 1, 2028
• · FDA approved Bixlenvo (bictegravir/lenacapavir) single-tablet regimen for HIV treatment
• · EC authorized Trodelvy plus Keytruda for PD-L1-positive 1L mTNBC
• · Definitive agreement to acquire PepStar's oral IL-23R inhibitor program including HCXT-2001

29-10-2026

Bristol Myers Squibb reported third-quarter 2026 total revenues of $13,069 Million, up 7% YoY (4% excluding FX on international sales), with the Growth Portfolio up 12% to $7,662 Million and the Legacy Portfolio up 1% to $5,415 Million. However, GAAP EPS declined 3% to $1.05 and non-GAAP EPS fell 17% to $1.35, weighed down by $1,558 Million of Acquired IPRD charges (a $(0.58) per share net impact) and a gross margin contraction of 360 bps on a GAAP basis. The company raised its 2026 revenue guidance to $49.75 Billion to $50.25 Billion and updated its non-GAAP EPS range to $6.35 to $6.55.

• · Gross margin contracted to 68.3% GAAP (from 71.9%) and 68.4% non-GAAP (from 72.9%), driven mainly by product mix and a one-time contract termination charge in 2026.
• · Other (income)/expense, net rose to $307 Million GAAP (from $(108) Million income), reflecting expiry of diabetes royalty income at end of 2025.
• · Pomalyst/Imnovid U.S. revenues fell 88% and Revlimid U.S. revenues fell 51%, reflecting generic erosion within the Legacy Portfolio.
• · Non-GAAP net income attributable to BMS was $2.8 Billion ($1.35 per share), down from $3.3 Billion ($1.63 per share).
• · The 2026 non-GAAP EPS guidance includes a $(0.60) per share net impact from Acquired IPRD charges and licensing income.
• · Pipeline milestones in the period include FDA approval of Camzyos for pediatric and adult obstructive HCM (September 30), Zenbexus approval (August 13) and positive Phase 3 topline results for Zenbexus (EXCALIBER-RRMM), RYZ101 (ACTION-1), admilparant (ALOFT-IPF, 60mg dose met primary endpoint; 120mg not significant) and iza-bren (PANKU-Breast01 and PANKU-Lung01).
• · Admilparant's 120mg dose slowed FVC decline but did not reach statistical significance, a mixed readout within the pipeline update.

29-10-2026

Eli Lilly reported Q3 2026 revenue of $24.4 billion, up 39% YoY, driven by a 53% volume increase partially offset by a 15% decline in realized prices, and raised full-year 2026 revenue guidance to $91.0–$92.0 billion. Reported EPS rose 16% to $7.22 and non-GAAP EPS rose 7% to $7.48, but both were heavily burdened by $4.57 per share of acquired IPR&D charges (versus $0.71 in Q3 2025), and the updated full-year non-GAAP EPS guidance was lowered to $35.00–$36.00 from $35.50–$36.50 despite a $4.07 underlying increase. Sentiment is mixed: top-line and volume growth are strong, while realized pricing, IPR&D-driven earnings pressure, and rising R&D and SG&A costs weigh on profitability.

• · Q3 2026 revenue benefited by roughly $900 million in one-time-type items, including $410 million of Jardiance milestones (no further milestones remain) and favorable rebate/discount estimate adjustments; underlying growth is therefore somewhat lower than the headline 39%
• · Q3 2026 gross margin rose 40% to $20.5B, but the non-GAAP effective tax rate increased to 24.0% from 17.7%, dampening non-GAAP EPS growth to 7%
• · Year-over-year, Q3 2025 revenue included $180 million from the divestiture of Cialis rights outside the U.S.; excluding milestones and this divestiture, comparability is affected
• · Lower realized prices were a key headwind: U.S. prices fell 7% (driven by Zepbound) and ex-U.S. prices fell 29% (driven by China NRDL inclusion of Mounjaro)
• · R&D expense grew 23% to $4.2B (17% of revenue), outpacing revenue growth in percentage terms and reflecting continued pipeline investment; retatrutide head-to-head Phase 3 vs Ozempic 2 mg was positive, with Phase 3 trials for EloraTZP to start in Q4 2026
• · Updated FY2026 non-GAAP EPS guidance was lowered in the midpoint despite a $4.07 underlying raise, because of $4.57 per share of Q3 acquired IPR&D charges from AtaiBeckley and Curevo acquisitions; guidance excludes IPR&D incurred after September 30, 2026
• · Subsequent to quarter end, Lilly completed the acquisition of Merida Biosciences for serious autoimmune and allergic disease treatments, signaling continued business development activity that could generate further IPR&D charges
• · Performance margin guidance was raised to 52.0%–52.5% from 49.0%–50.5%, and tax rate guidance was raised to 19%–20% from 18%–19%

29-10-2026

Baxter International reported Q3 2026 sales of approximately $2.98 billion, up 5% on both reported and organic bases, with growth in all segments and divisions. U.S. GAAP diluted EPS was $0.57 and adjusted diluted EPS was $0.58, which decreased 16% year-over-year due to a higher effective tax rate. The company raised its full-year 2026 reported sales growth outlook to 4% to 5% and organic growth to 3% to 4%, and raised the adjusted EPS range to $2.05 to $2.15 (low end raised from $1.95).

• · Injectables sales declined within Medical Products & Therapies, partially offsetting growth in Infusion Therapies & Platforms
• · Year-to-date free cash flow of $705M versus Q3 free cash flow of $448M
• · Baxter completed a $600M cash tender offer retiring $864M of debt during Q3 2026
• · Segment reporting structure was changed in Q2 2026 and prior results were recast; the former Pharmaceuticals segment now sits within the ITP division
• · Filing references ongoing quality management issues including the Novum IQ large volume pump and a recently issued U.S. regulatory matter
• · Filing references the ongoing Iran conflict and tariff/trade policy risks as factors in the outlook
• · Baxter will present at the J.P. Morgan Healthcare Conference on January 11-13, 2027

29-10-2026

Merck reported third-quarter 2026 total worldwide sales of $18.1 billion, up 5% (4% ex-FX), led by KEYTRUDA/KEYTRUDA QLEX ($8.6 billion, +6%) and WINREVAIR ($694 million, +93%). However, GAAP net income fell 12% to $5.1 billion and GAAP EPS declined 12% to $2.04, while non-GAAP EPS fell 3% to $2.49, both pressured by a one-time $0.12 per share SciBrunch license charge, higher operating expenses and higher net interest expense. JANUVIA/JANUMET (-39%), BRIDION (-67%) and LAGEVRIO (-88%) declined sharply on generic competition and demand loss. Management raised the midpoint of its full-year 2026 sales outlook to $66.8–$67.3 billion and its non-GAAP EPS outlook to $2.77–$2.82.

• · Gross margin declined to 72.9% GAAP (from 77.7%) and 81.4% non-GAAP (from 81.9%), driven by higher amortization, restructuring and production costs.
• · Other (income) expense swung to $27 million of expense on a GAAP basis (vs. $238 million of income a year earlier), mainly from higher net interest expense.
• · Q3 2026 sales benefited from roughly $550 million of purchase-timing effects, which may not recur.
• · Koselugo alliance revenue fell from $214 million to $13 million after a 2025 AstraZeneca collaboration amendment.
• · KEYTRUDA QLEX reached $830 million in sales in Q3 2026 and is available in some markets as KEYTRUDA SC.
• · BRAVECTO sales were flat ex-FX at $264 million versus $262 million a year earlier.
• · Q3 2025 EPS included a $0.10 per share LaNova milestone charge, a comparison factor for year-over-year results.
• · The Q3 2026 results include a $200 million R&D reduction from a Blackstone funding agreement.
• · Lynparza fell 7% on lower U.S. net pricing and lower demand and pricing in China.

29-10-2026

Stryker reported Q3 2026 net sales up 7.7% YoY to $6.52B (organic +7.7%), with MedSurg and Neurotechnology up 9.2% and Orthopaedics up 5.7%. However, reported operating income fell 8.9% to $1.03B (margin down to 15.9% from 18.7%) and reported EPS declined 11.7% to $1.96 on goodwill/impairment charges and higher SG&A, while adjusted EPS rose 10.3% to $3.52. CEO Lobo noted results 'fell short of our expectations,' and the company trimmed full-year 2026 organic growth guidance to 6.5%-7.0% with adjusted EPS of $14.80-$14.90.

• · Full-year 2026 guidance: organic net sales growth of 6.5%-7.0% and adjusted diluted EPS of $14.80-$14.90
• · Adjusted gross profit margin was 65.4% vs reported gross margin of 65.2%
• · Reported gross profit rose 10.3% to $4.248B (65.2% of sales) from $3.852B (63.6%)
• · SG&A expenses rose 13.1% to $2.313B, outpacing sales growth
• · Goodwill and other impairments were $293M in Q3 2026 vs $73M a year earlier
• · Hips declined 1.0% YoY to $453M; Knees grew only 1.1% to $635M
• · Spinal Implants nine-month sales fell 95.2% to $9M after portfolio exit
• · Nine-month operating income rose 17.6% to $3.629B and net earnings rose 15.7% to $2.774B
• · Nine-month diluted EPS rose 16.0% to $7.19
• · Cash and equivalents fell to $3.271B from $4.011B at year-end 2025
• · Nine-month operating cash flow was $3.303B vs $2.901B prior year
• · Company references a cybersecurity incident first reported March 11, 2026

29-10-2026

Executive Vice President McGrew Matthew sold 15,603 Common Stock at $236.09 (~$3.68M). 4 transactions reported in total. McGrew Matthew holds 12,674 shares after the transaction.

• · Executive Vice President McGrew Matthew sold 14,151 Common Stock at $235.35 (~$3.33M)
• · Executive Vice President McGrew Matthew exercised/converted 15,603 Common Stock at $76.47 (~$1.19M)
• · Executive Vice President McGrew Matthew sold 15,603 Common Stock at $236.09 (~$3.68M)
• · Executive Vice President McGrew Matthew exercised/converted 15,603 Employee stock option (right to buy)