Healthcare & Pharma

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Last Updated: 4 August 2026

Stryker Corporation is one of the world's largest pure-play medical technology companies, selling surgical implants, power tools, endoscopy platforms, hospital equipment and the Mako family of surgical robots into roughly 61 countries. Fiscal 2025 was its strongest year in a decade: net sales of $25,116m, organic growth of 10.3% and a second consecutive year of 100 basis points of adjusted operating margin expansion. Fiscal 2026 has been far more eventful. A material cybersecurity incident in March knocked first-quarter adjusted earnings down 8.5% and drove the shares to a 52-week low of $281.00 in May, before a strong second quarter and the full United States launch of the handheld Mako RPS robot restored momentum. This report sets out what Stryker actually reports, what it is building, and what the numbers look like at today's price. It contains no analyst opinions, ratings or price targets.

1. Company Snapshot

Field	Value
Company	Stryker Corporation
Ticker / Exchange	SYK, New York Stock Exchange
Share price	$341.20 (last trade 3 Aug 2026; prior settled close $325.70 on 31 Jul 2026)
Market cap	$130.80bn (383.36m shares outstanding at $341.20, 3 Aug 2026)
Revenue (FY2025, year ended 31 Dec 2025)	$25,116m, up 11.2% year on year (organic +10.3%)
Net earnings (FY2025)	Approximately $3.24bn (GAAP diluted EPS $8.40 on roughly 386m weighted diluted shares)
Adjusted diluted EPS (FY2025)	$13.63, up 11.8%
CEO / Leadership	Kevin A. Lobo, Chair and Chief Executive Officer (CEO since October 2012). Spencer Stiles became President and Chief Operating Officer on 1 Jan 2026; Preston W. Wells is Vice President, Chief Financial Officer
Employees	Approximately 56,000 globally at 31 Dec 2025, of which roughly 28,000 in the United States
Headquarters	1941 Stryker Way, Portage, Michigan, United States
Founded / incorporated	Founded 1941 by Dr Homer H. Stryker; incorporated in Michigan in 1946
Reportable segments	Two: MedSurg and Neurotechnology; Orthopaedics
Dividend	$0.88 per quarter, $3.52 annualised, a yield of approximately 1.03% at $341.20
Sector	Healthcare, medical devices (SEC SIC 3841, Surgical and Medical Instruments)

You can pull up an interactive price chart for Stryker and its peers on the ChartsView Live Charts page.

2. The Bull and Bear Case

Bull Case

• Compounding organic growth at scale: Stryker grew organic sales 10.3% in fiscal 2025 on a $25bn base, and management narrowed fiscal 2026 organic growth guidance to 8.3% to 9.3% on 30 July 2026 after a 9.0% organic second quarter. Very few medical technology companies of this size sustain high single-digit organic growth.
• Mako is now a two-product robotics franchise: more than 2 million robotic procedures have been performed across Mako Total Knee, Total Hip and Partial Knee, with the platform available in over 45 countries. The handheld Mako RPS reached full United States market release on 16 July 2026, opening ambulatory surgery centres and manual-technique surgeons that the capital-heavy Mako arm cannot economically reach. Record Mako installations were reported in the second quarter of 2026.
• Margin expansion is being delivered, not promised: adjusted operating margin rose 100 basis points in each of fiscal 2024 and fiscal 2025 to 26.3%, and expanded a further 170 basis points to 27.4% in the second quarter of 2026 despite absorbing cyber-recovery costs.
• Cash generation funds the deal machine internally: operating cash flow rose from $3,711m in fiscal 2023 to $5,044m in fiscal 2025 against capital expenditure of only $761m, leaving $4,283m of free cash flow. That funded the $4,810m Inari acquisition, the Amplitude Vascular Systems deal and a 4.8% dividend increase without equity issuance.

Bear Case

• The valuation leaves no margin for error: at $341.20 the shares trade on roughly 22.7 times management's own fiscal 2026 adjusted EPS guidance midpoint, against 13.5 times for Medtronic, 14.1 times for Boston Scientific and 10.8 times for Zimmer Biomet. The 6.4% single-day fall on 31 July 2026, after an adjusted earnings beat, shows how little tolerance that premium carries.
• The cyber incident proved the operating model is fragile: the 11 March 2026 disruption to Stryker's Microsoft environment hit manufacturing, ordering and distribution, cut first-quarter adjusted EPS by 8.5% year on year and compressed adjusted operating margin by 180 basis points. Remediation cost, litigation and regulatory exposure are all still open.
• Reported earnings quality is flattered by one-offs: fiscal 2025 GAAP diluted EPS of $8.40 included a $660m discrete tax benefit worth $1.71 per share, and second-quarter 2026 GAAP EPS of $3.30 included a $158m tariff reversal worth $0.34 per share. The headline trailing price to earnings multiple is helped by both.
• Insider selling is one-directional and large: approximately $444m of stock was sold by insiders over the twelve months to August 2026 with zero open-market purchases, 98.7% of it by director and founding-family heir Ronda E. Stryker, and only one transaction in the entire period was disclosed as a Rule 10b5-1 plan sale.

3. Business Segments

Stryker reports two segments. The old "Orthopaedics and Spine" label was dropped after the United States spinal implants business was sold to VB Spine on 1 April 2025.

Segment	% of revenue	What it is
MedSurg and Neurotechnology	62% ($15,647m of $25,116m, FY2025)	Surgical power tools, navigation and operating-room safety systems, endoscopic and visualisation platforms, hospital beds, stretchers, emergency medical services and defibrillation equipment, clinical communication and AI-assisted virtual care software, plus minimally invasive devices for stroke and venous thromboembolism and products for brain and skull-base surgery.
Orthopaedics	38% ($9,469m of $25,116m, FY2025)	Implants for total joint replacement of the hip, knee, shoulder and ankle and for trauma and extremities surgery, together with Mako robotic-arm-assisted and handheld robotic technology and the associated orthopaedic instrumentation.

Underneath the two segments, Stryker discloses the following business lines for fiscal 2025.

Business line	FY2025 revenue	Parent segment
Medical	$4,204m	MedSurg and Neurotechnology
Endoscopy	$3,807m	MedSurg and Neurotechnology
Instruments	$3,183m	MedSurg and Neurotechnology
Neuro Cranial	$2,485m	MedSurg and Neurotechnology
Vascular	$1,968m	MedSurg and Neurotechnology
Trauma and Extremities	$3,948m	Orthopaedics
Knees	$2,656m	Orthopaedics
Hips	$1,865m	Orthopaedics
Other Orthopaedics	$815m	Orthopaedics
Spinal Implants	$185m (down from $707m in FY2024)	Orthopaedics, divested

Geographically, the United States generated $19,006m of fiscal 2025 revenue, up 12.2%, and international markets $6,110m, up 8.1%. The "Vascular" line was renamed from Neurovascular during 2025 following the Inari Medical acquisition. In the first quarter of 2026 Stryker created a new "Ortho Tech" business line combining orthopaedic instruments and other orthopaedics, and moved Neuro Cranial and spine enabling technologies into Instruments; all prior periods were restated for that reallocation, but the two reportable segments were unchanged.

4. Business Model and Moat

How it makes money. Stryker sells a mixture of high-volume consumables and implants and lower-volume, higher-ticket capital equipment. Implants such as knees, hips and trauma plates are consumed one per procedure and are effectively an annuity tied to surgical volumes. Capital equipment such as Mako robots, LIFEPAK defibrillators, hospital beds and 4K camera platforms is bought in lumps out of hospital capital budgets, which is why the fourth quarter is structurally the largest: fourth-quarter 2025 revenue of $7,171m ran roughly 19% above the average of the first three quarters.

The razor-and-blade mechanic in robotics. A Mako placement is the razor. Once a hospital installs one, the surgeons trained on it use Stryker knee and hip implants, Stryker instruments and Stryker software, and the switching cost of retraining a surgical team is high. This is why installed base matters more than robot revenue: over 1 million Mako Total Knee procedures have now been performed. The Mako RPS handheld system extends the same mechanic downmarket to ambulatory surgery centres that will never buy a full robotic arm.

Where the moat comes from. Three things. First, surgeon habit and training, which is the single stickiest asset in orthopaedics. Second, regulatory and clinical evidence barriers, with roughly 5,600 United States patents and 9,000 non-United States patents at 31 December 2025 and a 510(k) pathway that rewards incumbents with predicate devices. Third, hospital contracting scale, where breadth across the operating room, the ward and the ambulance lets Stryker bundle in a way that single-category competitors cannot.

Where it is thinner than it looks. Stryker spent $1,623m on research, development and engineering in fiscal 2025, which is 6.5% of sales, a lower intensity than most large-cap technology businesses and a reminder that a meaningful share of the growth is bought rather than invented. Three acquisitions closed in eighteen months. The newly created Peripheral Vascular reporting unit is carried with, in the company's own words in the FY2025 10-K, a fair value that "was not expected to exceed its carrying value by a significant amount".

5. Financial Health

All figures below are taken from Stryker's fiscal year earnings press releases, Forms 10-K and 10-Q, and SEC XBRL company facts. Fiscal years end 31 December.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	17,108	+19.2%	$5.21	$9.09	$2.585	$12,472m
FY2022	18,449	+7.8%	$6.17	$9.34	$2.835	$11,857m
FY2023	20,498	+11.1%	$8.25	$10.60	$3.050	$10,901m
FY2024	22,595	+10.2%	$7.76 †	$12.19	$3.240	$12,188m
FY2025	25,116	+11.2%	$8.40 ‡	$13.63	$3.400	$14,859m

† Fiscal 2024 GAAP diluted EPS was depressed by $977m of goodwill and other impairments relating to the Spine business, worth approximately $2.21 per share.
‡ Fiscal 2025 GAAP diluted EPS was inflated by a $660m discrete tax benefit worth approximately $1.71 per share. The GAAP effective tax rate was 28.1% against an adjusted rate of 15.1%.

Long-term debt is the non-current balance-sheet figure taken from the SEC XBRL tag LongTermDebtNoncurrent. Total debt including the current portion was $15,859m at 31 December 2025 and $14,942m at 30 June 2026.

Quarter / Half	Revenue ($m)	Adjusted EPS	GAAP EPS
Q2 2026 (ended 30 Jun 2026)	6,589	$3.69	$3.30
Q1 2026 (ended 31 Mar 2026)	6,020	$2.60	$1.93
Q4 2025 (ended 31 Dec 2025)	7,171	$4.47	$2.20
Q3 2025 (ended 30 Sep 2025)	6,057	$3.19	$2.22
Q2 2025 (ended 30 Jun 2025)	6,022	$3.13	$2.29
FY2025 total	25,116	$13.63	$8.40

Cash flow and balance sheet. Fiscal 2025 net cash provided by operating activities was $5,044m against $4,242m in fiscal 2024. Purchases of property, plant and equipment were $761m, giving free cash flow of $4,283m. Depreciation and amortisation was $1,570m on the total basis used in the segment note and the XBRL tag DepreciationDepletionAndAmortization; the narrower cash flow statement add-back was $1,193m. Earnings from operations were $4,889m, or 19.5% of sales, with adjusted operating income of $6,603m, or 26.3%.

At 30 June 2026, the most recent reported balance sheet, Stryker held cash and cash equivalents of $3,391m plus marketable securities of $85m, against long-term debt excluding current maturities of $14,192m and a current portion of debt of $750m. Total assets were $47,930m and shareholders' equity $23,988m. First-half 2026 operating cash flow was $1,842m against $1,361m in the first half of 2025, with capital expenditure of $368m, acquisitions net of cash of $459m, dividends paid of $674m and $750m of net debt repayment.

6. Valuation Metrics

Raw metrics, August 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	$130.80bn (383,360,762 shares at $341.20, 3 Aug 2026)
Enterprise value	Approximately $142.3bn (market cap $130.80bn plus total debt $14,942m less cash $3,391m and marketable securities $85m, per the 30 Jun 2026 balance sheet)
Trailing P/E (GAAP)	35.4x on trailing twelve-month GAAP diluted EPS of $9.65 ($2.22 + $2.20 + $1.93 + $3.30). On trailing adjusted EPS of $13.95 the multiple is 24.5x. Note the GAAP figure is flattered by a $660m fiscal 2025 tax benefit and a $158m tariff reversal in Q2 2026
P/E (forward)	22.7x on management's own FY2026 adjusted diluted EPS guidance of $14.95 to $15.10, narrowed on 30 Jul 2026 (midpoint $15.025). Range 22.6x to 22.8x. This is company guidance, not an analyst estimate
P/S (TTM)	5.06x on trailing twelve-month revenue of $25,837m ($6,057m + $7,171m + $6,020m + $6,589m)
EV/EBITDA (TTM)	Approximately 22.0x (enterprise value $142.27bn divided by EBITDA of $6,459m; EBITDA = FY2025 operating income $4,889m plus depreciation and amortisation $1,570m)
P/FCF	Approximately 30.5x (market cap $130.80bn divided by free cash flow $4,283m; FCF = FY2025 operating cash flow $5,044m less capital expenditure $761m)
52-week high	$396.86, set 4 Sep 2025
52-week low	$281.00, set 11 May 2026, two months after the cybersecurity incident
Short interest (% of float)	1.91% (7,029,895 shares short against a float of 347.79m, settlement date 15 Jul 2026). Short interest has risen from 4.61m shares in September 2025
Days to cover	2.55
Price/book	5.45x on shareholders' equity of $23,988m at 30 Jun 2026
Dividend yield	Approximately 1.03% ($0.88 quarterly, $3.52 annualised)

7. What Are They Building

Stryker spent $1,623m on research, development and engineering in fiscal 2025 on a reported basis, or $1,567m adjusted, equal to 6.5% and 6.2% of sales respectively. First-half 2026 spending was $847m, up 4.3% year on year, of which $434m fell in the second quarter.

Mako robotics is the centre of gravity. Mako SmartRobotics is now available in more than 45 countries, with over 1 million robotic Mako Total Knee procedures and more than 2 million total robotic procedures performed across knee, hip and partial knee. The Mako 4 platform, introduced in 2025 and built around the Q-Guidance advanced guidance system, is the generational hardware and software refresh intended to carry new applications across subspecialties. Mako Total Hip with Advanced Primary and Revision reached full market release in the third quarter of 2025, the first robotically enabled revision hip arthroplasty on the market and the first application built on Mako 4. Mako Shoulder, which combines Tornier implants with Blueprint planning software and haptic guidance, moved from limited release through 2025 towards full United States commercial launch.

Mako RPS is the strategically important one. RPS is Stryker's first handheld robotic platform, cleared by the FDA under 510(k) in August 2025, with first cases in January 2026, limited market release on 9 February 2026 and full United States market launch on 16 July 2026. It is currently cleared only for total knee arthroplasty. Its purpose is to reach ambulatory surgery centres and surgeons who still operate manually and have resisted the capital cost and footprint of the Mako arm. In other words, it attacks a market that Stryker's own flagship robot cannot serve, and it defends a knee franchise that generated $2,656m of revenue in fiscal 2025. Record Mako installations were reported in the second quarter of 2026, alongside an elevated capital backlog.

Digital surgery and the connected hospital. The Vocera clinical communication and AI-assisted virtual care platform is now a named product category within the Medical division, with the Vocera Sync Badge launched in 2025 as a hands-free clinician endpoint delivering real-time alerts. The Connected OR IP BRAVoE integration portfolio, also launched in 2025, extends the iSuite integrated operating room.

New product launches across the portfolio. In Instruments, Steri-Shield 8, a lighter operating-room personal protection system. In Endoscopy, continued rollout of the 4K 1788 camera platform across urology, neurology, ENT and arthroscopy. In Medical, the global launch of the LIFEPAK 35 monitor and defibrillator with the Glasgow 30.4 algorithm and cprINSIGHT. In Vascular, the Broadway System for large-bore stroke procedures and an accelerated launch of the Surpass Elite flow-diverting stent, alongside the Inari FlowTriever and ClotTriever mechanical thrombectomy franchises. In Neuro Cranial, OptaBlate BVN radiofrequency ablation for vertebrogenic pain. The Amplitude Vascular Systems acquisition completed on 7 May 2026 adds carbon-dioxide-generated pressure-wave intravascular lithotripsy for calcified peripheral arterial disease, putting Stryker directly against the entrenched Shockwave franchise now owned by J&J MedTech.

8. Competitive Landscape

Stryker names its own competitors in its Form 10-K: Zimmer Biomet, Medtronic, J&J MedTech and ConMed Linvatec in instruments; Karl Storz, Olympus, Smith & Nephew, Arthrex and STERIS in endoscopy; Baxter, Zoll and Medline in medical; Medtronic, J&J MedTech, Terumo and Penumbra in vascular and neuro cranial; and Zimmer Biomet, J&J MedTech and Smith & Nephew in orthopaedics and robotics.

Peer	Market cap (Aug 2026)	Key 2025 metric
Johnson & Johnson (NYSE: JNJ)	$613.10bn	FY2025 total revenue $94,193m across pharmaceuticals and MedTech; J&J MedTech is only one segment of the group
Medtronic plc (NYSE: MDT)	$110.95bn	Revenue of $36,364m for the fiscal year ended 30 Apr 2026
Boston Scientific (NYSE: BSX)	$71.98bn	FY2025 revenue $20,074m
Zimmer Biomet (NYSE: ZBH)	$18.76bn	FY2025 revenue $8,232m, the closest direct comparator in hips and knees
Smith & Nephew (NYSE: SNN)	$13.51bn	FY2025 revenue $6,164m
Globus Medical (NYSE: GMED)	$11.06bn	Trailing twelve-month revenue $3,101m; the nearest listed pure-play in spine and orthopaedic robotics now that Stryker has exited spine

On the forward multiples described in Section 6, Stryker trades at roughly 22.7 times management-guided fiscal 2026 adjusted earnings against 13.5 times for Medtronic, 14.1 times for Boston Scientific, 14.1 times for Smith & Nephew and 10.8 times for Zimmer Biomet. Stryker's market capitalisation exceeds Zimmer Biomet, Smith & Nephew and Globus Medical combined. Peer revenue figures here are drawn from market-data income statements rather than each company's own filings and should be treated as cross-check grade.

9. Leadership and Insider Activity

Kevin A. Lobo has been Chief Executive Officer since October 2012 and remains Chair and CEO, quoted by name in the second-quarter 2026 earnings release dated 30 July 2026. He relinquished the President title on 1 January 2026 when Spencer Stiles, previously Group President of Orthopaedics, was appointed President and Chief Operating Officer. Dylan Crotty became Group President, Orthopaedics on the same date. Preston W. Wells is Vice President, Chief Financial Officer. William E. Berry Jr retires as Chief Accounting Officer on 1 September 2026 and is succeeded by Emily Baculik.

Across the twelve months to 4 August 2026 there were thirteen reported open-market insider transactions in Stryker stock. Every one was a sale. There were no open-market purchases.

Name	Date	Type	Shares	Price	Value	Plan Type
Ronda E. Stryker, Director	26 May 2026	Sale	310,000	$312.23	$96,792,668	No plan disclosed
Robert S. Fletcher, VP Chief Legal Officer	28 May 2026	Sale	4,544	$306.87	$1,394,409	Rule 10b5-1
M. Kathryn Fink, VP Chief HR Officer	11 May 2026	Sale	8,720	$283.69	$2,473,756	No plan disclosed
Ronda E. Stryker, Director	05 Feb 2026	Sale	250,000	$363.95	$90,988,528	No plan disclosed
Ronda E. Stryker, Director	04 Feb 2026	Sale	250,000	$362.92	$90,730,740	No plan disclosed
James Andrew Pierce, Group President	02 Feb 2026	Sale	475	$368.87	$175,214	No plan disclosed
Preston W. Wells, VP Chief Financial Officer	20 Nov 2025	Sale	165	$365.88	$60,370	No plan disclosed
William E. Berry Jr, VP Chief Accounting Officer	14 Nov 2025	Sale	1,953	$365.49	$713,801	No plan disclosed
Ronda E. Stryker, Director	06 Nov 2025	Sale	276,173	$353.28	$97,565,693	No plan disclosed
Ronda E. Stryker, Director	05 Nov 2025	Sale	243,827	$356.98	$87,040,447	No plan disclosed
Viju Menon, Group President	25 Aug 2025	Sale	500	$390.61	$195,305	No plan disclosed
Robert S. Fletcher, VP Chief Legal Officer	20 Aug 2025	Sale	1,785	$393.07	$701,629	No plan disclosed
Ronda E. Stryker, Director	06 Aug 2025	Sale	200,000	$376.45	$75,289,655	No plan disclosed

The totals are 1,298,142 shares sold for approximately $444.1m. Ronda E. Stryker, a director and heir of the founding family, accounts for 1,280,000 shares and roughly $438.4m of that, or 98.7%, sold indirectly through a revocable trust in large blocks roughly quarterly. Only the Fletcher sale of 28 May 2026 was explicitly disclosed as a Rule 10b5-1 plan transaction. Chief Executive Kevin Lobo did not sell in the open market during the period.

10. Key Risks

• Cybersecurity (Operational): the 11 March 2026 incident caused a global disruption to Stryker's Microsoft environment, hitting manufacturing, ordering and distribution. It cut first-quarter 2026 adjusted EPS by 8.5% year on year to $2.60 and reduced adjusted operating margin by 180 basis points. A follow-up filing confirmed a malicious file was used, contradicting the company's initial statement. Data-breach litigation, regulatory action and remediation cost all remain live. Third-party claims about the scale of the intrusion are not company-confirmed.
• Tariffs and trade policy (Macro): Stryker guided to a $200m tariff impact in May 2025, revised it to $175m, then declined to forecast 2026 tariffs at all. In the second quarter of 2026 it booked a $158m reversal of 2025 tariffs through gross profit following the February 2026 Supreme Court ruling on IEEPA authority. New Section 232 and 301 duties and retaliatory measures remain unquantified, and management itself will not put a number on them.
• Recalls and product liability (Legal): the accrual for recall-related and legacy product liability matters was $144m at 31 December 2025, covering Rejuvenate and ABG II modular-neck hip stems, certain LFIT Anatomic CoCr V40 femoral heads and legacy Wright hip claims. Recall-related charges ran $58m in 2025, $40m in 2024 and $18m in 2023. Active matters include the patient-fitted TMJ reconstruction prosthesis notification first issued 30 September 2025 and twice expanded, in which a screw penetrated the cranial vault and one serious injury was reported.
• Acquisition and integration risk (Financial): three deals closed in eighteen months, headed by Inari at $4,810m net of cash. The new Peripheral Vascular reporting unit is carried with minimal impairment headroom by the company's own description. The precedent is unhelpful: Stryker wrote off $977m on Spine in fiscal 2024 before selling it. Acquisition and integration costs ran $508m at operating level in fiscal 2025, and second-quarter 2026 United States Vascular sales fell 6.7%.
• Competitive pressure in robotics (Operational): Zimmer Biomet, J&J MedTech and Smith & Nephew compete directly in joints, trauma and robotics, and Globus Medical is a listed pure-play alternative. Mako RPS only reached full United States launch on 16 July 2026 and is cleared solely for total knee arthroplasty. Stryker also granted VB Spine exclusive access to Mako Spine and Copilot as part of the divestiture, ceding a robotics adjacency outright.
• Hospital capital expenditure cycle (Macro): capital equipment sales are structurally concentrated in the fourth quarter and orthopaedic volumes dip in summer. Management flagged an elevated backlog and record Mako installations in the second quarter of 2026, which converts capital-budget timing into concentrated earnings risk if hospital budgets tighten.
• Valuation and expectations (Financial): a premium of 60% to 110% over every listed peer on forward earnings leaves little room for disappointment. The shares fell 6.4% on 31 July 2026 despite an adjusted earnings beat, because revenue came in modestly light and the full-year outlook was narrowed rather than raised.
• Currency (Macro): international sales were $6,110m, or 24% of fiscal 2025 revenue. Currency swung from a 0.5% headwind in fiscal 2025 to a tailwind in 2026, and management's fiscal 2026 guidance explicitly assumes rates hold near current levels, so the guidance carries embedded currency risk.
• Leadership transition (Governance): three senior changes inside nine months, being a new President and Chief Operating Officer, a new Group President of Orthopaedics and a new Chief Accounting Officer from 1 September 2026. Kevin Lobo has been CEO since 2012 and gave up the President title on 1 January 2026, a conventional succession-grooming signal.
• Regulatory compliance cost (Regulatory): Stryker adjusts out medical device regulation costs every year, being $38m in 2025, $58m in 2024 and $96m in 2023, chiefly EU MDR compliance. The 10-K warns FDA enforcement can bring fines, warning letters, product seizures, recalls and import restrictions, and flags the European Union's new collective-redress regime as an emerging litigation vector.

11. Recent Developments

• 30 Oct 2025 — Third-quarter 2025 results. Sales of $6,057m, up 10.3% reported and 9.5% organic, adjusted EPS of $3.19, up 11.1%, and adjusted operating margin up 90 basis points to 25.6%.
• 04 Dec 2025 — Senior leadership succession announced. Spencer Stiles appointed President and Chief Operating Officer effective 1 January 2026, with Dylan Crotty promoted to Group President, Orthopaedics. Kevin Lobo remains Chair and CEO.
• 29 Jan 2026 — Fiscal 2025 results and initial fiscal 2026 outlook. Full-year sales of $25,116m, up 11.2% reported and 10.3% organic, adjusted EPS of $13.63, up 11.8%, and adjusted operating margin up 100 basis points to 26.3% for a second consecutive year. The quarterly dividend was raised 4.8% to $0.88. Initial fiscal 2026 guidance was organic growth of 8.0% to 9.5% and adjusted EPS of $14.90 to $15.10.
• 09 Feb 2026 — Limited market release of Mako RPS. Stryker's first handheld robotic platform entered limited release for total knee arthroplasty, following FDA 510(k) clearance of the console, saw and software in August 2025.
• 11 Mar 2026 — Material cybersecurity incident disclosed. A global disruption to Stryker's Microsoft environment hit manufacturing, ordering and distribution systems. A follow-up filing on 23 March 2026 confirmed an investigation with Palo Alto Networks Unit 42 and that a malicious file had been used but could not spread.
• 13 Apr 2026 — Agreement to acquire Amplitude Vascular Systems. A next-generation intravascular lithotripsy platform for calcified peripheral arterial disease; the transaction completed on 7 May 2026 at an undisclosed price.
• 30 Apr 2026 — First-quarter 2026 results, the cyber-hit quarter. Sales of $6,020m, up only 2.6% reported and 2.4% organic, adjusted EPS down 8.5% to $2.60 and adjusted operating margin down 180 basis points to 21.1%. Management reaffirmed full-year guidance.
• 11 May 2026 — Shares set a 52-week low of $281.00. Roughly two months after the cybersecurity incident, and approximately 29% below the September 2025 high.
• 26 May 2026 — Director Ronda E. Stryker sells 310,000 shares. At an average of $312.23, or approximately $96.8m, her largest single-day disposal of the period and the fifth large block in twelve months.
• 16 Jul 2026 — Full United States market launch of Mako RPS. Expanding the Mako portfolio beyond robotic-arm-assisted surgery into handheld robotics, aimed at ambulatory surgery centres and manual-technique surgeons.
• 30 Jul 2026 — Second-quarter 2026 results. Sales of $6,589m, up 9.4% reported and 9.0% organic, adjusted EPS of $3.69, up 17.9%, reported EPS of $3.30, up 44.1%, and adjusted operating margin up 170 basis points to 27.4%. The results included a $158m reversal of 2025 tariffs. Full-year guidance was narrowed to organic growth of 8.3% to 9.3% and adjusted EPS of $14.95 to $15.10, with record Mako installations and an elevated capital backlog reported.
• 31 Jul 2026 — Shares fall 6.4%. From $348.04 to $325.70 in the session after results, despite the adjusted earnings beat, as investors focused on modestly light revenue and second-half execution risk.

12. Key Dates to Watch

• 01 Sep 2026 — Emily Baculik becomes Vice President, Chief Accounting Officer, succeeding William E. Berry Jr on his retirement.
• Expected late September 2026 — next quarterly dividend declaration and record date. The prior-year cadence was a record date of 30 September with payment on 31 October. Not yet announced by the company.
• Expected late October 2026 — third-quarter 2026 results. Stryker typically announces the date around four weeks ahead; third-quarter 2025 results were released on 30 October 2025. No date has been published as of 4 August 2026.
• Expected late January 2027 — fiscal 2026 full-year results and fiscal 2027 outlook, together with the annual dividend increase. Fiscal 2025 results were released on 29 January 2026. Not yet announced.
• Expected May 2027 — 2027 Annual Meeting of Shareholders. The 2026 meeting was held virtually on 6 May 2026. Not yet announced.
• 31 Jul 2026 — most recent quarterly dividend of $0.88 per share paid, to holders of record on 30 June 2026, as declared on 7 May 2026.

Stryker does not hold a regular investor day, and no analyst day has been scheduled for 2026 or 2027. The company's product pipeline runs through FDA 510(k) clearances, which carry no published decision calendar, so there are no fixed regulatory decision dates to track. You can follow the wider macro schedule that drives hospital budgets and healthcare demand on the ChartsView Economic Calendar, and discuss this name with other members in the ChartsView Forum.

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Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.

Last Updated: 3 August 2026

Abbott Laboratories is one of the few genuinely diversified healthcare companies left. Where most of its peers have narrowed down to a single specialism, Abbott still runs four separate businesses under one roof — medical devices, diagnostics, nutrition and branded generic medicines — and in March 2026 it added a fifth growth engine by buying Exact Sciences for roughly $21bn. This report walks through what Abbott actually sells, what the numbers say, and what has to go right or wrong from here. It uses only company filings, press releases and published market data. There are no analyst ratings or price targets anywhere in it.

1. Company Snapshot

Field	Value
Company	Abbott Laboratories
Ticker / Exchange	ABT / New York Stock Exchange
Sector	Healthcare — medical devices, diagnostics, nutrition, established pharmaceuticals
Founded	1888, Chicago, Illinois
Headquarters	Abbott Park, Illinois, United States
CEO / Leadership	Robert B. Ford — Chairman and Chief Executive Officer (CEO since March 2020, Chairman since December 2021)
Employees	Approximately 115,000 (FY2025 results release)
Fiscal year end	31 December
Share price	$105.70 (close, 31 July 2026)
Market cap	Approximately $184.1bn (1,741.8m shares outstanding × $105.70)
Revenue (FY2025)	$44,328m
Net income (FY2025, GAAP)	$6,524m
Adjusted diluted EPS (FY2025)	$5.15
Dividend	$0.63 per share per quarter ($2.52 annualised); 54 consecutive years of increases
R&D spend (FY2025)	$2,942m, or 6.6% of sales

2. Bull and Bear Case

Bull Case

• Four independent revenue engines: Medical Devices, Diagnostics, Nutrition and Established Pharmaceuticals each generated between $5.5bn and $21.4bn in FY2025, which means no single product cycle or reimbursement decision determines the whole company's year.
• Libre is a consumable, not a one-off sale: continuous glucose monitoring sales reached $2.0bn in the fourth quarter of 2025 alone, up 15% reported, and the business model depends on patients replacing sensors every 10 to 14 days rather than on winning a new capital sale each time.
• Electrophysiology has a new engine: the Volt pulsed field ablation system was approved by the FDA on 22 December 2025, giving Abbott a US entry into the fastest-growing category in cardiac ablation, and electrophysiology grew at a low-teens rate in the second quarter of 2026.
• Exact Sciences adds a whole oncology-diagnostics vertical: the deal closed on 23 March 2026 and brings Cologuard, Oncotype Dx and the Cancerguard multi-cancer screening programme into a diagnostics business that badly needed a growth offset to China pricing.
• Cash generation supports the dividend record: FY2025 operating cash flow was $9,566m against capital expenditure of $2,171m, leaving roughly $7.4bn of free cash flow to fund a payout that has now risen for 54 consecutive years.

Bear Case

• The infant-formula litigation has not gone away: a Missouri verdict of $495m has been upheld on appeal, an Illinois jury returned a further $53m compensatory and $17m punitive award in April 2026, and more than 800 federal necrotising enterocolitis cases remain outstanding.
• China diagnostics looks structurally reset, not cyclical: volume-based procurement cost the Diagnostics segment roughly $700m of FY2025 sales, and management's own framing has been that the China business stabilises rather than returns to growth.
• The Exact Sciences deal was funded with debt and dilutes near-term earnings: Abbott raised roughly $20bn of senior notes in March 2026 and cut its own FY2026 adjusted EPS guidance by about $0.20 to absorb the acquisition before later raising it back.
• Reported earnings look far worse than adjusted earnings: FY2025 GAAP diluted EPS of $3.72 sat 28% below the adjusted figure of $5.15, largely because of $1,682m of intangible amortisation, and the Exact Sciences purchase accounting widens that gap further from 2026.
• CGM is no longer an uncontested market: Dexcom grew FY2025 revenue 16% to $4.66bn and continues to compete directly in Abbott's fastest-growing device category, where reimbursement and pricing pressure tend to arrive together.

3. Business Segments

Abbott reports four segments. The figures below are FY2025 sales as disclosed in the fourth-quarter and full-year 2025 results release.

Segment	% of revenue	What it is
Medical Devices — $21,387m	48.2%	Diabetes Care (FreeStyle Libre CGM, $7,998m), Vascular ($2,995m), Electrophysiology ($2,764m), Rhythm Management ($2,649m), Structural Heart ($2,523m), Heart Failure ($1,448m) and Neuromodulation ($1,010m)
Diagnostics — $8,937m	20.2%	Core laboratory analysers and reagents, molecular, point of care and rapid diagnostics; now also the Exact Sciences oncology-screening portfolio from March 2026
Nutrition — $8,451m	19.1%	Paediatric nutrition (Similac) and adult nutrition (Ensure, Glucerna)
Established Pharmaceuticals — $5,536m	12.5%	Branded generic medicines sold exclusively in international and emerging markets; no US sales
Other / unallocated — $17m	0.0%	Residual items not allocated to a reportable segment

4. Business Model and Moat

How it makes money. Abbott sells physical product, not services or licences, and the majority of it is consumed and repurchased. A FreeStyle Libre sensor lasts 10 to 14 days. A core-laboratory analyser placed in a hospital pulls Abbott reagents behind it for the life of the instrument. An implanted device carries leads, programmers and eventual replacement. That structure is why revenue held up at $40.1bn even in 2023, the year COVID testing revenue collapsed.

Where the barrier to entry sits. The moat is regulatory and procedural rather than technological. A Class III device such as Volt or Navitor requires an FDA premarket approval supported by a full clinical trial, which takes years and tens of millions of dollars before a single unit is sold. Once approved, the second barrier is human: electrophysiologists and interventional cardiologists train on a specific platform and are slow to switch. Abbott obtained CE Mark for Volt in March 2025 and FDA approval in December 2025 — a nine-month gap that illustrates how the same product has to clear each jurisdiction separately.

Why the diversification matters commercially. Because four segments sell into overlapping customers — hospitals, labs, pharmacies, retailers — Abbott can fund a launch in one area from the cash flow of another. Established Pharmaceuticals, a low-glamour branded-generics business in emerging markets, throws off cash that helps pay for structural-heart trials. An AA-/Aa3 credit standing then lets the company raise $20bn of notes at short notice, which is what made the Exact Sciences purchase possible.

Scale and reach. Roughly 115,000 employees selling in more than 160 countries gives Abbott the distribution footprint to take a product global quickly once it is approved, and more than 60% of revenue is generated outside the United States.

5. Financial Health

All figures below are taken from Abbott's quarterly and annual results releases and from its filed financial statements. Long-term debt is the non-current balance-sheet figure at each fiscal year end.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
2021	43,075	+24.5%	$3.94	$5.21	$1.82	$17,296m
2022	43,653	+1.3%	$3.91	$5.34	$1.92	$14,522m
2023	40,109	−8.1%	$3.26	$4.44	$2.08	$13,599m
2024	41,950	+4.6%	$7.64 †	$4.67	$2.24	$12,625m
2025	44,328	+5.7%	$3.72	$5.15	$2.40	$9,896m

† FY2024 GAAP diluted EPS of $7.64 includes a non-cash tax valuation-allowance benefit of roughly $7.5bn. It is not comparable with the other years on a GAAP basis; the adjusted column is the like-for-like series.

The shape of the five years is worth reading carefully. The 2021 spike and the 2023 decline are both COVID testing artefacts — rapid diagnostics inflated 2021 and 2022, then fell away. Stripping that out, the underlying business has compounded in the mid single digits and long-term debt has been reduced every single year, from $17.3bn at the end of 2021 to $9.9bn at the end of 2025. That deleveraging is precisely what created the balance-sheet room to fund Exact Sciences in March 2026.

Quarter / Half	Revenue ($m)	Adjusted EPS	GAAP EPS
Q2 2026	12,600	$1.31	$0.53
Q1 2026	11,160	$1.15	$0.61
Q4 2025	11,459	$1.50	$1.01
Q3 2025	11,369	$1.30	$0.94
Q2 2025	11,142	$1.26	$1.01
Q1 2025	10,358	$1.09	$0.76
FY2025 total	44,328	$5.15	$3.72

Second-quarter 2026 sales of $12.6bn were up 13.0% on a reported basis but only 4.8% on a comparable basis — the gap is Exact Sciences, whose first full quarter of oncology-diagnostics revenue is inside the reported number. The GAAP line tells the other half of the story: GAAP EPS fell to $0.53 while adjusted EPS rose to $1.31, because acquisition accounting and intangible amortisation from the deal now sit in reported earnings.

6. Valuation Metrics

Raw metrics, August 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$184.1bn (1,741.8m shares outstanding × $105.70 close, 31 July 2026)
Enterprise value	~$188.1bn (market cap $184.1bn + total debt $12,929m − cash and short-term investments $8,939m, per the 31 December 2025 balance sheet: long-term debt $9,896m, current portion $3,033m, cash $8,522m, short-term investments $417m)
Trailing P/E (GAAP)	~34.2x ($105.70 / TTM GAAP diluted EPS $3.09, being Q3 2025 $0.94 + Q4 2025 $1.01 + Q1 2026 $0.61 + Q2 2026 $0.53). Distorted upward by Exact Sciences purchase accounting and intangible amortisation; on FY2025 GAAP EPS of $3.72 the multiple is ~28.4x
P/E (forward)	~19.1x ($105.70 / $5.525, the midpoint of Abbott's raised FY2026 adjusted diluted EPS guidance of $5.45–$5.60)
P/S (TTM)	~3.95x ($184.1bn / TTM revenue $46,588m, being the four quarters Q3 2025 through Q2 2026)
EV/EBITDA (TTM)	~16.8x (EV $188.1bn / FY2025 EBITDA $11,169m; EBITDA = operating income $8,053m + depreciation $1,434m + intangible amortisation $1,682m)
P/FCF	~24.9x (market cap $184.1bn / free cash flow $7,395m; FCF = operating cash flow $9,566m − capital expenditure $2,171m per the FY2025 cash flow statement)
52-week high	$137.49
52-week low	$81.97 (11 May 2026)
Short interest (% of float)	1.07% (18.49m shares short against a float of approximately 1,731.1m shares, latest reported settlement period)
Days to cover	~2.25 days (based on average daily volume of approximately 8.23m shares)
Dividend yield	~2.4% ($2.52 annualised / $105.70)

Two things stand out. The gap between the trailing GAAP multiple and the forward adjusted multiple is unusually wide right now, and almost all of it is acquisition accounting rather than operating deterioration. And the enterprise value sits only about $4bn above the market cap, because Abbott spent four years paying debt down before it spent $21bn on Exact Sciences — the balance-sheet effect of the March 2026 notes issuance will show up in the FY2026 year-end figures rather than in the FY2025 ones used above.

If you want to look at the price action alongside these numbers, the ChartsView Live Charts page carries the full interactive chart, and the Economic Calendar lists the macro releases that tend to move large-cap healthcare.

7. What Are They Building

Abbott spent $2,942m on research and development in FY2025, equal to 6.6% of sales. That budget is spread across all four segments rather than concentrated in one, which is why the pipeline reads as a list of separate races rather than a single bet.

• Dual glucose-ketone sensing. Abbott secured CE Mark on 27 May 2026 for the Libre Duo, described by the company as the world's first dual glucose-ketone sensor. European launches are planned for later in 2026. The US filing is outstanding, with approval expected in the second half of 2026.
• Consumer biowearables. Lingo and Libre Rio extend the Libre sensor platform beyond prescribed diabetes management into over-the-counter consumer metabolic tracking, opening a market that does not depend on reimbursement.
• Pulsed field ablation. Volt received FDA approval on 22 December 2025 on the strength of the VOLT-AF IDE trial, which reported 93.1% freedom from arrhythmia at six months in paroxysmal atrial fibrillation and 81.9% in persistent cases. Abbott followed with CE Mark for TactiFlex Duo, a catheter that can deliver both radiofrequency and pulsed field energy.
• Structural heart. TriClip for tricuspid repair and the Navitor transcatheter aortic valve both grew at double-digit rates in FY2025, and the Tendyne transcatheter mitral valve system was approved by the FDA in May 2025.
• Peripheral vascular. Esprit BTK, a resorbable scaffold for below-the-knee peripheral artery disease, carries CE Mark and addresses a condition that has historically had few durable device options.
• Oncology diagnostics. The integration of Exact Sciences brings Cologuard colorectal screening, Oncotype Dx recurrence testing, Oncodetect molecular residual disease testing and the Cancerguard multi-cancer early detection programme into Abbott's diagnostics business.

8. Competitive Landscape

Abbott does not have a single competitor that overlaps with all four of its segments. It meets Medtronic and Boston Scientific in cardiac rhythm and electrophysiology, Dexcom in glucose monitoring, Danaher and Becton Dickinson in diagnostics, and Johnson & Johnson across MedTech generally.

Peer	Market cap (August 2026)	Key 2025 metric
Johnson & Johnson (JNJ)	~$618bn (31 July 2026)	FY2025 total revenue of $94.2bn, up 6.0%, of which MedTech contributed $33.8bn
Danaher (DHR)	~$137bn (31 July 2026)	FY2025 revenue of $24.6bn, up 3.0%, with adjusted diluted EPS of $7.80
Stryker (SYK)	~$127bn (13 July 2026)	FY2025 revenue of approximately $25.1bn
Medtronic (MDT)	~$109bn (31 July 2026)	FY2026 revenue of $36.4bn to April 2026, up 8.4% reported, the strongest growth in ten years
Boston Scientific (BSX)	~$71bn (June 2026)	FY2025 net sales of approximately $20.1bn, up 19.9% reported, with adjusted EPS of $3.06
Becton Dickinson (BDX)	~$45bn (June 2026)	FY2025 revenue of $21.84bn for the year to September 2025, up 8.2%
Dexcom (DXCM)	~$29.6bn (17 July 2026)	FY2025 revenue of $4.662bn, up 16%, entirely in continuous glucose monitoring

Peer market capitalisations are drawn from different dates in June and July 2026 and should be treated as approximate rather than simultaneous snapshots.

9. Insider Activity

Chairman and Chief Executive Officer Robert B. Ford is the name to watch in Abbott's 2026 filings. He made an open-market purchase in January 2026 while the shares were falling toward what would become their 52-week low, which is a different signal from the routine tax-withholding dispositions that make up most executive Form 4 activity at a company of this size. Director John G. Stratton bought in May 2026, closer still to the low.

Name	Date	Type	Shares	Price	Value	Plan Type
Robert B. Ford (Chairman & CEO)	23 Jan 2026	Open-market purchase	18,800	$107.13	~$2,013,966	Discretionary purchase
Robert B. Ford (Chairman & CEO)	27 Feb 2026	Disposition	30,308	$116.26	~$3,523,607	Tax withholding on vesting
Mary K. Moreland (EVP)	27 Feb 2026	Disposition	4,630	$116.26	~$538,284	Tax withholding on vesting
Mary K. Moreland (EVP)	2 Mar 2026	Open-market sale	613	$115.58	~$70,851	Not specified in filing summary
John G. Stratton (Director)	7 May 2026	Open-market purchase	2,000	$86.82	~$173,640	Discretionary purchase

Values are calculated from the reported share counts and prices and are approximate. Readers should verify individual transactions directly against the Form 4 filings on SEC EDGAR before drawing conclusions.

10. Key Risks

• Preterm infant-formula litigation: a $495m Missouri verdict against Abbott has been upheld on appeal, an Illinois jury awarded a further $53m in compensatory and $17m in punitive damages in April 2026, and more than 800 federal necrotising enterocolitis cases remain active against Abbott and Mead Johnson. The tail risk here is not one verdict but the aggregate of many.
• China volume-based procurement: centralised tender pricing removed roughly $700m of Diagnostics sales in FY2025, and because Abbott held 40% to 45% share in some assay categories it absorbed the full price cut without a volume offset. Management's expectation has been stabilisation rather than recovery.
• Acquisition integration and leverage: Exact Sciences was bought for roughly $21bn and funded with about $20bn of new senior notes. It reduced FY2026 adjusted EPS guidance by around $0.20 on announcement. Integration slippage or slower-than-expected Cologuard and Cancerguard uptake would leave Abbott carrying the interest cost without the growth.
• Competitive pressure in continuous glucose monitoring: Libre is Abbott's single largest growth driver at $7,998m of FY2025 sales, and Dexcom grew 16% in the same year. Sustained competition in a reimbursed category usually shows up as price erosion before it shows up as share loss.
• Nutrition volumes and pricing: Nutrition sales fell 8.9% on a reported basis in the fourth quarter of 2025 on lower volumes and deliberate price actions. The recovery depends on 2026 product launches landing as planned.
• Currency and trade policy: more than 60% of Abbott's revenue is earned outside the United States, so dollar strength is a recurring drag on reported growth. Abbott has separately flagged tariff uncertainty and is investing to diversify its manufacturing footprint in response.
• Regulatory compliance cost: European Medical Device Regulation and In Vitro Diagnostic Regulation compliance appears as a recurring specified item in every quarterly non-GAAP reconciliation, and the underlying cost does not go away simply because it is excluded from adjusted earnings.

11. Recent Developments

• 12 Dec 2025 — Dividend raised for a 54th consecutive year. The board declared its 408th consecutive quarterly dividend and increased the rate to $0.63 per share, payable 13 February 2026.
• 22 Dec 2025 — FDA approves the Volt pulsed field ablation system. Approval gave Abbott its first US pulsed field ablation offering for atrial fibrillation, supported by VOLT-AF IDE trial results of 93.1% arrhythmia-free survival at six months in paroxysmal patients.
• 22 Jan 2026 — Fourth-quarter and full-year 2025 results. FY2025 sales of $44,328m, up 5.7%, GAAP diluted EPS of $3.72 and adjusted diluted EPS of $5.15, up 10%. Abbott issued initial FY2026 guidance of 6.5% to 7.5% comparable sales growth and $5.55 to $5.80 adjusted EPS.
• 23 Mar 2026 — Exact Sciences acquisition completed. Abbott closed the roughly $21bn purchase, funded through a $20bn senior notes offering completed earlier in March, adding Cologuard, Oncotype Dx, Oncodetect and Cancerguard to its diagnostics portfolio.
• 10 Apr 2026 — Illinois jury returns a further formula verdict. Four mothers were awarded $53m in compensatory and $17m in punitive damages in a state-court trial concerning Similac Special Care 24. Abbott has said it will appeal.
• 16 Apr 2026 — First-quarter 2026 results and guidance reset. Sales of $11,160m, GAAP diluted EPS of $0.61 and adjusted diluted EPS of $1.15. Abbott lowered its FY2026 adjusted EPS range to $5.38 to $5.58 to absorb roughly $0.20 of Exact Sciences dilution.
• 27 May 2026 — CE Mark for dual glucose-ketone sensing. Abbott secured European approval for what it describes as the world's first dual glucose-ketone sensor, with launches planned in selected European markets later in 2026.
• 12 Jun 2026 — 410th consecutive quarterly dividend declared. The board declared $0.63 per share, payable 17 August 2026 to shareholders of record on 15 July 2026.
• 16 Jul 2026 — Second-quarter 2026 results and raised guidance. Sales of $12.6bn, up 13.0% reported and 4.8% comparable, with adjusted diluted EPS of $1.31 and GAAP diluted EPS of $0.53. Abbott raised its FY2026 adjusted EPS range to $5.45 to $5.60 and reaffirmed comparable sales growth guidance of 6.5% to 7.5%. Growth was led by low-teens electrophysiology and high-single-digit rhythm management, diabetes care and heart failure, plus the first full quarter of Exact Sciences revenue. Abbott returned $2.1bn to shareholders in the quarter.

12. Key Dates and Catalysts

• 17 Aug 2026 — payment date for the 410th consecutive quarterly dividend of $0.63 per share; record date was 15 July 2026
• Expected Oct 2026 — third-quarter 2026 results. Third-party earnings calendars indicate 21 October 2026, but this has not been confirmed on Abbott's own investor relations calendar at the time of writing
• Expected Dec 2026 — the board's customary December dividend declaration, which has carried an increase in each of the last 54 years
• Expected H2 2026 — FDA decision on the Libre Duo dual glucose-ketone sensor, already CE-marked in Europe since 27 May 2026
• Expected 2026 — further European market launches of Libre Duo following the May 2026 CE Mark
• TBD — appellate rulings and further state-court trial dates in the necrotising enterocolitis infant-formula litigation, where more than 800 federal cases remain outstanding

Abbott's fiscal year ends on 31 December, so the fourth-quarter and full-year 2026 results, together with initial FY2027 guidance, would normally follow in late January 2027. Readers tracking these dates alongside macro releases may find the ChartsView Economic Calendar useful, and discussion of individual names takes place on the ChartsView Forum.

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Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.

Last Updated: 3 August 2026

Medtronic has just posted its strongest revenue growth in a decade while simultaneously trying to detach an entire business unit from itself. Fiscal 2026 revenue of $36.4bn was up 8.4%, driven by an ablation franchise that nearly doubled, and in March 2026 the company floated its diabetes arm as MiniMed on Nasdaq while retaining roughly 90% of it. This report sets out what Medtronic sells, what the filings actually say, and what has to happen for the separation and the growth story to hold together. Every figure comes from company filings and published market data. There are no analyst ratings or price targets in it.

1. Company Snapshot

Field	Value
Company	Medtronic plc
Ticker / Exchange	MDT / New York Stock Exchange
Sector	Healthcare — medical devices and healthcare technology
Founded	1949
Headquarters	Registered office Galway, Ireland; operational headquarters Minneapolis, Minnesota, United States
CEO / Leadership	Geoffrey S. Martha — Chairman and Chief Executive Officer
Employees	More than 95,000 full-time employees, 43% of them in the United States or Puerto Rico
Fiscal year end	Late April; FY2026 ended 24 April 2026
Share price	$85.39 (close, 31 July 2026)
Shares outstanding	1,280,045,190 ordinary shares (as of 12 June 2026)
Market cap	Approximately $109.3bn (1,280.0m shares × $85.39)
Revenue (FY2026)	$36,364m, up 8.4% reported and 5.8% organic
Net income (FY2026, GAAP)	$4,801m attributable to Medtronic, up 3.0%
Non-GAAP diluted EPS (FY2026)	$5.53
Dividend	$0.72 per share per quarter from Q1 FY2027 ($2.88 annualised); 49 consecutive years of increases
R&D spend (FY2026)	$2,873m, or 7.9% of net sales

2. Bull and Bear Case

Bull Case

• Growth has genuinely re-accelerated: FY2026 revenue of $36,364m was up 8.4% reported and 5.8% organic, the fastest annual growth in ten years, and the fourth quarter alone delivered $9,807m with non-GAAP EPS of $1.55.
• Pulsed field ablation is compounding fast: Cardiac Ablation Solutions revenue grew 78% globally and 124% in the United States in the fourth quarter of FY2026, taking eight points of US share, driven by the PulseSelect and Affera Sphere-9 and Sphere-360 catheters.
• Hugo gives Medtronic a real seat in soft-tissue robotics: the system holds FDA clearance for urologic procedures, and on 3 June 2026 Medtronic filed 510(k) submissions to extend it into general surgery and gynaecology, the two largest robotic procedure pools.
• The MiniMed separation simplifies the story: the diabetes arm floated on Nasdaq on 6 March 2026 and full separation is targeted within FY2027, which would leave three focused portfolios and put a market price on an asset previously buried inside a conglomerate.
• Capital return and outside pressure are aligned: the dividend rose to $0.72 per quarter for a 49th consecutive annual increase, while Elliott Investment Management's stake has already produced two new board directors and dedicated growth and operational-efficiency committees.

Bear Case

• Earnings growth is not keeping pace with revenue: FY2026 non-GAAP EPS of $5.53 was barely ahead of FY2022's $5.55, and the company disclosed that constant-currency EPS growth was negative 2.0% in FY2026 with a $0.15 currency benefit flattering the reported figure.
• The balance sheet carries real leverage: long-term debt stood at $26,173m at 24 April 2026 with a further $1,788m current, against $9.2bn of cash and investments, and the company's own risk factors flag refinancing and credit-rating exposure.
• The separation is unfinished and complex: Medtronic still consolidates the diabetes business, still owns roughly 90% of MiniMed, has not finalised the structure of the final step, and is running that programme alongside CathWorks, Scientia Vascular, SPR Therapeutics and a Merit Medical agreement simultaneously.
• Competition is intensifying in every growth area at once: Intuitive Surgical in robotics, Boston Scientific and Johnson & Johnson in pulsed field ablation, and Abbott and Dexcom in glucose monitoring — and the FY2026 risk factors name GLP-1 drugs as an alternative to device-based therapy.
• Policy and pricing headwinds are quantified, not theoretical: tariffs cost 80 basis points of operating margin in the fourth quarter and 50 basis points across FY2026, while China volume-based procurement continues to force price concessions in a market representing roughly 6% of revenue.

3. Business Segments

Medtronic reported three segments in FY2026. Diabetes ceased to be a reportable segment in the fourth quarter following the MiniMed initial public offering, but it remains fully consolidated in group revenue — it is not treated as a discontinued operation. Figures below are FY2026 revenue.

Segment	% of revenue	What it is
Cardiovascular Portfolio — $13,976m	38.4%	Cardiac rhythm and heart failure devices, cardiac ablation including pulsed field, structural heart and aortic products such as Evolut transcatheter valves, and coronary and peripheral vascular including renal denervation. Grew 12.0% in FY2026
Neuroscience Portfolio — $10,287m	28.3%	Cranial and spinal technologies including navigation and robotics, specialty therapies covering neurovascular stroke devices, ENT and pelvic health, and neuromodulation for pain and movement disorders. Grew 4.5%
Medical Surgical Portfolio — $8,815m	24.2%	Surgical stapling, energy devices, hernia mesh, GI endoscopy and the Hugo robotic-assisted surgery system, plus acute care patient monitoring and airway management. Grew 4.9%
Diabetes (no longer a reportable segment, still consolidated) — $3,112m	8.6%	Insulin pumps, continuous glucose monitoring and consumables, now operated through the separately listed MiniMed. Grew 12.9%
Other — $174m	0.5%	Exited and divested businesses, including the fully divested Dutch obesity clinic

4. Business Model and Moat

How it makes money. Medtronic sells devices and the consumables that go with them, through a direct sales force organised by physician specialty and supplemented by distributors. A meaningful share of revenue comes from consignment inventory held at the hospital, meaning the product sits on the shelf and Medtronic recognises revenue as it is used. No single customer accounts for more than 10% of net sales, so the revenue base is spread across thousands of hospitals, group purchasing organisations and integrated delivery networks worldwide.

Where the switching costs live. The moat is built on training and installed base rather than patents alone. A cardiologist who implants Medtronic pacemakers works within Medtronic's programmer and remote-monitoring ecosystem; a spine surgeon trained on StealthStation navigation is unlikely to relearn a rival platform mid-career. Implanted devices then generate a decade or more of follow-on revenue in leads, replacements and consumables. That is why an installed base built over seventy-five years is worth more than any individual product approval.

Regulation cuts both ways. FDA premarket approval, European Medical Device Regulation and China NMPA registration are formidable barriers to a new entrant — but they are equally a brake on Medtronic itself. Hugo's US path has been indication by indication: urologic clearance first, then separate 510(k) submissions in June 2026 for general surgery and gynaecology. The same regulation that protects the franchise slows its expansion.

What erodes the moat. Government and group tender pricing is the counterweight. Chinese volume-based procurement, national tenders and payer utilisation management all compress price on products where Medtronic's clinical position is otherwise secure, and the FY2026 risk factors say so explicitly.

5. Financial Health

Medtronic's fiscal year ends in late April, so FY2026 covers the twelve months to 24 April 2026. Figures below are taken from Medtronic's results releases and filed financial statements. Long-term debt is the non-current balance-sheet figure including finance lease obligations at each fiscal year end.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
2022 (to 29 Apr 2022)	31,686	+5.2%	$3.73	$5.55	$2.52	$20,372m
2023 (to 28 Apr 2023)	31,227	−1.4%	$2.82	$5.29	$2.72	$24,344m
2024 (to 26 Apr 2024)	32,364	+3.6%	$2.76	$5.20	$2.76	$23,932m
2025 (to 25 Apr 2025)	33,537	+3.6%	$3.61	$5.49	$2.80	$25,642m
2026 (to 24 Apr 2026)	36,364	+8.4%	$3.73	$5.53	$2.84	$26,173m

The five-year picture is a company that has grown revenue by roughly $4.7bn while producing almost exactly the same adjusted earnings per share it produced in FY2022. Adjusted EPS of $5.53 in FY2026 sits fractionally below the $5.55 of FY2022. Long-term debt rose by nearly $6bn over the same span. Whatever the top line has been doing, the earnings line has been running to stand still — and FY2026's improvement was helped by a $0.15 currency tailwind, with constant-currency EPS growth of negative 2.0%.

Quarter / Half	Revenue ($m)	Adjusted EPS	GAAP EPS
Q4 FY2026 (to 24 Apr 2026)	9,807	$1.55	$0.96
Q3 FY2026 (to 23 Jan 2026)	9,000	$1.36	$0.89
Q2 FY2026 (to 24 Oct 2025)	9,000	$1.36	$1.07
Q1 FY2026 (to 25 Jul 2025)	8,600	$1.26	$0.81
FY2026 total	36,364	$5.53	$3.73

Quarterly revenue figures for Q1 to Q3 FY2026 are as reported to the nearest $0.1bn in the respective press releases. First-quarter FY2027 results, covering the quarter ended in late July 2026, had not been released at the time of writing; Medtronic confirmed on 20 July 2026 that they will be published on 1 September 2026.

6. Valuation Metrics

Raw metrics, August 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$109.3bn (1,280.0m shares outstanding × $85.39 close, 31 July 2026)
Enterprise value	~$128.0bn (market cap $109.3bn + total debt $27,961m − cash and investments $9,220m, per the 24 April 2026 balance sheet: long-term debt $26,173m, current debt $1,788m, cash $1,949m, short-term investments $7,271m)
Trailing P/E (GAAP)	~22.9x ($85.39 / FY2026 GAAP diluted EPS $3.73)
P/E (forward)	~14.4x ($85.39 / $5.95, the midpoint of Medtronic's FY2027 non-GAAP diluted EPS guidance of $5.90–$6.00)
P/S (TTM)	~3.01x ($109.3bn / FY2026 revenue $36,364m)
EV/EBITDA (TTM)	~13.6x (EV $128.0bn / FY2026 EBITDA $9,425m; EBITDA = GAAP operating income $6,467m + depreciation and amortisation $2,958m from the cash flow statement)
P/FCF	~20.1x (market cap $109.3bn / free cash flow $5,426m; FCF = operating cash flow $7,330m − capital expenditure $1,904m per the FY2026 cash flow statement, matching the company's own reported free cash flow)
52-week high	$106.33 (26 November 2025)
52-week low	$73.31 (2 June 2026)
Short interest (% of float)	~1.49% (19.09m shares short, as of the 23 July 2026 settlement date)
Days to cover	n/a — no days-to-cover figure was published alongside the 23 July 2026 short-interest reading; verify at MarketBeat or Nasdaq short-interest pages for the current settlement period
Dividend yield	~3.4% ($2.88 annualised / $85.39)

The most striking number here is the gap between the trailing and forward multiples. Medtronic trades at roughly 22.9 times reported GAAP earnings but around 14.4 times the midpoint of its own FY2027 non-GAAP guidance, and the difference is amortisation, restructuring and separation costs rather than a step change in the operating business. The enterprise value sits nearly $19bn above the market cap, which is a reminder that the debt load is material relative to the equity.

The ChartsView Live Charts page carries the full interactive chart if you want to see how this valuation has moved over the last twelve months.

7. What Are They Building

Medtronic spent $2,873m on research and development in FY2026, equal to 7.9% of net sales, and supplemented it with a run of bolt-on acquisitions announced in the same year.

• Hugo robotic-assisted surgery. Cleared by the FDA for urologic procedures, with first US commercial cases following. On 3 June 2026 Medtronic filed 510(k) submissions to expand Hugo into general surgery and gynaecology and to clear the LigaSure RAS vessel sealer, having completed enrolment in the Embrace Gynecology clinical study.
• Pulsed field ablation. The PulseSelect single-shot catheter, the Affera Sphere-9 focal catheter capable of both radiofrequency and pulsed field energy, and the Affera Sphere-360 all run on the Affera mapping and navigation system. This is the fastest-growing part of the company, up 78% globally in the fourth quarter of FY2026.
• Renal denervation. The Centers for Medicare and Medicaid Services finalised a National Coverage Determination for renal denervation on 28 October 2025, covering the Symplicity Spyral system for uncontrolled hypertension, with the coding transmittal published on 19 March 2026. Transitional pass-through payment status has applied to the catheter since 1 January 2025.
• Structural heart. The Evolut transcatheter aortic valve family, including PRO+, FX and FX+, sits inside a structural heart and aortic business that generated $3,817m in FY2026, up 7.4%.
• Surgical navigation. The Stealth AXiS surgical system received FDA clearance for spine, cranial and ENT indications and CE Mark for spine and cranial, integrating robotic guidance with StealthStation navigation.
• Diabetes technology through MiniMed. EMEA commercial launch of the MiniMed Go smart multiple-daily-injection system with the Simplera sensor began on 25 February 2026, following FDA approval of the US version in January 2026 with launch expected later in 2026.
• Acquisitions bolted on. CathWorks closed on 20 April 2026 for $585m in coronary and peripheral vascular, and in May 2026 Medtronic announced intentions to acquire Scientia Vascular in neurovascular and SPR Therapeutics in neuromodulation, an agreement with Merit Medical for ViaVerte, and an investment in Pulnovo Medical.

8. Competitive Landscape

Medtronic competes with a different company in almost every one of its franchises. Abbott and Boston Scientific meet it in cardiac rhythm and ablation, Intuitive Surgical dominates the robotics market Hugo is entering, Edwards Lifesciences is its main rival in transcatheter valves, and Abbott and Dexcom compete with the diabetes business it is separating.

Peer	Market cap (August 2026)	Key 2025 metric
Johnson & Johnson (JNJ)	~$618bn (31 July 2026)	FY2025 total revenue of $94.2bn, up 6.0%, with MedTech contributing $33.8bn
Abbott Laboratories (ABT)	~$184bn (31 July 2026)	FY2025 sales of $44.3bn, up 5.7% reported, with adjusted diluted EPS of $5.15
Stryker (SYK)	~$127bn (13 July 2026)	FY2025 revenue of approximately $25.1bn
Boston Scientific (BSX)	~$71bn (June 2026)	FY2025 net sales of approximately $20.1bn, up 19.9% reported, with adjusted EPS of $3.06
Edwards Lifesciences (EW)	~$48bn (July 2026)	FY2025 revenue of approximately $6.07bn, concentrated in structural heart
Becton Dickinson (BDX)	~$45bn (June 2026)	FY2025 revenue of $21.84bn for the year to September 2025, up 8.2%

Peer market capitalisations are drawn from different dates in June and July 2026 and should be treated as approximate rather than simultaneous snapshots.

9. Insider Activity

Chairman and Chief Executive Officer Geoffrey S. Martha remains in post and appears in the 2026 filings only through routine tax-related share withholding on vesting rather than open-market activity. Medtronic insiders reported seven transactions in June 2026 totalling approximately $5.28m, of which five were tax-related dispositions and two were open-market sales. There were no open-market purchases by insiders in the period reviewed.

Name	Date	Type	Shares	Price	Value	Plan Type
Geoffrey S. Martha (Chairman & CEO)	4 Jun 2026	Disposition	41,936	$83.32	~$3,494,088	Tax withholding on vesting
Matthew R. Walter (SVP, Chief HR Officer)	4 Jun 2026	Disposition	2,840	$83.32	~$236,629	Tax withholding on performance RSU vesting
Harry "Skip" Kiil (Officer)	8 Jun 2026	Proposed sale (Form 144)	Not disclosed	Not disclosed	~$336,000	Form 144 notice of proposed sale
Matthew R. Walter (SVP, Chief HR Officer)	8 Jul 2026	Open-market sale	3,102	$83.15	~$257,931	Not specified in filing summary
Michelle Quinn (EVP, General Counsel)	Jul 2026	Disposition	2,069	$86.88	~$179,754	Tax withholding on RSU vesting

These entries are drawn from published summaries of SEC Form 4 filings and values are calculated from the reported share counts and prices. Readers should verify individual transactions against the original filings on SEC EDGAR before drawing conclusions.

10. Key Risks

• Separation execution: Medtronic's own risk factors state that expected strategic benefits from the ongoing separation of the diabetes business may not be realised or may take longer than expected. The company still consolidates the unit, still owns roughly 90% of MiniMed, and has not finalised whether the final step is a spin-off, a split-off, a further offering or a combination.
• Simultaneous transaction load: the FY2026 filings explicitly flag the cumulative effect of executing multiple transactions at once. CathWorks, Scientia Vascular, SPR Therapeutics, the Merit Medical agreement and the Pulnovo investment are all layered on top of the MiniMed programme, increasing operational complexity and timing risk.
• Debt and refinancing: total debt of roughly $28.0bn against $9.2bn of cash and investments means a meaningful share of operating cash flow services interest, and the company warns there can be no assurance it will maintain its credit rating if capital-market access tightens.
• Competitive and technological displacement: the risk factors name GLP-1 drugs as an alternative to device-based therapy alongside conventional competition — Intuitive Surgical in robotics, Boston Scientific and Johnson & Johnson in pulsed field ablation, and Abbott and Dexcom in glucose monitoring.
• China pricing and intellectual property: national and provincial volume-based procurement programmes in China require significant price concessions in a market representing roughly 6% of total revenue, and China is separately flagged as a weak point for intellectual-property protection.
• Product liability and recalls: quality problems have previously led to recalls and safety alerts, and implanted devices carry long-tail liability. Medtronic is also engaged in US Tax Court litigation with the IRS over Puerto Rico transfer pricing, remanded back to the Tax Court in September 2025, which the company says could materially affect its financial condition.
• Tariffs and currency: tariffs reduced operating margin by 80 basis points in the fourth quarter of FY2026 and 50 basis points across the full year, while currency added $819m to FY2026 revenue and $0.15 to EPS — a tailwind that reverses if the dollar strengthens.
• Hospital capital spending and reimbursement: demand depends on hospital purchasing decisions, group purchasing tender dynamics and payer coverage policy, any of which can change physician adoption and procedure volumes without warning.

11. Recent Developments

• 28 Oct 2025 — CMS finalises renal denervation coverage. A National Coverage Determination for renal denervation covering the Symplicity Spyral system gave Medicare patients with uncontrolled hypertension access to the procedure, removing the principal reimbursement obstacle to the therapy.
• 18 Nov 2025 — Second-quarter FY2026 results. Revenue of $9.0bn, up 6.6% reported and 5.5% organic and 75 basis points ahead of guidance, with GAAP EPS of $1.07 and non-GAAP EPS of $1.36. Cardiac Ablation Solutions revenue rose 71% globally and 128% in the United States, and full-year guidance was raised.
• 17 Feb 2026 — Third-quarter FY2026 results. Revenue of $9.0bn, up 8.7% reported and 6.0% organic, the strongest enterprise growth in ten quarters, with GAAP EPS of $0.89 and non-GAAP EPS of $1.36. Cardiac Ablation Solutions grew 80% globally and 137% in the United States.
• 25 Feb 2026 — MiniMed Go launches across EMEA. Commercial rollout of the MiniMed Go smart multiple-daily-injection system with the Simplera sensor began in Europe, the Middle East and Africa, following FDA approval of the US version in January 2026.
• 5 Mar 2026 — MiniMed prices its initial public offering. The diabetes business priced 28,000,000 shares at $20.00, below the marketed range. Trading began on the Nasdaq Global Select Market under the ticker MMED on 6 March 2026 and the offering closed on 9 March 2026 with roughly $538m of net proceeds. Medtronic retained approximately 90% of the shares.
• 20 Apr 2026 — CathWorks acquisition completed. Medtronic closed its $585m purchase of CathWorks, expanding the coronary and peripheral vascular portfolio, having announced its intent to exercise the option on 3 February 2026.
• 3 Jun 2026 — Fourth-quarter and full-year FY2026 results. Revenue of $36,364m, up 8.4% reported and 5.8% organic and the highest annual growth in ten years, with GAAP diluted EPS of $3.73 and non-GAAP diluted EPS of $5.53. The quarterly dividend was raised to $0.72 for a 49th consecutive annual increase, and FY2027 guidance was issued at 6.75% to 7.25% organic growth and $5.90 to $6.00 non-GAAP EPS.
• 3 Jun 2026 — Hugo filings and further acquisitions announced. Alongside results, Medtronic filed 510(k) submissions to expand Hugo into general surgery and gynaecology, disclosed FDA clearance of the Stealth AXiS system for spine, cranial and ENT, and announced intentions to acquire Scientia Vascular and SPR Therapeutics.
• 20 Jul 2026 — First-quarter FY2027 reporting date confirmed. Medtronic announced that results for the quarter ended in late July 2026 will be released on 1 September 2026, with a news release at 5:45am Central Time and a webcast at 6:45am.

12. Key Dates and Catalysts

• 1 Sep 2026 — first-quarter FY2027 results, news release at 5:45am Central Time with webcast at 6:45am; the first quarter to be reported under the new three-segment structure
• 17 Jul 2026 — payment date of the raised $0.72 quarterly dividend declared on 3 June 2026, with a record date of 26 June 2026
• Expected Sep 2026 — declaration of the second-quarter FY2027 dividend, following Medtronic's usual quarterly cadence
• Expected Dec 2026 — completion of the full MiniMed separation, which Medtronic has targeted within FY2027 and by the end of calendar 2026; the final structure had not been fixed as of the June 2026 results
• Expected 2027 — FDA decisions on the Hugo general surgery and gynaecology 510(k) submissions filed on 3 June 2026
• TBD — resolution of the US Tax Court transfer-pricing litigation with the IRS, remanded back to the Tax Court in September 2025

Medtronic's fiscal calendar means its full-year results and forward guidance land in late May or early June each year rather than in January, which is worth remembering when comparing it against calendar-year peers such as Abbott. Upcoming macro releases that affect the sector are listed on the ChartsView Economic Calendar, and readers can discuss individual holdings on the ChartsView Forum.

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Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.

Last Updated: 17 July 2026

Thermo Fisher Scientific is the world's largest life-sciences tools and services company, supplying instruments, reagents, consumables, software and outsourced services to pharmaceutical, biotech, academic, government, clinical and industrial customers. The company reported full-year 2025 revenue of $44.56bn and adjusted EPS of $22.87, and lifted its 2026 outlook after a first quarter that beat expectations. With roughly $45bn of remaining performance obligations in its biopharma-services backlog, a serial acquisition model that most recently added clinical-trial data specialist Clario, and a large recurring consumables base, Thermo Fisher sits at the centre of the global research and drug-development economy. This report walks through the company's structure, financial health, valuation and the debate between bulls and bears. For live pricing see our Live Charts and upcoming catalysts on the Economic Calendar.

1. Company Snapshot

Field	Value
Company	Thermo Fisher Scientific Inc.
Ticker / Exchange	TMO (NYSE)
Sector	Healthcare — Life Sciences Tools & Services
CEO / Leadership	Marc N. Casper (Chairman, President & Chief Executive Officer)
Employees	~125,000 (as of 31 Dec 2025)
Headquarters	Waltham, Massachusetts, USA
Market cap	~$196bn (14 Jul 2026)
Share price	~$535 (mid-Jul 2026)
Revenue (FY2025)	$44.56bn
GAAP diluted EPS (FY2025)	$17.74
Adjusted EPS (FY2025)	$22.87
Dividend / share (FY2025 declared)	$1.72
Next earnings	23 Jul 2026 (Q2 2026)

2. Bull vs Bear

Bull Case

• Unrivalled scale and breadth: At $44.6bn of revenue across four segments, Thermo Fisher is the largest company in life-sciences tools, giving it distribution reach, cross-selling and purchasing power that smaller rivals cannot match.
• Recurring, consumables-led revenue: A large share of sales comes from reagents, consumables and services that customers reorder continuously, producing a razor/razor-blade model with pricing power and visibility, backed by roughly $45bn of biopharma-services performance obligations.
• Proven M&A compounding: Management has a long record of accretive acquisitions; the $8.9bn Clario deal (closed March 2026) adds clinical-trial endpoint data, and the company still lifted 2026 guidance after folding it in.
• Strong cash generation and returns: Free cash flow of roughly $6.3bn in 2025 funded about $3.6bn of dividends and buybacks alongside continued M&A, supporting a self-reinforcing capital-allocation engine.
• Secular demand tailwinds: Long-run growth in biologics, cell and gene therapy, diagnostics and bioproduction underpins the addressable market as the post-COVID normalisation runs its course.

Bear Case

• Soft organic growth: Organic revenue rose only about 1% in Q1 2026; headline growth is leaning heavily on acquisitions and currency rather than underlying volume.
• Funding and policy pressure: Exposure to academic and government research budgets (including NIH funding scrutiny) and to China leaves a meaningful slice of demand vulnerable to policy shifts.
• Rising debt load: Total borrowings climbed toward roughly $43bn after the Clario financing, increasing interest cost and reducing balance-sheet flexibility.
• Wide GAAP-to-adjusted gap: GAAP EPS of $17.74 sits well below adjusted EPS of $22.87, largely because of about $1.7bn of annual intangible amortisation tied to past deals.
• Cyclical end-market risk: Pharma and biotech capital-equipment spending is cyclical, and tariff or trade-policy disruption could pressure both cost and demand.

3. Business Segments

Thermo Fisher reports in four segments. Segment revenues below are gross of intersegment eliminations of roughly $2.0bn, which reconcile to consolidated revenue of $44.56bn.

Segment	% of revenue	What it is
Laboratory Products & Biopharma Services	~52% ($23.98bn)	Lab equipment, consumables, channel/distribution, plus pharma services (CDMO, clinical trial logistics, the former PPD clinical-research business)
Life Sciences Solutions	~22% ($10.37bn)	Reagents, instruments and consumables for biological research, genetic analysis and bioproduction
Analytical Instruments	~16% ($7.55bn)	Mass spectrometry, chromatography, electron microscopy and chemical-analysis instruments and software
Specialty Diagnostics	~10% ($4.68bn)	Clinical diagnostics reagents, immunodiagnostics, microbiology, transplant and allergy testing

4. Business Model & Moat

How it makes money. The company sells a mix of one-off capital equipment (instruments) and high-margin recurring items (reagents, consumables, service contracts and outsourced pharma services). The recurring base is the profit engine: once an instrument or workflow is embedded in a lab, the customer keeps buying matched consumables and services for years, producing sticky, repeatable revenue.

Why the moat is durable. Switching costs are high because instruments, software, validated methods and regulatory sign-offs are difficult to change once a lab is running. Scale gives Thermo Fisher the widest catalogue and distribution network in the industry, and its balance sheet lets it acquire and integrate targets faster than peers. Brand trust in regulated clinical and pharmaceutical settings reinforces the position.

Where it is vulnerable. The moat is weaker in commoditised lab supplies and in instrument categories where Danaher, Agilent, Waters and Bruker compete hard on performance. Demand tied to research grants and pharma capital budgets can soften quickly in a downturn.

5. Financial Health

All figures below are drawn from Thermo Fisher's SEC filings (10-K, 10-Q) and quarterly earnings press releases. Revenue is on the company's reported basis.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt ($m, YE)
FY2021	39,211	+21.7%	$19.46	$25.13	$1.04	34,670
FY2022	44,915	+14.5%	$17.63	$23.24	$1.20	34,278
FY2023	42,857	−4.6%	$15.45	$21.55	$1.40	34,727
FY2024	42,879	+0.1%	$16.53	$21.86	$1.56	31,072
FY2025	44,556	+3.9%	$17.74	$22.87	$1.72	39,172

Quarterly detail (most recent first). GAAP EPS for Q4 2025 is derived by subtracting the first three reported quarters from the full-year figure.

Quarter	Revenue ($m)	Adjusted EPS	GAAP EPS
Q1 2026	11,005	$5.44	$4.43
Q4 2025	12,215	$6.57	$5.21
Q3 2025	11,122	$5.79	$4.27
Q2 2025	10,855	$5.36	$4.28
FY2025 total	44,556	$22.87	$17.74

The balance sheet carried about $39.2bn of non-current long-term debt plus $3.5bn of current debt at year-end 2025, against roughly $9.9bn of cash and $0.3bn of short-term investments. Operating cash flow was $7.82bn and capital expenditure $1.53bn, giving free cash flow of about $6.3bn.

6. Valuation

Raw metrics, July 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$196bn (14 Jul 2026)
Enterprise value	~$229bn (market cap ~$196bn + total debt ~$42.7bn − cash & ST investments ~$10.1bn per FY2025 balance sheet)
Trailing P/E (GAAP)	~29x (price ~$535 / TTM GAAP EPS ~$18.19, i.e. FY2025 $17.74 − Q1 2025 $3.98 + Q1 2026 $4.43)
P/E (forward)	~21.5x (price ~$535 / FY2026 adjusted EPS guidance midpoint ~$24.88)
P/S (TTM)	~4.3x (market cap ~$196bn / TTM revenue ~$45.2bn)
EV/EBITDA (TTM)	~22x (EV ~$229bn / FY2025 EBITDA ~$10.5bn; EBITDA = operating income $7.75bn + D&A $2.78bn per cash flow statement)
P/FCF	~31x (market cap ~$196bn / FCF ~$6.3bn; FCF = operating cash flow $7.82bn − capex $1.53bn per FY2025 cash flow statement)
52-week high	$643.99
52-week low	$385.46
Short interest (% of float)	~1.0% (Benzinga, latest 2026 reading; ~3.9m shares)
Days to cover	~2.8 days

7. What Are They Building

Thermo Fisher's growth roadmap runs along three lines: acquisitions, capacity and innovation. The largest recent move is the $8.875bn purchase of Clario, closed in March 2026, which bolts clinical-trial endpoint data and decentralised-trial technology onto the existing pharma-services franchise and deepens the company's role across the drug-development lifecycle. Alongside deals, the company continues to invest in bioproduction and pharma-services capacity to serve biologics and cell-and-gene-therapy manufacturing.

On the innovation side, Thermo Fisher used ASMS 2026 and BIO International 2026 to showcase next-generation mass spectrometry, AI-enabled research tools and manufacturing and clinical-development capabilities. It has also expanded forensic and mRNA partnerships, including regulatory clearance of its RapidINTEL Plus DNA cartridge for the FBI's national DNA index and a collaboration with Arcturus Therapeutics to support Phase 3 development of an mRNA cystic-fibrosis therapy. The through-line is embedding Thermo Fisher deeper into regulated, recurring-revenue workflows.

8. Peer Comparison

Peer	Market cap (Jul 2026)	Key 2025 metric
Thermo Fisher (TMO)	~$196bn	FY2025 revenue $44.56bn
Danaher (DHR)	~$141bn	FY2025 revenue $24.6bn
Agilent Technologies (A)	~$37bn	FY2025 (Oct) revenue $6.95bn
Waters (WAT)	~$37bn	FY2025 revenue $3.17bn
Revvity (RVTY)	~$12bn	FY2025 revenue $2.86bn

9. Insider Activity

Name	Date	Type	Shares	Price	Value	Plan Type
Marc N. Casper (Chairman & CEO)	05 Mar 2026	Sale	~4,000	$503.66–$519.74	~$2.06m	Rule 10b5-1
Marc N. Casper (Chairman & CEO)	03–04 Mar 2026	Option exercise & sale	10,000	exercise $309.63	—	Rule 10b5-1
Marc N. Casper (Chairman & CEO)	28 Aug 2025	Sale	~1,411	$489.74	~$0.69m	Open market

Recent insider activity has been routine sales and option exercises by the CEO under a pre-arranged Rule 10b5-1 trading plan adopted in November 2025, rather than open-market conviction buying or selling. No material insider purchases were reported in the period.

10. Key Risks

• Research-funding and policy risk (Regulatory/Macro): Cuts or delays to academic and government research budgets, including NIH funding pressure, could reduce demand across multiple segments.
• China and geopolitical exposure (Macro): A meaningful revenue slice is tied to China and to global trade; tariffs or restrictions could hit both demand and cost.
• Leverage and interest cost (Financial): Total borrowings near $43bn after the Clario financing raise interest expense and constrain flexibility if cash flow softens.
• Integration and M&A execution (Operational): The growth model depends on repeatedly integrating large acquisitions; a misstep on Clario or a future deal could dilute returns.
• End-market cyclicality (Operational): Pharma and biotech capital-equipment spending is cyclical and can weaken faster than the recurring base can offset.
• Competitive intensity (Operational): Danaher, Agilent, Waters, Bruker and others compete aggressively on instrument performance and price in overlapping categories.
• Currency translation (Macro): A large international footprint means reported revenue and earnings are sensitive to a stronger US dollar.

11. Recent Developments

• 01 Jul 2026 — Dividend, forensics clearance and mRNA partnership. The board declared a quarterly dividend of $0.47; the RapidINTEL Plus DNA cartridge was approved for the FBI's national DNA index; and Thermo Fisher joined Arcturus Therapeutics to support Phase 3 development of an mRNA cystic-fibrosis therapy.
• 23 Apr 2026 — Q1 2026 results beat and guidance raised. Revenue rose 6% to $11.01bn with adjusted EPS of $5.44 and GAAP EPS of $4.43; management raised full-year revenue guidance to $47.3–$48.1bn and adjusted EPS to $24.64–$25.12, reflecting Clario.
• 24 Mar 2026 — Clario acquisition completed. Thermo Fisher closed the $8.875bn cash purchase of clinical-trial data firm Clario, expanding its clinical-development capabilities.
• 29 Jan 2026 — Q4 and full-year 2025 results. Full-year revenue grew 4% to $44.56bn with adjusted EPS up 5% to $22.87; Q4 revenue was $12.2bn and Q4 adjusted EPS $6.57.
• 29 Oct 2025 — Clario deal announced. The company agreed to acquire Clario for about $8.9bn in cash, plus performance-based payments.

12. Key Dates

• 23 Jul 2026 — Q2 2026 results before market open, with conference call at 8:30 a.m. ET
• 15 Oct 2026 — expected Q3 2026 results (provisional, based on prior-year cadence)
• 28 Jan 2027 — expected Q4 and full-year 2026 results (provisional)

For scheduled market-moving events and earnings, keep an eye on the ChartsView Economic Calendar, and discuss ideas on the Forum.

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Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.

Last Updated: 15 July 2026

Amgen Inc. (NASDAQ: AMGN) is one of the world's largest biotechnology companies, discovering, manufacturing and selling biologic medicines across general medicine, oncology, inflammation and rare disease. The investment debate in mid-2026 is finely balanced: sixteen brands are growing at double-digit rates and full-year guidance was raised in April, yet biosimilar erosion is accelerating across the legacy denosumab franchise (Prolia/XGEVA) and the market is waiting on pivotal Phase 3 obesity data for MariTide — the readout that could reset the company's growth profile — expected from the beginning of 2027. This research lays out the reported facts from primary filings so you can weigh the trade-offs yourself.

1. Company Snapshot

Field	Value
Company	Amgen Inc.
Ticker / Exchange	AMGN / NASDAQ
Sector	Healthcare — Biotechnology
Headquarters	Thousand Oaks, California, USA
Founded	1980
CEO / Leadership	Robert A. Bradway (Chairman & Chief Executive Officer since 2012)
Employees	Approximately 31,500 in over 50 countries (about 13,000 outside the US), per FY2025 Form 10-K
Market cap	~$192.7bn (~$356 per share, 14 July 2026)
Revenue (FY2025)	$36,751m total revenues ($35,148m product sales + $1,603m other revenues)
Net income (FY2025)	$7,711m GAAP; diluted GAAP EPS $14.23 (non-GAAP EPS $21.84)
Dividend	$2.52 per share quarterly for 2026 (+6% year-over-year; ~$10.08 annualised, ~2.8% yield) — 14+ consecutive years of dividend growth
Fiscal year end	31 December

2. Bull & Bear Case

Bull Case

• Broad-based growth engine: Sixteen brands delivered double-digit sales growth in Q1 2026 and seventeen products are annualising at more than $1bn; growth is spread across Repatha (+36% in FY2025), EVENITY (+34%), TEZSPIRE (+52%), BLINCYTO (+28%), UPLIZNA (+73%) and TAVNEOS (+62%), reducing single-product dependency.
• MariTide obesity optionality: Phase 2 data showed up to ~20% average weight loss at 52 weeks without plateau on monthly (or less frequent) dosing; the Phase 3 MARITIME programme (MARITIME-1, ~3,500 patients; MARITIME-2 in type-2 diabetes; MARITIME-Switch launched Q1 2026) reads out from the beginning of 2027 and could give Amgen a differentiated entry into the biggest market in pharma.
• Raised guidance with elite margins: After a Q1 2026 beat, management raised FY2026 guidance to $37.1–38.5bn revenue and $21.70–23.10 non-GAAP EPS; non-GAAP operating margin was 45% in Q1 2026 and 46.1% for FY2025, among the best in large-cap biopharma.
• Deleveraging plus growing income stream: Long-term debt has fallen from $63.2bn at YE2023 (post-Horizon) to $50.0bn at YE2025, while the dividend was raised 6% for 2026 ($2.52/quarter) — the balance sheet is steadily rebuilding capacity for the next pipeline investment cycle.

Bear Case

• Accelerating biosimilar erosion of the denosumab franchise: Prolia sales fell 10% year-over-year in Q4 2025 and XGEVA fell 20%, with management explicitly guiding to "accelerated sales erosion" in 2026 as multiple biosimilars launch globally — a ~$6.5bn annual franchise is now in decline.
• Legacy drag and pricing pressure: Enbrel, Otezla (a $400m impairment was taken in Q3 2025) and mature biosimilar-exposed brands offset growth elsewhere, while net selling prices fell 2–3% across the portfolio and US policy pressure (IRA price negotiation, potential tariffs) builds.
• Obesity race is crowded and unforgiving: MariTide arrives years behind Eli Lilly and Novo Nordisk, Phase 2 showed meaningful gastrointestinal tolerability challenges at initiation, and pivotal data are not due until 2027 — any stumble removes the main upside catalyst embedded in the shares.
• Near-term regulatory and sentiment overhangs: TAVNEOS faces a 29 July 2026 FDA deadline tied to its confirmatory-evidence requirements, and July 2026 saw analyst caution (Morgan Stanley target trimmed to $333; Bank of America reiterating a Sell with $312 target) with consensus modelling a ~8% EPS decline for Q2 2026.

3. Business Segments

Amgen operates as a single human-therapeutics business; the practical revenue split is by product. FY2025 total revenues were $36,751m — the largest contributors:

Segment	% of revenue	What it is
Prolia (denosumab)	12.0% ($4,414m)	Osteoporosis biologic; now facing global biosimilar competition with erosion accelerating in 2026
Repatha (evolocumab)	8.2% ($3,016m)	PCSK9 cholesterol-lowering injection; +36% in FY2025 on volume growth
EVENITY (romosozumab)	5.7% ($2,100m)	Bone-building osteoporosis biologic; +34% in FY2025
TEPEZZA (teprotumumab)	5.2% ($1,903m)	Thyroid eye disease therapy acquired with Horizon Therapeutics (2023)
BLINCYTO (blinatumomab)	4.2% ($1,559m)	Bispecific T-cell engager for acute lymphoblastic leukaemia; +28% in FY2025
All other products & other revenues	~64.7% (~$23,759m)	Includes Enbrel, Otezla, XGEVA, KYPROLIS, TEZSPIRE, Nplate, KRYSTEXXA, UPLIZNA, TAVNEOS, IMDELLTRA, biosimilars (PAVBLU, WEZLANA, AMGEVITA and others) and royalty/collaboration income

4. Business Model & Moat

How it makes money. Amgen discovers, develops, manufactures and sells biologic medicines, largely reimbursed by governments and private insurers. Product sales were $35.1bn of FY2025's $36.8bn total revenues, with the remainder from collaborations and royalties. The portfolio spans four therapeutic areas — general medicine (Repatha, EVENITY, Prolia), rare disease (TEPEZZA, KRYSTEXXA, UPLIZNA, TAVNEOS — largely from the $27.8bn Horizon Therapeutics acquisition completed in 2023), inflammation (Enbrel, Otezla, TEZSPIRE, AMGEVITA) and oncology (BLINCYTO, IMDELLTRA, KYPROLIS, Vectibix, biosimilars).

The moat. Biologics are hard to copy: complex manufacturing at scale, decades of process know-how, and an installed base of prescriber and payer relationships create high barriers. Amgen is also one of the few originators to run a large biosimilars business of its own (PAVBLU, WEZLANA, BEKEMV), turning the biosimilar threat into a revenue line — PAVBLU alone generated $700m in its first full year (FY2025). Patents remain the core protection, which is why the pipeline (MariTide, rocatinlimab, bemarituzumab, olpasiran) matters so much.

Cash generation and capital allocation. FY2025 free cash flow was $8.1bn (operating cash flow $9,958m less capital expenditures $1,858m), funding a growing dividend (~$5.2bn/year), debt paydown (long-term debt down $6.5bn in 2025) and R&D of $7.3bn (+22% year-over-year). No shares were repurchased in 2025 as deleveraging took priority.

5. Financial Health

All figures from Amgen earnings press releases and SEC filings (10-K/8-K, XBRL). Dividend/share is the total declared for each calendar year's quarterly payments.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	$25,979m	+2.2%	$10.28	$17.10	$7.04	$33,222m
FY2022	$26,323m	+1.3%	$12.11	$17.69	$7.76	$37,354m
FY2023	$28,190m	+7.1%	$12.49	$18.65	$8.52	$63,170m
FY2024	$33,424m	+18.6%	$7.56	$19.84	$9.00	$56,549m
FY2025	$36,751m	+10.0%	$14.23	$21.84	$9.52	$50,005m

The FY2023 jump in long-term debt funded the $27.8bn Horizon Therapeutics acquisition (closed October 2023), which also drove FY2024's revenue surge and depressed FY2024 GAAP EPS ($7.56) through acquisition-related amortisation and charges. FY2025 GAAP EPS of $14.23 was flattered by $2,651m of net other income (largely gains on equity investments) and includes a $400m Otezla intangible impairment; adjusted (non-GAAP) EPS of $21.84 grew 10%. FY2025 operating cash flow was $9,958m, capital expenditures $1,858m and depreciation & amortisation $5,167m.

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q1 2026	$8,618m	$5.15	$3.34
Q4 2025	$9,866m	$5.29	$2.45
Q3 2025	$9,558m*	$5.64	$5.93
Q2 2025	$9,178m*	$6.02	$2.65
FY2025 total	$36,751m	$21.84	$14.23

*Q2 2025 revenue is product sales of $8,770m plus other revenues of $408m as reported; Q3 2025 revenue derived arithmetically from full-year and other reported quarters (press releases round to "$9.6bn, +12%"). Q3 2025 GAAP EPS ($5.93) exceeded non-GAAP ($5.64) because of large net gains on equity investments recorded in GAAP other income. Q1 2026 (reported 30 April 2026): revenue +6%, non-GAAP EPS +5%, and FY2026 guidance raised to $37.1–38.5bn revenue, GAAP EPS $15.62–17.10 and non-GAAP EPS $21.70–23.10.

6. Valuation Metrics

Raw metrics, July 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$192.7bn (~$356.57/share on 14 Jul 2026; ~540m shares outstanding)
Trailing P/E (GAAP)	~24.8x (TTM GAAP EPS $14.37 = Q2 2025 $2.65 + Q3 2025 $5.93 + Q4 2025 $2.45 + Q1 2026 $3.34); note GAAP EPS over this period is materially affected by swings in unrealised equity-investment gains/losses
P/E (forward)	~15.9x on the midpoint of raised FY2026 non-GAAP EPS guidance of $21.70–23.10 (~$22.40); ~21.8x on the midpoint of GAAP EPS guidance of $15.62–17.10
P/S (TTM)	~5.2x (market cap ~$192.7bn / TTM revenue ~$37.2bn)
Enterprise value	~$238bn (market cap ~$192.7bn + total debt $57.3bn ($5,437m current portion + $51,886m long-term) − cash and cash equivalents $12.0bn, per 31 Mar 2026 balance sheet)
EV/EBITDA (TTM)	~16.7x on FY2025 GAAP EBITDA of ~$14.2bn (operating income $9,080m + D&A $5,167m); GAAP operating income carries heavy acquisition-related amortisation and the $400m Otezla impairment — on FY2025 non-GAAP operating income ($16.2bn) plus D&A the multiple is materially lower
P/FCF	~23.8x (market cap ~$192.7bn / FY2025 free cash flow ~$8.1bn; FCF = operating cash flow $9,958m − capital expenditures $1,858m per FY2025 cash flow statement)
52-week high	$391.29 (all-time closing high $385.25 on 27 Feb 2026)
52-week low	$269.77
Short interest (% of float)	2.37% (12.74m shares per the February 2026 settlement report; down from 2.79% in January 2026)
Days to cover	4.31 (February 2026 report)

7. What Are They Building

An obesity franchise. MariTide (maridebart cafraglutide), a monthly-or-less-frequent GIPR/GLP-1 injectable, showed up to ~20% average weight loss at 52 weeks in Phase 2 without a plateau. The Phase 3 MARITIME programme spans obesity (MARITIME-1, ~3,500 participants), obesity with type-2 diabetes (MARITIME-2), a switch study from weekly GLP-1s (MARITIME-Switch, started Q1 2026) and cardiovascular-outcomes work, with primary readouts guided from the beginning of 2027. Commercial leadership has publicly positioned MariTide as potentially "the best monthly or less frequently dosed agent" in obesity.

The next wave of Phase 3 molecules. Beyond MariTide, late-stage assets include rocatinlimab (atopic dermatitis), bemarituzumab (gastric cancer), olpasiran (Lp(a) reduction for cardiovascular risk) and expanding indications for IMDELLTRA (small-cell lung cancer) and UPLIZNA (IgG4-related disease, generalised myasthenia gravis). R&D spend rose 22% in FY2025 to $7.3bn to fund this wave.

Scale manufacturing and biosimilars. Amgen is investing in US manufacturing capacity (including new plants in Ohio and North Carolina) and building out its biosimilars unit — PAVBLU (aflibercept biosimilar) delivered $700m in its first full year, WEZLANA (ustekinumab) $273m — providing a counter-cyclical revenue stream as its own legacy biologics face biosimilar competition.

8. Peer Comparison

Peer	Market cap (July 2026)	Key 2025 metric
Eli Lilly (LLY)	~$1,150bn	Obesity/diabetes leader (Zepbound, Mounjaro) — the incumbent MariTide must challenge
Johnson & Johnson (JNJ)	~$621bn	Diversified pharma & medtech; largest US healthcare company by revenue
AbbVie (ABBV)	~$445bn	Immunology peer managing its own patent cliff (Humira) via Skyrizi/Rinvoq growth
Gilead Sciences (GILD)	~$158bn	Closest large-cap biotech comparable by size; HIV-led portfolio

Peer market caps as reported by public market-data aggregators in early July 2026; figures move daily and should be re-checked at the time of reading.

9. Insider Activity

Name	Date	Type	Shares	Price	Value	Plan Type
Robert A. Bradway (Chairman & CEO)	16 Mar 2026	Tax withholding (F-code)	21,294	$366.21	~$7.8m	Shares withheld to cover tax on vesting equity — not an open-market sale
Robert A. Bradway (Chairman & CEO)	05 May 2026	Grant	12,136 RSUs + 79,176 options	$329.59 (option strike)	—	Annual Equity Incentive Plan award, vesting 25%/year from May 2027
Robert A. Bradway (Chairman & CEO)	06 May 2026	Tax withholding (F-code)	1,702	$329.59	~$0.6m	Shares withheld for tax — not an open-market sale

2026 Form 4 filings show routine equity awards and tax-withholding dispositions; there have been no material insider open-market purchases or sales reported this year. Chairman & CEO Robert A. Bradway directly holds around 507,000 shares after these transactions.

10. Key Risks

• Biosimilar erosion: Prolia and XGEVA (denosumab, ~$6.5bn combined FY2025 sales) face multiple global biosimilar launches with management guiding to accelerated erosion through 2026; Enbrel and Otezla continue to decline, and RAVICTI faces generic competition.
• Pipeline/binary-event risk: The MARITIME Phase 3 obesity readouts (from early 2027) are the single biggest swing factor for the shares; Phase 2 gastrointestinal tolerability issues and formidable competition from Eli Lilly and Novo Nordisk make outcomes uncertain.
• Regulatory risk: TAVNEOS faces a 29 July 2026 FDA deadline linked to confirmatory-evidence requirements; more broadly, IRA Medicare price negotiation, potential US pharmaceutical tariffs and drug-pricing policy could compress US net prices (already down 2–3% portfolio-wide).
• Balance-sheet risk: Total debt was still $57.3bn at 31 March 2026 against $12.0bn of cash; while deleveraging is on track, higher-for-longer rates raise refinancing costs and constrain large-scale M&A.
• Concentration in the US market: Roughly three-quarters of product sales are US-derived, exposing Amgen to a single payer/policy environment.
• Litigation and tax risk: Amgen carries long-running IRS transfer-pricing disputes (multi-billion-dollar claimed deficiencies for 2010–2015) and routine patent litigation, either of which could produce material one-off charges.

11. Recent Developments

• 30 Apr 2026 — Q1 2026 beat and raised guidance. Total revenues rose 6% to $8.62bn; non-GAAP EPS of $5.15 beat consensus (~$4.77) and GAAP EPS rose 4% to $3.34 as GAAP operating margin expanded 17.4 points to 32.4%. FY2026 guidance was raised to $37.1–38.5bn revenue and $21.70–23.10 non-GAAP EPS; sixteen brands grew double-digit and free cash flow was $1.5bn.
• 03 Feb 2026 — FY2025 results: double-digit top and bottom-line growth. FY2025 total revenues rose 10% to $36.8bn (13% volume growth), non-GAAP EPS rose 10% to $21.84 and free cash flow was $8.1bn. Repatha (+36%), EVENITY (+34%) and TEZSPIRE (+52%) led growth while management flagged accelerated 2026 erosion for Prolia/XGEVA from biosimilars.
• 23 Jun 2025 — Full MariTide Phase 2 data at ADA. Amgen presented 52-week Phase 2 results showing up to ~20% average weight loss in obesity (2.6% placebo) and ~17% with type-2 diabetes, with weight loss not plateaued; the Phase 3 MARITIME programme is enrolling with primary readouts guided from the beginning of 2027, including the MARITIME-Switch study launched in Q1 2026.
• 14 Jul 2026 — Analyst caution ahead of Q2 results. The shares closed at $355.25 (−1.44% on the day); Morgan Stanley trimmed its target to $333 (Equal Weight) and Bank of America reiterated a Sell with a $312 target, with Q2 2026 consensus modelling EPS of ~$5.55 (−8% year-over-year) on revenue of ~$9.45bn. ChartsView does not use analyst opinions in its own assessment; these are noted purely as market-moving events.

12. Key Dates & What to Watch

• 29 Jul 2026 — FDA deadline concerning TAVNEOS confirmatory-evidence requirements — watch for a resolution or withdrawal decision
• 04 Aug 2026 — Q2 2026 results and earnings call (1:30pm PDT, per Amgen's investor-relations events calendar) — watch Prolia/XGEVA erosion pace versus growth-brand momentum
• Expected Sep 2026 — next quarterly dividend payment ($2.52 per share run-rate)
• Expected Oct 2026 — Q3 2026 results (early November in prior years; date to be confirmed by the company)
• Expected Jan 2027 — MARITIME-1 and MARITIME-2 Phase 3 primary readouts window opens ("beginning of 2027" per company guidance) — the pivotal catalyst for the obesity thesis

Track AMGN price action on our Live Charts, upcoming macro catalysts on the Economic Calendar, and join the discussion in the ChartsView Forum.

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Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.

Last Updated: 11 July 2026

Vertex Pharmaceuticals is the world leader in cystic fibrosis (CF), where its CFTR-modulator medicines dominate a franchise that generated $12.0 billion in 2025 revenue. After decades as effectively a single-disease company, Vertex is now diversifying: it has launched a CRISPR gene-editing therapy (CASGEVY), the first new class of non-opioid acute-pain medicine in decades (JOURNAVX), a next-generation once-daily CF regimen (ALYFTREK), and in July 2026 agreed its largest-ever acquisition — endocrinology specialist Crinetics — for roughly $10 billion. This report examines the numbers, the pipeline and the risks behind that transition. See also our Live Charts and Economic Calendar.

1. Company Snapshot

Field	Value
Company	Vertex Pharmaceuticals Incorporated
Ticker / Exchange	VRTX / NASDAQ
Sector	Healthcare — Biotechnology
CEO	Dr Reshma Kewalramani (President & CEO since April 2020)
Headquarters	Boston, Massachusetts, USA
Founded	1989
Employees	~6,400 (as of 31 December 2025)
Market cap	~$125bn (10 July 2026)
Revenue (FY2025)	$12.00bn (+8.9% YoY)
Net income (FY2025, GAAP)	$3.95bn
GAAP EPS / Non-GAAP EPS (FY2025)	$15.32 / $18.40
Dividend	None — Vertex pays no dividend

2. Bull & Bear Case

Bull Case

• Unrivalled cystic-fibrosis franchise: Vertex is the only company with approved medicines that treat the underlying cause of CF, giving it durable pricing power, high margins and a patient base it can expand to younger ages and more mutations.
• Real diversification is finally arriving: CASGEVY (gene editing), JOURNAVX (non-opioid pain) and the next-generation ALYFTREK regimen all contributed to 2026 growth, and povetacicept in IgA nephropathy is near commercialisation — reducing single-disease dependency.
• Fortress balance sheet: the company is debt-free with $12.3 billion of cash and investments and generated roughly $3.2 billion of free cash flow in 2025, funding both R&D and large acquisitions from internal resources.
• Large addressable expansion: the pending ~$10 billion Crinetics acquisition adds a commercialised acromegaly drug and a Phase 3 pipeline with a stated ~$5 billion peak-sales opportunity in endocrinology.
• Consistent top-line growth: revenue has compounded from $7.6 billion in 2021 to $12.0 billion in 2025, and management reiterated 2026 guidance of $12.95–13.1 billion (8–9% growth).

Bear Case

• Extreme CF concentration: roughly 98% of revenue still comes from cystic-fibrosis medicines, so any efficacy, safety, patent or reimbursement shock to that franchise would be severe.
• Rich valuation leaves little slack: the stock trades at roughly 29x trailing GAAP earnings and ~39x free cash flow, pricing in successful execution of the diversification story.
• Acquisition and integration risk: the $10 billion Crinetics deal follows the 2024 Alpine Immune purchase, whose in-process R&D charge pushed Vertex to a full-year GAAP loss that year — large deals can distort earnings and strain focus.
• New-launch uptake is unproven at scale: JOURNAVX and CASGEVY are early in their commercial lives and face reimbursement, access and manufacturing hurdles before they move the needle on a $12 billion revenue base.
• Drug-pricing and policy headwinds: US Medicare price negotiation and broader pricing pressure could weigh on high-priced specialty medicines over time.

3. Business Segments

Vertex reports as a single product-revenue business, but its revenue can be viewed by therapeutic area. The cystic-fibrosis franchise remains overwhelmingly dominant, with the newer launches still small but growing quickly. The split below is approximate, based on FY2025 disclosures.

Segment	% of revenue	What it is
Cystic Fibrosis	~98%	CFTR-modulator medicines — TRIKAFTA/KAFTRIO (the dominant product), the next-generation once-daily ALYFTREK, plus older CF therapies. Treats the underlying cause of the disease.
CASGEVY (cell & gene therapy)	~1%	First approved CRISPR gene-editing therapy, for sickle cell disease and transfusion-dependent beta thalassemia; partnered with CRISPR Therapeutics.
JOURNAVX & other (acute pain)	~1%	First-in-class non-opioid NaV1.8 pain medicine launched in 2025; more than 1 million prescriptions filled to date.

4. Business Model

Vertex is a fully integrated biopharmaceutical company: it discovers, develops, manufactures and commercialises its own medicines rather than relying on partners, which lets it capture the full economics of each drug.

How it makes money. Revenue is almost entirely product sales of prescription medicines, sold to specialty pharmacies, distributors and health systems in the US and, outside the US, largely through reimbursement agreements with national health authorities. Cystic fibrosis is a chronic condition, so patients typically remain on therapy for life, producing highly recurring, high-margin revenue.

Unit economics and moat. Gross margins are very high because the marginal cost of a small-molecule pill is low relative to price. Vertex's moat rests on being the only firm to have cracked CFTR modulation, protected by patents, manufacturing know-how and deep relationships with the CF patient community. It reinvests heavily — R&D runs into the billions annually — to extend the CF franchise and to build the non-CF pipeline that underpins the long-term growth story.

Capital allocation. With no dividend and no debt, Vertex deploys its cash into R&D, share repurchases and acquisitions (Alpine Immune in 2024, Crinetics announced in 2026).

5. Financial Health

Vertex has grown revenue every year while remaining debt-free. The one GAAP anomaly is 2024, when a large acquired in-process R&D charge from the Alpine Immune acquisition pushed the company to a full-year net loss; non-GAAP earnings that year were only marginally positive for the same reason. All figures below are from Vertex's earnings press releases and SEC filings.

Year	Revenue	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
2021	$7.57bn	—	$9.01	$9.67	Nil	$0m
2022	$8.93bn	+17.9%	$12.82	$14.88	Nil	$0m
2023	$9.87bn	+10.5%	$13.89	$15.23	Nil	$0m
2024	$11.02bn	+11.7%	$(2.08)	$0.42	Nil	$0m
2025	$12.00bn	+8.9%	$15.32	$18.40	Nil	$0m

Vertex carries no long-term borrowings; it is debt-free and held $12.3 billion in cash and marketable securities at 31 December 2025. Adjusted (non-GAAP) EPS excludes acquired IPR&D, amortisation and other items; the 2024 figures reflect the ~$4.4 billion Alpine Immune in-process R&D charge.

Quarter	Revenue	Adjusted EPS	GAAP EPS
Q1 2026	$2.99bn	$4.47	$4.02
Q4 2025	$3.19bn	$5.03	$4.65
Q3 2025	$3.08bn	$4.80	$4.20
Q2 2025	$2.96bn	$4.52	$3.99
FY2025 total	$12.00bn	$18.40	$15.32

6. Valuation

Raw metrics, July 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$125bn (~256m shares × $485.69, 10 Jul 2026)
Enterprise value	~$113bn (market cap $125bn − net cash $12.3bn; company is debt-free)
Trailing P/E (GAAP)	~29x (price $485.69 / TTM GAAP EPS $16.85)
P/E (forward)	n/a — Vertex does not issue EPS guidance
P/S (TTM)	~10x (market cap $125bn / TTM revenue ~$12.2bn)
P/FCF	~39x (market cap $125bn / FY2025 FCF ~$3.19bn; FCF = operating CF $3.63bn − capex $0.44bn)
EV/EBITDA (TTM)	~26x (EV $113bn / FY2025 EBITDA ~$4.38bn; operating income $4.17bn + D&A $0.21bn)
52-week high	$533.67
52-week low	$362.50
Short interest (% of float)	~2.0%
Days to cover	~3

7. What Are They Building

Vertex's strategy is to leverage its cystic-fibrosis cash engine to build a multi-franchise specialty pharma. The near-term pipeline and launches include: ALYFTREK, the next-generation once-daily CF regimen now expanding to younger age groups and new geographies; CASGEVY, the CRISPR gene-editing therapy for sickle cell disease and beta thalassemia, which in July 2026 gained a US FDA label extension to patients as young as two; and JOURNAVX (suzetrigine), the first-in-class non-opioid NaV1.8 acute-pain medicine, which surpassed one million filled prescriptions since its 2025 launch.

Beyond these, Vertex is preparing to commercialise povetacicept in IgA nephropathy, is advancing zimislecel, a stem-cell-derived islet therapy aimed at curing type 1 diabetes, and is developing programmes in kidney disease (APOL1-mediated) and pain. The pending acquisition of Crinetics would add PALSONIFY (paltusotine) for acromegaly and atumelnant (Phase 3 for congenital adrenal hyperplasia), opening an entirely new endocrinology franchise with a stated ~$5 billion peak-sales opportunity.

8. Competitive Landscape

Vertex has no direct competitor in cystic-fibrosis CFTR modulation, so its rivals are best seen across the therapeutic areas it is entering — gene editing, non-opioid pain and, via Crinetics, endocrinology — and among large-cap biopharma peers competing for capital and pipeline assets.

Peer	Market cap (Jul 2026)	Key 2025 metric
CRISPR Therapeutics (CRSP)	~$6bn	Co-developer of CASGEVY; pre-profit gene-editing biotech
Regeneron (REGN)	~$60bn	FY2025 revenue ~$14bn; large-cap biotech peer
Gilead Sciences (GILD)	~$140bn	FY2025 revenue ~$29bn; established specialty pharma
Amgen (AMGN)	~$160bn	FY2025 revenue ~$34bn; diversified biologics leader

Peer market caps are approximate and as of July 2026.

9. Leadership & Ownership

Vertex is led by President & CEO Dr Reshma Kewalramani, a physician-scientist who took the top job in April 2020 — the first woman to run a large-cap public biotech. Chairman and founder-era figure Jeffrey Leiden remains Executive Chairman of the board. Recent insider activity has been routine: equity awards vesting and tax-related dispositions rather than open-market buying or selling of conviction.

Name	Date	Type	Shares	Price	Value	Plan Type
Reshma Kewalramani (CEO)	20 Feb 2026	RSU grant (award)	16,326	$0.00	$0	Equity compensation
Reshma Kewalramani (CEO)	20 Feb 2026	Disposition (tax withholding)	6,554	$483.75	~$3.2m	Tax withholding on vesting

10. Key Risks

• Concentration (Operational): ~98% of revenue depends on the cystic-fibrosis franchise; a competitive, clinical or reimbursement shock there would be material.
• Patent and competition (Legal/Operational): CF-franchise patents will eventually expire and rivals continue to research CFTR modulators and other approaches.
• Pipeline execution (Operational): clinical-trial failures or slow uptake of CASGEVY, JOURNAVX, povetacicept or zimislecel could undermine the diversification thesis.
• Acquisition integration (Financial): the ~$10 billion Crinetics deal and prior Alpine Immune purchase carry integration, dilution and impairment risk, and large IPR&D charges can distort GAAP earnings.
• Drug pricing and policy (Regulatory): US Medicare price negotiation and global pricing pressure could erode the economics of high-priced specialty medicines.
• Valuation (Market): at ~29x earnings and ~39x free cash flow, the shares leave limited room for disappointment.

11. Recent Developments

• 06 Jul 2026 — Vertex agrees to acquire Crinetics for ~$10 billion. The all-cash deal at $85.00 per Crinetics share (~$8.8 billion net of cash) adds commercialised and Phase 3 endocrinology assets with a stated ~$5 billion peak-sales opportunity; closing is expected in Q3 2026. It is Vertex's largest-ever acquisition.
• 01 Jul 2026 — FDA expands CASGEVY to children aged two and older. The approval makes CASGEVY the first gene-based therapy cleared for patients as young as two for both sickle cell disease and transfusion-dependent beta thalassemia.
• 04 May 2026 — Q1 2026 results. Revenue rose 8% to $2.99 billion with GAAP EPS of $4.02 and non-GAAP EPS of $4.47; full-year 2026 guidance of $12.95–13.1 billion was reiterated. CASGEVY contributed $43 million and JOURNAVX $29 million in the quarter.
• 11 Feb 2026 — Q4 and full-year 2025 results. Full-year revenue reached $12.0 billion (+9%), with GAAP EPS of $15.32 and non-GAAP EPS of $18.40; cash and investments stood at $12.3 billion.

12. Key Dates

• 03 Aug 2026 — Q2 2026 financial results (after market close)
• Expected Q3 2026 — anticipated closing of the Crinetics acquisition
• Expected Nov 2026 — Q3 2026 financial results

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Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.

Last Updated: 6 July 2026

Regeneron Pharmaceuticals (NASDAQ: REGN) is the Tarrytown, New York biotechnology group behind Dupixent, the best-selling anti-inflammatory antibody in the world, and the EYLEA franchise for retinal disease. Built on its VelociSuite antibody-discovery and human-genetics platforms, the company reported record full-year 2025 revenue of $14.34bn and GAAP diluted EPS of $41.48 — but the market is fixated on the coming wave of EYLEA biosimilars and how fast the pipeline can refill the gap. This research reviews the numbers, the valuation and the risks. For live price action see our Live Charts, and check the Economic Calendar for events that move biotech stocks.

1. Company Snapshot

Field	Value
Company	Regeneron Pharmaceuticals, Inc.
Ticker / Exchange	REGN / NASDAQ
Headquarters	Tarrytown, New York, USA (founded 1988)
Sector	Healthcare — biotechnology (antibody therapeutics)
CEO / Leadership	Leonard S. Schleifer, MD, PhD, Co-founder, President and Chief Executive Officer; George D. Yancopoulos, MD, PhD, Co-founder, President and Chief Scientific Officer
Employees	~15,000
Market cap	~$68.6bn (5 Jul 2026, share price ~$654)
Revenue, FY2025	$14.34bn (year ended 31 Dec 2025), +1% year on year
Net income, FY2025	$4.51bn GAAP; $4.89bn non-GAAP
Dividend	$0.88 per quarter ($3.52 annualised, ~0.5% yield) — quarterly dividend initiated in 2025, first payment June 2025
Fiscal year end	31 December

2. Bull & Bear Case

Bull Case

• Dupixent is a mega-blockbuster still growing: Global Dupixent net sales (recorded by partner Sanofi) reached $17.8bn in 2025, up 26%, with more than 1.4 million patients and fresh label expansions into COPD, chronic spontaneous urticaria and bullous pemphigoid extending the runway well past 2030.
• EYLEA HD is offsetting the legacy cliff: The higher-dose, longer-interval EYLEA HD grew US net sales 36% to $1.64bn in 2025 and hit a record $506m in Q4, deliberately converting patients off legacy 2mg EYLEA ahead of biosimilar entry.
• Fortress balance sheet: Regeneron ended 2025 with $18.9bn of cash and marketable securities against just $2.0bn of long-term debt — net cash of roughly $17bn that funds R&D, buybacks and the newly initiated dividend without strain.
• Deep, genetics-driven pipeline: Around 45 candidates are in clinical development, including the Libtayo oncology franchise (2025 global sales ~$1.45bn), factor XI antibodies, a Duchenne gene-therapy programme and multiple bispecific antibodies in blood cancers.
• Highly cash-generative: FY2025 free cash flow was $4.08bn (operating cash flow $4.98bn less $0.90bn capex), supporting continued repurchases and a fresh dividend while retaining ample firepower for business development.

Bear Case

• The EYLEA biosimilar cliff is now dated: Through 2025 and 2026 Regeneron settled patent litigation with Sandoz, Celltrion, Biocon and Alvotech, clearing multiple aflibercept biosimilars to launch around the end of 2026 — legacy EYLEA US sales already fell 42% to $2.75bn in 2025 and the erosion will accelerate.
• Revenue has effectively stalled: Group revenue rose just 1% in 2025 as EYLEA declines offset EYLEA HD and Libtayo growth; the company is racing to prove new launches can restore double-digit top-line growth.
• Concentration on two franchises: Dupixent and the EYLEA family still dominate economics, so any Dupixent competitive setback or faster-than-expected EYLEA erosion would hit the whole group.
• Sanofi dependency on the crown jewel: Dupixent is booked by Sanofi, with Regeneron taking a profit share through collaboration revenue ($7.33bn in 2025) — Regeneron does not fully control the pricing, promotion or commercial strategy of its single most important product.
• US drug-pricing and policy overhang: Medicare price negotiation, IRA dynamics and broader US pricing pressure fall directly on high-priced biologics like EYLEA and Dupixent.

3. Business Segments

Regeneron operates as a single business segment but reports revenue by type. The split below is for FY2025.

Segment	% of revenue	What it is
Collaboration revenue	~51% (FY2025: $7,331m)	Regeneron's share of profits and reimbursements from its Sanofi alliance (Dupixent, Kevzara; $5,884m) and its Bayer alliance (EYLEA outside the US; ~$1,447m)
Net product sales	~44% (FY2025: ~$6,309m)	Products Regeneron books directly, mostly in the US: EYLEA HD and EYLEA ($4,385m), Libtayo US ($945m), plus Praluent, Evkeeza, Veopoz and others
Other revenue	~5% (FY2025: $703m)	Reimbursements, licensing and other collaboration-related income

4. Business Model & Moat

How it makes money. Regeneron discovers, develops and commercialises antibody and gene-based medicines. It books US product sales directly (EYLEA HD/EYLEA, Libtayo, Praluent, Evkeeza), and takes a profit share on globally partnered products — most importantly Dupixent and Kevzara with Sanofi, and EYLEA outside the US with Bayer — through collaboration revenue.

Unit economics. This is a high-margin business: FY2025 gross margin on net product sales was around 85%, GAAP operating income was $3.58bn and net income $4.51bn on $14.34bn of revenue. Research and development is the dominant cost line (roughly $5–6bn a year) because the entire strategy is to out-innovate rather than out-market rivals.

The moat. Two reinforcing platforms: VelocImmune and the broader VelociSuite for rapidly generating fully human antibodies, and one of the largest human-genetics databases in the industry (the Regeneron Genetics Center) that guides target selection. Combined with entrenched franchises — Dupixent's first-mover breadth across allergic and inflammatory diseases, and EYLEA HD's dosing advantage in retina — this produces durable, hard-to-replicate products, though the moat is weakest exactly where biosimilars now attack legacy EYLEA.

Capital allocation. Conservative and self-funded. Regeneron carries net cash of roughly $17bn, initiated its first quarterly dividend ($0.88/share) in 2025, repurchases stock opportunistically, and prioritises internal R&D plus selective bolt-on deals and collaborations over large debt-funded M&A.

5. Financial Health

All figures from Regeneron's earnings releases and SEC filings (10-K/10-Q, US GAAP; fiscal years end 31 December). Adjusted EPS is the company's non-GAAP diluted EPS.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE, $m)
FY2021	16,072	+89%	71.97	74.66	Nil	1,980
FY2022	12,173	−24%¹	38.22	44.98	Nil	1,981
FY2023	13,117	+8%	34.77	43.79	Nil	1,983
FY2024	14,202	+8%	38.34	45.62	Nil	1,984
FY2025	14,343	+1%	41.48	44.31	$0.88²	1,986

¹ The 2022 decline reflects the roll-off of COVID-19 antibody (REGEN-COV) revenue that had inflated 2021; excluding COVID products, the underlying base grew. ² Quarterly dividend of $0.88/share initiated in 2025 (first payment June 2025); no dividend was paid in prior years.

Quarter	Revenue ($m)	Adjusted EPS	GAAP EPS
Q1 2026 (Mar 2026)	3,605	9.47	6.75
Q4 2025 (Dec 2025)	3,884	11.44	7.86
Q3 2025 (Sep 2025)	3,754	11.83	13.62
Q2 2025 (Jun 2025)	3,676	12.89	12.81
Q1 2025 (Mar 2025)	3,029	8.22	7.27
FY2025 total	14,343	44.31	41.48

Balance-sheet and cash-flow picture: at 31 December 2025 Regeneron held $18.87bn of cash and marketable securities against $1.99bn of long-term debt and no meaningful short-term borrowings — net cash of roughly $17bn. Stockholders' equity was $31.26bn and total assets $40.56bn. FY2025 operating cash flow was $4.98bn (up from $4.42bn) against capex of $0.90bn, giving free cash flow of $4.08bn. 2026 guidance points to elevated capital expenditure of $1.1–1.3bn as the company expands manufacturing and R&D infrastructure.

6. Valuation

Raw metrics, July 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$68.6bn (~108.6m shares × ~$654, 5 Jul 2026)
Enterprise value	~$51.7bn (market cap ~$68.6bn + total debt ~$2.0bn − cash & marketable securities ~$18.9bn, per 31 Dec 2025 balance sheet)
Trailing P/E (GAAP)	~15.9x (~$654 / FY2025 GAAP EPS $41.48; ~16x on trailing-twelve-month GAAP EPS ~$41.0)
P/E (forward)	n/a — Regeneron does not provide EPS guidance, and ChartsView does not use analyst estimates
P/S (TTM)	~4.6x (market cap ~$68.6bn / TTM revenue ~$14.9bn)
EV/EBITDA (TTM)	~12.5x (EV ~$51.7bn / FY2025 EBITDA ~$4.12bn; EBITDA = GAAP operating income $3,578m + D&A $544m per FY2025 cash flow statement)
P/FCF	~16.8x (market cap ~$68.6bn / FCF ~$4.08bn; FCF = FY2025 operating cash flow $4,979m − capex $898m)
52-week high	$821.11
52-week low	$532.74
Short interest (% of float)	~2.8% (~2.8m shares short, late Jun 2026)
Days to cover	~3.6

7. Growth Drivers

Four engines matter from here. First, Dupixent label expansion: on top of atopic dermatitis, asthma and eosinophilic diseases, newer indications — COPD, chronic spontaneous urticaria and bullous pemphigoid — keep widening the addressable population of a product already at a $17.8bn run-rate, and management continues to file additional indications. Second, EYLEA HD conversion: by moving retina patients onto the higher-dose, longer-interval formulation (extended dosing intervals now approved), Regeneron aims to retain franchise value even as legacy 2mg EYLEA faces biosimilars. Third, oncology: Libtayo (PD-1) is now a ~$1.45bn franchise growing double digits, complemented by a pipeline of bispecific antibodies (odronextamab and others) in blood cancers. Fourth, the deeper pipeline: roughly 45 clinical programmes spanning factor XI anticoagulation, genetic-medicine and gene-therapy plays (including a Duchenne muscular dystrophy programme), and antibody combinations — the intended long-term replacement for EYLEA economics. Elevated 2026 capital expenditure guidance of $1.1–1.3bn signals continued investment behind these engines.

8. Peer Comparison

Peer	Market cap (Jul 2026)	Key 2025 metric
Sanofi (NASDAQ: SNY)	~$135bn	Dupixent partner; 2025 group sales ~€41bn — controls Dupixent commercialisation
Amgen (NASDAQ: AMGN)	~$165bn	2025 revenue ~$34bn — launched Pavblu, the first EYLEA 2mg biosimilar
Vertex Pharmaceuticals (NASDAQ: VRTX)	~$115bn	2025 revenue ~$11.9bn — comparable large-cap biotech on scale and margins
AbbVie (NYSE: ABBV)	~$390bn	2025 revenue ~$60bn — Rinvoq/Skyrizi compete in immunology against Dupixent
Roche (OTC: RHHBY)	~$280bn	Vabysmo is the principal branded rival to EYLEA HD in retinal disease

9. Insider Activity

Recent insider activity has consisted of routine, pre-planned equity-award vesting and Rule 10b5-1 option exercises and sales by the co-founders — including CEO Leonard Schleifer and President and CSO George Yancopoulos — rather than discretionary open-market trading. No material insider open-market buying or unscheduled selling has been disclosed in recent months; SEC Form 4 filings show the pattern of scheduled option exercise-and-sell transactions typical of long-tenured founder-executives. Investors can verify the latest filings on the SEC EDGAR system.

10. Key Risks

• EYLEA biosimilar erosion (Competitive): Multiple aflibercept biosimilars (Amgen's Pavblu already launched; Sandoz, Celltrion, Biocon and Alvotech cleared to launch around end-2026) will accelerate the decline of legacy EYLEA, which still fell 42% in 2025; the pace of erosion is the single biggest swing factor for the stock.
• Franchise concentration (Financial): Dupixent and the EYLEA family generate the bulk of economics; a setback to either — competitive, clinical or commercial — would disproportionately hit group results.
• Sanofi collaboration dependency (Strategic): Dupixent is booked and commercialised by Sanofi, so Regeneron's largest profit stream depends on a partner's execution and on the durability of the collaboration terms.
• US drug-pricing policy (Regulatory): Medicare price negotiation, IRA provisions and broader pricing scrutiny bear directly on high-priced biologics such as EYLEA and Dupixent.
• Pipeline and clinical risk (Operational): The thesis relies on new launches (oncology bispecifics, factor XI, genetic medicines) replacing EYLEA economics; trial failures or slow uptake would leave a growth gap.
• Litigation and IP exposure (Regulatory): Regeneron is engaged in extensive patent litigation defending EYLEA and other assets; adverse rulings could bring biosimilar competition forward.

11. Recent Developments

• 30 Jan 2026 — Record full-year 2025 results. Revenue of $14.34bn (+1%) and GAAP EPS of $41.48 (+8%); Q4 revenue of $3.88bn led by EYLEA HD (+66%) and Sanofi collaboration profit (+42%), with Dupixent global sales reaching $17.8bn for the year.
• April 2026 — Biocon EYLEA biosimilar settlement. Regeneron settled litigation with Biocon Biologics, allowing interchangeable biosimilar Yesafili to be commercialised in the US in the second half of 2026.
• 29 Apr 2026 — Strong Q1 2026. Revenue rose 19% to $3.61bn with non-GAAP EPS up 15% to $9.47; EYLEA HD US sales jumped 52% to $468m and Dupixent grew 33% to $4.9bn in the quarter, though GAAP net income fell 10% to $727m on higher operating spend.
• Q2 2026 — Sandoz, Celltrion and Alvotech settlements. Regeneron reached patent settlements clearing additional aflibercept biosimilars (Sandoz's Enzeevu, Celltrion's and Alvotech's programmes) to launch around the end of 2026, crystallising the timeline for legacy EYLEA competition.
• 17 Jun 2026 — Corporate/pipeline update. Regeneron continued to advance its ~45-programme clinical pipeline and disclosed further regulatory and business developments ahead of its Q2 2026 report.

12. Key Dates

• 30 Jul 2026 — Q2 2026 results (scheduled, before US market open; earnings call 8:30am ET)
• 31 Dec 2026 — Fiscal year 2026 ends; approximate window for multiple EYLEA biosimilar launches
• 29 Oct 2026 — Q3 2026 results expected (estimated; prior-year cadence: reported 28 Oct 2025)

Quarterly dividends are typically declared alongside results with payment the following quarter. Discuss REGN with other members on the ChartsView Forum, and track healthcare-sector catalysts on our Economic Calendar.

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Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.

Last Updated: 25 June 2026

Illumina is the company that built the modern genomics era. Its sequencers and the consumables that run on them underpin the majority of the world's DNA reading, from cancer research to newborn screening. After three turbulent years dominated by the costly GRAIL acquisition and subsequent spin-off, a Chinese export ban, and stagnant revenue, Illumina enters mid-2026 as a leaner, refocused "Core Illumina" with restored GAAP profitability, a refreshed NovaSeq X platform, and a fresh push into proteomics via the SomaLogic acquisition. This report walks through what the business does, how the numbers actually look from primary filings, where the risks sit, and what is scheduled next. For live pricing see our Live Charts, and for the macro backdrop our Economic Calendar.

1. Company Snapshot

Field	Value
Company	Illumina, Inc.
Ticker	NASDAQ: ILMN
Sector / Industry	Healthcare — Life-Sciences Tools & Genomics
CEO	Jacob Thaysen (since September 2023)
Headquarters	San Diego, California, USA
Employees	Approximately 9,900 (FY2025)
Market cap	~$26.9bn (June 2026)
FY2025 revenue	$4.34bn
FY2025 net income (GAAP)	$850m
FY2025 GAAP diluted EPS	$5.45
FY2025 non-GAAP diluted EPS	$4.84
Dividend	None

2. Bull & Bear Case

Bull Case

• Dominant installed base: Illumina controls an estimated two-thirds or more of the global next-generation sequencing market by revenue, with roughly 900 high-throughput NovaSeq X systems installed by the end of 2025 — each one a multi-year annuity of consumable pull-through.
• Razor-and-blade economics: The bulk of revenue is recurring consumables (flow cells and reagents), which gives Illumina a sticky, high-margin base that grows as the installed base and procedure volumes expand.
• Profitability restored: With GRAIL divested, FY2025 swung back to a GAAP net income of $850m and $931m of free cash flow, and management guides FY2026 revenue growth of 4–6% with non-GAAP EPS of $5.15–$5.30.
• China overhang easing: Beijing lifted the export ban on Illumina sequencers in late 2025, removing one of the largest drags on the top line, even though the company stays on the Unreliable Entities List.
• Optionality in multiomics: The SomaLogic proteomics acquisition and a deep pipeline (spatial, single-cell, informatics) extend Illumina beyond DNA into adjacent high-growth markets.

Bear Case

• Stalled growth: Revenue has now fallen for three consecutive years (2023–2025), and ex-China organic growth is only low single digits — a long way from the double-digit growth investors once paid up for.
• Intensifying competition: Element Biosciences, Ultima Genomics, Roche's new SBX platform, and China's MGI are all attacking the high-throughput market that has historically been Illumina's fortress.
• China structural risk: Even with the ban lifted, Illumina remains on the Unreliable Entities List, instrument sales need approvals, and domestic Chinese rivals are taking share permanently.
• Academic and funding sensitivity: A large share of demand comes from research and government-funded labs, leaving Illumina exposed to NIH budget pressure and a "muted" 2026 academic environment management has flagged.
• Premium valuation on flat earnings: At roughly 32x trailing GAAP earnings for a business with stagnant revenue, the multiple leaves little margin for execution missteps.

3. Business Segments

Following the GRAIL spin-off in June 2024, Illumina reports as a single "Core Illumina" operating segment, but its revenue disaggregates clearly between recurring product sales and services, with proteomics now a new emerging line.

Segment	% of FY2025 revenue	What it is
Sequencing products (consumables & instruments)	85% ($3.71bn)	Flow cells, reagents and sequencing instruments — the NovaSeq X, NextSeq and MiSeq families. Consumables are the recurring, high-margin core.
Genomic services & other	15% ($0.63bn)	Sequencing-as-a-service, instrument service contracts, genotyping arrays and partnership/licensing revenue.
Proteomics (SomaLogic, from Q1 2026)	Emerging (~1.5–2% guided)	SomaScan proteomics assays acquired in January 2026, extending Illumina from DNA into multiomics.

4. Business Model

How Illumina makes money: Illumina sells DNA-sequencing instruments at relatively modest margin, then earns the bulk of its profit on the proprietary consumables — flow cells and reagents — that must be bought to run every experiment. This razor-and-blade structure means each instrument placed becomes a multi-year stream of high-margin consumable revenue tied to how much customers sequence.

Unit economics: Gross margin ran at roughly 66% of revenue in FY2025, and consumables carry structurally higher margins than instruments, so profitability improves as the mix shifts toward pull-through on an installed base of tens of thousands of systems worldwide.

The moat: Illumina's advantage rests on accuracy, cost-per-genome leadership, a vast installed base with high switching costs, an entrenched software and content ecosystem, and the regulatory validation built into clinical workflows. The bear question is whether newer entrants can erode that lead at the high-throughput end.

5. Financial Health

All figures below are taken from Illumina's audited annual results and quarterly earnings releases. FY2025 ended 28 December 2025. Note the GRAIL discontinuity: GRAIL was spun off on 24 June 2024, so 2021–2023 figures are on a consolidated basis (including GRAIL and its large goodwill impairments), while 2024–2025 reflect the continuing "Core Illumina" business.

Fiscal Year	Revenue	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
2021	$4.53bn	+39.7%	$5.04	$5.90	$0.00	$1,695m
2022	$4.58bn	+1.3%	$(28.00)	$2.12	$0.00	$1,487m
2023	$4.50bn	−1.7%	$(7.34)	$0.86	$0.00	$1,489m
2024	$4.37bn	−2.9%	$(7.69)	$4.16	$0.00	$1,490m
2025	$4.34bn	−0.7%	$5.45	$4.84	$0.00	$1,490m

Notes: 2021 YoY reflects the COVID-rebound and the partial-year consolidation of GRAIL. FY2022 GAAP EPS of $(28.00) includes roughly $(24.93)/share of GRAIL goodwill impairment. The 2024 Adjusted EPS of $4.16 is on the continuing Core Illumina basis. Long-term debt is the non-current term/convertible debt at year-end; Illumina pays no dividend.

Quarter	Revenue	Adjusted EPS	GAAP EPS
Q1 FY2026	$1.09bn	$1.15	$0.87
Q4 FY2025	$1.16bn	$1.35	$2.16
Q3 FY2025	$1.08bn	$1.34	$0.98
Q2 FY2025	$1.06bn	$1.19	$1.49
Q1 FY2025	$1.04bn	$0.97	$0.82
FY2025 total	$4.34bn	$4.84	$5.45

The balance sheet is sound: at year-end FY2025 Illumina held $1.63bn in cash and short-term investments against $1.99bn of total term debt, and generated $1.08bn of operating cash flow.

6. Valuation

Raw metrics, June 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$26.9bn (≈153m diluted shares × $176.16)
Enterprise value	~$27.3bn (market cap $26.9bn + total debt $1.99bn − cash & ST investments $1.63bn per FY2025 balance sheet)
Trailing P/E (GAAP)	~32.3x ($176.16 / FY2025 GAAP EPS $5.45)
P/E (forward)	~33.7x ($176.16 / FY2026 non-GAAP guidance midpoint $5.225)
P/S (TTM)	~6.1x (market cap / TTM revenue ~$4.39bn)
EV/EBITDA (TTM)	~25.3x (EV $27.3bn / EBITDA ~$1.08bn; EBITDA = FY2025 operating income $807m + D&A $270m)
P/FCF	~28.9x (market cap $26.9bn / FCF $931m; FCF = FY2025 operating cash flow $1,079m − capex $148m)
52-week high	$177.76
52-week low	$88.00
Short interest (% of float)	~4.7% (≈7.2m shares)
Days to cover	~3 days

7. What Are They Building

Illumina's roadmap centres on extending its sequencing lead while broadening into multiomics. The NovaSeq X platform continues to ramp, driving down cost-per-genome and pulling through more consumables. Beyond DNA, the company is pushing into proteomics through the January 2026 acquisition of SomaLogic's SomaScan assays, building out spatial and single-cell capabilities, and investing heavily in informatics and AI-driven analysis to keep customers inside its software ecosystem. Management has also prioritised operating-margin expansion and roughly $100m of cost reductions following the China import disruption, alongside continued investment in clinical and oncology testing menus that expand the regulated, reimbursable end of the market.

8. Competitive Landscape

Illumina remains the clear leader in next-generation sequencing, but the competitive set is widening at both the long-read and high-throughput ends of the market.

Peer	Market cap (June 2026)	Key 2025 metric / position
Thermo Fisher Scientific (TMO)	~$184bn	Diversified life-sciences giant; Ion Torrent NGS platform competes at the lower-throughput end.
Oxford Nanopore (LSE: ONT)	—	Real-time, portable long-read nanopore sequencing; fast-growing challenger.
Pacific Biosciences (PACB)	~$0.3bn	HiFi long-read sequencing for high-accuracy genomics; niche but technically differentiated.

Newer entrants — Element Biosciences, Ultima Genomics, Roche's SBX platform and China's MGI — are also targeting the high-throughput segment that has historically been Illumina's stronghold.

9. Leadership & Ownership

Illumina is led by CEO Jacob Thaysen, who took the role in September 2023 and has driven the GRAIL divestiture, cost discipline and the multiomics pivot. Recent insider activity has been confined to routine equity-compensation events rather than discretionary open-market trading.

Name	Date	Type	Shares	Price	Value	Plan Type
Jacob Thaysen (CEO)	12 Feb 2026	PSU vesting (acquire)	13,264	$0.00	n/a	Performance award
Jacob Thaysen (CEO)	12 Feb 2026	Shares withheld for tax	5,470	$114.44	~$0.63m	Tax withholding
Jacob Thaysen (CEO)	12 Feb 2026	Annual equity grant	25,734	$128.24	~$3.30m	RSU grant

These are routine compensation events; no material insider open-market buying or selling has been reported in 2026.

10. Key Risks

• Geopolitical / China (Macro): Illumina remains on China's Unreliable Entities List; instrument sales require approvals and domestic rivals continue to take share, structurally shrinking a once-major market.
• Competition (Operational): Element, Ultima, Roche and MGI are attacking the high-throughput sequencing market, threatening Illumina's pricing power and share over time.
• Revenue stagnation (Financial): Three consecutive years of revenue decline raise the question of whether the core market has matured faster than expected.
• Funding sensitivity (Macro): Heavy reliance on academic and government-funded research labs exposes Illumina to NIH budget cuts and a muted 2026 academic spending environment.
• Integration risk (Operational): The SomaLogic proteomics acquisition takes Illumina into an adjacent market it must integrate and commercialise without distraction.
• Tariffs & supply chain (Macro): Cross-border tariffs and reliance on global manufacturing can pressure margins and complicate the China recovery.
• Litigation (Regulatory): Residual GRAIL-related litigation and ongoing patent disputes carry contingent costs.

11. Recent Developments

• 30 Apr 2026 — Q1 FY2026 beat and raise. Illumina reported revenue of $1.09bn (up 4.8%) and non-GAAP EPS of $1.15, and raised full-year revenue guidance to roughly $4.57bn with non-GAAP EPS of $5.15–$5.30.
• 12 Feb 2026 — FY2025 results. Full-year revenue of $4.34bn, GAAP diluted EPS of $5.45 and non-GAAP EPS of $4.84, with $931m of free cash flow.
• 30 Jan 2026 — SomaLogic acquisition closed. Illumina completed its $350m cash purchase of the SomaLogic proteomics business from Standard BioTools, accelerating its multiomics strategy.
• Nov 2025 — China lifts export ban. China's Ministry of Commerce lifted the ban on importing Illumina sequencers; the company remains on the Unreliable Entities List, requiring approvals for instrument purchases.

12. Key Dates to Watch

• 30 Jul 2026 — Q2 FY2026 earnings release (expected)
• Expected Oct 2026 — Q3 FY2026 earnings release
• Expected Feb 2027 — Q4 and full-year FY2026 results

Discuss this research with other members in our Forum.

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Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.

Last Updated: 25 June 2026

Intuitive Surgical is the company that created and still dominates robotic-assisted surgery. Its da Vinci systems and Ion endoluminal platform sit in more than 11,000 hospitals worldwide, and the razor-and-blade model behind them — placing systems, then earning recurring per-procedure revenue — has produced two decades of compounding growth. FY2025 was a record year, with revenue crossing $10bn and procedures up roughly 19%. Yet the shares have fallen by around a quarter in 2026 to near a 52-week low, as investors weigh Chinese competition, tariffs, weight-loss-drug effects on some procedures, and a still-rich valuation. This report lays out what the business does, the primary-source numbers, the risks, and what is scheduled next. For live pricing see our Live Charts and the macro backdrop on our Economic Calendar.

1. Company Snapshot

Field	Value
Company	Intuitive Surgical, Inc.
Ticker	NASDAQ: ISRG
Sector / Industry	Healthcare — Medical Devices (Robotic Surgery)
CEO	Dave Rosa (since July 2025); Gary Guthart is Executive Chair
Headquarters	Sunnyvale, California, USA
Employees	17,021 (31 December 2025)
Market cap	~$142.8bn (June 2026)
FY2025 revenue	$10.06bn
FY2025 net income (GAAP)	$2.86bn
FY2025 GAAP diluted EPS	$7.87
FY2025 non-GAAP diluted EPS	$8.93
Dividend	None

2. Bull & Bear Case

Bull Case

• Entrenched market leadership: Intuitive controls more than two-thirds of the soft-tissue robotic-surgery market, with an installed base of 11,106 da Vinci systems at year-end 2025 — each a long-lived source of recurring revenue.
• Recurring razor-and-blade model: Around 60% of revenue is recurring instruments and accessories that scale directly with procedure volume, which grew approximately 19% in 2025 and is guided to grow 13.5–15.5% in 2026.
• Record financials, fortress balance sheet: FY2025 revenue topped $10bn (+20.5%), non-GAAP EPS reached $8.93, and the company holds $9.0bn of cash and investments with zero debt.
• da Vinci 5 upgrade cycle: The next-generation da Vinci 5 is ramping fast (303 of 532 Q4 placements), driving higher system average selling prices and a multi-year replacement runway.
• Secular tailwind: The shift from open and laparoscopic surgery to robotic-assisted procedures is still early in most of the world, giving a long growth runway across new indications and geographies.

Bear Case

• China competition: Domestic Chinese robotic-surgery firms are gaining share quickly amid government-driven pricing pressure, and Intuitive's China procedure growth ran below the corporate average.
• Tariff margin drag: US and Chinese tariffs, plus higher memory and freight costs, are estimated to cut roughly 1.2% from 2026 gross margin.
• Premium valuation: At roughly 51x trailing GAAP earnings, the stock prices in years of high growth and is vulnerable to any deceleration.
• GLP-1 headwind: US bariatric procedures fell about 10% as GLP-1 weight-loss drugs reduce demand for some surgeries.
• New entrants and AI fears: Medtronic's Hugo, Johnson & Johnson's Ottava and others are scaling, and broader robotics/AI ambitions from large technology players have stoked long-term competitive concerns.

3. Business Segments

Intuitive reports revenue across three streams, all anchored to its installed base of da Vinci and Ion systems. The recurring instruments-and-accessories line is the largest and most prized by investors.

Segment	% of FY2025 revenue	What it is
Instruments & accessories	59.8% ($6.02bn)	Recurring, per-procedure consumables used with every da Vinci and Ion case — the core razor-blade revenue.
Systems	24.6% ($2.47bn)	Sales and operating leases of da Vinci surgical systems and Ion endoluminal systems.
Services	15.6% ($1.57bn)	Service contracts, training, software and customer support across the installed base.

4. Business Model

How Intuitive makes money: The company places da Vinci systems with hospitals — increasingly via leases — then earns high-margin recurring revenue every time a procedure is performed, because each operation consumes proprietary instruments and accessories. Services on the installed base add a third, predictable revenue layer.

Unit economics: Recurring instruments, accessories and services made up roughly three-quarters of FY2025 revenue, and non-GAAP gross margin ran at about 67.6%. As the installed base and procedure volumes compound, the recurring mix improves the quality and predictability of earnings.

The moat: Intuitive's advantage comes from surgeon training and switching costs, two decades of clinical evidence, a vast global installed base, deep regulatory clearances, and an integrated ecosystem of instruments, imaging and digital tools — a combination newer robotic platforms have so far struggled to dislodge.

5. Financial Health

All figures below come from Intuitive's audited annual results and quarterly earnings releases; FY2025 ended 31 December 2025. EPS figures are split-adjusted for the three-for-one split distributed on 4 October 2021. Intuitive carries no debt, so the long-term debt column is nil throughout.

Fiscal Year	Revenue	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
2021	$5.71bn	+31.0%	$4.66	$4.94	$0.00	$0m
2022	$6.22bn	+9.0%	$3.65	$4.68	$0.00	$0m
2023	$7.12bn	+14.5%	$5.03	$5.71	$0.00	$0m
2024	$8.35bn	+17.2%	$6.42	$7.34	$0.00	$0m
2025	$10.06bn	+20.5%	$7.87	$8.93	$0.00	$0m

Note: GAAP EPS is net income attributable to Intuitive Surgical, Inc. on a diluted basis. Adjusted (non-GAAP) EPS excludes share-based compensation, intangible amortisation and certain tax and one-off items. Intuitive pays no dividend and carries no debt.

Quarter	Revenue	Adjusted EPS	GAAP EPS
Q1 FY2026	$2.77bn	$2.50	$2.28
Q4 FY2025	$2.87bn	$2.53	$2.21
Q3 FY2025	$2.51bn	$2.40	$1.95
Q2 FY2025	$2.44bn	$2.19	$1.81
Q1 FY2025	$2.25bn	$1.81	$1.92
FY2025 total	$10.06bn	$8.93	$7.87

The balance sheet is exceptionally strong: $9.03bn of cash, cash equivalents and investments, no debt, and $3.03bn of operating cash flow in FY2025.

6. Valuation

Raw metrics, June 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$142.8bn (≈356m shares × $401.09)
Enterprise value	~$133.8bn (market cap $142.8bn + debt $0 − cash & investments $9.03bn per FY2025 balance sheet)
Trailing P/E (GAAP)	~51.0x ($401.09 / FY2025 GAAP EPS $7.87)
P/E (forward)	n/a — Intuitive does not issue EPS guidance
P/S (TTM)	~13.5x (market cap / TTM revenue ~$10.58bn)
EV/EBITDA (TTM)	~37.6x (EV $133.8bn / EBITDA ~$3.56bn; EBITDA = FY2025 operating income $2,945m + D&A ~$613m)
P/FCF	~57.3x (market cap $142.8bn / FCF $2.49bn; FCF = FY2025 operating cash flow $3,030m − capex $540m)
52-week high	$603.88
52-week low	$396.68
Short interest (% of float)	~1.9% (≈6.75m shares)
Days to cover	~3 days

7. What Are They Building

Intuitive's roadmap is centred on the da Vinci 5 upgrade cycle, which brings force-feedback sensing, far greater computing power and a foundation for data and AI-assisted surgery. The company is expanding the Ion endoluminal platform for minimally invasive lung biopsy, growing its installed base 24% in 2025, and pushing into new clinical indications and geographies. Longer term, management is investing in digital tools, surgeon analytics and machine-learning capabilities that turn its vast procedure dataset into a defensible software layer, while broadening the instrument menu that drives recurring revenue. Capital spending stepped down sharply in 2025 as major manufacturing build-outs completed, improving free-cash-flow conversion.

8. Competitive Landscape

Intuitive remains the dominant force in soft-tissue robotic surgery, but large medical-device peers are investing heavily to challenge it.

Peer	Market cap (June 2026)	Key 2025 metric / position
Johnson & Johnson (JNJ)	~$550bn	MedTech giant; developing the Ottava soft-tissue robotic system to compete directly with da Vinci.
Stryker (SYK)	~$118bn	Leader in orthopedic robotics via the Mako platform; adjacent rather than direct soft-tissue rival.
Medtronic (MDT)	~$104bn	Scaling the Hugo RAS soft-tissue robot globally — Intuitive's most direct large-cap challenger.

Smaller challengers (CMR Surgical's Versius, plus fast-growing domestic Chinese systems) add pressure at the margins, particularly in international markets.

9. Leadership & Ownership

Intuitive is led by CEO Dave Rosa, who succeeded long-serving chief executive Gary Guthart in July 2025; Guthart now serves as Executive Chair. Recent insider activity has been a mix of routine compensation vesting and some option-exercise sales by the chairman.

Name	Date	Type	Shares	Price	Value	Plan Type
Gary Guthart (Exec Chair)	27 Jan 2026	Option exercise & sale	27,300	~$530.10–531.53	~$14.48m	10b5-1 / option exercise
Gary Guthart (Exec Chair)	28 Feb 2026	PSU/RSU vesting & tax	28,840 vested	$503.51	n/a	Performance/RSU
David Rosa (CEO)	10 Jun 2026	RSU vesting & tax withholding	1,358 vested	$426.61	~$0.29m	RSU

The chairman's January sale was an option-exercise-and-sell; no material insider open-market buying has been reported in 2026.

10. Key Risks

• China competition (Operational): Domestic Chinese robotic-surgery firms are taking share amid government pricing pressure, dragging Intuitive's China growth below the corporate average.
• Tariffs (Macro): US and Chinese tariffs, plus higher memory and freight costs, are estimated to cut about 1.2% from 2026 gross margin, with risk of escalation.
• Valuation (Financial): A trailing P/E above 50x leaves little room for a procedure-growth or margin disappointment.
• GLP-1 substitution (Operational): Weight-loss drugs have cut US bariatric procedure demand by roughly 10%, removing one growth pocket.
• Competitive entrants (Operational): Medtronic's Hugo, J&J's Ottava and longer-term AI/robotics ambitions from large technology players threaten Intuitive's share over time.
• Hospital capital cycles (Macro): System placements depend on hospital capital budgets, which can be deferred in tighter economic conditions.
• Regulatory (Regulatory): Product approvals, clearances and any device recalls or safety issues can affect launches and reputation.

11. Recent Developments

• 21 Apr 2026 — Q1 2026 results. Revenue rose 23% to $2.77bn, total procedures grew about 17%, and Intuitive placed 431 da Vinci systems; management lifted its full-year da Vinci procedure-growth guidance.
• Jun 2026 — Shares near a 52-week low. The stock has fallen roughly 26% in 2026 to near $397, pressured by China competition, tariffs and GLP-1 concerns despite raised operating guidance.
• 22 Jan 2026 — Q4/FY2025 results. Q4 revenue of $2.87bn (+19%) and full-year revenue of $10.06bn (+20.5%), with FY procedures up about 19%.
• 1 Jul 2025 — CEO transition. Dave Rosa became Chief Executive Officer, succeeding Gary Guthart, who moved to Executive Chair.

12. Key Dates to Watch

• 16 Jul 2026 — Q2 2026 earnings release (expected, after close)
• Expected Oct 2026 — Q3 2026 earnings release
• Expected Jan 2027 — Q4 and full-year FY2026 results

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