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Performance was driven by a 14% increase in the growth portfolio, which now represents nearly 60% of total revenue, signaling a successful transition toward newer assets.

Eliquis delivered demand-driven growth of 21%, nearly offsetting generic declines in the legacy portfolio and benefiting from market share gains and CPI penalty eliminations.

Management attributed the Opdivo revenue decrease of 4% to a strategic and continued conversion of the U.S. market to Qvantig, which is now annualizing at over $1 billion.

The company is actively 'rewiring' operations to be more agile, including new AI partnerships with Anthropic and NVIDIA to accelerate disease biology understanding and candidate molecule testing.

Strategic productivity initiatives are generating meaningful savings, providing the financial flexibility to reinvest in high-value growth drivers and pre-launch activities.

Management emphasized a disciplined approach to business development, prioritizing therapeutic areas they know well where science is compelling and financial value is clear.

Full-year 2026 revenue and adjusted EPS guidance were increased based on first-half momentum and projected higher Eliquis growth of 20% to 25%.

The milvexian atrial fibrillation study readout is now expected in Q1 2027; management views the slower event accrual as a positive indicator for achieving non-inferiority on efficacy.

Cobenfy Alzheimer's psychosis data (ADEPT program) is now anticipated in early 2027 due to slower-than-projected relapse events and a strategic focus on patient quality over enrollment speed.

The company anticipates pivotal readouts for admilparant in pulmonary fibrosis and Sotyktu in lupus by the end of 2026, representing multibillion-dollar peak sales potential.

Launch preparations are underway for iberdomide following an August 17 PDUFA date, with plans to position CELMoDs as foundational replacements for legacy IMiD treatments.

A $1.5 billion to $2 billion revenue step-down is still expected in 2027 due to the Eliquis patent expiry in Europe and ongoing U.S. pricing impacts.

Operating expenses were slightly increased to account for accelerated pre-launch activities for the CELMoD portfolio and expanded development for pumitamig.

Management noted that 50% to 60% of IPF patients currently discontinue treatment due to GI tolerability, framing a significant market opportunity for admilparant's cleaner profile.

The company is monitoring the impact of IRA-related price decreases for Eliquis, noting that second-half U.S. sales will benefit from the elimination of accumulated CPI penalties.

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Management clarified that the milvexian delay is purely event-driven, and the Independent Data Monitoring Committee continues to endorse the study's progression.

For the Cobenfy ADEPT program, the delay reflects a deliberate choice to prioritize high-quality patient screening to ensure the highest chance of regulatory success.

Management expects admilparant to be foundational due to its LPA1 mechanism, which offers potentially superior GI tolerability compared to current standards of care.

They highlighted the emergence of a large 'add-on' and 'switch' market, suggesting the IPF market could double to $8-$10 billion by the mid-2030s.

The goal is to replace Pomalyst and Revlimid in second-line triplet regimens by leveraging the convenience of an oral treatment with a familiar toxicity profile.

Management expects strong community adoption, noting that 70% to 80% of myeloma patients are treated in community settings rather than academic centers.

The moponetug antibody is designed to bind specific microtubule regions to block the spread of tau tangles between neurons.

Phase II data expected next year will assess both tau clearance and cognitive endpoints to determine the path for potential combination therapies with anti-amyloid drugs.