February 15, 2026 4:37pm

A scorecard of covered companies

Q4/25 and FY254 net losses or incomes correlated to EPS leanings of per share value, cash positions and “runways”, financials outcomes and correlation of "street" expectations - it's a reflection of this universe's investing "status"

I have written what I as an investor would want to know …

Investors can gauge the financial health versus the scientific opportunity and whether or not it deserves their investment.

Reporting to date – 7 of 40

Alnylam Pharmaceuticals (ALNY)

A Q4/25 net income of +$11.5 M per share earnings of $0.82 per share, Total revenues of $1.10 B with net product revenues of $994.7 M plus revenues from collaborators of $40.9 M <The drop was mainly due to revenues recognized under a license agreement with Novartis NVS>. Recognized royalty revenues of $61.4 M in Q4, up 73% year over year on a reported basis and at CER. Cash position of $2.91 B

FY2025, the net income was +$313.7 or -$2.33 per share, generated total revenues of $3.71 B, up 65% year over year on a reported basis and 64% at CER.

ALNY’s 2026 Financial Guidance: expects net product revenues for Onpattro, Amvuttra, Givlaari and Oxlumo in the range of $4.9-$5.3 billion for 2026, suggesting year-over-year growth of 64-77% at CER. Net revenues from collaborations and royalties are expected in the range of $400-$500 million. Adjusted R&D and SG&A expenses are anticipated in the band of $2.7-$2.8 B.

In collaboration with Roche (RHHBY), developing zilebesiran in a late-stage study (ZENITH) to evaluate the potential of zilebesiran to reduce the risk of major adverse cardiovascular events in patients with uncontrolled hypertension.

Beat Q4 Consensus Estimate of $1.16, missed, Consensus estimate of $1.14 B; FY25 beat Consensus Estimate of earnings of $4.56 per share.

 

Arrowhead Pharmaceuticals (ARWR)

Q1/26 Net income of $30.811 M or +0.22 per share, revenue of $264 M, R&D Expenses: <increased by $40 M, primarily due to higher clinical costs for P3 studies>. SG&A Expenses: Increased by $19 M, driven by investments to support the commercialization of Redemplo; cash position of $917 M

ARWR's financial position was significantly strengthened with $1.33 B in gross proceeds from licensing agreements and public offerings

  • Closed 2 concurrent public offerings with gross proceeds totaling $930,000,000 and consisting of 0.00% convertible senior notes due 2032 and shares of common stock, at a public offering price of $64.50 per share

Triggered a $200 M milestone payment from Sarepta Therapeutics (SRPT), which was earned on 11/20/25, when reaching the 2nd of 2 prespecified enrollment targets and subsequent authorization to dose escalate in a P1/2 clinical study of SRP-1003 (formerly ARO-DM1), an investigational RNAi therapeutic for the treatment of type 1 myotonic dystrophy (DM1);

Received $200 M global licensing and collaboration agreement with Novartis (NVS), which closed on 10/17/25, for ARO-SNCA, ARWR’s preclinical stage siRNA therapy against alpha-synuclein for the treatment of synucleinopathies, such as Parkinson’s Disease, and for other additional collaboration targets that will utilize ARWR’s proprietary Targeted RNAi Molecule (TRiM™) platform. Financial terms of the agreement include. ARWR is also eligible to receive development, regulatory, and sales milestone payments of up to $2 B. ARWR is further eligible to receive tiered royalties on commercial sales up to the low double digits.

Missed expectation was of +$0.60 cents per share and revenue of $264 forecast expecting $295.3 M

 

Moderna (MRNA)

A Q4/25 net loss of -$800 M or -$2.11 per share, product revenues were $678 N, generated $33 M from grants, collaborations, licensing and royalty revenues (with several big pharma/biotech companies, including Merck (MRK) and Vertex Pharmaceuticals (VRTX), up 18% year over year. SG&A expenses were $308 M, down 12% year over year. R&D expenses were down 31% to $775 M. End 2026 with cash and cash equivalents between $8.1 B; supported by a $600 M initial draw from a $1.5 B credit facility.

FY 2025 results: net loss of -$2.8B or -7.26 per share, revenues of $1.94 B, down 40% year over year incurring a loss of $7.26 per share during the year, narrower than the loss of $9.28 per share in the year-ago period.

  • Projects up to 10% revenue growth in 2026, primarily driven by international markets and the full annualized impact of strategic government agreements.
  • Also, expressed strong disappointment with the FDA's Refusal to File letter for the mRNA-1010 flu vaccine, citing unpredictable regulatory environments as a threat to U.S. innovation leadership.

Consensus per share was -$2.60 – miss and beat the Consensus Estimate of $659.5 M

 

IQVIA Holdings Inc. (IQV)

Q4/25 net income of GAAP net income of +$514 M and GAAP diluted EPS of $2.99, revenue of $4.364 B and cash of $1.980 B and gross debt of -$15.724 M

Contract Sales & Medical Solutions (CSMS) revenue was $210 M, up 18.6% reported and 15.3% at constant currency, with about 5 points of growth attributed to an acquisition referenced on the prior Q’s call. On the clinical side, Q4 net bookings totaled more than $2.7 billion, up 7% year over year and 5% sequentially, producing a net book-to-bill ratio of 1.18; noted cancellations were “slightly above” the normal range due to “specific idiosyncratic aspects of certain trials” that were canceled. R&DS backlog reached a record $32.7 billion at year-end, up 5.3% year over year, with next-twelve-month revenue from backlog of $8.3 billion.

FY25 reported net income of $1.36 billion, or $7.84 per share. with revenue of $16.31 B

  • 2026 reporting update: Management will simplify reporting to 2 segments (Commercial Solutions and R&DS) and guided 2026 revenue to $17.15–$17.35 billion with adjusted diluted EPS of $12.55–$12.85, expecting mid-single-digit segment growth and flat overall EBITDA margins.
  • 2026 Revenue Guidance: $17.159 billion to $17.359 billion, Adjusted EBITDA Guidance: $3.975 billion to $4.25 billion and Adjusted Diluted EPS Guidance: $12.55 to $12.85.
  • IQV projected adjusted earnings for 2026 to be in the range of $12.55 to $12.85 per share, short of analysts' average estimate of $12.95. This disappointing outlook overshadowed a strong Q4 performance, in which the company surpassed estimates with revenue of $4.36 billion and an adjusted profit of $3.42 per share.

 

Ultragenyx Pharmaceuticals (RARE)

Q4/25 net loss of -$129 M or -1.29 per share, revenue of $207 M, cash, cash $737 M

FY25, net loss of -$575 M or -$5.83, total revenues in 2025 came in at $673 M, cash of $738 M

RARE is reducing its workforce by 10%, affecting about 130 employees; expecting combined R&D and SG&A expenses in 2026 to be flat to down low-single digits compared with 2025.

  • To include roughly $50 M in severance, manufacturing and other one-time restructuring costs

Rare expects total revenues in 2026, excluding potential revenues from new product launches, between $730 million and $760 million, which suggests growth of approximately 8-13% compared to 2025.

  • Crysvita revenues in 2026 are expected to be in the range of $500-$520 million, indicating growing underlying global demand partially offset by the expected timing of ordering patterns in Brazil.
  • Dojolvi revenues are expected to be between $100 million and $110 million in 2026.
  • The Angelman syndrome program (GTX-102) is expected to provide pivotal Phase III data in the 2H/26, utilizing a novel multi-domain responder index to capture broad clinical benefit.
  • Guidance for 2026 operating expenses assumes flat to low single-digit decreases as restructuring savings are partially offset by targeted launch investments and severance costs.

Q4 missed consensus of $1.20, beat revenue consensus of $203 M; FY25 beat net loss per share

 

Vertex (VRTX)

Q4/25 net income of +$1.19 B or +$4.65 per share, revenues of $3.19 B and cash position of $12.3 B

  • Total revenues rose 10% year over year, primarily driven by higher sales of cystic fibrosis (CF) drugs, led by Trikafta/Kaftrio and contributions from its three new drugs, Alyftrek, Journavx and Casgevy.
  • Revenues from other products increased 24.2% year over year to $237.4 million. This included revenues from Vertex and partner CRISPR Therapeutics’ CRSP one-shot gene therapy, Casgevy, sales from Vertex’s new pain drug, Journavx (suzetrigine), as well as sales of VRTX’s other CF products, Symdeko (marketed as Symkevi in Europe), Orkambi and Kalydeco.
  • SG&A expenses rose 39.4% to $432.3 M in Q4.
  • R&D costs of $56.5 million compared with $87.5 M in Q4/24.

FY25, net income of +$3.95 B or +$15.32, revenues of $12 B,

Guidance: VRTX expects total revenues to be in the range of $12.95-$13.10 B for 2026, reflecting 8% to 9% growth versus the prior year. VXTX expects its non-CF product revenues to be more than $500 M in 2026, reflecting higher patient infusions for Casgevy and a ramp-up in Journavx prescriptions.

Missed EPS consensus and beat revenue consensus

 

CRISPR Therapeutics (CRSP)

Q4/25 net loss of -$103.6 M or -$1.37 per share, < compared to a net loss of $347.559 M for Q4/24>, collaboration expense, net, was $53.7 M compared to $10.4 M for Q4/24, cash position of 1,975.8 M

  • R&D expenses were $83.5 M compared to $71.7 million for Q4/24. The increase in R&D expense was primarily driven by an increase in licensing fees.
  • G&A Expenses were $18.4 M, compared to $18.1 M for Q4/24.

FY25, net loss was -$581,599 M or -$6.47 per share

For you as an investor, CRSP sits at the intersection of gene editing and commercial drug launches, with Casgevy now moving from concept to real world access.

  • CRSP’s focus spans sickle cell disease and a broader set of conditions, while peers across gene and cell therapy are also working to turn complex science into scalable treatments.
  • Partnerships with larger pharma players can help share development risk and widen potential reach.
  • CRSP reported material progress in commercializing Casgevy, the first FDA approved gene editing therapy for sickle cell disease.
  • Reimbursement and access for Casgevy now extend to the majority of eligible patients in the U.S., with rollouts reaching Europe and the Middle East.
  • CRSP highlights new pipeline moves in autoimmune diseases, oncology, and lipid disorders, supported by collaborations with Vertex Pharmaceuticals and Sirius Therapeutics.
  • Despite these weaker financials, management emphasized continued clinical progress and global uptake of Casgevy, its first approved gene-edited therapy for sickle cell disease and beta-thalassemia, supported by broad reimbursement coverage.

KEY Thesis is: how quickly Casgevy uptake develops under broader access agreements and how efficiently the newer programs progress through early research.

  • As more data, regulatory updates, and partnership milestones emerge, they will shape how investors view the balance between near term execution on Casgevy and the longer-term value of the wider pipeline.

 

Opinions expressed are those of the author and are subject to change, and not intended to be a forecast of future events, a guarantee of future results, nor investment advice. All investments are subject to risks. Investors should consider investment objectives.

Whether information or intelligence is good, bad or somewhere in between; I put into context what is relevant and useful for investors.  All investments are subject to risks. Investors should consider investment objectives.  Regulation Analyst Certification (Reg AC):

The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and it’s or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed.