S&P 500 Healthcare Sector SEC Filings — October 28, 2026

Growth Portfolio revenue up 49% YoY to $1.26B on first full quarter of acquired Apellis products; total revenue +11% YoY to $2.804B

FY2026 Non-GAAP EPS guidance low end raised to $12.20–$13.00, signalling management confidence despite Q3 Non-GAAP EPS down 46% YoY

Core MS franchise revenue -13% YoY and VUMERITY -11% YoY, showing erosion in the legacy base that the Growth Portfolio must offset

Net debt ~$6.4B post-Apellis and deferred tax liability up to $1,163.9M from $507.6M; GAAP net loss of $20.6M vs $466.5M net income a year earlier

Neuromodulation +13.0% and Cardiovascular +1.9% offset Urology -3.1% and Endoscopy -0.6%; EMEA +6.1% and LACA +10.5% outpaced U.S. (+0.5%) and APAC (-1.1% operational)

Q4 2026 net sales guided -1.0% to -3.0% after Q3 +1.5%, a sharp slowdown; full-year reported growth raised to ~4.25% and adjusted EPS guidance set at $3.16–$3.18

GAAP net income fell $755M to $582M (GAAP EPS ~-22%) with $81M litigation and $63M restructuring charges, while adjusted EPS fell only $0.75 to $0.73

EVP & Chief Manufacturing and Supply Chain Officer Mark Brosius sold 61 shares at $441.60–$451.75 (~$27K each) under a Rule 10b5-1 plan, retaining 581 shares; routine plan-based selling with limited conviction signal

Net debt ~$6.4B following Apellis and Q3 other expense of ~$137M GAAP / ~$91M Non-GAAP driven by interest and litigation, pressuring earnings quality

Core MS revenue -13% YoY and VUMERITY -11% YoY; the Growth Portfolio must keep compounding to offset the decline

Net collaboration profit-sharing expense of ~$78M in Q3 (Samsung Bioepis ~$49M; Supernus ZURZUVAE ~$29M), a drag on margins

GAAP diluted EPS $(0.14) vs $3.17 prior year, driven by $283.8M acquired IPR&D; R&D +79.1% to $574.0M and SG&A +26.4% to $752.0M

Income tax of $11.6M on a pre-tax loss of $(9.0)M vs $90.8M on $557.3M pre-tax income a year earlier; acquisition-driven tax noise complicates the forward earnings base

Q4 2026 net sales guided -1.0% to -3.0% versus +1.5% in Q3, with U.S. growth only +0.5% and APAC declining

August 2026 cybersecurity incident preceded the guidance reset and may carry further disruption or cost risk

Urology -3.1% and Endoscopy -0.6% declines signal franchise pressure in non-core segments

GAAP EPS -22% YoY with recurring litigation ($81M) and restructuring ($63M) charges; recurring 'non-recurring' items weigh on earnings credibility

Growth Portfolio $1.26B (+49% YoY) in its first full quarter with Apellis; continued ramp can rebase the mix away from MS dependence

Low-end FY2026 Non-GAAP EPS guidance lifted to $12.20; a credible floor with upside if Growth Portfolio execution holds

With ~$6.4B net debt and a free-cash-flow base supported by $2.8B quarterly revenue, a deleveraging trajectory is a potential re-rating catalyst as acquisition integration costs roll off

Neuromodulation +13.0% YoY is the standout growth engine and a clear source of mix-driven upside

EMEA +6.1% and LACA +10.5% show international momentum versus a flat U.S.; a rebound in U.S. execution would be additive

Reported net sales growth guidance raised to ~4.25% (organic ~3.75%) despite the Q4 slowdown; the implied H2 framework may prove conservative if Q4 stabilises

Adjusted EPS of $0.73 vs $0.75 prior year with FY guidance $3.16–$3.18 suggests earnings resilience below the GAAP line

Biogen's revenue (+11%) and Growth Portfolio (+49%) growth coexist with GAAP EPS collapse driven by acquired IPR&D and interest; investors should look through reported lines to cash-generating franchises

Core MS (-13%) and VUMERITY (-11%) at Biogen and U.S. weakness (+0.5%) and Urology (-3.1%) at Boston Scientific show legacy revenue pressure across the cohort

Biogen's ~$6.4B net debt and rising net interest expense illustrate how M&A-funded growth is raising financing drag and tax complexity across large-cap healthcare

Boston Scientific's Q4 guide (-1.0% to -3.0%) following Q3 +1.5% reflects a pattern of mid-year optimism reset in medtech, with cybersecurity and restructuring weighing on the H2 run-rate

Boston Scientific adjusted EPS -3% vs GAAP EPS -22% highlights the widening gap between 'adjusted' and reported earnings; analysts should scrutinise recurring one-time charges

Monitor Growth Portfolio sustainability post-Apellis integration and net debt progress; next results date to be confirmed in filings

Track whether MS and VUMERITY declines accelerate, which would pressure the FY2026 EPS floor

Watch net interest expense and the deferred tax liability build as acquisition accounting settles

Key test of the -1.0% to -3.0% sales guide and whether the FY reported growth of ~4.25% is achievable

Monitor any further operational, regulatory or cost disclosures stemming from the August 2026 incident

Track recurrence of $81M litigation and $63M restructuring charges in future quarters

Routine 10b5-1 sales by the EVP continue; monitor for any change in pattern or larger discretionary sales from senior executives