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Beta Finch - S&P 100 - EN

Beta Finch - S&P 100 - EN

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 Top 100 US-listed companies by market capitalization. AI-powered earnings call analysis for S&P 100 (SP100). Two AI hosts break down quarterly results, key metrics, and market implications in digestible podcast episodes.2026 Beta Finch
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  • UPS Q4 2025 Earnings Analysis

    UPS Q4 2025 Earnings Analysis
    Feb 23 2026
    **BETA FINCH PODCAST SCRIPT**

    ---

    ALEX: Welcome to Beta Finch, your AI-powered earnings breakdown where we decode the numbers that move markets. I'm Alex, and joining me as always is Jordan. Today we're diving into UPS's Q4 2025 earnings call - and wow, there's a lot to unpack here.

    But before we get started, I need to share an important disclaimer: This podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

    Jordan, this was quite the call. UPS is in the middle of what they're calling their "Amazon accelerated glide down" - essentially deliberately shrinking their network while trying to improve profitability. How'd they do in Q4?

    JORDAN: Alex, the headline numbers actually look pretty solid considering they're in the middle of this massive transformation. Q4 revenue came in at $24.5 billion with operating profit of $2.9 billion - that's an 11.8% operating margin. For the full year 2025, they hit $88.7 billion in revenue with $8.7 billion in operating profit.

    But here's what's really interesting - they exceeded their own internal expectations despite deliberately reducing Amazon volume by about 1 million pieces per day. That tells you something about the quality improvements they're seeing.

    ALEX: Right, and that's the key theme here - this isn't just about getting smaller, it's about getting more profitable per package. What stood out to you in terms of revenue quality improvements?

    JORDAN: The numbers are actually quite impressive. U.S. revenue per piece grew 7.1% year-over-year, and in Q4 specifically it jumped 8.3% - that's their strongest fourth quarter revenue per piece growth in four years. They're also seeing their customer mix improve dramatically. Small and medium business penetration hit 31.8% of total volume, and B2B grew to 42.3% - both record highs.

    CEO Carol Tomé made a point of saying this isn't a "shrink-the-company strategy" but rather growing in the best parts of the market. They're essentially trading low-margin Amazon volume for higher-margin enterprise and SMB business.

    ALEX: Let's talk about the costs though, because this transformation isn't free. They took some pretty significant charges this quarter, right?

    JORDAN: Absolutely. They took a $137 million after-tax write-off for their MD-11 aircraft fleet - they're accelerating the retirement of these older, less efficient planes and replacing them with newer Boeing 767s. CFO Brian Dykes mentioned they had about $50 million in incremental lease costs in Q4 just to replace that capacity, and that'll roughly double in 2026.

    They also delivered $3.5 billion in savings from network reconfiguration - they closed 93 buildings in the U.S., removed 26.9 million labor hours, and cut 48,000 positions. It's a massive operational overhaul.

    ALEX: Now, one of the most interesting developments was around their economy product called "Groundsaver." They're basically handing some of that delivery back to the U.S. Postal Service. What's the story there?

    JORDAN: This is actually a reversal of something they did previously. UPS had been doing more of this economy delivery in-house, which was costing them big - we're talking about $400-500 million in headwinds in 2025. Now they're going back to having USPS handle the final mile for some of these packages, which should improve their economics significantly.

    Brian Dykes said they expect to see benefits start materializing in the second half of 2026, though the full benefit might not come until 2027. They're using what they call "density matching technology" to decide which packages UPS delivers versus which ones go to USPS.

    ALEX: Let's talk guidance because 2026 sounds like it's going to be a tale of two halves. What are they expecting?

    JORDAN: Exactly right, Alex. For full year 2026, they're guiding to about $89.7 billi

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    9 Min.
  • Thermo Fisher Q4 2025 Earnings Analysis

    Thermo Fisher Q4 2025 Earnings Analysis
    Feb 23 2026
    **BETA FINCH PODCAST SCRIPT**

    ---

    **ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown. I'm Alex, and I'm here with my co-host Jordan to dive into Thermo Fisher Scientific's Q4 2025 results. Before we get started, I want to remind everyone that this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

    **JORDAN:** Thanks Alex. And what a quarter to analyze! Thermo Fisher just delivered some really solid numbers to cap off 2025, plus they dropped a massive $9 billion acquisition announcement. There's a lot to unpack here.

    **ALEX:** Absolutely. Let's start with the headline numbers, Jordan. Q4 revenue came in at $12.21 billion, up 7% year-over-year. For the full year, they hit $44.56 billion in revenue, growing 4%. But here's what I found interesting - their adjusted EPS grew 8% in the quarter to $6.57, and 5% for the full year to $22.87.

    **JORDAN:** That EPS growth is noteworthy because it shows they're managing their operations really well despite some headwinds. CEO Marc Casper mentioned they faced over 100 basis points of margin pressure from tariffs and foreign exchange impacts. Yet they still delivered solid earnings growth - that's the power of their PPI business system at work.

    **ALEX:** Speaking of headwinds, let's talk about how different end markets performed. Pharma and biotech was the standout - high single-digit growth in Q4 and mid-single digits for the full year. That's their core market, so seeing strength there is crucial.

    **JORDAN:** Right, and Casper gave some really interesting color on customer sentiment in pharma during the Q&A. He talked about meeting with pharma CEOs who were much more optimistic, saying the tone in January customer meetings was "quite positive." He even shared this great anecdote about a pharma CEO who was so engaged in their discussion that he literally went and found his head of development mid-conversation to dive deeper into specifics.

    **ALEX:** That's the kind of customer relationship that's hard to quantify but incredibly valuable. It speaks to their "trusted partner" positioning. But not all end markets were as rosy - academic and government declined low single digits both for the quarter and full year, largely due to macro conditions in the US and China.

    **JORDAN:** Yeah, and that's reflected in their 2026 guidance assumptions. They're basically planning for similar market conditions to 2025, which seems prudent. They're guiding for 3-4% organic growth and 4-6% reported revenue growth, targeting $46.3 to $47.2 billion in revenue.

    **ALEX:** The earnings guidance is where things get interesting though. They're projecting 6-8% adjusted EPS growth, hitting $24.22 to $24.80 per share. That's pretty strong earnings leverage even with modest revenue growth.

    **JORDAN:** Exactly, and that doesn't even include the potential impact from their big acquisition announcement - Clario. This is a $9 billion deal for a digital endpoint data provider that generated about $1.5 billion in 2025 revenue. If it closes by year-end as expected, it could add another $0.45 in adjusted EPS.

    **ALEX:** Let's dig into that Clario deal because it's fascinating strategically. They're essentially buying capabilities in one of the fastest-growing areas of clinical research - digital endpoints for clinical trials. This fits perfectly with their "Accelerated Drug Development" solution that combines their pharma services and clinical research businesses.

    **JORDAN:** And Casper was really enthusiastic about this during the call. He talked about how it will enable "even deeper clinical insights" and "further accelerate the digital transformation of clinical research." Plus, they mentioned it has an attractive double-digit return profile and will be accretive to both organic growth and margins.

    **AL

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    9 Min.
  • Regeneron Q4 2025 Earnings Analysis

    Regeneron Q4 2025 Earnings Analysis
    Feb 24 2026
    **BETA FINCH PODCAST SCRIPT**

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    **ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown where we dive deep into the numbers that matter. I'm Alex, and I'm joined as always by my co-host Jordan. Today we're breaking down Regeneron's Q4 2025 earnings - and folks, this biotech giant just delivered some fascinating insights into their pipeline and future strategy.

    Before we jump in, I need to mention that this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

    **JORDAN:** Thanks Alex. And what a quarter to analyze! Regeneron reported total revenue of $3.9 billion, up 3% year-over-year, with some really interesting dynamics happening across their portfolio. The headline number might seem modest, but when you dig into the details, there's a lot more going on here.

    **ALEX:** Absolutely. Let's start with the standout performer - Dupixent. Jordan, this drug continues to be an absolute monster for Regeneron and their partner Sanofi.

    **JORDAN:** It really is remarkable, Alex. Global Dupixent sales hit $4.9 billion in Q4 alone - that's 32% growth year-over-year. And get this - for the full year 2025, Dupixent brought in $17.8 billion globally. CEO Leonard Schleifer mentioned they now have 1.4 million patients on therapy worldwide across 8 approved indications.

    **ALEX:** That's incredible scale. And what I found interesting was how Schleifer emphasized that most of those indications are still "significantly underpenetrated" - suggesting there's still room to grow this massive franchise.

    **JORDAN:** Exactly. And speaking of growth, let's talk about their eye care franchise. EYLEA HD had a solid quarter with $506 million in U.S. sales, up 66% year-over-year. But the legacy EYLEA product is facing headwinds - it was down 15% sequentially as biosimilar competition looms.

    **ALEX:** Right, and management was very transparent about the challenges ahead. They're expecting multiple biosimilar EYLEA products to launch in 2026, which will intensify competitive pressure. But they seem confident that EYLEA HD can hold its own with its differentiated profile.

    **JORDAN:** The FDA just approved EYLEA HD for monthly dosing and a new indication, which should help. And they're waiting on approval for a prefilled syringe version that could make it more convenient for doctors to use. Marion McCourt, their commercial head, seemed optimistic about these enhancements.

    **ALEX:** Now Jordan, what really caught my attention was the pipeline discussion. CSO George Yancopoulos laid out an incredibly ambitious clinical development plan.

    **JORDAN:** Oh absolutely, Alex. They're planning to initiate 18 new Phase III studies targeting enrollment of 35,000 patients. That's a massive investment in late-stage development across multiple therapeutic areas - oncology, complement diseases, anticoagulation, and more.

    **ALEX:** And the financial commitment is significant. CFO Christopher Fenimore guided R&D spending to $5.9-6.1 billion in 2026, up substantially from 2025. That's nearly $6 billion just on research and development!

    **JORDAN:** Which brings us to one of the most intriguing parts of the call - their obesity strategy. Instead of just trying to compete head-to-head with existing GLP-1 drugs like Ozempic and Mounjaro, they're taking a differentiated approach.

    **ALEX:** This was fascinating. Yancopoulos described their plan to combine a GLP-1/GIP drug with their PCSK9 inhibitor Praluent in a single injection. His quote was memorable - he said imagine if someone invented a new GLP-1 that not only delivers weight loss but also lowers bad cholesterol by 50-60%.

    **JORDAN:** That's a clever strategy, Alex. Rather than fighting for an extra 1-2% in weight loss like everyone else, they're adding a completely different benefit. Many obese patients also

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    9 Min.
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