Vector Equilibrium

ABBVIE $ABBV Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $17.40B (Est. $17.31B) 🟢; +10.3% YoY 🔹 Adj. EPS: $3.82 (Est. $3.75) 🟢; +100%+ YoY 🔹 Immunology Revenue: $9.17B; +16.3% YoY Raises FY26 Guide: 🔹 Adj. EPS: $13.95-$13.99 (Est. $13.92) 🟢; from $13.76-$13.96 Segment Net Revenue: 🔹 Immunology: $9.17B; +16.3% YoY 🔹 Neuroscience: $3.39B (Est. $3.29B) 🟢; +19.4% YoY 🔹 Oncology: $1.70B (Est. $1.68B) 🟢; +0.8% YoY 🔹 Aesthetics: $1.18B (Est. $1.20B) 🔴; -1.4% YoY Key Products: 🔹 Skyrizi: $5.78B (Est. $5.72B) 🟢; +22.7% YoY 🔹 Rinvoq: $2.71B (Est. $2.73B) 🔴; +23.9% YoY 🔹 Humira: $683M (Est. $695M) 🔴; -31.2% YoY 🔹 Venclexta: $803M (Est. $793M) 🟢; +10.7% YoY 🔹 Imbruvica: $522M (Est. $530M) 🔴; -26.1% YoY 🔹 Vraylar: $1.07B; +14.3% YoY Key Updates: 🔹 Apogee Therapeutics acquisition completed, deepening AbbVie’s immunology pipeline 🔹 IPR&D and milestones expense: $0.11/share unfavorable impact 🔹 Quarterly dividend raised to $1.82/share, payable February 16, 2027 Comments: 🔸 “Given our strong outlook and significant momentum, we are once again increasing AbbVie's full-year guidance and raising our quarterly dividend.”

COLGATE-PALMOLIVE $CL Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $5.37B (Est. $5.33B) 🟢; +4.6% YoY 🔹 Adj. EPS: $0.97 (Est. $0.93) 🟢; +7% YoY 🔹 Organic Sales Growth: +3.6% 🔹 Adj. Gross Margin: 60.3%; +90 bps YoY FY26 Guide: 🔹 Net Sales: +4%-+5%; from 2%-6% 🔹 Organic Sales Growth: broadly in line with 9M; from 1%-4% 🔹 Base Business EPS Growth: +5%-+7%; from mid-single-digit growth 🔹 GAAP Gross Margin: Up; from roughly flat 🔹 Base Business Gross Margin: Up; from roughly flat Segment Net Sales: 🔹 North America: $0.91B 🔹 Latin America: $1.33B 🔹 Asia Pacific: $0.80B; +3.5% YoY 🔹 Hill’s Pet Nutrition: $1.21B Announcements: 🔹 Toothpaste Market Share: 41.4% YTD 🔹 Manual Toothbrush Market Share: 33.1% YTD Other Q3 Metrics: 🔹 Operating Profit: $1.12B; +5% YoY 🔹 Net Cash From Operations: $2.9B YTD Key Updates: 🔹 Strategic Growth and Productivity Program: $29M Q3 charge Comments: 🔸 “We were particularly pleased to have delivered our fourth quarter of sequential improvement in worldwide volume growth, while delivering strong pricing growth in the third quarter.” 🔸 “Despite consumer uncertainty and ongoing macroeconomic volatility, our proactive focus on driving growth while building flexibility into our P&L gives us confidence we can navigate these challenges while continuing to deliver consistent, compounded earnings per share growth and drive long-term shareholder value.”

REGENERON $REGN Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $5.1B (Est. $4.54B) 🟢; +36% YoY 🔹 Adj. EPS: $20.07 (Est. $16.24) 🟢; +70% YoY 🔹 Dupixent Global Net Sales: $6.5B; +35% YoY 🔹 EYLEA HD U.S. Net Sales: $699M; +62% YoY FY26 Guide: 🔹 Non-GAAP R&D: $6.05B-$6.15B; from $5.95B-$6.05B 🔹 Non-GAAP SG&A: $2.4B-$2.5B; from $2.5B-$2.6B 🔹 Non-GAAP Gross Margin: 86%; from 84%-85% 🔹 Capital Expenditures: $1.05B-$1.10B; from $1.03B-$1.10B Product Net Sales: 🔹 Dupixent (Global): $6.5B; +35% YoY 🔹 EYLEA HD - U.S.: $699M; +62% YoY 🔹 EYLEA - U.S.: $400M; -41% YoY 🔹 Libtayo - Global: $550M; +51% YoY 🔹 Sanofi Collab. Revenue: $2.72B; +68% YoY Other Q3 Metrics: 🔹 Non-GAAP Gross Margin: 86%; flat YoY 🔹 Non-GAAP ETR: 15%; +190 bps YoY Capital Return: 🔹 Buybacks: $2.3B 🔹 Remaining Authorization: $2.2B 🔹 Dividend: $0.94/share Key Updates: 🔹 Sanofi Collaboration: $1.0B up-front; up to $7.0B in future milestones 🔹 Pasatru: FDA approved for FOP Comments: 🔸 “This was an outstanding quarter for Regeneron, with Dupixent, EYLEA HD, and Libtayo each achieving record net sales” 🔸 “Finally, we expanded our alliance with Sanofi to include four Regeneron-invented, next-generation, long-acting antibodies designed to build on the success of Dupixent.”

GENERAL DYNAMICS $GD Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $14.60B (Est. $13.73B) 🟢; +12.9% YoY 🔹 EPS: $4.49 (Est. $4.13) 🟢; +15.7% YoY 🔹 Operating Margin: 10.5%; +20 bps YoY 🔹 Oper Cash Flow: $1.7B; 139% of net earnings Segment Revenue: 🔹 Aerospace: $3.54B; +9.3% YoY 🔹 Marine Systems: $4.96B; +21.1% YoY 🔹 Combat Systems: $2.39B; +6.0% YoY 🔹 Technologies: $3.68B; +10.8% YoY Other Q3 Metrics: 🔹 Backlog: $220.3B 🔹 Total Estimated Contract Value: $270.7B 🔹 Book-to-Bill: 6.8-to-1 🔹 Gulfstream Deliveries: 40 (Est. 40) 🟡; +3% YoY Key Updates: 🔹 Orders: $98.8B total; $93.8B defense; $5B Aerospace Comments: 🔸 “With the consistent growth in our backlog and our significant investment in our businesses over the last decade, we are poised to drive continued performance in the years to come.”

Global Payments $GPN is being targeted in a potential $40B+ buyout by private equity firm Clayton, Dubilier & Rice, which has teamed up with GTCR, the company's largest shareholder, FT reports. The payments processor has a market value of roughly $23B and more than $17B in net debt. A deal including a takeover premium would rank among the largest leveraged buyouts in history. Interestingly, GTCR became Global Payments' largest outside shareholder through its 2025 Worldpay acquisition, a deal that drew investor criticism over increased debt and dilution. Global Payments shares subsequently fell to near-decade lows, attracting activist investor Elliott Management. Talks are ongoing, and no agreement has been reached.