Revenue Performance - Third quarter revenue decreased 5% to $1.33 billion, with North America revenue declining 10% to $757 million and international revenue increasing 3% to $577 million[3]. - Fiscal 2026 revenue is expected to decline approximately 4%, with an 8% decline in North America and a 6% decline in Asia-Pacific[7]. - Net revenues for the three months ended December 31, 2025, were $1,327,761, a decrease of 5.2% compared to $1,401,039 in the same period of 2024[18]. - North America segment revenues decreased by 10.3% to $756,726 for the three months ended December 31, 2025, compared to $843,620 in 2024[18]. - Direct-to-consumer revenues decreased by 3.9% to $646,845 for the three months ended December 31, 2025, compared to $672,948 in 2024[20]. - The total net revenue growth (decline) for the nine months ended December 31, 2025, was (4.7)% according to GAAP, with a currency-neutral net revenue decline of (5.5)%[31]. Profitability and Loss - Gross margin declined 310 basis points to 44.4%, primarily due to higher tariffs and pricing headwinds[3]. - The company recorded a net loss of $431 million, including a $247 million valuation allowance on U.S. federal deferred tax assets[6]. - Diluted loss per share was $1.01, while adjusted diluted earnings per share was $0.09[6]. - Gross profit for the three months ended December 31, 2025, was $589,740, representing a gross margin of 44.4%, down from 47.5% in 2024[18]. - The company reported a net loss of $430,827 for the three months ended December 31, 2025, compared to a net income of $1,234 in 2024[18]. - Basic net loss per share for Class A, B, and C common stock was $(1.01) for the three months ended December 31, 2025, compared to $0.00 in 2024[18]. - For the nine months ended December 31, 2025, the net income was $(452,253) thousand, compared to $(133,810) thousand for the same period in 2024, indicating a significant decline[29]. - The adjusted income from operations for the nine months ended December 31, 2025, was $104,221 thousand, compared to $233,710 thousand in 2024[35]. - The company reported an adjusted net income of $60,736 thousand for the nine months ended December 31, 2025, down from $169,767 thousand in 2024[37]. Expenses and Cost Management - Selling, general and administrative (SG&A) expenses increased 4% to $665 million, but adjusted SG&A declined 7% to $563 million[3]. - SG&A expenses for fiscal 2026 are expected to decline at a low-double-digit rate, driven by lower marketing costs and restructuring savings[7]. - Adjusted selling, general and administrative expenses for the nine months ended December 31, 2025, were $1,662,599 thousand, a decrease from $1,690,252 thousand in 2024[33]. Future Outlook - Operating loss for fiscal 2026 is expected to be approximately $154 million, with adjusted operating income expected to be around $110 million[7]. - The company expects to recognize remaining restructuring charges by the end of fiscal 2026, with total costs of the restructuring plan now expected to be up to $255 million[5]. - The outlook for the year ending March 31, 2026, includes an estimated adjusted income from operations of approximately $110 thousand[42]. - The GAAP diluted net loss per share for the year ending March 31, 2026, is estimated to be between $(1.25) and $(1.24)[43]. Balance Sheet and Cash Flow - Total current assets increased to $2,989,031 as of December 31, 2025, from $2,329,097 as of March 31, 2025[26]. - Total liabilities rose to $3,194,924 as of December 31, 2025, compared to $2,410,593 as of March 31, 2025[26]. - The company reported a net cash provided by operating activities of $257,079 thousand for the nine months ended December 31, 2025, compared to $142,880 thousand in 2024[29]. - The net cash used in investing activities was $(673,703) thousand for the nine months ended December 31, 2025, compared to $(99,194) thousand in 2024[29]. Restructuring Charges - The company experienced a significant increase in restructuring charges, which amounted to $74,980 for the three months ended December 31, 2025, compared to $13,945 in 2024[18]. - The company-owned and operated door count increased to 450 as of December 31, 2025, from 448 in 2024, with North America total doors rising to 199[45].

Financial Performance - Total Company net sales increased by 31% to $140.9 million in the first fiscal quarter compared to $107.6 million in the prior year[4] - Gross margin improved to 36.6%, up from 29.9% in the prior year quarter, due to better overhead absorption and cost savings[5] - Operating loss decreased to $(2.9) million from $(20.2) million in the prior year first quarter[5] - Net loss was $(3.3) million, or $(0.33) per diluted share, compared to $(15.3) million, or $(1.49) per diluted share in the previous year's first quarter[6] Revenue Growth - Fishing revenue increased by 36% primarily due to successful new product launches and improved trade inventory levels[9] - Camping & Watercraft Recreation sales rose by 12% driven by new product success and growth in the e-commerce channel[9] - Diving sales increased by 15%, supported by improvements across global markets[9] Cash and Investments - Cash and short-term investments totaled $130.7 million as of January 2, 2026[7] - Capital spending for the current quarter was $4.3 million, compared to $4.1 million in the prior year period[7] Strategic Management - The Company plans to continue managing costs strategically while protecting investments to strengthen the business[8]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 0-19311 BIOGEN INC. (Exact name of registrant as specified in its charter) Delaware 33-0112644 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identi ...

Financial Performance - Total revenue for the three months ended December 31, 2025, was $1,999,000, a decrease from $9,018,000 in the same period of 2024[29] - The net loss attributable to Roivant Sciences Ltd. for the three months ended December 31, 2025, was $265,891,000, compared to a net income of $169,381,000 in the same period of 2024[29] - The company reported a net loss of $1.13 billion for the quarter, compared to a net loss of $5.25 billion in the previous quarter, indicating a significant improvement[36] - For the nine months ended December 31, 2025, the company reported a net loss of $753.7 million, compared to a net loss of $104.4 million for the same period in 2024[40] - The company reported a net loss of $265,891 for the period, compared to a loss of $47,810 in the previous period, indicating a significant increase in losses[37] Operating Expenses - Operating expenses for the three months ended December 31, 2025, totaled $341,152,000, compared to $283,399,000 for the same period in 2024, reflecting an increase of 20.4%[29] - Research and development expenses for the three months ended December 31, 2025, were $165,380,000, compared to $141,595,000 for the same period in 2024, an increase of 16.8%[29] - General and administrative expenses for the three months ended December 31, 2025, were $175,072,000, compared to $141,545,000 for the same period in 2024, an increase of 23.7%[29] - The company incurred share-based compensation of $269.0 million for the nine months ended December 31, 2025, up from $205.5 million in 2024, indicating a 30.2% increase[40] - Personnel-related expenses increased by $21.2 million for the nine months ended December 31, 2025, primarily due to higher headcount to support additional clinical studies[180] Cash and Assets - Cash and cash equivalents decreased to $1,478,270,000 as of December 31, 2025, from $2,715,411,000 as of March 31, 2025[27] - Total assets as of December 31, 2025, were $5,225,368,000, down from $5,436,940,000 as of March 31, 2025[27] - The company had cash, cash equivalents, and marketable securities totaling approximately $4.5 billion as of December 31, 2025[196] - As of December 31, 2025, total cash, cash equivalents, and marketable securities amounted to $4,529.978 million, a decrease from $4,886.891 million as of March 31, 2025[79] Shareholder Equity - Shareholders' equity attributable to Roivant Sciences Ltd. decreased to $4,269,255,000 as of December 31, 2025, from $4,687,605,000 as of March 31, 2025[27] - Total shareholders' equity as of June 30, 2025, is $4,815,906, a decrease from $5,187,198 on March 31, 2025[35] - The company repurchased 20,269,450 common shares, leading to a reduction of $208,293 in shareholders' equity[35] - The company completed a share repurchase program, repurchasing 71,251,083 shares from Sumitomo for approximately $648.4 million at a price of $9.10 per share[99] Investments and Acquisitions - The company sold its entire equity interest in its majority-owned subsidiary Telavant Holdings, Inc. for approximately $5.2 billion in cash in December 2023[46] - The Company completed the acquisition of Dermavant Sciences Ltd. by Organon in October 2024, classifying the results as discontinued operations[54] - The company has successfully completed a strategic acquisition, enhancing its capabilities in the technology sector[36] Future Outlook - Future guidance suggests a revenue increase of 15% for the next quarter, driven by anticipated demand for new products[36] - The company is investing in new technology development, with a budget allocation of $160 million for R&D in the next fiscal year[36] - The company is focusing on expanding its market presence and has plans for new product launches in the upcoming quarters[36] Financial Risks and Controls - The company does not currently face significant foreign currency exchange rate risk, as most expenses are denominated in U.S. dollars[218] - The company maintains effective disclosure controls and procedures as of December 31, 2025, ensuring timely and accurate reporting[223] - There were no significant changes in critical accounting policies or estimates from the previous fiscal year[215] Miscellaneous - The company appointed Frank Torti as President and Vant Chair, with a compensation package including PSUs valued at $85.1 million and RSUs valued at $20.9 million[104] - The company has a remaining minimum obligation for the contract manufacturing of batoclimab drug substance of approximately $39.1 million as of December 31, 2025[198] - The board of directors authorized a common share repurchase program allowing for repurchases of up to $500 million, with no purchases made as of December 31, 2025[201]

Financial Performance - Net sales for Q3 fiscal 2026 were $56,701, up 21% compared to Q3 fiscal 2025, with a 31% increase in sales to the Defense industry[78]. - Gross profit for Q3 fiscal 2026 was $13,469, a 15% increase from Q3 fiscal 2025, but gross profit margin declined by 100 basis points to 23.8%[81]. - Net income for Q3 fiscal 2026 was $2,845, or $0.25 per diluted share, compared to $1,588, or $0.14 per diluted share in Q3 fiscal 2025[81]. - Adjusted net income for the first nine months of fiscal 2026 was $11,881 million, up from $8,965 million in the same period of fiscal 2025, representing a 32.4% increase[117]. - Adjusted net income per diluted share increased to $1.07 for the first nine months of fiscal 2026, compared to $0.81 for the same period in fiscal 2025, a rise of 32.1%[118]. - Net sales for the first nine months of fiscal 2026 were $178,215 million, compared to $150,551 million in the prior year, reflecting an 18.4% growth[117]. - Adjusted EBITDA for the first nine months of fiscal 2026 was $19,177 million, up from $14,779 million in the same period of fiscal 2025, marking a 29.5% increase[117]. - Adjusted EBITDA for fiscal 2026 is expected to be between $24,000 and $28,000, reflecting an increase from the previous estimate of $22,000 to $28,000[134]. Orders and Backlog - Orders booked in Q3 fiscal 2026 increased to $71,671 from $24,786 in Q3 fiscal 2025, resulting in a record backlog of $515,633[81]. - Total orders for the third quarter of fiscal 2026 were $71,671, representing a 1.3x book-to-bill ratio, while total orders for the first nine months were $280,769, or 1.6x net sales for the period[131]. - Backlog increased by $15,561 (3%) during the quarter and $103,298 (25%) for the first nine months of fiscal 2026, reaching $515,633 at December 31, 2025[131]. - Total backlog at December 31, 2025, was $515,633, a 34% increase from the prior year, with 35% to 40% expected to be recognized as revenue within one year[132]. - Defense market orders increased by 73% year-over-year to $203,565 for the first nine months, while Space market orders rose by 132% to $22,711[131]. Cash and Liquidity - Cash and cash equivalents at December 31, 2025, were $22,254, up from $21,577 at March 31, 2025[81]. - The company's working capital increased to $9,145 million as of December 31, 2025, compared to $5,222 million at March 31, 2025, indicating improved liquidity[119]. - The company entered into a five-year revolving credit facility with a $50,000 million line of credit, with $6,971 million in letters of credit outstanding as of December 31, 2025[123]. - The effective tax rate for the third quarter of fiscal 2026 was 11%, a decrease from 29% in the same quarter of fiscal 2025[109]. - The company anticipates cash tax savings of approximately $8,000 over the next two years due to new tax provisions[108]. Market Trends and Expectations - The company anticipates strong demand in the Defense industry due to increased defense budgets and geopolitical tensions[86]. - The company expects long-term growth in alternative and clean energy opportunities, particularly in hydrogen production and small modular reactors[89]. - The NextGen™ steam ejector nozzle is projected to have a total market opportunity exceeding $50,000 over the next 5 to 10 years[90]. - Sales to the Energy & Process market increased by $9,786 or 19% for the first nine months of fiscal 2026, driven by increased sales in China[101]. - The company aims for 8% to 10% average annualized organic revenue growth and adjusted EBITDA margins in the low to mid-teens by fiscal 2027[135]. Acquisitions - The acquisition of FlackTek added approximately $30,000 in annualized revenue and enhances revenue visibility and durability[76]. - The acquisition of Xdot is expected to be slightly accretive to fiscal 2026 net income, with annual sales of approximately $1,000[75]. Expenses and Capital Expenditures - SG&A expenses for the third quarter of fiscal 2026 increased by $868, representing 18.6% of sales, down from 20.6% in the prior year[104]. - Capital expenditures for the first nine months of fiscal 2026 were $13,328 million, slightly down from $13,800 million in the same period of fiscal 2025[120]. - The company expects capital expenditures for fiscal 2026 to be between $15,000 million and $18,000 million, with approximately two-thirds allocated to growth initiatives[121]. International Sales and Tariffs - International sales accounted for 16% of total sales in the first nine months of fiscal 2026, with foreign currency fluctuations increasing cash balances by $141[145]. - The company anticipates a tariff impact of approximately $1,000 to $1,500 for the full year compared to the prior year, due to increased costs in raw materials and supply chain[147]. Debt and Interest Rates - The company reported no variable rate debt outstanding on its Revolving Credit Facility[150]. - There are no interest rate derivatives outstanding as of the reporting date[150]. - Additional information about the company's outstanding debt can be found in Note 13 of the Condensed Consolidated Financial Statements[150].

Financial Performance - Cboe reported record net revenue of $671.1 million for Q4 2025, an increase of 28% compared to $524.5 million in Q4 2024[7]. - Diluted EPS for Q4 2025 reached $2.97, up 60% from $1.86 in Q4 2024; adjusted diluted EPS was $3.06, up 46%[5][9]. - Total revenues for the three months ended December 31, 2025, were $1,204.0 million, an increase of 8.8% compared to $1,107.6 million in 2024[37]. - Net income for the same period was $312.2 million, up 59.8% from $195.6 million in 2024[37]. - Operating income for the three months ended December 31, 2025, was $403.8 million, a 35.4% increase from $298.5 million in 2024[37]. - Basic earnings per share for the three months ended December 31, 2025, were $2.98, compared to $1.87 in 2024, representing a 59.6% increase[37]. - Adjusted diluted earnings per share for the twelve months ended December 31, 2025, was $10.67, compared to $8.61 for the same period in 2024, reflecting a 24.0% growth[43]. - Adjusted operating income for Q4 2025 was $450.5 million, an increase of 40.9% from $319.7 million in Q4 2024[43]. - Adjusted operating margin for the twelve months ended December 31, 2025, was 65.6%, compared to 61.4% in 2024, indicating a 4.2 percentage point improvement[43]. - Operating EBITDA for Q4 2025 was $403.8 million, with an operating EBITDA margin of 67.1%[45]. - Adjusted Operating EBITDA for the twelve months ended December 31, 2025, reached $1,645.1 million, compared to $1,316.9 million in 2024, reflecting a 25% growth[46]. Revenue Segments - Cboe's Derivatives business saw a net revenue growth of 38% year-over-year, while Cash and Spot Markets net revenue rose 27%[3]. - The cash and spot markets generated revenues of $431.3 million, while derivatives markets contributed $610.1 million, reflecting growth in both segments[37]. - Record Options net revenue was $433.1 million, up 34% from $324.3 million in Q4 2024, driven by a 24% increase in total options average daily volume[13]. - North American Equities net revenue increased 17% to $110.7 million, reflecting higher net transaction and clearing fees[13]. - Europe and Asia Pacific net revenue for Q4 2025 was $69.9 million, up from $56.2 million in Q4 2024, marking a 24.5% increase[47]. Expenses and Costs - The company's total operating expenses were $267.3 million in Q4 2025, an increase of 18% from $226.0 million in Q4 2024[9]. - Total cost of revenues decreased to $532.9 million from $583.1 million year-over-year, resulting in a gross profit increase[37]. - Adjusted operating expenses in 2026 are expected to be in the range of $864 to $879 million, excluding the expected amortization of acquired intangible assets of $63 million[18]. - Depreciation and amortization expense for 2026 is expected to be in the range of $56 to $60 million, excluding the expected amortization of acquired intangible assets[18]. Tax and Financial Position - Cboe's effective tax rate for Q4 2025 was 30.6%, up from 29.7% in Q4 2024, primarily due to remeasuring deferred tax assets and liabilities[9]. - The effective tax rate on adjusted earnings for the full year 2026 is expected to be in the range of 27.5 to 29.5 percent[18]. - The effective tax rate on adjusted earnings for the twelve months ended December 31, 2025, was 29.3%[43]. - The company had cash and cash equivalents of $2,216.5 million and total debt of $1,442.9 million as of December 31, 2025[15]. - Cash and cash equivalents increased significantly to $2,216.5 million from $920.3 million year-over-year, indicating strong liquidity[38]. - Total assets rose to $9,305.3 million, up from $7,789.1 million in 2024, reflecting growth in the company's financial position[38]. Market Share and Growth Expectations - Cboe's market share in U.S. Equities decreased to 9.4% in Q4 2025 from 10.8% in Q4 2024[13]. - Cboe anticipates total organic net revenue growth in the 'mid single-digit' range for 2026, with Data Vantage organic net revenue growth expected in the 'mid to high single-digit' range[3][5]. - Organic total net revenue growth is expected to be in the 'mid single-digit' range in 2026[18]. - Organic net revenue growth from Data Vantage is expected to be in the 'mid to high single-digit' range in 2026[18]. - Total industry ADV for options in Q4 2025 was 66,608 thousand, compared to 51,635 thousand in Q4 2024, reflecting a significant increase[27]. - Total Company Options ADV in Q4 2025 was 19,419 thousand, up from 15,673 thousand in Q4 2024[27]. - Total Options market share in Q4 2025 was 29.2%, compared to 30.4% in Q4 2024[27]. Impairments and Adjustments - The company incurred impairment of assets amounting to $25.1 million in Q4 2025, compared to no impairment in Q4 2024[46]. - Impairment of assets for the twelve months ended December 31, 2025, was $46.7 million, compared to $81.0 million in 2024[43]. - Acquisition-related costs for the twelve months ended December 31, 2025, totaled $0.3 million, down from $1.3 million in 2024[43]. - Total non-GAAP adjustments for Q4 2025 amounted to $1.6 million, while for the twelve months, it was $28.7 million[43].

Financial Performance - Net revenue for the quarter ended December 31, 2025, was $23,577,000, a decrease of $7,839,000 from $31,416,000 for the same quarter in 2024[1] - Operating income decreased to $3,101,000 for the quarter ended December 31, 2025, down from $4,624,000 for the same quarter in 2024[3] - Net income for the quarter ended December 31, 2025, was $3,442,000, or $0.23 per share, compared to $3,817,000, or $0.26 per share for the same quarter in 2024[5] Profitability Metrics - Gross profit margin improved to 28.7% for the quarter ended December 31, 2025, compared to 27.6% for the same quarter in 2024, driven by increased parts and components sales[1] - Net other income increased to $1,550,000 for the quarter ended December 31, 2025, compared to $534,000 for the same quarter in 2024[4] - The effective income tax rate remained constant at 26.0% for both quarters ended December 31, 2025, and December 31, 2024[5] Cash and Assets - The Company had $147.7 million in cash and cash equivalents and marketable securities as of December 31, 2025, up from $136.3 million at September 30, 2025[6] Backlog and Expenses - Backlog increased to $57.4 million at December 31, 2025, compared to $54.4 million at December 31, 2024[7] - Product engineering and development expenses rose to $758,000 for the quarter ended December 31, 2025, from $677,000 for the same quarter in 2024[2] - Selling, general and administrative expenses decreased to $2,896,000 for the quarter ended December 31, 2025, down from $3,367,000 for the same quarter in 2024[2]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-38906 IMMUNOVANT, INC. (Exact name of registrant as specified in its charter) Delaware 83-2771572 (State or other jurisdiction of incorporati ...

Immunovant anticipates sharing topline data from its two Phase 3 studies evaluating batoclimab as a treatment for active, moderate to severe thyroid eye disease (TED) in the first half of calendar year 2026. In calendar year 2027, topline data are expected across potentially registrational trials of IMVT-1402 in each of GD and MG. Financial Highlights for Fiscal Third Quarter Ended December 31, 2025: Cash Position: As of December 31, 2025, Immunovant's cash and cash equivalents totaled $994.5 million, provi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-33708 PHILIP MORRIS INTERNATIONAL INC. (Exact name of registrant as specified in its charter) Virginia 13-3435103 (State or other jurisdiction ...