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 ...

Financial Performance - Revenue for the three months ended December 31, 2025, was $1,999 million, a decrease from $9,018 million in the same period of 2024 [29]. - Loss from continuing operations, net of tax was $313.7 million for the three months ended December 31, 2025, compared to $208.9 million for the same period in 2024 [24]. - The company reported a net loss attributable to Roivant Sciences Ltd. of $(265,891) million for the three months ended December 31, 2025, compared to a net income of $169,381 million in 2024 [29]. - Basic and diluted net loss per common share for the three months ended December 31, 2025, was $(0.38), compared to $0.23 in 2024 [29]. - Adjusted loss from continuing operations, net of tax (Non-GAAP) for the three months ended December 31, 2025, was $(167,034) million, compared to $(143,682) million in 2024 [31]. - The company has experienced a significant change in fair value of investments, reporting $(21,592) million for the three months ended December 31, 2025 [31]. Research and Development - Research and development (R&D) expenses increased by $23.8 million to $165.4 million for the three months ended December 31, 2025, compared to $141.6 million for the same period in 2024 [16]. - Research and development expenses for the three months ended December 31, 2025, were $165,380 million, up from $141,595 million in 2024, reflecting a 16.8% increase [31]. - The $11.3 million increase in program-specific costs was primarily driven by increases of $5.7 million related to mosliciguat and $5.3 million related to brepocitinib [17]. - Roivant's pipeline includes several product candidates, including brepocitinib and IMVT-1402, targeting various autoimmune conditions [35]. Clinical Trials and Studies - Brepocitinib 45 mg achieved a 22.3-point improvement in mean CSAMI-A at Week 16 versus a 0.7-point improvement in placebo (Δ21.6 p<0.0001) in the BEACON study [5]. - The BEACON study enrolled 31 patients across 15 sites in the United States, with a treatment period of 16 weeks [4]. - 100% of brepocitinib 45 mg patients achieved at least a 10-point improvement on CSAMI-A compared to 14% of placebo patients [7]. - New Drug Application (NDA) was submitted to the FDA for brepocitinib in dermatomyositis, with topline data from Phase 3 studies in non-infectious uveitis expected in the second half of calendar year 2026 [5]. - Topline data from the proof-of-concept trial in cutaneous lupus erythematous (CLE) is expected in the second half of calendar year 2026 [5]. Expenses - General and administrative (G&A) expenses increased by $33.5 million to $175.1 million for the three months ended December 31, 2025, compared to $141.5 million for the same period in 2024 [21]. - General and administrative expenses for the three months ended December 31, 2025, were $175,072 million, compared to $141,545 million in 2024, representing a 23.7% increase [31]. Cash Position - Roivant reported consolidated cash, cash equivalents, restricted cash, and marketable securities of approximately $4.5 billion as of December 31, 2025, supporting cash runway into profitability [15]. Upcoming Events - The company plans to host a live conference call on February 6, 2026, to report its financial results and provide a corporate update [33].

Financial Performance - Revenues for Q2 Fiscal 2026 reached $814.9 million, a 35.8% increase year-over-year[4] - GAAP diluted earnings per share (EPS) was $3.86, reflecting a 70.8% increase from the prior year[18] - Non-GAAP diluted EPS was $3.88, also up 70.2% compared to the same period last year[18] - Gross profit for the quarter was $374.0 million, with a gross margin of 45.9%, up from 41.2% year-over-year[9] - Income from operations was $292.9 million, up from $178.8 million in the same quarter last year[4] - Ubiquiti Inc. reported a net income of $233,610,000 for the three months ended December 31, 2025, compared to $207,876,000 for the previous quarter, representing an increase of 12.5%[25] - Non-GAAP net income for the same period was $235,059,000, up from $209,310,000 in the prior quarter, reflecting a growth of 12.3%[25] - For the six months ended December 31, 2025, net income was $441,486,000, significantly higher than $264,783,000 for the same period in 2024, indicating a year-over-year increase of 66.8%[25] - Non-GAAP net income for the six months ended December 31, 2025, was $444,369,000, compared to $267,416,000 in the prior year, reflecting a growth of 66.1%[25] Expenses - Research and development (R&D) expenses increased to $50.8 million, up from $40.0 million in the same quarter last year[11] - Sales, general and administrative (SG&A) expenses rose to $30.3 million, compared to $28.5 million in the prior year[13] - Total operating expenses for the quarter were $81.1 million, compared to $68.4 million in the prior year[4] Revenue Sources - North America contributed $443.6 million to total revenues, a significant increase from $321.6 million in the prior year[7] Dividends - The company declared a cash dividend of $0.80 per share, payable on February 23, 2026[3] Non-GAAP Financial Measures - The company emphasizes the importance of non-GAAP financial measures for evaluating operating performance and planning future periods[29] - Adjustments to GAAP results include share-based compensation expenses and the tax effects of these adjustments, which are excluded to provide a clearer view of operational performance[30] - Management believes that non-GAAP measures facilitate comparability of operating performance across periods, aiding in investor analysis[29] - The company aims to provide investors with insights into its financial condition and operational trends through the use of non-GAAP financial information[28]