Merck Is Printing Money and Losing Money at the Same Time. Both Are True.
A trailing price-to-earnings ratio of 120 sits next to a price-to-sales ratio near its highest point in a decade. Those...
Jobs Surge, Prices Linger: The Economy Is Sending Two Messages at Once
For most of 2025, the American labor market looked like it was running out of road. Job gains were thin,...
AbbVie Reaffirms 2026 Guidance After Closing $10.9 Billion Apogee Acquisition
AbbVie completed its acquisition of Apogee Therapeutics for $10.9 billion in cash, adding two late-stage immunology assets to its pipeline
Evidence Sheet: UnitedHealth Group (UNH)
The standing BullScope yardsticks for UnitedHealth Group, computed from official filings and refreshed with each new edition.
A 95% Gross Margin and a P/S Below Its Own Median: PTC Therapeutics’ Profitability Flip Is Real, and the Valuation Gap Raises Questions
In one breath PTC Therapeutics spent the better part of a decade burning cash on a pipeline that mostly disappointed....
UnitedHealth’s Numbers Are Healing Faster Than Its Stock Admits
A year ago, UnitedHealth was paying out nearly ninety cents of every premium dollar in medical claims, a pace that...
Evidence Sheet: Moderna (MRNA)
The standing BullScope yardsticks for Moderna, computed from official filings and refreshed with each new edition.
A $2.4 Billion Question: What Sarepta’s Filed Numbers Actually Say
The gist of it Sarepta's filed numbers tell a story of a company that briefly turned profitable in 2024, then...
Moderna at 28 Times Sales: One Trial Result Is Doing a Lot of Work
Before anything else Moderna's filed revenue has fallen every year since 2022, and the company is burning through roughly $600...
Moderna raises $2.6 billion in zero-coupon convertibles as revenue collapses, betting oncology turnaround
Moderna priced a $2.6 billion offering of convertible senior notes due 2032 on August 28, 2026, upsized from an initially...
BullScope is an evidence-first investment research publication. Every note starts in the filings: what companies actually report, what the market assumes, and where the two disagree. We read the numbers so you can read the story. Not investment advice.