Eli Lilly: The Quarter That Kept Building
Three years ago, Eli Lilly was a steady, mid-sized drug company earning about 21 cents on...
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...
One drug carries the revenue. The next one just got complicated.
The heart of it Exelixis built a profitable business on a single cancer drug, cabozantinib, and...
Receipts: Who Spends the Most Inventing Drugs?
Every number on our pharma R&D infographic, linked to the exact SEC filing it came from.
Organon: The Company Earning More Per Sale Than Its Stock Suggests, With a Cloud Still Overhead
Organon was carved out of Merck in 2021 with a specific promise: take a portfolio of...
BioMarin: A Company Getting Bigger and Cheaper at the Same Time
The story, briefly BioMarin's filed numbers show a business that has grown revenue by more than...
Vertex: One Drug Still Pays the Bills, But the Quarter Shows Something Else Beginning
First, the shape of it The math, meaning what the filed numbers actually show, is a...
JPMorgan: Record Earnings, a 99th-Percentile Price Tag, and One Open Question
The heart of it The filed numbers show a bank earning more than it ever has,...
Abbott’s Split Screen: One Business Surging, One Shrinking, and a Stock Priced Somewhere in Between
Abbott spent the better part of a decade becoming something harder to categorize than a drug...
Amgen: A Bone-Drug Empire Is Shrinking While a Weight-Loss Bet Grows
Amgen built its modern commercial identity on drugs that strengthen bones and suppress immune systems. For...
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.