Philip Morris, Biogen, and Centene Post Q4 Earnings and 2026 Guidance

The recent earnings reports for Philip Morris International (PM), Biogen Inc. (BIIB), and Centene Corporation (CNC) reveal significant insights into each company’s financial performance and strategic direction.

Philip Morris International reported a strong performance in 2025, with both earnings per share (EPS) and revenue surpassing expectations. The company achieved an actual EPS of $7.54 against an expectation of $1.70, and actual revenue of $10.4 billion against an expectation of $10.39 billion. This impressive performance was driven by the continued growth of its smoke-free product segment, which accounted for a significant portion of its revenue.

Meanwhile, Biogen Inc. also reported a positive quarter, with EPS and revenue both beating expectations. The company reported an actual EPS of $1.99 compared to an expectation of $1.61, and actual revenue of $2.28 billion against an expectation of $2.21 billion. This performance was bolstered by strong sales of its growth products, including LEQEMBI and SKYCLARYS.

Centene Corporation, on the other hand, reported a mixed quarter. While the company’s EPS beat expectations, reporting an actual EPS of -$1.19 compared to an expectation of -$1.22, its revenue also surpassed expectations at $49.73 billion against an expectation of $48.39 billion. The company’s performance was impacted by a challenging year, but it remains optimistic about future growth.

PM and Biogen Beat Estimates as Centene Posts Mixed Quarter

Philip Morris International’s fourth quarter of 2025 was marked by a robust performance, with the company exceeding both EPS and revenue expectations. The company’s smoke-free product segment was a significant contributor to this success, accounting for a substantial portion of its revenue.

The segment’s growth was driven by increased consumer adoption and market expansion, as well as strong brand equity investment and innovation. PMI’s commitment to transitioning to a smoke-free future is evident in its strategic focus on smoke-free products, which now operate at scale across its regions.

Biogen Inc. also delivered a solid quarter, with its growth products driving revenue and EPS that surpassed market expectations. The company’s strategic focus on its pipeline and commercialization efforts paid off, as evidenced by the strong performance of products like LEQEMBI and SKYCLARYS.

Despite challenges in the multiple sclerosis product segment, Biogen’s growth products offset these declines, showcasing the company’s ability to adapt and thrive in a competitive market.

Centene Corporation faced a challenging year, yet managed to beat EPS expectations while also surpassing revenue forecasts. The company’s strategic initiatives to restore profitability in the Marketplace segment and stabilize its Medicaid business have begun to show positive results.

Despite reporting a GAAP diluted loss per share, Centene’s adjusted diluted earnings per share highlighted its underlying business strength and potential for future growth.

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Forward Guidance Highlights Diverging 2026 Priorities

Looking ahead, Philip Morris International has set ambitious growth targets for 2026-2028. The company aims for a compound annual growth rate of 6% to 8% for net revenues on an organic basis, with smoke-free product volume growth driving total shipment volume growth. PMI’s strategic focus on smoke-free products is expected to continue to be a key driver of its financial performance.

The company is also committed to further improving its operating income and adjusted diluted EPS, excluding currency impacts, as it continues to innovate and expand its product offerings.

Biogen Inc. provided a positive outlook for 2026, with expectations of continued business momentum and financial discipline. The company anticipates a non-GAAP diluted EPS range of $15.25 to $16.25, reflecting its confidence in its growth products and pipeline.

Biogen’s strategic focus on advancing its late-stage pipeline programs and expanding its market presence is expected to drive long-term value for shareholders.

Centene Corporation’s guidance for 2026 reflects its commitment to achieving meaningful margin improvement and renewed EPS growth. The company expects adjusted diluted EPS to be greater than $3.00, marking significant progress toward restoring its embedded earnings power.

Centene’s strategic initiatives to enhance profitability and stabilize its business trajectory are expected to contribute to its financial performance in the coming year.

Disclaimer: The author does not hold or have a position in any securities discussed in the article. All stock prices were quoted at the time of writing.