Quarterly results analysis · August 2026

The TranslationProblem

Asia-Pacific supplied a great deal of the growth in the June 2026 quarter. Very little of it showed up cleanly in the numbers the world read. Roche grew 6% and shrank 2% in the same three months. So did a lot of other people.

24 companies 18 pages 7 charts 17-day reporting window
Cover of The Translation Problem whitepaper
Try it

Same six companies. Same three months. Two answers.

Flip the basis and watch the bars cross zero. The dashed outline is the reading you are not looking at.

+35.2%
Celltrion revenue growth, the fastest in the cohort
10.7
Point gap between Takeda's best and worst reading of one quarter
−15%
Roche sales in China, on pricing reform
€0.15
Guidance lift Siemens Healthineers took from tariff refunds alone
What is in it

Ten sections, built from the filings up

Every figure comes from a company's own results announcement, earnings release or call transcript. Where a company disclosed both a reported and a constant-currency number, both are shown.

  • 01The currency wedgeRoche · Takeda · Novartis
  • 02Two companies, one category, opposite quartersLilly · Novo
  • 03Where the losses came fromMerck · Pfizer · Danaher
  • 04Asia's producers had the quarter of their livesKorea · Japan
  • 05Asia as a market told a different storyChina pricing
  • 06India: record top line, squeezed middleSun · Cipla · Biocon
  • 07What the tools companies are telling usThermo · Danaher
  • 08Medtech: a volume quarterStryker · BSX · Siemens
  • 09The tariff line is already in the numbersSection 232
  • 10What to carry into the September quarterOutlook

A look inside. The paper opens with the reporting season laid out day by day, so you can see how compressed the window was.

Whitepaper page: the reporting season timeline
The reporting season, day by day
Whitepaper page: growth leaderboard
Growth across the cohort
Whitepaper page: note from the Chief Operating Officer
Note from the COO
In their own words

What the executives actually said

Quoted as given in each company's release or call transcript.

“Our strong momentum continued in the first half of the year”

Thomas Schinecker
Chief Executive Officer, Roche

“Lilly's momentum continues, as we delivered 48% revenue growth”

David A. Ricks
Chair and CEO, Eli Lilly and Company

“Our solid performance this quarter marks a good start to the fiscal year”

Julie Kim
President and CEO, Takeda

“strong momentum in India as well as Innovative Medicines”

Kirti Ganorkar
Managing Director, Sun Pharmaceutical Industries

“we enter the second half of 2026 with regained momentum”

Kevin A. Lobo
Chair and CEO, Stryker

“We showed great order momentum.”

Bernd Montag
Chief Executive Officer, Siemens Healthineers
Download

Read the whole quarter, corrected

Eighteen pages, seven charts, twenty-four companies. Free, and yours immediately.

Every fiscal quarter aligned to the calendar period, not the quarter label
Reported and constant-currency figures shown side by side
Full India and Korea breakdowns, with margin bases footnoted
What the June quarter sets up for the 29 September Section 232 deadline

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