Reported results
- Q1 revenue of $9.756 billion increased 13.7% as reported and 13.7% organic
- GAAP diluted EPS of $1.14, up 40.7% year-over-year; non-GAAP diluted EPS of $1.45, up 15.1% year-over-year
- GAAP operating profit of $1.764 billion (18.1% margin), up 22.1%; non-GAAP operating profit of $2.316 billion (23.7% margin), up 14.9%
- Cardiovascular portfolio revenue of $3.927 billion increased 19.5% as reported and 18.9% organic
- Neuroscience portfolio revenue of $2.678 billion increased 10.3% as reported and 9.3% organic
- Medical Surgical portfolio revenue of $2.279 billion increased 10.0% as reported and 10.2% organic
Guidance
- FY2027 organic revenue growth guidance raised to 7.25% to 7.75%, up from prior guidance of 6.75% to 7.25%
- FY2027 diluted non-GAAP EPS guidance raised to $5.94 to $6.00, versus prior guidance of $5.90 to $6.00
- FY2027 guidance includes estimated neutral to 1% accretive impact from foreign currency exchange based on recent rates
Notes
FY2027 is a 53-week fiscal year; the extra week occurred in Q1 and benefited Q1 organic growth by approximately $570 million. Q1 organic revenue growth excludes: Other revenue of $29 million (current year) vs. $72 million (prior year); no revenue from Dutch Obesity Clinic divestiture (current year) vs. $17 million (prior year); Scientia revenue of $14 million and SPR Therapeutics revenue of $5 million (both acquired in Q1, closed June 12 and July 16 respectively); and $57 million favorable foreign exchange impact. Portfolio restructuring in FY2027: Cardiovascular divisions transitioned to new structure; one product line moved from Medical Surgical to Neuroscience. Diabetes business separation is in progress through various capital markets transactions.
Price and volatility reaction
The stock moved +1.5% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -5.1 vol points across the event (constant-maturity series — not the front-week crush).
| Measure | Value | Basis |
|---|---|---|
| Close before release | 90.65 | 2026-08-31 |
| Close after release | 92.04 | 2026-09-01 |
| Realised move | +1.5% | close to close |
| 30d ATM IV change | -5.1 vol pts | constant-maturity series, not the front expiry |
Source
The figures above come from the earnings release the company filed with the SEC on 2026-09-01 (8-K, Item 2.02). Read the original filing on sec.gov.