Raphael Stevens

Comcast reported third-quarter earnings Thursday, with revenue and earnings topping Wall Street analyst estimates. 
The company said it lost 104,000 broadband customers – the fourth quarter in a row it failed to grow its broadband subscriber base. 
Comcast has been in the midst of revamping its broadband strategy this year following quarters of stagnating subscriber growth.
It’s also in the process of spinning out its cable network assets into Versant.

UNIVERSAL STUDIOS, ORLANDO, FLORIDA, UNITED STATES – 2019/07/18: Comcast sign logo in the wall of a building at Universal Studios. (Photo by Roberto Machado Noa/LightRocket via Getty Images)
Roberto Machado Noa | Lightrocket | Getty Images

Comcast topped Wall Street earnings and revenue estimates for the third quarter on Thursday, but revealed widespread pressures in its broadband unit that spooked investors.
The company said it lost 104,000 domestic broadband customers during the period, bringing its total subscriber base to roughly 31.4 million. This marked the fourth quarter in a row that Comcast failed to grow its broadband customer base. 

Earlier this year the company outlined initiatives meant to drive broadband growth — the cornerstone of Comcast’s business — as it has faced fraught competition from alternative providers, namely 5G companies. The company, soon to be led by co-CEOs Brian Roberts and Mike Cavanagh, will be even more reliant on connectivity in the new year after its planned Versant transaction to offload cable network assets. 
During Thursday’s call with investors, Cavanagh reiterated the “broadband environment remains intensely competitive.”
Comcast leadership on Thursday’s call noted that the broadband business will experience a decline in earnings, noting it began this quarter and will carry through future quarters. CFO Jason Armstrong also added that average revenue per user, or ARPU, wasn’t expected to grow as the company focuses on initiatives to maintain and grow its customer base.
Also on Thursday the company announced Steve Croney would take over as CEO of the connectivity and platforms division, succeeding longtime leader Dave Watson. Croney has been serving as the chief operating officer of the group amid its new strategic push.
Shares of the company were down about 9% in premarket trading.

Still, Comcast’s overall business, which consists of the Xfinity-branded broadband, cable TV and mobile group as well as NBCUniversal, outperformed Wall Street’s estimates. 
Here’s how Comcast performed for the period compared with average analyst estimates, according to LSEG:

Earnings per share: $1.12 adjusted vs. $1.10 expected
Revenue: $31.2 billion vs. $30.70 billion expected

For the quarter ended Sept. 30, net income attributable to Comcast decreased 8% to $3.33 billion, or 90 cents per share, compared with $3.63 billion, or 94 cents per share, a year earlier. 
Adjusting for one-time items, such as interest expense and the value of certain assets, Comcast reported earnings per share of $1.12 for the quarter. 
The company’s adjusted earnings before interest, taxes, depreciation and amortization was down roughly 1% to $9.7 billion. 
Overall revenue fell nearly 3% to $31.2 billion, compared with $32.1 billion in the same period last year. 
Revenue for the company’s connectivity and platforms business – or broadband, mobile, pay TV and other services – came in at $20.18 billion, down nearly 1% from the same period last year. 
Comcast once again said it added a record number of mobile customers – 414,000 during the third quarter, bringing its total to 8.9 million lines. Cable companies like Comcast have been leaning on their mobile businesses for growth as broadband subscribers lag.  
The exodus from the pay TV bundle continued during the third quarter, with Comcast reporting the segment lost 257,000 customers during the period. As of Sept. 30, Comcast had 11.5 million domestic pay TV customers. 
Comcast’s NBCUniversal is in the process of spinning out its portfolio of cable TV networks, including CNBC. That transaction is set to be completed by the end of the year.
Revenue for the company’s media unit, which houses NBCUniversal, was $6.6 billion, down almost 20% during the period. 
Excluding the impact of the Summer Olympics, which took place during the same period last year, revenue was up 4% year over year. 
The media division reported EBITDA of $832 million, up 28% year over year, driven in part by streaming service Peacock. 
Peacock, which had 41 million subscribers as of Sept. 30 — essentially flat for the last three quarters — reported losses of $217 million for the quarter, an improvement from $436 million in losses during the same period last year. 
In October NBCUniversal’s media rights deal with the NBA kicked off, bringing professional basketball back to broadcast network NBC and introducing it to Peacock. The addition of the NBA is expected to give Peacock a boost. 
Meanwhile, revenue for the film studio was up 6% to $3 billion – boosted by the release of “Jurassic World Rebirth” in July. 
Theme park revenue increased nearly 19% to $2.72 billion, with EBITDA for that unit up 13% to $958 million due to the opening of Epic Universe in May. 
Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC. Versant would become the new parent company of CNBC upon Comcast’s planned spinoff of Versant. More

Restaurant Brands International reported quarterly earnings and revenue that beat analysts’ expectations.
The company’s international segment reported 6.5% same-store sales growth.
Popeyes was the only Restaurant Brands division to report same-store sales declines.

A general view of a Tim Hortons Drive-Thru coffeehouse and restaurant at Lakeside Retail Park on February 5, 2024 in Grays, United Kingdom.
John Keeble | Getty Images

Restaurant Brands International on Thursday reported quarterly earnings and revenue that beat analysts’ expectations, fueled by growth of its international restaurants and Tim Hortons.
Combined, the two divisions account for roughly 70% of the company’s earnings, according to CEO Josh Kobza.

Like many restaurants, the company has seen low- and middle-income consumers spend less on dining in recent quarters. Diners didn’t change their behavior in the third quarter, but executives credited sticking to their strategy and avoiding the so-called “value wars” for the company’s strong quarterly performance, particularly at Burger King’s U.S. restaurants.
“If you look at our results, we’re doing well despite some of those trends,” Kobza told CNBC.
Shares of Restaurant Brands rose more than 4% in premarket trading.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

Earnings per share: $1.03 adjusted vs. $1 expected
Revenue: $2.45 billion vs. $2.4 billion expected

Restaurant Brands reported third-quarter net income attributable to shareholders of $315 million, or 96 cents per share, up from $252 million, or 79 cents per share, a year earlier.

Excluding transaction costs and other items, the company earned $1.03 per share.
Net sales rose 6.9% to $2.45 billion. The company’s same-store sales, which only track the metric at restaurants open at least a year, grew 4%.
Restaurant Brands’ international segment was the star of the quarter, reporting 6.5% same-store sales growth. That topped the StreetAccount consensus estimate of 4.4%. The company’s restaurants in Western Europe, China and Japan fueled the segment’s same-store sales growth, Kobza told CNBC.
Tim Hortons reported same-store sales growth of 4.2%. The Canadian coffee chain has been leaning more into food offerings to drive sales and traffic at its restaurants. Executives also said an improved ice latte is driving sales of cold drinks, which grew 10% in the quarter.
Burger King’s same-store sales increased 3.1%, showing that the chain’s turnaround strategy in the U.S. is paying off for the business. Burger King has focused on restaurant renovations and marketing based on core menu items like the Whopper to revive domestic sales. The remodeled restaurants are paying off for franchisees as well, which is lifting operators’ profitability, according to Burger King U.S. President Tom Curtis.
Looking ahead, the burger chain is planning to lean into “product elevation,” Curtis said.
“I think that’s important in an environment where you hear a lot about shrinkflation, and you hear a lot about cost cutting. So for us, we’re going to be zigging while others are zagging,” he added.
Popeyes was the only Restaurant Brands division to report same-store sales declines. The chicken chain saw its same-store sales shrink 2.4%. In recent quarters, it has struggled to keep up with rivals, particularly when it comes to competition for value-minded customers.
“I think what we want to focus on in the coming quarters is making even more progress on the operational side, in terms of the consistency of the guest experience that we’re delivering across the store base,” Kobza said.
Looking ahead, executives said Popeyes will also focus more on its core menu items after spending much of the last year highlighting innovations, like bone-in chicken wings. More

Eli Lilly reported third-quarter earnings and revenue that topped estimates and hiked its full-year outlook, as the company continued to see strong demand for its blockbuster weight loss drug Zepbound and diabetes treatment Mounjaro.
The results come as Eli Lilly works to maintain its edge over chief rival Novo Nordisk in the booming market for a class of obesity and diabetes drugs called GLP-1s.

David Ricks, chief executive officer of Eli Lilly & Co., during a news conference at Generation Park in Houston, Texas, US, on Tuesday, Sept. 23, 2025.
Mark Felix | Bloomberg | Getty Images

Eli Lilly on Thursday reported third-quarter earnings and revenue that topped estimates and hiked its full-year outlook, as the company continued to see strong demand for its blockbuster weight loss drug Zepbound and diabetes treatment Mounjaro.
Shares of the company rose 5% in premarket trading Thursday.

The pharmaceutical giant now expects its fiscal 2025 revenue to come in between $63 billion and $63.5 billion, up from a previous guidance of $60 to $62 billion. Eli Lilly also expects full-year adjusted profit to come in between $23 and $23.70 per share, up from its previous outlook of $21.75 to $23 a share.
Eli Lilly said the guidance reflects President Donald Trump’s existing tariffs as of Thursday, but does not include his threatened levies on pharmaceuticals imported into the U.S.
Mounjaro raked in $6.52 billion in revenue for the quarter, up 109% from the same period a year ago. That blew past the $5.51 billion that analysts were expecting, according to StreetAccount. 
Zepbound, which entered the market roughly two years ago, posted $3.57 billion in revenue for the third quarter. That’s up 184% from the year-earlier period and slightly ahead of the $3.5 billion that Wall Street was expecting, according to StreetAccount estimates.
Here’s what Eli Lilly reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

Earnings per share: $7.02 adjusted vs. $5.69 expected
Revenue: $17.60 billion vs. $16.01 billion expected

The results come as Eli Lilly works to maintain its edge over chief rival Novo Nordisk in the booming market for a class of obesity and diabetes drugs called GLP-1s.
The company posted third-quarter revenue of $17.60 billion, up 54% from the same period a year ago. 
Sales in the U.S. jumped 45% to $11.30 billion. Eli Lilly said that was driven by a 60% increase in volume — or the number of prescriptions or units sold — for its products, primarily for Mounjaro and Zepbound. That was partially offset by lower realized prices of the drugs, the company said.
The pharmaceutical giant booked net income of $5.58 billion, or $6.21 per share, for the third quarter. That compares with net income of $970.3 million, or $1.07 per share, a year earlier. 
Excluding one-time items associated with the value of intangible assets and other adjustments, Eli Lilly posted earnings of $7.02 per share for the second quarter.
The results underscore Eli Lilly’s strong advantage in the booming GLP-1 drug market.
The company has gained the majority market share over the last year, thanks to the strong profile of its weight loss and diabetes injections and a boost from its direct-to-consumer sales, among other efforts. Eli Lilly took another stride to boost access to Zepbound on Wednesday, partnering with Walmart to offer in-store pickup of discounted vials of the drug for cash-paying patients.
The company is now betting on its closely-watched experimental obesity pill, orforglipron, to solidify its dominance in the space, especially as Novo Nordisk and other drugmakers race to bring their own pills or next-generation injections to the market. 
On Thursday, Novo Nordisk launched a rival bid for U.S. obesity biotech company Metsera, hijacking an offer from Pfizer as it races to catch up to Eli Lilly.
This story is developing. Please check back for updates. More

Austin, Texas-based startup Harbor Health raised $130 million from Michael Dell’s family office, Breyer Capital and family office Martin Ventures.
Cofounder and chief medical officer Dr. Clay Johnston launched Harbor after running Dell’s namesake medical school.
Johnston told CNBC about why health care requires so much capital, even as family office deal-making has declined in recent months.

Dr. Clay Johnston, co-founder and chief medical officer of Harbor Health.
Courtesy of Harbor Health

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
When tech founder Michael Dell and his wife Susan founded their namesake medical school at the University of Texas at Austin, their mission was to promote value-based health care, a model that rewards providers for better patient outcomes.

Dr. Clay Johnston, the first dean of Dell Medical School, later learned the hard part wasn’t improving treatment outcomes and at a lower cost, he told CNBC. The sticking point was getting insurance providers to pay for it, he said.
So in 2021, he left the medical school with Dell’s blessing to launch clinic startup Harbor Health. The company, based in Austin, Texas, is a “pay-vider” that offers its own insurance plans and owns and operates 43 primary care and specialty care clinics in four metro hubs in Texas.
Dell’s family office, DFO Management, has backed Harbor since its inception.

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“Michael was excited about what we had built at the medical school, and he understood the limitations of that,” said Johnston, who serves as Harbor Health’s chief medical officer.
In September, Harbor raised $130 million from DFO alongside Jim Breyer’s namesake venture capital firm, family office Martin Ventures and others to expand its chain of primary care clinics in Texas and expand its insurance business. Harbor has raised $258 million since launching in 2022.

Owning clinics and the insurance company requires a massive war chest, but it’s necessary, said Johnston, a neurologist and epidemiologist.
“The reason we do that is so that we have full control of the dollars, so that we can take responsibility for people’s health and use those dollars for whatever makes sense for people to have better health outcomes,” he explained. “We can push technologies, and we don’t have to be focused on on visits.”
Johnston also knew Breyer and Charlie Martin, principal of Martin Ventures, from his work at Dell Medical School. Both have been backers since Harbor’s early days.
Martin, a serial CEO of hospital operators, backs firms focused on improving patient outcomes and healthcare costs. Breyer was drawn to the applications of artificial intelligence in healthcare at the medical school and at Harbor, Johnston said.
“He just brings people together, and he has wonderful insights, particularly about technology and how it’s going to evolve,” Johnston said of Breyer.
Harbor analyzes medical data to predict patient care costs and whether a patient is at high risk of developing a specific condition, requiring a surgery or needing hospitalization. This AI analysis enables Harbor to provide more care to patients before their condition worsens, according to Johnston.
While family office deal-making has declined markedly in 2025, healthcare is one of the few sectors still garnering interest. A recent family office survey by Goldman Sachs found that 28% of family offices planned to be overweight healthcare over the next 12 months and only 10% intended to be underweight, the best metrics of any sector other than technology.
Johnston said the capital-intensive nature of health care can be “hard to stomach” for some investors, but he said his experience with raising donations for the medical school bears many similarities to selling investors on the vision for Harbor Health.
“The people you’re selling to on the venture side are mostly looking at the financial likelihood of return. It’s nice to have an ambitious vision that’s potentially more disruptive and has the potential to to yield financial rewards, but it stops there,” he said. “The execution piece becomes more important.” More

Merck reported third-quarter earnings and revenue that topped estimates in part due to strong demand for its cancer immunotherapy Keytruda, and narrowed its full-year profit outlook to reflect lower estimated tariff costs and other items. 
Sales of Keytruda topped more than $8 billion for the first time in a quarter, up 10% from the same period a year ago.
The results come as Merck slashes $3 billion in costs by the end of 2027, and prepares to offset revenue losses from the upcoming patent expiration of Keytruda in 2028.

Dado Ruvic | Reuters

Merck on Thursday reported third-quarter earnings and revenue that topped estimates as it saw strong demand for its cancer immunotherapy Keytruda.
The drugmaker also narrowed its full-year profit outlook to reflect lower estimated tariff costs, among other factors. Shares of Merck fell more than 2% in premarket trading Thursday.

Sales of Keytruda topped $8 billion for the first time in a quarter, rising 10% from the same period a year ago. Revenue from the drug of $8.14 billion came in just slightly under the $8.24 billion analysts were expecting, according to StreetAccount estimates. 
The results come as Merck slashes $3 billion in costs by the end of 2027, and prepares to offset revenue losses from the upcoming patent expiration of Keytruda in 2028.
The pharmaceutical giant now expects its 2025 adjusted earnings to come in between $8.93 and $8.98 per share. That compares with its previous outlook of $8.87 to $8.97.
Merck said that reflects several new items, including “lower estimated costs related to the impact of tariffs.” During the previous two quarters, the company included a $200 million estimated hit from tariffs that President Donald Trump has implemented to date, but not his planned pharmaceutical-specific levies. Merck did not disclose a new estimate for the cost of existing tariffs. 
Merck said the guidance also reflects a benefit from an amended deal with AstraZeneca related to a pill for a specific genetic disorder, partially offset by costs tied to the company’s now-completed acquisition of Verona Pharma. 

Merck expects revenue for the year to come in between $64.5 billion and $65 billion, narrowed on both ends from its previous guidance of $64.3 billion to $65.3 billion. 
Here’s what Merck reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

Earnings per share: $2.58 adjusted vs. $2.35 expected
Revenue: $17.28 billion vs. $16.96 billion expected

The company posted net income of $5.79 billion, or $2.32 per share, for the quarter. That compares with net income of $3.16 billion, or $1.24 per share, for the year-earlier period. 
Excluding acquisition and restructuring costs, Merck earned $2.58 per share for the third quarter.
Merck raked in $17.28 billion in revenue for the quarter, up 4% from the same period a year ago.
Merck continued to see trouble with China sales of Gardasil, a vaccine that prevents cancer from HPV, the most common sexually transmitted infection in the U.S.
In February, Merck announced a decision to halt shipments of Gardasil into China beginning that month. In July, CFO Caroline Litchfield said the company will not resume shipments to China through at least the end of 2025, noting that inventories remain high and demand is still soft.
Gardasil generated sales of $1.75 billion for the quarter, down 24% from the same period a year ago due to lower demand in China. Still, that was in line with what analysts were expecting, according to StreetAccount.
During the earnings call, investors will likely look for additional updates on Gardasil’s presence in China and any details from Merck on potential drug pricing deals with Trump as part of his controversial “most favored nation” policy. Trump has so far inked agreements with Pfizer, AstraZeneca and EMD Serono, the largest fertility drug manufacturer in the world, that aim to make their medicines easier for Americans to access.

Pharmaceutical, animal health sales

Merck’s pharmaceutical unit, which develops a wide range of drugs, booked $15.61 billion in revenue during the third quarter. That’s up 4% from the same period a year earlier.
Keytruda recorded $8.14 billion in revenue during the quarter, up 10% from the year-earlier period.
That increase was driven by higher uptake of the drug for earlier-stage cancers and strong demand for the treatment for metastatic cancers, which spread to other parts of the body, the company said.
Meanwhile, Merck’s newer drug Winrevair, which is used to treat a rare, deadly lung condition, recorded $360 million in sales for the quarter. Analysts had expected the drug to bring in $413 million, according to StreetAccount estimates. 
Winrevair’s growth largely reflects higher uptake in the U.S. But it was partially offset by the timing of distributor purchases of the drug and lower net pricing in the country, mainly due to changes to Medicare prescription drug plans. 
Merck’s animal health division, which develops vaccines and medicines for dogs, cats and cattle, posted nearly $1.62 billion in sales, up 16% from the same period a year prior. The company said that mainly reflects higher demand for livestock products. More