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Application · Research Demo

Corporate Narrative
Intelligence Lab

Detecting strategic disclosure shifts in US biopharma 10-K filings. MD&A narrative · Tone · Readability · Topic · Cosine similarity. Built as a portfolio demo on doctoral research examining how cyclical financial performance and top management team changes affect annual report language.

Pre-loaded companies · MDA section · Real 10-K filings

AMGN · Biopharma · S&P 500
Amgen

Pipeline shift from oncology to inflammation. Horizon Therapeutics acquisition (2023) created major disclosure expansion and a vocabulary break from prior years.

⚠ 1 Abnormal Year
Period
2019–2023
Latest Tone
+0.052
Filings
5
BIIB · Biopharma · S&P 500
Biogen

Aducanumab (Aduhelm) FDA approval in 2021 — the most contested drug approval in two decades. Disclosure language shifted dramatically around pipeline risk and regulatory strategy.

⚠ 2 Abnormal Years
Period
2019–2023
Latest Tone
+0.044
Filings
5
REGN · Biopharma · S&P 500
Regeneron

REGEN-COV antibody cocktail dominated 2020 MD&A. Post-COVID portfolio diversification — Eylea HD, Dupixent expansion — visible in 2022–23 disclosure evolution.

⚠ 1 Abnormal Year
Period
2019–2023
Latest Tone
+0.056
Filings
5
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Research Context

Foundation
Built on doctoral research examining how cyclical financial performance and top management team changes affect narrative strategy in annual report disclosures. Data: US biopharma 10-K filings (Item 7 MD&A), with financial data from S&P Global.
Key Signals
Cosine similarity (year-over-year text stability) · Sentiment analysis (LM finance dictionary) · Gunning Fog readability · TF-IDF topic shift · Abnormal change score cross-referenced with ROA and leadership events.
Scope
Portfolio demo — not an investment, legal, or academic regression product. Designed to show how unstructured corporate disclosure text can be transformed into decision signals.