June 17, 2026

How Long Should a Biotech’s Earnings Call Be? And What Are Other Best Practices for Quarterly Webcasts and Conference Calls?

Most development-stage biotechs do not need to host quarterly earnings calls. In fact, doing so too early can create more noise than value.

A useful rule of thumb is that a biotech should begin hosting regular quarterly financial calls only after it has filed its NDA or BLA with the FDA. At that point, the company can discuss commercial readiness and eventually transition naturally into revenue reporting after approval and launch.

The one partial exception is the fourth quarter call, which some development-stage biotechs use to outline their strategic roadmap for the year ahead.

Once a company does begin hosting regular earnings calls, there are several best practices worth following.

Keep the call short and focused

Prepared remarks should be approximately 15 minutes.

The remainder of the call should be dedicated to analyst Q&A.

Analysts particularly dislike long, rambling prepared remarks during earnings season when they may have multiple calls scheduled back-to-back. A concise update that focuses only on material developments is far more appreciated than a lengthy narrative filled with fluff.

Because the remarks are effectively a public disclosure document, the entire call should be fully scripted. The script should be reviewed by legal counsel and checked carefully against the 10-Q or 10-K being filed concurrently, ensuring the language does not inadvertently create new disclosure liabilities.

Announce the call and rehearse properly

As a matter of best practice, announce your earnings call approximately one week in advance.

Management should then rehearse the script two or three times before the call. This allows edits to be made for clarity, pacing, emphasis, and individual speaking styles.

Audio quality is also critical. Ideally, the leadership team should participate from the same room or office, using reliable telephones and good microphones, so that speakers can hear one another clearly and pick up on visual cues.

Each member of the management team should also have printed copies of:

• The call script.
• The earnings press release.
• The Q&A preparation document.
• The guidance “cheat sheet” used to avoid selective disclosure.
• And in the CFO’s case, often a copy of the 10-Q or 10-K filing.

Preparation matters. Even the best news can sound uninspiring if delivered in a flat or uncertain tone.

Keep the number of speakers limited

Too many voices can make a call difficult to follow.

The CEO and CFO should normally handle the prepared remarks. The broader leadership team – CMO, CSO, or CCO – can be available to provide additional detail during the Q&A portion, if necessary. During Q&A, the CEO should act as ringmaster, offering high-level commentary before handing over questions to the appropriate executive.

Control the Q&A portion carefully

The Q&A portion should be carefully moderated using the portal tools provided by service providers such as Notified or Q4.

Several practical rules help keep things running smoothly:

• Allow one question and one follow-up per analyst.
• Prioritize questions from analysts representing larger banks (preferably those with a “buy” rating and with broader distribution).
• Reward analysts who consistently cover the company with early placement in the queue.
• If necessary, place a skeptical analyst between two more constructive voices to maintain balance.

Questions should generally be limited to sell-side analysts only. Opening the line to investors – particularly retail investors – can lead to unpredictable or unproductive exchanges.

Journalists may listen to the call but are not typically allowed to ask questions.

Manage analyst callbacks efficiently

Analyst follow-up calls are an important part of earnings day.

These typically begin about 60 minutes after the earnings call starts, once the call itself is complete.

Depending on the amount of news to discuss, callbacks might be scheduled for 15, 20, or 30 minutes. Splitting the management team into two groups allows the company to handle more meetings simultaneously and reduce the total time required of them.

Keep in mind that, as a courtesy, a callback might be the only opportunity some analysts will get to speak with management, especially those at smaller banks covering the company at risk.

If investor outreach is also planned, analysts should always be prioritized first, so their research notes can be published and distributed quickly.

Slides and logistics

If your company’s story revolves around trends – such as sales growth, margins, pricing, or customer adoption – slides can be helpful in illustrating the data alongside the call.

From a scheduling perspective, East Coast companies often host earnings calls pre-market, while West Coast companies frequently choose post-market. Either approach works, and companies occasionally switch timing depending on logistics.

Employees who wish to listen to the call should ideally use the webcast rather than dialing in by phone, as this helps reduce costs and access delays.

Webcast availability and archiving

Webcasts typically remain available until they expire under the company’s vendor contract – often 180 or 365 days.

In practice, however, most biotechs simply replace the webcast when the next quarterly call occurs. Formal archiving is rarely necessary, since transcripts and disclosures are already publicly available through SEC filings, earnings releases, and various financial websites.

Post-call intelligence

Immediately after the call – and again about a week later – IR teams should request guestbook reports from the webcast and conference call provider.

These lists reveal who listened live and who accessed the replay. Cross-referencing those names with shareholder-targeting lists can reveal investors who may warrant follow-up outreach.

The name of the game is confidence

Whether it is an earnings call or a clinical-data call, the most important ingredient is simple: confidence.

Investors listen not only to what management says, but how they say it.

Practice, preparation, and energy go a long way.