The regulatory environment and associated financial disclosures required of U.S. companies have become increasingly complex as a result of dynamic market conditions and the need to assure stakeholders of the integrity of reported financial results. Advances in technology now provide the opportunity for unique investigation into the narratives included in regulated financial disclosures. The purpose of this study was to determine whether regulated financial disclosure narratives of U.S. biotechnology companies change before, during, and after a financial crisis. The research aimed to characterize financial narratives through textual analysis and the use of predetermined semantics. This is a quantitative study of Management Discussion and Analysis narratives for U.S. biotechnology companies before, during, and after the financial crisis of 2008. The study furthers the understanding of how narratives are used in regulated disclosures. This study demonstrated that financial narratives of U.S. biotechnology companies follow patterns based on predetermined language semantics. In addition, the clustering patterns change before, during, and after a financial crisis, evidence of an association between reporting narratives and earnings per share was not observed. Given the advances in analytical data technology, it is recommended that this study serve as proof of concept for public companies, stakeholders, and regulators to adopt a more efficient review of public company financial disclosures. Further research should also be completed of different reporting narratives and industries