The healthcare sector had 24 companies reporting their quarterly earnings this week, with 16 of them beating their topline numbers for the quarter.
S&P 500 healthcare index (XLV) traded up 3.01%, trailing behind the broader S&P 500 sector’s 6.17% gain YTD.
The sector has been in the news with the weight loss saga and marijuana rescheduling making headlines, along with some big names in earnings this week.
Out of the 24 companies, 5 companies missed profit estimates, while the rest were a beat. In terms of revenue, 8 companies missed revenue estimates, while the rest beat consensus.
The following are the largest healthcare companies that reported earnings this week.
Pfizer (PFE) shares moved higher on Wednesday after beating both profit and revenue estimates and raised FY earnings outlook amid plans to deliver $4B in cost savings this year.
CVS Health (CVS) stock dropped on missing Q1 estimates as its Health Services segment underperformed, while also lowering FY profit outlook.
On Thursday, Moderna (MRNA) beat Q1 consensus, even with a declining revenue number due to lower demand for its COVID-19 vaccine.
Amgen (AMGN) shares rose after higher revenue on Thursday and a nudge to its adjusted profit guidance for the year.
Eli Lilly (LLY) raised its full year outlook on Tuesday as it banks on the growth of its weight loss products.
QTD 49 companies have reported results in the S&P 500 healthcare index (NYSEARCA:XLV), out of which 85.7% companies beat profit estimates, while 75.5% companies beat revenue estimates.
At the industry level among companies reporting this week, 3 were pharmaceutical companies, 4 were Life science tools and services, 5 were health care provider and services, 8 were health care equipment and supplies and 4 were biotechnology.
For the upcoming week, 105 healthcare companies are reporting, with notable names like Viatris (VTRS), Teva Pharma (TEVA), Vertex Pharma (VRTX) and BioNTech (BNTX).
