This week, 21 companies in the healthcare industry reported quarterly earnings, with 19 of them beating quarterly profit expectations.
So far this quarter, the Healthcare Select Sector SPDR Fund ETF (NYSE:XLV) rose 2.16% compared with the broader S&P 500 index rose 5.31%.
Stocks in the sector have seen modest gains this quarter, with major pharmaceutical and biopharmaceutical companies reporting quarterly results this week.
Among the 21 companies, 2 companies’ profits fell short of expectations, and 19 companies’ profits exceeded expectations. In terms of revenue, 5 companies missed revenue expectations, while the remaining companies exceeded expectations.
Here are the largest healthcare companies reporting earnings this week.
Pfizer (PFE) on Tuesday raised its full-year revenue and profit forecast, driven by the strength of its oncology portfolio and continued efforts to adjust its cost base.
Shares of Merck (MRK) fell to their lowest since January on Tuesday after the company cut its profit guidance despite better-than-expected second-quarter financial results.
Moderna (MRNA), once a pandemic favorite, lowered its net product sales guidance to $3B-3.5B from about $4.0B due to declining COVID-19 vaccine sales.
So far, 41 companies in the S&P 500 Healthcare Index have reported results, with 88% beating profit estimates and 78% beating revenue estimates.
At the industry level, 5 are biotech companies, 12 are healthcare equipment and supplies, 11 are healthcare providers and services, 8 are life science tools and services, and 4 are pharmaceuticals.
Twelve healthcare companies are set to release reports in the coming week, including big names like Amgen (AMGN), Gilead Sciences (GILD) and CVS Health (CVS).
