Twenty-four companies in the healthcare industry reported quarterly earnings this week, and 16 of them beat their revenue figures for the quarter.
The S&P 500 Healthcare Index (XLV) is up 3.01%, lagging the broader S&P 500’s year-to-date gain of 6.17%.
The industry has been in the news with weight loss saga and cannabis rescheduling making headlines, as well as some big names in this week’s earnings reports.
Among the 24 companies, 5 companies’ profits fell short of expectations, and the remaining companies all exceeded expectations. In terms of revenue, 8 companies failed to meet revenue expectations, and the remaining companies exceeded expectations.
Here are the largest healthcare companies reporting earnings this week.
Pfizer (PFE) shares rose on Wednesday after beating profit and revenue estimates and raising its fiscal year earnings forecast as it plans to save $4 billion in costs this year.
CVS Health (CVS) stock fell after first-quarter results missed expectations and also cut its fiscal-year profit outlook as its health services unit underperformed.
Moderna (MRNA) beat first-quarter estimates on Thursday despite falling revenue due to lower demand for its COVID-19 vaccine.
Amgen ( AMGN ) rose on Thursday after it reported higher revenue and an adjustment to its profit guidance for the year.
Eli Lilly and Company (LLY) on Tuesday raised its full-year forecast as it counts on growth in its weight-loss products.
QTD There are 49 companies reporting the performance of the S&P 500 Healthcare Index (NYSE:XLV), 85.7% of the companies exceeded profit expectations, and 75.5% of the companies exceeded revenue expectations.
At the industry level of companies reporting this week, 3 are pharmaceutical companies, 4 are life sciences tools and services companies, 5 are healthcare providers and services companies, 8 are healthcare equipment and supplies companies, and 4 Home is a biotechnology company.
There are 105 healthcare companies reporting in the coming week, including well-known names like Viatris (VTRS), Teva Pharma (TEVA), Vertex Pharma (VRTX) and BioNTech (BNTX).
