Most healthcare companies beat earnings expectations for the week

what happened

Seeking Alpha reports that 24 of 60 healthcare companies published results this week. Some 23 of them, or 95.8%, beat analysts' estimates on earnings per share, while one firm slightly missed. Year-over-year profit growth was seen at 21 companies, and 20 topped revenue consensus.

Pfizer reported earnings of $0.87 per share on revenue of $16.58 billion, slightly above Wall Street's forecasts. The company lifted its full-year adjusted diluted EPS guidance to between $2.95 and $3.05 and raised its revenue outlook to between $62 billion and $64 billion. Viatris also raised its full-year revenue and adjusted EPS ranges, and Moderna said it remains on track to file for regulatory approval of intismeran autogene, developed with Merck.

According to Seeking Alpha, the State Street Health Care Select Sector SPDR ETF stayed flat over the week while the broader market fell sharply. Year to date, the healthcare sector has gained more than 19%, compared with about 7% for the S&P 500.

why it matters

The healthcare earnings season is nearly over, with only Hims & Hers Health among major names due to report next week. A high share of positive surprises supports investor interest in pharmaceuticals while the broader market weakens, though revenue and company guidance matter as much as profit when judging the sector.

market impact

US pharma: a run of earnings beats and raised guidance supports the healthcare sector

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