As the Q2 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the therapeutics industry, including Biogen (NASDAQ:BIIB) and its peers.
Over the next few years, therapeutic companies, which develop a wide variety of treatments for diseases and disorders, face strong tailwinds from advancements in precision medicine (including the use of AI to improve hit rates) and growing demand for treatments targeting rare diseases. However, headwinds such as rising scrutiny over drug pricing, regulatory unknowns, and competition from larger, more resourced pharmaceutical companies could weigh on growth.
The 11 therapeutics stocks we track reported a very strong Q2. As a group, revenues beat analysts’ consensus estimates by 8%.
Luckily, therapeutics stocks have performed well with share prices up 28.4% on average since the latest earnings results.
Best Q2: Biogen (NASDAQ:BIIB)
Founded in 1978 and pioneering treatments for some of medicine's most complex challenges, Biogen (NASDAQ:BIIB) develops and markets therapies for neurological conditions, including multiple sclerosis, Alzheimer's disease, spinal muscular atrophy, and rare diseases.
Biogen reported revenues of $2.74 billion, up 3.4% year on year. This print exceeded analysts’ expectations by 12.1%. Overall, it was an incredible quarter for the company with a beat of analysts’ EPS estimates and an impressive beat of analysts’ full-year EPS guidance estimates.
Interestingly, the stock is up 10.6% since reporting and currently trades at $227.50.
Is now the time to buy Biogen? Access our full analysis of the earnings results here, it’s free.
Halozyme Therapeutics (NASDAQ:HALO)
Known for transforming hours-long intravenous infusions into minutes-long subcutaneous injections, Halozyme Therapeutics (NASDAQ:HALO) develops and licenses its proprietary ENHANZE technology that enables subcutaneous delivery of injectable drugs that would otherwise require intravenous administration.
Halozyme Therapeutics reported revenues of $481 million, up 47.7% year on year, outperforming analysts’ expectations by 19%. The business had an incredible quarter with a beat of analysts’ EPS estimates and an impressive beat of analysts’ full-year EPS guidance estimates.
Halozyme Therapeutics pulled off the fastest revenue growth and highest full-year guidance raise of the whole group. The market seems happy with the results as the stock is up 34.5% since reporting. It currently trades at $115.33.
Is now the time to buy Halozyme Therapeutics? Access our full analysis of the earnings results here, it’s free.
Weakest Q2: Myriad Genetics (NASDAQ:MYGN)
Founded in 1991 as one of the pioneers in translating genetic discoveries into clinical applications, Myriad Genetics (NASDAQ:MYGN) develops genetic tests that assess disease risk, guide treatment decisions, and provide insights across oncology, women's health, and mental health.
Myriad Genetics reported revenues of $190.7 million, down 10.5% year on year, falling short of analysts’ expectations by 8.2%. It was a disappointing quarter as it posted full-year revenue guidance missing analysts’ expectations significantly and a significant miss of analysts’ EPS estimates.
Myriad Genetics delivered the weakest performance against analyst estimates and weakest full-year guidance update in the group. As expected, the stock is down 23.1% since the results and currently trades at $4.13.
Read our full analysis of Myriad Genetics’s results here.
Gilead Sciences (NASDAQ:GILD)
From its groundbreaking work in developing the first single-tablet regimens for HIV treatment, Gilead Sciences (NASDAQ:GILD) develops and markets innovative medicines for life-threatening diseases including HIV, viral hepatitis, COVID-19, and cancer.
Gilead Sciences reported revenues of $7.80 billion, up 10.2% year on year. This print surpassed analysts’ expectations by 6.2%. Overall, it was a very strong quarter as it also put up an impressive beat of analysts’ full-year EPS guidance estimates and a beat of analysts’ EPS estimates.
The stock is up 10% since reporting and currently trades at $148.84.
Read our full, actionable report on Gilead Sciences here, it’s free.
Vertex Pharmaceuticals (NASDAQ:VRTX)
Founded in 1989 with a mission to create medicines that treat the underlying causes of disease rather than just symptoms, Vertex Pharmaceuticals (NASDAQ:VRTX) develops and markets transformative medicines for serious diseases, with a focus on cystic fibrosis, sickle cell disease, and pain management.
Vertex Pharmaceuticals reported revenues of $3.33 billion, up 12.5% year on year. This result topped analysts’ expectations by 4.6%. Overall, it was a strong quarter as it also logged full-year revenue guidance slightly topping analysts’ expectations.
The stock is up 10.4% since reporting and currently trades at $519.82.
Read our full, actionable report on Vertex Pharmaceuticals here, it’s free.
Market Update
Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership.
Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products.
By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals.
Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Growth Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.