The health sector had 21 companies reporting their quarterly earnings this week, with 19 of them beating profit estimates for the quarter.
Quarter-To-Date, The Health Care Select Sector SPDR Fund ETF (NYSEARCA:XLV) traded up 2.16% compared to the broader S&P 500 sector’s 5.31% gain.
The sector has seen a moderate stock movement in the quarter, and this week, it saw major pharmaceutical and biopharma companies report their quarterly results.
Out of the 21 companies, 2 companies missed profit estimates, and 19 were a beat. In terms of revenue, 5 companies missed revenue estimates while the rest beat estimates.
The following are the largest healthcare companies that reported earnings this week.
Pfizer (PFE) raised its full year revenue and profit outlook on Tuesday helped by the strength in its oncology portfolio and continued efforts towards realigning its cost base.
Merck (MRK) shares fell to the lowest level since January on Tuesday after the company lowered its profit guidance, despite beating Q2 financials.
Moderna (MRNA), once a pandemic favorite, cut its net product sales guidance to $3B-$3.5B from about $4.0B citing lower COVID vaccine sales.
QTD 41 companies have reported results in the S&P 500 healthcare index, out of which 88% companies beat profit estimates, while 78% companies beat revenue estimates.
At industry level, 5 were biotechnology companies, 12 were health care equipment and supplies, 11 were health care provider and services, 8 were life science tools and services and 4 were pharmaceuticals.
For the upcoming week, 12 healthcare companies are reporting, with notable names like Amgen (AMGN), Gilead Sciences (GILD) and CVS Health (CVS).
