The end of the earnings season is always a good time to take a step back and see who shined (and who didn’t). Let’s take a look at how branded pharmaceuticals stocks fared in Q2, starting with Bristol-Myers Squibb (NYSE: BMY).

Looking ahead, the branded pharmaceutical industry is positioned for tailwinds from advancements in precision medicine, increasing adoption of AI to enhance drug development efficiency, and growing global demand for treatments addressing chronic and rare diseases. However, headwinds include heightened regulatory scrutiny, pricing pressures from governments and insurers, and the looming patent cliffs for key blockbuster drugs. Patent cliffs bring about competition from generics, forcing branded pharmaceutical companies back to the drawing board to find the next big thing.

The 9 branded pharmaceuticals stocks we track reported a strong Q2. As a group, revenues beat analysts’ consensus estimates by 6.6%.

In light of this news, share prices of the companies have held steady as they are up 4.3% on average since the latest earnings results.

Bristol-Myers Squibb (NYSE: BMY)

With roots dating back to 1887 and a transformative merger in 1989 that gave the company its current name, Bristol-Myers Squibb (NYSE: BMY) discovers, develops, and markets prescription medications for serious diseases including cancer, blood disorders, immunological conditions, and cardiovascular diseases.

Bristol-Myers Squibb reported revenues of $12.97 billion, up 5.7% year on year. This print exceeded analysts’ expectations by 12.9%. Overall, it was an incredible quarter for the company with a beat of analysts’ EPS estimates and a solid beat of analysts’ full-year EPS guidance estimates.

Interestingly, the stock is up 6% since reporting and currently trades at $66.88.

Is now the time to buy Bristol-Myers Squibb? Access our full analysis of the earnings results here, it’s free.

Corcept (NASDAQ: CORT)

Focusing on the powerful stress hormone that affects everything from metabolism to immune function, Corcept Therapeutics (NASDAQ: CORT) develops and markets medications that modulate cortisol to treat endocrine disorders, cancer, and neurological diseases.

Corcept reported revenues of $256.1 million, up 31.7% year on year, outperforming analysts’ expectations by 21.6%. The business had an incredible quarter with a beat of analysts’ EPS estimates and full-year revenue guidance exceeding analysts’ expectations.

Corcept delivered the biggest analyst estimate beat and highest full-year guidance raise in the group. The market seems happy with the results as the stock is up 22.2% since reporting. It currently trades at $113.58.

Is now the time to buy Corcept? Access our full analysis of the earnings results here, it’s free.

Weakest Q2: Zoetis (NYSE: ZTS)

Originally spun off from Pfizer in 2013 as the world's largest pure-play animal health company, Zoetis (NYSE: ZTS) discovers, develops, and sells medicines, vaccines, diagnostic products, and services for pets and livestock animals worldwide.

Zoetis reported revenues of $2.47 billion, flat year on year, falling short of analysts’ expectations by 1.5%. It was a disappointing quarter as it posted full-year revenue guidance missing analysts’ expectations significantly and a significant miss of analysts’ full-year EPS guidance estimates.

Zoetis delivered the weakest performance against analyst estimates, slowest revenue growth, and weakest full-year guidance update of the whole group. Interestingly, the stock is up 3.7% since the results and currently trades at $77.17.

Read our full analysis of Zoetis’s results here.

Eli Lilly (NYSE: LLY)

Founded in 1876 by a Civil War veteran and pharmacist frustrated with the poor quality of medicines, Eli Lilly (NYSE: LLY) discovers, develops, and manufactures pharmaceutical products for conditions including diabetes, obesity, cancer, immunological disorders, and neurological diseases.

Eli Lilly reported revenues of $22.97 billion, up 47.7% year on year. This result surpassed analysts’ expectations by 11.4%. Overall, it was an exceptional quarter as it also recorded a beat of analysts’ EPS estimates and an impressive beat of analysts’ full-year EPS guidance estimates.

Eli Lilly achieved the fastest revenue growth among its peers. The stock is up 4.1% since reporting and currently trades at $1,161.

Read our full, actionable report on Eli Lilly here, it’s free.

Phibro Animal Health (NASDAQ: PAHC)

With a portfolio of approximately 800 product lines serving farmers and veterinarians in 90 countries, Phibro Animal Health (NASDAQ: PAHC) develops, manufactures, and markets health products for livestock and companion animals, including antibacterials, vaccines, nutritional supplements, and mineral additives.

Phibro Animal Health reported revenues of $396.7 million, up 4.8% year on year. This print topped analysts’ expectations by 6.8%. It was an exceptional quarter as it also produced a solid beat of analysts’ full-year EPS guidance estimates and a beat of analysts’ EPS estimates.

The stock is up 4.8% since reporting and currently trades at $37.81.

Read our full, actionable report on Phibro Animal Health 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 9 Best Market-Beating Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.