Quarterly earnings results are a good time to check in on a company’s progress, especially compared to its peers in the same sector. Today we are looking at United Therapeutics (NASDAQ: UTHR) and the best and worst performers in the therapeutics industry.

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 strong Q4. As a group, revenues beat analysts’ consensus estimates by 7.1%.

In light of this news, share prices of the companies have held steady. On average, they are relatively unchanged since the latest earnings results.

Slowest Q4: United Therapeutics (NASDAQ: UTHR)

Founded by a mother seeking treatment for her daughter's pulmonary arterial hypertension, United Therapeutics (NASDAQ: UTHR) develops and commercializes medications for chronic lung diseases and other life-threatening conditions, with a focus on pulmonary hypertension treatments.

United Therapeutics reported revenues of $790.2 million, up 7.4% year on year. This print fell short of analysts’ expectations by 2.5%. Overall, it was a softer quarter for the company with a significant miss of analysts’ revenue estimates.

United Therapeutics delivered the weakest performance against analyst estimates of the whole group. Interestingly, the stock is up 12.2% since reporting and currently trades at $531.00.

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

Best Q4: Novavax (NASDAQ: NVAX)

Pioneering a nanoparticle technology that mimics the molecular structure of disease pathogens, Novavax (NASDAQ: NVAX) develops and commercializes protein-based vaccines for infectious diseases, with a primary focus on its COVID-19 vaccine and combination respiratory vaccine candidates.

Novavax reported revenues of $147.1 million, up 66.6% year on year, outperforming analysts’ expectations by 57.4%. The business had an incredible quarter with a beat of analysts’ EPS estimates and an impressive beat of analysts’ revenue estimates.

Novavax delivered the biggest analyst estimates beat and fastest revenue growth among its peers. The market seems content with the results as the stock is up 2.6% since reporting. It currently trades at $9.78.

Is now the time to buy Novavax? 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 $451.8 million, up 51.6% year on year, exceeding analysts’ expectations by 0.6%. Still, it was a softer quarter as it posted a significant miss of analysts’ EPS estimates and a miss of analysts’ full-year EPS guidance estimates.

As expected, the stock is down 21.9% since the results and currently trades at $62.87.

Read our full analysis of Halozyme Therapeutics’s results here.

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 $2.28 billion, up 1.2% year on year. This number surpassed analysts’ expectations by 3.6%. It was a stunning quarter as it also produced an impressive beat of analysts’ full-year EPS guidance estimates and a beat of analysts’ EPS estimates.

The stock is flat since reporting and currently trades at $184.95.

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

Moderna (NASDAQ: MRNA)

Rising to global prominence during the COVID-19 pandemic with one of the first effective vaccines, Moderna (NASDAQ: MRNA) develops messenger RNA (mRNA) medicines that direct the body's cells to produce proteins with therapeutic or preventive benefits for various diseases.

Moderna reported revenues of $678 million, down 29.8% year on year. This print beat analysts’ expectations by 2.7%. Overall, it was an exceptional quarter as it also recorded a beat of analysts’ EPS estimates and a solid beat of analysts’ revenue estimates.

Moderna had the slowest revenue growth among its peers. The stock is up 28% since reporting and currently trades at $51.33.

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

Market Update

Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

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