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 BioMarin Pharmaceutical (NASDAQ: BMRN) 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 satisfactory Q1. As a group, revenues beat analysts’ consensus estimates by 14.5%.

Thankfully, share prices of the companies have been resilient as they are up 7.6% on average since the latest earnings results.

BioMarin Pharmaceutical (NASDAQ: BMRN)

Pioneering treatments for conditions that often had no previous therapeutic options, BioMarin Pharmaceutical (NASDAQ: BMRN) develops and commercializes therapies that address the root causes of rare genetic disorders, particularly those affecting children.

BioMarin Pharmaceutical reported revenues of $766.2 million, up 2.8% year on year. This print fell short of analysts’ expectations by 1.3%. Overall, it was a mixed quarter for the company with an impressive beat of analysts’ full-year EPS guidance estimates but a significant miss of analysts’ EPS estimates.

"With the acquisition of Amicus Therapeutics complete, the addition of GALAFOLD and POMBILITI + OPFOLDA to our commercial portfolio allows us to reach patients with Fabry and Pompe diseases and meaningfully strengthens and accelerates our near-to-mid-term growth rates," said Alexander Hardy, President and Chief Executive Officer of BioMarin.

BioMarin Pharmaceutical achieved the highest full-year guidance raise of the whole group. Unsurprisingly, the stock is up 3.8% since reporting and currently trades at $57.57.

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

Best Q1: 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 $389 million, up 260% year on year, outperforming analysts’ expectations by 55.8%. The business had an incredible quarter with a beat of analysts’ EPS estimates.

Moderna delivered the fastest revenue growth among its peers. The market seems happy with the results as the stock is up 31.6% since reporting. It currently trades at $60.45.

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

Weakest Q1: 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 $781.5 million, down 1.6% year on year, falling short of analysts’ expectations by 1.9%. It was a disappointing quarter as it posted a significant miss of analysts’ EPS estimates.

United Therapeutics delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 5.4% since the results and currently trades at $541.28.

Read our full analysis of United 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 $2.48 billion, up 1.9% year on year. This result surpassed analysts’ expectations by 11.2%. Overall, it was a strong quarter as it also recorded a beat of analysts’ EPS estimates.

The stock is up 9.7% since reporting and currently trades at $201.10.

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

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 $6.96 billion, up 4.4% year on year. This number beat analysts’ expectations by 1.5%. Zooming out, it was a slower quarter as it logged a significant miss of analysts’ full-year EPS guidance estimates and full-year revenue guidance meeting analysts’ expectations.

The stock is down 6.7% since reporting and currently trades at $125.03.

Read our full, actionable report on Gilead Sciences 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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