Looking back on therapeutics stocks’ Q4 earnings, we examine this quarter’s best and worst performers, including Gilead Sciences (NASDAQ: GILD) 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 strong Q4. As a group, revenues beat analysts’ consensus estimates by 7.1%.

While some therapeutics stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 1.4% since the latest earnings results.

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 $7.93 billion, up 4.7% year on year. This print exceeded analysts’ expectations by 3.2%. Despite the top-line beat, it was still a mixed quarter for the company with a solid beat of analysts’ revenue estimates but a slight miss of analysts’ full-year EPS guidance estimates.

The stock is down 4.5% since reporting and currently trades at $140.62.

Read our full report on Gilead Sciences 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 and revenue estimates.

Novavax pulled off the biggest analyst estimates beat and fastest revenue growth among its peers. Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 14.3% since reporting. It currently trades at $8.17.

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

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, falling short of analysts’ expectations by 2.5%. It was a softer quarter as it posted a significant miss of analysts’ revenue estimates.

United Therapeutics delivered the weakest performance against analyst estimates in the group. Interestingly, the stock is up 20.7% since the results and currently trades at $571.54.

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

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 $209.8 million, flat year on year. This print beat analysts’ expectations by 1.2%. It was a strong quarter as it also logged a beat of analysts’ EPS estimates and full-year EBITDA guidance topping analysts’ expectations.

Myriad Genetics scored the highest full-year guidance raise among its peers. The stock is flat since reporting and currently trades at $4.35.

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

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 result topped analysts’ expectations by 3.6%. Overall, it was a stunning quarter as it also recorded an impressive beat of analysts’ full-year EPS guidance estimates and a beat of analysts’ EPS estimates.

The stock is down 6.5% since reporting and currently trades at $173.35.

Read our full, actionable report on Biogen 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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