As the Q4 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the therapeutics industry, including Halozyme Therapeutics (NASDAQ: HALO) 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%.

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

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. This print exceeded analysts’ expectations by 0.6%. Despite the top-line beat, it was still a softer quarter for the company with a significant miss of analysts’ EPS estimates and a miss of analysts’ full-year EPS guidance estimates.

Unsurprisingly, the stock is down 22.9% since reporting and currently trades at $62.07.

Is now the time to buy Halozyme 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 achieved the biggest analyst estimates beat and fastest revenue growth among its peers. Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 2% since reporting. It currently trades at $9.34.

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

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, 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 12.4% since the results and currently trades at $532.05.

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 number surpassed analysts’ expectations by 1.2%. Overall, 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 up 7.6% since reporting and currently trades at $4.72.

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

Vertex Pharmaceuticals (NASDAQ: VRTX)

Founded in 1989 with a mission to create medicines that treat the underlying causes of disease rather than just symptoms, Vertex Pharmaceuticals (NASDAQ: VRTX) develops and markets transformative medicines for serious diseases, with a focus on cystic fibrosis, sickle cell disease, and pain management.

Vertex Pharmaceuticals reported revenues of $3.19 billion, up 9.5% year on year. This result topped analysts’ expectations by 1.1%. Zooming out, it was a mixed quarter as it also recorded a narrow beat of analysts’ revenue estimates but a significant miss of analysts’ EPS estimates.

The stock is down 2.7% since reporting and currently trades at $452.44.

Read our full, actionable report on Vertex Pharmaceuticals 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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