Let’s dig into the relative performance of Biogen (NASDAQ: BIIB) and its peers as we unravel the now-completed Q1 therapeutics earnings season.

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%.

In light of this news, share prices of the companies have held steady as they are up 4.6% on average since the latest earnings results.

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 print exceeded analysts’ expectations by 11.2%. Overall, it was a strong quarter for the company with a beat of analysts’ EPS estimates.

Interestingly, the stock is up 8.6% since reporting and currently trades at $199.10.

Is now the time to buy Biogen? 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 achieved the fastest revenue growth among its peers. The market seems happy with the results as the stock is up 28% since reporting. It currently trades at $58.79.

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 5.9% since the results and currently trades at $538.50.

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

AbbVie (NYSE: ABBV)

Born from a 2013 spinoff of Abbott Laboratories' pharmaceutical business, AbbVie (NYSE: ABBV) is a biopharmaceutical company that develops and markets medications for autoimmune diseases, cancer, neurological disorders, and other complex health conditions.

AbbVie reported revenues of $15 billion, up 12.4% year on year. This number topped analysts’ expectations by 1.7%. However, it was a mixed quarter as it produced a miss of analysts’ EPS estimates.

The stock is up 16.3% since reporting and currently trades at $229.83.

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

Amgen (NASDAQ: AMGN)

Founded in 1980 during the early days of the biotechnology revolution, Amgen (NASDAQ: AMGN) is a biotechnology company that discovers, develops, and manufactures innovative medicines to treat serious illnesses like cancer, osteoporosis, and autoimmune diseases.

Amgen reported revenues of $8.62 billion, up 5.8% year on year. This print surpassed analysts’ expectations by 1.4%. Taking a step back, it was a satisfactory quarter as it also produced a beat of analysts’ EPS estimates but full-year revenue guidance meeting analysts’ expectations.

The stock is down 1.2% since reporting and currently trades at $342.26.

Read our full, actionable report on Amgen 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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