Earnings results often indicate what direction a company will take in the months ahead. With Q4 behind us, let’s have a look at BioMarin Pharmaceutical (NASDAQ: BMRN) 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.

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 $874.6 million, up 17% year on year. This print exceeded analysts’ expectations by 4.8%. Despite the top-line beat, it was still a slower quarter for the company with a significant miss of analysts’ full-year EPS guidance estimates.

"In 2025, operational excellence led to strengthening financial results, including double-digit topline growth, strong profitability and increasing cash flow. We also advanced multiple medicines in our pipeline and closed the year by announcing the acquisition of Amicus," said Alexander Hardy, President and Chief Executive Officer of BioMarin.

BioMarin Pharmaceutical delivered the weakest full-year guidance update of the whole group. Unsurprisingly, the stock is down 12% since reporting and currently trades at $55.37.

Is now the time to buy BioMarin Pharmaceutical? 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 pulled off the biggest analyst estimates beat and fastest revenue growth among its peers. The market seems content with the results as the stock is up 2.4% since reporting. It currently trades at $9.76.

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 11.3% since the results and currently trades at $527.05.

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

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 surpassed analysts’ expectations by 0.6%. More broadly, it was a softer quarter as it logged a significant miss of analysts’ EPS estimates and a miss of analysts’ full-year EPS guidance estimates.

The stock is down 21.1% since reporting and currently trades at $63.53.

Read our full, actionable report on Halozyme Therapeutics 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 number topped analysts’ expectations by 2.7%. 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 30.5% since reporting and currently trades at $52.34.

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.

Want to invest in winners with rock-solid fundamentals? Check out our Hidden Gem Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.