Wrapping up Q4 earnings, we look at the numbers and key takeaways for the pharmaceuticals stocks, including Elanco (NYSE: ELAN) and its peers.

The pharmaceuticals sector develops, manufactures, and distributes drugs, benefiting from diversified portfolios of branded and generic medications. Looking ahead, growth will be driven by innovations in precision medicine, such as genetic therapies and advanced biologics, and the increasing use of AI to speed and increase the efficiency of drug discovery. These could specifically magnify the advantages of the most scaled players. Conversely, the sector faces considerable headwinds from intense, bipartisan political pressure on drug pricing, scrutiny of patent practices, and growing competition from biosimilars. These could specifically stymie the growth of smaller companies or ones facing patent expirations on key drugs.

The 17 pharmaceuticals stocks we track reported a mixed Q4. As a group, revenues missed analysts’ consensus estimates by 0.7% while next quarter’s revenue guidance was 0.6% above.

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

Elanco (NYSE: ELAN)

Originally established as a division of pharmaceutical giant Eli Lilly before becoming independent in 2018, Elanco Animal Health (NYSE: ELAN) develops and sells medications, vaccines, and other health products for pets and farm animals across more than 90 countries.

Elanco reported revenues of $1.14 billion, up 12.2% year on year. This print exceeded analysts’ expectations by 4.8%. Despite the top-line beat, it was still a mixed quarter for the company with a solid beat of analysts’ revenue estimates but a miss of analysts’ EPS guidance for next quarter estimates.

"Elanco delivered significant progress across our strategic priorities of growth, innovation, and cash in 2025," said Jeff Simmons, President and CEO of Elanco.

The stock is down 9.2% since reporting and currently trades at $22.48.

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

Best Q4: ANI Pharmaceuticals (NASDAQ: ANIP)

With a diverse portfolio of 116 pharmaceutical products and a growing rare disease platform, ANI Pharmaceuticals (NASDAQ: ANIP) develops, manufactures, and markets branded and generic prescription pharmaceuticals, with a focus on rare disease treatments.

ANI Pharmaceuticals reported revenues of $247.1 million, up 29.6% year on year, outperforming analysts’ expectations by 6.9%. The business had a stunning quarter with a solid beat of analysts’ revenue estimates and an impressive beat of analysts’ full-year EPS guidance estimates.

The market seems content with the results as the stock is up 3.8% since reporting. It currently trades at $80.08.

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

Weakest Q4: Corcept (NASDAQ: CORT)

Focusing on the powerful stress hormone that affects everything from metabolism to immune function, Corcept Therapeutics (NASDAQ: CORT) develops and markets medications that modulate cortisol to treat endocrine disorders, cancer, and neurological diseases.

Corcept reported revenues of $202.1 million, up 11.1% year on year, falling short of analysts’ expectations by 18.5%. It was a disappointing quarter as it posted a significant miss of analysts’ revenue and EPS estimates.

Interestingly, the stock is up 27.7% since the results and currently trades at $46.57.

Read our full analysis of Corcept’s results here.

Zoetis (NYSE: ZTS)

Originally spun off from Pfizer in 2013 as the world's largest pure-play animal health company, Zoetis (NYSE: ZTS) discovers, develops, and sells medicines, vaccines, diagnostic products, and services for pets and livestock animals worldwide.

Zoetis reported revenues of $2.39 billion, up 3% year on year. This result topped analysts’ expectations by 0.8%. It was a strong quarter as it also logged an impressive beat of analysts’ full-year EPS guidance estimates and a beat of analysts’ EPS estimates.

The stock is down 8.8% since reporting and currently trades at $117.40.

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

Amphastar Pharmaceuticals (NASDAQ: AMPH)

Founded in 1996 and known for its expertise in complex drug formulations, Amphastar Pharmaceuticals (NASDAQ: AMPH) develops and manufactures technically challenging injectable and inhalation medications, including both generic and proprietary pharmaceutical products.

Amphastar Pharmaceuticals reported revenues of $183.1 million, down 1.8% year on year. This number missed analysts’ expectations by 2.5%. Overall, it was a disappointing quarter as it also logged a significant miss of analysts’ revenue and EPS estimates.

The stock is down 21% since reporting and currently trades at $20.93.

Read our full, actionable report on Amphastar 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.

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.