19 of 21 healthcare companies beat earnings estimates this week: Earnings leaderboard

In the healthcare sector, 21 companies reported their quarterly financial results this week, with 19 of them topping earnings estimates for the quarter.

Quarter to date, Health Care Select Sector SPDR Fund ETF (NYSEARCA:XLV) rose 2.16% compared to the broader S&P index The 500 sector grew by 5.31%.

The sector has seen moderate share price volatility this quarter, with major pharmaceutical and biopharmaceutical companies reporting their quarterly results this week.

Of the 21 companies, 2 missed earnings estimates while 19 beat them. In terms of revenue, 5 companies missed revenue estimates while the rest beat them.

Below you’ll find a list of the largest healthcare companies that released financial results this week.

Pfizer (PFE) on Tuesday raised its full-year revenue and profit forecast, helped by a strengthening of the company’s oncology portfolio and ongoing work to adjust its cost base.

Merck (MRK) shares fell to their lowest level since January on Tuesday after the company lowered its earnings forecast despite improving second-quarter financial results.

Moderna (MRNA), once a frontrunner in the fight against the pandemic, lowered its net sales forecast for its products from about $4.0 billion to $3 billion to $3.5 billion, citing lower sales of its COVID vaccines.

In the quarter ended, 41 companies reported results in the S&P 500 healthcare index, with 88% of companies topping earnings estimates and 78% of companies topping revenue estimates.

At the industry level, there were 5 biotechnology companies, 12 were medical equipment and supplies companies, 11 were healthcare services and products companies, 8 were life science tools and services companies, and 4 were pharmaceutical companies.

Twelve healthcare companies will report in the coming week, including household names like Amgen (AMGN), Gilead Sciences (GILD) and CVS Health (CVS).