Wrapping up Q2 earnings, we look at the numbers and key takeaways for the therapeutics stocks, including United Therapeutics (NASDAQ: UTHR) 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 very strong Q2. As a group, revenues beat analysts’ consensus estimates by 8%.

Luckily, therapeutics stocks have performed well with share prices up 16.9% on average since the latest earnings results.

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 $783.3 million, down 1.9% year on year. This print exceeded analysts’ expectations by 2.3%. Overall, it was a strong quarter for the company with a beat of analysts’ EPS estimates.

“We just submitted what we believe are two of the most important NDAs in rare pulmonary disease history: ralinepag tablets in PAH and Nebulized Tyvaso in IPF,” said Martine Rothblatt, Ph.D., Chairperson and Chief Executive Officer of United Therapeutics.

Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 3.9% since reporting and currently trades at $498.29.

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

Best Q2: 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 $2.74 billion, up 3.4% year on year, outperforming analysts’ expectations by 12.1%. The business had an incredible quarter with a beat of analysts’ EPS estimates and an impressive beat of analysts’ full-year EPS guidance estimates.

The market seems content with the results as the stock is up 4.3% since reporting. It currently trades at $214.36.

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

Weakest Q2: 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 $190.7 million, down 10.5% year on year, falling short of analysts’ expectations by 8.2%. It was a disappointing quarter as it posted full-year revenue guidance missing analysts’ expectations significantly and a significant miss of analysts’ EPS estimates.

Myriad Genetics delivered the weakest performance against analyst estimates and weakest full-year guidance update of the whole group. As expected, the stock is down 40.9% since the results and currently trades at $3.18.

Read our full analysis of Myriad Genetics’s results here.

Gilead Sciences (NASDAQ: GILD)

From its groundbreaking work in developing the first single-tablet regimens for HIV treatment, Gilead Sciences (NASDAQ: GILD) develops and markets innovative medicines for life-threatening diseases including HIV, viral hepatitis, COVID-19, and cancer.

Gilead Sciences reported revenues of $7.80 billion, up 10.2% year on year. This print beat analysts’ expectations by 6.2%. Overall, it was a very strong quarter as it also put up an impressive beat of analysts’ full-year EPS guidance estimates and a beat of analysts’ EPS estimates.

The stock is up 8.1% since reporting and currently trades at $146.16.

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

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 $56.7 million, down 76.3% year on year. This result surpassed analysts’ expectations by 1.5%. It was a very strong quarter as it also logged a beat of analysts’ EPS estimates.

Novavax had the slowest revenue growth in the group. The stock is up 32.2% since reporting and currently trades at $10.18.

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

Market Update

Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership.

Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products.

By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals.

Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Quality Compounder Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.