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What's in Store for These 5 Pharma Bigwigs This Earnings Season?
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Key Takeaways
Eli Lilly's Q4 growth is expected to be fueled by blockbuster GLP-1 drugs and expanding global launches.
NVO's Q4 growth hinges on diabetes and obesity drugs like Wegovy and Ozempic amid slowing U.S. momentum.
Pfizer's revenue growth is expected to be driven by stronger sales of Vyndaqel, Eliquis, Padcev and Lorbrena.
The fourth-quarter 2025 reporting cycle for the Medical sector is about to pick up pace this week, as most firms are slated to share their earnings results over the next two weeks. The sector mainly comprises pharma/biotech and medical device companies. The earnings season for the drug and biotech sector kicked off in late January when bellwether Johnson & Johnson reported strong fourth-quarter results, beating estimates for earnings and sales. J&J consequently issued a 2026 guidance which was above expectations, reflecting the strong growth trend in its Innovative Medicines unit to continue.
While most of the pharma bigwigs are slated to report their earnings results later this week, Roche’s 2025 results were weighed down by unfavorable foreign-exchange movements, as weakness in the U.S. dollar adversely impacted international sales. Nonetheless, the company’s underlying operational performance remained solid. Strong growth of key products, such as Phesgo (breast cancer), Xolair (food allergies), Hemlibra (hemophilia A), Vabysmo (severe eye diseases) and Ocrevus (multiple sclerosis), helped offset declining sales of legacy drugs. On the other hand, Sanofi, which reported fourth-quarter results last week, delivered mixed performance, beating earnings estimates while slightly missing sales expectations. The company nonetheless expects to sustain its profitable growth momentum into 2026.
Per the Earnings Trends report, as of Jan. 28, 11.7% of the companies in the Medical sector — representing 26% of the sector’s market capitalization — reported quarterly earnings. Of these, 85.7% exceeded earnings estimates, while 42.9% topped revenue expectations. Earnings decreased 15.5% year over year, while revenues increased 10.3%. Overall, fourth-quarter earnings of the Medical sector are expected to decrease 2.4%, while sales are projected to rise 8.7% from the year-ago quarter.
Eli Lilly (LLY - Free Report) , Merck (MRK - Free Report) , Novo Nordisk (NVO - Free Report) , Bristol Myers (BMY - Free Report) and Pfizer (PFE - Free Report) are all slated to release theirquarterly results this week. Let us examine how these biotech/pharma companies are likely to have performed in the soon-to-be-reported quarter.
Eli Lilly
Lilly’s performance has been mixed, with the company exceeding earnings expectations in three of the trailing four quarters and missing the same on the remaining occasion. It delivered a four-quarter earnings surprise of 7.44%, on average. In the last reported quarter, LLY delivered an earnings surprise of 16.61%.
Per our proven model, companies with the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) have a good chance of delivering an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Lilly has an Earnings ESP of -0.21% and a Zacks Rank #3 at present. The Zacks Consensus Estimate for sales and earnings for the fourth quarter is pegged at $17.87 billion and $6.99 per share, respectively. You can see the complete list of today’s Zacks #1 Rank stocks here.
Lilly is expected to deliver another strong quarter, driven by robust demand for its blockbuster GLP-1 drugs (Mounjaro and Zepbound), improved supply, deeper U.S. market penetration and expanding international launches. Beyond its cardiometabolic portfolio, LLY’s oncology and immunology drugs, including Verzenio, Taltz, and newer launches like Omvoh, Ebglyss and Jaypirca, are also expected to have supported steady top-line expansion in the fourth quarter.
Lilly is scheduled to release its quarterly earnings results before the opening bell on Feb. 4.
Merck has an encouraging earnings track record. It beat earnings estimates in each of the last four quarters, delivering an average earnings surprise of 5.08%. In the last reported quarter, MRK beat earnings estimates by 9.32%.
Merck has an Earnings ESP of +0.03% and a Zacks Rank #4 (Sell) at present. The Zacks Consensus Estimate for sales and earnings for the fourth quarter is pegged at $16.19 billion and $2.03 per share, respectively.
Merck’s top-line growth in the fourth quarter is likely to have been primarily driven by higher sales of its blockbuster cancer drug Keytruda, attributable to rapid uptake across earlier-stage indications globally, particularly early-stage non-small cell lung cancer. Continued strong momentum in metastatic indications is also likely to have boosted sales growth.
Merck is scheduled to release its quarterly earnings results before the opening bell on Feb. 3.
Bristol Myers has an excellent earnings track record. BMY’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 20.05%. In the last reported quarter, Bristol Myers’ earnings surpassed estimates by 10.14%.
Bristol Myers has an Earnings ESP of 0.00% and a Zacks Rank #3 at present. The Zacks Consensus Estimate for sales and earnings for the fourth quarter is pegged at $12.25 billion and $1.15 per share, respectively.
Bristol Myers’ revenues in the fourth quarter of 2025 are likely to have been positively impacted by an increase in growth portfolio sales. The growth portfolio primarily comprises Opdivo, Orencia, Yervoy, Reblozyl, Opdualag, Abecma, Zeposia, Breyanzi, Camzyos, Sotyku, Krazati and others. However, total quarterly revenues are likely to have been adversely affected by a decline in sales from the legacy portfolio, which includes Eliquis, Revlimid, Pomalyst, Sprycel and Abraxane, among others.
Bristol Myers is slated to release its quarterly earnings results before the opening bell on Feb. 5.
Novo Nordisk has a mixed earnings surprise history. NVO’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and matched on the remaining occasion, delivering an average earnings surprise of 11.60%. In the last reported quarter, NVO beat earnings estimates by 32.47%.
For the quarter to be reported, Novo Nordisk has an Earnings ESP of +0.09% and a Zacks Rank #4 at present. The Zacks Consensus Estimate for sales and earnings for the fourth quarter is pegged at $12.08 billion and 89 cents per share, respectively.
Novo Nordisk’s fourth-quarter revenues are expected to have been driven by the sale of its diabetes and obesity treatments, particularly semaglutide-based (GLP-1) drugs — Wegovy, Ozempic, and Rybelsus. Despite year-over-year growth, Ozempic and Wegovy sales are likely to have remained under pressure, with growth slowing due to weaker-than-expected U.S. momentum, persistent compounded semaglutide competition, limited Wegovy uptake, and intensifying rivalry from Eli Lilly in the diabetes and obesity markets. However, NVO’s Rare Disease segment is expected to have generated incremental revenues for the company.
Novo Nordisk is slated to release its quarterly earnings results before the opening bell on Feb. 4.
Pfizer has an impeccable earnings track record. PFE’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 35.33%. In the last reported quarter, Pfizer’s earnings beat estimates by 31.82%.
For the quarter to be reported, Pfizer has an Earnings ESP of +1.77% and a Zacks Rank #5 (Strong Sell) at present. The Zacks Consensus Estimate for sales and earnings for the fourth quarter is pegged at $16.93 billion and 57 cents per share, respectively.
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What's in Store for These 5 Pharma Bigwigs This Earnings Season?
Key Takeaways
The fourth-quarter 2025 reporting cycle for the Medical sector is about to pick up pace this week, as most firms are slated to share their earnings results over the next two weeks. The sector mainly comprises pharma/biotech and medical device companies. The earnings season for the drug and biotech sector kicked off in late January when bellwether Johnson & Johnson reported strong fourth-quarter results, beating estimates for earnings and sales. J&J consequently issued a 2026 guidance which was above expectations, reflecting the strong growth trend in its Innovative Medicines unit to continue.
While most of the pharma bigwigs are slated to report their earnings results later this week, Roche’s 2025 results were weighed down by unfavorable foreign-exchange movements, as weakness in the U.S. dollar adversely impacted international sales. Nonetheless, the company’s underlying operational performance remained solid. Strong growth of key products, such as Phesgo (breast cancer), Xolair (food allergies), Hemlibra (hemophilia A), Vabysmo (severe eye diseases) and Ocrevus (multiple sclerosis), helped offset declining sales of legacy drugs. On the other hand, Sanofi, which reported fourth-quarter results last week, delivered mixed performance, beating earnings estimates while slightly missing sales expectations. The company nonetheless expects to sustain its profitable growth momentum into 2026.
Per the Earnings Trends report, as of Jan. 28, 11.7% of the companies in the Medical sector — representing 26% of the sector’s market capitalization — reported quarterly earnings. Of these, 85.7% exceeded earnings estimates, while 42.9% topped revenue expectations. Earnings decreased 15.5% year over year, while revenues increased 10.3%. Overall, fourth-quarter earnings of the Medical sector are expected to decrease 2.4%, while sales are projected to rise 8.7% from the year-ago quarter.
Eli Lilly (LLY - Free Report) , Merck (MRK - Free Report) , Novo Nordisk (NVO - Free Report) , Bristol Myers (BMY - Free Report) and Pfizer (PFE - Free Report) are all slated to release theirquarterly results this week. Let us examine how these biotech/pharma companies are likely to have performed in the soon-to-be-reported quarter.
Eli Lilly
Lilly’s performance has been mixed, with the company exceeding earnings expectations in three of the trailing four quarters and missing the same on the remaining occasion. It delivered a four-quarter earnings surprise of 7.44%, on average. In the last reported quarter, LLY delivered an earnings surprise of 16.61%.
Per our proven model, companies with the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) have a good chance of delivering an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Lilly has an Earnings ESP of -0.21% and a Zacks Rank #3 at present. The Zacks Consensus Estimate for sales and earnings for the fourth quarter is pegged at $17.87 billion and $6.99 per share, respectively. You can see the complete list of today’s Zacks #1 Rank stocks here.
Lilly is expected to deliver another strong quarter, driven by robust demand for its blockbuster GLP-1 drugs (Mounjaro and Zepbound), improved supply, deeper U.S. market penetration and expanding international launches. Beyond its cardiometabolic portfolio, LLY’s oncology and immunology drugs, including Verzenio, Taltz, and newer launches like Omvoh, Ebglyss and Jaypirca, are also expected to have supported steady top-line expansion in the fourth quarter.
Lilly is scheduled to release its quarterly earnings results before the opening bell on Feb. 4.
Eli Lilly and Company Price and Consensus
Eli Lilly and Company price-consensus-chart | Eli Lilly and Company Quote
Merck
Merck has an encouraging earnings track record. It beat earnings estimates in each of the last four quarters, delivering an average earnings surprise of 5.08%. In the last reported quarter, MRK beat earnings estimates by 9.32%.
Merck has an Earnings ESP of +0.03% and a Zacks Rank #4 (Sell) at present. The Zacks Consensus Estimate for sales and earnings for the fourth quarter is pegged at $16.19 billion and $2.03 per share, respectively.
Merck’s top-line growth in the fourth quarter is likely to have been primarily driven by higher sales of its blockbuster cancer drug Keytruda, attributable to rapid uptake across earlier-stage indications globally, particularly early-stage non-small cell lung cancer. Continued strong momentum in metastatic indications is also likely to have boosted sales growth.
Merck is scheduled to release its quarterly earnings results before the opening bell on Feb. 3.
Merck & Co., Inc. Price and Consensus
Merck & Co., Inc. price-consensus-chart | Merck & Co., Inc. Quote
Bristol Myers
Bristol Myers has an excellent earnings track record. BMY’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 20.05%. In the last reported quarter, Bristol Myers’ earnings surpassed estimates by 10.14%.
Bristol Myers has an Earnings ESP of 0.00% and a Zacks Rank #3 at present. The Zacks Consensus Estimate for sales and earnings for the fourth quarter is pegged at $12.25 billion and $1.15 per share, respectively.
Bristol Myers’ revenues in the fourth quarter of 2025 are likely to have been positively impacted by an increase in growth portfolio sales. The growth portfolio primarily comprises Opdivo, Orencia, Yervoy, Reblozyl, Opdualag, Abecma, Zeposia, Breyanzi, Camzyos, Sotyku, Krazati and others. However, total quarterly revenues are likely to have been adversely affected by a decline in sales from the legacy portfolio, which includes Eliquis, Revlimid, Pomalyst, Sprycel and Abraxane, among others.
Bristol Myers is slated to release its quarterly earnings results before the opening bell on Feb. 5.
Bristol Myers Squibb Company Price and Consensus
Bristol Myers Squibb Company price-consensus-chart | Bristol Myers Squibb Company Quote
Novo Nordisk
Novo Nordisk has a mixed earnings surprise history. NVO’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and matched on the remaining occasion, delivering an average earnings surprise of 11.60%. In the last reported quarter, NVO beat earnings estimates by 32.47%.
For the quarter to be reported, Novo Nordisk has an Earnings ESP of +0.09% and a Zacks Rank #4 at present. The Zacks Consensus Estimate for sales and earnings for the fourth quarter is pegged at $12.08 billion and 89 cents per share, respectively.
Novo Nordisk’s fourth-quarter revenues are expected to have been driven by the sale of its diabetes and obesity treatments, particularly semaglutide-based (GLP-1) drugs — Wegovy, Ozempic, and Rybelsus. Despite year-over-year growth, Ozempic and Wegovy sales are likely to have remained under pressure, with growth slowing due to weaker-than-expected U.S. momentum, persistent compounded semaglutide competition, limited Wegovy uptake, and intensifying rivalry from Eli Lilly in the diabetes and obesity markets. However, NVO’s Rare Disease segment is expected to have generated incremental revenues for the company.
Novo Nordisk is slated to release its quarterly earnings results before the opening bell on Feb. 4.
Novo Nordisk A/S Price and Consensus
Novo Nordisk A/S price-consensus-chart | Novo Nordisk A/S Quote
Pfizer
Pfizer has an impeccable earnings track record. PFE’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 35.33%. In the last reported quarter, Pfizer’s earnings beat estimates by 31.82%.
For the quarter to be reported, Pfizer has an Earnings ESP of +1.77% and a Zacks Rank #5 (Strong Sell) at present. The Zacks Consensus Estimate for sales and earnings for the fourth quarter is pegged at $16.93 billion and 57 cents per share, respectively.
Pfizer’s top-line revenue growth in the fourth quarter of 2025 is expected to have been driven by the higher sales of products like Vyndaqel family, Eliquis, Padcev and Lorbrena.
Pfizer is scheduled to release its quarterly earnings results before the opening bell on Feb. 3.
Pfizer Inc. Price and Consensus
Pfizer Inc. price-consensus-chart | Pfizer Inc. Quote