2 Large Cap Drug Stocks To Watch For Earnings: ABBV & MRK
Zacks Investment Research | Jul 28, 2016 06:47AM ET
Q2 earnings season has picked up pace with 208 S&P 500 members, accounting for 50.5% of the index’s total market capitalization, having reported results.
While total earnings for these 208 index members are down 4.7% from the year-ago quarter, revenues are up 0.4% year-over year, with 73.1% beating earnings estimates and 51.9% surpassing top-line expectations.
However, with growth remaining problematic, Q2 is on track to be the 5th quarter in a row of earnings declines for the S&P 500 index.
How have Drug Stocks Fared So Far?
Quite a few major pharma and biotech companies have reported results so far with performance being mixed. While it was a "beat and raise" quarter for companies like Johnson & Johnson (NYSE:JNJ) , Amgen Inc. (NASDAQ:AMGN) and Biogen, Inc. (NASDAQ:BIIB) , Gilead Sciences, Inc. (NASDAQ:GILD) , a big name in the biotech sector, lowered its product sales outlook.
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