Are These 5 Pharma Stocks Set to Surpass Q2 Earnings Forecasts?

The second-quarter 2026 reporting cycle of the Medical sector is currently in full swing. The sector mainly comprises pharma/biotech and medical device companies.With many pharma and biotech bigwigs having already reported results, the earnings picture has been encouraging. Nearly all of these comp…

The second-quarter 2026 reporting cycle of the Medical sector is currently in full swing. The sector mainly comprises pharma/biotech and medical device companies.

With many pharma and biotech bigwigs having already reported results, the earnings picture has been encouraging. Nearly all of these companies have beaten estimates for both earnings and sales, with some — like J&J, Biogen and Bristol Myers — even raising their outlooks.

The Earnings Trends report indicates that, as of July 29, 32% of the companies in the Medical sector, representing about 36% of the sector’s market capitalization, have reported quarterly earnings. So far, the results have been stellar: all participants have outperformed on earnings, while roughly 95% outperformed on revenues. Earnings and revenues increased about 18% and 7% year over year, respectively. However, this early strength is not expected to last. When factoring in the companies that have yet to report, overall second-quarter earnings for the sector are projected to fall by more than 15% year over year, even as total revenues are expected to rise by over 6%.

Amgen AMGN, Pfizer PFE, Eli Lilly LLY, Merck MRK and Novo Nordisk NVO are all slated to release their quarterly results this week. Let’s see how these pharma/biotech giants are likely to have performed in the soon-to-be-reported quarter.

Amgen

Amgen has an impressive earnings track record. It beat earnings estimates in each of the last four quarters, delivering an average earnings surprise of 11.82%. In the last reported quarter, the company beat earnings estimates by 8.88%.

Our proven model indicates that the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

For the quarter to be reported, Amgen has an Earnings ESP of +0.11% and a Zacks Rank #3. The Zacks Consensus Estimate for sales and earnings is pegged at $9.44 billion and $5.60 per share, respectively. You can see the complete list of today’s Zacks #1 Rank stocks here.

Amgen Inc. Price and EPS Surprise

Amgen Inc. price-eps-surprise | Amgen Inc. Quote

Amgen’s product sales are expected to have been driven by strong volume growth of products like Repatha, Tezspire, Uplizna and Evenity, among others. However, sales of key drugs Prolia and Xgeva are likely to have declined as they have lost patent exclusivity.

The company is scheduled to release its earnings results after the market closes on Aug. 4.

Pfizer

Pfizer has an impeccable earnings track record to date. The company beat earnings estimates in each of the last four quarters, delivering an average earnings surprise of 21.93%. In the last reported quarter, PFE beat earnings estimates by 5.63%.

For the quarter to be reported, Pfizer has an Earnings ESP of +2.07% and a Zacks Rank #3. The Zacks Consensus Estimate for sales and earnings is pegged at $14.45 billion and 68 cents per share, respectively.

Pfizer Inc. Price and EPS Surprise

Pfizer Inc. price-eps-surprise | Pfizer Inc. Quote

Higher sales of products like the Vyndaqel family, Eliquis, Padcev and Lorbrena are likely to have driven Pfizer’s top-line. However, lower revenues from COVID-19 products are likely to have offset this growth.

The company is scheduled to release its earnings results before the opening bell on Aug. 4.

Eli Lilly

Eli Lilly has an encouraging earnings track record. The company’s earnings beat estimates in each of the trailing four quarters, delivering an average earnings surprise of 14.52%. In the last reported quarter, LLY’s earnings beat estimates by 21.10%.

For the quarter to be reported, Eli Lilly has an Earnings ESP of -10.38% and a Zacks Rank #3. The Zacks Consensus Estimate for sales and earnings is pegged at $20.26 billion and $6.71 per share, respectively.

Eli Lilly and Company Price and EPS Surprise

Eli Lilly and Company price-eps-surprise | Eli Lilly and Company Quote

In the second quarter, the key drivers of Eli Lilly’s top-line growth are likely to have been its popular GLP-1 drugs, diabetes drug Mounjaro and obesity drug Zepbound, driven by high demand trends, partially offset by lower pricing.

The company is scheduled to release its earnings results before the opening bell on Aug. 5.

Merck

Merck has an impressive earnings track record. The company’s earnings beat estimates in each of the trailing four quarters, delivering an average earnings surprise of 7.75%. In the last reported quarter, MRK’s earnings beat estimates by 15.23%.

For the quarter to be reported, Merck has an Earnings ESP of 0.00% and a Zacks Rank #4 (Sell). The Zacks Consensus Estimate for sales is pinned at $16.33 billion, while those for earnings are pegged at a loss of 26 cents per share.

Merck & Co., Inc. Price and EPS Surprise

Merck & Co., Inc. price-eps-surprise | Merck & Co., Inc. Quote

Top-line growth in the quarter is expected to have been driven by higher sales of Merck’s blockbuster PD-1 inhibitor Keytruda and contributions from new products like Winrevair, Welireg and Capvaxive. These gains are likely to have been partially offset by lower sales of Gardasil and certain other vaccines.

The company is scheduled to release its earnings results before the opening bell on Aug. 4.

Novo Nordisk

Novo Nordisk has an encouraging earnings track record so far. The company’s earnings beat estimates in each of the trailing four quarters, delivering an average earnings surprise of 16.86%. In the last reported quarter, NVO’s earnings beat estimates by 19.54%.

For the quarter to be reported, NVO has an Earnings ESP of 0.00% and a Zacks Rank #5 (Strong Sell). The Zacks Consensus Estimate for sales and earnings is pegged at $11.27 billion and 82 cents per share, respectively.

Novo Nordisk A/S Price and EPS Surprise

Novo Nordisk A/S price-eps-surprise | Novo Nordisk A/S Quote

Novo Nordisk's revenues in the to-be-reported quarter are expected to have been driven by its diabetes and obesity care product sales, especially Ozempic, Wegovy and Rybelsus.

The company is scheduled to release its earnings results before the opening bell on Aug. 5.

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