The earnings season is off to a flying start with equity markets scaling record highs, owing to a slew of upbeat economic data, strong corporate performance and President Donald Trump’s tax reform proposal. However, the performance has been a mixed bag for biotech companies, with some beating market expectations, while a few failed to do so (read: U.S. Fiscal Deficit at 3.5% of GDP: ETFs in Focus).

We will now discuss the performance of a few biotech giants such as Amgen Inc AMGN, Gilead Sciences GILD, Biogen Inc BIIB and Alexion Pharmaceuticals ALXN (read: Should You Keep Your Portfolio Healthy with Biotech ETFs?).

Earnings in Focus

Amgen reported third-quarter 2017 adjusted earnings of $3.27 per share on Oct 25, 2017, surpassing the Zacks Consensus Estimate of $3.09 and increasing 8.3% from $3.02 per share in the year-ago quarter. The company also beat the Zacks Consensus Estimate on the revenue front. Amgen reported revenues of $5.773 billion, surpassing the Zacks Consensus Estimate of $5.743 billion but decreased 0.7% from $5.811 billion in the year-ago quarter.

The company updated its full-year non-GAAP EPS guidance to the range $10.96-$11.20 from the previous guided range of $10.79-$11.37, owing to hurricane-recovery costs. It also updated its revenue guidance to the range of $22.7-$23 billion from the previous guided range of $22.5-$23 billion. The company’s shares lost around 0.8% during after-hours trading on Oct 25, 2017, after it revised down its guidance.

Gilead Sciences reported third-quarter 2017 adjusted earnings of $2.06 per share on Oct 26, 2017, missing the Zacks Consensus Estimate of $2.09 and decreasing more than 25.1% from $2.75 per share in the year-ago quarter. However, the company beat the Zacks Consensus Estimate on the revenue front. The company reported revenues of $6.512 billion, surpassing the Zacks Consensus Estimate of $6.329 billion but decreased more than 13.2% from $7.500 billion in the year-ago quarter.

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