As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q1. Today, we are looking at therapeutics stocks, starting with Moderna (NASDAQ: MRNA).

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 satisfactory Q1. As a group, revenues beat analysts’ consensus estimates by 14.5%.

Thankfully, share prices of the companies have been resilient as they are up 9.4% on average since the latest earnings results.

Moderna (NASDAQ: MRNA)

Rising to global prominence during the COVID-19 pandemic with one of the first effective vaccines, Moderna (NASDAQ: MRNA) develops messenger RNA (mRNA) medicines that direct the body's cells to produce proteins with therapeutic or preventive benefits for various diseases.

Moderna reported revenues of $389 million, up 260% year on year. This print exceeded analysts’ expectations by 55.8%. Overall, it was an incredible quarter for the company with a beat of analysts’ EPS estimates.

"The Moderna team delivered a great start to the year, driving significant revenue growth and substantial cost reductions building on actions taken in 2025. We received two product approvals in Europe, including the world's first flu plus COVID combination vaccine, mCOMBRIAX. We also started a new pivotal trial for intismeran-our first Phase 3 monotherapy study for high-risk Stage 1 non-small cell lung cancer patients," said Stéphane Bancel, Chief Executive Officer of Moderna.

Moderna scored the fastest revenue growth in the group. Unsurprisingly, the stock is up 17.5% since reporting and currently trades at $53.98.

Is now the time to buy Moderna? Access our full analysis of the earnings results 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 $139.5 million, down 79.1% year on year, outperforming analysts’ expectations by 84.5%. The business had an incredible quarter with a beat of analysts’ EPS estimates.

Novavax scored the biggest analyst estimate beat among its peers. Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 7.3% since reporting. It currently trades at $7.51.

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

Weakest Q1: 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 $781.5 million, down 1.6% year on year, falling short of analysts’ expectations by 1.9%. It was a disappointing quarter as it posted a significant miss of analysts’ EPS estimates.

United Therapeutics delivered the weakest performance against analyst estimates of the whole group. As expected, the stock is down 7.6% since the results and currently trades at $528.47.

Read our full analysis of United Therapeutics’s results here.

Amgen (NASDAQ: AMGN)

Founded in 1980 during the early days of the biotechnology revolution, Amgen (NASDAQ: AMGN) is a biotechnology company that discovers, develops, and manufactures innovative medicines to treat serious illnesses like cancer, osteoporosis, and autoimmune diseases.

Amgen reported revenues of $8.62 billion, up 5.8% year on year. This result beat analysts’ expectations by 1.4%. More broadly, it was a satisfactory quarter as it also recorded a beat of analysts’ EPS estimates but full-year revenue guidance meeting analysts’ expectations.

The stock is up 8.5% since reporting and currently trades at $375.65.

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

Halozyme Therapeutics (NASDAQ: HALO)

Known for transforming hours-long intravenous infusions into minutes-long subcutaneous injections, Halozyme Therapeutics (NASDAQ: HALO) develops and licenses its proprietary ENHANZE technology that enables subcutaneous delivery of injectable drugs that would otherwise require intravenous administration.

Halozyme Therapeutics reported revenues of $376.7 million, up 42.2% year on year. This print surpassed analysts’ expectations by 6.1%. Taking a step back, it was a satisfactory quarter as it also produced a beat of analysts’ EPS estimates but a slight miss of analysts’ full-year EPS guidance estimates.

The stock is up 23.5% since reporting and currently trades at $82.

Read our full, actionable report on Halozyme Therapeutics 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 9 Best Market-Beating Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.