As the Q4 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the therapeutics industry, including Novavax (NASDAQ: NVAX) and its peers.

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 strong Q4. As a group, revenues beat analysts’ consensus estimates by 7.1%.

In light of this news, share prices of the companies have held steady as they are up 2.3% on average since the latest earnings results.

Best Q4: 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 $147.1 million, up 66.6% year on year. This print exceeded analysts’ expectations by 57.4%. Overall, it was an incredible quarter for the company with a beat of analysts’ EPS and revenue estimates.

Novavax pulled off the biggest analyst estimates beat and fastest revenue growth of the whole group. Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 9% since reporting and currently trades at $8.68.

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

Biogen (NASDAQ: BIIB)

Founded in 1978 and pioneering treatments for some of medicine's most complex challenges, Biogen (NASDAQ: BIIB) develops and markets therapies for neurological conditions, including multiple sclerosis, Alzheimer's disease, spinal muscular atrophy, and rare diseases.

Biogen reported revenues of $2.28 billion, up 1.2% year on year, outperforming analysts’ expectations by 3.6%. The business had a stunning quarter with an impressive beat of analysts’ full-year EPS guidance estimates.

Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 1% since reporting. It currently trades at $183.50.

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

Slowest Q4: 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 $790.2 million, up 7.4% year on year, falling short of analysts’ expectations by 2.5%. It was a softer quarter as it posted a significant miss of analysts’ revenue estimates.

United Therapeutics delivered the weakest performance against analyst estimates in the group. Interestingly, the stock is up 21.4% since the results and currently trades at $574.72.

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

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 $678 million, down 29.8% year on year. This result surpassed analysts’ expectations by 2.7%. It was an exceptional quarter as it also recorded a beat of analysts’ EPS and revenue estimates.

Moderna had the slowest revenue growth among its peers. The stock is up 36.2% since reporting and currently trades at $54.62.

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

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 $9.87 billion, up 8.6% year on year. This print beat analysts’ expectations by 4.1%. Overall, it was a very strong quarter as it also produced an impressive beat of analysts’ revenue estimates and full-year revenue guidance beating analysts’ expectations.

The stock is up 3.9% since reporting and currently trades at $351.94.

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

Market Update

Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

Want to invest in winners with rock-solid fundamentals? Check out our Top 6 Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.