The end of the earnings season is always a good time to take a step back and see who shined (and who didn’t). Let’s take a look at how biotechnology stocks fared in Q2, starting with Incyte (NASDAQ: INCY).

The biotechnology industry is defined by its high-risk, high-reward business model, as companies invest heavily in research and development to create innovative therapies and treatments. Breakthroughs can lead to transformative, patent-protected revenue streams. Companies in this space are also increasingly relying on AI and data to maximize the speed and efficiency of drug discovery. On the other hand the lengthy and expensive process of clinical trials and regulatory approval makes profitability uncertain and timelines unpredictable.

The 14 biotechnology stocks we track reported a very strong Q2. As a group, revenues beat analysts’ consensus estimates by 8.9%.

Luckily, biotechnology stocks have performed well with share prices up 28.1% on average since the latest earnings results.

Incyte (NASDAQ: INCY)

Founded in 1991 and evolving from a genomics research firm to a commercial-stage drug developer, Incyte (NASDAQ: INCY) is a biopharmaceutical company that discovers, develops, and commercializes proprietary therapeutics for cancer and inflammatory diseases.

Incyte reported revenues of $1.67 billion, up 37.7% year on year. This print exceeded analysts’ expectations by 11.3%. Overall, it was a satisfactory quarter for the company with a beat of analysts’ EPS estimates but full-year revenue guidance missing analysts’ expectations.

“Our second quarter was marked by broad-based sales growth, continued pipeline progress and strategic business development,” said Bill Meury, Chief Executive Officer, Incyte.

Interestingly, the stock is up 2.1% since reporting and currently trades at $121.33.

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

Best Q2: Regeneron (NASDAQ: REGN)

Founded by scientists who wanted to build a company where science could thrive, Regeneron Pharmaceuticals (NASDAQ: REGN) develops and commercializes medicines for serious diseases, with key products treating eye conditions, allergic diseases, cancer, and other disorders.

Regeneron reported revenues of $4.29 billion, up 16.7% year on year, outperforming analysts’ expectations by 12.4%. The business had an incredible quarter with a beat of analysts’ EPS estimates.

The market seems happy with the results as the stock is up 8.8% since reporting. It currently trades at $756.50.

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

Weakest Q2: Myriad Genetics (NASDAQ: MYGN)

Founded in 1991 as one of the pioneers in translating genetic discoveries into clinical applications, Myriad Genetics (NASDAQ: MYGN) develops genetic tests that assess disease risk, guide treatment decisions, and provide insights across oncology, women's health, and mental health.

Myriad Genetics reported revenues of $190.7 million, down 10.5% year on year, falling short of analysts’ expectations by 8.2%. It was a disappointing quarter as it posted full-year revenue guidance missing analysts’ expectations and a significant miss of analysts’ EPS estimates.

Myriad Genetics delivered the weakest performance against analyst estimates and weakest full-year guidance update of the whole group. As expected, the stock is down 20.5% since the results and currently trades at $4.27.

Read our full analysis of Myriad Genetics’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 $10.05 billion, up 9.5% year on year. This print topped analysts’ expectations by 6.9%. Overall, it was an exceptional quarter as it also put up full-year revenue guidance exceeding analysts’ expectations.

The stock is up 8.2% since reporting and currently trades at $421.81.

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

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 $145 million, up 2.1% year on year. This result surpassed analysts’ expectations by 35.8%. It was an exceptional quarter as it also produced a beat of analysts’ EPS estimates.

Moderna delivered the biggest analyst estimate beat in the group. The stock is up 230% since reporting and currently trades at $191.37.

Read our full, actionable report on Moderna 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 Hidden Gem Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.