Looking back on biotechnology stocks’ Q4 earnings, we examine this quarter’s best and worst performers, including Incyte (NASDAQ: INCY) and its peers.

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 strong Q4. As a group, revenues beat analysts’ consensus estimates by 6.8%.

While some biotechnology stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 3.5% 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 $1.51 billion, up 27.8% year on year. This print exceeded analysts’ expectations by 11.4%. Overall, it was a satisfactory quarter for the company with a solid beat of analysts’ revenue estimates but a significant miss of analysts’ EPS estimates.

“Our fourth quarter and full year 2025 results reflect exceptional core business growth and pipeline progress,” said Bill Meury, President and Chief Executive Officer, Incyte.

The stock is down 17.2% since reporting and currently trades at $90.28.

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

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, outperforming analysts’ expectations by 57.4%. The business had an incredible quarter with a beat of analysts’ EPS estimates and an impressive beat of analysts’ revenue estimates.

Novavax delivered the biggest analyst estimates beat and fastest revenue growth among its peers. Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 10.8% since reporting. It currently trades at $8.50.

Is now the time to buy Novavax? 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 12.1% since the results and currently trades at $530.64.

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

BioMarin Pharmaceutical (NASDAQ: BMRN)

Pioneering treatments for conditions that often had no previous therapeutic options, BioMarin Pharmaceutical (NASDAQ: BMRN) develops and commercializes therapies that address the root causes of rare genetic disorders, particularly those affecting children.

BioMarin Pharmaceutical reported revenues of $874.6 million, up 17% year on year. This number surpassed analysts’ expectations by 4.8%. More broadly, it was a slower quarter as it logged a significant miss of analysts’ full-year EPS guidance estimates and a significant miss of analysts’ EPS estimates.

BioMarin Pharmaceutical had the weakest full-year guidance update among its peers. The stock is down 12.8% since reporting and currently trades at $54.84.

Read our full, actionable report on BioMarin Pharmaceutical 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 $678 million, down 29.8% year on year. This print topped analysts’ expectations by 2.7%. Overall, it was an exceptional quarter as it also recorded a beat of analysts’ EPS estimates and an impressive beat of analysts’ revenue estimates.

Moderna had the slowest revenue growth among its peers. The stock is up 23% since reporting and currently trades at $49.35.

Read our full, actionable report on Moderna 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.

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