The end of an earnings season can be a great time to discover new stocks and assess how companies are handling the current business environment. Let’s take a look at how UFP Technologies (NASDAQ: UFPT) and the rest of the drug development inputs & services stocks fared in Q4.

Companies specializing in drug development inputs and services play a crucial role in the pharmaceutical and biotechnology value chain. Essential support for drug discovery, preclinical testing, and manufacturing means stable demand, as pharmaceutical companies often outsource non-core functions with medium to long-term contracts. However, the business model faces high capital requirements, customer concentration, and vulnerability to shifts in biopharma R&D budgets or regulatory frameworks. Looking ahead, the industry will likely enjoy tailwinds such as increasing investment in biologics, cell and gene therapies, and advancements in precision medicine, which drive demand for sophisticated tools and services. There is a growing trend of outsourcing in drug development for nimbleness and cost efficiency, which benefits the industry. On the flip side, potential headwinds include pricing pressures as efforts to contain healthcare costs are always top of mind. An evolving regulatory backdrop could also slow innovation or client activity.

The 8 drug development inputs & services stocks we track reported a mixed Q4. As a group, revenues beat analysts’ consensus estimates by 1.5%.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 13.9% since the latest earnings results.

UFP Technologies (NASDAQ: UFPT)

With expertise dating back to 1963 in specialized materials and precision manufacturing, UFP Technologies (NASDAQ: UFPT) designs and manufactures custom solutions for medical devices, sterile packaging, and other highly engineered products for healthcare and industrial applications.

UFP Technologies reported revenues of $148.9 million, up 3.4% year on year. This print was in line with analysts’ expectations, and overall, it was a satisfactory quarter for the company with a beat of analysts’ EPS estimates but revenue in line with analysts’ estimates.

“I am pleased with our 2025 results and our progress on a number of key strategic initiatives,” said R. Jeffrey Bailly, CEO.

Unsurprisingly, the stock is down 20.9% since reporting and currently trades at $190.28.

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

Best Q4: Medpace (NASDAQ: MEDP)

Founded in 1992 as a scientifically-driven alternative to traditional contract research organizations, Medpace (NASDAQ: MEDP) provides outsourced clinical trial management and research services to help pharmaceutical, biotechnology, and medical device companies develop new treatments.

Medpace reported revenues of $708.5 million, up 32% year on year, outperforming analysts’ expectations by 3.3%. The business had a very strong quarter with a solid beat of analysts’ organic revenue estimates and a solid beat of analysts’ full-year EPS guidance estimates.

Medpace achieved 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 12% since reporting. It currently trades at $466.80.

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

Slowest Q4: Fortrea (NASDAQ: FTRE)

Spun off from Labcorp in 2023 to focus exclusively on clinical research services, Fortrea (NASDAQ: FTRE) is a contract research organization that helps pharmaceutical, biotech, and medical device companies develop and bring their products to market through clinical trials and support services.

Fortrea reported revenues of $660.5 million, down 5.2% year on year, falling short of analysts’ expectations by 0.9%. It was a softer quarter as it posted full-year revenue guidance missing analysts’ expectations significantly and a significant miss of analysts’ EPS estimates.

Fortrea delivered the weakest performance against analyst estimates and slowest revenue growth in the group. As expected, the stock is down 8.7% since the results and currently trades at $9.44.

Read our full analysis of Fortrea’s results here.

Azenta (NASDAQ: AZTA)

Serving as the guardian of some of medicine's most valuable materials, Azenta (NASDAQ: AZTA) provides biological sample management, storage, and genomic services that help pharmaceutical and biotechnology companies preserve and analyze critical research materials.

Azenta reported revenues of $148.6 million, flat year on year. This print beat analysts’ expectations by 1.1%. Taking a step back, it was a slower quarter as it produced a significant miss of analysts’ EPS estimates.

The stock is down 40.8% since reporting and currently trades at $21.85.

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

IQVIA (NYSE: IQV)

Created from the 2016 merger of Quintiles (a clinical research organization) and IMS Health (a healthcare data specialist), IQVIA (NYSE: IQV) provides clinical research services, data analytics, and technology solutions to help pharmaceutical companies develop and market medications more effectively.

IQVIA reported revenues of $4.36 billion, up 10.3% year on year. This number surpassed analysts’ expectations by 2.9%. Taking a step back, it was a mixed quarter as it also produced an impressive beat of analysts’ revenue estimates but a miss of analysts’ full-year EPS guidance estimates.

IQVIA pulled off the highest full-year guidance raise among its peers. The stock is down 18.2% since reporting and currently trades at $165.60.

Read our full, actionable report on IQVIA 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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