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 pharmaceuticals stocks, starting with Amphastar Pharmaceuticals (NASDAQ: AMPH).

The pharmaceuticals sector develops, manufactures, and distributes drugs, benefiting from diversified portfolios of branded and generic medications. Looking ahead, growth will be driven by innovations in precision medicine, such as genetic therapies and advanced biologics, and the increasing use of AI to speed and increase the efficiency of drug discovery. These could specifically magnify the advantages of the most scaled players. Conversely, the sector faces considerable headwinds from intense, bipartisan political pressure on drug pricing, scrutiny of patent practices, and growing competition from biosimilars. These could specifically stymie the growth of smaller companies or ones facing patent expirations on key drugs.

The 17 pharmaceuticals stocks we track reported a mixed Q1. As a group, revenues beat analysts’ consensus estimates by 1.5% while next quarter’s revenue guidance was in line.

While some pharmaceuticals stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 4.1% since the latest earnings results.

Amphastar Pharmaceuticals (NASDAQ: AMPH)

Founded in 1996 and known for its expertise in complex drug formulations, Amphastar Pharmaceuticals (NASDAQ: AMPH) develops and manufactures technically challenging injectable and inhalation medications, including both generic and proprietary pharmaceutical products.

Amphastar Pharmaceuticals reported revenues of $171.2 million, flat year on year. This print fell short of analysts’ expectations by 1.1%. Overall, it was a disappointing quarter for the company with a significant miss of analysts’ EPS and revenue estimates.

Unsurprisingly, the stock is down 25.1% since reporting and currently trades at $18.00.

Read our full report on Amphastar Pharmaceuticals here, it’s free.

Best Q1: Eli Lilly (NYSE: LLY)

Founded in 1876 by a Civil War veteran and pharmacist frustrated with the poor quality of medicines, Eli Lilly (NYSE: LLY) discovers, develops, and manufactures pharmaceutical products for conditions including diabetes, obesity, cancer, immunological disorders, and neurological diseases.

Eli Lilly reported revenues of $19.8 billion, up 55.5% year on year, outperforming analysts’ expectations by 13.7%. The business had a stunning quarter with a beat of analysts’ EPS estimates and an impressive beat of analysts’ revenue estimates.

Eli Lilly achieved the fastest revenue growth among its peers. The market seems happy with the results as the stock is up 16.3% since reporting. It currently trades at $990.36.

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

Weakest Q1: Ocular Therapeutix (NASDAQ: OCUL)

Pioneering a drug delivery platform that can eliminate the need for monthly eye injections, Ocular Therapeutix (NASDAQ: OCUL) develops sustained-release treatments for eye diseases using its proprietary ELUTYX bioresorbable hydrogel technology that gradually releases medication.

Ocular Therapeutix reported revenues of $10.79 million, flat year on year, falling short of analysts’ expectations by 16.5%. It was a disappointing quarter as it posted a significant miss of analysts’ revenue and EPS estimates.

As expected, the stock is down 6.3% since the results and currently trades at $9.15.

Read our full analysis of Ocular Therapeutix’s results here.

Viatris (NASDAQ: VTRS)

Created through the 2020 merger of Mylan and Pfizer's Upjohn division, Viatris (NASDAQ: VTRS) is a healthcare company that develops, manufactures, and distributes branded and generic medicines across more than 165 countries worldwide.

Viatris reported revenues of $3.52 billion, up 8.1% year on year. This number beat analysts’ expectations by 5.2%. It was a strong quarter as it also put up an impressive beat of analysts’ revenue and EPS estimates.

The stock is up 7.8% since reporting and currently trades at $17.20.

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

Elanco (NYSE: ELAN)

Originally established as a division of pharmaceutical giant Eli Lilly before becoming independent in 2018, Elanco Animal Health (NYSE: ELAN) develops and sells medications, vaccines, and other health products for pets and farm animals across more than 90 countries.

Elanco reported revenues of $1.37 billion, up 14.9% year on year. This result surpassed analysts’ expectations by 6.8%. Taking a step back, it was a satisfactory quarter as it also produced a solid beat of analysts’ revenue estimates but a significant miss of analysts’ EPS guidance for next quarter estimates.

The stock is down 7% since reporting and currently trades at $21.38.

Read our full, actionable report on Elanco 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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