Stocks Surged Across the Board Today, and Biotech Brought Its Own Earnings Story

Drugmakers paired revenue growth and higher outlooks with disclosures of Medicare-related pricing pressure.

Rhea-AI Summary

Merck (NYSE: MRK) reported worldwide sales of $18.1 billion, up 5%, and narrowed its sales outlook while raising the midpoint. Its expected sales range is $66.8 billion–$67.3 billion. KEYTRUDA/KEYTRUDA QLEX sales were $8.6 billion; WINREVAIR sales rose 93% to $694 million.

Other drugmakers also reported growth: Amgen's third-quarter revenue rose 8% to $10.4 billion, Vertex's rose 12% to $3.44 billion, and Incyte's rose 14% to $1.56 billion. Gilead's product sales excluding Veklury increased 16% year over year to $8.2 billion. Gilead, Vertex and Incyte raised their full-year sales or revenue outlooks. Pricing pressures included a 14% decline in Amgen's Enbrel net selling price; Gilead expects a new Medicare price to affect Biktarvy revenue starting January 1, 2028.

The Nasdaq Biotechnology Index rose 2.1% as of 2:31 p.m. ET on November 4, alongside a broader market rally.

15 points · 4 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 2 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Merck sales outlook narrowed to $66.8 billion–$67.3 billion, with a higher midpoint.
• Major point. Forward-looking: it has not happened yet and may not happen.Gilead full-year product sales outlook rose to $31.0 billion–$31.3 billion from $30.1 billion–$30.4 billion.
• Major point. Forward-looking: it has not happened yet and may not happen.Vertex 2026 revenue guidance rose to $13.15 billion–$13.25 billion from $13.1 billion–$13.2 billion.
• Major point. Forward-looking: it has not happened yet and may not happen.Incyte 2026 net sales guidance rose to $5.21 billion–$5.30 billion from $5.13 billion–$5.26 billion.
• Moderate pointMerck worldwide sales increased 5% to $18.1 billion.
• Moderate pointAmgen third-quarter revenue increased 8% to $10.4 billion.
• Moderate pointGilead product sales excluding Veklury increased 16% year over year to $8.2 billion.
• Moderate pointVertex third-quarter revenue increased 12% to $3.44 billion.
• Moderate pointVertex acquisition of Crinetics Pharmaceuticals closed.
• Moderate pointIncyte third-quarter revenue increased 14% to $1.56 billion.

5 minor points

• Minor pointMerck WINREVAIR sales increased 93% to $694 million.
• Minor pointAmgen product growth included at least double-digit sales increases for seventeen products.
• Minor pointAmgen Enbrel third-quarter sales increased 5% year over year to $611 million.
• Minor pointVertex JOURNAVX prescriptions exceeded 750,000 filled in the third quarter.
• Minor point. Forward-looking: it has not happened yet and may not happen.Incyte Opzelura guidance includes a one-time $246 million benefit related to its CMS agreement.

Negative

• Moderate point. Forward-looking: it has not happened yet and may not happen.Gilead Biktarvy Medicare price is expected to affect revenue starting January 1, 2028.
• Minor pointAmgen Enbrel net selling price fell 14% year over year in the third quarter; volume also declined.

Key Figures

Third-quarter total revenue: $3.44 billion, up 12% Full-year total revenue guidance: $13.15 billion to $13.25 billion JOURNAVX prescriptions: More than 750,000 +2 more

Third-quarter total revenue

$3.44 billion, up 12%

Vertex, third quarter 2026

Full-year total revenue guidance

$13.15 billion to $13.25 billion

Vertex 2026 guidance; raised from $13.1 billion to $13.2 billion

JOURNAVX prescriptions

More than 750,000

Filled in the third quarter

PDUFA date

Nov. 30

Povetacicept

VRTX share change

+3.0%

As of 2:31 p.m. ET on Nov. 4, 2026

Historical Context

1 past event · Latest: Oct 23

1 event

1. Oct 23

   Phase 3 results

   24h Move

   -2.1%

   Phase 3 RAINIER met endpoints; FDA accepted povetacicept application for a Nov. 30 target action date.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

pdufa, nav1.8, maximum fair price

3 terms

pdufa regulatory

"a Prescription Drug User Fee Act (PDUFA) date of Nov. 30"

PDUFA is the Prescription Drug User Fee Act, the U.S. law under which drug companies pay fees that fund the FDA's review of new medicines. In company news the term usually appears as the PDUFA date, the target deadline by which the FDA aims to decide on a drug application; that date tells investors when to expect the approval or rejection decision for the product.

nav1.8 technical

"its non-opioid NaV1.8 pain signal inhibitor"

A voltage-gated sodium channel protein expressed mainly in peripheral sensory neurons that helps carry electrical signals involved in pain sensation. Think of it as a gate on nerve cells that opens to let charged particles pass and trigger pain signals; drugs that block or modulate Nav1.8 are therefore of interest because they can change how pain is transmitted. Investors care because therapies targeting Nav1.8 are a common route for developing novel analgesic drugs.

maximum fair price regulatory

"the Maximum Fair Price for Biktarvy under Medicare"

The maximum fair price is the highest price that a seller, buyer, or valuation assessor considers reasonable for a security or asset based on its financials, market conditions, and comparable transactions. It matters to investors because it sets an upper boundary for deals, offers, or valuations—like a ceiling on what would be considered a fair trade—helping market participants judge whether a quoted or proposed price is within an acceptable range.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, Nov. 4, 2026 /PRNewswire/ -- Fly on Wall Street News Commentary - Wall Street's major indexes rallied together on Wednesday. As of 2:31 p.m. ET, the Dow Jones Industrial Average was up 1,552.12 points, or 3.0%, at 53,338.84, while the S&P 500 was up 1.8% at 7,702.43 and the Nasdaq Composite was up 1.8% at 25,839.48. Active Companies from around the markets with current developments this week include: Amgen Inc. (NASDAQ: AMGN), Gilead Sciences, Inc. (NASDAQ: GILD), Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX), Incyte Corporation (NASDAQ: INCY), and Merck & Co., Inc. (NYSE: MRK).

Small caps joined in. The Russell 2000 was up 1.6% at 2,856.49 as of 2:31 p.m. ET.

The rally follows Tuesday's U.S. elections. But investors also had a run of quarterly reports from drug makers to sort through over the past week.

Biotech kept up with the broader market. The Nasdaq Biotechnology Index was up 2.1% at 7,415.74 as of 2:31 p.m. ET, a slightly bigger percentage gain than the S&P 500's at that moment.

Here's the thing. That left the index about 0.6% below its 52-week intraday high of 7,458.19, reached on Oct. 30, and roughly 41% above its close of 5,246.62 on Nov. 3, 2025, based on daily index data.

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Several drug makers reported fresh numbers in the days before the rally

Amgen Inc. (NASDAQ: AMGN) is one of the 30 companies in the Dow Jones Industrial Average. On Nov. 3, it reported that third-quarter total revenues increased 8% to $10.4 billion, and that seventeen products delivered at least double-digit sales growth. Amgen shares were up 3.5% as of 2:31 p.m. ET.

"Amgen delivered another strong quarter as our strategy for long-term growth continued to produce results across the enterprise," said Robert A. Bradway, chairman and chief executive officer of Amgen.

Gilead Sciences, Inc. (NASDAQ: GILD) reported on Oct. 29 that product sales excluding Veklury increased 16% year-over-year to $8.2 billion. The company now expects full-year product sales of $31.0 billion to $31.3 billion, up from $30.1 billion to $30.4 billion previously. Gilead shares were up 4.4% as of 2:31 p.m. ET.

"Gilead delivered an exceptional third quarter, with our strongest year-over-year base business growth in more than a decade, reflecting the strength, breadth and durability of our business," said Daniel O'Day, Gilead's Chairman and Chief Executive Officer.

Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) reported on Nov. 2 that third-quarter total revenue increased 12% to $3.44 billion, and it raised its full-year 2026 total revenue guidance to $13.15 billion to $13.25 billion, from $13.1 billion to $13.2 billion previously.

Vertex also said more than 750,000 prescriptions were filled in the third quarter for JOURNAVX, its non-opioid NaV1.8 pain signal inhibitor, and it pointed to a Prescription Drug User Fee Act (PDUFA) date of Nov. 30 for povetacicept. Vertex shares were up 3.0% as of 2:31 p.m. ET.

"Vertex delivered excellent third quarter results marked by strong revenue growth across the increasingly diversified portfolio, continued advancement of the R&D pipeline, and the successful close of the Crinetics Pharmaceuticals acquisition," said Reshma Kewalramani, M.D., Chief Executive Officer and President of Vertex.

Not every number in these reports was about growth

Admittedly, quarterly results tell only part of the story. Pricing disclosures matter too, and several of these companies spelled them out in their own releases.

Amgen said Enbrel sales increased 5% year-over-year to $611 million in the third quarter, driven by favorable changes to estimated sales deductions and higher inventory levels, partially offset by 14% lower net selling price, reflecting the ongoing impact of U.S. Medicare Part D price setting effective in 2026 under the Inflation Reduction Act, and lower volume.

Gilead said that in October 2026, the Centers for Medicare and Medicaid Services completed the process of setting the Maximum Fair Price for Biktarvy under Medicare. According to Gilead, the new price will be effective and impact its Biktarvy revenue starting Jan. 1, 2028.

Incyte Corporation (NASDAQ: INCY) reported on Oct. 29 that third-quarter total revenue was $1.56 billion, an increase of 14%, and raised its full-year 2026 total net sales guidance to $5.21 billion to $5.30 billion, from $5.13 billion to $5.26 billion previously.

Incyte said its Opzelura net sales guidance includes a one-time $246 million benefit related to its agreement with CMS to resolve its litigation related to the application of Medicaid rebate rules to Opzelura. Incyte shares were up 3.9% as of 2:31 p.m. ET.

"Our third quarter was marked by strong commercial performance, meaningful pipeline progress and important regulatory achievements," said Bill Meury, Chief Executive Officer of Incyte.

Merck narrowed its sales range and raised the midpoint

Merck & Co., Inc. (NYSE: MRK), known as MSD outside the United States and Canada, reported on Oct. 29 that total worldwide sales were $18.1 billion, a 5% increase. KEYTRUDA/KEYTRUDA QLEX sales were $8.6 billion, and WINREVAIR sales were $694 million, up 93%.

Merck narrowed its worldwide sales range and raised the midpoint, and now expects sales to be between $66.8 billion and $67.3 billion. Merck shares were up 2.6% as of 2:31 p.m. ET.

"Our science-led strategy is transforming our business," said Robert M. Davis, chairman and chief executive officer of Merck.

However, one session rarely settles anything. A broad rally lifts many stocks at once, and investors may want to separate the index move from what each company actually reported.

That's where the releases themselves come in. Revenue, guidance and pricing disclosures are all on the record, and they will still be there after today's session is over.

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FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What sales outlook did Merck give with its latest results?

Merck expects worldwide sales of $66.8 billion to $67.3 billion, narrowing the range and raising its midpoint. Reported worldwide sales were $18.1 billion, a 5% increase.

When is Vertex's povetacicept regulatory decision date?

Vertex identified November 30 as the Prescription Drug User Fee Act date for povetacicept, the scheduled regulatory review milestone.

Why did Amgen's Enbrel sales rise despite lower pricing?

Enbrel's third-quarter sales increase reflected favorable changes to estimated sales deductions and higher inventory levels, partly offset by lower pricing and volume. Amgen linked the 14% lower net selling price to the ongoing impact of U.S. Medicare Part D price setting effective in 2026.