The second-quarter earnings season was a rather good one for the large drugmakers, with most companies beating estimates for earnings and sales. Particularly a strong top-line performance attracted investor attention to the pharma sector. Driven by the better-than-expected performance in the first half, most companies also raised their guidance for 2023.
In 2023, new drug approvals and line extensions have picked up sharply. The FDA has already approved 35 new drugs so far in 2023 compared with 37 in the whole of 2022. M&A deals are also picking up, which shows growth. Overall, innovation is likely to drive growth in the industry with key spaces like weight-loss/obesity and Alzheimer’s disease drugs attracting attention. These large drugmakers are worth retaining in your portfolio.
This post originally appeared on 24/7 Wall St.