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Exclusive Story A Closer Look at Healthcare Sector Earnings: AZN vs. EW vs. ZBHSubmitted by Nathan Reiff. Date Posted: 2/12/2026. 
At a Glance - AstraZeneca, Edwards Lifesciences, and Zimmer Biomet all reported earnings on the same day, but with vastly different results.
- Of these, AstraZeneca's impressive oncology medicine sales growth stands out, having driven significant top-line growth.
- Edwards and Zimmer both saw notable successes in the latest quarter, but also face sizable challenges.
More than just a financial check-up, earnings for companies in the healthcare sector offer a key window for investors into a firm's pipeline and development progress. Even well-established, stable firms in the healthcare space can surprise with growth when they release a new blockbuster drug or medical device, and earnings periods give management a chance to provide context and commentary beyond what investors might learn from FDA approval notices. When healthcare companies release earnings on the same day, it can create a busy period for investors trying to sort through the news and plan trades. On Feb. 10, 2025, three major names in the sector—AstraZeneca (NASDAQ: AZN), Edwards Lifesciences (NYSE: EW), and Zimmer Biomet (NYSE: ZBH)—all reported full-year and Q4 2025 results. Below are highlights and takeaways for healthcare investors seeking to act on these updates. AstraZeneca Firms Up Cancer Business in a Strong Overall Quarterly Performance Central banks bought more gold last year than in any year since 1967 — and the pace is accelerating just as physical demand begins to overwhelm paper supply. The next major delivery cycle opens March 31, when paper contract holders can demand physical gold from Western vaults. Dylan Jovine at Behind the Markets has identified one small company sitting on one of the largest undeveloped gold deposits in North America, positioned to benefit if this supply-demand imbalance intensifies after the delivery window opens. See Dylan Jovine's Gold Miner Pick Before the March 31 Delivery Window U.K.-based pharma giant AstraZeneca ended 2025 by cementing its position as a go-to provider of cancer medicines, which accounted for about 44% of product sales in the quarter. Sales of oncology drugs such as Imfinzi and Enhertu grew as much as 48% year-over-year (YOY), helping to drive total revenue up 8.6% to $58.7 billion for the quarter. After-tax profits surged alongside revenue, rising to $10.2 billion from $7 billion in the prior-year quarter, prompting the company's board to declare a second interim dividend that was 7 cents higher than last year's. Investors also have more to watch for in 2026 as AstraZeneca advances dozens of clinical programs. Management said 20 Phase 3 readouts are expected in 2026, and the company expects solid increases in both total revenue and core earnings per share (EPS) for the full year. In the hours after its strong earnings release, AZN shares climbed close to 3%. While 10 out of 11 analysts rate AZN a Buy or equivalent, Wall Street remains cautious on valuation—the consensus price target of $95.75 implies roughly a 51% downside from current levels. TAVR Momentum Fuels Edwards Sales Growth, Though Earnings and Margin Limits Persist Edwards makes replacement heart valves and related surgical devices and monitoring systems. The firm's Q4 2025 results were largely positive, including 13.3% YOY sales growth driven by strong transcatheter aortic valve replacement (TAVR) momentum and the latest iteration of the company's SAPIEN valve. That said, adjusted EPS missed analysts' expectations, and gross profit margin declined by 0.8 percentage points year-over-year. Despite those mixed signals, Edwards reaffirmed its prior 2026 outlook, which calls for sales growth of 8% to 10% YOY and EPS between $2.90 and $3.05. EW shares rose about 4% in after-hours trading following the announcement, trading above $80. About two-thirds of analysts covering EW rate it a Buy, and the consensus price target suggests roughly 25% upside to $96.77. Orthopedic Demand Remains High, But Zimmer Faces Some Headwinds Going Forward Zimmer Biomet, a maker of replacement systems and implants for joint and bone disorders, saw its share price climb more than 3% hours after reporting EPS of $2.42, four cents above consensus estimates, and revenue of $2.2 billion, up almost 11% YOY and slightly ahead of forecasts. Strong demand for Zimmer's orthopedic products continues to support both top- and bottom-line growth. Zimmer is also shifting its focus more toward the U.S., which represents close to 60% of its business. With insured patient utilization trending up, demand for Zimmer's products is expected to remain robust in the near term. However, tariffs remain a complicating factor and could weigh on EPS and revenue in 2026. Management issued conservative guidance in the latest earnings report, forecasting adjusted EPS of $8.30 to $8.45 and free cash flow improvement of 8% to 10%. Before the earnings release, analysts were divided on Zimmer, assigning a consensus Hold rating even though the average price target implies about 15% upside.
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