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Sunday's Featured Content A Closer Look at Healthcare Sector Earnings: AZN vs. EW vs. ZBHWritten by Nathan Reiff. Publication Date: 2/12/2026. 
Quick Look - 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 clear window for investors into a firm's pipeline and development progress. Even well-established, steady firms can surprise with growth after the release of a new blockbuster drug or medical device. Earnings periods also give management a chance to provide context and commentary beyond what investors might expect from FDA approval notices, for example. When healthcare companies release earnings reports on the same day, it can be a busy time for investors trying to sort through the most important 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 fourth-quarter 2025 earnings. Below are the highlights and takeaways for healthcare investors planning their next moves. 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 final quarter. Sales of oncology drugs such as Imfinzi and Enhertu grew by as much as 48% year-over-year (YOY), helping to propel total revenue up 8.6% to $58.7 billion for the quarter. After-tax profits surged alongside revenue, climbing to $10.2 billion from $7 billion in the prior-year quarter, and the company's board declared a second interim dividend that was 7 cents higher than the prior year. Investors will also have more to watch in the year ahead as AstraZeneca advances dozens of drugs through clinical development. Management indicated that 20 Phase 3 readouts are expected in 2026, and the firm forecasts solid increases in both total revenue and core earnings per share (EPS) for the full year. In the hours following its strong earnings performance, AZN shares climbed nearly 3%. Although 10 of 11 analysts rate AZN a Buy or equivalent, some on Wall Street question the firm's valuation—based on a consensus price target of $95.75, shares could fall roughly 51% from current levels. TAVR Momentum Fuels Edwards Sales Growth, Though Investors Should Note Earnings and Margin Limits Edwards builds replacement heart valves and related surgical devices, as well as monitoring systems. The firm's Q4 2025 earnings results were largely positive, highlighted by 13.3% YOY sales growth driven by strong transcatheter aortic valve replacement (TAVR) momentum and uptake of the latest SAPIEN valve. At the same time, adjusted EPS missed analyst expectations, and gross profit margin declined by 0.8% YOY. Despite the mixed elements of the quarter, Edwards remains confident it will meet its prior 2026 outlook, which called for sales growth of 8% to 10% YOY and EPS between $2.90 and $3.05. EW shares spiked above $80 in after-hours trading, roughly 4% higher than the previous close following the announcement. About two-thirds of analysts rate EW a Buy, and the consensus price target implies 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 rise more than 3% hours after announcing EPS of $2.42—$0.04 above consensus—and revenue of $2.2 billion, up almost 11% YOY and slightly ahead of expectations. Demand for Zimmer's orthopedic products remains strong, supporting both top- and bottom-line growth. Zimmer is also in the midst of a strategic shift to focus more heavily on U.S. sales, where the firm derives close to 60% of its business. As insured patients continue to increase utilization, demand for Zimmer's products should remain robust in the near term. Still, Zimmer is likely to be affected by tariffs, which could weigh on EPS and revenue in 2026. That risk contributed to conservative guidance in the latest earnings report, which included adjusted EPS guidance of $8.30 to $8.45 and expected free cash flow improvement of 8% to 10%. Prior to the earnings release, analysts were divided on Zimmer; the company carried a consensus Hold rating, even though the consensus price target implied about 15% upside potential.
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