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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. 
Key Takeaways - 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 investors a clearer view of a firm's drug and device pipelines and development progress. Even well-established, stable firms can surprise with accelerated growth after a new blockbuster drug or medical device launch, and earnings periods give management a chance to provide context beyond regulatory notices such as FDA approvals. When healthcare companies release earnings reports on the same day, it becomes a busy time for investors trying to parse the most important news and plan trades accordingly. 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 earnings. Below are the highlights and takeaways for healthcare investors. AstraZeneca Firms Up Cancer Business in a Strong Overall Quarterly Performance U.K.-based pharma giant AstraZeneca ended 2025 by cementing its position as a leading provider of cancer medicines; oncology accounted for about 44% of product sales in the quarter. Sales of key oncology drugs such as Imfinzi and Enhertu rose as much as 48% year-over-year (YOY), helping total revenue increase 8.6% to $58.7 billion for the year. Net income after tax rose to $10.2 billion from $7 billion in the prior-year quarter, and the company's board declared a second interim dividend that is 7 cents higher than last year's. Investors will also be watching AstraZeneca's clinical pipeline: management indicated roughly 20 Phase 3 readouts are expected in 2026. The company expects solid increases in both total revenue and core earnings per share (EPS) for full-year 2026. In the hours following its strong earnings performance, AZN shares climbed close to 3%. Although 10 of 11 analysts rate AZN a Buy or equivalent, Wall Street has raised valuation concerns—the analysts' consensus price target of $95.75 implies a potential downside of roughly 51% from current levels. TAVR Momentum Fuels Edwards Sales Growth, Though Investors Should Be Mindful of Earnings and Margin Limitations Edwards Lifesciences, a maker of replacement heart valves, monitoring systems and related devices, posted largely positive Q4 2025 results. Sales grew 13.3% YOY, driven by strong transcatheter aortic valve replacement (TAVR) momentum and uptake of the latest SAPIEN valve. That said, adjusted EPS missed analyst expectations, and gross profit margin declined 0.8 percentage points YOY. Despite the mixed signals, Edwards remains optimistic it will meet its prior 2026 outlook of sales growth between 8% and 10% and EPS of $2.90 to $3.05. EW shares jumped about 4% in after-hours trading to above $80 following the announcement. Roughly two-thirds of analysts rate EW a Buy, and the consensus price target of $96.77 implies about 25% upside from recent levels. Orthopedic Demand Remains High, But Zimmer Faces Some Headwinds Going Forward Zimmer Biomet, which makes joint replacement systems and orthopedic implants, saw shares rise more than 3% after reporting Q4 EPS of $2.42, four cents above consensus, and revenue of $2.2 billion, up nearly 11% YOY and slightly ahead of expectations. Strong demand for orthopedic products supported both top- and bottom-line growth. Zimmer is also refocusing its commercial efforts more squarely on the U.S., which accounts for close to 60% of its business. As insured-patient utilization continues to rise, demand for Zimmer's products should remain healthy in the near term. However, the company is likely to face ongoing headwinds from tariffs that could pressure EPS and revenue in 2026. Management therefore offered conservative guidance in the latest earnings report, including adjusted EPS of $8.30 to $8.45 and an expected free cash flow improvement of 8% to 10%. Going into the report, analysts were divided on Zimmer; the company carries an overall Hold rating, though the consensus price target suggests roughly 15% upside potential. See analyst forecasts for ZBH for details.
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