Stocks Surged Across the Board Today, and Biotech Brought Its Own Earnings Story
NEW YORK, Nov. 4, 2026 /CNW/ -- 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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This article is independent news commentary. Fly on Wall Street is wholly owned and operated by Market Equities Limited ("MEL"), a company incorporated under the laws of Ireland. MEL has not been paid by any company mentioned in this article. MEL and its owners, operators, directors, and affiliates do not currently own any shares of the companies mentioned in this article, but reserve the right to, and will, buy and sell shares of those companies at any time without further notice. Index and stock prices are from exchange data as of 2:31 p.m. ET on Nov. 4, 2026; Nasdaq Biotechnology Index history is based on daily index data. Information is drawn from company news releases and filings, government and industry data, published reporting and third-party data believed to be reliable, but its accuracy is not guaranteed. Investing in securities carries risk, including the loss of some or all of your investment. This document is governed by the laws of Ireland.
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