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Big Biopharma Earnings Week

Abbott (ABT) and JNJ kicked off healthcare earnings last week and results were just OK with some weakness in MEDTECH stocks with the IHI down 10.17% over five days and 15.61% YTD at $55.57. JNJ had good results but after a brief pop last week the stock has been flat.

On Wednesday Amgen (AMGN) was down 5.30 % after hours to $235.60 on a revenue  beat but with. a lag in guidance. More unusual was the request from the IRS to pay billions in  back taxes. Total revenues increased 6% to $6.2B with a 2% growth in global product sales. GAAP earnings per share decreased 5% to $2.68. AMGN stock had been in a recovery mode from the $200 level in early January but analysts ratings were in the neutral range.

Futures were buoyed after the close with positive results from Facebook and Qualcomm so we can expect a better day today. Merck (MRK) was up pre-market on an earnings beat. Keytruda sales grew 23% to $4.8B. MRK opened up almost 3% to $86.83.

Eli Lilly (LLY} was up 2.77% to $293 on beat and revenue guidance boost, new obesity drug data.

As of 10 am EDT large cap biopharma leaders were BMY, MRK, and PFE.

AAPL earnings on deck for today. Updates after the close today.