SPDR S&P Pharmaceuticals ETFの空売り状況は、投資家がSPDR S&P Pharmaceuticals ETFの株価下落に賭けている度合いを知ることができます。空売りデータは2週間ごとに更新されます。

SPDR S&P Pharmaceuticals ETF (ARCA:XPH), 空売り情報

SPDR S&P Pharmaceuticals ETF

Healthcare

In seeking to track the performance of the S&P Pharmaceuticals Select Industry Index (the index), the fund employs a sampling strategy. It generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index. The index represents the pharmaceuticals segment of the S&P Total Market Index (S&P TMI).

Axsome Therapeutics, Inc.

Viatris Inc.

Intra-Cellular Therapies Inc

Bristol-Myers Squibb Co.

Pfizer, Inc.

Corcept Therapeutics Inc

Johnson & Johnson

Organon & Co

Catalent, Inc.

Zoetis, Inc.

Royalty Pharma

Eli Lilly & Co.

Jazz Pharmaceuticals Plc

Perrigo Co. Plc

Tarsus Pharmaceuticals Inc

Elanco Animal Health Inc.

Prestige Consumer Healthcare Inc

What President Donald Trump announced Friday on Truth Social may mark the sharpest escalation yet in transatlantic trade tensions: a sweeping 50% tariff on all European Union imports starting June 1, blaming a record U.S.-EU trade deficit and what he called &#8220;unfair and unjustified&#8221; <a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45585283/trump-tariff-threat-hits-europe-stocks-sink-as-50-duties-loom">barriers to American goods.</a>
Trump said the EU had been "very difficult to deal with," referencing trade deficits of over $250 billion a year and blaming Europe for high corporate penalties, value-added taxes, monetary manipulation and aggressive lawsuits against American companies. 
He indicated that unless goods are produced in the U.S., they should face tariffs of 50%, calling it "totally unacceptable" that such deficits persist.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The European Union, which was formed for the primary purpose of taking advantage of the United States on TRADE, has been very difficult to deal with. Their powerful Trade Barriers, Vat Taxes, ridiculous Corporate Penalties, Non-Monetary Trade Barriers, Monetary Manipulations,…
&mdash; Trump Posts on &#120143; (@trump_repost) <a href="https://twitter.com/trump_repost/status/1925880933044912276?ref_src=twsrc%5Etfw">May 23, 2025</a></blockquote>
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<h2 class="wp-block-heading">What The US Buys From Europe</h2>
In 2024, the U.S. imported $687 billion worth of goods from the European Union, according to International Trade Centre data. 
The trade deficit reached $236 billion, the largest on record. In March 2025 alone, U.S. imports from the EU were $91.9 billion, with a single-month deficit of $47 billion, nearly double January's, which was the second largest. 
<h3 class="wp-block-heading">Top 10 US Imports From The EU </h3>
In 2024, the top 10 U.S. imports from the European Union included: 
<ol class="wp-block-list">
<li>Pharmaceutical products – $134.7 billion</li>
<li>Machinery and mechanical appliances – $105.1 billion</li>
<li>Vehicles and parts – $72.9 billion</li>
<li>Electrical machinery – $43.6 billion</li>
<li>Commodities (not specified) – $43.5 billion</li>
<li>Optical and medical instruments – $41.2 billion</li>
<li>Organic chemicals – $36.6 billion</li>
<li>Aircraft and spacecraft – $16.9 billion</li>
<li>Mineral fuels and oils – $15.3 billion</li>
<li>Beverages and spirits – $14.2 billion </li>
</ol>
Pharmaceuticals and cars are among the most exposed sectors, with many U.S. firms depending on EU-made inputs. The rising cost of imported components could erode profit margins across industries.
<h3 class="wp-block-heading">Watch These ETFs</h3>
U.S. ETFs exposed to either European stocks or sectors sensitive to import prices could face pressure:
<ul class="wp-block-list">
<li>SPDR EURO STOXX 50 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>)</li>
<li>Vanguard Consumer Discretionary ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VCR#NYSE">VCR</a>)</li>
<li>iShares MSCI Europe Financials ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EUFN#NYSE">EUFN</a>)</li>
<li>Themes European Luxury ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FINE#NYSE">FINE</a>)</li>
<li>Select STOXX Europe Aerospace &amp; Defense ETF (CBOE: EUAD)</li>
</ul>
<h3 class="wp-block-heading">Could US Services Be The Next Target?</h3>
While Trump's move covers physical goods, the broader U.S.-EU economic relationship is also affected by services. 
According to the European Commission, in 2023:
<ul class="wp-block-list">
<li>The EU imported €427 billion ($478 billion) in U.S. services</li>
<li>The U.S. imported €318 billion ($356 billion) in EU services</li>
</ul>
In a note last month, Goldman Sachs economist Filippo Taddei said the EU could target U.S. digital and pharma services through tools like the Digital Services Act, Enforcement Regulation, and the Anti-Coercion Instrument.
Last week, Goldman Sachs economist Giovanni Pierdomenico said a U.S.-EU deal might be more likely in the final stretch of negotiations.
The U.S. raised three demands: lower EU tariffs and non-tariff barriers, fairer digital regulations, and increased EU purchases of U.S. goods. The EU has responded with zero-for-zero industrial tariffs and offers to cut the trade imbalance.
Still, Pierdomenico estimated that if the U.S. imposed 20% tariffs, Eurozone GDP could drop by 0.4% to 1% by end-2026. A 50% tariff would have far more severe implications.
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/05/45584696/trump-threatens-tim-cook-to-manufacture-iphones-in-the-us-or-face-at-least-25-tariffs">Trump Threatens Tim Cook To Manufacture iPhones In US Or Face &#8216;At Least 25%&#8217; Tariffs: AAPL Stock Slides Over 3% In Premarket </a></li>
</ul>
Photo: Shutterstock

Analyst Color

Equities

Government

Macro Economic Events

Regulations

Sector ETFs

Specialty ETFs

Eurozone

Economics

Analyst Ratings

ETFs

EUAD

iShares MSCI Europe Financials Sector Index Fund

EUFN

FINE

Trump Sparks New Chapter In Transatlantic Trade War: What The US Buys From Europe

After Donald Trump signed an <a href="https://www.benzinga.com/general/health-care/25/05/45384935/trump-again-promises-lower-drug-prices-by-cutting-out-middlemen-like-unitedhealth-cvs-will-it-work-this-time">executive order</a> slashing drug prices last week, experts have highlighted how pharmacy benefit managers (PBMs) could be hit the hardest despite pharmaceutical companies facing the potential of compressed margins amid poor pricing power.
What Happened: According to Thomas Shipp, the head of equity research at LPL Financial, the pressure that the <a href="https://www.benzinga.com/news/25/05/45389750/trump-claims-drug-price-crackdown-could-slash-your-prescription-costs-by-59-but-will-big-pharma-fight-it-again">pharmaceutical manufacturers</a> are facing to lower prices domestically, &#8220;has the potential to compress margins by eroding pricing power and would provide a significant headwind to drug manufacturer share prices.&#8221;
However, he explains that the &#8220;middlemen&#8221; or PBMs that facilitate drug distribution and negotiate with pharmaceutical drug manufacturers to lower prescription costs have come under scrutiny for opaque pricing practices, like retaining rebates from drug manufacturers and "spread pricing."
&#8220;PBMs pay pharmacies less than what they charge health plan participants for drugs,&#8221; he said.
Another April 15 <a href="https://www.benzinga.com/markets/25/04/44866755/mark-cuban-says-this-trump-healthcare-order-could-save-hundreds-of-billions">executive order</a> signed by Trump called for increased transparency into PBM fees and requested that the role of these middlemen be reevaluated.
CVS Caremark, owned by CVS Health Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>), Express Scripts, owned by Cigna Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CI#NYSE">CI</a>), and OptumRx, owned by UnitedHealth Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>), are the biggest PBM companies.
Shipp also underscored that PBM savings are expected, but direct price controls pose a longer-term risk for U.S.-heavy drugmakers. Transparency will reveal if PBM margin erosion can prevent deeper manufacturer cuts, he highlights.
&#8220;While many questions remain about how these executive orders will be implemented, after the initial news flow is digested, the net effect appears less detrimental to pharmaceutical drug manufacturers than to PBMs,&#8221; said Shipp.
&#8220;That said, reworking the way Americans buy their medicine is going to take a long time. Along the way, efforts to support direct-to-consumer sales will support both the manufacturers leading the charge and those they partner with for distribution,&#8221; he added.
See Also: <a href="https://www.benzinga.com/general/market-summary/25/05/45465955/ark-invest-takes-swipe-at-mstr-mara-says-bitcoin-treasury-companies-dont-make-sense-fundin">Ark Invest Expert Takes Swipe At MSTR, MARA, Says &#8216;Bitcoin Treasury Companies Don&#8217;t Make Sense:&#8217; &#8216;Funding Purchases With Debt&#8230;Seems Like A Recipe For Disaster&#8217;</a>
Why It Matters: Meanwhile, the billionaire investor and Shark Tank fame, Mark Cuban, called PBMs a &#8220;racket&#8221; in an X post by explaining that they <a href="https://www.benzinga.com/personal-finance/25/04/44674382/mark-cuban-says-big-insurance-companies-and-pbms-control-healthcare-costs-everyone-has-to-kiss-their-a-and-accept-the-complications">negotiate rebates and not prices</a>.
&#8220;They negotiate rebates. Not prices. In fact, the big PBMs control more than 95pct of the rebate negotiations. Big brand Pharma companies can&#8217;t negotiate with anyone else. IMO, it&#8217;s a racket,&#8221; he said.
While the April 15 order calls for transparency in pricing, Cuban highlights that 30% of the $4.9 trillion in healthcare spending is attributed to the overhead insurance companies and pricing distortions big PBMs create.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">One of the great lies the big PBM industry tells us is that they are needed to negotiate lower prices. It&#39;s a lie. They negotiate rebates. Not prices. In fact, the big PBMs control more than 95pct of the rebate negotiations. Big brand Pharma companies can&#39;t negotiate with…
&mdash; Mark Cuban (@mcuban) <a href="https://twitter.com/mcuban/status/1923880717420986860?ref_src=twsrc%5Etfw">May 17, 2025</a></blockquote>
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</figure>
Here are the aforementioned PBMs operating companies that have performed in 2025.
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<tbody>
<tr>
<td>Stocks</td>
<td>YTD Performance</td>
<td>One-Year Performance</td>
</tr>
<tr>
<td>CVS Health Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>)</td>
<td>41.41%</td>
<td>8.94%</td>
</tr>
<tr>
<td>Cigna Group. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CI#NYSE">CI</a>)</td>
<td>16.92%</td>
<td>-3.73%</td>
</tr>
<tr>
<td>UnitedHealth Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>)</td>
<td>-42.14%</td>
<td>-43.56%</td>
</tr>
</tbody>
</table>
</figure>
Here are a few pharma-linked ETFs for investors to consider.
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<tbody>
<tr>
<td>Pharma ETFs</td>
<td>YTD Performance</td>
<td>One Year Performance</td>
</tr>
<tr>
<td>VanEck Pharmaceutical ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PPH#NASDAQ">PPH</a>)</td>
<td>-0.28%</td>
<td>-4.66%</td>
</tr>
<tr>
<td>iShares US Pharmaceuticals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IHE#NYSE">IHE</a>)</td>
<td>-1.20%</td>
<td>-2.03%</td>
</tr>
<tr>
<td>Invesco Pharmaceuticals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PJP#NYSE">PJP</a>)</td>
<td>-3.45%</td>
<td>-0.83%</td>
</tr>
<tr>
<td>SPDR S&amp;P Pharmaceuticals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPH#NYSE">XPH</a>)</td>
<td>-4.83%</td>
<td>-1.70%</td>
</tr>
<tr>
<td>KraneShares MSCI All China Health Care Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KURE#NYSE">KURE</a>)</td>
<td>11.10%</td>
<td>1.65%</td>
</tr>
<tr>
<td>First Trust Nasdaq Pharmaceuticals ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXH#NASDAQ">FTXH</a>)</td>
<td>-6.51%</td>
<td>-6.89%</td>
</tr>
<tr>
<td>Direxion Daily Pharmaceutical &amp; Medical (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PILL#NYSE">PILL</a>)</td>
<td>-23.63%</td>
<td>-24.07%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, ended higher on Friday. The SPY was up 0.63% to $594.20, while the QQQ advanced 0.44% to $521.51, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/05/45433051/jim-cramer-says-gulf-countries-will-become-the-largest-hyperscalers-in-the-world-following-ai-deals">Jim Cramer Says Gulf Countries Will Become &#8216;Largest Hyperscalers In The World&#8217; After Nvidia&#8217;s 18,000 Blackwell Chip Deal</a></li>
</ul>
Photo courtesy: Rawpixel.com / Shutterstock.com

News

Health Care

Markets

FTXH

iShares Dow Jones US Pharmaceuticals Index Fund

KURE

PILL

Merrill Lynch Pharmaceutical HOLDRs Trust

Trump's Drug Price Order Hits PBMs Hardest: CVS, Cigna, UNH In Focus As Experts Highlight 'Racket,' Pricing Distortion

As the drug industry is in the middle of a growing policy maelstrom in Washington, D.C., investors are <a href="https://www.benzinga.com/etfs">closely watching pharmaceutical ETFs</a> to measure market sentiment and ride out the emerging volatility. 
With President Donald Trump&#8217;s administration rehashing contentious ideas on drug pricing and manufacturing policy, the stakes are increasing — not only for Big Pharma, but for the overall healthcare investment environment.
Amid the trends, pharma-targeted ETFs are being watched under a more risk-averse lens. Each of the funds provides sector exposure, but structural idiosyncrasies — and varying levels of protection from regulation-induced shocks — are gaining heightened relevance.
<h1 class="wp-block-heading">Slicing Up The Pharma ETF Scene</h1>
iShares U.S. Pharmaceuticals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IHE#NYSE">IHE</a>)
The ETF offers concentrated exposure to large-cap U.S.-listed pharma companies. Its top holdings are Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>), Merck &amp; Co Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>), Eli Lilly And Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>), and Pfizer Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) — companies with strong pipelines and international revenue streams.
Defensive Tilt: IHE&#8217;s emphasis on blue-chip names makes it a relatively defensive play during periods of political unrest.
Policy Sensitivity: But its large weighting in companies with substantial Medicaid and U.S. sales exposure renders it highly sensitive to pharmaceutical pricing reform in the domestic market.
SPDR S&amp;P Pharmaceuticals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPH#NYSE">XPH</a>)
Unlike IHE, the SPDR S&amp;P Pharmaceuticals ETF uses an equal-weighting style, dispersing exposure across a larger segment of the industry, including mid- and small-cap companies such as Viatris (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VTRS#NASDAQ">VTRS</a>).
Diversified Risk: This format caps overconcentration in a single name and increases sensitivity to prospective M&amp;A action.
Higher Volatility: As more importance is assigned to lesser-known participants, XPH can see greater price volatility, particularly as regulatory threats play out.
VanEck Pharmaceutical ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PPH#NASDAQ">PPH</a>)
Those in search of global exposure should look at PPH, which includes international powerhouses such as AstraZeneca (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZN#NASDAQ">AZN</a>) and Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) on par with U.S. behemoths.
Geopolitical Hedge: International diversification renders PPH less susceptible to U.S.-specific tariff risks or reforms.
Growth Exposure: Novo Nordisk&#8217;s dominance of GLP-1-based obesity treatment provides a high-growth component, although subject to some headwinds due to compounding alternatives in the U.S.
<h1 class="wp-block-heading">Volatility Ahead?</h1>
These ETF dynamics are unfolding against a backdrop of sweeping proposals and heightened industry-government tension. The Trump administration's <a href="https://www.benzinga.com/markets/25/04/44945973/trump-administration-considers-lowering-us-drug-prices-to-international-levels-report">revived push to tether Medicaid drug prices to lower international benchmarks</a> has sent shockwaves through the pharmaceutical sector. Industry analysts estimate the pricing framework could erase as much as $1 trillion in revenue over a decade, according to Bloomberg.
Surprised by the White House&#8217;s latest move, drug industry executives have mounted a concerted lobbying effort, trying to keep the policy from taking hold in Congress. Although some Republican lawmakers, including Kentucky Rep. Brett Guthrie, have reaffirmed their opposition to global reference pricing, the proposal is still a live political threat, Bloomberg reported.
And adding to investor anxiety is Trump&#8217;s latest threat of<a href="https://www.benzinga.com/25/04/44708204/trump-hints-at-major-tariff-on-imported-pharmaceuticals-us-pharma-stocks-tumble-in-wednesday-pre-market"> sector-specific tariffs on drugs</a>. Although the Department of Commerce&#8217;s Section 232 investigation can take months, the threat of new import tariffs — particularly on Indian generics and contract-manufactured products — has already spilled over into related stocks. Insiders within the industry say the administration might move while there is a 90-day moratorium on reciprocal tariff imposition.
Not all of Washington&#8217;s signals are bearish, though. A recently signed executive order is intended to <a href="https://www.benzinga.com/government/regulations/25/05/45215281/trump-orders-fda-to-fast-track-us-drug-production-as-tariff-threat-looms-on-imported-medicines-cites-national-security-concerns">lower FDA approval times for U.S. manufacturing plants</a> — potentially speeding up reshoring and encouraging investment in U.S.-based production. For more exposed domestic manufacturers and smaller company-focused ETFs such as XPH, this may be a long-term tailwind.
<h1 class="wp-block-heading">Proceed, But With Prescription-Strength Caution</h1>
For those looking for exposure to the pharma industry, ETFs are still an important tool — but their variations are more important than ever.
IHE provides stability but is heavily influenced by the success of U.S. policy.
XPH offers balanced exposure and is potentially more sensitive to reforms in domestic manufacturing.
PPH offers a global cushion, especially useful if U.S.-focused risks increase.
In the end, pharma ETFs&#8217; future may depend less on laboratory discoveries than on the political medicine doled out by Washington. 
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/etfs/new-etfs/25/05/45259802/vistashares-launches-qusa-etf-targeting-15-annual-yield-with-quality-us-stocks-options-overlay">VistaShares Launches QUSA ETF, Targeting 15% Annual Yield With Quality U.S. Stocks, Options Overlay</a></li>
</ul>
Photo: Aria Armoko via Shutterstock

Trading Ideas

VTRS

Are Your Health Care ETFs Safe? Trump's New Policies May Trigger Shockwaves Across Pharma Stocks

Three <a href="https://www.benzinga.com/etfs">healthcare-themed ETFs</a> were in sharp spotlight Thursday as the sector got through a wild trading day, fueled by UnitedHealth&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>) earnings disappointment and steep stock decline. While insurers weighed down on broad healthcare gauges, a drugmakers rally, led by Eli Lilly (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>), limited the damage.
Also Read: <a href="https://www.benzinga.com/general/health-care/25/04/44869920/unitedhealth-ceo-says-high-cost-of-us-health-care-simply-not-sustainable">UnitedHealth CEO Says High Cost Of US Health Care &#8216;Simply Not Sustainable&#8217;</a>
ETFs In Spotlight
Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>)
<ol>
<li></li>
</ol>
1-Day Return (Thursday): -0.6%
Top holdings of this fund are Eli Lilly, UnitedHealth, Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>). UnitedHealth dropped 2.4%, spooking XLV early in the session. The ETF trimmed losses, however, as Eli Lilly rallied 14.3% on <a href="https://www.benzinga.com/general/biotech/25/04/44878381/eli-lilly-rallies-over-14-notches-best-day-since-june-2000-on-oral-weight-loss-drug-results-analysts-react">good weight-loss pill trial news</a>, calling out the group&#8217;s internal divergency. Barring Thursday&#8217;s turmoil, though, XLV is off just 1.5% for the year so far and commands a 17x forward-earnings multiple—below its five-year history and the large-cap S&amp;P 500&#8217;s 20x multiple, according to Barron&#8217;s.
iShares U.S. Pharmaceuticals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IHE#NYSE">IHE</a>)
<ol start="2">
<li></li>
</ol>
1-Day Performance: +4.6%
IHE surged as investors rotated into large-cap pharma stocks, bolstered by Eli Lilly's rally. The gains came despite a nearly 8% drop in Novo Nordisk (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>), Lilly's rival in the GLP-1 space.
SPDR S&amp;P Pharmaceuticals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPH#NYSE">XPH</a>)
<ol start="3">
<li></li>
</ol>
1-Day Performance: +2.15%
XPH tracked gains across a broader basket of pharmaceutical names, benefiting from bullish sentiment on drugmakers following Lilly's breakthrough.
Market Context: A Sector Of Contrasts
UnitedHealth&#8217;s <a href="https://www.benzinga.com/general/health-care/25/04/44869920/unitedhealth-ceo-says-high-cost-of-us-health-care-simply-not-sustainable">poor earnings and soft guidance</a> spooked healthcare investors, highlighting how exposed insurers are to firm-specific disappointments and policy-level risks. The 22% decline in the stock not only heavily burdened XLV—where it is the second-largest position—but pulled down peers CVS Health (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>), Humana (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUM#NYSE">HUM</a>), and Elevance Health (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELV#NYSE">ELV</a>) too.
However, the overall message of the day was one of subtlety and not panic. Eli Lilly&#8217;s explosion proved the influence of innovation in developing market-driving catalysts within the health-care sector. It provided the stimulus that helped neutralize weakness within managed care and indicated how investors in ETFs are able to still uncover segments of strength despite sector-wide selloffs.
At the same time, Johnson &amp; Johnson kept its steady pace going with the help of strong earnings.
Device and medical equipment manufacturers like Medtronic (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MDT#NYSE">MDT</a>), Zimmer Biomet (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZBH#NYSE">ZBH</a>), and Stryker (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SYK#NYSE">SYK</a>) are also attracting investor attention as Wall Street is wagering on secular demand from the aging population.
Takeaway
The health care industry remains far from monolithic. Thursday&#8217;s ETF action underscored the increasing divide between pressured insurers and pharma names benefiting from innovation tailwinds. For investors in ETFs, the message is simple: thematic selectivity is key. Though political headlines and earnings fluctuations might continue to shock portions of the industry, solid fundamentals within pharma and medtech imply there&#8217;s still ample healthy opportunity to go around.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/25/04/44876466/the-10k-handbag-hoax-tiktoks-trade-war-puts-luxury-etfs-in-the-hot-seat">The $10K Handbag Hoax? TikTok&#8217;s Trade War Puts Luxury ETFs In The Hot Seat</a></li>
</ul>
Image: Shutterstock/The Image Party

streetTRACKS Dow Jones U.S. Large Cap Value Index Fund

ETF Shake-Up: UNH's Meltdown Meets LLY's Moonshot

Even as President Donald Trump paused the reciprocal tariffs for 90 days on Wednesday, he later confirmed in a conversation with reporters at his Oval Office that pharmaceutical companies would face tariffs.
What Happened: The rally in pharma stocks was short-lived after the stocks reversed course on Thursday. When a reporter asked President Trump if he would go ahead and levy tariff duties on pharmaceutical stocks, he said, &#8220;Yeah, well, I will be because we want them coming back.&#8221;
&#8220;You know, we realized during COVID-19 that we don&#8217;t make our drugs and our pharmaceuticals in this country. So, I realized that, and it was a big realization,&#8221; he added.
Citing the emergency during COVID-19, he stated that he wanted the pharma companies to produce drugs in the U.S.
&#8220;We had to go to China to get drugs, we had to go to other places, we don&#8217;t make it. That&#8217;s because we let them leave, and now if they want to come back, we&#8217;re going to put tariffs on the pharmaceutical companies, and they&#8217;re going to all want to come back,&#8221; Trump said.
The pharma stocks tumbled on Thursday after Trump&#8217;s confirmation of tariffs.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Pharma Stocks</td>
<td>Thursday&#8217;s Performance</td>
<td>YTD Performance</td>
<td>One Year Performance</td>
</tr>
<tr>
<td>Eli Lilly And Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>)</td>
<td>-4.35%</td>
<td>-7.35%</td>
<td>-5.09%</td>
</tr>
<tr>
<td>AbbVie Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>)</td>
<td>-3.14%</td>
<td>-2.92%</td>
<td>3.99%</td>
</tr>
<tr>
<td>Bristol-Myers Squibb Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>)</td>
<td>-6.10%</td>
<td>-11.15%</td>
<td>2.73%</td>
</tr>
<tr>
<td>Regeneron Pharmaceuticals Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REGN#NASDAQ">REGN</a>)</td>
<td>-5.26%</td>
<td>-23.60%</td>
<td>-40.63%</td>
</tr>
<tr>
<td>Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>)</td>
<td>-3.87%</td>
<td>-18.87%</td>
<td>-18.03%</td>
</tr>
<tr>
<td>Gilead Sciences Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>)</td>
<td>-3.66%</td>
<td>10.36%</td>
<td>47.71%</td>
</tr>
<tr>
<td>Merck &amp; Co Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>)</td>
<td>-5.32%</td>
<td>-21.80%</td>
<td>-38.53%</td>
</tr>
<tr>
<td>Amgen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>)</td>
<td>-3.33%</td>
<td>8.54%</td>
<td>4.23%</td>
</tr>
<tr>
<td>Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>)</td>
<td>-1.51%</td>
<td>3.24%</td>
<td>-0.07%</td>
</tr>
</tbody>
</table>
</figure>
See Also: <a href="https://www.benzinga.com/markets/equities/25/04/44755181/pentagon-slashes-5-1-billion-in-accenture-deloitte-booz-allen-contracts-thats-a-lot-of-consulting">Pentagon Slashes $5.1 Billion In Accenture, Deloitte, Booz Allen Contracts: &#8216;That&#8217;s A Lot Of Consulting&#8217;</a>
Why It Matters: Despite a 90-day pause on reciprocal tariffs, base global tariffs of 10% and China tariffs of 125%, along with sector-specific tariffs of 25% on steel and aluminum, auto, and auto parts remain in place. Adding to it, the President hinted that he could soon announce tariffs on pharmaceutical companies.
Here are some of the pharmaceutical industry-linked exchange-traded funds that could be impacted.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Pharma ETFs</td>
<td>YTD Performance</td>
<td>One Year Performance</td>
</tr>
<tr>
<td>VanEck Pharmaceutical ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PPH#NASDAQ">PPH</a>)</td>
<td>-7.02%</td>
<td>-7.51%</td>
</tr>
<tr>
<td>iShares US Pharmaceuticals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IHE#NYSE">IHE</a>)</td>
<td>-7.04%</td>
<td>-6.08%</td>
</tr>
<tr>
<td>Invesco Pharmaceuticals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PJP#NYSE">PJP</a>)</td>
<td>-10.13%</td>
<td>-4.37%</td>
</tr>
<tr>
<td>SPDR S&amp;P Pharmaceuticals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPH#NYSE">XPH</a>)</td>
<td>-14.05%</td>
<td>-11.45%</td>
</tr>
<tr>
<td>KraneShares MSCI All China Health Care Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KURE#NYSE">KURE</a>)</td>
<td>2.88%</td>
<td>0.35%</td>
</tr>
<tr>
<td>First Trust Nasdaq Pharmaceuticals ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXH#NASDAQ">FTXH</a>)</td>
<td>-11.54%</td>
<td>-10.18%</td>
</tr>
<tr>
<td>Direxion Daily Pharmaceutical &amp; Medical (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PILL#NYSE">PILL</a>)</td>
<td>-41.35%</td>
<td>-43.86%</td>
</tr>
</tbody>
</table>
</figure>
Price Action: After Thursday&#8217;s fall, following Wednesday&#8217;s rebound, the Nasdaq 100 index was 17.46% lower than its previous high of 22,222.61 points. The S&amp;P 500 index was down 14.31% from its record of 6,147.43 points, and the Dow Jones declined 12.16% from its 52-week high of 45,073.63 points.
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, ended lower on Thursday. The SPY was down 4.38% to $524.58, while the QQQ declined 4.25% to $446.18, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/04/44728276/spy-qqq-call-volumes-spiked-minutes-before-tariff-pause-announcement-alexandria-ocasio-cortez-demands-disclosure-from-congress-members" target="_blank" rel="noreferrer noopener">SPY, QQQ Call Volumes Spiked Minutes Before Tariff Pause Announcement: Alexandria Ocasio-Cortez Demands Disclosure From Congress Members</a></li>
</ul>
Photo courtesy: Shutterstock

ABBV

AMGN

GILD

REGN

Eli Lilly, AbbVie, Bristol Myers, Regeneron, And Other Pharma Companies Slide As Donald Trump Confirms Tariffs On Pharma Companies

As trade tensions heat up, one sector might have the immunity investors need &#8211; biopharma. JPMorgan analyst Chris Schott sees the industry as a relative &#8220;safe haven&#8221; despite looming <a href="https://www.benzinga.com/topic/tariffs">pharmaceutical-specific tariffs</a>, thanks to its high-margin business model and operational flexibility.
Read Also: <a href="https://www.benzinga.com/markets/equities/25/04/44620686/sp-500-nasdaq-futures-plunge-over-3-as-trumps-reciprocal-tariff-plan-hits-market-confidence">Trump&#8217;s &#8216;Reciprocal Tariff&#8217; Plan Hits Market Confidence As Dow Futures Drops Over 830 Points</a>
<h2 class="wp-block-heading">Tariffs Loom, But Biopharma Stands Strong</h2>
While the White House has not revealed details on pharma-related tariffs, broader trade restrictions announced today have put investors on edge. Schott acknowledges that some uncertainty will linger until the Section 232 pharmaceutical-specific tariffs are fully outlined in the coming weeks. However, he believes the sector has the tools to weather any potential impact.
Biopharma companies benefit from low capital expenditure intensity and high gross margins, making them more resilient in adjusting to cost pressures. Many also can shift intellectual property and manufacturing to the U.S. if needed while finding cost efficiencies elsewhere.
<h2 class="wp-block-heading">When Will The Impact Be Felt?</h2>
For now, companies appear to have time on their side. Schott anticipates that any direct financial impact from tariffs will likely hit in 2026 rather than 2025, as firms work through existing inventory already in the U.S. That gives the sector a buffer period to assess the extent of the tariffs and adapt accordingly.
<h2 class="wp-block-heading">Actionable ETFs For Investors</h2>
Investors looking to capitalize on biopharma&#8217;s defensive positioning amid tariff uncertainty may consider iShares U.S. Pharmaceuticals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IHE#NYSE">IHE</a>) and SPDR S&amp;P Pharmaceuticals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPH#NYSE">XPH</a>). These funds provide exposure to leading drugmakers who are expected to navigate potential trade disruptions more smoothly than other industries.
<h2 class="wp-block-heading">Key Questions Still Remain</h2>
Several unknowns still need to be addressed: What will the tariff levels be by country? Will they target low-cost active pharmaceutical ingredients (APIs) or final drug products with higher cost implications? Will these tariffs remain in place in the long term?
Schott expects companies to shed more light on these issues in their upcoming earnings calls. 
Until then, while tariffs shake the broader market, biopharma appears to have taken its medicine &#8211; staying strong while others scramble.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/25/04/44622346/trumps-reciprocal-tariff-math-a-masterclass-in-economic-absurdity">Trump&#8217;s &#8216;Reciprocal Tariff&#8217; Math: A Masterclass In Economic Absurdity</a></li>
</ul>
Photo: Shutterstock

Biotech

General

Biopharma: A 'Safe Haven' As Tariff Turmoil Rages On?

Perrigo Company plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PRGO#NYSE">PRGO</a>) shares surged on Friday after the company issued financial targets for 2025 and <a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/n44038938/perrigo-provides-detailed-plan-to-consumerize-simplify-and-scale-its-unique-global-self-care-platf" rel="noreferrer noopener">2025 to 2027 on its investor day</a>.
For 2025, the company expects:
<ul>
<li>Sales growth of 1% to 3% vs. consensus of $4.79 billion</li>
<li>Organic net sales growth of 2.5% to 4.5%</li>
<li>Adjusted EPS of $2.90 &#8211; $3.10 compared to the street view of $3.36</li>
<li>Adjusted operating margin of around 15%</li>
</ul>
For 2025-2027, Perrigo projects:
<ul>
<li>Organic net sales CAGR of 2.5% &#8211; 4.5%</li>
<li>Adjusted EPS CAGR of high-single to low-double-digit %</li>
<li>Adjusted operating margin expansion of +150 to +250 basis points by 2027</li>
</ul>
Apart from this, the company disclosed that its strategy to enhance cash flow and total shareholder return is centered around its &#8216;Three-S&#8217; plan:
<ul>
<li>&#8216;Stabilizing&#8217; the Consumer Self-Care Americas (CSCA) store brand and infant formula sectors</li>
<li>&#8216;Streamlining&#8217; the global portfolio, operational model, and Consumer Self-Care International (CSCI) business</li>
<li>&#8216;Strengthening&#8217; successful areas by focusing on and boosting investments in key &#8216;High-Grow&#8217; brands</li>
</ul>
On Thursday, the company reported fourth-quarter adjusted EPS of $0.93, slightly missing the $0.94 estimate, while sales of $1.14 billion fell <a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/n44028429/perrigo-reports-fourth-quarter-fiscal-year-2024-financial-results-from-continuing-operations" rel="noreferrer noopener">short of the $1.20 billion estimate</a>.
President and CEO,&nbsp;Patrick Lockwood-Taylor&nbsp;said, &#8220;Though 2024 was a challenging year as we had to quickly overcome evolving regulatory dynamics within our infant formula business, we made substantial progress to rewire Perrigo through stabilizing our CSCA businesses, streamlining our operations and strengthening the Company for the long-term.&#8221;
Investors can gain exposure to the stock via SPDR S&amp;P Pharmaceuticals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPH#NYSE">XPH</a>) and Bahl &amp; Gaynor Small/Mid Cap Income Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMIG#NYSE">SMIG</a>).
Price Action: PRGO shares are up 21.3% at $29.26 at the last check Friday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/24/12/42638844/large-biopharma-lags-market-jp-morgans-2025-outlook-on-eli-lilly-merck-and-more" target="_blank" rel="noreferrer noopener">Big Biopharma Trails Behind The Market: JP Morgan&#8217;s 2025 Outlook on Eli Lilly, Merck, and More</a></li>
</ul>
Image via Shutterstock.

Mid Cap

Guidance

Movers

PRGO

SMIG

Perrigo Outlines 2025 Growth Plans, Projects Sales Boost And Margin Expansion By 2027

<a href="https://www.benzinga.com/topic/ken-griffin">Ken Griffin</a>'s <a href="https://www.benzinga.com/topic/citadel-securities">hedge fund Citadel</a> has placed a £305 million ($390 million) short bet against GSK PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GSK#NYSE">GSK</a>), marking the largest wager against the UK pharma giant in over a decade, <a href="https://www.ft.com/content/6520c6eb-4a30-4909-9c86-1b6b2e471743">reported</a> the Financial Times. 
The position, disclosed to the UK's Financial Conduct Authority, amounts to 0.51% of GSK's outstanding shares.
<h2 class="wp-block-heading">GSK's Rally Faces A Reality Check</h2>
GSK stock has climbed 8.20% in the past month, fueled by a £2 billion ($2.5 billion approx.) stock buyback and strong HIV and cancer drug sales. Yet, it still trails peers. 
Over the past five years, GSK shares have declined 17.53%, while the S&amp;P 500 pharmaceutical index has surged 45%. Griffin's short signals skepticism over the company's long-term pipeline, especially as its HIV drugs near a patent cliff.
Read Also: <a href="https://www.benzinga.com/general/biotech/25/02/43638136/goldman-sachs-turns-bearish-on-vaccine-maker-dynavax-amid-shingles-and-hepatitis-b-uncertainty">Goldman Sachs Turns Bearish On Vaccine Maker Dynavax Amid Shingles And Hepatitis B Uncertainty</a>
<h2 class="wp-block-heading">Hedge Funds, Analysts Are Split</h2>
This isn't the first time hedge funds have circled GSK. In 2021, activist investor Elliott Management pushed for a leadership shake-up. 
Meanwhile, JPMorgan analysts view GSK's latest earnings and guidance as "positive," but question the buyback's timing. Barclays called it "unexpected," while Jefferies deemed it "well received."
<h2 class="wp-block-heading">Takeaways For Investors</h2>
GSK's challenges have led to mixed bets on its future, but investors seeking exposure to Big Pharma without GSK's risks may look at industry leaders like Eli Lilly &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) and Pfizer Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>). 
Alternatively, the iShares U.S. Pharmaceuticals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IHE#NYSE">IHE</a>) and SPDR S&amp;P Pharmaceuticals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPH#NYSE">XPH</a>) provide diversified exposure.
With Citadel betting against GSK, the stock could see increased volatility—making it one to watch.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/general/health-care/25/02/43598644/deadly-bird-flu-strain-detected-in-nevada-man-4-stocks-to-watch">Deadly Bird Flu Strain Detected In Nevada Man: 4 Stocks To Watch</a></li>
</ul>
Image: Shutterstock

Short Ideas

Hedge Funds

Ken Griffin's Citadel Places Big Short Bet Against GSK - Here's What It Means for Investors

The second-quarter results of the healthcare sector have been impressive, with earnings of 78.8% of the sector participants that have reported so far up 17.1% on 7.6% revenue growth. The earnings beat ratio of 85.7% and the revenue beat ratio of 75.5% are also assuring. Combining the actual results with the estimates for the still-to-report companies, the total earnings of the sector are expected to grow 16.6% on revenue growth of 8.5%.
Many industry bigwigs reported solid results, with some beating on earnings or revenues or both. However, the recent market rout has eroded some gains from the sector. As such, pharma ETFs have delivered mixed performances over the past month. iShares U.S. Pharmaceuticals ETF (ARCA:IHE), VanEck Vectors Pharmaceutical ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pph#NASDAQ">PPH</a>), SPDR S&amp;P Pharmaceuticals ETF (ARCA:XPH) and First Trust Nasdaq Pharmaceuticals ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ftxh#NASDAQ">FTXH</a>) have gained 0.3%, 1.1%, 0.07%, and 0.4% respectively, while Invesco Pharmaceuticals ETF (ARCA:PJP) has shed 0.1% in a month.
Let&#39;s delve deeper into the earnings of some of the bigwigs:
<h3>Earnings in Focus</h3>
Johnson and Johnson 
Johnson &amp; Johnson (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jnj#NYSE">JNJ</a>) continued with its long streak of earnings beat and also outpaced revenue estimates. Earnings per share came in at $2.82, beating the Zacks Consensus Estimate of $2.71 and improving 10.2% from the year-ago quarter. Revenues grew 4.3% year over year to $22.45 billion and fell short of the Zacks Consensus Estimate of $22.38 billion. For 2024, Johnson &amp; Johnson maintained its revenue guidance of $88-$88.4 billion, indicating year-over-year growth of 4.7%-5.2%. It lowered adjusted earnings per share guidance from $10.57-$10.72 to $9.97-$10.07. 
Pfizer 
Pfizer (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pfe#NYSE">PFE</a>) topped estimates on both the top and bottom lines. It reported adjusted earnings per share of 60 cents, which beat the Zacks Consensus Estimate of 45 cents per share but declined 11% year over year. Revenues inched up 2% year over year to $13.28 billion and edged past the consensus mark of $13.13 billion. The U.S. drug giant raised its revenue guidance from $58.5-$61.5 billion to $59.5-$62.5 billion and adjusted earnings per share from $2.15-$2.35 to $2.45-$2.65 for 2024. 
Merck 
Merck (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mrk#NYSE">MRK</a>) also topped earnings and revenue estimates. It posted earnings per share of $2.28, which surpassed the Zacks Consensus Estimate of $2.16. In the year-ago period, the company had incurred an adjusted loss of $2.06 per share. Revenues rose 79% year over year to $16.11 billion and edged past the consensus mark of $15.90 billion. Merck lifted the higher end of its revenue guidance from $63.1-$64.3 billion to $63.1-$64.4 billion but lowered the earnings per share guidance to $7.94-$8.04 from $8.53-$8.65. 
Bristol-Myers 
Bristol-Myers (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bmy#NYSE">BMY</a>) also reported better-than-expected results. It posted an earnings per share of $2.07, outpacing the Zacks Consensus Estimate of $1.64. Earnings came in higher than the year-ago earnings of $1.75. Revenues grew 9% year over year to $12.2 billion and edged past the Zacks Consensus Estimate of $11.5 billion. For 2024, Bristol-Myers now expects revenues to increase in the upper end of the low single-digit range versus the previous guidance of low single digits.&nbsp; It lifted its earnings per share guidance to 60-90 cents from 40-70 cents. 
Eli Lilly and Company 
Eli Lilly and Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/lly#NYSE">LLY</a>) reported robust second-quarter 2024, beating earnings and revenue estimates. Earnings per share came in at $3.92, surpassing the Zacks Consensus Estimate of $2.64 and improving 86% from the year-ago number. Revenues rose 36% to $11.3 billion and edged past the estimated $9.83 billion. Eli Lilly increased its full-year outlook for the second time this year. It raised the revenue guidance to $45.4-$46.6 billion from $42.4-$43.6 billion and the adjusted earnings per share guidance to $16.10-$16.60 from $13.50-$14.00.
<h3>ETF Angle</h3>
iShares U.S. Pharmaceuticals ETF
iShares U.S. Pharmaceuticals ETF provides exposure to 36 U.S. companies that manufacture prescription or over-the-counter drugs or vaccines by tracking the Dow Jones U.S. Select Pharmaceuticals Index. The in-focus five firms are the top holdings in the basket, accounting for a combined 59.4% of the total assets, suggesting heavy concentration. iShares U.S. Pharmaceuticals ETF has $670.8 million in AUM and charges 39 bps in fees and expenses. It carries a Zacks ETF Rank #3 (Hold) with a High risk outlook. 
VanEck Vectors Pharmaceutical ETF
VanEck Vectors Pharmaceutical ETF follows the MVIS US Listed Pharmaceutical 25 Index and holds 26 stocks in its basket. The five firms collectively account for a 33.6% share in the fund&#39;s basket. The product has amassed $678.1 million in its asset base and charges 36 bps in annual fees. VanEck Vectors Pharmaceutical ETF carries a Zacks ETF Rank #2 (Buy) with a Medium risk outlook.
SPDR S&amp;P Pharmaceuticals ETF
SPDR S&amp;P Pharmaceuticals ETF provides exposure to pharma companies by tracking the S&amp;P Pharmaceuticals Select Industry Index. With AUM of $177.9 million, it holds 43 securities, with the in-focus firms making up about 4% share each. SPDR S&amp;P Pharmaceuticals ETF charges 35 bps in fees a year and has a Zacks ETF Rank #3 with a High risk outlook.
Invesco Pharmaceuticals ETF
Invesco Pharmaceuticals ETF offers exposure to companies that are principally engaged in the research, development, manufacture, sale, or distribution of pharmaceuticals and drugs of all types. It follows the Dynamic Pharmaceuticals Intellidex Index and holds 23 stocks in its basket, with the in-focus firms making up at least 5% share each. Invesco Pharmaceuticals ETF has AUM of about $283.8 million and charges 57 bps in fees and expenses. The ETF has a Zacks ETF Rank #3 with a High risk outlook.
First Trust Nasdaq Pharmaceuticals ETF
First Trust Nasdaq Pharmaceuticals ETF tracks the Nasdaq US Smart Pharmaceuticals Index, holding 50 securities in its basket. The in-focus five firms account for a combined 31.4% of the assets. FTXH has AUM of $18.3 million. First Trust Nasdaq Pharmaceuticals ETF charges 60 bps in annual fees and has a Zacks ETF Rank #3.
<a href="https://www.zacks.com/stock/news/2322190/pharma-etfs-in-focus-post-solid-q2-earnings?cid=CS-BENZ-FT-etf_news_and_commentary-2322190">To read this article on Zacks.com click here.</a>

Earnings

Earnings Beats

Large Cap

Pharma ETFs in Focus Post Solid Q2 Earnings

The Supreme Court has rejected a bankruptcy plan for OxyContin-maker Purdue Pharma that would have allocated billions from the wealthy Sackler family to combat opioid addiction, and the Sacklers would have been shielded from civil lawsuits related to their alleged <a target="_blank" href="https://www.benzinga.com/government/23/12/36072366/opioid-crisis-and-corporate-accountability-purdues-settlement-in-the-spotlight" rel="noreferrer noopener">role in the opioid crisis</a>.
The 5-4 decision marks a victory for a minority of opioid victims who voted against the settlement to continue pressing lawsuits against the Sackler family.
It is a setback for most victims and state and local governments who have <a target="_blank" href="https://www.benzinga.com/general/biotech/23/08/34064098/purdue-pharmas-trust-strategy-supreme-court-reviews-restructuring-amidst-opioid-crisis" rel="noreferrer noopener">accepted the settlement</a>.
The Wall Street Journal notes the ruling is among the highest-profile bankruptcy decisions ever from the high court, significantly weakening the ability of corporations and their insiders to use bankruptcy to resolve mass litigation.
Purdue Pharma, which introduced OxyContin in the late 1990s and made billions from the prescription painkiller, faced thousands of opioid lawsuits by 2019.
The company filed for Chapter 11 protection, though the Sackler family did not declare bankruptcy and moved much of their wealth to offshore trusts.
They agreed to pay $6 billion to settle civil claims, denying wrongdoing and arguing their settlement was the best way to fund <a target="_blank" href="https://www.benzinga.com/government/23/08/33748967/sackler-familys-6b-commitment-in-spotlight-supreme-court-suspends-purdue-pharmas-settlement-over-opi" rel="noreferrer noopener">addiction-fighting initiatives</a>.
In 2021, a New York bankruptcy court approved a reorganization <a target="_blank" href="https://www.benzinga.com/markets/cannabis/21/07/21902857/15-states-settle-with-opioid-maker-purdue-pharma-for-4-5b-the-most-that-individuals-have-ever-pa" rel="noreferrer noopener">plan for Purdue</a>.
The WSJ report <a target="_blank" href="https://www.wsj.com/us-news/law/supreme-court-rejects-purdue-pharma-deal-to-shield-sackler-family-7870205a?mod=hp_lead_pos1" rel="noreferrer noopener">added</a> that this plan included funds from the Sacklers&#8217; offshore trusts and ceded the company and its assets to creditors.
Most funds would go to state and local governments for opioid-related programs, with $750 million shared among roughly 130,000 individual opioid claimants.
While nearly all claimants accepted the plan, it required dissenters to accept immunity for the Sacklers from ongoing and future litigation, which many viewed as inadequate compensation.
The Justice Department opposed Purdue&#8217;s plan, arguing it would unlawfully extinguish individuals&#8217; rights to pursue civil lawsuits.
The Office of the U.S. Trustee appealed to the Supreme Court, stating that the plan gave the Sacklers an unprecedented release from liability.
Purdue lawyers argued that the third-party release was necessary under U.S. bankruptcy law to secure the Sacklers&#8217; $6 billion contribution.
Purdue lawyer Gregory Garre stated that blocking the settlement would result in the evaporation of funds for opioid abatement and compensation, leaving creditors and victims with nothing and potentially costing lives.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

Legal

Purdue Pharma Bankruptcy Plan Rejected by Supreme Court, Billionaire Sacklers to Face Lawsuits

The first-quarter results of the healthcare sector have been unimpressive, with earnings of 78% of the sector participants that have reported so far down 31.2% despite 4.4% revenue growth. The earnings beat ratio of 93.9% and the revenue beat ratio of 75.8% are assuring, though. Combining the actual results with the estimates for the still-to-report companies, the total earnings of the sector are expected to decline 25.1% despite revenue growth of 7.1%. 
However, many industry bigwigs reported solid results, with some beating on earnings or revenues or both. As such, pharma ETFs have delivered mixed performances over the past month. iShares U.S. Pharmaceuticals ETF (ARCA:IHE), VanEck Vectors Pharmaceutical ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pph#NASDAQ">PPH</a>), SPDR S&amp;P Pharmaceuticals ETF (ARCA:XPH) and First Trust Nasdaq Pharmaceuticals ETF (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ftxh#NASDAQ">FTXH</a>) have lost 3.7%,1.9%, 2.9%, and 3.1% respectively, while Invesco Pharmaceuticals ETF (ARCA:PJP) has added 0.8% in a month. 
Let&#39;s delve deeper into the earnings of some of the bigwigs:
<h3>Earnings in Focus</h3>
Johnson and Johnson 
Johnson &amp; Johnson (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jnj#NYSE">JNJ</a>) continued with its long streak of earnings beat but lagged revenue estimates. Earnings per share came in at $2.71, beating the Zacks Consensus Estimate of $2.64 and improving 12.4% from the year-ago quarter. Revenues grew 2% year over year to $21.38 billion and fell short of the Zacks Consensus Estimate of $21.4 billion. For 2024, Johnson &amp; Johnson revised its guidance from $88.2-$89.0 billion to $87.8-$88.6 billion, indicating year-over-year growth of 5.5%-6.0%. The adjusted earnings per share guidance was tightened from $10.55-$10.75 to $10.57 to $10.72. 
Pfizer 
Pfizer (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pfe#NYSE">PFE</a>) topped estimates on both the top and bottom lines. It reported adjusted earnings per share of 82 cents, which beat the Zacks Consensus Estimate of 56 cents per share but declined 33% year over year. Revenues declined 20% year over year to $14.88 billion and fell short of the consensus mark of $13.96 billion. The U.S. drug giant reaffirmed its revenue guidance of $58.5-$61.5 billion and raised its adjusted earnings per share to $2.15-$2.35 from $2.05-$2.25 for 2024. 
Merck 
Merck (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mrk#NYSE">MRK</a>) also topped earnings and revenue estimates. It posted earnings per share of $2.07, which surpassed the Zacks Consensus Estimate of $1.94 and increased 48% from the year-ago earnings. Revenues rose 9% year over year to $15.78 billion and edged past the consensus mark of $15.37 billion. Merck lifted the lower end of its revenue guidance. It now expects revenues in the range of $63.1-$64.2 billion from $62.7-$64.2 billion, while earnings per share are expected in the range of $8.53-$8.65 versus the prior expectation of $8.44-$8.59. 
Bristol-Myers 
Bristol-Myers (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bmy#NYSE">BMY</a>) also reported better-than-expected results. It posted a loss per share of $4.40, narrower than the Zacks Consensus Estimate of a loss of $4.53 per share. In the year-ago quarter, BMY posted adjusted earnings per share of $2.05. Revenues grew 5% year over year to $11.86 billion and edged past the Zacks Consensus Estimate of $11.46 billion. For 2024, Bristol-Myers expects revenues to increase in the low single digits while earnings per share are expected in the band of 40 cents to 70 cents, down from the earlier estimate of $7.10-$7.40, to reflect the dilutive impact of recent acquisitions and collaborations. 
Eli Lilly and Company 
Eli Lilly and Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/lly#NYSE">LLY</a>) posted mixed first-quarter 2024 earnings, beating earnings estimates but lagging on revenues. Earnings per share came in at $2.58, surpassing the Zacks Consensus Estimate of $2.53 and improving 59% from the year-ago number. Revenues rose 26% to $8.77 billion but fell short of the estimated $8.81 billion. Eli Lilly raised the 2024 revenue guidance to $42.4-$43.6 billion from $40.4-$41.6 billion, while the adjusted earnings per share guidance was upped to $13.50-$14.00 from the prior projection of $12.20-$12.70.
<h3>ETF Angle</h3>
iShares U.S. Pharmaceuticals ETF 
iShares U.S. Pharmaceuticals ETF provides exposure to 34 U.S. companies that manufacture prescription or over-the-counter drugs or vaccines by tracking the Dow Jones U.S. Select Pharmaceuticals Index. The in-focus five firms are the top holdings in the basket, accounting for a combined 59% of the total assets, suggesting heavy concentration. iShares U.S. Pharmaceuticals ETF has $654.8 million in AUM and charges 40 bps in fees and expenses. It carries a Zacks ETF Rank #2 (Buy) with a High risk outlook. 
VanEck Vectors Pharmaceutical ETF 
VanEck Vectors Pharmaceutical ETF follows the MVIS US Listed Pharmaceutical 25 Index and holds 26 stocks in its basket. The five firms collectively account for a 33.2% share in the fund&#39;s basket. The product has amassed $512.7 million in its asset base and charges 36 bps in annual fees. VanEck Vectors Pharmaceutical ETF carries a Zacks ETF Rank #3 (Hold) with a Medium risk outlook. 
SPDR S&amp;P Pharmaceuticals ETF 
SPDR S&amp;P Pharmaceuticals ETF provides exposure to pharma companies by tracking the S&amp;P Pharmaceuticals Select Industry Index. With AUM of $197.9 million, it holds 41 securities, with the in-focus firms making up about 4% share each. SPDR S&amp;P Pharmaceuticals ETF charges 35 bps in fees a year and has a Zacks ETF Rank #3 with a High risk outlook. 
Invesco Pharmaceuticals ETF 
Invesco Pharmaceuticals ETF offers exposure to companies that are principally engaged in the research, development, manufacture, sale, or distribution of pharmaceuticals and drugs of all types. It follows the Dynamic Pharmaceuticals Intellidex Index and holds 24 stocks in its basket, with the in-focus firms making up at least 5% share each. Invesco Pharmaceuticals ETF has AUM of about $270.2 million and charges 57 bps in fees and expenses. The ETF has a Zacks ETF Rank #3 with a High risk outlook. 
First Trust Nasdaq Pharmaceuticals ETF 
First Trust Nasdaq Pharmaceuticals ETF tracks the Nasdaq US Smart Pharmaceuticals Index, holding 50 securities in its basket. The in-focus five firms account for a combined 32.2% of the assets. FTXH has AUM of $19.9 million. First Trust Nasdaq Pharmaceuticals ETF charges 60 bps in annual fees and has a Zacks ETF Rank #2 (Buy).
<a href="https://www.zacks.com/stock/news/2269782/a-look-at-pharma-etfs-post-q1-earnings?cid=CS-BENZ-FT-etf_news_and_commentary-2269782">To read this article on Zacks.com click here.</a>

A Look at Pharma ETFs Post Q1 Earnings

Organon &amp; Co&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OGN#NYSE">OGN</a>) reported a 5% Y/Y increase in the first quarter of 2024 revenue, reaching around $1.622 billion, beating&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/b38578813/organon-reports-results-for-the-first-quarter-ended-march-31-2024" rel="noreferrer noopener">the&nbsp;consensus of $1.563 billion</a>.
Women&#8217;s Health revenue increased by 11% as reported and 12% ex-FX, driven by 34% ex-FX growth in&nbsp;Nexplanon&nbsp;led by favorable customer purchasing patterns associated with the timing of U.S. list-price adjustments, coupled with favorable price and discount rates in the U.S. and the favorable timing of tenders to markets outside of the U.S.
Biosimilar revenue surged by 46% reported and ex-FX,&nbsp;aided by&nbsp;Ontruzant, which benefited from incremental demand from a tender in Brazil&nbsp;and&nbsp;Renflexis,&nbsp;which gained from continued demand growth in the&nbsp;U.S&nbsp;and Canada.
Established Brands remained&nbsp;flat Y/Y on an as-reported basis&nbsp;and grew&nbsp;2% Y/Y ex-FX&nbsp;as&nbsp;contribution&nbsp;from the recent licensing of&nbsp;Emgality&nbsp;and&nbsp;Rayvow along&nbsp;with a recovery in certain injectable steroid products following last year&#8217;s market action offset the impacts of Volume Based Procurement initiatives in China.&nbsp;
For the first quarter,&nbsp;Organon reported an adjusted gross margin of 62.1% vs. 65.2% a year ago.
Adjusted EBITDA margin contracted to 33.2% from 33.7% in&nbsp;the prior&nbsp;year&nbsp;quarter&nbsp;due to cost containment initiatives targeting operating expenses.
The company reported adjusted EPS of $1.22, beating the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">consensus of $0.93</a>.
As of March-end, cash and cash equivalents were $575 million, and debt was $8.7 billion.
Dividend: The Board of Directors declared a quarterly dividend per sharer of $0.28, payable on June 13 to stockholders of record as of May 13.
FY24 Guidance Reaffirmed:&nbsp;It forecasts revenue of $6.2 billion-$6.5 billion versus the consensus of $6.37 billion and&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">adjusted EBITDA margin of 31.0%-33.0%</a>.
Investors can gain exposure to the stock via&nbsp;SPDR S&amp;P Pharmaceuticals ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPH#NYSE">XPH</a>) and&nbsp;Invesco S&amp;P SmallCap Health Care ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSCH#NASDAQ">PSCH</a>).
Price Action: OGN shares are up 2.18% at $19.24 at the last check Thursday.
Photo via Shutterstock

PSCH

Organon Beats On Q1, Women's Health Leads the Charge

These three pharmaceutical ETFs have dropped to support, which means they may be about to rebound.
Support is a large concentration of buyers who have gathered around the same price level. At support levels, there is more demand for the stock than there is supply.
Downtrends end when they reach support levels.
Many times, stocks rally off of support levels. This happens when some of the buyers become more aggressive. They don&rsquo;t want the other buyers to get ahead of them in line. They decide to pay higher prices.
This forces the stock into rally mode.
See Also: <a href="https://www.benzinga.com/trading-ideas/long-ideas/21/04/20625716/3-short-squeeze-candidates-in-the-media-sector">3 Short Squeeze Candidates In The Media Sector</a>
The SPDR S&amp;P Pharmaceuticals ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xph#NYSE">XPH</a>) has dropped to the $47.85 level. This level was support in November and December. It was&nbsp;the base for a large move higher into January. It could happen again.
<img alt="xph.png" src="https://www.benzinga.com/files/u344550/xph.png" style="height:400px; width:640px" />
The Global X Cannabis ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/potx#NYSE">POTX</a>) has reached the $14 level once again. After finding support at this level in January and March, the ETF rallied. There&rsquo;s a chance it happens again.
<img alt="potx.png" src="https://www.benzinga.com/files/u344550/potx.png" style="height:400px; width:640px" />
&nbsp;
The Direxion Daily Pharmaceutical &amp; Medical Bull 3X Shares ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pill#NYSE">PILL</a>) has found support at the $19.50 level. This level was support in November and December. It was the base for a significant move higher.
<img alt="pill.png" src="https://www.benzinga.com/files/u344550/pill.png" style="height:400px; width:640px" />

Long Ideas

Technicals

POTX

3 Pharmaceutical ETFs That Could Be Due For A Rebound

The pharmaceutical industry has delivered a&nbsp;C$1 billion ($761 million) proposal to the Canadian government in an attempt to stave off an&nbsp;upcoming price crackdown, Reuters&nbsp;<a href="https://www.reuters.com/article/us-canada-pharmaceuticals-exclusive/exclusive-drugmakers-offer-canada-c1-billion-to-scrap-some-pending-pricing-rules-idUSKBN27V0EY?il=0" target="_blank">reported</a>&nbsp;on Sunday, based on documents the news agency has reviewed.
What Happened: The industry offered to spend C$1 billion dollar ($761 million) over the next 10 years on developing ways to improve access to drugs for rare diseases and to improve local manufacturing and commercialization.
The drug pricing regulations, to go in&nbsp;effect on Jan. 1,&nbsp;threaten the industry&rsquo;s growth, pharmaceutical companies say. They say the uncertainty and complex cost-benefit analysis the new rules will bring about will discourage them from developing new drugs in the country.
Why It Matters: Under the new rules, Canada's Patented Medicine Prices Review Board will be able to review the cost effectiveness of new drugs and the impact they might have on government budgets.
The board will no longer use the United States and Switzerland as a benchmark to set some maximum prices and will take other countries with lower prices into consideration.
&ldquo;The position of the Government of Canada remains unchanged &mdash; Canada has among the highest patented medicine prices in the world, and these high prices negatively affect the ability of patients to access new medicines,&rdquo; said the health minister office in a statement.&nbsp;
What&#39;s Next: Canada&rsquo;s pharmaceutical lobby group, Innovative Medicines Canada (IMC), said it had a meeting with the minister of health and provided a written proposal but has received no answer so far.&nbsp;

Global

Media

Big Pharma In Canada Offers C$1B In Last Attempt To Stop Drug Pricing Crackdown

On <a href="https://www.cnbc.com/video/2019/09/25/final-trades-jpmorgan-skyworks-marathon-and-more.html">CNBC&#39;s &quot;Fast Money Halftime Report,&quot;</a>&nbsp;Joe Terranova said that JPMorgan Chase &amp; Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jpm#NYSE">JPM</a>) is going to trade higher, toward$125.
Meghan Shue is a buyer of Communication Services Select Sector SPDR Fund (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xlc#NYSE">XLC</a>).
Anastasia Amoroso wants to buy SPDR S&amp;P Pharmaceuticals (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xph#NYSE">XPH</a>) on a pullback. She doesn&#39;t think anything is going to happen about drug pricing in Congress.
Stephen Weiss likes Skyworks Solutions Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/swks#NASDAQ">SWKS</a>) on the news that Apple brought production of the Mac back to the United States.
Pete Najarian noticed unusual options activity in Marathon Petroleum Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mpc#NYSE">MPC</a>). He has a long position in the name.
&nbsp;

SWKS

'Fast Money Halftime Report' Picks For September 25

iShares Trust Dow Jones US Healthcare Sector Index Fund

From Sohn Conference: Larry Robbins Recommends Shorting A Pharma ETF, But Doesn't Specifically Mention 1 ETF; BZ NOTE: The SPDR S&P Pharma ETF Is Ticker 'XPH'

July was&nbsp;kind to the U.S. stock market even amid escalating trade tensions and rounds of tech sell-off. The Dow Jones Industrial Average recorded the largest monthly gain of 4.7 percent&nbsp;since January while the S&amp;P 500 and the Nasdaq Composite Index logged&nbsp;their fourth consecutive monthly gains at&nbsp;3.6 percent&nbsp;and 2.2 percent, respectively.
A string of earnings and revenue beats drove the markets higher. Additionally, accelerating economic growth and reports of renewed trade negotiations between the United States and China added to further strength.
A few sectors easily crushed the market in July. Below we have highlighted sector ETFs that witnessed handsome gains last month and could be better plays in the months ahead should the trends prevail.
U.S. Global Jets ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jets#NYSE">JETS</a>)
Airline stocks were on tear last month buoyed by strong earnings, a busy summer travel season&nbsp;and moves to trim capacity growth and cut non-fuel costs. As such, JETS emerged as the biggest winner in July, gaining 8.4&nbsp;percent. The fund provides exposure to the global airline industry, including airline operators and manufacturers from all over the world, by tracking the U.S. Global Jets Index.
In total, the ETF&nbsp;holds 34 securities that are heavily concentrated on the top four firms with double-digit allocation each. Other firms comeprise no more than 4.6 percent. The fund has gathered $98.1 million in its asset base while sees lower trading volume of nearly 29,000 shares a day. It charges investors 60 bps in annual fees.
Alerian MLP ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/amlp#NYSE">AMLP</a>)
Master limited partnerships,&nbsp;or MLPs, rallied on robust drilling activity, strong earnings&nbsp;and the new Federal Energy Regulatory Commission ruling related to the treatment of income taxes for interstate natural gas pipeline operators that has offered them some relaxation. This fund tracks the Alerian MLP Infrastructure Index, holding 28 stocks in its basket with heavy concentration on the top six firms.
AMLP is the most popular and most liquid ETF in the MLP space, with&nbsp;$10.1 billion in assets under management and average daily volume of 15.9 million shares. It charges 85 bps in fees per year from investors.
SPDR S&amp;P Pharmaceuticals ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xph#NYSE">XPH</a>)
A wave of mergers and acquisitions and encouraging trends including faster drug approvals, new products and Trump&#39;s tax reform fueled growth in the pharma industry. XPH provides exposure to pharma companies by tracking the S&amp;P Pharmaceuticals Select Industry Index. The product holds 44 securities, with none making up for more than 5 percent&nbsp;share each.
With AUM of $351.4 million, it trades in good volume of around 74,000 shares a day and charges 35 bps in fees a year. The product was up 7.9 percent&nbsp;over the previous month.
Invesco S&amp;P 500 Equal Weight Industrials ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rgi#NYSE">RGI</a>)
Though the sector has been hit hard by tariff and trade disputes, it regained momentum in July thanks to strong earnings and abating fears of a trade war. As such, RGI, which offers equal-weight exposure to the stocks in the industrials sector of the S&amp;P 500 Index, gained 7.3 percent in July.
The ETF follows the S&amp;P 500 Equal Weight Industrials Index, holding 70 stocks. Machinery and aerospace &amp; defense account for double-digit exposure each, while commercial services &amp; supplies, airlines and road &amp; rail round off the next spots with single-digit allocations. The product has accumulated $271.4 million in its asset base, while volume is light at around 22,000 shares. It charges 40 bps in annual fees.
SPDR S&amp;P Aerospace &amp; Defense ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xar#NYSE">XAR</a>)
Aerospace &amp; defense stocks ride higher on increased NATO defense spending, robust demand for passenger jets as well as earnings optimism. XAR offers equal-weight exposure to 35 stocks by tracking the S&amp;P Aerospace &amp; Defense Select Industry Index.
It has been able to manage $1.3 billion in its asset base, while trades in average daily volume of around 129,000 shares. It charges 35 bps in annual fees and has gained 7.9 percent&nbsp;in July.
Related Links:
<a href="https://www.benzinga.com/news/18/08/12120359/fidelity-rolls-out-zero-fee-index-funds">Fidelity Rolls Out Zero-Fee Index Funds</a>
<a href="https://www.benzinga.com/trading-ideas/long-ideas/18/08/12123575/new-defiance-future-tech-etf-invests-in-virtual-augmented-re">New Defiance Future Tech ETF Invests In Virtual, Augmented Reality</a>

AMLP

JETS

Rydex ETF Trust Rydex S&P Equal Weight Industrials ETF

These 5 Sector ETFs Were Among The Best Performers In July

After recently joining the Dow Jones blue chip index, Walgreens Boots Alliance Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wba#NASDAQ">WBA</a>) began the day on a high note, reporting earnings per share of $1.35 and total revenue of $34.33 billion, above analyst expectations of $1.08 and $34.05 billion. Walgreens also announced a dividend hike and $10 billion in stock buybacks. Despite concerns about same store sales figures, Walgreens was trading 2.5% higher in premarket trading.
Then Amazon.com, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amzn#NASDAQ">AMZN</a>) announced that it had agreed to buy a privately held online pharmacy called PillPack. Walgreens fell over 12 percent from its premarket high and other pharmacies such as CVS Health Corp (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cvs#NYSE">CVS</a>) and Rite Aid Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rad#NYSE">RAD</a>) fell around 10 percent as well. This is not unprecedented after Amazon decides to enter a new market, known as &ldquo;Amazon effect&rdquo;. Even the SPDR S&amp;P Pharmaceuticals ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xph#NYSE">XPH</a>) was down 1 percent.
In analyzing the Walgreens weekly chart, we can see that it was trading in its rising phase, fairly early in the current market cycle. However, it has now broken below its cycle low, which is a bearish indicator for the price action remaining in this cycle. Further, the stock has been in poor technical condition, recently failing from resistance. In January, we added it to our &quot;Riskiest of 2018&quot; list. With so much time left in this cycle, our current target is $51 by mid-September.
Walgreens Boots Alliance Stock Chart with Weekly Bars 
<img src="https://lh6.googleusercontent.com/sUhOJRHeX-5tYxyh27T2FMnWu9jRGmUlWNtbuEj09laWnszpE0QhqLlneFLDQ5Ds5A3x9d0geGambG6HyWOpVpeVe3C3yb0IsOMJ99-U3SiUGCjr8pM4otG4dClec5WbeA0Y-KT3" style="-webkit-transform:rotate(0.00rad); border:none; height:352px; transform:rotate(0.00rad); width:624px" />
For more from Slim or to learn about cycle analysis, check out the askSlim Market Week show every Friday on our <a href="https://www.youtube.com/channel/UCoAuxtwgh8LSHeMFqEwjgHA" style="text-decoration:none;">YouTube channel</a>. 
Related Links:
<a href="https://www.benzinga.com/news/18/06/11949184/amazon-to-buy-online-pharmacy-pillpack-drug-store-stocks-fall">Amazon To Buy Online Pharmacy PillPack; Drug Store Stocks Fall</a>
<a href="https://www.benzinga.com/news/18/06/11952693/mid-afternoon-market-update-dow-rises-over-100-points-progress-software-shares-s">Mid-Afternoon Market Update: Dow Rises Over 100 Points; Progress Software Shares Spike Higher</a>
Image credit: <a href="https://www.flickr.com/photos/jeepersmedia/15046322080/in/photolist-oVAkmd-ovSavU-oNmVVP-oNkdss-ovS82V-nVHMpN-ovS8KP-oViYTP-oN5YuK-ovSQWe-oEnb5c-paLcnj-oEnYKW-osqZC6-oEo9qg-ocV8WK-oWACTx-oWQoj5-obdwSb-oWSbDv-oWAEcp-oEoayt-ocV8bM-oqFkqG-o3eCmp-o5j7tP-oEo6Dz-oV2VfU-o3q1Nj-oNmT1a-JgKmhU-oUNbuZ-ovSPrk-oNkaCj-oUNbJ6-oNmTnc-oWSfBF-oN5VYn-24uxQ-oWQqB1-oNmSvH-oyfqtx-ovStsU-oNHhbE-ovSbjN-oWAH4B-ovS7nu-kfqKSR-oQHgiw-nL3oG7">Mike Mozart, Flickr</a>

AMZN

Amazon Breaks Walgreens' Bullish Cycle, More Downside To Come

Total earnings for <a href="https://www.zacks.com/ZER/zer_get_pdf.php?r=H0170834233&amp;ADID=ZP_Article_EarningsTrends">95.3%</a> of the total healthcare market capitalization are up 7.6% on revenue growth of 4.6%. Though earnings growth appears solid compared with many other sectors, earnings and revenue beat ratios of 72.5% and 58.8%, respectively, look disappointing.
	Among the most notable players, Johnson &amp; Johnson JNJ was the first major drug company to report earnings on Oct 17, followed by Eli Lilly and Company LLY and Bristol-Myers Squibb Company BMY on Oct 24 and Oct 26, respectively. Two other major U.S. drug companies, Merck MRK and Pfizer PFE, reported on Oct 27 and Oct 31, respectively. These industry primes posted solid results with either earnings or revenue beats or both.
	Johnson and Johnson Earnings in Focus
	The world&#39;s biggest maker of healthcare products continued its long streak of earnings beat. Earnings per share came in at $1.90, 10 cents ahead of the Zacks Consensus Estimate and 13.1% higher than the year-ago quarter. Revenues grew 10.3% year over year to $19.65 billion and edged past the Zacks Consensus Estimate of $19.28 billion. Johnson &amp; Johnson raised its full-year earnings per share guidance to $7.25-$7.30 from $7.12-$7.22 and revenue guidance to $76.1-$76.5 billion from $75.8-$76.1 billion (read: <a href="https://www.zacks.com/stock/news/279372/healthcare-etfs-in-focus-on-johnson-amp-johnson-q3-earnings">Healthcare ETFs in Focus on Johnson &amp; Johnson Q3 Earnings</a>).
	Pfizer Earnings in Focus
	The U.S. drug giant came up with an earnings beat and in-line revenues. Earnings per share of 67 cents came in a couple of cents above the Zacks Consensus Estimate while revenues of $13.7 billion were in line with the estimate of $13.17 billion. On a year-over-year basis, earnings per share and revenues rose 10% and 1%, respectively. For 2017, Pfizer narrowed the revenue guidance range to $52.4-$53.1 billion from $52-$54 billion while raised the earnings per share guidance range to $2.58-$2.62 from $2.54-$2.60.
	Merck Earnings in Focus
	Merck beat the earnings estimate while missed on revenues. Earnings per share came in at $1.11, surpassing the Zacks Consensus Estimate of $1.03 and improving 3.7% from the year-ago quarter. Revenues declined 2% year over year to $10.33 billion and were below the Zacks Consensus Estimate of $10.51 billion. Merck raised its revenue guidance to $40-$40.5 billion from $39.4-$40.4 billion and earnings per share guidance to $3.91-$3.97 from $3.76-$3.88 for this year.
	Bristol-Myers Earnings in Focus
	Bristol-Myers missed on earnings while beats on revenues. It reported earnings per share of 75 cents, a couple of cents below the estimate. Revenues grew 7.1% to $5.25 billion and edged past the Zacks Consensus Estimate of $5.19 billion. The company raised its earnings per share guidance to $2.95-$3.05 from $2.90-$3.00 (see: <a href="https://www.zacks.com/funds/etfs/etf-categories/Health-Care-ETFs-13">all the Healthcare ETFs here</a>).
	Eli Lilly Earnings in Focus
	Eli Lilly topped the Zacks Consensus Estimate on both fronts. Earnings of $1.05 outpaced the Zacks Consensus Estimate by couple of cents and came in 19% higher than the year-ago quarter. Revenues grew 9% to $5.66 billion and beat the $5.52-billion estimate. Like other drug makers, Eli Lilly also raised its 2017 revenue and earnings guidance. It now expects revenues in the range of $22.4-$22.7 billion compared with the previous expectation of $22.0-$22.5 billion and earnings per share in the range of $4.15-$4.25 versus $4.10-$4.20 expected previously.
	ETF Angle
	The string of earnings beat failed to boost pharma ETFs as they saw rough trading over the past one month. Below, we have highlighted these in detail. These funds have a Zacks ETF Rank #3 (Hold) with a High risk outlook:
	PowerShares Dynamic Pharmaceuticals Fund PJP
	This is by far the most popular choice in the pharma space that follows the Dynamic Pharmaceuticals Intellidex Index. The product has AUM of about $663.7 million and sees a lower volume of around 52,000 shares a day. The fund charges 56 bps in fees and expenses. Holding 30 stocks, the fund invests around 22.8% share in the in-focus five firms. The ETF has lost 6% in a month.
	iShares U.S. Pharmaceuticals ETF IHE
	This ETF provides exposure to 42 pharma stocks by tracking the Dow Jones U.S. Select Pharmaceuticals Index. The in-focus firms are the top five holdings in the basket accounting for a combined 40.3% of total assets, suggesting heavy concentration. The product has $594.5 million in AUM and charges 44 bps in fees and expense. Volume is light as it exchanges about 19,000 shares a day. The fund has shed 6% in a month (read: <a href="https://www.zacks.com/stock/news/282089/what-lies-in-store-for-pharma-etfs">What Lies in Store for Pharma ETFs?</a>).
	SPDR S&amp;P Pharmaceuticals ETF XPH
	This fund provides exposure to the pharma companies by tracking the S&amp;P Pharmaceuticals Select Industry Index. With AUM of $396.6 million, it trades in a good volume of around 90,000 shares a day and charges 35 bps in fees a year. In total, the product holds 39 securities with the in-focus five firms taking nearly 5% share each. The product was down 7% in the same period.
	VanEck Vectors Pharmaceutical ETF PPH
	This ETF follows the MVIS US Listed Pharmaceutical 25 Index and holds 26 stocks in its basket. Johnson &amp; Johnson, Pfizer, Bristol-Myers, and Eli Lilly accounts for at least 5% share each while Merck makes up for 4.4% of assets. The product has amassed $262.4 million in its asset base and trades in a moderate volume of about 67,000 shares a day. Expense ratio comes in at 0.35%. The fund has lost 5.9% in a month. 
	&nbsp;<img alt="" src="https://staticx-tuner.zacks.com/images/zadmin_tuner_image/pharma etf.jpg" style="width: 620px; height: 252px;" />
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	<a href="http://www.zacks.com/registration/pfp?ALERT=ZER_LINK&amp;d_alert=ZER_LINK&amp;t=BMY&amp;ADID=BENZ_CONTENT_ZER_ARTCAT_ETF_NEWS_AND_COMMENTARY&amp;cid=CS-BENZ-FT-282412">Bristol-Myers Squibb Company (NYSE: </a><a class="ticker" href="/stock/bmy#NYSE">BMY</a>): Free Stock Analysis Report 
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	&nbsp; 
	<a href="http://www.zacks.com/registration/pfp?ALERT=ZER_LINK&amp;d_alert=ZER_LINK&amp;t=LLY&amp;ADID=BENZ_CONTENT_ZER_ARTCAT_ETF_NEWS_AND_COMMENTARY&amp;cid=CS-BENZ-FT-282412">Eli Lilly and Company (NYSE: </a><a class="ticker" href="/stock/lly#NYSE">LLY</a>): Free Stock Analysis Report 
	&nbsp; 
	<a href="http://www.zacks.com/registration/pfp?ALERT=ZER_LINK&amp;d_alert=ZER_LINK&amp;t=JNJ&amp;ADID=BENZ_CONTENT_ZER_ARTCAT_ETF_NEWS_AND_COMMENTARY&amp;cid=CS-BENZ-FT-282412">Johnson &amp; Johnson (NYSE: </a><a class="ticker" href="/stock/jnj#NYSE">JNJ</a>): Free Stock Analysis Report 
	&nbsp; 
	<a href="http://www.zacks.com/registration/pfp?ALERT=ZER_LINK&amp;d_alert=ZER_LINK&amp;t=MRK&amp;ADID=BENZ_CONTENT_ZER_ARTCAT_ETF_NEWS_AND_COMMENTARY&amp;cid=CS-BENZ-FT-282412">Merck &amp; Company, Inc. (NYSE: </a><a class="ticker" href="/stock/mrk#NYSE">MRK</a>): Free Stock Analysis Report 
	&nbsp; 
	<a href="http://www.zacks.com/registration/pfp/?ALERT=ETF225&amp;adid=BENZ_CONTENT_ETF_ARTCAT_ETF_NEWS_AND_COMMENTARY&amp;d_alert=rd_final_rank&amp;t=PJP&amp;split=1&amp;cid=CS-BENZ-FT-282412">PWRSH-DYN PHARM (ETF:PJP): ETF Research Reports</a> 
	&nbsp; 
	<a href="http://www.zacks.com/registration/pfp/?ALERT=ETF225&amp;adid=BENZ_CONTENT_ETF_ARTCAT_ETF_NEWS_AND_COMMENTARY&amp;d_alert=rd_final_rank&amp;t=XPH&amp;split=1&amp;cid=CS-BENZ-FT-282412">SPDR-SP PHARMA (ETF:XPH): ETF Research Reports</a> 
	&nbsp; 
	<a href="http://www.zacks.com/registration/pfp/?ALERT=ETF225&amp;adid=BENZ_CONTENT_ETF_ARTCAT_ETF_NEWS_AND_COMMENTARY&amp;d_alert=rd_final_rank&amp;t=PPH&amp;split=1&amp;cid=CS-BENZ-FT-282412">VANECK-PHARMA (ETF:PPH): ETF Research Reports</a> 
	&nbsp; 
	<a href="http://www.zacks.com/registration/pfp/?ALERT=ETF225&amp;adid=BENZ_CONTENT_ETF_ARTCAT_ETF_NEWS_AND_COMMENTARY&amp;d_alert=rd_final_rank&amp;t=IHE&amp;split=1&amp;cid=CS-BENZ-FT-282412">ISHARS-US PHARM (ETF:IHE): ETF Research Reports</a> 
	&nbsp; 
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Pharma ETFs Down Post Q3 Earnings

We are halfway through 2017 and pharma stocks have recovered nicely with their performance representing a sharp contrast to 2016 when the sector was under immense pressure due to the drug pricing issue. Another factor that weighed on pharma stocks last year was the noticeably lower number of FDA approvals. 2016 saw only 22 treatments gaining FDA approval, well below 45 approvals in 2015 and 41 in 2014. The industry was also hit by some high profile R&amp;D failures as well as mixed results, slower-than-expected new product launches and increasing competition.
&nbsp;
However, the sector has fared better this yearand the NYSE ARCA Pharmaceutical Index is up 10.1% year-to-date (YTD). New product sales ramp up, R&amp;D success and innovation, strong results, a higher number of FDA approvals and continued strong performance from legacy products are some of the factors that could contribute to a sustained recovery in the sector. Tax reforms and cash repatriation would support a recovery as well. (Read: <a href="https://www.zacks.com/stock/news/266090/forget-big-tech-biotech-etfs-are-soaring-higher">Forget Big Tech; Biotech ETFs are Soaring Higher</a>)
&nbsp;
Importantly, investors now seem to be more comfortable with the drug pricing scenario and are willing to look at the fundamentals of the sector. Although the drug pricing issue will remain a headwind this year as well, expectations are that steps taken by the Trump administration to drive down drug prices will not be as draconian as previously expected.&nbsp;
&nbsp;
Deregulation and increased competition seem to be some of the ways that will be used to control drug prices. FDA Commissioner Scott Gottlieb recently said that the agency is working on a plan to lower healthcare costs by speeding up the development of next-generation treatments, especially for rare diseases or targeted cancer therapies.
&nbsp;
Faster Drug Approval Process?
&nbsp;
At a meeting with pharma majors earlier this year, President Trump spoke about speeding up the FDA approval process. The President said that the FDA will be streamlined and the drug approval process will be much faster. The 21st Century Cures Act is a step in this direction.
&nbsp;
With the passing of this Act, expectations are that there will be more innovation in the sector and, maybe, a surge in new drug approvals. According to an IMSQuintiles report, the late-phase R&amp;D pipeline for the industry indicates that there should be about 40-45 new brand launches every year through 2021.
&nbsp;
Meanwhile, the FDA has already surpassed last year&#39;s total tally with 23 drugs being approved so far in 2017. &nbsp;(Read: <a href="https://www.zacks.com/stock/news/266846/how-to-build-a-winning-etf-portfolio-for-secondhalf-2017">How to Build a Winning ETF Portfolio for Second-Half 2017</a>)
&nbsp;
Will M&amp;As Pick Pace?
&nbsp;
There has been a lot of consolidation in the pharma industry over the last few years with quite a few deals being announced/completed in 2016. Expectations are high that M&amp;As will increase as the year progresses -- potential tax reform and cash repatriation are expected to lead to a boost in this area. While not too many deals have been announced so far in 2017, we could see several M&amp;A agreements being announced in the coming quarters though companies are wary of bidding wars leading to over-priced deals.
&nbsp;
Companies with innovative technologies and pipelines are highly sought after. Niche disease areas like nonalcoholic steatohepatitis (NASH), immuno-oncology and multiple sclerosis are in demand. Treatments for orphan diseases are also much sought after with quite a few deals being signed in these areas. (Read: <a href="https://www.zacks.com/stock/news/266243/best-leveraged-etfs-of-first-half-of-2017">Best Leveraged ETFs of First Half of 2017</a>)
&nbsp;
Innovative Pipelines &amp; Catalyst Rich 2017 
&nbsp;
Pharma companies continue to work on bringing innovative new treatments to market, and there could be significant catalysts in the coming quarters in the form of important new product approvals as well as major data read-outs especially in key therapeutic areas like immuno-oncology, Alzheimer&#39;s, central nervous system disorders, and immunology/inflammation.
&nbsp;
Cancer remains a key focus area. According to IMSQuintiles, 68 new cancer drugs were approved for 22 indications from 2011 to 2016 while worldwide costs for cancer therapeutics and supportive care drugs shot up from $91 billion in 2012 to $113 billion in 2016. More than 600 molecules are in late stage development with the majority being targeted therapy.
&nbsp;
Meanwhile, sales of products that gained approval over the last two years as well as line extensions should ramp up and boost growth.
&nbsp;
Pharma ETFs in Focus
&nbsp;
Highlighted below are some pharma ETFs - ETFs present a low-cost and convenient way to get a diversified exposure to the sector.
&nbsp;
Powershares Dynamic Pharmaceuticals ETF (ETF:PJP)
&nbsp;
PJP, launched in Jun 2005 by Invesco PowerShares, tracks the Dynamic Pharmaceuticals Intellidex Index. The fund covers healthcare stocks. The top 3 holdings include Celgene Corporation (5.24%), Amgen Inc. (5.14%) and AbbVie Inc. (5.01%). The total assets of the fund as of Jul 6, 2017 were $742.1 million representing 30 holdings. The fund&#39;s expense ratio is 0.57% while dividend yield is 0.81%. The trading volume is roughly 53,041 shares per day.
&nbsp;
SPDR S&amp;P Pharmaceuticals ETF (ETF:XPH)
&nbsp;
XPH, launched inJun 2006, tracks the S&amp;P Pharmaceuticals Select Industry Index. This ETF primarily covers pharma stocks with the top 3 holdings being Akorn, Inc. (5.27%), Jazz Pharmaceuticals plc (5.19%), and Endo International, plc (4.7%).
&nbsp;
Total assets as of Jul 6, 2017 were $458.5 million representing 38 holdings. The fund&#39;s expense ratio is 0.35% and dividend yield is 0.62%.The trading volume is roughly 58,019 shares per day.
&nbsp;
iShares U.S. Pharmaceuticals (ETF:IHE)
&nbsp;
IHE, launched in May 2006, seeks investment results that correspond generally to the price and yield performance of the Dow Jones U.S. Select Pharmaceuticals Index. The fund mainly consists of pharma companies (89.8%). Biotech companies account for about 10.1% of the fund.
&nbsp;
The top 3 holdings of this fund are Johnson &amp; Johnson (9.95%), Pfizer Inc. (8.21%) and Merck &amp; Co. Inc. (7.58%). The total assets of the fund as of Jul 6, 2017 were $693.7 million representing 41 holdings. The fund&#39;s expense ratio is 0.44% with the dividend yield being 1.25%. The trading volume is roughly 19,527 shares per day.
&nbsp;
Market Vectors Pharmaceutical (ETF:PPH)
&nbsp;
PPH was launched in Dec 2011 and tracks the Market Vectors U.S. Listed Pharmaceutical 25 Index. This ETF covers healthcare stocks. While the expense ratio is 0.35%, dividend yield is 1.95%. The trading volume is roughly 39,357 shares per day. The total assets of the fund as of Jul 6, 2017 were $276.8 million representing 26 holdings. The top 3 holdings of this fund are Johnson &amp; Johnson (8.63%), Novartis AG (6.4%) and AbbVie Inc. (5.17%).
&nbsp;
Conclusion
&nbsp;
Although fears regarding the drug pricing issue have waned, it will nevertheless remain a headwind until the Trump administration comes out with a policy for controlling drug prices. Meanwhile, increased pipeline visibility and appropriate utilization of cash should increase confidence in the sector.
&nbsp;
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