At least 34 biotechs and pharmas reported earnings last week. Incyte Corp. (NASDAQ:INCY) and Questcor Pharmaceuticals Inc. (NASDAQ:QCOR), each with one marketed drug, soared after announcing their financial results. Incyte gained 15% on the week, or $498 million in market cap, after it raised its 2013 revenue guidance for myelofibrosis drug Jakafi/Jakavi ruxolitinib to $220-$230 million from $210-$225 million. "Based on what we are seeing in new prescriptions and persistency, we expect to see continued solid growth in the second half," Chief Commercial Office Jim Daly said on the earnings call. Questcor Pharmaceuticals Inc. (NASDAQ:QCOR) tacked on $912 million in market cap, or 31%, on EPS and revenues that handily beat consensus estimates. The company stated it believes insurance coverage for H.P. Acthar Gel repository corticotropin injection "continues to remain favorable" when the product is prescribed for on-label indications. The product is approved in the U.S. for 19 indications, including nephrotic syndrome.

The toolkit space saw Affymetrix Inc. (NASDAQ:AFFX) and Bruker Corp. (NASDAQ:BRKR) posting double-digit gains after outperforming the Street, while Luminex Corp. (NASDAQ:LMNX) fell 15% after barely missing the consensus EPS estimate. Luminex also guided to the lower end of its prior 2013 revenue guidance on the expectation of a "challenging reimbursement environment" in the near-term for molecular diagnostic tests that "could weigh on overall corporate performance." While other big pharmas struggle with declining revenues from generic competition, Bayer AG (Xetra:BAYN) added over $6 billion to its valuation last week after beating the Street's earnings estimate and raising its 2013 pharmaceuticals revenue guidance to a high single-digit percentage vs. 2012 from mid-single digit growth.