At least 37 biotechs and pharmas reported earnings last week. Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) fell 11% on the week, losing $3.9 billion in market value, despite beating the Street's 3Q13 EPS and revenue estimates. Last Wednesday, Jeremy Levin stepped down as president and CEO (see Cover Story).

Novo Nordisk A/S (CSE:NVO; NYSE:NVO) lost $8.4 billion in market value after posting 3Q13 EPS that missed the Street's estimate. The pharma also said the preliminary outlook for 2014 indicates high single-digit growth in sales and operating profit in local currencies. This compares to its 2013 sales growth guidance of 11-13% and 2013 operating profit growth guidance of 12-15% in local currencies.