At least seven biotechs and pharmas reported earnings last week. Big pharmas Bristol-Myers Squibb (NYSE:BMY) and Johnson & Johnson (NYSE:JNJ) lost a combined $18.2 billion in market value last week despite beating consensus EPS and revenue estimates. ISI Group's Mark Schoenebaum noted that BMS "seemed a bit cautious on the combination of its PD-1 and Yervoy in lung cancer" on the earnings call. BMS's nivolumab mAb against programmed cell death 1 (PDCD1; PD-1; CD279) and Yervoy ipilimumab are in the Phase I CheckMate 012 trial to treat non-small cell lung cancer (NSCLC). BMS ended the week down 6%. J&J, which fell 5%, provided 2014 EPS guidance below the Street's expectations.

Forest Laboratories Inc. (NYSE:FRX) reached its 52-week high of $72.40 on the day it announced EPS and revenues that beat the Street. The pharma was off 6% on the week.