At least 18 biotechs and pharmas reported earnings last week. Biogen Idec Inc. (NASDAQ:BIIB) and Gilead Sciences Inc. (NASDAQ:GILD) both blew past the Street's 2Q14 EPS and revenue estimates on strong sales of newly launched drugs.

Biogen Idec gained 10% last week, tacking on over $7 billion to its valuation, after reporting a 260% increase in revenues of Tecfidera dimethyl fumarate to $700.4 million. The multiple sclerosis drug was approved in the U.S. in March 2013 and in the EU in February. Biogen also announced last week that Plegridy peginterferon beta-1a (BIIB017) was approved in Europe to treat relapsing-remitting MS (RRMS), and Alprolix rFIXFc was approved in Japan for hemophilia B.