Twenty-two of at least 34 biotechs and pharmas reporting earnings closed down last week, as the Dow Jones Industrial Average declined 3%, erasing all its gains for the year. Notably, big pharmas AstraZeneca plc (LSE:AZN; NYSE:AZN), Merck & Co. Inc. (NYSE:MRK) and Pfizer Inc. (NYSE:PFE) lost a combined $14.8 billion in market value despite beating the Street's EPS and revenue estimates. AZ, which dropped 3% on the week, also disclosed in its 2Q14 financial results that FDA extended the PDUFA date by three months for cancer product olaparib to Jan. 3, 2015. In addition, AZ announced it will acquire the respiratory disease business of Almirall S.A. (Madrid:ALM) for $875 million up front and up to $1.2 billion in milestones.

Amgen Inc. (NASDAQ:AMGN) gained $2.1 billion in market cap after beating consensus EPS and revenue estimates and unveiling plans to reduce headcount by about 12-15%, or 2,400-2,900, companywide through 2015. The biotech bellwether plans to close its facilities in Washington state and Colorado, which are primarily R&D and process development related sites.