We are entering the peak period of the second-quarter reporting cycle this week. The quarter, undoubtedly, is off to a strong start.

As of Jul 21, 2017, 97 S&P 500 members, accounting for 28.1% of the index’s total market capitalization, reported results, according to  Earnings Preview. Of these, 59.8% beat both revenues and earnings estimates compared with 50.5% in the first quarter.

Total earnings for these 97 index members were up 8.4% from the year-ago quarter on a 5.1% improvement in revenues. The beat ratio was 78.4% for earnings and 72.2% for revenues.

The earnings momentum is expected to continue through the season. Per the report, total earnings for S&P 500 companies in the second quarter are expected to grow 8.6% year over year on 4.7% higher revenues. This follows 13.3% earnings growth in the first quarter on 7% increase in revenues, the highest in almost two years.

Among the pharma bigwigs, Johnson & Johnson (JNJ – Free Report) J&J reported mixed second-quarter results, beating on earnings but missing on sales. On the other hand, Novartis’ (NVS – Free Report) second-quarter results were encouraging as the company topped both earnings and sales estimates. On Jul 25, Lilly (LLY – Free Report) and Biogen Inc. (BIIB – Free Report) released their second quarter results. Both the companies beat earnings and revenue estimates. Lilly raised its previously issued 2017 adjusted earnings and sales outlook. Biogen also raised its earnings and sales outlook for 2017.

Let’s take a look at three pharma giants that are set to report second-quarter results on Jul 26. Let’s see how things are shaping up for this quarter.

Gilead Sciences, Inc. (GILD – Free Report)

Gilead which is scheduled to release earnings after the closing bell, had delivered a positive earnings surprise of 0.92% last quarter. Gilead’s earnings performance has been mixed with earnings missing expectations in one of the last four quarters and beating in the remaining three, resulting in an average positive surprise of 3.52%.