Investing.com -- Raymond James issued an earnings preview for seven commercial-stage biopharmaceutical companies ahead of second-quarter 2026 results, outlining key metrics that could drive stock performance.

For Insmed (NASDAQ: INSM), the firm said Symphony data tracked favorably and believes the narrowing gap between sell-side and buy-side expectations creates a setup for sequential launch growth that could beat 2026 consensus.

United Therapeutics (NASDAQ: UTHR) faces a critical test of whether total Tyvaso revenue returns to sequential growth. Raymond James said a second-quarter Tyvaso print of approximately $480 million to $490 million or better would show that the late first-quarter demand recovery is translating into sales and that Yutrepia is not causing meaningful near-term franchise-level erosion. The firm noted the IPF launch remains the more important component of its investment thesis.

Jazz Pharmaceuticals (NASDAQ: JAZZ) could deliver its first beat and raise since the second quarter of 2023, according to the firm. After a strong first-quarter print showing 19% year-over-year growth, the company can still hit the top end of guidance even if revenue growth slows to 2% year-over-year for the next three quarters, before accounting for any contribution from zani's launch in first-line GEA with an August 25 PDUFA date.

For Ionis Pharmaceuticals (NASDAQ: IONS), Raymond James said the market assigns insufficient value to Tryngolza's sHTG launch relative to recent focus on CARDIO-TTRansform's topline miss. The firm expects a muted stock reaction during the upcoming earnings cycle but said this should become an increasingly important driver through the second half of 2026.

PTC Therapeutics (NASDAQ: PTCT) could deliver another beat and raise in the second quarter. A print of $150 million to $160 million would bring first-half sales to approximately $275 million to $285 million and create a path above current sell-side expectations. The longer-term debate on Sephience centers on whether it can achieve $2 billion-plus in peak sales.

Tonix Pharmaceuticals (NASDAQ: TNXP) expanded commercial coverage to approximately 52 million lives through two GPO agreements alongside broad Medicaid coverage. The key question is whether this broader access improves bridge-to-paid conversion and accelerates revenue-generating prescriptions.

For Milestone Pharmaceuticals (NASDAQ: MIST), Raymond James said stock weakness year-to-date reflects an overly linear extrapolation of the first two Cardamyst launch updates in March and April. The firm believes the launch trajectory can exceed expectations even assuming steady 100 month-over-month growth in new prescriptions.