Earnings season is now well under way for the second quarter. So far, things are looking good. The biotech sector has yet to see any significant earnings representation. That will change during the week of July 21 to July 25 when at least six large biotech outfits are scheduled to report second-quarter earnings and revenues.

24/7 Wall St. has prepared a brief sector calendar for its readers and given earnings previews as well. Consensus earnings per share (EPS), revenue estimates and price targets are from Thomson Reuters.

We have also added in color on each, as well as valuation and performance metrics. We would also note that earnings estimates, and even the expected earnings dates, can change prior to the reporting dates.

Lastly, we have had several biotech analysts come out favorably on the biotech sector ahead of earnings. That is in part from volatility of late, as well as a partial reaction to the commentary from Fed Chair Janet Yellen including biotech as having unnamed overvalued representation in the market.

Baird identified two of these companies as buys ahead of earnings, and Leerink identified one of these six as a buy before earnings. UBS identified three of these six companies as buys ahead of the earnings report.

We would also caution one issue at the moment. We are in a climate right now where pharmaceuticals and biotechs are in a period of tax inversion mergers and acquisitions. This could take place in any such company looking at overseas opportunities for growth and for better effective tax rates.

ALSO READ: 4 Upcoming FDA and Trial Catalysts in Biotech

These are the top six biotechs on deck to report in the week ahead.

Cubist Pharmaceuticals Inc. (NASDAQ: CBST) is expected to report earnings on Tuesday July 22 after the close. Earnings estimates are $0.02 per share and $299.6 million in revenue, and next quarter estimates are $0.05 per share earnings and $313.1 million in revenue.

Cubist closed out last week at $64.87 and the consensus price target was $82.87. Cubist shares were up 21% so far this year coming into this week and were up almost 8% in the past quarter. The stock is valued at almost $5 billion and trades at a lofty 35 times expected 2015 earnings.

Biogen Idec Inc. (NASDAQ: BIIB) reports on Wednesday July 23 in the morning hours before the open. The biotech giant is expected to report earnings per share (EPS) of $2.82 and $2.15 billion in revenue, and next quarter estimates are $3.02 EPS and $2.25 billion in revenue.

Biogen shares were at $304.10 on Friday’s closing bell and the consensus price target was up at $351.12. The stock was up almost 5% in the past quarter and up almost 9% year-to-date. Biogen Idec’s market cap is $72 billion and its stock trades at 21 times expected 2015 earnings.

Gilead Sciences Inc. (NASDAQ: GILD) is expected to report its second-quarter earnings on Wednesday July 23 after the close. Earnings estimates are $1.77 per share and $5.82 billion in revenue, and next quarter estimates are $1.61 EPS and $5.51 billion in revenue. Gilead remains under controversy over the sky-high reimbursement rate for its hepatitis C vaccine. Still, shares just recently hit a new high above $90 and the stock closed Friday at $89.19. The consensus analyst price target is up at $102.04.

Gilead shares have recovered handily from its recent drop, sending shares back up 12% in the past quarter alone. Its stock is also up almost 19% so far in 2014. Gilead is currently the current king of biotechs by far with a $137 billion market cap, and its forward valuation is only 11 times expected 2015 earnings if you include no significant price reductions on its HCV are forced upon it.

ALSO READ: Baird’s Top Biotech Picks Ahead of Earnings

Illumina Inc. (NASDAQ: ILMN) is technically on the technology, equipment and process side of biotech and pharma, but investors seem to always just lump it into the same boat. The company is due to report earnings on Wednesday July 23 after the close. Earnings estimates are $0.51 per share and $426.98 million in revenue, and next quarter estimates are $0.53 EPS and $439.5 million in revenue.

Illumina closed at $174.05 on Friday, and the consensus price target was up slightly at $182 for the stock. Its stock has flown high and wide of late, making its expectations that much more important. Shares have risen only 2% in the past month, but the stock is up 28% in the last quarter and was up over 57% year-to-date. Illumina has a market cap of $22.35 billion and its stock trades at almost 65 times expected 2015 earnings.

Alexion Pharmaceuticals Inc. (NASDAQ: ALXN) is set to report earnings on Thursday July 24 before the market opens. Alexion’s consensus estimates are $1.07 EPS and $510.3 million in revenue, and next quarter estimates are $1.11 EPS and $538 million in revenue.

Alexion shares closed at $161.25 on Friday against a consensus analyst price target of $193.89. This one has not seen much action of late, with its stock performance up less than 1% in the past month. Still, its shares have risen over 7% in the past quarter and are up over 21% so far in 2014. Alexion is worth almost $32 billion in market capitalization now, and the stock trades at almost 29 times expected 2015 earnings.

Celgene Corp. (NASDAQ: CELG) reports on Thursday July 24 after the close. The consensus estimates are $0.89 EPS and $1.85 billion in revenue, and next quarter estimates are $0.95 EPS and $1.93 billion in revenue. After it closed at $85.06 on Friday, its consensus price target from analysts was $95.18.

Celgene’s stock price has risen almost 6% in the past month, but the stock is up 20% over the past quarter. Year-to-date performance has been low at less than 1%. Celgene’s market cap is $68 billion, and its stock trades currently at almost 18 times expected 2015 earnings.

ALSO READ: UBS Top Biotech Stocks for Earnings Season

If you want overall sector performance, the iShares Nasdaq Biotechnology (NASDAQ: IBB) ETF is down almost 10% from its recent peak this year, but the ETF is up about 16% over the past quarter and was up over 10% year-to-date going into this week’s earnings report.

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