With a couple of exceptions the pharma earnings season has failed to impress Wall Street, so far. Take a look at the one week performance of the Amex Pharmaceutical Index versus the Dow.
Next week there's no let-up. Right out of the gate on Monday morning Merck and Schering-Plough report. They typically come out on the same day because they're so intertwined on the Vytorin joint venture--the cholesterol pill combining Merck's Zocor and Schering-Plough's Zetia. On Tuesday, we've got Eli Lilly. On Wednesday, GlaxoSmithKline (tune in for a "First On CNBC" live interview with CEO JP Garnier on "Squawk Box" that morning). This will be GSK's first earnings report since the Avandia scare, so we'll get a clearer picture of just how much sales of the drug have plummeted in the wake of that study identifying potential heart risks with that blockbuster diabetes drug.