The U.S. healthcare sector has shown notable resilience in 2025, even as macroeconomic uncertainty and recession fears weigh on the broader market. Three names — Krystal Biotech (NASDAQ: KRYS), Exelixis (NASDAQ: EXEL), and CVS Health (NYSE: CVS) — have significantly outperformed since the start of the year, and each now has major catalysts on the horizon that could keep the momentum going.
Krystal Biotech’s rally has been powered by Vyjuvek, its only commercial product. The topical gel treats dystrophic epidermolysis bullosa (DEB), a rare condition in which even mild friction causes severe skin blistering and tearing. Vyjuvek works by helping patients’ cells produce a protein that strengthens and repairs fragile skin. The drug’s success has fueled rapid revenue and profit growth in recent years. With fresh approvals now secured in Europe and Japan, international expansion should provide another leg to sales growth.
Meanwhile, the pipeline includes candidates for other rare diseases, such as cystic fibrosis, and upcoming clinical and regulatory milestones could act as additional stock-moving events. The company currently carries a market cap of about $9.7 billion and a gross margin of 92.72%.
Exelixis is approaching a pivotal handover. Its flagship cancer drug Cabometyx has been a commercial success across multiple indications, but attention is now shifting to zanzalintinib, a next-generation therapy that could secure approval for metastatic colorectal cancer by year-end. Colorectal cancer remains the second-leading cause of cancer death globally, underscoring the significant unmet need in late-stage disease.
Crucially, zanzalintinib is also being evaluated in meningioma and certain forms of kidney cancer, exhibiting the same pipeline-in-a-drug potential that made Cabometyx a blockbuster. With Cabometyx expected to face U.S. generic competition around 2030, zanzalintinib is positioned to take over seamlessly. An early-stage oncology pipeline adds further support for medium-term revenue and earnings growth. Exelixis has a market cap near $14 billion and a gross margin of 96.44%.
CVS Health’s recovery continues to deepen. The stock has gained strength since 2025 as cost-control measures in the health insurance segment feed through to improving margins and profitability. At the same time, the company recently unveiled a platform designed to streamline patient access to GLP-1 weight-loss medications while pairing them with professional weight-management support. Demand for these drugs is surging, but high prices and spotty insurance coverage remain major barriers for many patients — a gap that CVS Health is well placed to fill, potentially boosting pharmacy segment sales.
Together with other revenue-enhancing initiatives and a steady dividend program (current yield around 2.49%), the medium-term outlook appears bright. The company’s market cap stands at roughly $136 billion.
While each company faces its own set of risks — from product commercialization challenges and pipeline execution to the inherent volatility of insurance operations — the clearly defined catalysts ahead suggest that all three are well positioned to sustain their strong runs.
