With the first-quarter earnings season in full swing, investors are possibly seeing a ray of hope, as results reported so far have not been as dismal as expected. The picture should be clearer by the end of this week, since by then, more than 60% of the S&P 500 companies will have reported their quarterly numbers.One reason for this could be low expectations for the first quarter, as an unimpressive fourth quarter, along with the downturn in China and falling oil prices, have been clouding investor sentiment since the beginning of 2016. Meanwhile, estimates for the second quarter are moving south as per the Earnings Trend report dated Apr 20, albeit not as severely as in the last earnings cycle.What Awaits Drug Stocks?Amid the ongoing hullabaloo, the medical sector is one of the only six sectors expected to witness earnings growth this season. Johnson & Johnson JNJ kick-started the season on a positive note, wherein its earnings surpassed expectations and the company raised its outlook for the year, followed by the announcement of better-than-expected earnings by biotech player, Biogen Inc. BIIB. Swiss oncology major, Novartis’ NVS earnings, on the other hand, failed to meet expectations.Let’s find out what’s in store for the companies scheduled to report results later this week.Keryx Biopharmaceuticals, Inc. KERX is scheduled to report first-quarter 2016 results on Apr 28. Keryx currently has a Zacks Rank #4 (Sell) and 0.00% Earnings ESP. Moreover, Keryx’s track record has been disappointing so far. Over the four trailing quarters, the company has posted an average negative earnings surprise of 16.50%, having met earnings expectations in two quarters and missed the same in the other two. In addition, the company’s top line solely comprises revenues generated by Auryxia (ferric citrate) and it does not expect sales in the first quarter of 2016 to grow at the 40%-plus rate that it recorded last quarter. (Read more: What's in Store for Keryx this Earnings Season?).Baxalta Incorporated BXLT will also be reporting first-quarter 2016 results on Apr 28. The company carries a Zacks Rank #3 (Hold) and has a 0.00% Earnings ESP. The company has posted an average negative earnings surprise of 0.51% over the last three quarters. Meanwhile, the company has agreed to merge with Shire plc SHPG by mid 2016. (Read more: BBaxalta Q1 Earnings: Can the Stock Pull a Surprise?)BioMarin Pharmaceutical Inc. BMRN is expected to report first-quarter results on Apr 28. The company carries a Zacks Rank #3 and has an Earnings ESP of +22.35%, which indicates a likely earnings beat this quarter. The company's product portfolio comprises five marketed products – Aldurazyme, Naglazyme, Kuvan, Firdapse and Vimizim. It has reported a narrower-than-expected loss in three of the four trailing quarters, with an average negative surprise of 8.98%, (Read more: BioMarin Q1 Earnings: Stock Likely to Beat Estimates)Agenus, Inc. AGEN is another company scheduled to report first-quarter 2016 earnings on Apr 28. Agenus’ track record has been disappointing so far. The company has missed estimates in all of the last four quarters, with an average negative surprise of 61.39%. The company currently has a Zacks Rank #3 (Hold) and an Earnings ESP of -8.70%. (Read more: Agenus Q1 Earnings: What's in Store for the Stock?ImmunoGen, Inc. IMGN is slated to report third-quarter fiscal 2016 results on Apr 29. The company is engaged in the development of novel, antibody-drug conjugates for the treatment of cancer. ImmunoGen’s track record has been disappointing so far. The company reported wider-than-expected losses in three of the last four quarters and met estimates on one occasion, with an average negative surprise of 8.35%. (Read more: What's in the Cards for ImmunoGen in Q3 Earnings?) Stay Tuned! Check later on our full write-up on earnings releases of these stocks.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report NOVARTIS AG-ADR (NVS): Free Stock Analysis Report JOHNSON & JOHNS (JNJ): Free Stock Analysis Report BIOMARIN PHARMA (BMRN): Free Stock Analysis Report BIOGEN INC (BIIB): Free Stock Analysis Report AGENUS INC (AGEN): Free Stock Analysis Report KERYX BIOPHARMA (KERX): Free Stock Analysis Report IMMUNOGEN INC (IMGN): Free Stock Analysis Report SHIRE PLC-ADR (SHPG): Free Stock Analysis Report BAXALTA INC (BXLT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research