Morgan Stanley expects a “normal” earnings beat rate for the second quarter, with S&P 500 EPS growth forecast at 5% year-over-year and sales up 4%.

Pharmaceutical giant Eli Lilly delivers strong financial results and has a deep lineup and pipeline. Much smaller Viking Therapeutics boasts several candidates whose progress could jolt its shares.

Eli Lilly, Summit Therapeutics, and Vertex Pharmaceuticals all have important ongoing clinical trials. Shares of these ...