It’s shaping up to be a great quarter for Europe’s biggest companies — no thanks to Europe.

There have been, of course, a few outliers — Novartis
NVS,
-1.53%,
for instance, disappointed — but it’s been a strong quarter for Europe’s leading companies.

If there’s one thing that weaves these disparate producers of injectable drugs, handbags and lithography systems is that none are dependent on Europe for sales.

More than half of Novo Nordisk’s sales came from the U.S., with all of Europe, the Middle East and Africa accounting for barely over 20%. LVMH’s regional breakdown is more balanced, though Europe’s 25% share is flattered by sales to Asian tourists visiting Paris. Just 4% of ASML’s shipments were to Europe, Middle East and Africa last year.

Granted, Europe’s largest companies have long adjusted to the Continent’s stagnant economy. That was brought into focus this week by data showing the eurozone economy grew by just 0.5% last year, compared to 2.5% in the U.S. Over a longer time frame, the U.S. economy has outgrown eurozone GDP by more than 20% since the century started.

According to Goldman Sachs, European earnings when weighted for market cap have surprised 2% to the upside. By contrast, an equal-weighted look at European earnings shows a 1% miss.

The smallest 200 of the Stoxx 600
XX:SXXP
have reported a 5% miss, which Goldman attributes in part to “high domestic exposure.”