undamentalytics Newsletter

Biotechnology stocks

268 US-listed companies in biotechnology, with $229.8bn of combined revenue in their latest fiscal years. AbbVie is the largest ($61.2bn). The fastest grower with at least $100m of revenue in both years is Madrigal Pharmaceuticals, Inc., up 432.1%. The median company grew 20.8% with a net margin of −4.3%.

Companies268
Combined revenue$229.8bn
Median revenue growth20.8%
Median net margin−4.3%
Median return on equity−1.4%
#CompanyRevenueGrowthNet marginROEFiscal year
1 AbbVieABBV $61.2bn 8.6% 6.9% — 2025
2 AmgenAMGN $36.8bn 10.0% 21.0% 106.1% 2025
3 Gilead SciencesGILD $29.4bn 2.4% 28.9% 40.5% 2025
4 Regeneron PharmaceuticalsREGN $14.3bn 1.0% 31.4% 14.9% 2025
5 Vertex PharmaceuticalsVRTX $12.0bn 8.9% 32.9% 22.5% 2025
6 BiogenBIIB $9.9bn 2.2% 13.1% 7.4% 2025
7 IncyteINCY $5.1bn 21.2% 25.0% 29.9% 2025
8 Argenx SEARGX $4.2bn 89.9% 31.1% 20.2% 2025
9 Alnylam Pharmaceuticals, Inc.ALNY $3.7bn 65.2% 8.4% 73.3% 2025
10 Biontech SEBNTX $3.2bn 9.0% −39.6% −6.0% 2025
11 Biomarin Pharmaceutical IncBMRN $3.2bn 12.9% 10.8% 5.9% 2025
12 United Therapeutics CorpUTHR $3.2bn 10.6% 41.9% 19.7% 2025
13 Neurocrine Biosciences IncNBIX $2.9bn 21.4% 16.7% 16.4% 2025
14 Exelixis, Inc.EXEL $2.3bn 7.0% 33.7% 35.5% 2025
15 Natera, Inc.NTRA $2.3bn 35.9% −9.0% −14.3% 2025
16 Sarepta Therapeutics, Inc.SRPT $2.2bn 15.6% −32.5% −53.5% 2025
17 ModernaMRNA $1.9bn −39.9% −145.2% −28.9% 2025
18 PTC Therapeutics, Inc.PTCT $1.7bn 114.5% 39.4% — 2025
19 Alkermes plc.ALKS $1.5bn −5.2% 16.4% 14.7% 2025
20 Halozyme Therapeutics, Inc.HALO $1.4bn 37.6% 22.7% 153.6% 2025
21 Lakefront Biotherapeutics NVLKFT $1.3bn 321.6% 28.9% 10.7% 2025
22 Novavax IncNVAX $1.1bn 64.7% 39.2% — 2025
23 Acadia Pharmaceuticals IncACAD $1.1bn 11.9% 36.5% 39.9% 2025
24 Legend Biotech CorpLEGN $1.0bn 64.0% −28.8% −29.1% 2025
25 Madrigal Pharmaceuticals, Inc.MDGL $958m 432.1% −30.1% −42.5% 2025
26 Ionis Pharmaceuticals IncIONS $944m 33.8% −40.4% −70.8% 2025
27 Biocryst Pharmaceuticals IncBCRX $875m 94.1% 30.2% — 2025
28 Arrowhead Pharmaceuticals, Inc.ARWR $829m 23258.2% −0.2% −0.5% 2025
29 Ascendis Pharma A/sASND $814m 106.9% −31.7% — 2025
30 Telix Pharmaceuticals LtdTLX $804m 55.6% −0.9% −1.9% 2025
31 Kiniksa Pharmaceuticals International, plcKNSA $678m 60.1% 8.7% 11.7% 2025
32 Ultragenyx Pharmaceutical Inc.RARE $673m 20.2% −85.4% — 2025
33 TG Therapeutics, Inc.TGTX $616m 87.3% 72.6% 102.8% 2025
34 Insmed IncINSM $606m 66.7% −210.5% — 2025
35 Hutchmed (china) LtdHCM $549m −13.0% 83.3% 45.7% 2025
36 Mirum Pharmaceuticals, Inc.MIRM $521m 54.7% −4.5% −8.6% 2025
37 Adma Biologics, Inc.ADMA $510m 19.6% 28.8% 35.6% 2025
38 Bridgebio Pharma, Inc.BBIO $502m 126.3% −144.4% — 2025
39 Tarsus Pharmaceuticals, Inc.TARS $451m 146.7% −14.7% −23.4% 2025
40 Ardelyx, Inc.ARDX $407m 22.1% −15.1% −36.2% 2025
41 Krystal Biotech, Inc.KRYS $389m 33.9% 52.6% 18.9% 2025
42 Sinovac Biotech LTDSVA $386m 6.8% −15.5% −0.9% 2025
43 Pharming Group N.V.PHAR $376m 26.6% 0.8% 1.1% 2025
44 Arcutis Biotherapeutics, Inc.ARQT $376m 91.3% −4.3% −9.3% 2025
45 Mannkind CorpMNKD $349m 22.2% 1.7% — 2025
46 Moolec Science SAMLEC $334m −28.5% −33.4% — 2025
47 Cormedix Inc.CRMD $312m 617.0% 52.3% 66.6% 2025
48 Aurinia Pharmaceuticals Inc.AUPH $283m 20.4% 101.5% 59.9% 2025
49 Adaptive Biotechnologies CorpADPT $277m 54.8% −21.5% −28.2% 2025
50 Vericel CorpVCEL $276m 16.5% 6.0% 5.1% 2025
51 Ligand Pharmaceuticals IncLGND $268m 60.4% 46.4% 13.5% 2025
52 Iovance Biotherapeutics, Inc.IOVA $264m 60.6% −148.4% −55.5% 2025
53 Arvinas, Inc.ARVN $263m −0.3% −30.8% −16.2% 2025
54 Arcus Biosciences, Inc.RCUS $247m −4.3% −142.9% −63.3% 2025
55 Keros Therapeutics, Inc.KROS $244m 6769.4% 35.7% 19.9% 2025
56 Akebia Therapeutics, Inc.AKBA $236m 47.5% −2.3% — 2025
57 Anaptysbio, IncANAB $235m 157.0% −5.6% −24.5% 2025
58 Puma Biotechnology, Inc.PBYI $228m −0.9% 13.6% 28.0% 2025
59 Ideaya Biosciences, Inc.IDYA $219m 3024.4% −52.0% −10.9% 2025
60 Valneva SEVALN $197m 7.6% −66.0% −83.4% 2025
61 Rhythm Pharmaceuticals, Inc.RYTM $190m 45.8% −103.6% — 2025
62 Stoke Therapeutics, Inc.STOK $184m 404.5% −3.7% −2.4% 2025
63 Phathom Pharmaceuticals, Inc.PHAT $175m 216.9% −126.3% — 2025
64 Syndax Pharmaceuticals IncSNDX $172m 627.8% −165.6% −161.8% 2025
65 Regenxbio Inc.RGNX $170m 104.5% −113.8% −107.0% 2025
66 Ginkgo Bioworks Holdings, Inc.DNA $170m −25.1% −183.8% −51.1% 2025
67 Macrogenics IncMGNX $150m −0.3% −49.9% −86.9% 2025
68 Karyopharm Therapeutics Inc.KPTI $146m 0.6% −134.2% — 2025
69 Beam Therapeutics Inc.BEAM $140m 120.0% −57.2% −8.1% 2025
70 Xencor IncXNCR $126m 13.7% −73.2% −14.0% 2025
71 Monte Rosa Therapeutics, Inc.GLUE $124m 63.5% −31.2% −16.9% 2025
72 Atara Biotherapeutics, Inc.ATRA $121m −6.3% 27.1% — 2025
73 Mesoblast LTDMESO $120m 599.2% −47.8% −9.9% 2026
74 Agenus IncAGEN $114m 10.4% −0.1% — 2025
75 Immunitybio, Inc.IBRX $113m 668.3% −310.2% — 2025
76 Urogen Pharma Ltd.URGN $110m 21.4% −139.8% — 2025
77 Century Therapeutics, Inc.IPSC $109m 1556.8% −8.8% −6.0% 2025
78 Zymeworks Inc.ZYME $106m 38.9% −76.6% −26.7% 2025
79 Sutro Biopharma, Inc.STRO $102m 65.2% −186.5% — 2025
80 Siga Technologies IncSIGA $95m −31.8% 24.6% 11.2% 2025
81 Cytokinetics IncCYTK $88m 376.6% −891.6% — 2025
82 4d Molecular Therapeutics, Inc.FDMT $85m 230194.6% −164.4% −27.6% 2025
83 ARS Pharmaceuticals, Inc.SPRY $84m −5.5% −203.3% −92.3% 2025
84 Nurix Therapeutics, Inc.NRIX $84m 54.0% −314.9% −49.6% 2025
85 Arcturus Therapeutics Holdings Inc.ARCT $82m −46.1% −80.2% −28.9% 2025
86 Meiragtx Holdings plcMGTX $81m 144.6% −140.3% — 2025
87 ADC Therapeutics SAADCT $81m 14.9% −175.3% — 2025
88 Ascentage Pharma Group InternationalAAPG $80m −41.4% −216.5% −153.3% 2025
89 Cytomx Therapeutics, Inc.CTMX $76m −44.8% −22.8% −35.2% 2025
90 Autolus Therapeutics plcAUTL $75m 644.9% −381.4% −95.0% 2025
91 Abcellera Biologics Inc.ABCL $75m 160.6% −194.9% −14.5% 2025
92 Recursion Pharmaceuticals, Inc.RXRX $75m 26.9% −863.4% −59.5% 2025
93 Compugen LTDCGEN $73m 161.1% 48.6% 44.8% 2025
94 Bicycle Therapeutics PLCBCYC $73m 105.8% −301.7% −31.2% 2025
95 Assembly Biosciences, Inc.ASMB $72m 153.5% −8.5% −5.1% 2025
96 Viridian Therapeutics, Inc.\deVRDN $71m 23359.9% −483.6% −49.2% 2025
97 Black Diamond Therapeutics, Inc.BDTX $70m — 32.0% 22.9% 2025
98 Vir Biotechnology, Inc.VIR $69m −7.6% −638.9% −45.7% 2025
99 Intellia Therapeutics, Inc.NTLA $68m 16.9% −609.9% −53.5% 2025
100 Kura Oncology, Inc.KURA $67m 25.2% −412.9% −94.8% 2025
101 Spero Therapeutics, Inc.SPRO $67m 39.2% 12.8% 16.3% 2025
102 Enanta Pharmaceuticals IncENTA $65m −3.4% −125.4% −84.6% 2025
103 Clinuvel Pharmaceuticals LtdCUVL $64m 5.2% 36.0% 13.4% 2026
104 Fortress Biotech, Inc.FBIO $63m 9.7% 10.8% 18.8% 2025
105 Nuvation Bio Inc.NUVB $63m 699.0% −325.3% −53.2% 2025
106 Tango Therapeutics, Inc.TNGX $62m 48.3% −162.9% −37.2% 2025
107 Nektar TherapeuticsNKTR $55m −43.9% −297.1% — 2025
108 Agios Pharmaceuticals, Inc.AGIO $54m 48.0% −764.0% −30.2% 2025
109 Q32 Bio Inc.QTTB $54m — 55.5% 125.1% 2025
110 Invivyd, Inc.IVVD $53m 110.5% −98.2% −34.0% 2025
111 Protalix Biotherapeutics, Inc.PLX $53m −1.2% −12.5% −14.4% 2025
112 Ocular Therapeutix, IncOCUL $52m −18.5% −511.9% −54.9% 2025
113 Lexicon Pharmaceuticals, Inc.LXRX $50m 60.2% −101.1% −39.7% 2025
114 Gossamer Bio, Inc.GOSS $48m −57.7% −351.5% — 2025
115 Protagonist Therapeutics, IncPTGX $46m −89.4% −282.8% −20.2% 2025
116 Septerna, Inc.SEPN $46m 4174.5% −106.4% −12.2% 2025
117 Fennec Pharmaceuticals Inc.FENC $45m −6.1% −21.8% −65.8% 2025
118 Xilio Therapeutics, Inc.XLO $44m 589.9% −80.1% −132.5% 2025
119 Wave Life Sciences, Inc.WVE $43m −60.5% −478.3% −56.2% 2025
120 Coherus Oncology, Inc.CHRS $42m 59.8% 398.4% — 2025
121 Editas Medicine, Inc.EDIT $41m 25.4% −395.0% −198.1% 2025
122 Voyager Therapeutics, Inc.VYGR $40m −49.5% −296.5% −48.3% 2025
123 Kymera Therapeutics, Inc.KYMR $39m −16.7% −794.0% −25.8% 2025
124 Nanobiotix S.a.NBTX $37m −573.6% −73.5% — 2025
125 C4 Therapeutics, Inc.CCCC $36m 1.0% −292.1% −44.4% 2025
126 X4 Pharmaceuticals, IncXFOR $35m 1250.5% −225.6% −76.0% 2025
127 Bioharvest Sciences Inc.BHST $35m 37.0% −32.3% −83.2% 2025
128 Precision Biosciences IncDTIL $34m −50.1% −133.4% −61.5% 2025
129 Verastem, Inc.VSTM $31m 209.1% −677.6% — 2025
130 Foghorn Therapeutics Inc.FHTX $31m 36.8% −240.3% — 2025
131 Cue Biopharma, Inc.CUE $27m 195.7% −96.9% −121.1% 2025
132 Celularity IncCELU $27m −51.0% −345.4% — 2025
133 Entrada Therapeutics, Inc.TRDA $25m −87.9% −565.5% −39.1% 2025
134 Metagenomi Therapeutics, Inc.MGX $25m −51.8% −348.5% −44.7% 2025
135 Alumis Inc.ALMS $24m — −1011.7% −80.8% 2025
136 Alector, Inc.ALEC $21m −79.1% −679.2% −181.6% 2025
137 Scynexis IncSCYX $21m 449.9% −41.8% −16.5% 2025
138 Lenz Therapeutics, Inc.LENZ $19m — −430.3% −33.6% 2025
139 Proqr Therapeutics N.V.PRQR $18m −12.1% −265.2% −63.8% 2025
140 Mediwound Ltd.MDWD $17m −16.1% −140.8% −63.9% 2025
141 Relay Therapeutics, Inc.RLAY $15m 53.4% −1800.6% −41.1% 2025
142 Lineage Cell Therapeutics, Inc.LCTX $15m 53.2% −436.5% −103.4% 2025
143 Opus Genetics, Inc.IRD $14m 29.1% −349.3% — 2025
144 Arbutus Biopharma CorpABUS $14m 128.2% −237.9% −38.5% 2025
145 Pyxis Oncology, Inc.PYXS $14m −14.2% −574.5% −91.4% 2025
146 Tonix Pharmaceuticals Holding Corp.TNXP $13m 29.8% −946.2% −64.5% 2025
147 Evommune, Inc.EVMN $13m 85.7% −529.8% — 2025
148 Prelude Therapeutics IncPRLD $12m 73.4% −819.6% −99.5% 2025
149 Mindwalk Holdings Corp.HYFT $11m 47.8% −89.7% −78.5% 2026
150 Caribou Biosciences, Inc.CRBU $11m 11.7% −1327.4% −79.0% 2025
151 Crescent Biopharma, Inc.CBIO $11m 108340.0% −1419.6% −127.5% 2025
152 Tscan Therapeutics, Inc.TCRX $10m 266.7% −1256.8% −71.3% 2025
153 Alpha Cognition Inc.ACOG $10m — −202.2% −33.1% 2025
154 Innate Pharma SAIPHA $10m −53.2% −546.1% — 2025
155 Janux Therapeutics, Inc.JANX $10m −5.6% −1136.3% −11.5% 2025
156 Zenas Biopharma, Inc.ZBIO $10m 100.0% −3777.4% −136.2% 2025
157 Taysha Gene Therapies, Inc.TSHA $10m 17.3% −1115.3% −68.5% 2025
158 Precigen, Inc.PGEN $10m 146.7% −2588.2% — 2025
159 Curis IncCRIS $9m −13.4% −80.3% — 2025
160 Bioage Labs, Inc.BIOA $9m — −896.1% −27.1% 2025
161 Apollomics Inc.APLM $9m — −128.7% — 2025
162 Roivant Sciences Ltd.ROIV $8m −71.6% −3629.2% −6.5% 2026
163 Coya Therapeutics, Inc.COYA $8m 123.6% −267.1% −51.4% 2025
164 Aclaris Therapeutics, Inc.ACRS $8m −58.2% −829.6% −50.2% 2025
165 Bolt Biotherapeutics, Inc.BOLT $8m 0.1% −433.7% −79.7% 2025
166 Adagene Inc.ADAG $8m 7332.8% −229.6% −41.0% 2025
167 Evaxion A/sEVAX $8m 125.1% −102.4% −100.2% 2025
168 Ovid Therapeutics Inc.OVID $7m 1181.3% −240.1% −17.5% 2025
169 Whitehawk Therapeutics, Inc.WHWK $7m −72.5% −288.3% −21.8% 2025
170 Immunome Inc.IMNM $7m −23.2% −3060.0% −52.1% 2025
171 Fate Therapeutics IncFATE $7m −51.2% −2051.1% −51.8% 2025
172 Kyntra BIO, Inc.KYNB $6m −78.3% 2848.6% — 2025
173 Korro Bio, Inc.KRRO $6m 181.5% −1834.5% −110.7% 2025
174 Abeona Therapeutics Inc.ABEO $6m 66.3% 1223.1% 81.8% 2025
175 DBV Technologies S.a.DBVT $6m 35.8% −2607.3% −149.8% 2025
176 Immuron LtdIMRN $5m 10.9% −47.7% −38.4% 2026
177 Inventiva S.a.IVA $5m −49.1% −7899.6% — 2025
178 Ensysce Biosciences, Inc.ENSC $5m −2.8% −200.8% — 2025
179 Adlai Nortye Group Ltd.ANL $5m 0.0% −710.6% −106.5% 2025
180 Inmed Pharmaceuticals Inc.INM $5m 7.5% −34.4% −15.0% 2025
181 Prime Medicine, Inc.PRME $5m 55.3% −4342.4% −146.8% 2025
182 Ocugen, Inc.OCGN $4m 8.8% −1537.4% — 2025
183 AC Immune SAACIU $4m −86.1% −1971.6% −94.3% 2025
184 CG Oncology, Inc.CGON $4m 254.7% −3985.0% −21.7% 2025
185 Cervomed Inc.CRVO $4m −58.9% −673.1% −93.9% 2025
186 Evogene Ltd.EVGN $4m −30.9% −220.2% — 2025
187 Marker Therapeutics, Inc.MRKR $4m −46.2% −343.0% −68.8% 2025
188 Crispr Therapeutics AGCRSP $4m −90.6% −16569.8% −30.2% 2025
189 Camp4 Therapeutics CorpCAMP $3m 436.5% −2298.5% −145.1% 2025
190 Surrozen, Inc.SRZN $3m −67.4% −6960.8% — 2025
191 Dyadic International IncDYAI $3m −11.6% −238.3% — 2025
192 Xenetic Biosciences, Inc.XBIO $3m 19.0% −90.1% −40.0% 2025
193 Upstream Bio, Inc.UPB $3m 20.4% −5026.0% −35.4% 2025
194 Absci CorpABSI $3m −38.2% −4113.7% −62.5% 2025
195 Cartesian Therapeutics, Inc.RNAC $3m −92.8% −4658.6% — 2025
196 Geovax Labs, Inc.GOVX $2m −37.1% −862.3% — 2025
197 Collplant Biotechnologies LtdCLGN $2m 360.4% −484.6% −117.6% 2025
198 Aligos Therapeutics, Inc.ALGS $2m −39.5% −1106.7% −196.9% 2025
199 Korsana Biosciences, Inc.KRSA $2m 3.7% −170.1% −39.3% 2025
200 Humacyte, Inc.HUMA $2m — −2003.6% — 2025

Medians cover companies with at least $100m of revenue (growth: in both years). Growth is the latest fiscal year against the year before and includes acquisitions.

Other health care industries

Figures from each company's latest annual report filed with the SEC (10-K or 20-F), as reported, with the fiscal year shown. Not investment advice. How we read filings: methodology.