Drug manufacturers
78 companies · $693B combined revenue · $158B operating profit
The typical US-listed drug manufacturers company grew revenue 8.6% and earnings 2.4% in its latest year, at a 5.9% operating margin, and 16 of 77 earn a return on capital above 15%. Figures from each company's latest annual filing with the SEC, refreshed daily.
8.6%Median revenue growth
2.4%Median earnings growth
10.6%Median revenue growth, 3 yrs
6.9%Median earnings growth, 3 yrs
5.9%Median operating margin
0%Median ROCE
Fastest revenue growthViridian Therapeutics VRDN23360%Fastest earnings growthAurinia Pharmaceuticals AUPH4893%Highest ROCEIndivior Pharmaceuticals INDV91.3%Biggest margin gainViridian Therapeutics VRDN+98505.3 pts
Growth engines: the 4 Cylinders
All four working: 0% of companiesA company's earnings per share can grow in only four ways: more sales, profits growing faster than sales (operating leverage), wider margins, and less debt. Each bar is the share of companies where that engine worked in their latest year.
- Sales growth · Revenue up 10% or more48%
- Operating leverage · Operating income growing faster than a growing revenue40%
- Margin expansion · Operating margin up 1 point or more63%
- Debt reduction · Debt down 5% or more, or net cash31%
Combined revenue · 71 companies reporting in US dollars
Combined operating margin
All 78 companies
| Median | – | 8.6% | 2.4% | 5.9% | 0% | 0.64x |
| LLYEli Lilly | $65.2B | 44.7%▲ | 94.9%▲ | 40.9%▲ | 34.5%▲ | 1.60x▼ |
| JNJJohnson & Johnson | $94.2B | 6%▼ | 90.6%▲ | 35.6%▲ | 23.1%▲ | 0.51x▲ |
| ABBVAbbVie | $61.2B | 8.6%▼ | -1.2%▼ | 24.6%▲ | 16.6%▲ | – |
| MRKMerck | $65.0B | 1.3%▼ | 6.6%▲ | 34.5%▲ | 20.7%▲ | 0.93x▼ |
| NVSNovartis | $54.5B | 8.4%▼ | 17%▲ | 32.4%▲ | 21.1%▲ | 0.62x▲ |
| AZNAstrazeneca | $58.7B | 8.6%▼ | 45.3%▲ | 23.4%▲ | 16.5%▲ | 0.57x▲ |
| ABTAbbott Laboratories | $44.3B | 5.7%▼ | -51.3%▼ | 18.2%▲ | 11.5%▲ | 0.25x▲ |
| NVONovo Nordisk A S | DKK 309B | 6.4%▼ | 1.4%▼ | 41.3%▲ | 39%▲ | 0.67x▼ |
| PFEPfizer | $62.6B | -1.6%▼ | -3.2%▼ | – | – | 0.75x▼ |
| VRTXVertex Pharmaceuticals Inc / MA | $12.0B | 8.9%▲ | – | 34.8%▲ | 19.2%▲ | – |
| BMYBristol Myers Squibb | $48.2B | -0.2%▼ | – | 19.4%▲ | 14%▲ | 2.43x▼ |
| GSKGSK | GBP 32.7B | 4.1%▼ | 113%▲ | 24.3%▲ | 20%▲ | 1.08x▼ |
| SNYSanofi | EUR 43.6B | 6.2%▼ | 39.7%▲ | 14.5%▲ | 6.4%▲ | 0.26x▲ |
| REGNRegeneron Pharmaceuticals | $14.3B | 1%▼ | 2.1%▼ | 24.9%▲ | 9.9%▲ | 0.06x▲ |
| TAKTakeda Pharmaceutical | JPY 4.51T | -1.7%▼ | -241%▼ | 0.1%▼ | 0% | 0.66x▼ |
| TEVATEVA Pharmaceutical Industries | $17.3B | 4.3%▼ | – | 12.5%▲ | 7.9%▲ | 2.12x▼ |
| ONCBeOne Medicines | $5.3B | 40.2%▲ | – | 8.4%▲ | 7%▲ | 0.23x▲ |
| RPRXRoyalty Pharma | $2.4B | 5.1%▼ | -10.2%▼ | 65.6%▲ | 8.2%▲ | 0.92x▼ |
| ZTSZoetis | $9.5B | 2.3%▼ | 7.5%▲ | 37.8%▲ | 26.9%▲ | 2.65x▼ |
| ALNYAlnylam Pharmaceuticals | $3.7B | 65.2%▲ | – | 13.5%▲ | 14.3%▲ | – |
| ROIVRoivant Sciences | $8M | -71.6%▼ | – | -6236%▼ | -9.5%▼ | – |
| UTHRUnited Therapeutics | $3.2B | 10.6%▲ | 11.7%▲ | 46.9%▲ | 20.4%▲ | – |
| INSMInsmed | $606M | 66.7%▲ | – | -206%▼ | -69.4%▼ | 0.73x▼ |
| VTRSViatris | $14.3B | -3%▼ | – | -18.7%▼ | -8.8%▼ | 0.98x▼ |
| ASNDAscendis Pharma A/S | EUR 720M | 98%▲ | – | -18.9%▼ | -58.4%▼ | – |
| JAZZJazz Pharmaceuticals | $4.3B | 4.9%▼ | -164%▼ | -10.1%▼ | -4.6%▼ | 1.24x▼ |
| CORTCorcept Therapeutics | $761M | 12.8%▲ | -29.4%▼ | 5.9% | 6.7%▲ | – |
| BBIOBridgeBio Pharma | $502M | 126%▲ | – | -104%▼ | -80.8%▼ | – |
| ELANElanco Animal Health | $4.7B | 6.2%▼ | -169%▼ | -0.1%▼ | -0%▼ | 0.57x▲ |
| MDGLMadrigal Pharmaceuticals | $958M | 432%▲ | – | -31.3%▼ | -31.6%▼ | 0.56x▲ |
| RDYDR Reddys Laboratories | INR 326B | 16.6%▲ | 2.8%▲ | 22.1%▲ | 19.8%▲ | 0.14x▲ |
| BMRNBiomarin Pharmaceutical | $3.2B | 12.9%▲ | -18.3%▼ | 12.7%▲ | 6%▲ | 0.10x▲ |
| CYTKCytokinetics | $88M | 377%▲ | – | -695%▼ | -50.1%▼ | – |
| PTGXProtagonist Therapeutics | $46M | -89.4%▼ | -147%▼ | -344%▼ | -25.4%▼ | – |
| AXSMAxsome Therapeutics | $638M | 65.5%▲ | – | -26.1%▼ | -53.6%▼ | 2.13x▼ |
| TGTXTG Therapeutics | $616M | 87.3%▲ | 1812%▲ | 20%▲ | 13.6%▲ | 0.38x▲ |
| ARWRArrowhead Pharmaceuticals | $829M | 23258%▲ | – | 11.9%▲ | 8.3%▲ | – |
| SYRESpyre Therapeutics | $0M | – | – | – | -29.1%▼ | – |
| IONSIonis Pharmaceuticals | $944M | 33.8%▲ | – | -40.4%▼ | -13.9%▼ | 3.60x▼ |
| PRAXPraxis Precision Medicines | $0M | -100%▼ | – | – | -37.1%▼ | – |
| AMRXAmneal Pharmaceuticals | $3.0B | 8%▼ | – | 13.1%▲ | 14.1%▲ | – |
| ALKSAlkermes | $1.5B | -5.2%▼ | -34.2%▼ | 17.2%▲ | 13.1%▲ | 0.00x▲ |
| KNSAKiniksa Pharmaceuticals International | $678M | 60.1%▲ | – | 11.4%▲ | 12.4%▲ | – |
| RYTMRhythm Pharmaceuticals | $190M | 45.8%▲ | – | -101%▼ | -51.3%▼ | 0.78x▼ |
| LGNDLigand Pharmaceuticals | $268M | 60.4%▲ | – | 15.3%▲ | 2.7%▲ | 0.44x▲ |
| MIRMMirum Pharmaceuticals | $521M | 54.7%▲ | – | -4.2%▼ | -3.5%▼ | – |
| TVTXTravere Therapeutics | $491M | 110%▲ | – | -12.8%▼ | -14.1%▼ | – |
| PTCTPTC Therapeutics | $1.7B | 115%▲ | – | 50.1%▲ | 44.9%▲ | – |
| GRFSGrifols | EUR 7.5B | 4.3%▼ | 135%▲ | 16.5%▲ | 7%▲ | 0.41x▲ |
| DNTHDianthus Therapeutics | $2M | -67.3%▼ | – | -8739%▼ | -35.6%▼ | – |
| INDVIndivior Pharmaceuticals | $1.2B | 4.3%▼ | 2900%▲ | 21.1%▲ | 91.3%▲ | – |
| ABCLAbCellera Biologics | $75M | 161%▲ | – | -289%▼ | -16.8%▼ | – |
| LEGNLegend Biotech | $1.0B | 64%▲ | – | -13.3%▼ | -12.4%▼ | 0.32x▲ |
| TNGXTango Therapeutics | $62M | 48.3%▲ | – | -178%▼ | -29.5%▼ | – |
| OGNOrganon | $6.2B | -2.9%▼ | -78.4%▼ | 14.9%▲ | 8.9%▲ | 11x▼ |
| TLXTelix Pharmaceuticals | $804M | 55.6%▲ | -121%▼ | 3.7%▼ | 3.2%▲ | 0.98x▼ |
| AMLXAmylyx Pharmaceuticals | $0M | -100%▼ | – | – | -49.5%▼ | – |
| ARQTArcutis Biotherapeutics | $376M | 91.3%▲ | – | -3.3%▼ | -4%▼ | 0.58x▲ |
| ACADAcadia Pharmaceuticals | $1.1B | 11.9%▲ | 72.7%▲ | 9.8%▲ | 8.1%▲ | – |
| IDYAIDEAYA Biosciences | $219M | 3024%▲ | – | -72.8%▼ | -15.2%▼ | – |
| XENEXenon Pharmaceuticals | $8M | – | – | -4974%▼ | -63.1%▼ | – |
| VKTXViking Therapeutics | $0M | – | – | – | -61.5%▼ | – |
| LQDALiquidia | $158M | 1031%▲ | – | -32.5%▼ | -26.7%▼ | – |
| RCUSArcus Biosciences | $33M | -35.3%▼ | – | -1170%▼ | -42.5%▼ | 0.16x▲ |
| PGENPrecigen | $10M | 147%▲ | – | -1141%▼ | -93.5%▼ | 4.46x▼ |
| NRIXNurix Therapeutics | $84M | 54%▲ | – | -340%▼ | -47.5%▼ | – |
| ZLABZai Lab | $457M | 15%▲ | – | -50.2%▼ | -30.3%▼ | – |
| MRVIMaravai Lifesciences | $186M | -28.3%▼ | – | -116%▼ | -29.7%▼ | 1.37x▼ |
| SUPNSupernus Pharmaceuticals | $719M | 8.6% | -152%▼ | -8.7%▼ | -5.6%▼ | – |
| HCMHUTCHMED (China) | $549M | -13%▼ | 1111%▲ | -7.1%▼ | -2.7%▼ | 0.08x▲ |
| NAMSNewAmsterdam Pharma | $23M | -50.6%▼ | – | -1003%▼ | -33%▼ | – |
| PBHPrestige Consumer Healthcare | $1.1B | -4.3%▼ | -11.3%▼ | 28.4%▲ | 9.2%▲ | 0.53x▲ |
| PRGOPerrigo | $4.3B | -2.8%▼ | – | -26.4%▼ | -14.9%▼ | 1.24x▼ |
| BHCBausch Health Companies | $10.3B | 6.7%▼ | – | 17.7%▲ | 8.2%▲ | – |
| HRMYHarmony Biosciences | $868M | 21.5%▲ | 9.1%▲ | 24%▲ | 20.4%▲ | 0.19x▲ |
| AUPHAurinia Pharmaceuticals | $283M | 20.4%▲ | 4893%▲ | 37.1%▲ | 15.9%▲ | – |
| VRDNViridian Therapeutics | $71M | 23360%▲ | – | -513%▼ | -43.9%▼ | – |
| IMNMImmunome | $7M | -23.2%▼ | – | -3229%▼ | -35.1%▼ | – |
▲ better than the median, ▼ worse. n/a: the ratio doesn't apply to that kind of business (e.g. a bank's operating margin). Sort by any column. Figures from each company's latest 10-K (or 20-F/40-F).