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Public Comps and Valuation Multiples for Biopharmaceuticals

Benchmark revenue and EBITDA valuation multiples for public comps like
Eli Lilly, Johnson & Johnson, AbbVie, Roche and Merck.

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Biopharmaceuticals

Viewing 50 of 1110 companies with full data

Company	Market Cap	Enterprise Value	LTM Revenue	EV/LTM Revenue	EV/LTM EBITDA
Eli Lilly	$950B	$988B	$73B	13.5x	28.6x
Johnson & Johnson	$564B	$597B	$97B	6.2x	16.5x
AbbVie	$381B	$445B	$64B	7.0x	16.2x
Roche	$330B	$353B	$80B	4.4x	11.1x
Merck	$302B	$346B	$66B	5.3x	13.0x
Novartis	$291B	$331B	$55B	6.0x	14.4x
AstraZeneca	$290B	$316B	—	—	—
Novo Nordisk	$196B	$215B	$47B	4.5x	9.4x
Amgen	$183B	$228B	$37B	6.1x	13.4x
Gilead Sciences	$167B	$181B	$30B	6.1x	14.8x
Pfizer	$148B	$198B	$62B	3.2x	8.4x
Bristol-Myers Squibb	$121B	$157B	$48B	3.3x	9.0x
Vertex Pharmaceuticals	$110B	$105B	$12B	8.5x	19.2x
Sanofi	$108B	$124B	$55B	2.3x	7.6x
GSK	$103B	$124B	$45B	2.8x	8.1x
Chugai Pharma	$84B	$78B	$8B	9.4x	18.1x
Regeneron	$67B	$61B	$15B	4.1x	11.4x
Merck KGaA	$65B	$75B	$24B	3.1x	10.7x
UCB	$53B	$53B	$9B	5.7x	16.5x
Takeda Pharmaceuticals	$51B	$78B	$29B	2.7x	10.2x
argenx	$51B	$46B	$5B	9.5x	31.3x
Jiangsu Hengrui Pharma	$49B	$43B	$5B	8.9x	30.6x
Sun Pharma	$46B	$43B	$6B	7.0x	23.0x
Bayer	$44B	$77B	$53B	1.5x	6.9x
Lonza Group	$44B	$49B	$9B	5.6x	17.6x
Teva Pharmaceuticals	$40B	$53B	$17B	3.1x	10.3x
Alnylam Pharmaceuticals	$40B	$38B	$4B	8.5x	40.3x
Otsuka Holdings	$39B	$36B	$16B	2.2x	9.9x
Sandoz	$36B	$40B	$11B	3.4x	15.6x
CSL	$34B	$44B	$15B	2.9x	8.3x
Zoetis	$34B	$41B	$10B	4.3x	9.9x
BeOne Medicines	$33B	$30B	$6B	5.1x	36.2x
Revolution Medicines	$32B	$30B	$40M	762.9x	(22.0x)
Daiichi Sankyo	$30B	$29B	$14B	2.1x	14.1x
Biogen	$29B	$31B	$10B	3.1x	10.2x
Celltrion	$29B	$30B	$3B	9.7x	25.9x
Hansoh Pharma	$26B	$21B	$2B	9.3x	23.3x
Astellas Pharma	$26B	$27B	$14B	2.0x	6.8x
Royalty Pharma	$24B	$32B	$3B	9.5x	10.3x
United Therapeutics	$24B	$21B	$3B	6.5x	12.9x
BioNTech	$23B	$7B	$3B	2.2x	(5.1x)
Insmed	$23B	$22B	$1B	21.6x	(22.9x)
Roivant Sciences	$22B	$17B	$18M	945.5x	(21.6x)
Incyte	$19B	$15B	$5B	2.9x	9.3x
Viatris	$19B	$32B	$14B	2.2x	7.4x
Moderna	$19B	$15B	$2B	7.3x	(4.7x)
Innovent Biologics	$18B	$16B	$2B	7.5x	58.5x
Genmab	$16B	$20B	$4B	5.1x	17.0x
Sobi	$16B	$18B	$3B	5.6x	14.5x
Torrent Pharmaceuticals	$16B	$17B	$1B	11.7x	34.9x
Shionogi	$16B		$3B
Neurocrine Biosciences	$16B		$3B
Ipsen	$15B		$5B
Ascendis Pharma	$15B		$1B
Jazz Pharmaceuticals	$15B		$4B
Sichuan Biokin	$15B		$364M
Kelun-Biotech	$14B		$340M
Akeso	$14B		$562M
BridgeBio Pharma	$14B		$684M
Yunnan Baiyao Group	$13B		$6B
Summit Therapeutics	$13B		$1M
Alteogen	$13B		$211M
Regencell Bioscience	$13B		—
Exelixis	$13B		$2B
Ionis Pharmaceuticals	$12B		$923M
Axsome Therapeutics	$12B		$772M
Recordati	$12B		$3B
Madrigal Pharmaceuticals	$12B		$1B
Sino Biopharmaceutical	$12B		$5B
Cipla	$12B		$3B
Orion	$12B		$2B
Dr Reddy's Laboratories	$11B		$4B
CSPC Pharma Group	$11B		$4B
Zhangzhou Pientzehuang	$11B		$1B
Zydus Lifesciences	$11B		$3B
Lupin	$11B		$3B
Elanco	$11B		$5B
Financiere de Tubize	$11B		—
Mankind Pharma	$11B		$2B
Arrowhead Pharmaceuticals	$11B		$583M
BioMarin Pharmaceutical	$10B		$3B
Cytokinetics	$10B		$95M
Baxter International	$10B		$11B
Abivax	$10B		$4M
PharmaEssentia	$10B		$622M
Praxis Precision Medicines	$10B		$2M
Wuxi XDC	$9B		$995M
Krka	$9B		$2B
ALK	$9B		$1B
Krystal Biotech	$9B		$442M
Aurobindo Pharma	$9B		$4B
Fosun Pharma	$9B		$6B
Haisco Pharmaceutical	$8B		$741M
RemeGen	$8B		$705M
Samsung Bioepis	$8B		$1B
Kelun	$8B		$3B
Halozyme Therapeutics	$8B		$2B
Nuvalent	$8B		$5M
Kyowa Kirin	$8B		$3B
Laurus Labs	$8B		$733M
ImmunityBio	$8B		$155M
Huadong Medicine	$8B		$7B
Bachem	$8B		$1B
Eisai Co.	$7B		$5B
Merus	$7B		—
Ono Pharmaceutical	$7B		$3B
Biocon	$7B		$2B
Gedeon Richter	$7B		$3B
Immunovant	$7B		—
Vaxcyte	$7B		—
Wantai BioPharm	$7B		—
NewMarket	$7B		$3B
Alkem Laboratories	$7B		$2B
Grifols	$7B		$9B
Celcuity	$7B		$21M
Arcellx	$7B		$42M
Glenmark Pharma	$7B		$2B
Kymera Therapeutics	$6B		$55M
Corcept Therapeutics	$6B		$846M
Spyre Therapeutics	$6B		—
Dottikon ES Holding	$6B		$583M
Protagonist Therapeutics	$6B		$227M
Lundbeck	$6B		$4B
Abbott India	$6B		$734M
Centessa Pharmaceuticals	$6B		$9M
3SBio	$6B		$2B
Alkermes	$6B		$2B
Apogee Therapeutics	$6B		—
Terns Pharma	$6B		—
Shanghai Allist	$6B		$850M
Sumitomo Chemical	$6B		$15B
Rhythm Pharmaceuticals	$6B		$236M
Mirum Pharmaceuticals	$6B		$582M
China Resources Sanjiu	$6B		$5B
TG Therapeutics	$6B		$742M
Kolon TissueGene	$6B		$4M
Salubris Pharmaceuticals	$6B		$694M
Scholar Rock	$6B		$3M
PTC Therapeutics	$6B		$2B
Samchundang Pharm	$6B		—
CG Oncology	$6B		$7M
Cogent Biosciences	$6B		$4M
Belite Bio	$6B		—
Hebei Changshan	$5B		—
Legend Biotech	$5B		$1B
Liquidia	$5B		$382M
Apellis Pharmaceuticals	$5B		$944M
Xenon Pharmaceuticals	$5B		$5M
Caliway Biopharmaceuticals	$5B		—
Shanghai RAAS	$5B		—
Beijing Tongrentang	$5B		$3B
SK Biopharmaceuticals	$5B		$537M
Shanghai Junshi	$5B		$413M
Chongqing Zhifei	$5B		$1B
Henlius Biotech	$5B		$1B
CRISPR Therapeutics	$5B		$18M
Gan and Lee	$5B		$633M
Changchun High-Tech	$5B		$2B
Dianthus Therapeutics	$5B		$2M
Dong-E-E-Jiao	$5B		$1B
Ligand Pharmaceuticals	$5B		$275M
Anthem Biosciences	$5B		$229M
Amicus Therapeutics	$5B		$682M
Indivior Pharmaceuticals	$4B		$1B
Caris Life Sciences	$4B		$888M
ABL Bio	$4B		$57M
Yuhan	$4B		$2B
Humanwell Healthcare	$4B		—
Sumitomo Pharma	$4B		$3B
Veradermics	$4B		—
Ipca Laboratories	$4B		$1B
Hikma Pharmaceuticals	$4B		$3B
Bayer SA	$4B		—
NewAmsterdam Pharma	$4B		$25M
Travere Therapeutics	$4B		$573M
GSK India	$4B		$404M
Kiniksa Pharmaceuticals	$4B		$781M
Ajanta Pharma	$4B		$584M
Tianjin Pharma	$4B		—
Gland Pharma	$4B		$684M
Zelgen Biopharmaceuticals	$4B		$191M
Amneal Pharmaceuticals	$4B		$3B
Peptron	$4B		—
Shijiazhuang Yiling	$4B		$1B
Crinetics Pharmaceuticals	$4B		$32M
Beijing Tiantan	$4B		$917M
Santen Pharmaceutical	$4B		$2B
Catalyst Pharmaceuticals	$4B		$606M
Hubei Jumpcan	$4B		$914M
CR Pharmaceutical	$4B		$40B
Hanmi Pharm	$4B		$1B
LigaChem Biosciences	$4B		$114M
Hualan Biological Engineering	$4B		$672M
Livzon Pharmaceutical Group	$4B		$2B
J.B. Chemicals & Pharma	$4B		$457M
Oruka Therapeutics	$4B		—
Aspen Pharmacare	$4B		$2B
Brightgene Bio-medical	$4B		$182M
Zhejiang Huahai	$4B		$1B
ACADIA Pharmaceuticals	$4B		$1B
Viking Therapeutics	$4B		—
Organon	$4B		$6B
Edgewise Therapeutics	$4B		—
Laboratorios Rovi	$4B		$886M
Virbac	$4B		$2B
Erasca	$3B		—
Zealand Pharma	$3B		$1B
Amoytop Biotech	$3B		$593M
China Medical System	$3B		$1B
Emcure Pharmaceuticals	$3B		$984M
Camurus	$3B		$270M
Voronoi	$3B		$12M
InnoCare Pharma	$3B		$342M
Walvax Biotechnology	$3B		$359M
Kangmei Pharmaceutical Co.	$3B		—
Hypera	$3B		$2B
BioArctic	$3B		$183M
Tasly	$3B		$1B
BB Biotech	$3B		—
Jiangsu Nhwa	$3B		$898M
Jilin Aodong	$3B		—
Yili Chuannig Biotech	$3B		$688M
Betta Pharmaceuticals	$3B		$575M
Denali Therapeutics	$3B		$19M
Arcus Biosciences	$3B		$186M
Beam Therapeutics	$3B		$113M
Tango Therapeutics	$3B		$40M
Sunshine Lake Pharma	$3B		—
Relay Therapeutics	$3B		$14M
Almirall	$3B		$1B
Apeloa Pharmaceutical	$3B		$1B
Dyne Therapeutics	$3B		—
Kanghong Pharmaceutical	$3B		$691M
Jamjoom Pharma	$3B		$414M
Dermapharm Holding	$3B		$1B
Sinocelltech Group	$3B		$234M
Alumis	$3B		$18M
Supernus Pharmaceuticals	$3B		$776M
Structure Therapeutics	$3B		$12M
Soleno Therapeutics	$3B		$302M
Kailera Therapeutics	$3B		—
Joincare Pharmaceutical	$3B		$2B
Hisamitsu Pharmaceutical	$3B		$1B
Wockhardt	$3B		—
Tarsus Pharmaceuticals	$3B		$548M
Arcutis Biotherapeutics	$3B		$424M
China Res Double-Crane	$3B		$2B
IDEAYA Biosciences	$3B		$146M
Disc Medicine	$3B		—
Duality Biotherapeutics	$3B		$259M
Enliven Therapeutics	$3B		—
Mineralys Therapeutics	$2B		—
Definium Therapeutics	$2B		—
Grand Pharmaceutical	$2B		$2B
Immunome	$2B		$5M
Vera Therapeutics	$2B		$15M
BeBetter Med	$2B		—
Celldex Therapeutics	$2B		$2M
Buchang Pharma	$2B		—
Bavarian Nordic	$2B		$921M
Ultragenyx	$2B		$700M
Kodiak Sciences	$2B		—
United Laboratories International	$2B		$2B
AstraZeneca Pharma India	$2B		—
Nektar Therapeutics	$2B		$50M
Pfizer India	$2B		$267M
Day One Biopharmaceutical	$2B		$195M
TransThera Sciences	$2B		—
Jafron Biomedical	$2B		$303M
BioKangtai	$2B		$398M
Neuland Laboratories	$2B		$215M
OneSource Specialty	$2B		$161M
Natco Pharma	$2B		$412M
SK Bioscience	$2B		$461M
Avadel Pharmaceuticals	$2B		$5B
Cosmo Pharmaceuticals	$2B		$128M
BioCryst Pharma	$2B		$794M
Jinyu Bio-Technology Co.	$2B		$220M
HUTCHMED (China)	$2B		$584M
Pharvaris	$2B		—
Nanobiotix	$2B		$39M
Bausch Health	$2B		$10B
Kalbe Farma	$2B		$2B
Pharma Mar	$2B		$260M
Anhui Anke Biotechnology	$2B		$401M
Trevi Therapeutics	$2B		—
D&D Pharmatech	$2B		$8M
Hepalink	$2B		$809M
Ascentage Pharma Group	$2B		$104M
Aurinia Pharmaceuticals	$2B		$300M
Mabwell	$2B		$123M
Mesoblast	$2B		$115M
Granules India	$2B		$578M
Nanjing King-Friend	$2B		$618M
Eris Lifesciences	$2B		$332M
Tyra Biosciences	$2B		—
Hanall Biopharma	$2B		$107M
ADMA Biologics	$2B		$534M
Viridian Therapeutics	$2B		$61M
Hugel	$2B		$311M
Zymeworks	$2B		$186M
ANI Pharmaceuticals	$2B		$978M
Generate Biomedicines	$2B		$32M
Sionna Therapeutics	$2B		—
Cheezheng Tibetan Medicine	$2B		—
Yifan Pharmaceutical	$2B		$782M
Guobang Pharma	$2B		$922M
Iovance Biotherapeutics	$2B		$301M
Stoke Therapeutics	$2B		$122M
Galapagos	$2B		$803M
Nurix Therapeutics	$2B		$70M
Ocular Therapeutix	$2B		$52M
Rapport Therapeutics	$2B		$8M
Zhejiang Wolwo Bio-Pharma	$2B		$163M
Tsumura	$2B		$1B
Galecto	$2B		—
Nippon Shinyaku	$2B		$1B
Sarepta Therapeutics	$2B		$2B
Vericel	$2B		$298M
Syndax	$2B		$241M
Intellia Therapeutics	$2B		$64M
Harmony Biosciences	$2B		$924M
AnaptysBio	$2B		$191M
InventisBio	$2B		$10M
Cosmo	$2B		$128M
Lotus Pharmaceutical	$2B		$835M
Hualan Biological Vaccine	$2B		$187M
RAPT Therapeutics	$2B		—
Agios Pharmaceuticals	$2B		$80M
Faes Farma	$2B		$775M
Cohance Lifesciences	$2B		$241M
Capricor Therapeutics	$2B		$46M
Innoviva	$2B		$423M
Jubilant Pharmova	$2B		$840M
Nuvation Bio	$2B		$118M
CStone Pharmaceuticals	$2B		$51M
Palvella Therapeutics	$2B		—
Caplin Point Laboratories	$2B		$233M
Pacific Shuanglin	$2B		—
Chongqing Genrix	$2B		$54M
Recursion Pharmaceuticals	$2B		$69M
AtaiBeckley	$2B		$3M
Monte Rosa Therapeutics	$2B		$92M
Immatics	$2B		$51M
Taysha GTx	$2B		$7M
Damora Therapeutics	$2B		—
Alembic Pharmaceuticals	$2B		$779M
Vir Biotechnology	$2B		$105M
Bora Pharmaceuticals	$2B		$630M
Yantai Dongcheng	$2B		$414M
SOTHEMA	$2B		—
uniQure	$2B		$18M
GH Research	$2B		—
MBX Biosciences	$2B		—
Novavax	$2B		$828M
Square Pharma	$2B		—
Precigen	$2B		$58M
Amylyx Pharmaceuticals	$2B		—
Ardelyx	$2B		$462M
Celltrion Pharm	$1B		—
Inhibrx Biosciences	$1B		$787K
Mezzion Pharma	$1B		—
Ab&B Bio-Tech	$1B		—
Immunocore Holdings	$1B		$419M
Zhejiang Jolly	$1B		$487M
SELLAS Life Sciences	$1B		—
Chengdu Easton	$1B		$205M
Everest Medicines	$1B		$349M
KalVista Pharmaceuticals	$1B		$112M
Maze Therapeutics	$1B		$8M
Bicara Therapeutics	$1B		—
Biohaven	$1B		—
Sinopep	$1B		—
UroGen Pharma	$1B		$170M
Semnur Pharmaceuticals	$1B		—
Liaoning Chengda Biotech	$1B		$198M
Uniphar	$1B		$4B
Phibro Animal Health	$1B		$1B
Idorsia	$1B		$281M
MoonLake	$1B		—
Star Lake Bioscience	$1B		$2B
MapLight Therapeutics	$1B		—
HBM Holdings	$1B		$187M
Sawai Group Holdings	$1B		$1B
Avalyn Pharma	$1B		—
Septerna	$1B		$57M
Jiangxi Fushine Pharma	$1B		$245M
Concord Biotech	$1B		$125M
ArriVent BioPharma	$1B		—
Youcare Pharmaceutical	$1B		—
Neuren Pharma	$1B		$49M
Zhejiang Ausun	$1B		—
Eczacıbaşı İlaç	$1B		—
Harrow	$1B		$302M
WAVE Life Sciences	$1B		$49M
Bio-Thera Solutions	$1B		—
TOWA Pharmaceutical	$1B		$2B
Zenas BioPharma	$1B		$15M
Olema Pharmaceuticals	$1B		$888K
Guilin Sanjin	$1B		—
MedinCell	$1B		$39M
Aktis Oncology	$1B		$12M
Strides Pharma	$1B		$519M
Collegium Pharmaceutical	$1B		$818M
Jade Biosciences	$1B		—
DBV Technologies	$1B		$5M
GuangYuYuan Chinese	$1B		—
EyePoint	$1B		$20M
Kissei Pharmaceutical	$1B		$617M
Xeris Biopharma	$1B		$329M
Oscotec	$1B		$62M
Inventiva	$1B		$5M
Philogen	$1B		$250M
Corvus Pharma	$1B		($79K)
Lepu Biopharma	$1B		$144M
CureVac	$1B		—
MannKind	$1B		$393M
ACROBiosystems	$1B		$136M
Alvotech	$1B		$605M
Daewoong Pharmaceutical	$1B		$993M
China TCM	$1B		$2B
Savara	$1B		$1M
TchaikaPharma	$1B		—
Changchun BCHT	$1B		$97M
Ventyx Biosciences	$1B		—
Marksans Pharma	$1B		$310M
Kura Oncology	$999M		$78M
GNI Group	$992M		$179M
Chengdu Kanghua	$984M		$179M
PeptiDream	$981M		$180M
Kaken Pharmaceutical	$976M		$483M
Vetoquinol	$976M		$607M
Keqian Biology	$973M		$145M
OPKO Health	$963M		$580M
Lexicon Pharmaceuticals	$959M		$45M
PYC Therapeutics	$955M		$5M
Center Laboratories	$936M		—
Mega Lifesciences	$927M		$458M
SPIMACO - ADDWAEIH	$922M		$464M
Pacira BioSciences	$918M		$742M
Pharming	$917M		$382M
Biotest	$910M		—
Phathom Pharmaceuticals	$904M		$238M
Eton Pharmaceuticals	$892M		$91M
Janux Therapeutics	$885M		$18M
HK inno.N	$877M		$732M
SSY Group	$875M		—
Annexon	$868M		—
ORIC Pharmaceuticals	$862M		—
Avalo Therapeutics	$860M		$36K
Guizhou Sanli	$859M		—
Arbutus Biopharma	$855M		$44M
MeiraGTx	$855M		$69M
Sana Biotechnology	$854M		—
Cullinan Therapeutics	$851M		$8M
Hyundai Bioscience	$850M		—
Theravance	$844M		$111M
Basilea Pharmaceutica	$841M		$310M
Xencor	$837M		$104M
Akums Drugs and Pharma	$833M		$464M
AprilBio	$833M		$7M
Odyssey Therapeutics	$832M		—
Omeros	$830M		$33M
Bright Minds Biosciences	$827M		—
Gen İlaç	$824M		—
Geron	$824M		$204M
Evommune	$824M		$10M
CytomX Therapeutics	$819M		$58M
Amphastar Pharma	$811M		$730M
Oneness Biotech	$810M		—
LB Pharmaceuticals	$806M		—
Esperion Therapeutics	$803M		$397M
Blue Jet Healthcare	$797M		$107M
Absci	$795M		$5M
ARS Pharmaceuticals	$787M		$110M
Aura Biosciences	$787M		—
Vor Biopharma	$777M		—
Allergy Therapuetics	$766M		$84M
Sanofi India	$762M		$203M
Adlai Nortye	$751M		$4M
SanBio	$750M		$4M
Alto Neuroscience	$745M		—
Relmada Therapeutics	$738M		—
Bioage Labs	$738M		$8M
Clarity Pharmaceuticals	$728M		$3M
Astria Therapeutics	$714M		—
Chabiotech	$713M		—
Guangzhou Innogen Pharma	$708M		$36M
Zentiva	$699M		—
Chong Kun Dang Pharma	$694M		$1B
SpyGlass Pharma	$693M		—
Allogene Therapeutics	$690M		$5K
BridgeBio Oncology	$687M		—
Design Therapeutics	$685M		—
Lumosa Therapeutics	$681M		$3M
Aarti Pharmalabs	$673M		—
Alkaloid	$668M		—
Zentiva	$658M		—
Pharmicell	$656M		$89M
Solid Biosciences	$653M		—
Nxera Pharma	$648M		$214M
Supriya Lifescience	$648M		$90M
PegBio	$646M		—
Ironwood Pharmaceuticals	$645M		$361M
Aclaris Therapeutics	$631M		$7M
Climb Bio	$630M		—
Cormedix	$627M		$320M
Immix Biopharma	$625M		—
Onconic Therapeutics	$611M		—
Tempo Scan Pacific	$607M		—
Knight Therapeutics	$593M		$346M
Cabaletta Bio	$593M		—
Zevra Therapeutics	$593M		$123M
Eikon Therapeutics	$590M		—
Gyre Therapeutics	$590M		$111M
TTY Biopharm	$588M		$211M
Arvinas	$586M		$207M
Candel Therapeutics	$585M		—
enGene	$572M		—
Crescent Biopharma	$570M		$7M
Agomab Therapeutics	$567M		—
Altimmune	$564M		$27K
Tectonic Therapeutic	$551M		—
Avalon Pharma	$550M		$130M
Boiron	$548M		—
Valneva	$545M		$192M
MiMedx Group	$540M		$359M
Rigel Pharmaceuticals	$537M		$285M
Senores Pharmaceuticals	$535M		$69M
Nika Pharmaceuticals	$534M		—
Prime Medicine	$534M		$8M
Wellgistics Health	$532M		—
Kyverna Therapeutics	$527M		—
XOMA Royalty	$522M		$56M
Contineum Therapeutics	$520M		$3M
Aquestive Therapeutics	$517M		$47M
Prothena Corp.	$514M		$39M
Blau Farmacêutica	$512M		$353M
Abclon	$509M		—
Medigen Vaccine Biologics	$503M		$22M
Synmosa Biopharma	$496M		—
Genfit	$495M		$89M
Luzhu Biotech	$495M		$37M
2seventy bio	$493M		—
PKU Healthcare	$485M		—
Avacta Group	$483M		$92K
Achieve Life Sciences	$481M		—
Boan Biotech	$481M		$119M
CHO Pharma	$476M		—
CytoDyn	$476M		—
YungShin Global Holding	$473M		—
Shattuck Labs	$468M		$605K
Swedencare	$464M		$302M
Eupraxia Pharmaceuticals	$461M		—
Zhejiang Shouxiangu	$460M		$95M
Ovid Therapeutics	$460M		$4M
Kamada	$455M		$189M
Upstream Bio	$455M		$3M
Autolus Therapeutics	$452M		$97M
Ocugen	$452M		$4M
Assembly Biosciences	$451M		$67M
PureTech Health	$450M		$7M
4D Molecular Therapeutics	$450M		$56M
Polaris Group	$446M		—
Forte Biosciences	$445M		—
Medy-Tox	$443M		$169M
Sagimet Biosciences	$438M		—
Fulcrum Therapeutics	$438M		—
Neurogene	$437M		—
Emergent BioSolutions	$436M		$739M
TaiMed Biologics	$436M		—
Ever Supreme Bio Technology	$433M		$33M
ADC Therapeutics	$431M		$81M
Monopar Therapeutics	$423M		—
Sutro Biopharma	$421M		$79M
Zura Bio	$414M		—
Recbio	$411M		$2M
Formycon	$411M		$61M
Century Therapeutics	$409M		$66M
Lyell Immunopharma	$406M		$27K
Enanta Pharmaceuticals	$406M		$67M
Replimune Group	$405M		$2M
Dong-A Socio Holdings	$404M		$993M
Northwest Biotherapeutics	$404M		—
Lexeo Therapeutics	$401M		—
TYK Medicines	$396M		—
C4 Therapeutics	$394M		$31M
Benitec Biopharma	$386M		—
GlaxoSmithKline Pakistan	$385M		$240M
InflaRx	$384M		$14K
Renata	$383M		—
Greenwich LifeSciences	$383M		—
OmniAb	$383M		$23M
Artiva Biotherapeutics	$382M		—
AIM Vaccine	$380M		$169M
X4 Pharmaceuticals	$380M		$25M
Verastem	$373M		$60M
Compass Therapeutics	$373M		($947K)
Newron Pharmaceuticals	$373M		$25M
Vanda Pharmaceuticals	$371M		$234M
IMBiologics	$369M		$10M
Elite Pharmaceuticals	$366M		—
Probi	$362M		—
Puma Biotechnology	$360M		$211M
Vicore Pharma Holding	$358M		$467K
ProKidney	$358M		$742K
Cellectis	$358M		$71M
Larimar Therapeutics	$357M		—
Hansa Biopharma	$356M		$26M
Atea Pharmaceuticals	$355M		—
Immuneering	$349M		—
Opus Genetics	$348M		$15M
Medipost	$346M		—
Fennec Pharmaceuticals	$346M		$54M
Novartis India	$345M		—
Neumora Therapeutics	$343M		—
Organogenesis	$342M		$452M
Prelude Therapeutics	$340M		$16M
Palisade Bio	$340M		—
SIGA Technologies	$336M		$83M
Julphar	$333M		$299M
Racura Oncology	$331M		$3M
Cybin	$330M		—
Regenxbio	$328M		$196M
Clinuvel Pharmaceuticals	$328M		$70M
Ourofino	$327M		—
Tanvex BioPharma	$326M		—
Lineage Cell Therapeutics	$324M		$15M
Invivyd	$324M		$57M
Rocket Pharmaceuticals	$323M		$902K
Egetis Therapeutics	$323M		$32M
Antibiotice	$321M		—
Dishman Carbogen Amics	$320M		—
Shanghai Hile Bio-Tech	$320M		—
DiaMedica	$319M		—
Bicycle Therapeutics	$318M		$53M
Rezolute	$314M		—
Biofarm	$313M		—
Abeona Therapeutics	$310M		$30M
Celon Pharma	$309M		$70M
Animalcare Group	$308M		$123M
Armata Pharmaceuticals	$307M		$4M
Scancell	$307M		—
Surrozen	$307M		$5M
Duopharma Biotech	$306M		$245M
Lavipharm	$305M		—
Amarin Corp	$303M		$201M
Eledon Pharmaceuticals	$301M		—
SAB Bio	$299M		—
Santhera Pharma	$290M		$108M
Zentalis Pharma	$289M		—
AC Immune	$288M		$18M
Macrogenics	$288M		$144M
Protara Therapeutics	$277M		—
Nuvectis Pharma	$275M		—
Akebia Therapeutics	$274M		$225M
Oryzon Genomics	$272M		$3M
Huons Co	$272M		—
Editas Medicine	$270M		$30M
Panacea Biotec	$268M		—
S Biomedics	$268M		—
Transgene	$267M		$9M
ALX Oncology	$267M		—
Dong-A ST	$266M		$527M
Cuorips	$266M		$1M
Compugen	$261M		$48M
Fate Therapeutics	$261M		$6M
Nextbiomedical Co	$259M		$13M
Reig Jofré	$258M		$398M
Entrada Therapeutics	$255M		$23M
Tiansheng Pharmaceutical	$253M		—
Tetratherix	$251M		$4M
Coherus Oncology	$250M		$54M
Anavex Life Sciences	$249M		—
Sol-Gel Technologies	$249M		$12M
Foghorn Therapeutics	$248M		$29M
Adagene	$248M		$5M
Acepodia	$246M		—
Alector	$246M		$15M
Flerie	$243M		—
Kanaph Therapeutics	$242M		$4M
Context Therapeutics	$240M		—
AFT Pharmaceuticals	$238M		$154M
LENZ Therapeutics	$237M		$19M
Sensorion	$237M		$13M
Adimmune	$235M		—
Camp4 Therapeutics	$234M		$4M
Heartseed	$233M		$13M
Circio Holding	$232M		—
Humacyte	$231M		$4M
Voyager Therapeutics	$228M		$43M
Atrium Therapeutics	$223M		$18M
Keros Therapeutics	$222M		$149M
Whitehawk Therapeutics	$221M		$4M
Nkarta	$216M		—
Unicycive	$216M		$7M
REPLOID Group	$215M		—
MediWound	$213M		$20M
Corbus Pharmaceuticals	$210M		$658K
Caribou Biosciences	$208M		$16M
Binex	$206M		$120M
Tonix Pharmaceuticals	$204M		$20M
Medeze Group	$202M		$26M
BioVersys	$201M		$5M
Arcturus Therapeutics	$200M		$56M
Cartesian Therapeutics	$199M		$2M
Biomm	$197M		—
Cereno Scientific	$195M		—
Saniona	$194M		—
BioInvent International	$193M		$17M
Elicio Therapeutics	$190M		—
PhotoCure	$190M		$62M
Tiziana Life Sciences	$190M		—
Savior Lifetec	$189M		—
Mycenax Biotech	$189M		—
Searle Co.	$187M		—
Precision BioSciences	$186M		$29M
Starpharma	$186M		$10M
Karyopharm Therapeutics	$185M		$143M
Acumen Pharmaceuticals	$181M		—
Innate Pharma	$179M		$21M
Immunic	$179M		—
AN2 Therapeutics	$176M		—
Milestone Pharmaceuticals	$176M		$4M
Enlivex	$173M		—
OnKure Therapeutics	$173M		$197K
Polaryx Therapeutics	$170M		—
NervGen Pharma	$169M		—
Protalix	$169M		$63M
Panion & Bf Biotech	$169M		—
Tenaya Therapeutics	$169M		$4M
Galectin Therapeutics	$165M		—
Journey Medical	$164M		$70M
Karolinska Development	$163M		—
ProQR Therapeutics	$163M		$21M
Heron Therapeutics	$163M		$162M
Hyloris Pharmaceuticals	$162M		$19M
Oramed Pharmaceuticals	$161M		$2M
Spero Therapeutics	$160M		$67M
TuHURA Biosciences	$159M		—
Orthocell	$156M		$9M
Pyridam Farma	$154M		—
Cardiol Therapeutics	$153M		—
Heidelberg Pharma	$152M		—
Assertio Therapeutics	$151M		$114M
Molecular Partners	$151M		$3M
Silence Therapeutics	$150M		$2M
Curatis Holding	$150M		—
Hamlet BioPharma	$149M		—
Mersana Therapeutics	$145M		—
Satellos Bioscience	$145M		—
Fractyl Health	$144M		—
Equillium	$143M		—
Kotra Industries	$142M		$55M
OSE Immunotherapeutics	$142M		$6M
Guerbet	$142M		$896M
NeOnc	$141M		$24K
Mayne Pharma Group	$141M		$284M
Vytrus Biotech	$140M		—
Abionyx Pharma	$138M		$5M
Easywell Biomedicals	$136M		—
vTv Therapeutics	$134M		$11M
Connect Biopharma	$132M		$2M
Black Diamond Therapeutics	$132M		$45M
Genelux	$131M		$5K
Agenus	$130M		$123M
Orient Europharma Co	$128M		—
Alpha Cognition	$127M		$15M
Naturland Holding	$126M		—
XSpray Pharma	$125M		$4M
Pyxis Oncology	$124M		$8M
Bioceltix	$124M		$5M
Cardiff Oncology	$122M		$455K
Captor Therapeutics	$118M		$6M
Kalaris Therapeutics	$118M		—
NRX Pharmaceuticals	$117M		$35M
Nykode Therapeutics	$116M		—
StemRIM	$115M		—
Ryvu Therapeutics	$114M		$31M
Biosyent	$113M		$39M
Coya Therapeutics	$113M		$6M
Cognition Therapeutics	$113M		—
Inovio Pharmaceuticals	$112M		$4M
Bioxyne	$110M		—
Faron Pharmaceuticals	$110M		$229K
Adocia	$109M		$7M
Medivir	$109M		$836K
Zomedica	$108M		$32M
Cassava Sciences	$107M		—
Rani Therapeutics	$107M		$2M
PepGen	$105M		—
Prestige Biologics	$104M		—
3D Medicines	$104M		—
Verrica Pharmaceuticals	$104M		$32M
Valerio Therapeutics	$104M		—
Biomea Fusion	$103M		—
Bioton	$102M		—
Vistin Pharma	$101M		—
Darya-Varia Laboratoria	$101M		—
Ensol Biosciences	$100M		—
Aardvark Therapeutics	$99M		—
ProMIS Neurosciences	$98M		—
Q32 Bio	$98M		$33M
Vaxcell-Bio	$98M		—
Recce Pharmaceuticals	$98M		$4M
Agronomics	$98M		—
Actinogen Medical	$97M		$7M
Oncolytics Biotech	$97M		—
PolyPid	$96M		—
Nyrada	$96M		—
Annovis Bio	$95M		—
Anixa Biosciences	$94M		—
Aldeyra Therapeutics	$93M		$9M
RaQualia Pharma	$93M		$26M
Eurofins-Cerep	$93M		—
Laboratorios Richmond	$92M		—
ImmuCell	$92M		—
Island Pharmaceuticals	$92M		$12K
Lytix Biopharma	$92M		$875K
Shield Therapeutics	$91M		$60M
Fortress Biotech	$91M		$76M
Atara Biotherapeutics	$90M		$79M
Cumberland	$88M		—
Rein Therapeutics	$88M		—
Telomir Pharmaceuticals	$88M		—
Dimerix	$88M		$5M
Eco Animal Health Group	$87M		$116M
Cue Biopharma	$87M		$22M
MindMaze Therapeutics	$87M		$6M
OKYO Pharma	$86M		—
Dongkoo Bio&Pharma Co	$85M		—
Rallybio	$85M		$363K
SynAct Pharma	$84M		—
BioStem Technologies	$84M		$40M
EQL Pharma	$82M		$48M
Cantourage Group	$80M		$113M
IBT	$80M		—
Cantargia	$78M		$22M
Replek	$78M		—
Citius Oncology	$78M		$13M
Adicet Bio	$78M		—
AB Science	$77M		—
Seres Therapeutics	$77M		$760K
Gain Therapeutics	$76M		—
Pliant Therapeutics	$75M		—
Acrivon Therapeutics	$75M		$592K
Orexo	$75M		$3M
XBiotech	$74M		—
Labiana Health	$71M		$91M
Nanexa	$71M		—
Maat Pharma	$71M		$10M
HAEMATO	$71M		—
TScan Therapeutics	$69M		$9M
Corestemchemon	$69M		—
MediciNova	$69M		$365K
PDS Biotechnology	$67M		—
PMV Pharma	$67M		—
Oncopeptides	$67M		$11M
BeyondSpring	$65M		—
Paradigm Biopharma	$64M		$471K
ImageneBio	$63M		$484K
Immutep	$63M		$17M
Pentixapharm Holding	$62M		—
Synthaverse	$62M		$12M
Prescient Therapeutics	$62M		—
Entera Bio	$61M		$25K
HLB Global	$61M		—
Arovella Therapeutics	$60M		$88K
Cinclus Pharma Holding	$60M		$8M
Dogwood Therapeutics	$60M		—
Quantum BioPharma	$60M		—
BGM Group	$59M		—
SCYNEXIS	$58M		$13M
THX Pharma	$58M		—
Oncocross	$57M		—
Actuate Therapeutics	$57M		—
Türk İlaç	$56M		—
Instil Bio	$56M		—
Herantis Pharma	$54M		$12K
Kezar Life Sciences	$54M		—
MiNK Therapeutics	$54M		—
K Pharma	$53M		—
Moberg Pharma	$52M		$2M
Corline Biomedical	$51M		$2M
Dicot Pharma	$50M		—
Sangamo Therapeutics	$50M		$40M
LTR Pharma	$50M		—
Gossamer Bio	$50M		$43M
Xilio Therapeutics	$49M		$41M
Cynata Therapeutics	$49M		$1M
Estrella Immunopharma	$49M		—
Botanix Pharmaceuticals	$49M		$23M
aTyr Pharma	$48M		$115K
Amplia Therapeutics	$48M		—
Vicapsys	$47M		—
Cessatech	$47M		—
Nicox	$46M		$21M
Intervacc	$46M		$2M
J. Molner	$46M		—
Intercure	$46M		—
Kala Bio	$45M		—
Lantern Pharma	$45M		—
Mereo BioPharma Group	$44M		$6M
Scilex Holding	$43M		—
Vivoryon Therapeutics	$43M		—
Atossa Therapeutics	$43M		—
Incannex	$42M		$86K
Mira Pharmaceuticals	$42M		—
Ascelia Pharma	$41M		$4M
Zhengye Biotechnology	$40M		—
RenovoRx	$40M		$2M
Imugene	$39M		$2M
INmune Bio	$39M		$30K
Veru	$38M		—
Outlook Therapeutics	$37M		$12M
Mendus	$37M		$374K
Sprint Bioscience	$37M		$15M
FibroGen	$36M		—
Prism Biolab	$36M		$4M
Generation Bio	$36M		—
Aligos Therapeutics	$36M		$8M
Modalis Therapeutics	$36M		—
Neurizon Therapeutics	$36M		—
Dare Bioscience	$36M		$1M
Radiopharm Theranostics	$35M		$2M
Jiangsu Wuzhong Pharmaceutical	$35M		—
BioXcel Therapeutics	$35M		$1M
Grace Therapeutics	$34M		$740K
Evaxion	$34M		$7M
TAO Synergies	$34M		—
Tvardi Therapeutics	$33M		—
Medical Developments International	$33M		$30M
Mabion	$33M		—
SoftOx Solutions	$33M		—
Boundless Bio	$32M		—
Poltreg	$32M		$1M
Lipum	$32M		—
Spirit Scientific Co	$31M		—
SyntekaBio	$30M		$3M
NeuroSense Therapeutics	$30M		—
Tevogen Bio	$30M		—
Molecure	$30M		$6M
Lisata Therapeutics	$29M		$61K
Skye Bioscience	$29M		—
NextCure	$28M		—
Barinthus Biotherapeutics	$28M		—
Tempest Therapeutics	$28M		—
Medicenna Therapeutics	$27M		—
Longeveron	$26M		$1M
Celularity	$26M		—
Vistagen Therapeutics	$26M		$954K
Pluri	$26M		—
Cellectar Biosciences	$26M		—
Jasper Therapeutics	$25M		—
Isofol Medical	$25M		—
Gensight Biologics	$24M		$3M
Xintela	$24M		$656K
Xbrane Biopharma	$24M		$18M
Marker Therapeutics	$24M		$3M
Pasithea Therapeutics	$23M		—
Biotechnology Assets	$23M		—
VYNE Therapeutics	$22M		—
Neuroscientific	$22M		—
Marinomed Biotech	$22M		$10M
Oncoinvent	$22M		$3M
Initiator Pharma	$22M		—
Arterra Bioscience	$22M		—
Werewolf Therapeutics	$22M		—
Quince Therapeutics	$22M		—
Anebulo Pharmaceuticals	$21M		—
Akari Therapeutics	$21M		—
Nanogroup	$21M		—
Klaria Pharma Holding	$21M		—
Vivesto	$20M		—
Active Biotech	$20M		$906K
MetaVia	$20M		—
DexTech Medical	$20M		—
Curis	$20M		$6M
HCW Biologics	$19M		$11K
Citius Pharmaceuticals	$19M		$33M
Aelis Farma	$19M		$2M
Apimeds Pharmaceuticals	$19M		—
Lipocine	$19M		$1M
AcuCort	$18M		$270K
Exact Therapeutics	$18M		—
AlzeCure Pharma	$17M		—
Biofrontera	$17M		—
Passage Bio	$17M		—
Aton	$17M		—
Poxel	$17M		—
Diamyd Medical	$16M		—
Scienture Holdings	$16M		$2M
Lexaria Bioscience	$16M		$700K
Opsy Holding	$16M		—
Elicera Therapeutics	$16M		—
Celyad Oncology	$15M		—
Pharma Equity Group	$15M		—
Abera Bioscience	$14M		—
Chemomab Therapeutics	$14M		—
Advicenne	$14M		$7M
Alligator Bioscience	$14M		—
Genenta Science	$14M		—
NextCell Pharma	$14M		$2M
Medicon Hellas	$13M		—
NFL Biosciences	$13M		—
Intensity Therapeutics	$13M		—
Geovax Labs	$13M		$2M
Biogened	$13M		—
Viropro	$12M		—
BioLineRx	$12M		$1M
Argenica Therapeutics	$11M		$18M
IRLAB Therapeutics	$11M		$9M
OncoZenge	$11M		—
Jupiter Neurosciences	$10M		—
Annexin Pharmaceuticals	$10M		$3M
CalciMedica	$10M		—
Coegin Pharm	$10M		—
Neurothera Labs	$10M		—
Bolt Biotherapeutics	$10M		$5M
Oncodesign Precision Medicine	$9M		$306K
Psyence Biomedical	$9M		—
Magle Chemoswed Holding	$9M		—
Sedania Innovator	$9M		—
Addex Therapeutics	$9M		—
TME Pharma	$9M		—
Spago Nanomedical	$9M		—
PharmaCyte Biotech	$9M		—
Medicofarma Biotech	$9M		—
Acurx Pharmaceuticals	$9M		—
Modus Therapeutics	$8M		—
Pila Pharma	$8M		—
Alzinova	$8M		$1M
Cambium Bio	$8M		$439K
Stenocare	$8M		—
ODI Pharma	$8M		—
Liminatus Pharma	$8M		—
Immuron	$7M		$6M
China SXT Pharmaceuticals	$7M		—
Chosa Oncology	$7M		—
Biomind Labs	$7M		—
Pure Biologics	$7M		—
Tricida	$6M		—
XTL Biopharmaceuticals	$6M		—
BioAtla	$6M		—
InMed Pharmaceuticals	$6M		—
FibroBiologics	$5M		—
Genxone	$5M		—
Futura Medical	$5M		$2M
Instituto Rosenbusch	$5M		—
RA Williams Distributors	$5M		—
Abattis Bioceuticals	$5M		—
Newbury Pharmaceuticals	$5M		—
Gelteq	$5M		—
Reviva Pharmaceuticals	$5M		—
Opthea	$4M		$25K
Genetic Technologies	$4M		—
Strategic Partners	$4M		—
Institute of Biomedical	$3M		—
JFL Life Sciences	$3M		—
Cannabis Poland	$3M		—
CASI Pharmaceuticals	$3M		—
Iterum Therapeutics	$3M		$4M
Guard Therapeutics	$3M		—
Double Bond	$3M		—
Biosergen	$2M		—
Redwood Scientific Technologies	$2M		—
Biophytis	$2M		$2M
Gabather	$2M		—
ExpreS2ion Biotech	$2M		—
Respiratorius	$2M		—
Scinai Immunotherapeutics	$2M		—
Aion Therapeutic	$2M		—
Aptahem	$2M		—
Nextgen Biomed	$2M		—
Clearside Biomedical	$2M		—
Biosenic	$2M		—
Stayble Therapeutics	$2M		—
Reboost Blockchain	$1M		—
RAMM Pharma	$1M		—
Cannovum Cannabis	$1M		—
GeNeuro	$1M		—
Pharmadrug	$971K		—
Procaps Group	$698K		—
Nidhogg Resources Holding	$516K		—
Altamira Therapeutics	$423K		—
Oxurion	$412K		—
Lidds	$371K		—
PharmaLundensis	$358K		—
QUIA PHARMA	$305K		—
PCI Biotech Holding	$292K		—
IO Biotech	$281K		—
bioXXmed	$259K		—
Lipigon Pharmaceuticals	$173K		—
DanCann Pharma	$90K		—
Adynxx	$87K		—
Scorpius Holdings	$67K		—
Itoco	$41K		—
Easton Pharmaceuticals	$27K		—
Filament Health	$26K		—
Neovacs	$0K		—
OrthoCellix	—		—
Adverum Biotechnologies	—		—
GridAI Technologies	—		—
Relief Therapeutics	—		—
Indivior	—		—
AtaiBeckley	—		—
Avidity Biosciences	—		—
Mural Oncology	—		—
Akero Therapeutics	—		—
Candid Therapeutics	—		—