May 2026
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Largest Contract Research & Manufacturing Public Companies
Benchmark revenue and EBITDA valuation multiples for public comps like
Wuxi AppTec, Lonza Group, Samsung BioLogics, IQVIA and Sartorius.
 | Wuxi AppTec Co Ltd provides a portfolio of research and manufacturing services throughout the discovery, development, and manufacturing spectrum for small molecule drugs, development of computer software and databases as well as consulting services for combinatorial chemistry and pharmaceuticals. The services offered by the company include drug research and development testing, clinical research services, an end-to-end CRDMO platform for peptide, oligonucleotide, and small molecules, and integrated biology services and solutions for drug discovery. The company's reportable segments are WuXi Chemistry, which derives maximum revenue, WuXi Testing, WuXi Biology, and Others. Geographically, it derives key revenue from the United States of America, followed by China, Europe, and other regions. | $15 | +66% | $46B | $40B | 6.0x | 9.9x | ||
 | Lonza Group is a contract development and manufacturing organization. It operates under four segments: small molecules, biologics, cell and gene, and capsules and health ingredients. Lonza derives its revenue primarily from long-term supply agreements with pharmaceutical customers. The company provides development and manufacturing services throughout the entire lifecycle of a product, from drug research to commercial supply. The majority of Lonza's customers are pharmaceutical and biotechnology companies, academic institutions, and government research organizations. | $639 | -12% | $45B | $49B | 5.8x | 18.4x | ||
 | Samsung BioLogics Co Ltd is a biopharmaceutical company engaged in drug development and manufacturing services. The company operates two segments: Biopharmaceutical Development and Commercialization, and Contract Development and Manufacturing Organization (CDMO). The Biopharmaceutical Development and Commercialization segment focuses on developing and commercializing biosimilars across therapeutic areas, including autoimmune, oncology, ophthalmology, and hematology. The Contract Development and Manufacturing Organization (CDMO) segment provides biopharmaceutical contract manufacturing along with cell line and process development services. It generates the majority of its revenue from the CDMO segment. | $912 | -15% | $42B | $42B | 13.5x | 22.5x | ||
 | Iqvia is the result of the 2016 merger of Quintiles, a leading global contract research organization, and IMS Health, a leading healthcare data and analytics provider. The research and development segment focuses primarily on providing outsourced late-stage clinical trials for pharmaceutical, device, and diagnostic firms. The technology and analytics segment provides aggregated information and technology services to clients in the healthcare industry, including pharmaceutical companies, providers, payers, and policymakers, as well as data and analytics capabilities for clinical trials, including virtual trials. The company also has a small contract sales business. | $182 | +30% | $30B | $44B | 2.7x | 11.7x | ||
| Sartorius Stedim Biotech is a leading provider of bioprocessing solutions. Its sells equipment and consumables for fermentation, filtration, fluid management, purification, and cell culture media for manufacturing biologic drugs and has a focus on single-use technology. It is a subsidiary of Sartorius AG, which has 71.5% ownership and 83% voting control. The business is geographically diverse, with 35% of sales from the Americas, 42% from Europe, the Middle East, and Africa, 15% from Asia excluding China, and 8% from China. | $204 | -9% | $20B | $22B | 6.3x | 20.6x | ||
 | Divi's Laboratories Ltd is a specialty and generic drug manufacturing company. It is engaged in the manufacture of Active Pharmaceutical ingredients (API), Intermediates, and Nutraceutical ingredients, with a predominance in exports. It also, through its custom synthesis, supports pharma companies for their patented products business from gram-scale requirements for clinical trials to launch, as well as late-life cycle management. Geographically, the company derives maximum revenue from Europe, and the rest from America, India, Asia (excluding India), and the Rest of the world. | $69 | -3% | $18B | $18B | 16.4x | 44.8x | ||
| WuXi Biologics is one of the largest global biologic global contract development and manufacturing organizations. WuXi Biologics, incorporated in 2014 following the reorganization of WuXi PharmaTech, later known as WuXi AppTec, now has global revenue of CNY 18.7 billion. North America represented 57.3% of total revenue in 2024. The firm has a "follow and win the molecule" strategy by providing end-to-end services, from drug discovery to commercial manufacturing. It also adopts a global dual sourcing strategy by providing drug products and drug substance manufacturing. | $4 | +34% | $18B | $16B | 4.9x | 12.1x | ||
| Medpace is a late-stage contract research organization that provides full-service drug-development and clinical trial services to small and midsize biotechnology, pharmaceutical, and medical device firms. It also offers ancillary services, including bioanalytical laboratory services and imaging capabilities. The company was founded over 30 years ago and has more than 5,400 employees across 40 countries. Medpace is headquartered in Cincinnati, Ohio, and its operations are primarily based in the US, with additional presence in Europe, Asia, South America, Africa, and Australia. Cinven, a global private equity firm, acquired Medpace for $915 million in 2014 and exited its investment in 2018. | $447 | +52% | $13B | $12B | 4.8x | 21.7x | ||
 | Eurofins, headquartered in Luxembourg, is a decentralized network of life sciences companies that provide various analytical tests and laboratory services. These include tests to evaluate the safety, identity, composition, authenticity, purity, origin, and traceability of various biological substances and products. Eurofins operates over 950 laboratories in 61 countries. Its revenue from Europe, North America, and the rest of the world contributes approximately 50%, 40%, and 10% of total revenue, respectively. Its areas of business activity are food, feed, and environmental testing ("life"), biopharmaceutical services, diagnostic services and products, and consumer and technology products testing, which contribute approximately 40%, 30%, 20%, and 10% respectively. | $72 | +6% | $13B | $17B | 1.9x | 8.6x | ||
| Icon is a global late-stage contract research organization that provides drug development and clinical trial services to pharmaceutical, biotechnology, and medical-device firms. While the vast majority of its revenue comes from clinical research, Icon also offers ancillary services such as laboratory and imaging capabilities. The company is headquartered in Ireland. | $136 | +4% | $10B | $13B | 1.6x | 8.7x | ||
| WuXi XDC Cayman Inc is a CRDMO focused on the ADC and broader bioconjugate market and is the only one dedicated to providing integrated and end-to-end services. Leveraging expertise in both biologics and small molecules, it offers interdisciplinary and comprehensive services, covering bioconjugate discovery, research, development, and manufacturing. The company provides these services from proximately located laboratories and manufacturing facilities, resulting in the reduction of development timeline and costs. As a fully integrated one-stop bioconjugate discovery, development, and manufacturing platform, its mission is to continuously enhance its platform and propel and transform the development of the bioconjugate industry. | $7 | +37% | $9B | $8B | 9.0x | 28.0x | ||
| Charles River Laboratories was founded in 1947 and is a leading provider of drug discovery and development services. The company’s research model & services segment is the leading provider of animal models for laboratory testing, which breeds and delivers animal research models with specific genetic characteristics for preclinical studies around the world. The discovery & safety assessment segment includes services required to take a drug through the early development process, including discovery services. The manufacturing support segment includes microbial solutions, which provides in vitro (non-animal) testing products, biologics testing services, and avian vaccine services. | $181 | +33% | $9B | $12B | 2.9x | 11.9x | ||
| Laurus Labs Ltd is a pharmaceutical company based in India. It provides active pharmaceutical ingredients (API) including intermediates, Generic Finished dosage forms (FDF), and Contract Research services. The entity develops APIs and intermediates for select, high-growth antiretrovirals, Hepatitis C and Oncology. It also manufactures APIs in other therapeutic areas, such as anti-asthma, ophthalmology, anti-diabetics, cardiovascular, and proton pump inhibitors, among others. The company has its business presence in India and Outside India of which it derives a majority of revenue from Outside India. It generates revenue from the sale of API, Intermediates and Formulations, Contract research services, and others. | $14 | +115% | $8B | $8B | 13.7x | 67.5x | ||
| Dixon Technologies (India) Ltd provides electronic manufacturing services (EMS) to its customers, serving as an original equipment manufacturer (OEM) as well as an original design manufacturer (ODM) for various brands. It is engaged in the in manufacturing of electronic goods such as consumer durables, home appliances, lighting products and mobile phones. It operates in single operating segment: Electronics Goods. The company engages in domestic sales of goods as well as exports its products outside India, of which a majority of its revenue is generated from the domestic market. | $120 | -25% | $7B | $7B | 1.4x | 26.3x | ||
| Repligen, headquartered in Waltham, Massachusetts, is a global life sciences company that develops and sells bioprocessing equipment and supplies used in the manufacturing of biologic drugs, including monoclonal antibodies, recombinant proteins, vaccines, and cell and gene therapies. Its customers include biopharmaceutical companies, contract development and manufacturing organizations, or CDMOs, and other life science companies. It sells four main product categories: filtration (including fluid management) is the largest category (about 55% of total revenue), while chromatography, proteins, and process analytics are 21%, 11%, and 13%, respectively. Customers in North America, Europe, and Asia Pacific contribute about 44%, 37%, and 19% of revenue, respectively. | $124 | +5% | $7B | $7B | 9.3x | 38.1x | ||
| Pharmaron Beijing Co Ltd is a research and development service company supporting the life science industry. The company offers drug research and development service capabilities, ranging from synthetic, medicinal, and analytical chemistry, biology, DMPK, pharmacology, drug safety assessment, radiochemistry, and isotopically labelled metabolism, chemical and pharmaceutical development to clinical development. The company's operating segment includes Laboratory services; CMC (small molecule CDMO) services, Clinical development services, and biologics and CGT services. It generates maximum revenue from the Laboratory services segment. | $3 | +6% | $6B | $7B | 3.3x | 14.2x | ||
| Avantor Inc provides products and services to customers in the biopharma, healthcare, education & government, and advanced technologies & applied materials industries. The company operates through two segments: Laboratory Solutions and Bioscience Production. It offers materials & consumables, equipment & instrumentation, and services & specialty procurement. Product groups include Equipment & Instrumentation, Services & Specialty Procurement, Proprietary Materials & Consumables, and Third-Party Materials & Consumables. Materials & consumables include high-purity chemicals and reagents, lab supplies, customized excipients, single-use assemblies, chromatography products, sample preparation kits, and fluid handling solutions. It operates in the Americas, Europe, and AMEA. | $9 | -29% | $6B | $10B | 1.5x | 9.1x | ||
| Asymchem Laboratories Tianjin Co Ltd is a China-based company, a technology-driven provider of Contract Development and manufacturing organization solutions throughout the drug development and manufacturing process. The Group provides clinical-stage CDMO solutions, commercial-stage CDMO solutions, and emerging services. Its operations relate to contract development and manufacturing, which focuses on innovation and commercial application of pharmaceutical technology. It has geographic areas in the Chinese Mainland and Overseas. | $17 | +26% | $6B | $5B | 5.1x | 18.3x | ||
| Hangzhou Tigermed Consulting Co Ltd is a China-based Contract Research Organization. The company's offered services include bioanalytical, medical writing, biostatistical analysis, and medical imaging. The therapeutic areas of the company include Infections, Hematology, Cardiovascular, Endocrinology, Rheumatology, Nephrology, and Central Nervous System (CNS) among others. | $6 | -18% | $5B | $5B | 4.7x | 22.5x | ||
| Siegfried is a global contract development and manufacturing organization. It derives its revenue primarily from long-term supply agreements with biotechnology and pharmaceutical customers. Siegfried develops and manufactures active pharmaceutical ingredients, finished dosage forms (tablets, capsules, sterile vials, ampules, cartridges, and ointments), and viral vectors. The company provides these services throughout the entire drug lifecycle, including chemical and analytical development, pilot manufacturing, and commercial-scale manufacturing. Siegfried has a large global footprint with 13 production sites on three continents. | $104 | -15% | $5B | $4B | 2.6x | 11.0x | ||
| Genscript Biotech Corp is a China-based provider of life science research services and products. The firm is known for its gene synthesis capabilities, a widely used service by academics, biotech companies, and pharmaceutical companies around the world. The company's business segments include Life-science services and products, Biologics development services, Industrial synthetic biology products, and the Operation unit. The company generates the majority of its revenue from the life-science services and products unit, which provides comprehensive research services and products, which are widely used and are fundamental to life-science research and application. Geographically, the company generates the majority of its revenue from the United States of America, followed by Mainland China. | $2 | +7% | $4B | $3B | 3.4x | 17.3x | ||
 | Laboratorios Farmaceuticos Rovi SA is a biotechnology company engaged in the research, development, manufacturing, and marketing of small molecule and specialty biologic drugs. The company has a diversified portfolio of products that it markets in Spain through its specialized sales force of specialist physicians, hospitals and pharmacies. Laboratorios' research and development pipeline is focused on the expansion of applications, indications, and alternative mechanisms of action for heparin-derived products. The company aims to obtain new pharmaceutical products that enable the regular administration of formulations that are administered daily in chronic and prolonged treatments. Its two segments are Manufacturing and Marketing. | $69 | +10% | $4B | $4B | 4.0x | 14.7x | ||
| Brightgene Bio-medical Technology Co Ltd is a pharmaceutical company engaged in research, development and production of new drugs and high-end generic drugs. The company develops macrolides, peptides, polysaccharides, heterocycles, azoles, azines, phenyl ethers, tetracyclines, and production of non-pharmaceutical macrolides, peptides, polysaccharides, heterocycles, azoles, azines, benzene Ethers, tetracyclines. | $8 | +2% | $3B | $4B | 19.8x | 98.2x | ||
| Hybio Pharmaceutical Co Ltd is engaged in manufacturing and sale of peptide products. The company's peptide finished dosage products include digestive system agents, immune modulators, hormone and endocrine modulators, antiviral agents, and hemostatic products. It also provides peptide CRO and CMO services, as well as API products. | $3 | +64% | $3B | $3B | 23.0x | 75.5x | ||
| Apeloa Pharmaceutical Co Ltd is a pharmaceutical company. It is engaged in research and development, manufacturing and marketing of APIs formulations and veterinary drugs. It offers products including Ofloxacin, Levofloxacin Hydrochloride, Marbofloxacin, and others. | $2 | +21% | $3B | $3B | 1.8x | 9.8x | ||
| Sai Life Sciences Ltd is an innovator-focused, contract research, development, and manufacturing organization. It provides end-to-end services across the drug discovery, development, and manufacturing value chain, for small molecule new chemical entities (NCE), to pharmaceutical innovator companies and biotechnology firms. It possesses both; discovery/contract research (CRO) and chemistry, manufacturing, and control (CMC)/contract development and manufacturing organization (CDMO) capabilities. The company has only one reportable segment: contract research, development, and manufacturing. Geographically it operates in India as well as Outside India. | $12 | +47% | $3B | $3B | 11.2x | 36.6x | ||
| Piramal Pharma Ltd is a pharmaceutical company, providing end-to-end pharma services to customers and a portfolio of differentiated pharma products across a domestic and international distribution network. It operates under three business verticals; an integrated contract development and manufacturing (CDMO) business providing Active pharmaceutical ingredients (APIs), Finished dosage forms (FDFs), biologics, and vaccines among other products; the other two business verticals include a complex hospital generics business, and an India consumer healthcare business, selling over-the-counter products in India. Geographically, the company generates maximum revenue from North America and the rest from Europe, India, Japan, and other markets. | $2 | -20% | $2B | $3B | 3.0x | 27.2x | ||
 | Fagron SA is a pharmaceutical compounding company operating in Belgium. It acts as a supplier of pharmaceutical care to hospitals, pharmacies, clinics, and patients across the world. The company also produces pharmaceutical raw materials, equipment, and supplies that are needed to prepare medication in the pharmacy. Its segments are namely Fagron Europe, Middle East and Africa (EMEA), Fagron North America, and Fagron Latin America. The majority of its revenue comes from Fagron North America. | $28 | +12% | $2B | $2B | 2.1x | 10.4x | ||
| PharmaResearch Co Ltd formerly Pharma Research Products Co Ltd is a bio pharmaceutical firm which realizes a new treatment paradigm for regenerative medicine. Its products include Rejuran, Rejuvenex, and Re-An eye drops. It also provides medical devices, cosme ceuticals, and dietary supplements. | $197 | -35% | $2B | $2B | 4.5x | 10.1x | ||
| Granules India Ltd is an India-based pharmaceutical company. The company manufactures active pharmaceutical ingredients, pharmaceutical formulation intermediates, and finished dosages. It has one segment Pharmaceutical products including ingredients and intermediaries. Its primary geographic markets are North America, Latin America, Europe, India, and the Rest of the World. The company generates a majority of its revenue from its business outside India. | $8 | +40% | $2B | $2B | 3.6x | 16.4x | ||
 | AbCellera Biologics Inc is an antibody discovery and development engine that’s specifically designed to address the barriers of conventional discovery, finding the optimal clinical candidate with greater precision and speed, getting to the clinic and patients sooner. With the integrated AbCellera platform, the company’s experts search a wide range of diverse antibodies to select the effective and developable leads fast and set partners up for enduring success. The company has extensive experience forging partnerships with emerging biotechs and pharmaceutical companies. AbCellera leverages proprietary hardware, software, and tools along with the latest data science, to operate as strategic partners and help develop optimized solutions faster for any program. | $6 | +206% | $2B | $2B | 20.3x | (8.7x) | ||
| St Pharm Co Ltd offers custom manufacturing services of Active pharmaceutical ingredients and their intermediates for their use in pharmaceutical development and be compliant to cGMP, requirements. The firm’s business areas include commercial manufacturing of new drug development, manufacturing of generic active pharmaceutical ingredients, fine chemical’s business and development of oligonucleotide therapeutics. The company’s products comprise small molecule active pharmaceutical ingredients, Anti-cancer, Anti- coagulant active pharmaceutical ingredients, etc. | $90 | +68% | $2B | $2B | 7.8x | 28.6x | ||
| Syngene International Ltd is a contract research and manufacturing organization in India. It supports research and development programs, from lead generation to clinical and commercial supplies. The Company is engaged in a single operating segment of providing contract research and manufacturing services. The company operates in India, the United States of America and other countries, of which a majority of the revenue is derived from the USA. The company receives revenue by providing contract research and manufacturing services. It offers services such as Oligonucleotide synthesis, Bioinformatics, Clinical development services, polymer research, chemical development, safety assessment, discovery chemistry, discovery biology, and others. | $5 | -34% | $2B | $2B | 4.5x | 17.4x | ||
| Zhejiang Jiuzhou Pharmaceutical Co Ltd is a China-based pharmaceutical manufacturer. The company is primarily engaged in the manufacturing, research, development, and sale of active pharmaceutical ingredients, intermediates, asymmetric catalyst, and lithium battery materials. Its active pharmaceutical ingredient offerings include Carbamazepine, Duloxetine, Bezafibrate, Meropenem, Sulphadimethoxine Sodium, Oxcarbazepine, and Amprolium, among others. The firm also provides services of new drug contract development and manufacturing organization to the international pharmaceutical giant. | $2 | -15% | $2B | $1B | 1.8x | 6.7x | ||
| Jubilant Pharmova Ltd is an integrated pharmaceutical company. The company operates in the following segments; Radiopharma; Allergy Immunotherapy; Contract Development and Manufacturing Organisation - Sterile Injectables; Generics; Contract Research, Development and Manufacturing Organisation; and Proprietary Novel Drugs. It generates maximum revenue from the Radiopharma segment which specializes in developing, manufacturing, commercializing, and distributing therapeutic agents in the nuclear medicine domain. Geographically, it derives a majority of its revenue from the Americas and Europe and the rest from India and the Rest of the world. | $10 | -18% | $2B | $2B | 2.2x | 14.1x | ||
| PolyPeptide Group AG is an independent contract development and manufacturing organization (CDMO) focused on peptides and oligonucleotides employed as an active pharmaceutical ingredients (APIs) and used as intermediates in therapeutic products. The company derives majority of its revenue from Europe and Asia. | $48 | +78% | $2B | $2B | 3.6x | 32.2x | ||
| Anupam Rasayan India Ltd is engaged in the custom synthesis and manufacturing of specialty chemicals in India. The company's business verticals are life science-related specialty chemicals comprising products related to agrochemicals, personal care and pharmaceuticals, and other specialty chemicals, comprising specialty pigment and dyes, and polymer additives. The company operates only in one revenue segment which is the Manufacturing of industrial chemicals. Geographically, it derives maximum revenue from India and the rest from Japan, Europe, Singapore, China, North America, and the Rest of the world. | $13 | -- | $2B | $2B | 11.0x | 38.4x | ||
| Fortrea is a global, late-stage contract research organization that provides comprehensive phase 1 through phase 4 clinical trial management, clinical pharmacology, and patient access solutions. The company works with emerging and large biopharma, medical device, and diagnostic companies to run their clinical trials as a functional-service provider, full-service provider, and offers hybrid trials. In 2023, Fortrea was formed as an independent, publicly traded company after Labcorp spun off its clinical development business, which it acquired via its purchase of Covance in 2015 for $6.1 billion. Fortrea has 19,000 staff members across 90 countries. | $15 | +258% | $1B | $2B | 0.9x | 12.8x | ||
 | Bora Pharmaceuticals Co Ltd is a pharmaceutical company based in Taiwan. It covers the pharmaceutical supply chain from research and development to sales and distribution. The main activities of the Company focus on manufacturing and selling generic, brand, and over-the-counter (OTC) drugs, contract development and manufacturing (CDMO), and developing and selling consumer healthcare products. The Group operates in three reportable segments; Commercial sales segment, Contract Development & Manufacturing Organization segment, and Other segment. The majority of revenue is derived from the Commercial sales segment. Geographically, the company operates in the USA which derives key revenue, Europe, Taiwan, and other regions. | $11 | -45% | $1B | $2B | 3.0x | 8.3x | ||
| Aurisco Pharmaceutical Co Ltd is engaged in production and sales of specialty APIs and pharmaceutical intermediates. The company's products include API's and Intermediates. Its products are supplied to Asia, Europe, America and Middle East through a well-established sales network. | $3 | -4% | $1B | $1B | 4.8x | 12.0x | ||
| Shanghai Medicilon Inc is a comprehensive biomedical research and developemnt service company. It provides a full range of one-stop new drug development services for pharmaceutical companies and research institutions around the world in line with domestic and international reporting standards. | $9 | -- | $1B | $1B | 6.8x | (121.0x) | ||
| Porton Pharma Solutions Ltd is a China-based external manufacturing supplier of custom drug intermediates and Active Pharmaceutical Ingredients (APIs) to pharmaceutical companies. It is engaged in the process development activities and pilot-scale and commercial-scale manufacturing activities. | $2 | -- | $1B | $1B | 2.4x | 12.0x | ||
| Sino Biological Inc is an international reagent supplier and service provider. The company specializes in recombinant protein production and antibody development. All of Sino Biological's products are independently developed and produced, including recombinant proteins, antibodies and cDNA clones. | $9 | +2% | $1B | $662M | 6.4x | 16.4x | ||
 | Evotec is a drug discovery partnership firm providing solutions to pharmaceutical and biotechnology companies, academic institutions, foundations, and nonprofit organizations. The company offers services in a variety of therapeutic areas, including central nervous system disorders, diabetes, inflammation, oncology, infectious diseases, and women's health. The shared R&D segment, roughly 80% of sales, provides drug discovery and manufacturing services on a typical fee-for-service basis and integrated drug discovery collaborations based on its proprietary, internally developed assets. The Just-Evotec Biologics segment, about 20% of sales, offers CDMO services for biologics. As of 2023, the company has over 5,000 employees and 18 production sites mainly in Europe and the United States. | $6 | -23% | $1B | $1B | 1.1x | 20.9x | ||
 | Oxford BioMedica PLC is a contract development and manufacturing organization (CDMO) focused on cell and gene therapy. The company specializes in viral vector development and manufacturing for cell and gene therapy, with expertise in lentivirus, adeno-associated virus (AAV), adenovirus, and other viral vector types. | $8 | +94% | $1B | $1B | 4.8x | 335.6x | ||
| Acrobiosystems Co Ltd is a global brand focusing on protein technology, products and services in the development of biological drugs. It is committed to providing target antigens and other key reagents and related services required in the development of targeted therapeutic drugs. | $6 | +10% | $1000M | $818M | 6.6x | 23.1x | ||
 | Gubra AS is a specialized preclinical CRO and biotech company focused on peptide-based drug discovery within metabolic and fibrotic diseases. The company has three segments: Pre-clinical contract research (CRO), which derives maximum revenue; Discovery & Partnerships (D&P) Segment; and Gubra Green Segment. It derives maximum revenue from Pre-clinical contract research (CRO) segment. Geographically, the company operates in Europe, North America and Other regions. | $56 | -7% | $910M | $758M | 1.8x | 2.2x | ||
| Akums Drugs and Pharmaceuticals Ltd a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas. Its services include formulation research and development (R&D), preparation and filing of regulatory dossiers in the Indian and Outside markets, and other testing services. It is also engaged in the manufacturing and sale of branded pharmaceutical formulations and active pharmaceutical ingredients (APIs). The operates in three segments: a) Contract Development and Manufacturing Operations (CDMO), b) Active Pharmaceutical Ingredient (API), and c) Branded and Generic formulations. Key revenue is generated from Contract Development and Manufacturing Operations (CDMO). | $5 | -12% | $836M | $674M | 1.5x | 10.3x | ||
| Sirio Pharma Co Ltd is engaged in the research and development, production, sales and technical services of nutrition and health food, food production, sales, import and export of goods. | $3 | -- | $824M | $992M | 1.6x | 12.2x | ||
| R&G PharmaStudies Co Ltd is a clinical trial outsourcing service provider. It offers full-chain clinical research outsourcing services, serving global pharmaceutical and medical device companies and scientific research institutions. | $7 | +5% | $723M | $476M | 3.8x | 16.7x | ||
| Maravai LifeSciences Holdings Inc is a life sciences company that provides critical products that drive the development of groundbreaking vaccines, drug therapies, cell and gene therapies, and diagnostics. The group's solutions empower research into human diseases and support the entire biopharmaceutical development process from early discovery to commercialization. Its reportable segments are Nucleic acid production and biologics safety testing. It generates a majority of its revenue from Nucleic Acid Production and focuses on the manufacturing and sale of nucleic acid products to support the needs of customers' research, and therapeutic and vaccine programs. In addition, the segment also provides research products for labeling and detecting proteins in cells and tissue samples. | $5 | +114% | $710M | $814M | 4.4x | (26.1x) | ||
| Aarti Pharmalabs Ltd manufactures pharmaceuticals and nutraceuticals with a footprint. The company manufactures Active Pharmaceutical Ingredients (API), pharmaceutical intermediates, acids, and xanthine derivatives, including caffeine, theophylline anhydrous, aminophylline, etophylline, and theophylline in India. It also offers Contract Development and Manufacturing Services (CDMS) for drug substance (NCE, RSM, Intermediates) projects. Geographically, the company generates maximum revenue from its customers located outside India. | $7 | -33% | $599M | $677M | 3.6x | 16.9x | ||
| Scinopharm Taiwan Ltd is a specialty and generic drug manufacturing company. The company is engaged in the manufacturing of medicines, chemicals, biological technology services, active pharmaceutical ingredients, albumin medicines, injections, and new small molecule drugs. The company also conducts consulting and technical services. The Company's sales revenue mainly arises from the manufacture and sales of Active Pharmaceutical Ingredient and injection products. | $1 | +18% | $497M | $422M | 4.2x | 19.7x | ||
| Emergent BioSolutions Inc offers public health products to the government and healthcare providers. Company operates in three segments namely Commercial Product, MCM Products, and Services segment. The Commercial Product Segment consisting of Nasal Spray; the MCM Products Segment consisting of Anthrax-MCM products, Smallpox-MCM products and Other Products and the Services Segment consisting of Bioservices portfolio. The key revenue is generated through the commercial segment which consists of NARCAN and other commercial products. | $9 | +44% | $471M | $884M | 1.2x | 3.7x | ||
| Novartis India Ltd is an Indian-based pharmaceutical company. The company is engaged in the trading of Drugs and Pharmaceuticals. It derives revenue from operations in India. The company operates in a single business segment, namely Pharmaceutical Business. Its Pharmaceutical business focuses on Bone and Pain, Transplantation Immunology, and Neurosciences. | $16 | -- | $400M | $331M | 9.0x | 23.9x | ||
| Forward Industries Inc is a provider of carrying and protective solutions. The company operates in two segments: design and digital assets. The design segment consists of two operating segments (IPS and Kablooe, which have been aggregated into one reportable segment) that provide a full spectrum of hardware and software product design and engineering services to customers predominantly. | $5 | -- | $352M | $388M | 21.3x | (360.4x) | ||
| Dishman Carbogen Amics Ltd is a biotechnology company that provides contract research and manufacturing services for pharmaceutical companies. It manufactures bulk drugs, specialty chemicals, and outsourced goods. Additionally, the company produces vitamins, such as vitamin D2 and vitamin D3, reagents, antiseptics and disinfectants, transfer catalysts, personal-care ingredients, pharma intermediates, and ammonium and phosphonium high-purity solid Quats. The business generates the vast majority of its revenue in India. | $2 | -30% | $318M | $531M | 1.7x | 8.3x | ||
| Savior Lifetec Corp is engaged in the research, development, design, manufacture, and sale of carbapenem generics, injection generics, controlled-release generics, development of new dosage forms and drugs, and the APIs, excipients, intermediates, and dosage forms of the aforementioned products. The company also provides medicine manufacturer technology and services. The company geographically operates in four regions: the Americas, Asia, Taiwan, and Europe. | $1 | -7% | $195M | $149M | 3.9x | 7.4x | ||
| Binex Co Ltd is engaged in manufacturing and distribution of pharmaceutical products. The key products include gastrointestinal (GI) tract regulators and antispasmodics, antiemetic drugs, antihistamines, laxatives, antihypertensive and urinary agents, antibacterial and antibiotic agents, cough and cold remedies, anti-diabetic medicines, ophthalmic solutions, vitamins, nutrients, as well as an ointment, creams, and others. It also manufactures biomedicines and raw materials. Its other business operation involved contract development and manufacturing business for other companies. The company invests in some bio ventures that develop biomedicines. | $6 | -48% | $189M | $245M | 2.2x | 29.0x | ||
| Lifecore Biomedical Inc is a fully integrated contract development and manufacturing organization (CDMO) that provides services in the development, fill, and finish of complex sterile injectable pharmaceutical products in syringes, vials, and cartridges. The group recognizes revenue in two different product categories, CDMO and HA manufacturing. | $5 | -26% | $188M | $316M | 2.5x | 24.1x | ||
| Frontage Holdings Corp provides laboratory and related services to pharmaceutical and agrochemical companies. Its segments include North America and Europe segment, including drug discovery, drug development, pharmaceutical product development and laboratory testing in the USA, Canada and Europe; and PRC segment, including drug discovery, drug development, pharmaceutical product development and laboratory testing in the PRC. It derives majority of the revenue from North America and Europe segment. Geographically majority of the revenue is derived from USA and Canada. | $0 | -39% | $181M | $270M | 1.1x | 5.0x | ||
| Mycenax Biotech Inc is a Taiwan-based biopharmaceutical company. It is engaged in the development and manufacture of biopharmaceutical products, specializing in mammalian and microbial cell-derived biologics. The company provides services for program evaluation/confirmation, cell line development, and construction, process development technology platforms, drug characterization analysis, the establishment of testing methods, and drug production in accordance with PIC/S GMP manufacturing standards. The company’s main operating region is located in Taiwan. | $1 | -29% | $179M | $206M | 8.7x | (47.6x) | ||
 | Euroapi SA develops, manufactures, markets, and distributes Active Pharmaceutical Ingredients (APIs) and Intermediates used in the formulation of medicines for human and veterinary use, both from originators, generics, and cosmetics. The company offers vitamin B12, prostaglandins, oligonucleotides, peptides, corticoids and hormones, anti-infectives, opiates (morphine, codeine, thebaine, etc.), analgesics, etc. It also offers Contract Development Manufacturing Organization (CDMO) services to its customers. Geographically, the company generates maximum revenue from Europe, followed by North America, Asia-Pacific, and the Rest of the world. | $2 | -51% | $160M | $97M | 0.1x | 1.3x | ||
 | Selvita SA is a Poland based parent company of Selvita Group is one of the largest preclinical contract research organizations in Europe. It also develops bioinformatics solutions supporting innovative projects at preclinical stages. It also provides services provided to external contractors are in the field of chemistry, analytics, regulatory, biochemistry and cell biology and also the integrated research and development projects. | $8 | +1% | $152M | $193M | 1.9x | 10.4x | ||
 | Genovis AB offers customers in the biopharmaceutical and research industries tools that facilitate and save time in the development of new treatment methods and diagnostics. Its enzyme products, known as SmartEnzymes, are used by scientists all over the world, and the product formats facilitate the development and quality control of biological drugs. Its products include Enzyme and Antibodies. Geographically, it operates in Sweden and Rest of the world. | $2 | -22% | $144M | $135M | 9.3x | 29.0x | ||
 | Nanoform Finland PLC is a nanoparticle medicine-enabling company. The company works together with pharma and biotech partners to reduce attrition in clinical trials and enhance their molecules' formulation performance through its nano-forming services. Its patented and scalable Controlled Expansion of Supercritical Solutions (CESS) technology produces nano-formed API particles as small as 10nm. This enables poorly soluble molecules in the pharmaceuticals pipeline to progress into clinical development by increasing their rate of dissolution and by improving their bioavailability. Its technology provides novel opportunities in many value-enhancing drug delivery applications. Geographically, the company generates maximum revenue from Europe, followed by the United States and other regions. | $1 | +16% | $103M | $87M | 20.0x | (5.1x) | ||
| Prestige Biologics Co Ltd is a CDMO-dedicated company that provides solutions of development and manufacturing tasks throughout the stages from the research/development, engineering, clinical production, commercial production, clinical support, and IND & BLA filing of biopharmaceutical products. Its product candidate includes HD201 (Herceptin Biosimilar). | $1 | -53% | $95M | $151M | 18.1x | (40.1x) | ||
| Champions Oncology Inc is a USA based company which is engaged in the development and sale of state of the art technology solutions and products to personalize the development and use of oncology drugs. The company operates through one segment namely Personalized Oncology Solutions (POS) and Translational Oncology Solutions (TOS). Its POS business assists physicians in developing personalized treatment options for their cancer patients through tumor-specific data obtained from drug panels and related personalized oncology services. The TOS business assists pharmaceutical and biotechnology companies with their drug development process and offers studies or license tumors for use in studies. The company's revenue is majorly derived from research services. | $6 | -1% | $81M | $79M | 1.4x | 10.8x | ||
 | J.Molner AS is an Estonia-based company. The company is engaged in research and development in the field of biotechnology. The activities of the company are divided into two business segments: Generic Drugs and Services. It derives maximum revenue from Services. | $26 | -7% | $44M | $45M | 33.4x | 44.1x | ||
 | WDB coco Co Ltd is a provider of safety information management for the development of pharmaceuticals and medical devices. Its services include business related to safety information management, preparation of materials related to regulatory application, QC-related work, PMS facility contract support related work, clinical research support/monitoring, and temporary staffing. The company provides Contract Research Organization services for all new drug developments, such as monitoring, safety information, data management, and statistical analysis. It provides support for the development of generic drugs, such as bioequivalence studies and biosimilars, clinical research, and physician-led clinical trials. | $16 | -12% | $39M | $16M | 0.5x | 1.8x | ||
 | Cryosite Ltd provides an integrated clinical trial logistics service, biological storage and sample management service, including the storage of cord blood stem cells for private use. It supports a diverse portfolio of materials, including Good Manufacturing Practice (GMP) clinical trial products, Australian Register of Therapeutic Goods (ARTG) approved medicines, biologics, Research and Development materials, and medical devices, among others. The group's operating segments are: Ambient, cold, and frozen; Ultra-frozen and cryogenic; and Cord blood. The majority of its revenue is generated from the Ambient, cold, and frozen segment, which provides storage and distribution of small-molecule drugs and related products requiring ambient, refrigerated, or frozen conditions. | $1 | -- | $38M | $43M | 4.2x | 17.6x | ||
| Mabion SA is a Polish biotechnology company focused on developing and launching modern biotechnology drugs based on monoclonal antibody technology. The drugs developed by the company are targeted treatments, characterized by the drug's ability to recognize the factor causing cancer and interact with this factor only. The company is working on the development of its main priority drug, referred to as the MabionCD20 drug. The therapeutic uses of MabionCD20 are for Non-Hodgkin's lymphoma, Leukemia, and Rheumatoid Arthritis. | $2 | -20% | $33M | $38M | 8.8x | (2.6x) | ||
| LSL Pharma Group Inc integrated pharmaceutical company specializing in the development, manufacture and distribution of high-quality natural health products and dietary supplements in solid dosage forms as well as high quality sterile ophthalmic pharmaceutical products. | $0 | -- | $32M | $63M | 3.0x | 38.2x | ||
| Viropro Inc is an integrated developer and manufacturer of biopharmaceutical products that address unmet medical needs efficiently and cost-effectively. The company intends to develop its products for commercial sale and make its facility available for contract manufacturing. | $0 | -- | $12M | $12M | - | - | ||
| Inotiv Inc is a pharmaceutical development company specializing in nonclinical and analytical drug discovery, development services to the pharmaceutical, chemical, and medical device industries. It operates in two segments; Discovery and Safety Assessment (DSA) and Research Models and Services (RMS). Through the DSA segment, the company supports the discovery, nonclinical development, and clinical development needs of researchers and clinicians for small molecule drug candidates, biotherapeutics, and biomedical devices. Through the RMS segment, the company offers access to a wide range of small and large research models for basic research, drug discovery, development, and specialized models for specific diseases and therapeutic areas. The company earns maximum revenue from RMS Segment. | $0 | -89% | $10M | $483M | 0.9x | 14.2x | ||
| ExpreS2ion Biotech Holding AB is a biotechnology company that develops vaccines. It has developed a human clinical Phase III-validated technology platform, ExpreS2, for fast and efficient development and production of the active material in vaccines. The platform, under the brand GlycoX-S2, includes functionally modified glycosylation variants for enhanced immunogenicity and pharmacokinetics. Its product pipeline comprises ES2B-C001, a HER2-VLP-based vaccine in development for human breast cancer therapy; ES2B-I002, a Cytomegalovirus (CMV) vaccine; and several exploratory vaccine projects targeting pathways validated by commercial monoclonal antibody products. Geographically, the company operates in the Nordics region and also has a presence in other countries. | $0 | -93% | $2M | ($3M) | (8.4x) | 0.7x | ||
| Median | $7 | -1% | $1B | $1B | 3.9x | 14.2x |
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