Eurofins-Cerep Valuation Multiples

Eli Lilly is a drug firm with a focus on neuroscience, cardiometabolic, cancer, and immunology. Lilly's key products include Verzenio for cancer; Mounjaro, Zepbound, Jardiance, Trulicity, Humalog, and Humulin for cardiometabolic; and Taltz and Olumiant for immunology.

Johnson & Johnson is the world's largest and most diverse healthcare firm. It has two divisions: innovative medicine and medtech. These now represent all of the company's sales following the divestment of the consumer business, Kenvue, in 2023. After restructurings in 2023-24, the drug division focuses on three main therapeutic areas: immunology, oncology, and neurology. Geographically, just over half of total revenue is generated in the United States.

AbbVie is a pharmaceutical firm with a strong exposure to immunology (with Humira, Skyrizi, and Rinvoq) and oncology (with Imbruvica and Venclexta). The company was spun off from Abbott in early 2013. The 2020 acquisition of Allergan added several new products and drugs in aesthetics, including Botox. The 2024 acquisitions of Cerevel (neuroscience) and ImmunoGen (oncology) help supplement AbbVie's portfolio.

Merck makes pharmaceutical products to treat several conditions in a number of therapeutic areas, including cardiometabolic disease, cancer, and infections. Within cancer, the firm's immuno-oncology platform, led by Keytruda, is a major contributor to overall sales. The company also has a substantial vaccine business aimed at preventing pediatric diseases, as well as Gardasil for human papillomavirus. Additionally, Merck sells animal health-related drugs. From a geographical perspective, 47% of the company's sales are generated from US human health (pharmaceuticals and vaccines).

Roche is a Swiss biopharmaceutical and diagnostic company. The firm's bestselling pharmaceutical products include a variety of oncology therapies from acquired partner Genentech, and its diagnostics group was bolstered by the acquisition of Ventana in 2008. Oncology products account for 50% of pharmaceutical sales, and centralized and point-of-care diagnostics for more than half of diagnostic-related sales.

Novartis develops and manufactures innovative drugs. Key areas of drug development are oncology, immunology, neuroscience, respiratory, and cardiovascular, renal, and metabolic. It also has an established medicines business, which includes off-patent franchises. The company sells its products globally, with the United States constituting close to one-third of total revenue.

A merger between Astra of Sweden and Zeneca Group of the United Kingdom formed AstraZeneca in 1999. The firm sells branded drugs across a number of major therapeutic areas, including oncology (about 40% of total revenue), cardiovascular, renal, and metabolic (25%), rare disease (17%), and respiratory and immunology (15%). The majority of sales comes from international markets, with the United States representing close to one third of its sales.

Amgen is a leader in biotechnology-based human therapeutics. Flagship drugs include red blood cell boosters Epogen and Aranesp, immune system boosters Neupogen and Neulasta, and Enbrel and Otezla for inflammatory diseases. Amgen introduced its first cancer therapeutic, Vectibix, in 2006 and markets bone-strengthening drugs Prolia/Xgeva (approved 2010) and Evenity (2019). The acquisition of Onyx Pharmaceuticals bolstered the firm's therapeutic oncology portfolio with Kyprolis. Recent launches include Repatha (cholesterol-lowering), Aimovig (migraine), Lumakras (lung cancer), and Tezspire (asthma). The 2023 Horizon acquisition brought several rare-disease drugs, including thyroid eye disease drug Tepezza. Amgen also has a growing biosimilar portfolio.

With roughly one-third of the global branded diabetes treatment market, Novo Nordisk is the leading provider of diabetes care products in the world. Based in Denmark, the company manufactures and markets a variety of human and modern insulins, injectable diabetes treatments such as GLP-1 therapy, oral antidiabetic agents, and obesity treatments. Novo also has a biopharmaceutical segment (contributing less than 10% of revenue) that specializes in protein therapies for hemophilia and other disorders.

Gilead Sciences develops and markets therapies to treat and prevent life-threatening infectious diseases, with the core of its portfolio focused on HIV and hepatitis B and C. Gilead's acquisition of Pharmasset brought rights to hepatitis C drug Sovaldi, which is also part of newer combination regimens that remain standards of care. Gilead is also growing its presence in the oncology market via acquisitions, led by CAR-T cell therapy Yescarta/Tecartus (from Kite) and breast and bladder cancer therapy Trodelvy (from Immunomedics).

Pfizer is one of the world's largest pharmaceutical firms, with annual sales of roughly $60 billion. While it historically sold many types of healthcare products and chemicals, now prescription drugs and vaccines account for the majority of sales. Top sellers include pneumococcal vaccine Prevnar 13 and cardiology drugs Vyndaqel and Eliquis. Pfizer sells these products globally, with international sales representing 40% of total sales. Within international sales, emerging markets are a major contributor.

Vertex Pharmaceuticals is a global biotechnology company that discovers and develops small-molecule drugs for the treatment of serious diseases. Its key drugs are Kalydeco, Orkambi, Symdeko, and Trikafta/Kaftrio, and Alyftrek for cystic fibrosis, where Vertex therapies remain the standard of care globally. Vertex has diversified its portfolio through Casgevy, a gene-editing therapy for beta thalassemia and sickle-cell disease, and Journavx, a non-opioid pain medication approved for the treatment of moderate-to-severe acute pain in adults. Additionally, Vertex is evaluating small-molecule inhibitors of APOL1-mediated kidney diseases. Vertex is also investigating cell therapies to deliver a potential functional cure for type 1 diabetes.

Bristol Myers Squibb discovers, develops, and markets drugs for various therapeutic areas, such as cardiovascular, cancer, and immune disorders. A key focus for Bristol is immuno-oncology, where the firm is a leader in drug development. Bristol derives close to 70% of total sales from the US, showing a higher dependence on the US market than most of its peer group.

Sanofi develops and markets drugs with a concentration in immunology, vaccines, and rare diseases. Although the company offers a diverse array of drugs, its highest revenue generator, Dupixent, accounts for approximately 30% of total sales. Profits for this immunology blockbuster drug are shared with Regeneron. About 45% of total revenue comes from the United States, 20% from Europe, and 6% from China.

In the pharmaceutical industry, GSK ranks as one of the largest firms by total sales. The company wields its might across several therapeutic classes, including respiratory, antiviral, and vaccines, and has been growing its presence in oncology and immunology, as well. GSK uses joint ventures to gain additional scale in certain markets like HIV.

Regeneron Pharmaceuticals discovers, develops, and commercializes products that fight eye disease, cardiovascular disease, cancer, and inflammation. The company has several marketed products, including low-dose Eylea and Eylea HD, approved for wet age-related macular degeneration and other eye diseases; Dupixent in immunology; Praluent for LDL cholesterol lowering; Libtayo in oncology; and Kevzara in rheumatoid arthritis. Regeneron is also developing monoclonal and bispecific antibodies with Sanofi, other collaborators, and independently, and has early-stage partnerships that bring new technology to the pipeline, including RNAi (Alnylam) and Crispr-based gene editing (Intellia).

Chugai Pharmaceutical is a Japanese drug developer and subsidiary of Roche Holding, which owns roughly 60% of the company. Founded in 1925, Chugai deals primarily in the Japanese market, where it generates roughly half of its revenue. It has been the leader in Japan’s oncology market for the past decade, largely due to drugs licensed from its parent’s portfolio. The company also develops its own innovative medicines. It is an industry leader in antibody technology with several flagship therapies, including Hemlibra for hemophilia A patients and Actemra for treating rheumatoid arthritis and covid patients.

Merck KGaA operates in three main segments: life science, electronics, and healthcare. The life science segment provides laboratory consumables and instruments to researchers in academia and applied fields, including the biopharmaceutical industry. The electronics segment offers specialty materials to manufacture a variety of products, such as semiconductors and flat-screen televisions. In the healthcare segment, Merck develops, manufactures, and sells branded pharmaceuticals with significant therapeutic concentrations in oncology, multiple sclerosis, and fertility. In 1995, the E. Merck family publicly sold part of the company, resulting in the current 30% public ownership of the firm.

Argenx is a Dutch biopharmaceutical company focused on developing antibody-based therapies for rare autoimmune diseases. The company's lead product, Vyvgart (efgartigimod), was approved by the FDA in December 2021 for the treatment of generalized myasthenia gravis (gMG). In 2022, Argenx also received FDA approval for Vyvgart Hytrulo, a subcutaneous formulation of Vyvgart, offering a more convenient option compared with Vyvgart's intravenous administration. In 2024, the FDA approved Vyvgart Hytrulo for Chronic Inflammatory Demyelinating Polyneuropathy, a rare immune-mediated neuromuscular disorder of the peripheral nervous system. Argenx is focused on innovation and developing its pipeline for treatments such as primary immune thrombocytopenia, thyroid eye disease, and Sjogren's Disease.

CSL is one of the largest global biotech companies and has three main segments. CSL Behring either uses plasma-derived proteins or recombinants to treat conditions including immunodeficiencies, bleeding disorders, and neurological indications. CSL Seqirus is the world’s second-largest influenza vaccination business and was acquired in fiscal 2016. CSL Vifor is an iron deficiency and nephrology business and was acquired in fiscal 2023. CSL has a strong R&D track record, and the product portfolio and pipeline include nonplasma products as the firm continues to broaden its scope. Originally formed in Australia as a government-owned entity, CSL now earns roughly half its revenue in North America and a quarter in Europe.

Takeda Pharmaceutical is Japan’s largest pharmaceutical company, with revenue of JPY 4.6 trillion in fiscal 2024. The company’s five core therapeutic areas are oncology, gastroenterology, neuroscience, rare diseases, and plasma-derived therapies, which account for more than 80% of revenue. Its geographic footprint is well diversified, with over 50% derived from the US, 20% from Japan, 20% from Europe and Canada.

Moderna is a commercial-stage biotech that was founded in 2010 and had its initial public offering in December 2018. The firm's mRNA technology was rapidly validated with its covid vaccine, which was authorized in the United States in December 2020. Moderna had 35 mRNA development candidates in clinical studies as of August 2025. Programs span a wide range of therapeutic areas, including infectious disease, oncology, cardiovascular disease, and rare genetic diseases.

Bayer is a German healthcare and agriculture conglomerate. Healthcare provides close to half of the company's sales and includes pharmaceutical drugs (39% of total sales in 2024) as well as vitamins and other consumer healthcare products (13% of total). The firm's crop science business (49% of total) sells seeds, pesticides, herbicides, and fungicides, which was expanded through its 2018 acquisition of Monsanto.

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.

Sun Pharmaceuticals Industries Ltd is India's generic pharmaceutical manufacturing company. The company’s substantial markets are the U.S. and India to make up the majority of revenue. The remaining is spread across both emerging and developed markets. In addition to generics, the company also produces and distributes name-brand formulas to specific geographies. It maintains manufacturing and research and development facilities globally to serve its markets but is majorly based in India.

Natera Inc is a diagnostic and research company with proprietary molecular and bioinformatics technology. The company's key product offerings include its Panorama Non-Invasive Prenatal Test (NIPT) which screens for chromosomal abnormalities of a fetus as well as in twin pregnancies, typically with a blood draw from the mother, Horizon Carrier Screening (HCS) to determine carrier status for a large number of severe genetic diseases that could be passed on to the carrier’s children, Signatera molecular residual disease (MRD) test, which detects circulating tumor DNA in patients previously diagnosed with cancer to assess molecular residual disease and monitor for recurrence; and Prospera, to assess organ transplant rejection.

UCB is a Belgium-based biopharma firm focused on the development of novel therapies for the treatment of central nervous system and immunologic diseases. Historically, revenue was derived from allergy medicine Zyrtec and epilepsy drug Keppra, which have both lost patent protection. The firm's key products are Cimzia (immunology), Vimpat (epilepsy), Neupro (Parkinson's disease and restless leg syndrome), Briviact (epilepsy), Bimzelx (psoriasis), Evenity (osteoporosis), Nayzilam (cluster seizures), Fintepla (Dravet Syndrome and Lennox-Gastaut Syndrome), and Kygevvi (rare mitochondrial disease).

Jiangsu Hengrui Pharmaceuticals Co Ltd is a biopharmaceutical company that engages in the research, development, manufacture, and sale of drugs. It is engaged in the field of cancer treatment drugs, surgical medicines, endocrine therapy drugs, cardiovascular drugs, and anti-infection medications. The company specializes in the research and development of new medicines in areas of antineoplastics, endocrine system, cardiovascular, and the immune system.

Revolution Medicines Inc is a clinical-stage precision oncology company developing novel targeted therapies for RAS-addicted cancers. The Company possesses structure-based drug discovery capabilities built upon chemical biology and cancer pharmacology know-how and proprietary technologies that enable the creation of small molecules tailored to unconventional binding sites. Its research and development pipeline comprises inhibitors that bind directly to RAS variants (RAS(ON) Inhibitors), designed to be used as monotherapy, in combination with other RAS(ON) Inhibitors and/or other therapeutic agents.

BeOne Medicines Ltd is a holding company. Through its subsidiaries, it operates as an oncology-focused biopharmaceutical company engaged in the discovery and development of treatments for cancer. Its portfolio includes BRUKINSA (a Bruton's tyrosine kinase (BTK) inhibitor), sonrotoclax (a B-cell lymphoma 2 (BCL2) inhibitor, and a BTK chimeric degradation activation compound (BTK-CDAC). The company develops and commercializes wholly owned therapeutic assets targeting multiple mechanisms of action in oncology. The company operates in one segment: pharmaceutical products. It generates the majority of its revenue from the sale of its biopharmaceutical products.

Originally spun out of Hewlett-Packard in 1999, Agilent has evolved into a leading life science and diagnostic firm. Today, Agilent's measurement technologies serve a broad base of customers with its three operating segments: life science and diagnostics, cross lab operations consisting of consumables and services, and applied end markets. Over half of its sales are generated from the biopharmaceutical, chemical, and advanced materials end markets, which we view as the stickiest end markets, but it also supports clinical lab, environmental, forensics, food, academic, and government-related organizations. The company is geographically diverse, with operations in the US and China representing the largest country concentrations.

Teva Pharmaceutical, based in Israel, is the leading generic drug manufacturer in the world. Teva derives half of its sales from North America and makes up a high-single-digit percentage of the total number of generic prescriptions in the US. It also has a significant presence in Europe, Japan, Russia, and Israel. Besides generics, Teva has a portfolio of innovative medicines and biosimilars in three main therapeutic areas: the central nervous system with Copaxone, Ajovy, and Austedo; respiratory with Qvar and ProAir; and oncology with Truxima, Herzuma, and Bendeka/Treanda. Teva also sells active pharmaceutical ingredients, offers contract manufacturing services, and owns Anda, a US-based generic and specialty drug distributor.

Otsuka Holdings Co Ltd is a Japan-based company that operates in pharmaceuticals, nutraceuticals, and consumer products. It operates through four reportable segments: Medical-related Business, Nutraceutical-related Business, Consumer-related Business, and Other Business. The Medical Business manufactures and sells therapeutic drugs and infusions, the Nutraceutical Business produces functional foods, beverages, and nutritional supplements, the Consumer Business offers mineral water, beverages, and foods, while the Other Business provides storage services and manufactures chemicals and analytical equipment. It generates the majority of its revenue from the medical-related business segment.

Sandoz is one of the largest generic pharmaceutical manufacturers in the world, generating over $11 billion annually from off-patent drugs. Once part of Novartis, Sandoz spun off and went public in October 2023. Generics, including small molecules and complex injectables, make up roughly 75% of Sandoz’s total sales, and the firm has a significant presence in Europe, the United States, and other key international markets. Sandoz generates its remaining sales from biosimilars and is among the leaders in the space. Sandoz launched Europe’s first biosimilar, Omnitrope, in 2006, as well as the first US biosimilar, Zarxio, in 2015. It has over 10 launched biosimilars in a number of markets and over 20 assets in its pipeline.

Alnylam Pharmaceuticals is a leader in the study of RNA interference (RNAi) therapeutics. RNAi is a naturally occurring biological pathway in cells that enables sequence-specific silencing and regulation of gene expression. Alnylam has five drugs on the market: Onpattro and Amvuttra for hATTR amyloidosis, Givlaari for acute hepatic porphyria, Oxlumo for primary hyperoxaluria type 1, and Leqvio for hypercholesterolemia. It also has several clinical programs across various therapeutic areas: genetic medicines; cardio-metabolic diseases; hepatic infectious diseases, and CNS/ocular diseases. Upfront fees from research partnerships have boosted Alnylam's cash levels, and the company stands to see additional milestones and royalties from drugs commercialized under collaboration partnerships.

Biogen is an established biopharmaceutical company focused on treatments for neurodegenerative and rare diseases. Its declining multiple sclerosis franchise is its largest revenue generator and contributed 40% of total revenue in 2025. Biogen also generates significant revenue from its CD20 collaboration agreements with Roche (19% of total in 2025), which includes oncology drugs Rituxan and Gazyva and multiple sclerosis drug Ocrevus. Biogen's newer franchises include Spinraza (spinal muscular atrophy, with partner Ionis), Leqembi (Alzheimer's disease, collabroation revenue from its partner Eisai), Skyclarys (Friedreich's ataxia, Reata), Zurzuvae (postpartum depression, Sage), and Qalsody (amyotrophic lateral sclerosis, Ionis).

Daiichi Sankyo was established by the merger of Daiichi Pharmaceuticals and Sankyo in 2005. As of 2024, approximately one quarter of revenue comes from its Japan businesses, which will shrink in the future as the company expands its global footprint. Its primary growth driver is its leading platform of antibody drug conjugates, or ADCs. Its three lead ADCs are Enhertu (HER2), Datroway (TROP2), I-DXd (B7-H3), HER3-DXd (HER3), and R-DXd (CDH6). Enhertu entered the clinic in 2015 and received its first US approval in December 2019 for third-line late-stage HER2-positive breast cancer. It is also approved for HER2-positive stomach cancers and HER2 mutant non-small cell lung cancer.

Celltrion Inc is a biopharmaceutical company that focuses on the research, development, and manufacture of biosimilars and novel biopharmaceuticals. The company's operating segments include Biopharmaceuticals and Chemical medicine segment. Its Biopharmaceuticals segment includes products and commodities such as biopharmaceutical drugs and related product-support services. The Chemical Medicine segment covers products and commodities including various chemical medicines. It generates the majority of its revenue from the Biopharmaceuticals segment.

Zoetis sells anti-infectives, vaccines, parasiticides, diagnostics, and other health products for animals. The firm earns roughly 35% of total revenue from production animals (cattle, pigs, poultry, and so on) and nearly 65% from companion animal (dogs, horses, cats) products. Its USA business is skewed even more heavily toward companion animals, while its international business is slightly skewed toward production animals. The firm has the largest market share in the industry and was previously Pfizer's animal health unit.

GE HealthCare Technologies is a leading medical technology firm with leading market share in imaging and ultrasound equipment. The company reports four major segments: imaging (45% of revenue), advanced visualization solutions (26%), patient care solutions (15%), and pharmaceutical diagnostics (14%). The company’s sales are geographically diverse, with the United States, EMEA, China, and the rest of the world accounting for 46%, 26%, 11%, and 17% respectively. We estimate approximately half of its revenue is recurring, which consists of servicing (about one third of revenue), pharmaceutical diagnostics (about 10%-15%), and digital solutions (just over 5%).

Royalty Pharma PLC is the largest buyer of biopharmaceutical royalties. The firm has a portfolio of royalties that entitles it to payments based on the sales of biopharma products. Royalty Pharma receives royalties on more than 35 commercial products, including AbbVie and Johnson & Johnson's Imbruvica (for chronic lymphocytic leukemia and other blood cancers), Biogen's Tysabri (for relapsing forms of multiple sclerosis), Vertex's cystic fibrosis franchise, and 10 development-stage product candidates.

Hansoh Pharmaceutical Group Co Ltd is a research and development-driven pharmaceutical company in China. The company holds a broad, diversified drug portfolio in CNS diseases, oncology, anti-infectives, and diabetes. Further, it also focuses on metabolic diseases and anti-tumor. The majority of revenue is generated from the sale of pharmaceutical products in Mainland China.

Insmed Inc is a biopharmaceutical company. Its commercial portfolio and clinical pipeline are organized around three therapeutic areas: Respiratory, Immunology and Inflammation, and Neuro and Other Rare. The company's two commercial products, Arikayce and Brinsupri, are both part of the Respiratory therapeutic area. The firm's clinical-stage programs are TPIP, INS1148, brensocatib, and INS1201, focusing on different therapeutic areas. Additionally, Insmed's pre-clinical research programs encompass various technologies and modalities, including gene therapy, AI-driven protein engineering, protein manufacturing, RNA end-joining, and synthetic rescue. Geographically, the company generates maximum revenue from the United States from the sale of its commercial products.

Astellas Pharma Inc is a specialty international pharmaceutical company. The company focuses on accelerating the discovery, development, and commercialization of ground-breaking innovations that could redefine expectations of care for difficult-to-treat diseases. The group is committed to driving innovation in immuno-oncology, gene therapy, mitochondria, blindness and regeneration, and targeted protein degradation. Its core products include anticancer agents like XTANDI, XOSPATA, and PADCEV; VEOZAH for the treatment of vasomotor symptoms due to menopause; Betanis / Myrbetriq / BETMIGA for the treatment of overactive bladder (OAB); and Prograf, an immunosuppressant for organ transplantation.

Labcorp is one of the nation's two largest independent clinical laboratories, with roughly 20% of the independent lab market. The company operates approximately 2,000 patient-service centers, offering a broad range of 5,000 clinical lab tests, ranging from uncomplicated routine blood and urine screens to complex oncology and genomic testing.

Quest Diagnostics is a leading independent provider of diagnostic testing, information, and services in the US. The company generates over 95% of its revenue through clinical testing, anatomic pathology, esoteric testing, and substance abuse testing with specimens collected at its national network of roughly 2,300 patient service centers, as well as multiple doctors offices and hospitals. The firm also runs a much smaller diagnostic solutions segment that provides clinical trials testing, risk-assessment services, and information technology solutions.

BioNTech is a Germany-based biotechnology company that focuses on developing cancer therapeutics, including individualized immunotherapy, as well as vaccines for infectious diseases, including covid. The company's oncology pipeline contains several classes of drugs, including mRNA-based drugs to encode antigens, neoantigens, cytokines, and antibodies; cell therapies; bispecific antibodies; and antibody-drug conjugates, or ADCs. Comirnaty, its Pfizer-partnered covid vaccine, is its first commercialized product.

Incyte focuses on the discovery and development of small-molecule drugs. The firm's leading drug, Jakafi, treats two types of rare blood cancer and graft versus host disease and is partnered with Novartis. Incyte's other marketed drugs include rheumatoid arthritis treatment Olumiant (licensed to Lilly), and oncology drugs Iclusig (chronic myeloid leukemia), Pemazyre (cholangiocarcinoma), Tabrecta (lung cancer), and Monjuvi (diffuse large B-cell lymphoma). The firm's first dermatology product, Opzelura, was approved in 2021 for atopic dermatitis and 2022 for vitiligo. Incyte's pipeline includes an array of oncology and dermatology programs.