Rain Forest International Valuation Multiples

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.

Zhejiang Nhu Co Ltd is a China-based company engaged in the manufacture and sales of pharmaceuticals, health protection products, pharmaceutical intermediates, fragrances, food additives, and feed additives. The company's active pharmaceutical ingredient products cover various areas such as Cardiovascular, Anti-AIDS, Anti-cancer, and Anti-bacterial, with key products such as Latamoxef Sodium, Flomoxef Sodium, Hydrochloride Moxifloxacin, Artemisinin series, Calcium Keto acid series, Vitamin A/E/D3, and coenzyme Q10, and others. The other business areas are Aroma chemicals, Polymers, and Nutrition. The organization markets its products in China and internationally.

Yunnan Baiyao Group Co Ltd is engaged in the manufacturing and marketing of medicines, which include herbal products, daily health products, raw medicine, drug classics, and others.

Balchem Corp is engaged in the development, manufacture, and marketing of specialty performance ingredients and products for various industries. The company's reportable segments are; Human Nutrition and Health, which generates maximum revenue, and provides human-grade choline nutrients and mineral amino acid chelated products through this segment for nutrition and health applications; Animal Nutrition and Health, which provides nutritional products derived from its microencapsulation and chelation technologies in addition to the essential nutrient choline chloride; and the Specialty Products segment includes re-packaging and distributing several performance gases and chemicals. Geographically, the company derives its key revenue from the United States and the rest from foreign countries.

Imeik Technology Development is a leading Chinese medical aesthetics company, best known for its portfolio of hyaluronic acid-based solutions and gel injectable products. Founded in 2004 and headquartered in Beijing, the company has built its reputation on product innovation and a differentiated strategy, enabling it to rank first in China with a market share by value exceeding 20% in 2024. In 2025, Imeik acquired a controlling stake (approximately 60%) in South Korea’s Regen Biotech through a joint venture with an investment fund. Presently, almost all of Imeik’s revenue is derived domestically in China.

Rohto Pharmaceutical Co Ltd is a Japan-based company mainly engaged in the manufacture and sale of health and beauty care products. The company operates through four reportable segments: Japan, America, Europe, and Asia. Each segment manufactures and sells products related to eye care (such as eye drops and eyewash), skin care (including dermatological medications, lip balm, sunscreen, and functional cosmetics), oral medication (such as gastrointestinal and herbal medicines, and supplements), and other products such as in-vitro diagnostic reagents. It generates the majority of its revenue from Japan.

A2 Milk is a New Zealand licensor and marketer of fresh milk, infant formula, and other dairy products that lack the A1 beta-casein protein. The firm was founded in 2000 by Corran McLachlan, who developed a genetic test to determine which proteins a cow produces in its milk, and business partner Howard Paterson. The company has been through a tumultuous history of receivership, legal battles, and strategic shifts, but emerged in its current structure in 2006 and listed publicly in March 2013.

PT Kalbe Farma Tbk is a drug manufacturing company that focuses on prescription pharmaceuticals, over-the-counter drugs, energy drinks, and nutrition products. The company operates four segments: prescription pharmaceuticals, consumer health, Nutritionals, and distribution and logistics. The majority of the company's gross profits are derived from the distribution and logistics segments. The company operates in Indonesia but has operations across various ASEAN countries, Nigeria, and South Africa.

Hugel Inc is a biopharmaceutical company. It is in the business of manufacturing of biopharmaceuticals. The company's primary products are Botulinum toxin, Hyaluronic acid filler, and Cosmetics. It develops and promotes its products under the brand name of Wellage. The firm has manufacturing facilities in Shinbuk and Geodu.

Chengzhi Co Ltd, formerly Chengzhi Shareholding Co Ltd is a China-based company engaged in the businesses of clean energy, functional materials and medical care and health.

Zydus Wellness Ltd is engaged in the production and distribution of health and wellness products. It has several brands, including Everyuth, Sugar-Free, and Nutralite. The company offers specialty skincare products under the brand Everyuth Naturals. Zydus's sugar-free product portfolio, a sugar substitute category, consists of Sugar-Free gold for tabletop usage and Sugar-Free Natura for culinary usage. The firm also offers healthy foods, including Nutralite, a healthy butter substitute. Company brands includes: Complan, Sugar Free, Glucon-D, Everyuth, Nycil, Nutralite, and Others.

BioGaia AB is a healthcare company engaged in developing, marketing, and selling probiotic products. The company has three operating segments; Paediatrics segment includes drops, gut health tablets, oral rehydration solution (ORS) and cultures to be used as ingredients in licensee products such as infant formula, as well as royalty revenue for pediatric products, Adult Health segment includes gut health tablets, oral health lozenges and cultures as an ingredient in a licensee’s dairy products, and Other segment include royalties in respect of development projects, revenue from packaging solutions in the subsidiary CapAble, etc. Geographically, it operates in three regions; Asia Pacific, Europe, the Middle East, Africa, and the Americas.

Jamieson Wellness Inc is engaged in the manufacturing, development, distributing, and marketing of branded natural health products, including vitamins, minerals, and supplements. The company operates in two segments: The Jamieson brands and The Strategic Partners. The majority of its revenue comes from the Jamieson brand segment. Some of its brands are Jamieson, Youtheory, Progressive, Precision, Smart Solutions, and Iron Vegan. Geographically, the majority of its revenue is derived from the domestic market.

Procter & Gamble Health Ltd is an India based pharmaceutical company engaged in manufacturing and selling of healthcare products, viz., vitamins, minerals and supplements. Patients are end consumers of the products. The Company’s distribution channels (direct & indirect), inter alia, include distributors, health care professionals, pharmacies and chemists. Cosome, Evion, Neurobion, Nasivion, Polybion, Livogen and Seven Seas are some of the brands of the company. The geographical segments include sales in India and exports.

PharmaNutra SpA is a pharmaceutical company. The company is engaged in the research, design, development, and marketing of nutraceutical supplements and medical devices. The products of the company include SiderAL Folic, UltraMag, Cetilar, and others. The company operates in Europe, the Middle East, South America, the Far East, Asia and others.

Mega Lifesciences PCL manufactures and sells through independent distributors of health food supplements, branded prescription pharmaceutical products, over-the-counter products, herbal products, vitamins, and fast-moving consumer goods as well as provides distribution services relating to such products. The company's product portfolio consists of health food supplements, branded prescription pharmaceutical products, over-the-counter products, herbal products, vitamins, and fast-moving consumer goods. Its segments include Brands in which goods are manufactured and sold under brands owned by the group; Distribution in which the group provides logistical and marketing services for goods trading purposes and sale of goods manufactured by third parties; and OEM.

Genomma Lab Internacional SAB de CV is a specialty and generic drug manufacturer. The company's stated goal is to improve and preserve the health and well-being of people through innovative, safe, and effective products. Genomma operates a wide variety of brands to serve different consumer needs, including pregnancy, pain medication, and deodorant. The company considers merger and acquisition investment as a potential component of its operational growth strategy for expanding its research, development, manufacturing, and marketing capabilities.

PT Industri Jamu dan Farmasi Sido Muncul Tbk is biotechnology company that provides herbal medicine and pharmaceutical products. The company has three business segments, Herbal Medicine and supplement, Food and Beverage, and Pharmacy. The Herbal Medicine segment provides herbal supplements, while its Food and Beverage segment sells packaged foods, soft drinks, and candy and confectionary products. The Pharmacy segment sells pharmaceutical products such as Anacetine, a fever reducer, Berlosid, a medicine to reduce gastric pain, and Combicitrine, a medicine for bacterial removal. The company generates the majority of its revenue in Indonesia.

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.

Beijing Scitop Bio-tech Co Ltd is engaged in production and sales of compound food additives, edible probiotic products and animal and plant micro-ecological preparations. The company engages in provision of biotechnology services, consulting, development, transfer; development and sale of stereotyped packaged food additives, compound food additives. Its products include Probio-M8 and Probio-M9.

Top Gum Industries Ltd is engaged in the development and sale of nutritional supplements and confectionery products.

PT Tempo Scan Pacific Tbk operates in the pharmaceutical business in Indonesia. It is engaged in the production of tablet/caplets, effervescent powders, liquid/syrup, cream and ointment, and capsule dosage forms, and markets body care products. It operates through the following segments: The Pharmaceuticals segment, the Consumer Products and Cosmetics segment, and the Distribution Services segment. The company caters to both Indonesian and international markets.

Grape King Bio Ltd is a specialty and generic drug manufacturing company engaged in producing and selling pharmaceutical preparations, patent medicine, liquid tonic, drink, and healthy food. The company has three segments: MLM (Multi-Level Marketing) is a direct seller of Pro-partner Inc, including the company’s development and manufacturing products for Pro-partner Inc, Distributors segment includes the company’s self-owned brand products, and ODM/OEM (Original Design Manufacturer/Original Equipment Manufacturer) includes ODM/OEM in Taiwan and Shanghai. The group operates in three principal geographical areas - Taiwan, China, and Others, and it derives a majority of its revenue from Taiwan.

Zhejiang Shouxiangu Pharmaceutical Co Ltd is a Chinese pharmaceutical company.

Medy-Tox Inc. is a Korea-based company engaged in the development, manufacture, and marketing of biopharmaceuticals. The company's main product is type-A botulium toxin biopharmaceuticals which are used as remedies for blepharospasms, hemifacial spasms, eye wrinkles, hyperhidrosis diseases and infantile cerebral palsy. The group provides its products under the brand names of Neuronox, Siax and others. It distributes its products within Korean and to overseas markets, such as Japan, China, Russia and Europe, among others.

Niagen Bioscience Inc is the leader in NAD+ (nicotinamide adenine dinucleotide) science and healthy-aging research. It is dedicated to advancing healthspan through precision science and innovative NAD+-boosting solutions. It is is clinically proven to increase NAD+ levels efficiently and effectively, and is the key ingredient powering our suite of Niagen brands.

Chong Kun Dang Holdings Corp manufactures and markets medicines and active pharmaceutical ingredients. It offers prescription drugs; over-the-counter pharmaceutical products; health supplements and consumer health products. Geographically activities are functioned through the region of South Korea.

Vita Life Sciences Ltd is an Australian based pharmaceutical and healthcare company involved in formulating, packaging, sales, and distribution of vitamins and supplements. The company produces a wide range of premium supplements, vitamins, minerals, herbs and superfoods catered to all age categories and health conditions. The company markets its products through pharmacies and health food stores under the VitaHealth, Herbs of Gold brands throughout Asia-Pacific region. The company has four reportable segments which include The Australia segment comprises of sale of Herbs of Gold range in Australia and exports into China. The Singapore and Malaysia segment, comprise of Vitahealth and Herbs of Gold range in both countries The other market segment comprises of Vitahealth ranges.

FitLife Brands Inc is a provider of proprietary nutritional supplements for health-conscious consumers. The company markets and sells its products under NDS, PMD, Siren labs, Core active, Metis nutrition, Isatori, and Biogenetic laboratories brand names. Its product portfolio consists of sports nutrition, energy, sports drink products, meal replacement products, and weight loss products. The firm derives its revenue from product sales. Its product categories include Natural & Organic Foods, Functional Foods, Natural & Organic Personal Care and Household Products, and Supplements.

Venture Life Group PLC is an international consumer self-care company. The company focuses on the development and commercialization of healthcare products, including oral care products, food supplements, medical devices, and cosmetics. The company operates in two segments: Venture Life Brands, which includes sales of branded healthcare and cosmetics products, and Customer Brands, which includes sales of products and services under contract development and manufacturing agreements. Its geographical segments include the United Kingdom, Ireland, Germany, Netherlands, France, the Rest of Europe, other countries, and the Rest of the World.

Promotion Pharmaceutique du Maghreb is engaged in production, marketing, import and export of pharmaceuticals, parapharmaceuticals, dermopharmaceuticals and cosmetics.

Hyundai Bioland Co Ltd is engage in provision of raw materials for cosmetic, health food, API, pharmaceuticals, functional foods, and medical devices industry.

Enzymatica AB is a life science company that develops and sells medical devices against infectious diseases, based on a barrier technology, which includes marine enzymes. Its product ColdZyme Mouth Spray prevents cold and reduces disease period.

Hofseth BioCare ASA is a Norway-based company engaged in the business of developing, manufacturing, marketing, and selling marine ingredients such as oil, calcium, and protein products. Its products and their respective brands include salmon oil (OmeGo), hydrolyzed soluble protein (ProGo), Calcium/Collagen (CalGo or NT-II), and non-soluble protein (PetGo), all of which are produced in the Midsund plant. The firm sells its products to various segments of the human nutrition market, such as sports nutrition, supplements, and health foods, as well as to the market within nutrition for the pet and feed industry. It generates maximum revenue from the sale of salmon oil. Geographically, the company generates maximum revenue from Europe, followed by North America and Asia.

Biome Australia Ltd licences, develops, and markets evidence-based, complementary medicines, including nutraceuticals vitamins and weight management products and live biotherapeutics. The company has one operating segment: researching, developing, manufacturing and distributing evidence-based products linking the gut and human health. Domestically it caters to Australia and In international markets, the Group distributes and markets its Activated Probiotics range in the United Kingdom and New Zealand through independent health practitioners.

Provexis PLC is engaged in developing, licensing and selling the proprietary, scientific Fruitflow heart-health functional food ingredient for the global functional food sector. The extract is available in two formats, a syrup and a powder, and it can be included in a broad range of food, beverage and dietary supplement formats.

Valbiotis SA is a research & development company. It is engaged in scientific innovation for preventing and combating metabolic diseases. Valbiotis has adopted an approach, aiming to revolutionize healthcare by developing a new class of Nutrition Health products designed to reduce the risk of metabolic diseases, based on a multi-target approach by the use of plant-based ingredients.

Bio Essence Corp is an herbal health, diet, and nutrition company. The Company’s mission is to provide herbal health, diet, and vitamin nutritional supplements. The company is focused on producing health products along with providing original equipment manufacturing and private label services to other companies. The company develops traditional Chinese medicines (TCM) in the form of single herbs, granules, pills, and tablets. The company also offers special formulated dietary supplements and medical food.

Mycodern SA is committed to providing the highest quality functional food and innovative dietary supplement products.

7FIT SA is engaged in the operation of online supplement store. The company through its website offers a wide range of bodybuilding supplements for athletes.

Simris Alg AB is a biotechnology company, engaged in research, development and production of bioactive substances from microalgae, for nutraceutical, cosmeceutical and pharmaceutical applications. The company's technology provides access to bioactive substances with novel functions, while replacing unsustainable raw materials from endangered marine species and ecosystems. Its first commercialised range is a series of omega-3 health supplements marketed under the company's own brand.

Pharmena SA produces cosmeceuticals and pharmaceuticals. The company's activity focuses on three areas such as research in the USA and Canada on the application of selected pyridinium salts in medicine in order to develop an anti-atherosclerosis drug on a global scale, Production and sales of innovative patented dermocosmetics and introduction into the market of an innovative dietary supplement for atherosclerosis prophylaxis. Its products include Menavitin, Dermena, Allerco and Thermi.