# Biotechnology — company-by-company sector analysis

> Biotechnology: Regeneron Pharmaceuticals, Inc. owns the largest revenue base; Ascendis Pharma A/S has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Biotechnology has outperformed S&P 500 by 48.6% over 52 weeks and 17% over 13 weeks. 22 of 29 covered companies beat the S&P 500 on Mansfield relative strength, while 12 of 29 beat the sector itself. Regeneron Pharmaceuticals, Inc. leads with revenue of $14,919 million, based on 24 of 30 comparable companies through Mar 2026.

### Is the Biotechnology sector outperforming S&P 500?

Biotechnology has outperformed S&P 500 by 48.6% over 52 weeks and 17% over 13 weeks. 22 of 29 covered companies beat the S&P 500 on Mansfield relative strength, while 12 of 29 beat the sector itself.

### Which Biotechnology company is largest by revenue?

Regeneron Pharmaceuticals, Inc. leads with revenue of $14,919 million, based on 24 of 30 comparable companies through Mar 2026.

### Which Biotechnology company is growing fastest?

Ascendis Pharma A/S has the fastest current revenue growth at 100%, across 23 of 30 comparable companies.

### Which Biotechnology company has the strongest 4-Factor Sector Score?

Incyte Corporation ranks first at 68.9/100 with 72% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Biotechnology company reports the most CAPEX?

Regeneron Pharmaceuticals, Inc. reports the largest latest CAPEX at $231 million, with 28 of 30 companies comparable.

### Which Biotechnology company has the least gross debt?

ABIVAX Société Anonyme has the lowest comparable gross debt at $1 million. Royalty Pharma plc has the highest at $8,956 million.

### Which Biotechnology company has the lowest comparable PEG?

Genmab A/S has the lowest comparable Guarded PEG at 0.24, among 9 of 30 companies that pass the metric’s comparability rules.

### How much history does this Biotechnology comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Biotechnology has outperformed S&P 500 by 48.6% over the last 52 weeks. Over 13 weeks the gap is a lead of 17%. 22 of 29 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Revolution Medicines, Inc. is the strongest against the sector itself at +49.8%.

13-week sector return versus NIFTY 500: 17%
52-week sector return versus NIFTY 500: 49%
Stocks leading NIFTY: 22/29
Stocks leading sector: 12/29

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 30
Combined market value: ₹7.4 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Incyte Corporation (INCY): 69/100 — Favorable setup; evidence 72%
   - Growth & earnings 24.8/35 | Capital efficiency 17.1/25 | Valuation 11.3/20 | Relative strength 15.7/20
   - Exact sum: 24.8 + 17.1 + 11.3 + 15.7 = 68.9
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Krystal Biotech, Inc. (KRYS): 68/100 — Favorable setup; evidence 82%
   - Growth & earnings 22.4/35 | Capital efficiency 15.5/25 | Valuation 12.7/20 | Relative strength 17.8/20
   - Exact sum: 22.4 + 15.5 + 12.7 + 17.8 = 68.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Jazz Pharmaceuticals plc (JAZZ): 64/100 — Mixed-positive evidence; evidence 75%
   - Growth & earnings 21.5/35 | Capital efficiency 11.4/25 | Valuation 14.5/20 | Relative strength 16.6/20
   - Exact sum: 21.5 + 11.4 + 14.5 + 16.6 = 64
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Exelixis, Inc. (EXEL): 64/100 — Thin evidence · provisional; evidence 57%
   - Growth & earnings 20.7/35 | Capital efficiency 17.6/25 | Valuation 11.2/20 | Relative strength 14.2/20
   - Exact sum: 20.7 + 17.6 + 11.2 + 14.2 = 63.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. Roivant Sciences Ltd. (ROIV): 59/100 — Mixed-positive evidence; evidence 62%
   - Growth & earnings 20.2/35 | Capital efficiency 14.2/25 | Valuation 11.5/20 | Relative strength 13.1/20
   - Exact sum: 20.2 + 14.2 + 11.5 + 13.1 = 59
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Vertex Pharmaceuticals Incorporated (VRTX): 58/100 — Mixed-positive evidence; evidence 75%
   - Growth & earnings 21.0/35 | Capital efficiency 15.8/25 | Valuation 11.2/20 | Relative strength 9.9/20
   - Exact sum: 21 + 15.8 + 11.2 + 9.9 = 57.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Halozyme Therapeutics, Inc. (HALO): 56/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 16.2/35 | Capital efficiency 13.1/25 | Valuation 15.1/20 | Relative strength 11.1/20
   - Exact sum: 16.2 + 13.1 + 15.1 + 11.1 = 55.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Royalty Pharma plc (RPRX): 55/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 12.1/35 | Capital efficiency 13.1/25 | Valuation 14.4/20 | Relative strength 15.7/20
   - Exact sum: 12.1 + 13.1 + 14.4 + 15.7 = 55.3
   - Decision use: Price leads the evidence: RS versus the benchmark is 25.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
9. argenx SE (ARGX): 52/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 20.1/35 | Capital efficiency 15.9/25 | Valuation 9.8/20 | Relative strength 5.8/20
   - Exact sum: 20.1 + 15.9 + 9.8 + 5.8 = 51.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. BeOne Medicines AG (ONC): 51/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 22.9/35 | Capital efficiency 11.9/25 | Valuation 9.1/20 | Relative strength 6.7/20
   - Exact sum: 22.9 + 11.9 + 9.1 + 6.7 = 50.6
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -18.7% and the one-year return is 10.5%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
11. BridgeBio Pharma, Inc. (BBIO): 49/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 18.7/35 | Capital efficiency 6.7/25 | Valuation 10.0/20 | Relative strength 13.3/20
   - Exact sum: 18.7 + 6.7 + 10 + 13.3 = 48.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12. Corcept Therapeutics Incorporated (CORT): 49/100 — Mixed-negative evidence; evidence 72%
   - Growth & earnings 9.0/35 | Capital efficiency 12.6/25 | Valuation 8.7/20 | Relative strength 18.3/20
   - Exact sum: 9 + 12.6 + 8.7 + 18.3 = 48.6
   - Decision use: Price leads the evidence: RS versus the benchmark is 36.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
13. Genmab A/S (GMAB): 48/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 15.0/35 | Capital efficiency 12.4/25 | Valuation 15.7/20 | Relative strength 4.5/20
   - Exact sum: 15 + 12.4 + 15.7 + 4.5 = 47.6
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
14. Bio-Techne Corporation (TECH): 47/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 17.1/35 | Capital efficiency 14.1/25 | Valuation 4.0/20 | Relative strength 12.0/20
   - Exact sum: 17.1 + 14.1 + 4 + 12 = 47.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Moderna, Inc. (MRNA): 47/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 14.1/35 | Capital efficiency 8.3/25 | Valuation 9.3/20 | Relative strength 15.2/20
   - Exact sum: 14.1 + 8.3 + 9.3 + 15.2 = 46.9
   - Decision use: Price leads the evidence: RS versus the benchmark is 27.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
16. Alnylam Pharmaceuticals, Inc. (ALNY): 47/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 23.6/35 | Capital efficiency 11.9/25 | Valuation 8.8/20 | Relative strength 2.5/20
   - Exact sum: 23.6 + 11.9 + 8.8 + 2.5 = 46.8
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -40.4% and the one-year return is -28.2%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
17. Cytokinetics, Incorporated (CYTK): 46/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 21.4/35 | Capital efficiency 3.5/25 | Valuation 10.0/20 | Relative strength 10.8/20
   - Exact sum: 21.4 + 3.5 + 10 + 10.8 = 45.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18. ABIVAX Société Anonyme (ABVX): 45/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 19.8/35 | Capital efficiency 10.1/25 | Valuation 10.0/20 | Relative strength 5.3/20
   - Exact sum: 19.8 + 10.1 + 10 + 5.3 = 45.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
19. Axsome Therapeutics, Inc. (AXSM): 43/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 16.6/35 | Capital efficiency 3.9/25 | Valuation 10.0/20 | Relative strength 12.1/20
   - Exact sum: 16.6 + 3.9 + 10 + 12.1 = 42.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
20. Insmed Incorporated (INSM): 42/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 24.6/35 | Capital efficiency 6.6/25 | Valuation 10.0/20 | Relative strength 0.6/20
   - Exact sum: 24.6 + 6.6 + 10 + 0.6 = 41.8
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -44.7% and the one-year return is -4.2%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
21. Revolution Medicines, Inc. (RVMD): 42/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 9.1/35 | Capital efficiency 8.2/25 | Valuation 10.0/20 | Relative strength 14.4/20
   - Exact sum: 9.1 + 8.2 + 10 + 14.4 = 41.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
22. Madrigal Pharmaceuticals, Inc. (MDGL): 41/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 18.5/35 | Capital efficiency 7.3/25 | Valuation 10.0/20 | Relative strength 4.9/20
   - Exact sum: 18.5 + 7.3 + 10 + 4.9 = 40.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
23. Regeneron Pharmaceuticals, Inc. (REGN): 40/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 14.8/35 | Capital efficiency 14.1/25 | Valuation 8.6/20 | Relative strength 2.7/20
   - Exact sum: 14.8 + 14.1 + 8.6 + 2.7 = 40.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
24. Arrowhead Pharmaceuticals, Inc. (ARWR): 39/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 10.6/35 | Capital efficiency 5.8/25 | Valuation 9.4/20 | Relative strength 13.5/20
   - Exact sum: 10.6 + 5.8 + 9.4 + 13.5 = 39.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
25. BioNTech SE (BNTX): 37/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 13.8/35 | Capital efficiency 11.1/25 | Valuation 8.5/20 | Relative strength 3.3/20
   - Exact sum: 13.8 + 11.1 + 8.5 + 3.3 = 36.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
26. BioMarin Pharmaceutical Inc. (BMRN): 36/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 9.8/35 | Capital efficiency 11.8/25 | Valuation 5.1/20 | Relative strength 8.8/20
   - Exact sum: 9.8 + 11.8 + 5.1 + 8.8 = 35.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
27. Apogee Therapeutics, Inc. (APGE): 56/100 — Thin evidence · provisional; evidence 49%
   - Growth & earnings 15.5/35 | Capital efficiency 11.4/25 | Valuation 10.0/20 | Relative strength 19.5/20
   - Exact sum: 15.5 + 11.4 + 10 + 19.5 = 56.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
28. Ascendis Pharma A/S (ASND): 54/100 — Thin evidence · provisional; evidence 45%
   - Growth & earnings 25.2/35 | Capital efficiency 8.7/25 | Valuation 10.1/20 | Relative strength 10.0/20
   - Exact sum: 25.2 + 8.7 + 10.1 + 10 = 54
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
29. Nuvalent, Inc. (NUVL): 47/100 — Thin evidence · provisional; evidence 43%
   - Growth & earnings 16.3/35 | Capital efficiency 8.4/25 | Valuation 10.0/20 | Relative strength 12.3/20
   - Exact sum: 16.3 + 8.4 + 10 + 12.3 = 47
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
30. Summit Therapeutics Inc. (SMMT): 41/100 — Thin evidence · provisional; evidence 49%
   - Growth & earnings 12.5/35 | Capital efficiency 17.7/25 | Valuation 10.0/20 | Relative strength 1.0/20
   - Exact sum: 12.5 + 17.7 + 10 + 1 = 41.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Regeneron Pharmaceuticals, Inc. is the scale leader at $14,919 million, 22.1% ahead of Vertex Pharmaceuticals Incorporated. Ascendis Pharma A/S's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 135% from a $867 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Regeneron Pharmaceuticals, Inc. is the scale benchmark; Ascendis Pharma A/S is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Regeneron Pharmaceuticals, Inc.'s growth falls below Ascendis Pharma A/S's for two consecutive comparable reports while operating margin also compresses.

Evidence: Regeneron Pharmaceuticals, Inc. · $14,919 million | 22.1% versus #2 · Vertex Pharmaceuticals Incorporated | 7/8 recent comparable periods | 24/30 companies · 472 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Regeneron Pharmaceuticals, Inc. (REGN): ₹14.9K Cr
2. Vertex Pharmaceuticals Incorporated (VRTX): ₹12.2K Cr
3. BeOne Medicines AG (ONC): ₹5.7K Cr
4. Incyte Corporation (INCY): ₹5.4K Cr
5. Jazz Pharmaceuticals plc (JAZZ): ₹4.4K Cr

### Revenue growth — fastest growers
1. Ascendis Pharma A/S (ASND): 100%
2. BridgeBio Pharma, Inc. (BBIO): 100%
3. Cytokinetics, Incorporated (CYTK): 100%
4. Insmed Incorporated (INSM): 100%
5. Madrigal Pharmaceuticals, Inc. (MDGL): 100%

### 20-quarter Revenue history
- VRTX: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 —
- REGN: Sep 2021 ₹3.5K Cr | Dec 2021 ₹5.0K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹2.9K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 ₹3.2K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹3.5K Cr | Sep 2024 ₹3.7K Cr | Dec 2024 ₹3.8K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹3.6K Cr | Jun 2026 —
- ARGX: Sep 2021 ₹7 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹31 Cr | Jun 2022 ₹85 Cr | Sep 2022 ₹146 Cr | Dec 2022 ₹182 Cr | Mar 2023 ₹230 Cr | Jun 2023 ₹281 Cr | Sep 2023 ₹340 Cr | Dec 2023 ₹418 Cr | Mar 2024 ₹413 Cr | Jun 2024 ₹489 Cr | Sep 2024 ₹589 Cr | Dec 2024 ₹761 Cr | Mar 2025 ₹807 Cr | Jun 2025 ₹967 Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- RVMD: Sep 2021 ₹1 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹4 Cr | Sep 2023 — | Dec 2023 ₹1 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ALNY: Sep 2021 ₹188 Cr | Dec 2021 ₹259 Cr | Mar 2022 ₹213 Cr | Jun 2022 ₹225 Cr | Sep 2022 ₹264 Cr | Dec 2022 ₹335 Cr | Mar 2023 ₹319 Cr | Jun 2023 ₹319 Cr | Sep 2023 ₹751 Cr | Dec 2023 ₹440 Cr | Mar 2024 ₹494 Cr | Jun 2024 ₹660 Cr | Sep 2024 ₹501 Cr | Dec 2024 ₹593 Cr | Mar 2025 ₹594 Cr | Jun 2025 ₹774 Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- ONC: Sep 2021 ₹206 Cr | Dec 2021 ₹214 Cr | Mar 2022 ₹307 Cr | Jun 2022 ₹342 Cr | Sep 2022 ₹388 Cr | Dec 2022 ₹380 Cr | Mar 2023 ₹448 Cr | Jun 2023 ₹595 Cr | Sep 2023 ₹781 Cr | Dec 2023 ₹631 Cr | Mar 2024 ₹752 Cr | Jun 2024 ₹929 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- RPRX: Sep 2021 ₹586 Cr | Dec 2021 ₹576 Cr | Mar 2022 ₹562 Cr | Jun 2022 ₹536 Cr | Sep 2022 ₹573 Cr | Dec 2022 ₹566 Cr | Mar 2023 ₹684 Cr | Jun 2023 ₹538 Cr | Sep 2023 ₹536 Cr | Dec 2023 ₹596 Cr | Mar 2024 ₹568 Cr | Jun 2024 ₹537 Cr | Sep 2024 ₹565 Cr | Dec 2024 ₹594 Cr | Mar 2025 ₹568 Cr | Jun 2025 ₹579 Cr | Sep 2025 ₹609 Cr | Dec 2025 ₹622 Cr | Mar 2026 ₹631 Cr | Jun 2026 —
- INCY: Sep 2021 ₹813 Cr | Dec 2021 ₹863 Cr | Mar 2022 ₹733 Cr | Jun 2022 ₹911 Cr | Sep 2022 ₹823 Cr | Dec 2022 ₹927 Cr | Mar 2023 ₹809 Cr | Jun 2023 ₹955 Cr | Sep 2023 ₹919 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹881 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- ROIV: Sep 2021 ₹14 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- BNTX: Sep 2021 ₹6.1K Cr | Dec 2021 ₹5.5K Cr | Mar 2022 ₹6.4K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹3.5K Cr | Dec 2022 ₹4.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹168 Cr | Sep 2023 ₹895 Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹188 Cr | Jun 2024 ₹129 Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹244 Cr | Jun 2025 ₹261 Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹907 Cr | Mar 2026 ₹149 Cr | Jun 2026 —
- INSM: Sep 2021 ₹47 Cr | Dec 2021 ₹56 Cr | Mar 2022 ₹53 Cr | Jun 2022 ₹65 Cr | Sep 2022 ₹68 Cr | Dec 2022 ₹59 Cr | Mar 2023 ₹65 Cr | Jun 2023 ₹77 Cr | Sep 2023 ₹79 Cr | Dec 2023 ₹84 Cr | Mar 2024 ₹76 Cr | Jun 2024 ₹90 Cr | Sep 2024 ₹93 Cr | Dec 2024 ₹104 Cr | Mar 2025 ₹93 Cr | Jun 2025 ₹107 Cr | Sep 2025 ₹142 Cr | Dec 2025 ₹264 Cr | Mar 2026 ₹306 Cr | Jun 2026 —
- MRNA: Sep 2021 ₹5.0K Cr | Dec 2021 ₹7.2K Cr | Mar 2022 ₹6.1K Cr | Jun 2022 ₹4.7K Cr | Sep 2022 ₹3.4K Cr | Dec 2022 ₹5.1K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹344 Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹167 Cr | Jun 2024 ₹241 Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹966 Cr | Mar 2025 ₹108 Cr | Jun 2025 ₹142 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹678 Cr | Mar 2026 ₹389 Cr | Jun 2026 —
- GMAB: Sep 2021 ₹360 Cr | Dec 2021 ₹375 Cr | Mar 2022 ₹315 Cr | Jun 2022 ₹445 Cr | Sep 2022 ₹539 Cr | Dec 2022 ₹853 Cr | Mar 2023 ₹412 Cr | Jun 2023 ₹611 Cr | Sep 2023 ₹668 Cr | Dec 2023 ₹729 Cr | Mar 2024 ₹603 Cr | Jun 2024 ₹779 Cr | Sep 2024 ₹816 Cr | Dec 2024 ₹750 Cr | Mar 2025 ₹715 Cr | Jun 2025 ₹925 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹896 Cr | Jun 2026 —
- ASND: Sep 2021 ₹1 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹47 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹138 Cr | Mar 2024 ₹96 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹58 Cr | Dec 2024 ₹174 Cr | Mar 2025 ₹101 Cr | Jun 2025 ₹158 Cr | Sep 2025 ₹214 Cr | Dec 2025 ₹248 Cr | Mar 2026 ₹247 Cr | Jun 2026 —
- BBIO: Sep 2021 ₹2 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹74 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹211 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹117 Cr | Jun 2025 ₹111 Cr | Sep 2025 ₹121 Cr | Dec 2025 ₹154 Cr | Mar 2026 ₹195 Cr | Jun 2026 —
- JAZZ: Sep 2021 ₹838 Cr | Dec 2021 ₹897 Cr | Mar 2022 ₹814 Cr | Jun 2022 ₹933 Cr | Sep 2022 ₹941 Cr | Dec 2022 ₹972 Cr | Mar 2023 ₹893 Cr | Jun 2023 ₹957 Cr | Sep 2023 ₹972 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹902 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹898 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- EXEL: Sep 2021 ₹328 Cr | Dec 2021 ₹451 Cr | Mar 2022 ₹356 Cr | Jun 2022 ₹419 Cr | Sep 2022 ₹412 Cr | Dec 2022 ₹424 Cr | Mar 2023 ₹409 Cr | Jun 2023 ₹470 Cr | Sep 2023 ₹472 Cr | Dec 2023 ₹480 Cr | Mar 2024 ₹425 Cr | Jun 2024 ₹637 Cr | Sep 2024 ₹540 Cr | Dec 2024 ₹567 Cr | Mar 2025 — | Jun 2025 ₹555 Cr | Sep 2025 ₹598 Cr | Dec 2025 ₹599 Cr | Mar 2026 — | Jun 2026 ₹611 Cr
- MDGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹15 Cr | Sep 2024 ₹62 Cr | Dec 2024 ₹103 Cr | Mar 2025 ₹137 Cr | Jun 2025 ₹213 Cr | Sep 2025 ₹287 Cr | Dec 2025 ₹321 Cr | Mar 2026 ₹311 Cr | Jun 2026 —
- ARWR: Sep 2021 ₹38 Cr | Dec 2021 ₹27 Cr | Mar 2022 ₹152 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹63 Cr | Mar 2023 ₹146 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹4 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹0 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹543 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹256 Cr | Dec 2025 ₹264 Cr | Mar 2026 ₹74 Cr | Jun 2026 —
- AXSM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹9 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹95 Cr | Jun 2023 ₹47 Cr | Sep 2023 ₹58 Cr | Dec 2023 ₹72 Cr | Mar 2024 ₹75 Cr | Jun 2024 ₹87 Cr | Sep 2024 ₹105 Cr | Dec 2024 ₹119 Cr | Mar 2025 ₹121 Cr | Jun 2025 ₹150 Cr | Sep 2025 ₹171 Cr | Dec 2025 ₹196 Cr | Mar 2026 ₹191 Cr | Jun 2026 —
- BMRN: Sep 2021 ₹409 Cr | Dec 2021 ₹450 Cr | Mar 2022 ₹519 Cr | Jun 2022 ₹534 Cr | Sep 2022 ₹505 Cr | Dec 2022 ₹538 Cr | Mar 2023 ₹596 Cr | Jun 2023 ₹595 Cr | Sep 2023 ₹581 Cr | Dec 2023 ₹646 Cr | Mar 2024 ₹649 Cr | Jun 2024 ₹712 Cr | Sep 2024 ₹746 Cr | Dec 2024 ₹747 Cr | Mar 2025 ₹745 Cr | Jun 2025 ₹825 Cr | Sep 2025 ₹776 Cr | Dec 2025 ₹875 Cr | Mar 2026 ₹766 Cr | Jun 2026 —
- TECH: Sep 2021 ₹258 Cr | Dec 2021 ₹269 Cr | Mar 2022 ₹290 Cr | Jun 2022 ₹288 Cr | Sep 2022 ₹270 Cr | Dec 2022 ₹272 Cr | Mar 2023 ₹294 Cr | Jun 2023 ₹301 Cr | Sep 2023 ₹277 Cr | Dec 2023 ₹273 Cr | Mar 2024 ₹303 Cr | Jun 2024 ₹306 Cr | Sep 2024 ₹289 Cr | Dec 2024 ₹297 Cr | Mar 2025 ₹316 Cr | Jun 2025 ₹317 Cr | Sep 2025 ₹287 Cr | Dec 2025 ₹296 Cr | Mar 2026 ₹311 Cr | Jun 2026 —
- CYTK: Sep 2021 ₹5 Cr | Dec 2021 ₹56 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹89 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹67 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹19 Cr | Jun 2026 —
- KRYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹9 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹70 Cr | Sep 2024 ₹84 Cr | Dec 2024 ₹91 Cr | Mar 2025 ₹88 Cr | Jun 2025 ₹96 Cr | Sep 2025 ₹98 Cr | Dec 2025 ₹107 Cr | Mar 2026 ₹116 Cr | Jun 2026 —
- ABVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- CORT: Sep 2021 ₹96 Cr | Dec 2021 ₹99 Cr | Mar 2022 ₹94 Cr | Jun 2022 ₹103 Cr | Sep 2022 ₹102 Cr | Dec 2022 ₹103 Cr | Mar 2023 ₹106 Cr | Jun 2023 ₹118 Cr | Sep 2023 ₹124 Cr | Dec 2023 ₹135 Cr | Mar 2024 ₹147 Cr | Jun 2024 ₹164 Cr | Sep 2024 ₹183 Cr | Dec 2024 ₹182 Cr | Mar 2025 ₹157 Cr | Jun 2025 ₹194 Cr | Sep 2025 ₹208 Cr | Dec 2025 ₹202 Cr | Mar 2026 ₹165 Cr | Jun 2026 —
- HALO: Sep 2021 ₹116 Cr | Dec 2021 ₹102 Cr | Mar 2022 ₹117 Cr | Jun 2022 ₹152 Cr | Sep 2022 ₹209 Cr | Dec 2022 ₹181 Cr | Mar 2023 ₹162 Cr | Jun 2023 ₹221 Cr | Sep 2023 ₹216 Cr | Dec 2023 ₹230 Cr | Mar 2024 ₹196 Cr | Jun 2024 ₹231 Cr | Sep 2024 ₹290 Cr | Dec 2024 ₹298 Cr | Mar 2025 ₹265 Cr | Jun 2025 ₹326 Cr | Sep 2025 ₹354 Cr | Dec 2025 ₹452 Cr | Mar 2026 ₹377 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- VRTX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 22% | Sep 2022 18% | Dec 2022 11% | Mar 2023 13% | Jun 2023 14% | Sep 2023 6.4% | Dec 2023 9.3% | Mar 2024 13% | Jun 2024 6.1% | Sep 2024 12% | Dec 2024 16% | Mar 2025 2.9% | Jun 2025 12% | Sep 2025 11% | Dec 2025 9.6% | Mar 2026 7.8% | Jun 2026 —
- REGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -44% | Sep 2022 -15% | Dec 2022 -31% | Mar 2023 6.6% | Jun 2023 11% | Sep 2023 15% | Dec 2023 0.6% | Mar 2024 -0.5% | Jun 2024 12% | Sep 2024 11% | Dec 2024 10% | Mar 2025 -3.7% | Jun 2025 3.6% | Sep 2025 0.9% | Dec 2025 2.5% | Mar 2026 19% | Jun 2026 —
- ARGX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -73% | Sep 2022 1,986% | Dec 2022 435% | Mar 2023 642% | Jun 2023 231% | Sep 2023 133% | Dec 2023 130% | Mar 2024 80% | Jun 2024 74% | Sep 2024 73% | Dec 2024 82% | Mar 2025 95% | Jun 2025 98% | Sep 2025 95% | Dec 2025 74% | Mar 2026 63% | Jun 2026 —
- RVMD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 200% | Dec 2022 67% | Mar 2023 -13% | Jun 2023 -56% | Sep 2023 — | Dec 2023 -93% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ALNY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.8% | Sep 2022 40% | Dec 2022 29% | Mar 2023 50% | Jun 2023 42% | Sep 2023 184% | Dec 2023 31% | Mar 2024 55% | Jun 2024 107% | Sep 2024 -33% | Dec 2024 35% | Mar 2025 20% | Jun 2025 17% | Sep 2025 149% | Dec 2025 85% | Mar 2026 96% | Jun 2026 —
- ONC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 128% | Sep 2022 88% | Dec 2022 78% | Mar 2023 46% | Jun 2023 74% | Sep 2023 101% | Dec 2023 66% | Mar 2024 68% | Jun 2024 56% | Sep 2024 28% | Dec 2024 79% | Mar 2025 49% | Jun 2025 42% | Sep 2025 41% | Dec 2025 33% | Mar 2026 35% | Jun 2026 —
- RPRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.4% | Sep 2022 -2.2% | Dec 2022 -1.7% | Mar 2023 22% | Jun 2023 0.4% | Sep 2023 -6.5% | Dec 2023 5.3% | Mar 2024 -17% | Jun 2024 -0.2% | Sep 2024 5.4% | Dec 2024 -0.3% | Mar 2025 0.0% | Jun 2025 7.8% | Sep 2025 7.8% | Dec 2025 4.7% | Mar 2026 11% | Jun 2026 —
- INCY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 1.2% | Dec 2022 7.4% | Mar 2023 10% | Jun 2023 4.8% | Sep 2023 12% | Dec 2023 9.3% | Mar 2024 8.9% | Jun 2024 9.3% | Sep 2024 24% | Dec 2024 16% | Mar 2025 20% | Jun 2025 16% | Sep 2025 20% | Dec 2025 28% | Mar 2026 21% | Jun 2026 —
- ROIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -50% | Sep 2022 -7.1% | Dec 2022 -29% | Mar 2023 200% | Jun 2023 450% | Sep 2023 -69% | Dec 2023 -5.9% | Mar 2024 -67% | Jun 2024 -64% | Sep 2024 0.0% | Dec 2024 -44% | Mar 2025 -11% | Jun 2025 -75% | Sep 2025 -50% | Dec 2025 -78% | Mar 2026 -63% | Jun 2026 —
- BNTX: Sep 2021 — | Dec 2021 1,504% | Mar 2022 — | Jun 2022 — | Sep 2022 -43% | Dec 2022 -23% | Mar 2023 -80% | Jun 2023 -95% | Sep 2023 -74% | Dec 2023 -65% | Mar 2024 -85% | Jun 2024 -23% | Sep 2024 39% | Dec 2024 -20% | Mar 2025 30% | Jun 2025 102% | Sep 2025 22% | Dec 2025 -24% | Mar 2026 -39% | Jun 2026 —
- INSM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 44% | Sep 2022 45% | Dec 2022 5.4% | Mar 2023 23% | Jun 2023 18% | Sep 2023 16% | Dec 2023 42% | Mar 2024 17% | Jun 2024 17% | Sep 2024 18% | Dec 2024 24% | Mar 2025 22% | Jun 2025 19% | Sep 2025 53% | Dec 2025 154% | Mar 2026 229% | Jun 2026 —
- MRNA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.1% | Sep 2022 -32% | Dec 2022 -30% | Mar 2023 -69% | Jun 2023 -93% | Sep 2023 -46% | Dec 2023 -45% | Mar 2024 -91% | Jun 2024 -30% | Sep 2024 1.7% | Dec 2024 -66% | Mar 2025 -35% | Jun 2025 -41% | Sep 2025 -45% | Dec 2025 -30% | Mar 2026 260% | Jun 2026 —
- GMAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 42% | Sep 2022 50% | Dec 2022 127% | Mar 2023 31% | Jun 2023 37% | Sep 2023 24% | Dec 2023 -15% | Mar 2024 46% | Jun 2024 28% | Sep 2024 22% | Dec 2024 2.9% | Mar 2025 19% | Jun 2025 19% | Sep 2025 25% | Dec 2025 41% | Mar 2026 25% | Jun 2026 —
- ASND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 500% | Sep 2022 1,400% | Dec 2022 360% | Mar 2023 386% | Jun 2023 683% | Sep 2023 220% | Dec 2023 500% | Mar 2024 182% | Jun 2024 -23% | Sep 2024 21% | Dec 2024 26% | Mar 2025 5.2% | Jun 2025 339% | Sep 2025 269% | Dec 2025 43% | Mar 2026 145% | Jun 2026 —
- BBIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 37% | Sep 2022 -100% | Dec 2022 -85% | Mar 2023 0.0% | Jun 2023 -97% | Sep 2023 — | Dec 2023 0.0% | Mar 2024 10,450% | Jun 2024 0.0% | Sep 2024 -25% | Dec 2024 200% | Mar 2025 -45% | Jun 2025 5,450% | Sep 2025 3,933% | Dec 2025 2,467% | Mar 2026 67% | Jun 2026 —
- JAZZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 24% | Sep 2022 12% | Dec 2022 8.4% | Mar 2023 9.7% | Jun 2023 2.6% | Sep 2023 3.3% | Dec 2023 4.1% | Mar 2024 1.0% | Jun 2024 7.0% | Sep 2024 8.5% | Dec 2024 7.5% | Mar 2025 -0.4% | Jun 2025 2.2% | Sep 2025 6.7% | Dec 2025 10% | Mar 2026 19% | Jun 2026 —
- EXEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.8% | Sep 2022 26% | Dec 2022 -6.0% | Mar 2023 15% | Jun 2023 12% | Sep 2023 15% | Dec 2023 13% | Mar 2024 3.9% | Jun 2024 36% | Sep 2024 14% | Dec 2024 18% | Mar 2025 — | Jun 2025 -13% | Sep 2025 11% | Dec 2025 5.6% | Mar 2026 — | Jun 2026 10%
- MDGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 1,320% | Sep 2025 363% | Dec 2025 212% | Mar 2026 127% | Jun 2026 —
- ARWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -30% | Sep 2022 -16% | Dec 2022 133% | Mar 2023 -4.0% | Jun 2023 -50% | Sep 2023 -50% | Dec 2023 -94% | Mar 2024 — | Jun 2024 — | Sep 2024 -100% | Dec 2024 -25% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 8,700% | Mar 2026 -86% | Jun 2026 —
- AXSM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 422% | Sep 2023 241% | Dec 2023 200% | Mar 2024 -21% | Jun 2024 85% | Sep 2024 81% | Dec 2024 65% | Mar 2025 61% | Jun 2025 72% | Sep 2025 63% | Dec 2025 65% | Mar 2026 58% | Jun 2026 —
- BMRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.4% | Sep 2022 23% | Dec 2022 20% | Mar 2023 15% | Jun 2023 11% | Sep 2023 15% | Dec 2023 20% | Mar 2024 8.9% | Jun 2024 20% | Sep 2024 28% | Dec 2024 16% | Mar 2025 15% | Jun 2025 16% | Sep 2025 4.0% | Dec 2025 17% | Mar 2026 2.8% | Jun 2026 —
- TECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 4.7% | Dec 2022 1.1% | Mar 2023 1.4% | Jun 2023 4.5% | Sep 2023 2.6% | Dec 2023 0.4% | Mar 2024 3.1% | Jun 2024 1.7% | Sep 2024 4.3% | Dec 2024 8.8% | Mar 2025 4.3% | Jun 2025 3.6% | Sep 2025 -0.7% | Dec 2025 -0.3% | Mar 2026 -1.6% | Jun 2026 —
- CYTK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2,867% | Sep 2022 -40% | Dec 2022 -96% | Mar 2023 400% | Jun 2023 -99% | Sep 2023 -100% | Dec 2023 0.0% | Mar 2024 -80% | Jun 2024 -100% | Sep 2024 — | Dec 2024 750% | Mar 2025 100% | Jun 2025 — | Sep 2025 — | Dec 2025 5.9% | Mar 2026 850% | Jun 2026 —
- KRYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 833% | Dec 2024 117% | Mar 2025 96% | Jun 2025 37% | Sep 2025 17% | Dec 2025 18% | Mar 2026 32% | Jun 2026 —
- ABVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.0% | Jun 2024 500% | Sep 2024 0.0% | Dec 2024 300% | Mar 2025 0.0% | Jun 2025 -83% | Sep 2025 100% | Dec 2025 -100% | Mar 2026 0.0% | Jun 2026 —
- CORT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 6.3% | Dec 2022 4.0% | Mar 2023 13% | Jun 2023 15% | Sep 2023 22% | Dec 2023 31% | Mar 2024 39% | Jun 2024 39% | Sep 2024 48% | Dec 2024 35% | Mar 2025 6.8% | Jun 2025 18% | Sep 2025 14% | Dec 2025 11% | Mar 2026 5.1% | Jun 2026 —
- HALO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 80% | Dec 2022 77% | Mar 2023 38% | Jun 2023 45% | Sep 2023 3.4% | Dec 2023 27% | Mar 2024 21% | Jun 2024 4.5% | Sep 2024 34% | Dec 2024 30% | Mar 2025 35% | Jun 2025 41% | Sep 2025 22% | Dec 2025 52% | Mar 2026 42% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Royalty Pharma plc leads opm at 89.3%; Roivant Sciences Ltd. leads margin change at +20242.2 percentage points.

Investor read: Royalty Pharma plc sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Royalty Pharma plc · 89.3% | 82.2% versus #2 · Halozyme Therapeutics, Inc. | 4/8 recent comparable periods | 24/30 companies · 403 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Royalty Pharma plc (RPRX): 89%
2. Halozyme Therapeutics, Inc. (HALO): 49%
3. Krystal Biotech, Inc. (KRYS): 46%
4. Exelixis, Inc. (EXEL): 41%
5. Vertex Pharmaceuticals Incorporated (VRTX): 38%

### Margin change — fastest expanders
1. Roivant Sciences Ltd. (ROIV): +20,242.2 pp
2. Cytokinetics, Incorporated (CYTK): +8,907.6 pp
3. Moderna, Inc. (MRNA): +615.4 pp
4. ABIVAX Société Anonyme (ABVX): +564.8 pp
5. Insmed Incorporated (INSM): +217.2 pp

### 20-quarter OPM history
- VRTX: Sep 2021 53% | Dec 2021 42% | Mar 2022 50% | Jun 2022 50% | Sep 2022 48% | Dec 2022 45% | Mar 2023 33% | Jun 2023 41% | Sep 2023 42% | Dec 2023 39% | Mar 2024 42% | Jun 2024 -133% | Sep 2024 40% | Dec 2024 35% | Mar 2025 23% | Jun 2025 39% | Sep 2025 39% | Dec 2025 38% | Mar 2026 38% | Jun 2026 —
- REGN: Sep 2021 54% | Dec 2021 53% | Mar 2022 42% | Jun 2022 39% | Sep 2022 42% | Dec 2022 34% | Mar 2023 30% | Jun 2023 32% | Sep 2023 33% | Dec 2023 28% | Mar 2024 24% | Jun 2024 30% | Sep 2024 32% | Dec 2024 26% | Mar 2025 20% | Jun 2025 29% | Sep 2025 27% | Dec 2025 23% | Mar 2026 18% | Jun 2026 —
- ARGX: Sep 2021 — | Dec 2021 -686% | Mar 2022 -708% | Jun 2022 -205% | Sep 2022 -142% | Dec 2022 -63% | Mar 2023 -45% | Jun 2023 -36% | Sep 2023 -24% | Dec 2023 -33% | Mar 2024 -23% | Jun 2024 -9.3% | Sep 2024 2.4% | Dec 2024 14% | Mar 2025 17% | Jun 2025 21% | Sep 2025 30% | Dec 2025 28% | Mar 2026 30% | Jun 2026 —
- RVMD: Sep 2021 — | Dec 2021 -559% | Mar 2022 -765% | Jun 2022 -681% | Sep 2022 — | Dec 2022 -403% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ALNY: Sep 2021 -97% | Dec 2021 -75% | Mar 2022 -69% | Jun 2022 -85% | Sep 2022 -98% | Dec 2022 -56% | Mar 2023 -47% | Jun 2023 -72% | Sep 2023 29% | Dec 2023 -27% | Mar 2024 -8.8% | Jun 2024 7.4% | Sep 2024 -15% | Dec 2024 -18% | Mar 2025 3.0% | Jun 2025 -2.1% | Sep 2025 30% | Dec 2025 12% | Mar 2026 23% | Jun 2026 —
- ONC: Sep 2021 -224% | Dec 2021 -267% | Mar 2022 -145% | Jun 2022 -129% | Sep 2022 -113% | Dec 2022 -123% | Mar 2023 -83% | Jun 2023 -54% | Sep 2023 -17% | Dec 2023 -61% | Mar 2024 -35% | Jun 2024 -12% | Sep 2024 -12% | Dec 2024 -7.0% | Mar 2025 1.0% | Jun 2025 6.7% | Sep 2025 12% | Dec 2025 12% | Mar 2026 17% | Jun 2026 —
- RPRX: Sep 2021 52% | Dec 2021 27% | Mar 2022 39% | Jun 2022 71% | Sep 2022 34% | Dec 2022 -85% | Mar 2023 70% | Jun 2023 46% | Sep 2023 28% | Dec 2023 103% | Mar 2024 -13% | Jun 2024 50% | Sep 2024 130% | Dec 2024 61% | Mar 2025 94% | Jun 2025 36% | Sep 2025 70% | Dec 2025 62% | Mar 2026 89% | Jun 2026 —
- INCY: Sep 2021 29% | Dec 2021 13% | Mar 2022 16% | Jun 2022 28% | Sep 2022 17% | Dec 2022 7.6% | Mar 2023 3.1% | Jun 2023 20% | Sep 2023 23% | Dec 2023 19% | Mar 2024 10% | Jun 2024 -46% | Sep 2024 13% | Dec 2024 26% | Mar 2025 20% | Jun 2025 44% | Sep 2025 33% | Dec 2025 22% | Mar 2026 24% | Jun 2026 —
- ROIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -855% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BNTX: Sep 2021 78% | Dec 2021 85% | Mar 2022 75% | Jun 2022 69% | Sep 2022 69% | Dec 2022 77% | Mar 2023 51% | Jun 2023 -336% | Sep 2023 8.2% | Dec 2023 36% | Mar 2024 -270% | Jun 2024 -751% | Sep 2024 0.8% | Dec 2024 13% | Mar 2025 -219% | Jun 2025 -192% | Sep 2025 -3.1% | Dec 2025 -36% | Mar 2026 -456% | Jun 2026 —
- INSM: Sep 2021 -222% | Dec 2021 -177% | Mar 2022 -169% | Jun 2022 -135% | Sep 2022 -189% | Dec 2022 -255% | Mar 2023 -227% | Jun 2023 -305% | Sep 2023 -187% | Dec 2023 -213% | Mar 2024 -193% | Jun 2024 -320% | Sep 2024 -228% | Dec 2024 -221% | Mar 2025 -267% | Jun 2025 -291% | Sep 2025 -257% | Dec 2025 -121% | Mar 2026 -50% | Jun 2026 —
- MRNA: Sep 2021 72% | Dec 2021 75% | Mar 2022 70% | Jun 2022 52% | Sep 2022 35% | Dec 2022 31% | Mar 2023 -20% | Jun 2023 -543% | Sep 2023 -110% | Dec 2023 0.2% | Mar 2024 -758% | Jun 2024 -566% | Sep 2024 -3.8% | Dec 2024 -129% | Mar 2025 -972% | Jun 2025 -639% | Sep 2025 -26% | Dec 2025 -126% | Mar 2026 -357% | Jun 2026 —
- GMAB: Sep 2021 39% | Dec 2021 29% | Mar 2022 24% | Jun 2022 39% | Sep 2022 47% | Dec 2022 49% | Mar 2023 15% | Jun 2023 35% | Sep 2023 36% | Dec 2023 37% | Mar 2024 19% | Jun 2024 30% | Sep 2024 38% | Dec 2024 34% | Mar 2025 26% | Jun 2025 39% | Sep 2025 45% | Dec 2025 5.5% | Mar 2026 20% | Jun 2026 —
- ASND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -945% | Dec 2022 -644% | Mar 2023 -428% | Jun 2023 -297% | Sep 2023 -280% | Dec 2023 -27% | Mar 2024 -51% | Jun 2024 -370% | Sep 2024 -167% | Dec 2024 0.2% | Mar 2025 -103% | Jun 2025 -34% | Sep 2025 5.1% | Dec 2025 4.0% | Mar 2026 10% | Jun 2026 —
- BBIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -109% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.2% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -90% | Jun 2025 -121% | Sep 2025 -120% | Dec 2025 -91% | Mar 2026 -55% | Jun 2026 —
- JAZZ: Sep 2021 3.4% | Dec 2021 5.5% | Mar 2022 11% | Jun 2022 9.2% | Sep 2022 2.6% | Dec 2022 -27% | Mar 2023 14% | Jun 2023 17% | Sep 2023 18% | Dec 2023 12% | Mar 2024 7.3% | Jun 2024 20% | Sep 2024 25% | Dec 2024 18% | Mar 2025 -6.2% | Jun 2025 -66% | Sep 2025 5.1% | Dec 2025 21% | Mar 2026 32% | Jun 2026 —
- EXEL: Sep 2021 16% | Dec 2021 26% | Mar 2022 23% | Jun 2022 20% | Sep 2022 20% | Dec 2022 -11% | Mar 2023 7.1% | Jun 2023 17% | Sep 2023 -3.7% | Dec 2023 17% | Mar 2024 6.9% | Jun 2024 43% | Sep 2024 25% | Dec 2024 29% | Mar 2025 — | Jun 2025 34% | Sep 2025 40% | Dec 2025 39% | Mar 2026 — | Jun 2026 41%
- MDGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -187% | Dec 2024 -65% | Mar 2025 -58% | Jun 2025 -22% | Sep 2025 -40% | Dec 2025 -19% | Mar 2026 -30% | Jun 2026 —
- ARWR: Sep 2021 -170% | Dec 2021 -231% | Mar 2022 27% | Jun 2022 -225% | Sep 2022 -266% | Dec 2022 -67% | Mar 2023 33% | Jun 2023 -649% | Sep 2023 -673% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 70% | Jun 2025 -596% | Sep 2025 17% | Dec 2025 16% | Mar 2026 -192% | Jun 2026 —
- AXSM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -444% | Sep 2022 -252% | Dec 2022 -246% | Mar 2023 -6.7% | Jun 2023 -139% | Sep 2023 -108% | Dec 2023 -137% | Mar 2024 -90% | Jun 2024 -90% | Sep 2024 -60% | Dec 2024 -61% | Mar 2025 -47% | Jun 2025 -25% | Sep 2025 -27% | Dec 2025 -14% | Mar 2026 -33% | Jun 2026 —
- BMRN: Sep 2021 -13% | Dec 2021 -15% | Mar 2022 26% | Jun 2022 7.3% | Sep 2022 -0.5% | Dec 2022 -4.6% | Mar 2023 11% | Jun 2023 11% | Sep 2023 5.3% | Dec 2023 4.2% | Mar 2024 14% | Jun 2024 17% | Sep 2024 15% | Dec 2024 22% | Mar 2025 30% | Jun 2025 34% | Sep 2025 -6.0% | Dec 2025 -5.1% | Mar 2026 17% | Jun 2026 —
- TECH: Sep 2021 25% | Dec 2021 23% | Mar 2022 31% | Jun 2022 28% | Sep 2022 21% | Dec 2022 25% | Mar 2023 27% | Jun 2023 31% | Sep 2023 20% | Dec 2023 14% | Mar 2024 22% | Jun 2024 15% | Sep 2024 14% | Dec 2024 16% | Mar 2025 12% | Jun 2025 -7.5% | Sep 2025 17% | Dec 2025 18% | Mar 2026 24% | Jun 2026 —
- CYTK: Sep 2021 — | Dec 2021 -39% | Mar 2022 — | Jun 2022 -12% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -821% | Mar 2025 — | Jun 2025 -167% | Sep 2025 — | Dec 2025 — | Mar 2026 -949% | Jun 2026 —
- KRYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -304% | Dec 2023 7.7% | Mar 2024 -15% | Jun 2024 12% | Sep 2024 27% | Dec 2024 45% | Mar 2025 41% | Jun 2025 41% | Sep 2025 42% | Dec 2025 41% | Mar 2026 46% | Jun 2026 —
- ABVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -628% | Sep 2024 — | Dec 2024 -993% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CORT: Sep 2021 38% | Dec 2021 37% | Mar 2022 29% | Jun 2022 30% | Sep 2022 31% | Dec 2022 22% | Mar 2023 14% | Jun 2023 25% | Sep 2023 25% | Dec 2023 23% | Mar 2024 20% | Jun 2024 22% | Sep 2024 26% | Dec 2024 14% | Mar 2025 2.2% | Jun 2025 14% | Sep 2025 4.9% | Dec 2025 2.2% | Mar 2026 -30% | Jun 2026 —
- HALO: Sep 2021 65% | Dec 2021 55% | Mar 2022 65% | Jun 2022 22% | Sep 2022 40% | Dec 2022 41% | Mar 2023 33% | Jun 2023 43% | Sep 2023 41% | Dec 2023 44% | Mar 2024 49% | Jun 2024 51% | Sep 2024 56% | Dec 2024 59% | Mar 2025 53% | Jun 2025 62% | Sep 2025 62% | Dec 2025 -21% | Mar 2026 49% | Jun 2026 —

### 20-quarter Margin change history
- VRTX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +52.5 pp | Sep 2022 −4.8 pp | Dec 2022 +2.6 pp | Mar 2023 −16.8 pp | Jun 2023 −9.2 pp | Sep 2023 −6.5 pp | Dec 2023 −5.6 pp | Mar 2024 +9.6 pp | Jun 2024 −174.1 pp | Sep 2024 −1.5 pp | Dec 2024 −4.1 pp | Mar 2025 −19.7 pp | Jun 2025 +171.7 pp | Sep 2025 −1.7 pp | Dec 2025 +2.6 pp | Mar 2026 +15.4 pp | Jun 2026 —
- REGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −26.3 pp | Sep 2022 −11.8 pp | Dec 2022 −19.7 pp | Mar 2023 −12.5 pp | Jun 2023 −6.6 pp | Sep 2023 −8.7 pp | Dec 2023 −5.3 pp | Mar 2024 −6.0 pp | Jun 2024 −2.0 pp | Sep 2024 −1.3 pp | Dec 2024 −2.2 pp | Mar 2025 −4.4 pp | Jun 2025 −0.8 pp | Sep 2025 −4.3 pp | Dec 2025 −3.4 pp | Mar 2026 −1.7 pp | Jun 2026 —
- ARGX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −234.6 pp | Sep 2022 +2,854.9 pp | Dec 2022 +622.7 pp | Mar 2023 +662.4 pp | Jun 2023 +168.6 pp | Sep 2023 +118.7 pp | Dec 2023 +29.6 pp | Mar 2024 +22.5 pp | Jun 2024 +27.0 pp | Sep 2024 +26.1 pp | Dec 2024 +46.7 pp | Mar 2025 +39.8 pp | Jun 2025 +30.1 pp | Sep 2025 +27.7 pp | Dec 2025 +14.3 pp | Mar 2026 +12.8 pp | Jun 2026 —
- RVMD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −169.1 pp | Sep 2022 +2,548.1 pp | Dec 2022 +156.8 pp | Mar 2023 −306.8 pp | Jun 2023 −2,164.0 pp | Sep 2023 — | Dec 2023 −23,854.0 pp | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ALNY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −19.0 pp | Sep 2022 −0.8 pp | Dec 2022 +19.0 pp | Mar 2023 +21.9 pp | Jun 2023 +13.2 pp | Sep 2023 +126.1 pp | Dec 2023 +29.8 pp | Mar 2024 +38.1 pp | Jun 2024 +79.5 pp | Sep 2024 −43.9 pp | Dec 2024 +8.8 pp | Mar 2025 +11.8 pp | Jun 2025 −9.5 pp | Sep 2025 +44.9 pp | Dec 2025 +29.7 pp | Mar 2026 +20.0 pp | Jun 2026 —
- ONC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +188.0 pp | Sep 2022 +110.9 pp | Dec 2022 +143.9 pp | Mar 2023 +61.7 pp | Jun 2023 +75.1 pp | Sep 2023 +96.0 pp | Dec 2023 +62.4 pp | Mar 2024 +48.1 pp | Jun 2024 +42.0 pp | Sep 2024 +5.1 pp | Dec 2024 +53.9 pp | Mar 2025 +35.8 pp | Jun 2025 +18.2 pp | Sep 2025 +23.5 pp | Dec 2025 +19.4 pp | Mar 2026 +15.5 pp | Jun 2026 —
- RPRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −63.7 pp | Sep 2022 −18.2 pp | Dec 2022 −111.9 pp | Mar 2023 +30.9 pp | Jun 2023 −24.3 pp | Sep 2023 −5.3 pp | Dec 2023 +188.1 pp | Mar 2024 −83.0 pp | Jun 2024 +4.0 pp | Sep 2024 +102.0 pp | Dec 2024 −41.9 pp | Mar 2025 +107.0 pp | Jun 2025 −13.9 pp | Sep 2025 −60.1 pp | Dec 2025 +1.5 pp | Mar 2026 −4.7 pp | Jun 2026 —
- INCY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +7.9 pp | Sep 2022 −12.2 pp | Dec 2022 −5.2 pp | Mar 2023 −12.8 pp | Jun 2023 −7.6 pp | Sep 2023 +6.6 pp | Dec 2023 +10.9 pp | Mar 2024 +7.3 pp | Jun 2024 −66.1 pp | Sep 2024 −10.6 pp | Dec 2024 +7.1 pp | Mar 2025 +9.1 pp | Jun 2025 +89.4 pp | Sep 2025 +19.7 pp | Dec 2025 −3.3 pp | Mar 2026 +4.2 pp | Jun 2026 —
- ROIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4,540.5 pp | Sep 2022 +2,653.1 pp | Dec 2022 −1,206.5 pp | Mar 2023 +2,037.4 pp | Jun 2023 +5,258.1 pp | Sep 2023 −3,623.0 pp | Dec 2023 +35,165.8 pp | Mar 2024 −1,437.7 pp | Jun 2024 −1.2 pp | Sep 2024 −1,772.8 pp | Dec 2024 −35,991.2 pp | Mar 2025 −1,471.3 pp | Jun 2025 −11,850.5 pp | Sep 2025 −11,856.9 pp | Dec 2025 −13,923.5 pp | Mar 2026 +20,242.2 pp | Jun 2026 —
- BNTX: Sep 2021 — | Dec 2021 +14.2 pp | Mar 2022 — | Jun 2022 — | Sep 2022 −8.6 pp | Dec 2022 −7.9 pp | Mar 2023 −23.4 pp | Jun 2023 −405.0 pp | Sep 2023 −60.8 pp | Dec 2023 −41.4 pp | Mar 2024 −321.6 pp | Jun 2024 −414.8 pp | Sep 2024 −7.4 pp | Dec 2024 −23.1 pp | Mar 2025 +51.9 pp | Jun 2025 +558.6 pp | Sep 2025 −3.9 pp | Dec 2025 −48.1 pp | Mar 2026 −237.7 pp | Jun 2026 —
- INSM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +59.8 pp | Sep 2022 +33.1 pp | Dec 2022 −78.9 pp | Mar 2023 −58.0 pp | Jun 2023 −169.6 pp | Sep 2023 +1.7 pp | Dec 2023 +42.4 pp | Mar 2024 +34.5 pp | Jun 2024 −14.8 pp | Sep 2024 −41.6 pp | Dec 2024 −7.6 pp | Mar 2025 −74.6 pp | Jun 2025 +28.5 pp | Sep 2025 −28.7 pp | Dec 2025 +99.4 pp | Mar 2026 +217.2 pp | Jun 2026 —
- MRNA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −18.8 pp | Sep 2022 −36.9 pp | Dec 2022 −43.9 pp | Mar 2023 −89.4 pp | Jun 2023 −594.2 pp | Sep 2023 −144.6 pp | Dec 2023 −30.9 pp | Mar 2024 −738.4 pp | Jun 2024 −22.9 pp | Sep 2024 +106.1 pp | Dec 2024 −129.2 pp | Mar 2025 −214.1 pp | Jun 2025 −73.1 pp | Sep 2025 −21.8 pp | Dec 2025 +2.6 pp | Mar 2026 +615.4 pp | Jun 2026 —
- GMAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.5 pp | Sep 2022 +8.7 pp | Dec 2022 +19.9 pp | Mar 2023 −9.6 pp | Jun 2023 −4.2 pp | Sep 2023 −11.4 pp | Dec 2023 −12.2 pp | Mar 2024 +4.5 pp | Jun 2024 −4.9 pp | Sep 2024 +2.2 pp | Dec 2024 −2.3 pp | Mar 2025 +7.1 pp | Jun 2025 +8.6 pp | Sep 2025 +6.9 pp | Dec 2025 −28.7 pp | Mar 2026 −6.2 pp | Jun 2026 —
- ASND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +9,206.2 pp | Sep 2022 +7,764.0 pp | Dec 2022 +1,655.2 pp | Mar 2023 +1,447.3 pp | Jun 2023 +2,006.3 pp | Sep 2023 +665.3 pp | Dec 2023 +617.2 pp | Mar 2024 +376.6 pp | Jun 2024 −73.0 pp | Sep 2024 +112.5 pp | Dec 2024 +26.8 pp | Mar 2025 −52.0 pp | Jun 2025 +336.7 pp | Sep 2025 +172.4 pp | Dec 2025 +3.8 pp | Mar 2026 +113.3 pp | Jun 2026 —
- BBIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +65.3 pp | Sep 2022 −31,822.1 pp | Dec 2022 −5,625.6 pp | Mar 2023 +3,343.2 pp | Jun 2023 −8,794.4 pp | Sep 2023 +34,345.4 pp | Dec 2023 −3,256.3 pp | Mar 2024 +6,909.5 pp | Jun 2024 +806.3 pp | Sep 2024 −3,164.1 pp | Dec 2024 +6,324.4 pp | Mar 2025 −89.7 pp | Jun 2025 +7,975.4 pp | Sep 2025 +6,898.4 pp | Dec 2025 +3,752.2 pp | Mar 2026 +35.0 pp | Jun 2026 —
- JAZZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +18.5 pp | Sep 2022 −0.8 pp | Dec 2022 −32.6 pp | Mar 2023 +3.3 pp | Jun 2023 +7.3 pp | Sep 2023 +15.1 pp | Dec 2023 +39.2 pp | Mar 2024 −6.8 pp | Jun 2024 +3.0 pp | Sep 2024 +7.0 pp | Dec 2024 +5.4 pp | Mar 2025 −13.5 pp | Jun 2025 −85.1 pp | Sep 2025 −19.6 pp | Dec 2025 +3.7 pp | Mar 2026 +37.7 pp | Jun 2026 —
- EXEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −11.9 pp | Sep 2022 +4.4 pp | Dec 2022 −37.2 pp | Mar 2023 −16.3 pp | Jun 2023 −3.4 pp | Sep 2023 −23.8 pp | Dec 2023 +28.4 pp | Mar 2024 −0.2 pp | Jun 2024 +26.7 pp | Sep 2024 +28.9 pp | Dec 2024 +11.7 pp | Mar 2025 — | Jun 2025 −9.7 pp | Sep 2025 +14.4 pp | Dec 2025 +10.5 pp | Mar 2026 — | Jun 2026 +7.5 pp
- MDGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 +1,088.2 pp | Sep 2025 +147.4 pp | Dec 2025 +46.2 pp | Mar 2026 +28.0 pp | Jun 2026 —
- ARWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −155.5 pp | Sep 2022 −96.0 pp | Dec 2022 +163.4 pp | Mar 2023 +5.5 pp | Jun 2023 −424.1 pp | Sep 2023 −407.5 pp | Dec 2023 −3,777.9 pp | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 −2,611.2 pp | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 +6,472.0 pp | Mar 2026 −261.8 pp | Jun 2026 —
- AXSM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +304.9 pp | Sep 2023 +144.3 pp | Dec 2023 +108.5 pp | Mar 2024 −83.0 pp | Jun 2024 +49.8 pp | Sep 2024 +47.7 pp | Dec 2024 +76.3 pp | Mar 2025 +42.8 pp | Jun 2025 +65.0 pp | Sep 2025 +32.8 pp | Dec 2025 +47.3 pp | Mar 2026 +13.8 pp | Jun 2026 —
- BMRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +5.0 pp | Sep 2022 +12.5 pp | Dec 2022 +10.0 pp | Mar 2023 −15.9 pp | Jun 2023 +3.7 pp | Sep 2023 +5.8 pp | Dec 2023 +8.8 pp | Mar 2024 +3.1 pp | Jun 2024 +5.9 pp | Sep 2024 +10.0 pp | Dec 2024 +17.4 pp | Mar 2025 +16.4 pp | Jun 2025 +16.6 pp | Sep 2025 −21.3 pp | Dec 2025 −26.7 pp | Mar 2026 −13.1 pp | Jun 2026 —
- TECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.5 pp | Sep 2022 −3.6 pp | Dec 2022 +1.8 pp | Mar 2023 −3.8 pp | Jun 2023 +3.4 pp | Sep 2023 −0.7 pp | Dec 2023 −11.1 pp | Mar 2024 −5.2 pp | Jun 2024 −16.4 pp | Sep 2024 −6.4 pp | Dec 2024 +2.1 pp | Mar 2025 −9.9 pp | Jun 2025 −22.5 pp | Sep 2025 +2.8 pp | Dec 2025 +2.4 pp | Mar 2026 +12.0 pp | Jun 2026 —
- CYTK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1,915.2 pp | Sep 2022 −3,039.0 pp | Dec 2022 −6,452.1 pp | Mar 2023 +4,083.7 pp | Jun 2023 −14,065.0 pp | Sep 2023 −28,033.4 pp | Dec 2023 −1,129.6 pp | Mar 2024 −12,419.7 pp | Jun 2024 −38,200.7 pp | Sep 2024 +1,934.6 pp | Dec 2024 +6,799.3 pp | Mar 2025 +5,261.7 pp | Jun 2025 +52,110.9 pp | Sep 2025 +21,797.2 pp | Dec 2025 −183.2 pp | Mar 2026 +8,907.6 pp | Jun 2026 —
- KRYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +330.6 pp | Dec 2024 +37.7 pp | Mar 2025 +55.9 pp | Jun 2025 +28.7 pp | Sep 2025 +15.5 pp | Dec 2025 −4.1 pp | Mar 2026 +5.0 pp | Jun 2026 —
- ABVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −2,113.3 pp | Jun 2024 +1,025.5 pp | Sep 2024 +17.3 pp | Dec 2024 +2,815.0 pp | Mar 2025 −982.0 pp | Jun 2025 −3,626.3 pp | Sep 2025 −160.0 pp | Dec 2025 −15,290.9 pp | Mar 2026 +564.8 pp | Jun 2026 —
- CORT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.5 pp | Sep 2022 −6.3 pp | Dec 2022 −15.3 pp | Mar 2023 −14.5 pp | Jun 2023 −5.3 pp | Sep 2023 −6.2 pp | Dec 2023 +1.6 pp | Mar 2024 +6.0 pp | Jun 2024 −3.4 pp | Sep 2024 +0.3 pp | Dec 2024 −9.5 pp | Mar 2025 −17.9 pp | Jun 2025 −8.0 pp | Sep 2025 −20.6 pp | Dec 2025 −11.7 pp | Mar 2026 −32.3 pp | Jun 2026 —
- HALO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −45.8 pp | Sep 2022 −25.4 pp | Dec 2022 −14.3 pp | Mar 2023 −31.3 pp | Jun 2023 +20.3 pp | Sep 2023 +1.0 pp | Dec 2023 +2.8 pp | Mar 2024 +15.6 pp | Jun 2024 +8.0 pp | Sep 2024 +15.4 pp | Dec 2024 +15.0 pp | Mar 2025 +4.6 pp | Jun 2025 +11.5 pp | Sep 2025 +5.2 pp | Dec 2025 −79.5 pp | Mar 2026 −4.4 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Regeneron Pharmaceuticals, Inc. leads with $4,424 million of TTM profit, 2% above Vertex Pharmaceuticals Incorporated. Incyte Corporation shows ≥100% on the scoring scale (7055% uncapped) growth from a $1,431 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Regeneron Pharmaceuticals, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Regeneron Pharmaceuticals, Inc. · $4,424 million | 2% versus #2 · Vertex Pharmaceuticals Incorporated | 4/8 recent comparable periods | 27/30 companies · 565 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Regeneron Pharmaceuticals, Inc. (REGN): ₹4.4K Cr
2. Vertex Pharmaceuticals Incorporated (VRTX): ₹4.3K Cr
3. Incyte Corporation (INCY): ₹1.4K Cr
4. Royalty Pharma plc (RPRX): ₹1.4K Cr
5. Genmab A/S (GMAB): ₹866 Cr

### Profit growth — fastest growers
1. Incyte Corporation (INCY): 100%
2. Krystal Biotech, Inc. (KRYS): 81%
3. Regeneron Pharmaceuticals, Inc. (REGN): -1.7%
4. Bio-Techne Corporation (TECH): -18%
5. Genmab A/S (GMAB): -20%

### 20-quarter Net profit history
- VRTX: Sep 2021 ₹852 Cr | Dec 2021 ₹770 Cr | Mar 2022 ₹762 Cr | Jun 2022 ₹811 Cr | Sep 2022 ₹931 Cr | Dec 2022 ₹819 Cr | Mar 2023 ₹700 Cr | Jun 2023 ₹916 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹969 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹-3.6K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹913 Cr | Mar 2025 ₹646 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- REGN: Sep 2021 ₹1.6K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹974 Cr | Jun 2022 ₹852 Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹818 Cr | Jun 2023 ₹968 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹722 Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹918 Cr | Mar 2025 ₹809 Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹845 Cr | Mar 2026 ₹727 Cr | Jun 2026 —
- ARGX: Sep 2021 ₹-234 Cr | Dec 2021 ₹-238 Cr | Mar 2022 ₹-227 Cr | Jun 2022 ₹-209 Cr | Sep 2022 ₹-235 Cr | Dec 2022 ₹-39 Cr | Mar 2023 ₹-29 Cr | Jun 2023 ₹-94 Cr | Sep 2023 ₹-73 Cr | Dec 2023 ₹-99 Cr | Mar 2024 ₹-62 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹91 Cr | Dec 2024 ₹774 Cr | Mar 2025 ₹169 Cr | Jun 2025 ₹245 Cr | Sep 2025 ₹344 Cr | Dec 2025 ₹533 Cr | Mar 2026 ₹366 Cr | Jun 2026 —
- RVMD: Sep 2021 ₹-53 Cr | Dec 2021 ₹-53 Cr | Mar 2022 ₹-58 Cr | Jun 2022 ₹-61 Cr | Sep 2022 ₹-73 Cr | Dec 2022 ₹-57 Cr | Mar 2023 ₹-68 Cr | Jun 2023 ₹-98 Cr | Sep 2023 ₹-108 Cr | Dec 2023 ₹-162 Cr | Mar 2024 ₹-116 Cr | Jun 2024 ₹-133 Cr | Sep 2024 ₹-156 Cr | Dec 2024 ₹-195 Cr | Mar 2025 ₹-213 Cr | Jun 2025 ₹-248 Cr | Sep 2025 ₹-305 Cr | Dec 2025 ₹-365 Cr | Mar 2026 ₹-454 Cr | Jun 2026 —
- ALNY: Sep 2021 ₹-205 Cr | Dec 2021 ₹-258 Cr | Mar 2022 ₹-240 Cr | Jun 2022 ₹-277 Cr | Sep 2022 ₹-406 Cr | Dec 2022 ₹-207 Cr | Mar 2023 ₹-174 Cr | Jun 2023 ₹-276 Cr | Sep 2023 ₹148 Cr | Dec 2023 ₹-138 Cr | Mar 2024 ₹-66 Cr | Jun 2024 ₹-17 Cr | Sep 2024 ₹-112 Cr | Dec 2024 ₹-84 Cr | Mar 2025 ₹-18 Cr | Jun 2025 ₹-66 Cr | Sep 2025 ₹251 Cr | Dec 2025 ₹186 Cr | Mar 2026 ₹206 Cr | Jun 2026 —
- ONC: Sep 2021 ₹-438 Cr | Dec 2021 ₹-586 Cr | Mar 2022 ₹-434 Cr | Jun 2022 ₹-566 Cr | Sep 2022 ₹-558 Cr | Dec 2022 ₹-445 Cr | Mar 2023 ₹-348 Cr | Jun 2023 ₹-381 Cr | Sep 2023 ₹215 Cr | Dec 2023 ₹-5.7K Cr | Mar 2024 ₹-251 Cr | Jun 2024 ₹-120 Cr | Sep 2024 ₹-121 Cr | Dec 2024 ₹-152 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹94 Cr | Sep 2025 ₹125 Cr | Dec 2025 ₹67 Cr | Mar 2026 ₹227 Cr | Jun 2026 —
- RPRX: Sep 2021 ₹222 Cr | Dec 2021 ₹54 Cr | Mar 2022 ₹128 Cr | Jun 2022 ₹492 Cr | Sep 2022 ₹220 Cr | Dec 2022 ₹-610 Cr | Mar 2023 ₹509 Cr | Jun 2023 ₹351 Cr | Sep 2023 ₹122 Cr | Dec 2023 ₹718 Cr | Mar 2024 ₹-4 Cr | Jun 2024 ₹194 Cr | Sep 2024 ₹806 Cr | Dec 2024 ₹334 Cr | Mar 2025 ₹434 Cr | Jun 2025 ₹91 Cr | Sep 2025 ₹444 Cr | Dec 2025 ₹356 Cr | Mar 2026 ₹468 Cr | Jun 2026 —
- INCY: Sep 2021 ₹182 Cr | Dec 2021 ₹564 Cr | Mar 2022 ₹38 Cr | Jun 2022 ₹161 Cr | Sep 2022 ₹113 Cr | Dec 2022 ₹28 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹204 Cr | Sep 2023 ₹171 Cr | Dec 2023 ₹201 Cr | Mar 2024 ₹170 Cr | Jun 2024 ₹-445 Cr | Sep 2024 ₹106 Cr | Dec 2024 ₹201 Cr | Mar 2025 ₹158 Cr | Jun 2025 ₹405 Cr | Sep 2025 ₹424 Cr | Dec 2025 ₹299 Cr | Mar 2026 ₹303 Cr | Jun 2026 —
- ROIV: Sep 2021 ₹-226 Cr | Dec 2021 ₹-306 Cr | Mar 2022 ₹-291 Cr | Jun 2022 ₹-354 Cr | Sep 2022 ₹-316 Cr | Dec 2022 ₹-385 Cr | Mar 2023 ₹-175 Cr | Jun 2023 ₹-328 Cr | Sep 2023 ₹-245 Cr | Dec 2023 ₹5.1K Cr | Mar 2024 ₹-95 Cr | Jun 2024 ₹-32 Cr | Sep 2024 ₹-237 Cr | Dec 2024 ₹-209 Cr | Mar 2025 ₹-252 Cr | Jun 2025 ₹-274 Cr | Sep 2025 ₹-166 Cr | Dec 2025 ₹-314 Cr | Mar 2026 ₹356 Cr | Jun 2026 —
- BNTX: Sep 2021 ₹3.2K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹3.7K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹502 Cr | Jun 2023 ₹-190 Cr | Sep 2023 ₹161 Cr | Dec 2023 ₹458 Cr | Mar 2024 ₹-315 Cr | Jun 2024 ₹-808 Cr | Sep 2024 ₹198 Cr | Dec 2024 ₹260 Cr | Mar 2025 ₹-416 Cr | Jun 2025 ₹-387 Cr | Sep 2025 ₹-29 Cr | Dec 2025 ₹-305 Cr | Mar 2026 ₹-532 Cr | Jun 2026 —
- INSM: Sep 2021 ₹-113 Cr | Dec 2021 ₹-113 Cr | Mar 2022 ₹-95 Cr | Jun 2022 ₹-96 Cr | Sep 2022 ₹-131 Cr | Dec 2022 ₹-160 Cr | Mar 2023 ₹-160 Cr | Jun 2023 ₹-245 Cr | Sep 2023 ₹-159 Cr | Dec 2023 ₹-186 Cr | Mar 2024 ₹-157 Cr | Jun 2024 ₹-301 Cr | Sep 2024 ₹-221 Cr | Dec 2024 ₹-236 Cr | Mar 2025 ₹-257 Cr | Jun 2025 ₹-322 Cr | Sep 2025 ₹-370 Cr | Dec 2025 ₹-328 Cr | Mar 2026 ₹-164 Cr | Jun 2026 —
- MRNA: Sep 2021 ₹3.3K Cr | Dec 2021 ₹4.9K Cr | Mar 2022 ₹3.7K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹79 Cr | Jun 2023 ₹-1.4K Cr | Sep 2023 ₹-3.6K Cr | Dec 2023 ₹217 Cr | Mar 2024 ₹-1.2K Cr | Jun 2024 ₹-1.3K Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹-1.1K Cr | Mar 2025 ₹-971 Cr | Jun 2025 ₹-825 Cr | Sep 2025 ₹-200 Cr | Dec 2025 ₹-826 Cr | Mar 2026 ₹-1.3K Cr | Jun 2026 —
- GMAB: Sep 2021 ₹139 Cr | Dec 2021 ₹95 Cr | Mar 2022 ₹69 Cr | Jun 2022 ₹266 Cr | Sep 2022 ₹340 Cr | Dec 2022 ₹134 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹196 Cr | Sep 2023 ₹298 Cr | Dec 2023 ₹161 Cr | Mar 2024 ₹192 Cr | Jun 2024 ₹203 Cr | Sep 2024 ₹186 Cr | Dec 2024 ₹448 Cr | Mar 2025 ₹244 Cr | Jun 2025 ₹336 Cr | Sep 2025 ₹401 Cr | Dec 2025 ₹55 Cr | Mar 2026 ₹74 Cr | Jun 2026 —
- ASND: Sep 2021 ₹-80 Cr | Dec 2021 ₹-106 Cr | Mar 2022 ₹-125 Cr | Jun 2022 ₹-81 Cr | Sep 2022 ₹-169 Cr | Dec 2022 ₹-207 Cr | Mar 2023 ₹-111 Cr | Jun 2023 ₹-121 Cr | Sep 2023 ₹-162 Cr | Dec 2023 ₹-87 Cr | Mar 2024 ₹-131 Cr | Jun 2024 ₹-109 Cr | Sep 2024 ₹-99 Cr | Dec 2024 ₹-38 Cr | Mar 2025 ₹-95 Cr | Jun 2025 ₹-39 Cr | Sep 2025 ₹-61 Cr | Dec 2025 ₹-34 Cr | Mar 2026 ₹629 Cr | Jun 2026 —
- BBIO: Sep 2021 ₹-161 Cr | Dec 2021 ₹-152 Cr | Mar 2022 ₹-201 Cr | Jun 2022 ₹-3 Cr | Sep 2022 ₹-140 Cr | Dec 2022 ₹-141 Cr | Mar 2023 ₹-143 Cr | Jun 2023 ₹-161 Cr | Sep 2023 ₹-179 Cr | Dec 2023 ₹-170 Cr | Mar 2024 ₹-36 Cr | Jun 2024 ₹-76 Cr | Sep 2024 ₹-164 Cr | Dec 2024 ₹-267 Cr | Mar 2025 ₹-170 Cr | Jun 2025 ₹-184 Cr | Sep 2025 ₹-185 Cr | Dec 2025 ₹-195 Cr | Mar 2026 ₹-167 Cr | Jun 2026 —
- JAZZ: Sep 2021 ₹-50 Cr | Dec 2021 ₹-32 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹37 Cr | Sep 2022 ₹-17 Cr | Dec 2022 ₹-240 Cr | Mar 2023 ₹70 Cr | Jun 2023 ₹106 Cr | Sep 2023 ₹147 Cr | Dec 2023 ₹95 Cr | Mar 2024 ₹-13 Cr | Jun 2024 ₹169 Cr | Sep 2024 ₹215 Cr | Dec 2024 ₹191 Cr | Mar 2025 ₹-92 Cr | Jun 2025 ₹-718 Cr | Sep 2025 ₹251 Cr | Dec 2025 ₹204 Cr | Mar 2026 ₹293 Cr | Jun 2026 —
- EXEL: Sep 2021 ₹38 Cr | Dec 2021 ₹95 Cr | Mar 2022 ₹69 Cr | Jun 2022 ₹71 Cr | Sep 2022 ₹73 Cr | Dec 2022 ₹-30 Cr | Mar 2023 ₹40 Cr | Jun 2023 ₹81 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹86 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹226 Cr | Sep 2024 ₹118 Cr | Dec 2024 ₹140 Cr | Mar 2025 — | Jun 2025 ₹160 Cr | Sep 2025 ₹194 Cr | Dec 2025 ₹245 Cr | Mar 2026 — | Jun 2026 ₹210 Cr
- MDGL: Sep 2021 ₹-63 Cr | Dec 2021 ₹-65 Cr | Mar 2022 ₹-58 Cr | Jun 2022 ₹-71 Cr | Sep 2022 ₹-81 Cr | Dec 2022 ₹-86 Cr | Mar 2023 ₹-77 Cr | Jun 2023 ₹-86 Cr | Sep 2023 ₹-99 Cr | Dec 2023 ₹-112 Cr | Mar 2024 ₹-148 Cr | Jun 2024 ₹-152 Cr | Sep 2024 ₹-107 Cr | Dec 2024 ₹-59 Cr | Mar 2025 ₹-73 Cr | Jun 2025 ₹-42 Cr | Sep 2025 ₹-114 Cr | Dec 2025 ₹-59 Cr | Mar 2026 ₹-94 Cr | Jun 2026 —
- ARWR: Sep 2021 ₹-63 Cr | Dec 2021 ₹-63 Cr | Mar 2022 ₹44 Cr | Jun 2022 ₹-72 Cr | Sep 2022 ₹-86 Cr | Dec 2022 ₹-42 Cr | Mar 2023 ₹48 Cr | Jun 2023 ₹-104 Cr | Sep 2023 ₹-111 Cr | Dec 2023 ₹-135 Cr | Mar 2024 ₹-127 Cr | Jun 2024 ₹-174 Cr | Sep 2024 ₹-173 Cr | Dec 2024 ₹-175 Cr | Mar 2025 ₹368 Cr | Jun 2025 ₹-179 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹-138 Cr | Jun 2026 —
- AXSM: Sep 2021 ₹-35 Cr | Dec 2021 ₹-34 Cr | Mar 2022 ₹-40 Cr | Jun 2022 ₹-41 Cr | Sep 2022 ₹-45 Cr | Dec 2022 ₹-61 Cr | Mar 2023 ₹-11 Cr | Jun 2023 ₹-67 Cr | Sep 2023 ₹-62 Cr | Dec 2023 ₹-99 Cr | Mar 2024 ₹-68 Cr | Jun 2024 ₹-79 Cr | Sep 2024 ₹-65 Cr | Dec 2024 ₹-75 Cr | Mar 2025 ₹-59 Cr | Jun 2025 ₹-48 Cr | Sep 2025 ₹-47 Cr | Dec 2025 ₹-29 Cr | Mar 2026 ₹-65 Cr | Jun 2026 —
- BMRN: Sep 2021 ₹-36 Cr | Dec 2021 ₹-58 Cr | Mar 2022 ₹121 Cr | Jun 2022 ₹28 Cr | Sep 2022 ₹-7 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹51 Cr | Jun 2023 ₹56 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹89 Cr | Jun 2024 ₹107 Cr | Sep 2024 ₹106 Cr | Dec 2024 ₹125 Cr | Mar 2025 ₹186 Cr | Jun 2025 ₹241 Cr | Sep 2025 ₹-31 Cr | Dec 2025 ₹-47 Cr | Mar 2026 ₹106 Cr | Jun 2026 —
- TECH: Sep 2021 ₹69 Cr | Dec 2021 ₹72 Cr | Mar 2022 ₹60 Cr | Jun 2022 ₹62 Cr | Sep 2022 ₹90 Cr | Dec 2022 ₹50 Cr | Mar 2023 ₹70 Cr | Jun 2023 ₹75 Cr | Sep 2023 ₹51 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹49 Cr | Jun 2024 ₹41 Cr | Sep 2024 ₹34 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹-18 Cr | Sep 2025 ₹38 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹51 Cr | Jun 2026 —
- CYTK: Sep 2021 ₹-76 Cr | Dec 2021 ₹-31 Cr | Mar 2022 ₹-89 Cr | Jun 2022 ₹-20 Cr | Sep 2022 ₹-142 Cr | Dec 2022 ₹-137 Cr | Mar 2023 ₹-131 Cr | Jun 2023 ₹-129 Cr | Sep 2023 ₹-129 Cr | Dec 2023 ₹-137 Cr | Mar 2024 ₹-136 Cr | Jun 2024 ₹-143 Cr | Sep 2024 ₹-161 Cr | Dec 2024 ₹-150 Cr | Mar 2025 ₹-161 Cr | Jun 2025 ₹-134 Cr | Sep 2025 ₹-306 Cr | Dec 2025 ₹-183 Cr | Mar 2026 ₹-206 Cr | Jun 2026 —
- KRYS: Sep 2021 ₹-16 Cr | Dec 2021 ₹-22 Cr | Mar 2022 ₹-50 Cr | Jun 2022 ₹-28 Cr | Sep 2022 ₹-30 Cr | Dec 2022 ₹-32 Cr | Mar 2023 ₹-45 Cr | Jun 2023 ₹-33 Cr | Sep 2023 ₹81 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹45 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹79 Cr | Dec 2025 ₹51 Cr | Mar 2026 ₹56 Cr | Jun 2026 —
- ABVX: Sep 2021 ₹-15 Cr | Dec 2021 ₹-15 Cr | Mar 2022 ₹-9 Cr | Jun 2022 ₹-9 Cr | Sep 2022 ₹-21 Cr | Dec 2022 ₹-21 Cr | Mar 2023 ₹-26 Cr | Jun 2023 ₹-26 Cr | Sep 2023 ₹-48 Cr | Dec 2023 ₹-48 Cr | Mar 2024 ₹-43 Cr | Jun 2024 ₹-39 Cr | Sep 2024 ₹-55 Cr | Dec 2024 ₹-39 Cr | Mar 2025 ₹-52 Cr | Jun 2025 ₹-48 Cr | Sep 2025 ₹-153 Cr | Dec 2025 ₹-70 Cr | Mar 2026 ₹-48 Cr | Jun 2026 —
- CORT: Sep 2021 ₹30 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹23 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹35 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹35 Cr | Sep 2024 ₹47 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹-32 Cr | Jun 2026 —
- APGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹-2 Cr | Sep 2022 ₹-20 Cr | Dec 2022 — | Mar 2023 ₹-13 Cr | Jun 2023 ₹-19 Cr | Sep 2023 ₹-21 Cr | Dec 2023 ₹-32 Cr | Mar 2024 ₹-32 Cr | Jun 2024 ₹-34 Cr | Sep 2024 ₹-49 Cr | Dec 2024 ₹-67 Cr | Mar 2025 ₹-55 Cr | Jun 2025 ₹-66 Cr | Sep 2025 ₹-65 Cr | Dec 2025 ₹-69 Cr | Mar 2026 ₹-74 Cr | Jun 2026 —
- SMMT: Sep 2021 ₹-20 Cr | Dec 2021 ₹-27 Cr | Mar 2022 ₹-21 Cr | Jun 2022 ₹-17 Cr | Sep 2022 ₹-21 Cr | Dec 2022 ₹-19 Cr | Mar 2023 ₹-542 Cr | Jun 2023 ₹-15 Cr | Sep 2023 ₹-21 Cr | Dec 2023 ₹-37 Cr | Mar 2024 ₹-43 Cr | Jun 2024 ₹-60 Cr | Sep 2024 ₹-56 Cr | Dec 2024 ₹-61 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹-566 Cr | Sep 2025 ₹-232 Cr | Dec 2025 ₹-219 Cr | Mar 2026 ₹12 Cr | Jun 2026 —
- HALO: Sep 2021 ₹217 Cr | Dec 2021 ₹67 Cr | Mar 2022 ₹60 Cr | Jun 2022 ₹23 Cr | Sep 2022 ₹62 Cr | Dec 2022 ₹58 Cr | Mar 2023 ₹40 Cr | Jun 2023 ₹75 Cr | Sep 2023 ₹82 Cr | Dec 2023 ₹85 Cr | Mar 2024 ₹77 Cr | Jun 2024 ₹93 Cr | Sep 2024 ₹137 Cr | Dec 2024 ₹137 Cr | Mar 2025 ₹118 Cr | Jun 2025 ₹165 Cr | Sep 2025 ₹175 Cr | Dec 2025 ₹-142 Cr | Mar 2026 ₹150 Cr | Jun 2026 —
- NUVL: Sep 2021 ₹-12 Cr | Dec 2021 ₹-17 Cr | Mar 2022 ₹-18 Cr | Jun 2022 ₹-18 Cr | Sep 2022 ₹-20 Cr | Dec 2022 ₹-26 Cr | Mar 2023 ₹-25 Cr | Jun 2023 ₹-29 Cr | Sep 2023 ₹-34 Cr | Dec 2023 ₹-38 Cr | Mar 2024 ₹-44 Cr | Jun 2024 ₹-57 Cr | Sep 2024 ₹-84 Cr | Dec 2024 ₹-75 Cr | Mar 2025 ₹-85 Cr | Jun 2025 ₹-100 Cr | Sep 2025 ₹-122 Cr | Dec 2025 ₹-119 Cr | Mar 2026 ₹-109 Cr | Jun 2026 —

### 20-quarter Profit growth history
- VRTX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1,110% | Sep 2022 9.3% | Dec 2022 6.4% | Mar 2023 -8.1% | Jun 2023 13% | Sep 2023 11% | Dec 2023 18% | Mar 2024 57% | Jun 2024 -492% | Sep 2024 1.0% | Dec 2024 -5.8% | Mar 2025 -41% | Jun 2025 — | Sep 2025 3.6% | Dec 2025 30% | Mar 2026 60% | Jun 2026 —
- REGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -73% | Sep 2022 -19% | Dec 2022 -46% | Mar 2023 -16% | Jun 2023 14% | Sep 2023 -23% | Dec 2023 -3.1% | Mar 2024 -12% | Jun 2024 48% | Sep 2024 33% | Dec 2024 -21% | Mar 2025 12% | Jun 2025 -2.8% | Sep 2025 8.9% | Dec 2025 -8.0% | Mar 2026 -10% | Jun 2026 —
- ARGX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -301% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 745% | Sep 2025 278% | Dec 2025 -31% | Mar 2026 117% | Jun 2026 —
- ALNY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -176% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ONC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -156% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RPRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -39% | Sep 2022 -0.9% | Dec 2022 -1,230% | Mar 2023 298% | Jun 2023 -29% | Sep 2023 -45% | Dec 2023 — | Mar 2024 -101% | Jun 2024 -45% | Sep 2024 561% | Dec 2024 -53% | Mar 2025 — | Jun 2025 -53% | Sep 2025 -45% | Dec 2025 6.6% | Mar 2026 7.8% | Jun 2026 —
- INCY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.1% | Sep 2022 -38% | Dec 2022 -95% | Mar 2023 -42% | Jun 2023 27% | Sep 2023 51% | Dec 2023 618% | Mar 2024 673% | Jun 2024 -318% | Sep 2024 -38% | Dec 2024 0.0% | Mar 2025 -7.1% | Jun 2025 — | Sep 2025 300% | Dec 2025 49% | Mar 2026 92% | Jun 2026 —
- ROIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -104% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BNTX: Sep 2021 — | Dec 2021 763% | Mar 2022 — | Jun 2022 — | Sep 2022 -44% | Dec 2022 -28% | Mar 2023 -86% | Jun 2023 -111% | Sep 2023 -91% | Dec 2023 -80% | Mar 2024 -163% | Jun 2024 — | Sep 2024 23% | Dec 2024 -43% | Mar 2025 — | Jun 2025 — | Sep 2025 -115% | Dec 2025 -217% | Mar 2026 — | Jun 2026 —
- MRNA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -21% | Sep 2022 -69% | Dec 2022 -70% | Mar 2023 -98% | Jun 2023 -163% | Sep 2023 -448% | Dec 2023 -85% | Mar 2024 -1,587% | Jun 2024 — | Sep 2024 — | Dec 2024 -616% | Mar 2025 — | Jun 2025 — | Sep 2025 -1,638% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GMAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 443% | Sep 2022 145% | Dec 2022 41% | Mar 2023 -55% | Jun 2023 -26% | Sep 2023 -12% | Dec 2023 20% | Mar 2024 519% | Jun 2024 3.6% | Sep 2024 -38% | Dec 2024 178% | Mar 2025 27% | Jun 2025 66% | Sep 2025 116% | Dec 2025 -88% | Mar 2026 -70% | Jun 2026 —
- JAZZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1,067% | Jun 2023 186% | Sep 2023 — | Dec 2023 — | Mar 2024 -119% | Jun 2024 59% | Sep 2024 46% | Dec 2024 101% | Mar 2025 — | Jun 2025 -525% | Sep 2025 17% | Dec 2025 6.8% | Mar 2026 — | Jun 2026 —
- EXEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -26% | Sep 2022 92% | Dec 2022 -132% | Mar 2023 -42% | Jun 2023 14% | Sep 2023 -99% | Dec 2023 — | Mar 2024 -7.5% | Jun 2024 179% | Sep 2024 11,700% | Dec 2024 63% | Mar 2025 — | Jun 2025 -29% | Sep 2025 64% | Dec 2025 75% | Mar 2026 — | Jun 2026 31%
- ARWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 9.1% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -365% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -138% | Jun 2026 —
- BMRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 115% | Sep 2022 — | Dec 2022 — | Mar 2023 -58% | Jun 2023 100% | Sep 2023 — | Dec 2023 — | Mar 2024 75% | Jun 2024 91% | Sep 2024 165% | Dec 2024 525% | Mar 2025 109% | Jun 2025 125% | Sep 2025 -129% | Dec 2025 -138% | Mar 2026 -43% | Jun 2026 —
- TECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 313% | Sep 2022 30% | Dec 2022 -31% | Mar 2023 17% | Jun 2023 21% | Sep 2023 -43% | Dec 2023 -46% | Mar 2024 -30% | Jun 2024 -45% | Sep 2024 -33% | Dec 2024 30% | Mar 2025 -53% | Jun 2025 -144% | Sep 2025 12% | Dec 2025 8.6% | Mar 2026 122% | Jun 2026 —
- KRYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -67% | Dec 2024 400% | Mar 2025 3,500% | Jun 2025 138% | Sep 2025 193% | Dec 2025 13% | Mar 2026 56% | Jun 2026 —
- CORT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 17% | Dec 2022 -47% | Mar 2023 -30% | Jun 2023 3.7% | Sep 2023 -11% | Dec 2023 82% | Mar 2024 75% | Jun 2024 25% | Sep 2024 52% | Dec 2024 0.0% | Mar 2025 -25% | Jun 2025 0.0% | Sep 2025 -57% | Dec 2025 -23% | Mar 2026 -252% | Jun 2026 —
- SMMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 50% | Jun 2026 —
- HALO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -75% | Sep 2022 -71% | Dec 2022 -13% | Mar 2023 -33% | Jun 2023 226% | Sep 2023 32% | Dec 2023 47% | Mar 2024 93% | Jun 2024 24% | Sep 2024 67% | Dec 2024 61% | Mar 2025 53% | Jun 2025 77% | Sep 2025 28% | Dec 2025 -204% | Mar 2026 27% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Regeneron Pharmaceuticals, Inc. reports $231 million of CAPEX; Revolution Medicines, Inc. has the highest covered intensity at 200%. Coverage is only 28 of 30 companies and 499 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Regeneron Pharmaceuticals, Inc. · $231 million | 73.7% versus #2 · Vertex Pharmaceuticals Incorporated | 8/8 recent comparable periods | 28/30 companies · 499 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Regeneron Pharmaceuticals, Inc. (REGN): ₹231 Cr
2. Vertex Pharmaceuticals Incorporated (VRTX): ₹133 Cr
3. Moderna, Inc. (MRNA): ₹62 Cr
4. BioNTech SE (BNTX): ₹57 Cr
5. BeOne Medicines AG (ONC): ₹41 Cr

### CAPEX intensity — highest reinvestment intensity
1. Revolution Medicines, Inc. (RVMD): 200%
2. BioNTech SE (BNTX): 38%
3. Roivant Sciences Ltd. (ROIV): 33%
4. Cytokinetics, Incorporated (CYTK): 32%
5. Moderna, Inc. (MRNA): 16%

### 20-quarter CAPEX history
- VRTX: Sep 2021 ₹52 Cr | Dec 2021 ₹62 Cr | Mar 2022 ₹64 Cr | Jun 2022 ₹53 Cr | Sep 2022 ₹54 Cr | Dec 2022 ₹34 Cr | Mar 2023 ₹42 Cr | Jun 2023 ₹60 Cr | Sep 2023 ₹41 Cr | Dec 2023 ₹58 Cr | Mar 2024 ₹68 Cr | Jun 2024 ₹69 Cr | Sep 2024 ₹68 Cr | Dec 2024 ₹93 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹146 Cr | Sep 2025 ₹102 Cr | Dec 2025 ₹149 Cr | Mar 2026 ₹133 Cr | Jun 2026 —
- REGN: Sep 2021 ₹133 Cr | Dec 2021 ₹155 Cr | Mar 2022 ₹142 Cr | Jun 2022 ₹154 Cr | Sep 2022 ₹143 Cr | Dec 2022 ₹152 Cr | Mar 2023 ₹178 Cr | Jun 2023 ₹113 Cr | Sep 2023 ₹176 Cr | Dec 2023 ₹251 Cr | Mar 2024 ₹134 Cr | Jun 2024 ₹181 Cr | Sep 2024 ₹242 Cr | Dec 2024 ₹200 Cr | Mar 2025 ₹229 Cr | Jun 2025 ₹219 Cr | Sep 2025 ₹201 Cr | Dec 2025 ₹249 Cr | Mar 2026 ₹231 Cr | Jun 2026 —
- ARGX: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹2 Cr | Jun 2026 ₹2 Cr
- RVMD: Sep 2021 ₹0 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- ALNY: Sep 2021 ₹26 Cr | Dec 2021 ₹22 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹17 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹22 Cr | Jun 2026 —
- ONC: Sep 2021 ₹67 Cr | Dec 2021 ₹115 Cr | Mar 2022 ₹45 Cr | Jun 2022 ₹50 Cr | Sep 2022 ₹109 Cr | Dec 2022 ₹121 Cr | Mar 2023 ₹126 Cr | Jun 2023 ₹121 Cr | Sep 2023 ₹158 Cr | Dec 2023 ₹157 Cr | Mar 2024 ₹157 Cr | Jun 2024 ₹110 Cr | Sep 2024 ₹134 Cr | Dec 2024 ₹92 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹41 Cr | Jun 2026 —
- INCY: Sep 2021 ₹32 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹28 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹54 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- ROIV: Sep 2021 ₹3 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- BNTX: Sep 2021 ₹41 Cr | Dec 2021 ₹39 Cr | Mar 2022 ₹44 Cr | Jun 2022 ₹71 Cr | Sep 2022 ₹78 Cr | Dec 2022 ₹137 Cr | Mar 2023 ₹45 Cr | Jun 2023 ₹67 Cr | Sep 2023 ₹53 Cr | Dec 2023 ₹84 Cr | Mar 2024 ₹59 Cr | Jun 2024 ₹89 Cr | Sep 2024 ₹73 Cr | Dec 2024 ₹67 Cr | Mar 2025 ₹49 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹36 Cr | Dec 2025 ₹63 Cr | Mar 2026 ₹57 Cr | Jun 2026 —
- INSM: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- MRNA: Sep 2021 ₹99 Cr | Dec 2021 ₹120 Cr | Mar 2022 ₹132 Cr | Jun 2022 ₹67 Cr | Sep 2022 ₹89 Cr | Dec 2022 ₹92 Cr | Mar 2023 ₹113 Cr | Jun 2023 ₹234 Cr | Sep 2023 ₹140 Cr | Dec 2023 ₹220 Cr | Mar 2024 ₹196 Cr | Jun 2024 ₹182 Cr | Sep 2024 ₹151 Cr | Dec 2024 ₹522 Cr | Mar 2025 ₹117 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹39 Cr | Mar 2026 ₹62 Cr | Jun 2026 —
- GMAB: Sep 2021 ₹12 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹13 Cr | Dec 2023 — | Mar 2024 ₹4 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹6 Cr | Dec 2024 — | Mar 2025 ₹12 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹2 Cr | Dec 2025 — | Mar 2026 ₹5 Cr | Jun 2026 —
- ASND: Sep 2021 ₹11 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹3 Cr | Dec 2022 — | Mar 2023 ₹1 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹1 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BBIO: Sep 2021 ₹6 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 — | Jun 2025 ₹1 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- JAZZ: Sep 2021 ₹8 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹20 Cr | Jun 2026 —
- EXEL: Sep 2021 ₹14 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹4 Cr | Mar 2025 — | Jun 2025 ₹3 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 — | Jun 2026 ₹2 Cr
- MDGL: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹0 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹1 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- ARWR: Sep 2021 ₹8 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹33 Cr | Dec 2022 ₹39 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹47 Cr | Sep 2023 ₹64 Cr | Dec 2023 ₹69 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- AXSM: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- BMRN: Sep 2021 ₹19 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹29 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹29 Cr | Dec 2022 ₹36 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹21 Cr | Jun 2026 —
- TECH: Sep 2021 ₹6 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- CYTK: Sep 2021 ₹16 Cr | Dec 2021 ₹18 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 — | Jun 2024 ₹2 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- KRYS: Sep 2021 ₹21 Cr | Dec 2021 ₹41 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- ABVX: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- CORT: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 — | Jun 2024 ₹0 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- APGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 — | Jun 2026 —
- SMMT: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 ₹1 Cr
- HALO: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹4 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- VRTX: Sep 2021 2.6% | Dec 2021 3.0% | Mar 2022 3.1% | Jun 2022 2.4% | Sep 2022 2.3% | Dec 2022 1.5% | Mar 2023 1.8% | Jun 2023 2.4% | Sep 2023 1.7% | Dec 2023 2.3% | Mar 2024 2.5% | Jun 2024 2.6% | Sep 2024 2.5% | Dec 2024 3.2% | Mar 2025 1.5% | Jun 2025 4.9% | Sep 2025 3.3% | Dec 2025 4.7% | Mar 2026 4.5% | Jun 2026 —
- REGN: Sep 2021 3.9% | Dec 2021 3.1% | Mar 2022 4.8% | Jun 2022 5.4% | Sep 2022 4.9% | Dec 2022 4.5% | Mar 2023 5.6% | Jun 2023 3.6% | Sep 2023 5.2% | Dec 2023 7.3% | Mar 2024 4.3% | Jun 2024 5.1% | Sep 2024 6.5% | Dec 2024 5.3% | Mar 2025 7.6% | Jun 2025 6.0% | Sep 2025 5.4% | Dec 2025 6.4% | Mar 2026 6.4% | Jun 2026 —
- ARGX: Sep 2021 14% | Dec 2021 2.9% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.4% | Jun 2025 0.3% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.2% | Jun 2026 —
- RVMD: Sep 2021 0.0% | Dec 2021 11% | Mar 2022 25% | Jun 2022 33% | Sep 2022 133% | Dec 2022 20% | Mar 2023 29% | Jun 2023 25% | Sep 2023 — | Dec 2023 200% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ALNY: Sep 2021 14% | Dec 2021 8.5% | Mar 2022 8.5% | Jun 2022 7.1% | Sep 2022 6.4% | Dec 2022 6.6% | Mar 2023 4.4% | Jun 2023 5.0% | Sep 2023 2.3% | Dec 2023 3.4% | Mar 2024 2.6% | Jun 2024 1.2% | Sep 2024 0.8% | Dec 2024 1.5% | Mar 2025 1.5% | Jun 2025 1.8% | Sep 2025 1.0% | Dec 2025 2.1% | Mar 2026 1.9% | Jun 2026 —
- ONC: Sep 2021 33% | Dec 2021 54% | Mar 2022 15% | Jun 2022 15% | Sep 2022 28% | Dec 2022 32% | Mar 2023 28% | Jun 2023 20% | Sep 2023 20% | Dec 2023 25% | Mar 2024 21% | Jun 2024 12% | Sep 2024 13% | Dec 2024 8.2% | Mar 2025 5.0% | Jun 2025 3.3% | Sep 2025 3.4% | Dec 2025 2.5% | Mar 2026 2.7% | Jun 2026 —
- INCY: Sep 2021 3.9% | Dec 2021 3.9% | Mar 2022 2.3% | Jun 2022 1.3% | Sep 2022 3.4% | Dec 2022 2.3% | Mar 2023 1.5% | Jun 2023 0.7% | Sep 2023 1.2% | Dec 2023 0.2% | Mar 2024 1.1% | Jun 2024 5.2% | Sep 2024 0.4% | Dec 2024 1.4% | Mar 2025 0.3% | Jun 2025 1.6% | Sep 2025 1.1% | Dec 2025 1.5% | Mar 2026 0.8% | Jun 2026 —
- ROIV: Sep 2021 21% | Dec 2021 25% | Mar 2022 67% | Jun 2022 175% | Sep 2022 23% | Dec 2022 5.9% | Mar 2023 7.4% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 13% | Sep 2024 25% | Dec 2024 22% | Mar 2025 13% | Jun 2025 200% | Sep 2025 400% | Dec 2025 250% | Mar 2026 33% | Jun 2026 —
- BNTX: Sep 2021 0.7% | Dec 2021 0.7% | Mar 2022 0.7% | Jun 2022 2.2% | Sep 2022 2.3% | Dec 2022 3.2% | Mar 2023 3.5% | Jun 2023 40% | Sep 2023 5.9% | Dec 2023 5.7% | Mar 2024 31% | Jun 2024 69% | Sep 2024 5.9% | Dec 2024 5.6% | Mar 2025 20% | Jun 2025 10% | Sep 2025 2.4% | Dec 2025 6.9% | Mar 2026 38% | Jun 2026 —
- INSM: Sep 2021 2.1% | Dec 2021 1.8% | Mar 2022 3.8% | Jun 2022 4.6% | Sep 2022 1.5% | Dec 2022 8.5% | Mar 2023 4.6% | Jun 2023 6.5% | Sep 2023 3.8% | Dec 2023 2.4% | Mar 2024 6.6% | Jun 2024 7.8% | Sep 2024 4.3% | Dec 2024 6.7% | Mar 2025 11% | Jun 2025 2.8% | Sep 2025 1.4% | Dec 2025 6.4% | Mar 2026 1.0% | Jun 2026 —
- MRNA: Sep 2021 2.0% | Dec 2021 1.7% | Mar 2022 2.2% | Jun 2022 1.4% | Sep 2022 2.6% | Dec 2022 1.8% | Mar 2023 6.1% | Jun 2023 68% | Sep 2023 7.6% | Dec 2023 7.8% | Mar 2024 117% | Jun 2024 76% | Sep 2024 8.1% | Dec 2024 54% | Mar 2025 108% | Jun 2025 2.1% | Sep 2025 3.2% | Dec 2025 5.8% | Mar 2026 16% | Jun 2026 —
- GMAB: Sep 2021 3.3% | Dec 2021 2.7% | Mar 2022 2.5% | Jun 2022 2.0% | Sep 2022 1.9% | Dec 2022 2.1% | Mar 2023 3.6% | Jun 2023 2.3% | Sep 2023 1.9% | Dec 2023 — | Mar 2024 0.7% | Jun 2024 0.5% | Sep 2024 0.7% | Dec 2024 — | Mar 2025 1.7% | Jun 2025 1.1% | Sep 2025 0.2% | Dec 2025 — | Mar 2026 0.6% | Jun 2026 —
- ASND: Sep 2021 1,100% | Dec 2021 100% | Mar 2022 57% | Jun 2022 67% | Sep 2022 20% | Dec 2022 — | Mar 2023 2.9% | Jun 2023 0.0% | Sep 2023 2.1% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BBIO: Sep 2021 300% | Dec 2021 23% | Mar 2022 50% | Jun 2022 2.7% | Sep 2022 — | Dec 2022 50% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.5% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 — | Jun 2025 0.9% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 —
- JAZZ: Sep 2021 1.0% | Dec 2021 1.1% | Mar 2022 1.5% | Jun 2022 1.3% | Sep 2022 0.5% | Dec 2022 0.9% | Mar 2023 0.4% | Jun 2023 0.6% | Sep 2023 0.4% | Dec 2023 1.0% | Mar 2024 0.8% | Jun 2024 0.7% | Sep 2024 1.0% | Dec 2024 1.2% | Mar 2025 1.6% | Jun 2025 1.2% | Sep 2025 1.3% | Dec 2025 1.4% | Mar 2026 1.9% | Jun 2026 —
- EXEL: Sep 2021 4.3% | Dec 2021 3.5% | Mar 2022 1.7% | Jun 2022 2.9% | Sep 2022 1.2% | Dec 2022 2.4% | Mar 2023 2.9% | Jun 2023 1.3% | Sep 2023 1.9% | Dec 2023 2.7% | Mar 2024 2.4% | Jun 2024 1.1% | Sep 2024 1.5% | Dec 2024 0.7% | Mar 2025 — | Jun 2025 0.5% | Sep 2025 0.2% | Dec 2025 0.2% | Mar 2026 — | Jun 2026 0.3%
- MDGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.0% | Sep 2024 1.6% | Dec 2024 0.0% | Mar 2025 — | Jun 2025 — | Sep 2025 0.3% | Dec 2025 0.0% | Mar 2026 1.3% | Jun 2026 —
- ARWR: Sep 2021 21% | Dec 2021 22% | Mar 2022 3.3% | Jun 2022 31% | Sep 2022 103% | Dec 2022 62% | Mar 2023 19% | Jun 2023 294% | Sep 2023 400% | Dec 2023 1,725% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 267% | Mar 2025 0.9% | Jun 2025 7.1% | Sep 2025 2.7% | Dec 2025 0.8% | Mar 2026 4.1% | Jun 2026 —
- AXSM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 —
- BMRN: Sep 2021 4.6% | Dec 2021 6.4% | Mar 2022 5.6% | Jun 2022 5.1% | Sep 2022 5.7% | Dec 2022 6.7% | Mar 2023 4.0% | Jun 2023 3.7% | Sep 2023 3.8% | Dec 2023 4.5% | Mar 2024 4.0% | Jun 2024 2.9% | Sep 2024 2.4% | Dec 2024 2.7% | Mar 2025 2.3% | Jun 2025 2.1% | Sep 2025 3.6% | Dec 2025 4.7% | Mar 2026 2.7% | Jun 2026 —
- TECH: Sep 2021 2.3% | Dec 2021 3.7% | Mar 2022 5.2% | Jun 2022 4.9% | Sep 2022 3.7% | Dec 2022 2.2% | Mar 2023 4.1% | Jun 2023 3.7% | Sep 2023 5.1% | Dec 2023 5.5% | Mar 2024 5.3% | Jun 2024 5.9% | Sep 2024 3.1% | Dec 2024 2.4% | Mar 2025 3.2% | Jun 2025 1.6% | Sep 2025 1.7% | Dec 2025 2.0% | Mar 2026 2.9% | Jun 2026 —
- CYTK: Sep 2021 320% | Dec 2021 32% | Mar 2022 100% | Jun 2022 1.1% | Sep 2022 200% | Dec 2022 150% | Mar 2023 0.0% | Jun 2023 100% | Sep 2023 — | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 5.9% | Mar 2025 300% | Jun 2025 6.0% | Sep 2025 450% | Dec 2025 33% | Mar 2026 32% | Jun 2026 —
- KRYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 22% | Dec 2023 4.8% | Mar 2024 2.2% | Jun 2024 1.4% | Sep 2024 1.2% | Dec 2024 1.1% | Mar 2025 6.8% | Jun 2025 2.1% | Sep 2025 2.0% | Dec 2025 1.9% | Mar 2026 6.0% | Jun 2026 —
- ABVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 — | Mar 2026 0.0% | Jun 2026 —
- CORT: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 0.0% | Sep 2024 1.1% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 —
- HALO: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.7% | Sep 2022 0.5% | Dec 2022 1.1% | Mar 2023 6.8% | Jun 2023 0.9% | Sep 2023 1.4% | Dec 2023 1.3% | Mar 2024 2.0% | Jun 2024 1.3% | Sep 2024 0.7% | Dec 2024 1.0% | Mar 2025 0.4% | Jun 2025 0.6% | Sep 2025 0.8% | Dec 2025 0.2% | Mar 2026 1.1% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: BioNTech SE has the clearest covered balance-sheet capacity with $14,336 million net cash and gross debt of $303 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: ABIVAX Société Anonyme · $1 million | 87.5% versus #2 · Apogee Therapeutics, Inc. | 7/8 recent comparable periods | 29/30 companies · 542 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. ABIVAX Société Anonyme (ABVX): ₹1 Cr
2. Apogee Therapeutics, Inc. (APGE): ₹8 Cr
3. Krystal Biotech, Inc. (KRYS): ₹9 Cr
4. Corcept Therapeutics Incorporated (CORT): ₹10 Cr
5. Summit Therapeutics Inc. (SMMT): ₹20 Cr

### Net debt — lowest net debt
1. BioNTech SE (BNTX): ₹-14.3K Cr
2. Regeneron Pharmaceuticals, Inc. (REGN): ₹-6.0K Cr
3. Vertex Pharmaceuticals Incorporated (VRTX): ₹-5.3K Cr
4. argenx SE (ARGX): ₹-5.1K Cr
5. Roivant Sciences Ltd. (ROIV): ₹-4.2K Cr

### 20-quarter Gross debt history
- VRTX: Sep 2021 ₹877 Cr | Dec 2021 ₹887 Cr | Mar 2022 ₹873 Cr | Jun 2022 ₹847 Cr | Sep 2022 ₹825 Cr | Dec 2022 ₹810 Cr | Mar 2023 ₹789 Cr | Jun 2023 ₹768 Cr | Sep 2023 ₹745 Cr | Dec 2023 ₹725 Cr | Mar 2024 ₹721 Cr | Jun 2024 ₹933 Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- REGN: Sep 2021 ₹2.7K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 —
- ARGX: Sep 2021 ₹11 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹39 Cr | Dec 2024 ₹39 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹43 Cr | Sep 2025 ₹47 Cr | Dec 2025 ₹47 Cr | Mar 2026 ₹47 Cr | Jun 2026 ₹47 Cr
- RVMD: Sep 2021 ₹32 Cr | Dec 2021 ₹67 Cr | Mar 2022 ₹66 Cr | Jun 2022 ₹65 Cr | Sep 2022 ₹65 Cr | Dec 2022 ₹64 Cr | Mar 2023 ₹64 Cr | Jun 2023 ₹63 Cr | Sep 2023 ₹63 Cr | Dec 2023 ₹88 Cr | Mar 2024 ₹88 Cr | Jun 2024 ₹87 Cr | Sep 2024 ₹87 Cr | Dec 2024 ₹136 Cr | Mar 2025 ₹134 Cr | Jun 2025 ₹133 Cr | Sep 2025 ₹158 Cr | Dec 2025 ₹159 Cr | Mar 2026 ₹157 Cr | Jun 2026 —
- ALNY: Sep 2021 ₹760 Cr | Dec 2021 ₹998 Cr | Mar 2022 ₹995 Cr | Jun 2022 ₹991 Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- ONC: Sep 2021 ₹700 Cr | Dec 2021 ₹695 Cr | Mar 2022 ₹672 Cr | Jun 2022 ₹633 Cr | Sep 2022 ₹711 Cr | Dec 2022 ₹597 Cr | Mar 2023 ₹545 Cr | Jun 2023 ₹678 Cr | Sep 2023 ₹580 Cr | Dec 2023 ₹930 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹997 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 —
- RPRX: Sep 2021 ₹7.1K Cr | Dec 2021 ₹7.1K Cr | Mar 2022 ₹7.1K Cr | Jun 2022 ₹7.1K Cr | Sep 2022 ₹7.1K Cr | Dec 2022 ₹7.1K Cr | Mar 2023 ₹7.1K Cr | Jun 2023 ₹7.1K Cr | Sep 2023 ₹6.1K Cr | Dec 2023 ₹6.1K Cr | Mar 2024 ₹6.1K Cr | Jun 2024 ₹7.6K Cr | Sep 2024 ₹7.6K Cr | Dec 2024 ₹7.6K Cr | Mar 2025 ₹7.6K Cr | Jun 2025 ₹8.0K Cr | Sep 2025 ₹8.9K Cr | Dec 2025 ₹9.0K Cr | Mar 2026 ₹9.0K Cr | Jun 2026 —
- INCY: Sep 2021 ₹34 Cr | Dec 2021 ₹34 Cr | Mar 2022 ₹34 Cr | Jun 2022 ₹34 Cr | Sep 2022 ₹34 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹33 Cr | Jun 2023 ₹33 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹33 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹37 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹34 Cr | Jun 2026 —
- ROIV: Sep 2021 ₹277 Cr | Dec 2021 ₹277 Cr | Mar 2022 ₹284 Cr | Jun 2022 ₹489 Cr | Sep 2022 ₹477 Cr | Dec 2022 ₹480 Cr | Mar 2023 ₹481 Cr | Jun 2023 ₹493 Cr | Sep 2023 ₹498 Cr | Dec 2023 ₹507 Cr | Mar 2024 ₹54 Cr | Jun 2024 ₹379 Cr | Sep 2024 ₹53 Cr | Dec 2024 ₹100 Cr | Mar 2025 ₹100 Cr | Jun 2025 ₹100 Cr | Sep 2025 ₹99 Cr | Dec 2025 ₹109 Cr | Mar 2026 ₹107 Cr | Jun 2026 —
- BNTX: Sep 2021 ₹287 Cr | Dec 2021 ₹302 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹212 Cr | Dec 2022 ₹212 Cr | Mar 2023 ₹210 Cr | Jun 2023 ₹206 Cr | Sep 2023 ₹202 Cr | Dec 2023 ₹219 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹244 Cr | Dec 2024 ₹254 Cr | Mar 2025 ₹293 Cr | Jun 2025 ₹270 Cr | Sep 2025 ₹245 Cr | Dec 2025 ₹267 Cr | Mar 2026 ₹303 Cr | Jun 2026 —
- INSM: Sep 2021 ₹601 Cr | Dec 2021 ₹612 Cr | Mar 2022 ₹836 Cr | Jun 2022 ₹831 Cr | Sep 2022 ₹830 Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹739 Cr | Sep 2025 ₹740 Cr | Dec 2025 ₹750 Cr | Mar 2026 ₹742 Cr | Jun 2026 —
- MRNA: Sep 2021 ₹343 Cr | Dec 2021 ₹705 Cr | Mar 2022 ₹741 Cr | Jun 2022 ₹728 Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹927 Cr | Jun 2023 ₹947 Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹710 Cr | Mar 2025 ₹702 Cr | Jun 2025 ₹698 Cr | Sep 2025 ₹686 Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- GMAB: Sep 2021 ₹68 Cr | Dec 2021 ₹65 Cr | Mar 2022 ₹62 Cr | Jun 2022 ₹89 Cr | Sep 2022 ₹83 Cr | Dec 2022 ₹86 Cr | Mar 2023 ₹121 Cr | Jun 2023 ₹118 Cr | Sep 2023 ₹112 Cr | Dec 2023 ₹114 Cr | Mar 2024 ₹146 Cr | Jun 2024 ₹147 Cr | Sep 2024 ₹147 Cr | Dec 2024 ₹144 Cr | Mar 2025 ₹143 Cr | Jun 2025 ₹148 Cr | Sep 2025 ₹142 Cr | Dec 2025 ₹5.4K Cr | Mar 2026 ₹5.4K Cr | Jun 2026 —
- ASND: Sep 2021 ₹102 Cr | Dec 2021 ₹105 Cr | Mar 2022 ₹474 Cr | Jun 2022 ₹512 Cr | Sep 2022 ₹553 Cr | Dec 2022 ₹508 Cr | Mar 2023 ₹505 Cr | Jun 2023 ₹506 Cr | Sep 2023 ₹666 Cr | Dec 2023 ₹644 Cr | Mar 2024 ₹669 Cr | Jun 2024 ₹673 Cr | Sep 2024 ₹789 Cr | Dec 2024 ₹857 Cr | Mar 2025 ₹847 Cr | Jun 2025 ₹793 Cr | Sep 2025 ₹814 Cr | Dec 2025 ₹872 Cr | Mar 2026 ₹897 Cr | Jun 2026 —
- BBIO: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —
- JAZZ: Sep 2021 ₹6.4K Cr | Dec 2021 ₹6.1K Cr | Mar 2022 ₹6.1K Cr | Jun 2022 ₹6.1K Cr | Sep 2022 ₹5.8K Cr | Dec 2022 ₹5.8K Cr | Mar 2023 ₹5.8K Cr | Jun 2023 ₹5.8K Cr | Sep 2023 ₹5.8K Cr | Dec 2023 ₹5.8K Cr | Mar 2024 ₹5.8K Cr | Jun 2024 ₹5.8K Cr | Sep 2024 ₹6.2K Cr | Dec 2024 ₹6.1K Cr | Mar 2025 ₹5.4K Cr | Jun 2025 ₹5.4K Cr | Sep 2025 ₹5.4K Cr | Dec 2025 ₹5.4K Cr | Mar 2026 ₹5.4K Cr | Jun 2026 —
- EXEL: Sep 2021 ₹52 Cr | Dec 2021 ₹51 Cr | Mar 2022 ₹51 Cr | Jun 2022 ₹161 Cr | Sep 2022 ₹160 Cr | Dec 2022 ₹190 Cr | Mar 2023 ₹187 Cr | Jun 2023 ₹195 Cr | Sep 2023 ₹191 Cr | Dec 2023 ₹190 Cr | Mar 2024 ₹201 Cr | Jun 2024 ₹198 Cr | Sep 2024 ₹194 Cr | Dec 2024 ₹191 Cr | Mar 2025 — | Jun 2025 ₹187 Cr | Sep 2025 ₹176 Cr | Dec 2025 ₹173 Cr | Mar 2026 — | Jun 2026 ₹170 Cr
- MDGL: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹50 Cr | Sep 2022 ₹50 Cr | Dec 2022 ₹50 Cr | Mar 2023 ₹85 Cr | Jun 2023 ₹100 Cr | Sep 2023 ₹117 Cr | Dec 2023 ₹117 Cr | Mar 2024 ₹118 Cr | Jun 2024 ₹118 Cr | Sep 2024 ₹119 Cr | Dec 2024 ₹120 Cr | Mar 2025 ₹120 Cr | Jun 2025 ₹124 Cr | Sep 2025 ₹346 Cr | Dec 2025 ₹348 Cr | Mar 2026 ₹347 Cr | Jun 2026 —
- ARWR: Sep 2021 ₹26 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹26 Cr | Jun 2022 ₹81 Cr | Sep 2022 ₹82 Cr | Dec 2022 ₹335 Cr | Mar 2023 ₹341 Cr | Jun 2023 ₹346 Cr | Sep 2023 ₹383 Cr | Dec 2023 ₹392 Cr | Mar 2024 ₹400 Cr | Jun 2024 ₹454 Cr | Sep 2024 ₹852 Cr | Dec 2024 ₹464 Cr | Mar 2025 ₹741 Cr | Jun 2025 ₹713 Cr | Sep 2025 ₹734 Cr | Dec 2025 ₹688 Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- AXSM: Sep 2021 ₹50 Cr | Dec 2021 ₹50 Cr | Mar 2022 ₹50 Cr | Jun 2022 ₹94 Cr | Sep 2022 ₹94 Cr | Dec 2022 ₹95 Cr | Mar 2023 ₹148 Cr | Jun 2023 ₹185 Cr | Sep 2023 ₹186 Cr | Dec 2023 ₹186 Cr | Mar 2024 ₹189 Cr | Jun 2024 ₹191 Cr | Sep 2024 ₹191 Cr | Dec 2024 ₹192 Cr | Mar 2025 ₹209 Cr | Jun 2025 ₹215 Cr | Sep 2025 ₹216 Cr | Dec 2025 ₹216 Cr | Mar 2026 ₹217 Cr | Jun 2026 —
- BMRN: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹595 Cr | Dec 2024 ₹595 Cr | Mar 2025 ₹596 Cr | Jun 2025 ₹596 Cr | Sep 2025 ₹597 Cr | Dec 2025 ₹597 Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- TECH: Sep 2021 ₹377 Cr | Dec 2021 ₹352 Cr | Mar 2022 ₹327 Cr | Jun 2022 ₹313 Cr | Sep 2022 ₹342 Cr | Dec 2022 ₹289 Cr | Mar 2023 ₹474 Cr | Jun 2023 ₹455 Cr | Sep 2023 ₹550 Cr | Dec 2023 ₹556 Cr | Mar 2024 ₹495 Cr | Jun 2024 ₹420 Cr | Sep 2024 ₹399 Cr | Dec 2024 ₹395 Cr | Mar 2025 ₹423 Cr | Jun 2025 ₹444 Cr | Sep 2025 ₹394 Cr | Dec 2025 ₹351 Cr | Mar 2026 ₹290 Cr | Jun 2026 —
- CYTK: Sep 2021 ₹266 Cr | Dec 2021 ₹270 Cr | Mar 2022 ₹322 Cr | Jun 2022 ₹324 Cr | Sep 2022 ₹739 Cr | Dec 2022 ₹750 Cr | Mar 2023 ₹750 Cr | Jun 2023 ₹749 Cr | Sep 2023 ₹748 Cr | Dec 2023 ₹756 Cr | Mar 2024 ₹755 Cr | Jun 2024 ₹790 Cr | Sep 2024 ₹790 Cr | Dec 2024 ₹789 Cr | Mar 2025 ₹791 Cr | Jun 2025 ₹858 Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- KRYS: Sep 2021 ₹8 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- ABVX: Sep 2021 ₹45 Cr | Dec 2021 ₹45 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹39 Cr | Dec 2022 ₹39 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹55 Cr | Dec 2023 ₹55 Cr | Mar 2024 ₹97 Cr | Jun 2024 ₹97 Cr | Sep 2024 ₹96 Cr | Dec 2024 ₹96 Cr | Mar 2025 ₹93 Cr | Jun 2025 ₹85 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- CORT: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- APGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- SMMT: Sep 2021 ₹2 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹27 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹519 Cr | Mar 2023 ₹104 Cr | Jun 2023 ₹107 Cr | Sep 2023 ₹107 Cr | Dec 2023 ₹106 Cr | Mar 2024 ₹110 Cr | Jun 2024 ₹109 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹20 Cr | Jun 2026 ₹20 Cr
- HALO: Sep 2021 ₹876 Cr | Dec 2021 ₹877 Cr | Mar 2022 ₹878 Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 —

### 20-quarter Net debt history
- VRTX: Sep 2021 ₹-6.1K Cr | Dec 2021 ₹-6.6K Cr | Mar 2022 ₹-7.4K Cr | Jun 2022 ₹-8.4K Cr | Sep 2022 ₹-8.9K Cr | Dec 2022 ₹-10.0K Cr | Mar 2023 ₹-9.6K Cr | Jun 2023 ₹-10.5K Cr | Sep 2023 ₹-11.2K Cr | Dec 2023 ₹-10.5K Cr | Mar 2024 ₹-9.5K Cr | Jun 2024 ₹-4.9K Cr | Sep 2024 ₹-4.8K Cr | Dec 2024 ₹-4.6K Cr | Mar 2025 ₹-4.6K Cr | Jun 2025 ₹-4.9K Cr | Sep 2025 ₹-4.5K Cr | Dec 2025 ₹-4.8K Cr | Mar 2026 ₹-5.3K Cr | Jun 2026 —
- REGN: Sep 2021 ₹-3.1K Cr | Dec 2021 ₹-3.0K Cr | Mar 2022 ₹-4.4K Cr | Jun 2022 ₹-4.9K Cr | Sep 2022 ₹-4.3K Cr | Dec 2022 ₹-5.0K Cr | Mar 2023 ₹-6.3K Cr | Jun 2023 ₹-6.2K Cr | Sep 2023 ₹-7.2K Cr | Dec 2023 ₹-8.1K Cr | Mar 2024 ₹-7.8K Cr | Jun 2024 ₹-7.1K Cr | Sep 2024 ₹-7.1K Cr | Dec 2024 ₹-6.3K Cr | Mar 2025 ₹-5.6K Cr | Jun 2025 ₹-4.8K Cr | Sep 2025 ₹-5.7K Cr | Dec 2025 ₹-5.9K Cr | Mar 2026 ₹-6.0K Cr | Jun 2026 —
- ARGX: Sep 2021 ₹-2.3K Cr | Dec 2021 ₹-2.3K Cr | Mar 2022 ₹-2.6K Cr | Jun 2022 ₹-2.6K Cr | Sep 2022 ₹-2.2K Cr | Dec 2022 ₹-2.2K Cr | Mar 2023 ₹-2.0K Cr | Jun 2023 ₹-2.0K Cr | Sep 2023 ₹-3.2K Cr | Dec 2023 ₹-3.2K Cr | Mar 2024 ₹-3.1K Cr | Jun 2024 ₹-3.1K Cr | Sep 2024 ₹-3.3K Cr | Dec 2024 ₹-3.3K Cr | Mar 2025 ₹-3.9K Cr | Jun 2025 ₹-3.9K Cr | Sep 2025 ₹-4.4K Cr | Dec 2025 ₹-4.4K Cr | Mar 2026 ₹-5.1K Cr | Jun 2026 ₹-5.1K Cr
- RVMD: Sep 2021 ₹-577 Cr | Dec 2021 ₹-510 Cr | Mar 2022 ₹-453 Cr | Jun 2022 ₹-396 Cr | Sep 2022 ₹-590 Cr | Dec 2022 ₹-581 Cr | Mar 2023 ₹-846 Cr | Jun 2023 ₹-846 Cr | Sep 2023 ₹-750 Cr | Dec 2023 ₹-1.8K Cr | Mar 2024 ₹-1.6K Cr | Jun 2024 ₹-1.5K Cr | Sep 2024 ₹-1.5K Cr | Dec 2024 ₹-2.2K Cr | Mar 2025 ₹-2.0K Cr | Jun 2025 ₹-2.0K Cr | Sep 2025 ₹-1.8K Cr | Dec 2025 ₹-1.9K Cr | Mar 2026 ₹-1.8K Cr | Jun 2026 —
- ALNY: Sep 2021 ₹-1.6K Cr | Dec 2021 ₹-1.4K Cr | Mar 2022 ₹-1.2K Cr | Jun 2022 ₹-1.1K Cr | Sep 2022 ₹-941 Cr | Dec 2022 ₹-872 Cr | Mar 2023 ₹-751 Cr | Jun 2023 ₹-744 Cr | Sep 2023 ₹-1.1K Cr | Dec 2023 ₹-1.1K Cr | Mar 2024 ₹-1.1K Cr | Jun 2024 ₹-1.3K Cr | Sep 2024 ₹-1.5K Cr | Dec 2024 ₹-1.4K Cr | Mar 2025 ₹-1.3K Cr | Jun 2025 ₹-1.6K Cr | Sep 2025 ₹-1.4K Cr | Dec 2025 ₹-1.6K Cr | Mar 2026 ₹-1.7K Cr | Jun 2026 —
- ONC: Sep 2021 ₹-3.2K Cr | Dec 2021 ₹-5.9K Cr | Mar 2022 ₹-5.6K Cr | Jun 2022 ₹-5.1K Cr | Sep 2022 ₹-4.4K Cr | Dec 2022 ₹-3.9K Cr | Mar 2023 ₹-3.3K Cr | Jun 2023 ₹-2.8K Cr | Sep 2023 ₹-2.6K Cr | Dec 2023 ₹-2.3K Cr | Mar 2024 ₹-1.7K Cr | Jun 2024 ₹-1.5K Cr | Sep 2024 ₹-1.6K Cr | Dec 2024 ₹-1.5K Cr | Mar 2025 ₹-1.5K Cr | Jun 2025 ₹-1.7K Cr | Sep 2025 ₹-2.1K Cr | Dec 2025 ₹-2.5K Cr | Mar 2026 ₹-2.7K Cr | Jun 2026 —
- RPRX: Sep 2021 ₹5.0K Cr | Dec 2021 ₹5.0K Cr | Mar 2022 ₹4.8K Cr | Jun 2022 ₹4.7K Cr | Sep 2022 ₹6.0K Cr | Dec 2022 ₹5.4K Cr | Mar 2023 ₹5.1K Cr | Jun 2023 ₹5.0K Cr | Sep 2023 ₹4.5K Cr | Dec 2023 ₹5.7K Cr | Mar 2024 ₹5.3K Cr | Jun 2024 ₹5.8K Cr | Sep 2024 ₹6.7K Cr | Dec 2024 ₹6.7K Cr | Mar 2025 ₹6.5K Cr | Jun 2025 ₹7.4K Cr | Sep 2025 ₹8.0K Cr | Dec 2025 ₹8.3K Cr | Mar 2026 ₹8.4K Cr | Jun 2026 —
- INCY: Sep 2021 ₹-2.3K Cr | Dec 2021 ₹-2.3K Cr | Mar 2022 ₹-2.5K Cr | Jun 2022 ₹-2.7K Cr | Sep 2022 ₹-2.9K Cr | Dec 2022 ₹-3.2K Cr | Mar 2023 ₹-3.1K Cr | Jun 2023 ₹-3.4K Cr | Sep 2023 ₹-3.5K Cr | Dec 2023 ₹-3.6K Cr | Mar 2024 ₹-3.8K Cr | Jun 2024 ₹-1.5K Cr | Sep 2024 ₹-1.7K Cr | Dec 2024 ₹-2.1K Cr | Mar 2025 ₹-2.4K Cr | Jun 2025 ₹-2.4K Cr | Sep 2025 ₹-2.9K Cr | Dec 2025 ₹-3.5K Cr | Mar 2026 ₹-4.0K Cr | Jun 2026 —
- ROIV: Sep 2021 ₹-2.2K Cr | Dec 2021 ₹-1.9K Cr | Mar 2022 ₹-1.8K Cr | Jun 2022 ₹-1.5K Cr | Sep 2022 ₹-1.1K Cr | Dec 2022 ₹-1.0K Cr | Mar 2023 ₹-1.2K Cr | Jun 2023 ₹-941 Cr | Sep 2023 ₹-910 Cr | Dec 2023 ₹-6.2K Cr | Mar 2024 ₹-6.4K Cr | Jun 2024 ₹-5.3K Cr | Sep 2024 ₹-5.3K Cr | Dec 2024 ₹-5.0K Cr | Mar 2025 ₹-4.8K Cr | Jun 2025 ₹-4.4K Cr | Sep 2025 ₹-4.3K Cr | Dec 2025 ₹-4.4K Cr | Mar 2026 ₹-4.2K Cr | Jun 2026 —
- BNTX: Sep 2021 ₹-2.1K Cr | Dec 2021 ₹-1.8K Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹-13.9K Cr | Dec 2022 ₹-13.9K Cr | Mar 2023 ₹-12.3K Cr | Jun 2023 ₹-15.4K Cr | Sep 2023 ₹-15.5K Cr | Dec 2023 ₹-16.3K Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹-16.5K Cr | Dec 2024 ₹-16.5K Cr | Mar 2025 ₹-13.8K Cr | Jun 2025 ₹-13.8K Cr | Sep 2025 ₹-14.3K Cr | Dec 2025 ₹-14.6K Cr | Mar 2026 ₹-14.3K Cr | Jun 2026 —
- INSM: Sep 2021 ₹-246 Cr | Dec 2021 ₹-105 Cr | Mar 2022 ₹201 Cr | Jun 2022 ₹276 Cr | Sep 2022 ₹317 Cr | Dec 2022 ₹178 Cr | Mar 2023 ₹336 Cr | Jun 2023 ₹422 Cr | Sep 2023 ₹565 Cr | Dec 2023 ₹579 Cr | Mar 2024 ₹772 Cr | Jun 2024 ₹129 Cr | Sep 2024 ₹-308 Cr | Dec 2024 ₹-124 Cr | Mar 2025 ₹107 Cr | Jun 2025 ₹-1.1K Cr | Sep 2025 ₹-940 Cr | Dec 2025 ₹-680 Cr | Mar 2026 ₹-482 Cr | Jun 2026 —
- MRNA: Sep 2021 ₹-8.6K Cr | Dec 2021 ₹-10.0K Cr | Mar 2022 ₹-9.4K Cr | Jun 2022 ₹-7.2K Cr | Sep 2022 ₹-7.3K Cr | Dec 2022 ₹-8.9K Cr | Mar 2023 ₹-8.0K Cr | Jun 2023 ₹-7.5K Cr | Sep 2023 ₹-6.3K Cr | Dec 2023 ₹-7.4K Cr | Mar 2024 ₹-7.3K Cr | Jun 2024 ₹-7.2K Cr | Sep 2024 ₹-5.6K Cr | Dec 2024 ₹-6.3K Cr | Mar 2025 ₹-5.3K Cr | Jun 2025 ₹-4.4K Cr | Sep 2025 ₹-3.8K Cr | Dec 2025 ₹-4.5K Cr | Mar 2026 ₹-4.0K Cr | Jun 2026 —
- GMAB: Sep 2021 ₹-2.8K Cr | Dec 2021 ₹-2.9K Cr | Mar 2022 ₹-2.9K Cr | Jun 2022 ₹-3.0K Cr | Sep 2022 ₹-3.1K Cr | Dec 2022 ₹-3.1K Cr | Mar 2023 ₹-3.5K Cr | Jun 2023 ₹-3.5K Cr | Sep 2023 ₹-3.8K Cr | Dec 2023 ₹-4.1K Cr | Mar 2024 ₹-4.1K Cr | Jun 2024 ₹-2.1K Cr | Sep 2024 ₹-2.4K Cr | Dec 2024 ₹-2.8K Cr | Mar 2025 ₹-3.1K Cr | Jun 2025 ₹-2.8K Cr | Sep 2025 ₹-3.3K Cr | Dec 2025 ₹3.7K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 —
- ASND: Sep 2021 ₹-756 Cr | Dec 2021 ₹-577 Cr | Mar 2022 ₹-505 Cr | Jun 2022 ₹-443 Cr | Sep 2022 ₹-367 Cr | Dec 2022 ₹-227 Cr | Mar 2023 ₹-81 Cr | Jun 2023 ₹75 Cr | Sep 2023 ₹211 Cr | Dec 2023 ₹245 Cr | Mar 2024 ₹349 Cr | Jun 2024 ₹414 Cr | Sep 2024 ₹163 Cr | Dec 2024 ₹297 Cr | Mar 2025 ₹329 Cr | Jun 2025 ₹299 Cr | Sep 2025 ₹275 Cr | Dec 2025 ₹256 Cr | Mar 2026 ₹324 Cr | Jun 2026 —
- BBIO: Sep 2021 ₹777 Cr | Dec 2021 ₹889 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹996 Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- JAZZ: Sep 2021 ₹5.7K Cr | Dec 2021 ₹5.5K Cr | Mar 2022 ₹5.6K Cr | Jun 2022 ₹5.3K Cr | Sep 2022 ₹4.9K Cr | Dec 2022 ₹4.9K Cr | Mar 2023 ₹4.6K Cr | Jun 2023 ₹4.4K Cr | Sep 2023 ₹4.2K Cr | Dec 2023 ₹4.1K Cr | Mar 2024 ₹3.9K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹3.6K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —
- EXEL: Sep 2021 ₹-1.4K Cr | Dec 2021 ₹-1.4K Cr | Mar 2022 ₹-1.5K Cr | Jun 2022 ₹-1.4K Cr | Sep 2022 ₹-1.4K Cr | Dec 2022 ₹-1.1K Cr | Mar 2023 ₹-1.1K Cr | Jun 2023 ₹-1.1K Cr | Sep 2023 ₹-912 Cr | Dec 2023 ₹-805 Cr | Mar 2024 ₹-762 Cr | Jun 2024 ₹-804 Cr | Sep 2024 ₹-995 Cr | Dec 2024 ₹-920 Cr | Mar 2025 — | Jun 2025 ₹-844 Cr | Sep 2025 ₹-813 Cr | Dec 2025 ₹-886 Cr | Mar 2026 — | Jun 2026 ₹-607 Cr
- MDGL: Sep 2021 ₹-298 Cr | Dec 2021 ₹-269 Cr | Mar 2022 ₹-219 Cr | Jun 2022 ₹-162 Cr | Sep 2022 ₹-103 Cr | Dec 2022 ₹-309 Cr | Mar 2023 ₹-244 Cr | Jun 2023 ₹-198 Cr | Sep 2023 ₹-115 Cr | Dec 2023 ₹-517 Cr | Mar 2024 ₹-941 Cr | Jun 2024 ₹-940 Cr | Sep 2024 ₹-880 Cr | Dec 2024 ₹-806 Cr | Mar 2025 ₹-723 Cr | Jun 2025 ₹-673 Cr | Sep 2025 ₹-764 Cr | Dec 2025 ₹-636 Cr | Mar 2026 ₹-466 Cr | Jun 2026 —
- ARWR: Sep 2021 ₹-342 Cr | Dec 2021 ₹-305 Cr | Mar 2022 ₹-376 Cr | Jun 2022 ₹-335 Cr | Sep 2022 ₹-294 Cr | Dec 2022 ₹-167 Cr | Mar 2023 ₹-140 Cr | Jun 2023 ₹-106 Cr | Sep 2023 ₹-21 Cr | Dec 2023 ₹172 Cr | Mar 2024 ₹-123 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹198 Cr | Dec 2024 ₹-89 Cr | Mar 2025 ₹-356 Cr | Jun 2025 ₹-187 Cr | Sep 2025 ₹-47 Cr | Dec 2025 ₹617 Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- AXSM: Sep 2021 ₹-65 Cr | Dec 2021 ₹-36 Cr | Mar 2022 ₹-35 Cr | Jun 2022 ₹21 Cr | Sep 2022 ₹-134 Cr | Dec 2022 ₹-106 Cr | Mar 2023 ₹-99 Cr | Jun 2023 ₹-252 Cr | Sep 2023 ₹-231 Cr | Dec 2023 ₹-200 Cr | Mar 2024 ₹-142 Cr | Jun 2024 ₹-125 Cr | Sep 2024 ₹-136 Cr | Dec 2024 ₹-123 Cr | Mar 2025 ₹-92 Cr | Jun 2025 ₹-88 Cr | Sep 2025 ₹-109 Cr | Dec 2025 ₹-107 Cr | Mar 2026 ₹-88 Cr | Jun 2026 —
- BMRN: Sep 2021 ₹-1 Cr | Dec 2021 ₹65 Cr | Mar 2022 ₹24 Cr | Jun 2022 ₹-29 Cr | Sep 2022 ₹-192 Cr | Dec 2022 ₹-209 Cr | Mar 2023 ₹-68 Cr | Jun 2023 ₹-86 Cr | Sep 2023 ₹-40 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹-135 Cr | Sep 2024 ₹-335 Cr | Dec 2024 ₹-543 Cr | Mar 2025 ₹-676 Cr | Jun 2025 ₹-836 Cr | Sep 2025 ₹-881 Cr | Dec 2025 ₹-964 Cr | Mar 2026 ₹-792 Cr | Jun 2026 —
- TECH: Sep 2021 ₹142 Cr | Dec 2021 ₹73 Cr | Mar 2022 ₹96 Cr | Jun 2022 ₹66 Cr | Sep 2022 ₹139 Cr | Dec 2022 ₹92 Cr | Mar 2023 ₹317 Cr | Jun 2023 ₹251 Cr | Sep 2023 ₹401 Cr | Dec 2023 ₹420 Cr | Mar 2024 ₹350 Cr | Jun 2024 ₹267 Cr | Sep 2024 ₹211 Cr | Dec 2024 ₹217 Cr | Mar 2025 ₹282 Cr | Jun 2025 ₹282 Cr | Sep 2025 ₹249 Cr | Dec 2025 ₹178 Cr | Mar 2026 ₹80 Cr | Jun 2026 —
- CYTK: Sep 2021 ₹-212 Cr | Dec 2021 ₹-202 Cr | Mar 2022 ₹-287 Cr | Jun 2022 ₹-262 Cr | Sep 2022 ₹-129 Cr | Dec 2022 ₹-33 Cr | Mar 2023 ₹86 Cr | Jun 2023 ₹183 Cr | Sep 2023 ₹209 Cr | Dec 2023 ₹141 Cr | Mar 2024 ₹136 Cr | Jun 2024 ₹-267 Cr | Sep 2024 ₹-222 Cr | Dec 2024 ₹-287 Cr | Mar 2025 ₹-147 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹234 Cr | Dec 2025 ₹402 Cr | Mar 2026 ₹470 Cr | Jun 2026 —
- KRYS: Sep 2021 ₹-430 Cr | Dec 2021 ₹-430 Cr | Mar 2022 ₹-426 Cr | Jun 2022 ₹-417 Cr | Sep 2022 ₹-385 Cr | Dec 2022 ₹-370 Cr | Mar 2023 ₹-341 Cr | Jun 2023 ₹-469 Cr | Sep 2023 ₹-554 Cr | Dec 2023 ₹-524 Cr | Mar 2024 ₹-530 Cr | Jun 2024 ₹-552 Cr | Sep 2024 ₹-581 Cr | Dec 2024 ₹-591 Cr | Mar 2025 ₹-607 Cr | Jun 2025 ₹-672 Cr | Sep 2025 ₹-721 Cr | Dec 2025 ₹-819 Cr | Mar 2026 ₹-814 Cr | Jun 2026 —
- ABVX: Sep 2021 ₹-16 Cr | Dec 2021 ₹-16 Cr | Mar 2022 ₹-2 Cr | Jun 2022 ₹-2 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹-79 Cr | Jun 2023 ₹-79 Cr | Sep 2023 ₹-197 Cr | Dec 2023 ₹-197 Cr | Mar 2024 ₹-125 Cr | Jun 2024 ₹-125 Cr | Sep 2024 ₹-48 Cr | Dec 2024 ₹-48 Cr | Mar 2025 ₹-11 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹-544 Cr | Dec 2025 ₹-515 Cr | Mar 2026 ₹-476 Cr | Jun 2026 —
- CORT: Sep 2021 ₹-360 Cr | Dec 2021 ₹-223 Cr | Mar 2022 ₹-343 Cr | Jun 2022 ₹-368 Cr | Sep 2022 ₹-394 Cr | Dec 2022 ₹-431 Cr | Mar 2023 ₹-464 Cr | Jun 2023 ₹-363 Cr | Sep 2023 ₹-355 Cr | Dec 2023 ₹-368 Cr | Mar 2024 ₹-411 Cr | Jun 2024 ₹-467 Cr | Sep 2024 ₹-373 Cr | Dec 2024 ₹-376 Cr | Mar 2025 ₹-316 Cr | Jun 2025 ₹-335 Cr | Sep 2025 ₹-416 Cr | Dec 2025 ₹-366 Cr | Mar 2026 ₹-328 Cr | Jun 2026 —
- APGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-141 Cr | Jun 2023 ₹-125 Cr | Sep 2023 ₹-423 Cr | Dec 2023 ₹-393 Cr | Mar 2024 ₹-814 Cr | Jun 2024 ₹-672 Cr | Sep 2024 ₹-514 Cr | Dec 2024 ₹-509 Cr | Mar 2025 ₹-501 Cr | Jun 2025 ₹-494 Cr | Sep 2025 ₹-517 Cr | Dec 2025 ₹-721 Cr | Mar 2026 ₹-1.1K Cr | Jun 2026 —
- SMMT: Sep 2021 ₹-78 Cr | Dec 2021 ₹-69 Cr | Mar 2022 ₹-50 Cr | Jun 2022 ₹-30 Cr | Sep 2022 ₹-118 Cr | Dec 2022 ₹170 Cr | Mar 2023 ₹-138 Cr | Jun 2023 ₹-108 Cr | Sep 2023 ₹-92 Cr | Dec 2023 ₹-80 Cr | Mar 2024 ₹-47 Cr | Jun 2024 ₹-216 Cr | Sep 2024 ₹-455 Cr | Dec 2024 ₹-405 Cr | Mar 2025 ₹-355 Cr | Jun 2025 ₹-292 Cr | Sep 2025 ₹-234 Cr | Dec 2025 ₹-692 Cr | Mar 2026 ₹-579 Cr | Jun 2026 ₹-671 Cr
- HALO: Sep 2021 ₹60 Cr | Dec 2021 ₹136 Cr | Mar 2022 ₹92 Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹974 Cr | Sep 2024 ₹838 Cr | Dec 2024 ₹910 Cr | Mar 2025 ₹759 Cr | Jun 2025 ₹961 Cr | Sep 2025 ₹809 Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Summit Therapeutics Inc. leads ROCE at 48.3%, 37.5 percentage points above Exelixis, Inc.. Ascendis Pharma A/S has the strongest latest improvement at +120.8 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Summit Therapeutics Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Summit Therapeutics Inc. · 48.3% | 347.2% versus #2 · Exelixis, Inc. | 6/8 recent comparable periods | 30/30 companies · 563 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Summit Therapeutics Inc. (SMMT): 48%
2. Exelixis, Inc. (EXEL): 11%
3. Halozyme Therapeutics, Inc. (HALO): 8.5%
4. Alnylam Pharmaceuticals, Inc. (ALNY): 7.8%
5. Roivant Sciences Ltd. (ROIV): 7.8%

### ROCE change — fastest improvers
1. Ascendis Pharma A/S (ASND): +120.8 pp
2. ABIVAX Société Anonyme (ABVX): +14.9 pp
3. Roivant Sciences Ltd. (ROIV): +12.5 pp
4. Insmed Incorporated (INSM): +12.2 pp
5. Alnylam Pharmaceuticals, Inc. (ALNY): +7.2 pp

### 20-quarter ROCE history
- VRTX: Sep 2021 11% | Dec 2021 8.3% | Mar 2022 9.4% | Jun 2022 9.5% | Sep 2022 9.1% | Dec 2022 7.7% | Mar 2023 5.6% | Jun 2023 6.8% | Sep 2023 6.4% | Dec 2023 5.7% | Mar 2024 6.3% | Jun 2024 -21% | Sep 2024 6.1% | Dec 2024 5.4% | Mar 2025 3.2% | Jun 2025 6.3% | Sep 2025 6.1% | Dec 2025 5.9% | Mar 2026 5.5% | Jun 2026 —
- REGN: Sep 2021 11% | Dec 2021 15% | Mar 2022 6.6% | Jun 2022 5.3% | Sep 2022 5.5% | Dec 2022 4.8% | Mar 2023 3.8% | Jun 2023 3.9% | Sep 2023 4.2% | Dec 2023 3.5% | Mar 2024 2.6% | Jun 2024 3.6% | Sep 2024 3.8% | Dec 2024 3.1% | Mar 2025 1.8% | Jun 2025 3.2% | Sep 2025 3.0% | Dec 2025 2.5% | Mar 2026 1.8% | Jun 2026 —
- ARGX: Sep 2021 -9.5% | Dec 2021 -10% | Mar 2022 -7.5% | Jun 2022 -5.9% | Sep 2022 -7.8% | Dec 2022 -4.3% | Mar 2023 -3.5% | Jun 2023 -3.5% | Sep 2023 -2.3% | Dec 2023 -4.0% | Mar 2024 -2.6% | Jun 2024 -1.3% | Sep 2024 0.3% | Dec 2024 2.1% | Mar 2025 2.7% | Jun 2025 3.9% | Sep 2025 5.4% | Dec 2025 5.7% | Mar 2026 5.4% | Jun 2026 6.8%
- RVMD: Sep 2021 -8.6% | Dec 2021 -8.8% | Mar 2022 -8.3% | Jun 2022 -9.6% | Sep 2022 -11% | Dec 2022 -8.6% | Mar 2023 -9.1% | Jun 2023 -14% | Sep 2023 -15% | Dec 2023 -14% | Mar 2024 -9.9% | Jun 2024 -12% | Sep 2024 -14% | Dec 2024 -10% | Mar 2025 -12% | Jun 2025 -13% | Sep 2025 -17% | Dec 2025 -16% | Mar 2026 -21% | Jun 2026 —
- ALNY: Sep 2021 -6.4% | Dec 2021 -6.7% | Mar 2022 -5.3% | Jun 2022 -6.8% | Sep 2022 -9.2% | Dec 2022 -6.6% | Mar 2023 -5.4% | Jun 2023 -8.7% | Sep 2023 7.6% | Dec 2023 -4.1% | Mar 2024 -1.6% | Jun 2024 1.7% | Sep 2024 -2.6% | Dec 2024 -3.6% | Mar 2025 0.6% | Jun 2025 -0.5% | Sep 2025 12% | Dec 2025 4.0% | Mar 2026 7.8% | Jun 2026 —
- ONC: Sep 2021 -10% | Dec 2021 -10% | Mar 2022 -7.8% | Jun 2022 -8.6% | Sep 2022 -9.4% | Dec 2022 -7.9% | Mar 2023 -6.5% | Jun 2023 -6.2% | Sep 2023 -2.8% | Dec 2023 -8.6% | Mar 2024 -6.2% | Jun 2024 -2.6% | Sep 2024 -3.0% | Dec 2024 -2.1% | Mar 2025 0.3% | Jun 2025 2.2% | Sep 2025 3.6% | Dec 2025 3.7% | Mar 2026 4.7% | Jun 2026 —
- RPRX: Sep 2021 1.8% | Dec 2021 0.9% | Mar 2022 1.3% | Jun 2022 2.2% | Sep 2022 1.1% | Dec 2022 -2.9% | Mar 2023 2.9% | Jun 2023 1.5% | Sep 2023 0.9% | Dec 2023 3.8% | Mar 2024 -0.5% | Jun 2024 1.6% | Sep 2024 4.5% | Dec 2024 2.2% | Mar 2025 3.3% | Jun 2025 1.2% | Sep 2025 2.4% | Dec 2025 2.2% | Mar 2026 3.2% | Jun 2026 —
- INCY: Sep 2021 7.6% | Dec 2021 3.2% | Mar 2022 3.2% | Jun 2022 6.7% | Sep 2022 3.5% | Dec 2022 1.6% | Mar 2023 0.6% | Jun 2023 4.1% | Sep 2023 4.4% | Dec 2023 3.7% | Mar 2024 1.7% | Jun 2024 -11% | Sep 2024 3.3% | Dec 2024 6.5% | Mar 2025 4.2% | Jun 2025 14% | Sep 2025 10% | Dec 2025 7.3% | Mar 2026 6.1% | Jun 2026 —
- ROIV: Sep 2021 -49% | Dec 2021 -9.8% | Mar 2022 -11% | Jun 2022 -13% | Sep 2022 -12% | Dec 2022 -16% | Mar 2023 -10% | Jun 2023 -13% | Sep 2023 -11% | Dec 2023 114% | Mar 2024 -4.6% | Jun 2024 -2.5% | Sep 2024 -9.2% | Dec 2024 -4.3% | Mar 2025 -4.7% | Jun 2025 -5.1% | Sep 2025 -5.8% | Dec 2025 -6.3% | Mar 2026 7.8% | Jun 2026 —
- BNTX: Sep 2021 86% | Dec 2021 67% | Mar 2022 — | Jun 2022 — | Sep 2022 16% | Dec 2022 20% | Mar 2023 6.4% | Jun 2023 -5.5% | Sep 2023 0.4% | Dec 2023 2.6% | Mar 2024 -4.9% | Jun 2024 -9.5% | Sep 2024 0.1% | Dec 2024 0.7% | Mar 2025 -5.4% | Jun 2025 -5.1% | Sep 2025 -0.2% | Dec 2025 -1.6% | Mar 2026 -3.5% | Jun 2026 —
- INSM: Sep 2021 -11% | Dec 2021 -11% | Mar 2022 -11% | Jun 2022 -8.5% | Sep 2022 -12% | Dec 2022 -12% | Mar 2023 -13% | Jun 2023 -22% | Sep 2023 -15% | Dec 2023 -14% | Mar 2024 -14% | Jun 2024 -23% | Sep 2024 -15% | Dec 2024 -16% | Mar 2025 -22% | Jun 2025 -18% | Sep 2025 -20% | Dec 2025 -18% | Mar 2026 -9.4% | Jun 2026 —
- MRNA: Sep 2021 50% | Dec 2021 59% | Mar 2022 37% | Jun 2022 18% | Sep 2022 7.7% | Dec 2022 8.7% | Mar 2023 -1.9% | Jun 2023 -9.8% | Sep 2023 -12% | Dec 2023 0.0% | Mar 2024 -7.2% | Jun 2024 -8.5% | Sep 2024 -0.5% | Dec 2024 -9.1% | Mar 2025 -8.3% | Jun 2025 -7.6% | Sep 2025 -2.2% | Dec 2025 -7.7% | Mar 2026 -14% | Jun 2026 —
- GMAB: Sep 2021 4.3% | Dec 2021 3.2% | Mar 2022 2.2% | Jun 2022 5.0% | Sep 2022 7.2% | Dec 2022 11% | Mar 2023 1.6% | Jun 2023 5.4% | Sep 2023 5.8% | Dec 2023 6.0% | Mar 2024 2.6% | Jun 2024 5.1% | Sep 2024 6.3% | Dec 2024 4.9% | Mar 2025 3.5% | Jun 2025 6.7% | Sep 2025 8.0% | Dec 2025 0.7% | Mar 2026 2.1% | Jun 2026 —
- ASND: Sep 2021 -9.4% | Dec 2021 -12% | Mar 2022 -12% | Jun 2022 -14% | Sep 2022 -13% | Dec 2022 -16% | Mar 2023 -14% | Jun 2023 -15% | Sep 2023 -15% | Dec 2023 -7.3% | Mar 2024 -13% | Jun 2024 -49% | Sep 2024 -21% | Dec 2024 0.2% | Mar 2025 -116% | Jun 2025 -167% | Sep 2025 5.2% | Dec 2025 3.9% | Mar 2026 4.7% | Jun 2026 —
- BBIO: Sep 2021 -21% | Dec 2021 -22% | Mar 2022 -20% | Jun 2022 -9.6% | Sep 2022 -20% | Dec 2022 -19% | Mar 2023 -20% | Jun 2023 -26% | Sep 2023 -27% | Dec 2023 -39% | Mar 2024 0.1% | Jun 2024 -33% | Sep 2024 -36% | Dec 2024 -39% | Mar 2025 -15% | Jun 2025 -17% | Sep 2025 -22% | Dec 2025 -20% | Mar 2026 -17% | Jun 2026 —
- JAZZ: Sep 2021 0.3% | Dec 2021 0.6% | Mar 2022 1.0% | Jun 2022 0.7% | Sep 2022 0.2% | Dec 2022 -2.5% | Mar 2023 1.2% | Jun 2023 1.5% | Sep 2023 1.8% | Dec 2023 1.2% | Mar 2024 0.7% | Jun 2024 2.0% | Sep 2024 2.5% | Dec 2024 1.8% | Mar 2025 -0.6% | Jun 2025 -7.3% | Sep 2025 0.6% | Dec 2025 2.5% | Mar 2026 3.4% | Jun 2026 —
- EXEL: Sep 2021 2.5% | Dec 2021 5.5% | Mar 2022 3.8% | Jun 2022 3.6% | Sep 2022 3.4% | Dec 2022 -1.9% | Mar 2023 1.1% | Jun 2023 2.9% | Sep 2023 -0.7% | Dec 2023 3.1% | Mar 2024 1.1% | Jun 2024 11% | Sep 2024 5.3% | Dec 2024 6.4% | Mar 2025 — | Jun 2025 7.7% | Sep 2025 9.4% | Dec 2025 9.4% | Mar 2026 — | Jun 2026 11%
- MDGL: Sep 2021 -24% | Dec 2021 -30% | Mar 2022 -28% | Jun 2022 -35% | Sep 2022 -55% | Dec 2022 -39% | Mar 2023 -41% | Jun 2023 -52% | Sep 2023 -100% | Dec 2023 -31% | Mar 2024 -25% | Jun 2024 -28% | Sep 2024 -23% | Dec 2024 -9.6% | Mar 2025 -8.8% | Jun 2025 -5.3% | Sep 2025 -12% | Dec 2025 -6.5% | Mar 2026 -11% | Jun 2026 —
- ARWR: Sep 2021 -12% | Dec 2021 -13% | Mar 2022 7.2% | Jun 2022 -13% | Sep 2022 -15% | Dec 2022 -6.6% | Mar 2023 7.0% | Jun 2023 -15% | Sep 2023 -18% | Dec 2023 -21% | Mar 2024 -15% | Jun 2024 -23% | Sep 2024 -19% | Dec 2024 -22% | Mar 2025 34% | Jun 2025 -17% | Sep 2025 4.0% | Dec 2025 3.7% | Mar 2026 -8.5% | Jun 2026 —
- AXSM: Sep 2021 -24% | Dec 2021 -29% | Mar 2022 -37% | Jun 2022 -30% | Sep 2022 -23% | Dec 2022 -40% | Mar 2023 -3.6% | Jun 2023 -21% | Sep 2023 -16% | Dec 2023 -29% | Mar 2024 -20% | Jun 2024 -18% | Sep 2024 -15% | Dec 2024 -18% | Mar 2025 -15% | Jun 2025 -11% | Sep 2025 -14% | Dec 2025 -8.3% | Mar 2026 -20% | Jun 2026 —
- BMRN: Sep 2021 -1.0% | Dec 2021 -1.2% | Mar 2022 2.5% | Jun 2022 0.7% | Sep 2022 0.0% | Dec 2022 -0.4% | Mar 2023 1.1% | Jun 2023 1.1% | Sep 2023 0.5% | Dec 2023 0.5% | Mar 2024 1.5% | Jun 2024 2.0% | Sep 2024 1.9% | Dec 2024 2.7% | Mar 2025 3.6% | Jun 2025 4.3% | Sep 2025 -0.7% | Dec 2025 -0.7% | Mar 2026 1.8% | Jun 2026 —
- TECH: Sep 2021 3.1% | Dec 2021 3.0% | Mar 2022 4.4% | Jun 2022 3.8% | Sep 2022 2.6% | Dec 2022 3.1% | Mar 2023 3.5% | Jun 2023 4.1% | Sep 2023 2.3% | Dec 2023 1.6% | Mar 2024 2.7% | Jun 2024 1.8% | Sep 2024 1.5% | Dec 2024 1.9% | Mar 2025 1.5% | Jun 2025 -1.0% | Sep 2025 1.9% | Dec 2025 2.2% | Mar 2026 3.1% | Jun 2026 —
- CYTK: Sep 2021 -12% | Dec 2021 -3.4% | Mar 2022 -12% | Jun 2022 -1.8% | Sep 2022 -12% | Dec 2022 -15% | Mar 2023 -16% | Jun 2023 -17% | Sep 2023 -15% | Dec 2023 -15% | Mar 2024 -17% | Jun 2024 -12% | Sep 2024 -14% | Dec 2024 -14% | Mar 2025 -17% | Jun 2025 -8.9% | Sep 2025 -13% | Dec 2025 -15% | Mar 2026 -17% | Jun 2026 —
- KRYS: Sep 2021 -3.5% | Dec 2021 -4.9% | Mar 2022 -10% | Jun 2022 -5.8% | Sep 2022 -5.5% | Dec 2022 -6.2% | Mar 2023 -9.3% | Jun 2023 -6.2% | Sep 2023 -4.0% | Dec 2023 0.5% | Mar 2024 -1.0% | Jun 2024 1.1% | Sep 2024 2.7% | Dec 2024 4.8% | Mar 2025 4.0% | Jun 2025 4.1% | Sep 2025 4.1% | Dec 2025 4.1% | Mar 2026 4.7% | Jun 2026 —
- ABVX: Sep 2021 -20% | Dec 2021 -20% | Mar 2022 -21% | Jun 2022 -21% | Sep 2022 -46% | Dec 2022 -46% | Mar 2023 -21% | Jun 2023 -21% | Sep 2023 -35% | Dec 2023 -35% | Mar 2024 -27% | Jun 2024 -21% | Sep 2024 -29% | Dec 2024 -25% | Mar 2025 -36% | Jun 2025 -44% | Sep 2025 -24% | Dec 2025 -23% | Mar 2026 -21% | Jun 2026 —
- CORT: Sep 2021 7.0% | Dec 2021 8.1% | Mar 2022 5.8% | Jun 2022 6.5% | Sep 2022 6.3% | Dec 2022 5.1% | Mar 2023 3.1% | Jun 2023 6.7% | Sep 2023 6.5% | Dec 2023 6.2% | Mar 2024 5.4% | Jun 2024 6.8% | Sep 2024 8.2% | Dec 2024 4.2% | Mar 2025 0.5% | Jun 2025 4.2% | Sep 2025 1.6% | Dec 2025 0.7% | Mar 2026 -7.2% | Jun 2026 —
- APGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -9.7% | Jun 2023 -33% | Sep 2023 -12% | Dec 2023 -9.8% | Mar 2024 -8.2% | Jun 2024 -9.9% | Sep 2024 -10% | Dec 2024 -14% | Mar 2025 -8.5% | Jun 2025 -10% | Sep 2025 -11% | Dec 2025 -9.6% | Mar 2026 -8.5% | Jun 2026 —
- SMMT: Sep 2021 -26% | Dec 2021 -31% | Mar 2022 -27% | Jun 2022 -12% | Sep 2022 -14% | Dec 2022 -5.7% | Mar 2023 -324% | Jun 2023 -10% | Sep 2023 -17% | Dec 2023 9.0% | Mar 2024 22% | Jun 2024 14% | Sep 2024 -21% | Dec 2024 23% | Mar 2025 27% | Jun 2025 244% | Sep 2025 73% | Dec 2025 42% | Mar 2026 43% | Jun 2026 48%
- HALO: Sep 2021 9.6% | Dec 2021 9.9% | Mar 2022 7.9% | Jun 2022 2.7% | Sep 2022 5.9% | Dec 2022 5.5% | Mar 2023 4.0% | Jun 2023 5.8% | Sep 2023 5.0% | Dec 2023 6.1% | Mar 2024 5.8% | Jun 2024 6.6% | Sep 2024 8.6% | Dec 2024 9.9% | Mar 2025 7.5% | Jun 2025 11% | Sep 2025 13% | Dec 2025 -4.3% | Mar 2026 8.5% | Jun 2026 —
- NUVL: Sep 2021 -8.1% | Dec 2021 -12% | Mar 2022 -13% | Jun 2022 -9.6% | Sep 2022 -7.6% | Dec 2022 -7.8% | Mar 2023 -8.5% | Jun 2023 -10% | Sep 2023 -12% | Dec 2023 -8.0% | Mar 2024 -9.4% | Jun 2024 -12% | Sep 2024 -10% | Dec 2024 -9.7% | Mar 2025 -11% | Jun 2025 -13% | Sep 2025 -11% | Dec 2025 -8.5% | Mar 2026 -11% | Jun 2026 —

### 20-quarter ROCE change history
- VRTX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.4 pp | Dec 2022 −0.6 pp | Mar 2023 −3.8 pp | Jun 2023 −2.7 pp | Sep 2023 −2.7 pp | Dec 2023 −2.0 pp | Mar 2024 +0.7 pp | Jun 2024 −27.7 pp | Sep 2024 −0.3 pp | Dec 2024 −0.3 pp | Mar 2025 −3.1 pp | Jun 2025 +27.2 pp | Sep 2025 0.0 pp | Dec 2025 +0.5 pp | Mar 2026 +2.3 pp | Jun 2026 —
- REGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.5 pp | Dec 2022 −9.9 pp | Mar 2023 −2.8 pp | Jun 2023 −1.4 pp | Sep 2023 −1.3 pp | Dec 2023 −1.3 pp | Mar 2024 −1.2 pp | Jun 2024 −0.3 pp | Sep 2024 −0.4 pp | Dec 2024 −0.4 pp | Mar 2025 −0.8 pp | Jun 2025 −0.4 pp | Sep 2025 −0.8 pp | Dec 2025 −0.6 pp | Mar 2026 0.0 pp | Jun 2026 —
- ARGX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.7 pp | Dec 2022 +6.0 pp | Mar 2023 +4.0 pp | Jun 2023 +2.4 pp | Sep 2023 +5.5 pp | Dec 2023 +0.3 pp | Mar 2024 +0.9 pp | Jun 2024 +2.2 pp | Sep 2024 +2.6 pp | Dec 2024 +6.1 pp | Mar 2025 +5.3 pp | Jun 2025 +5.2 pp | Sep 2025 +5.1 pp | Dec 2025 +3.6 pp | Mar 2026 +2.7 pp | Jun 2026 +2.9 pp
- RVMD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.1 pp | Dec 2022 +0.2 pp | Mar 2023 −0.8 pp | Jun 2023 −4.3 pp | Sep 2023 −4.2 pp | Dec 2023 −4.9 pp | Mar 2024 −0.8 pp | Jun 2024 +2.3 pp | Sep 2024 +1.1 pp | Dec 2024 +3.5 pp | Mar 2025 −2.1 pp | Jun 2025 −1.8 pp | Sep 2025 −3.4 pp | Dec 2025 −6.2 pp | Mar 2026 −9.3 pp | Jun 2026 —
- ALNY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.8 pp | Dec 2022 +0.1 pp | Mar 2023 −0.1 pp | Jun 2023 −1.9 pp | Sep 2023 +16.8 pp | Dec 2023 +2.5 pp | Mar 2024 +3.8 pp | Jun 2024 +10.4 pp | Sep 2024 −10.2 pp | Dec 2024 +0.5 pp | Mar 2025 +2.2 pp | Jun 2025 −2.2 pp | Sep 2025 +14.3 pp | Dec 2025 +7.6 pp | Mar 2026 +7.2 pp | Jun 2026 —
- ONC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 +2.1 pp | Mar 2023 +1.3 pp | Jun 2023 +2.4 pp | Sep 2023 +6.6 pp | Dec 2023 −0.7 pp | Mar 2024 +0.3 pp | Jun 2024 +3.6 pp | Sep 2024 −0.2 pp | Dec 2024 +6.5 pp | Mar 2025 +6.5 pp | Jun 2025 +4.8 pp | Sep 2025 +6.6 pp | Dec 2025 +5.8 pp | Mar 2026 +4.4 pp | Jun 2026 —
- RPRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 −3.8 pp | Mar 2023 +1.6 pp | Jun 2023 −0.7 pp | Sep 2023 −0.2 pp | Dec 2023 +6.7 pp | Mar 2024 −3.4 pp | Jun 2024 +0.1 pp | Sep 2024 +3.6 pp | Dec 2024 −1.6 pp | Mar 2025 +3.8 pp | Jun 2025 −0.4 pp | Sep 2025 −2.1 pp | Dec 2025 0.0 pp | Mar 2026 −0.1 pp | Jun 2026 —
- INCY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.1 pp | Dec 2022 −1.6 pp | Mar 2023 −2.6 pp | Jun 2023 −2.6 pp | Sep 2023 +0.9 pp | Dec 2023 +2.1 pp | Mar 2024 +1.1 pp | Jun 2024 −15.5 pp | Sep 2024 −1.1 pp | Dec 2024 +2.8 pp | Mar 2025 +2.5 pp | Jun 2025 +24.9 pp | Sep 2025 +7.1 pp | Dec 2025 +0.8 pp | Mar 2026 +1.9 pp | Jun 2026 —
- ROIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +37.2 pp | Dec 2022 −6.6 pp | Mar 2023 +0.8 pp | Jun 2023 −0.8 pp | Sep 2023 +0.4 pp | Dec 2023 +130.0 pp | Mar 2024 +5.8 pp | Jun 2024 +10.8 pp | Sep 2024 +2.1 pp | Dec 2024 −117.9 pp | Mar 2025 −0.1 pp | Jun 2025 −2.6 pp | Sep 2025 +3.4 pp | Dec 2025 −2.0 pp | Mar 2026 +12.5 pp | Jun 2026 —
- BNTX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −69.5 pp | Dec 2022 −46.6 pp | Mar 2023 — | Jun 2023 — | Sep 2023 −15.7 pp | Dec 2023 −17.6 pp | Mar 2024 −11.3 pp | Jun 2024 −4.0 pp | Sep 2024 −0.3 pp | Dec 2024 −1.9 pp | Mar 2025 −0.5 pp | Jun 2025 +4.4 pp | Sep 2025 −0.3 pp | Dec 2025 −2.3 pp | Mar 2026 +1.9 pp | Jun 2026 —
- INSM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.8 pp | Dec 2022 −0.7 pp | Mar 2023 −1.6 pp | Jun 2023 −13.2 pp | Sep 2023 −2.5 pp | Dec 2023 −2.1 pp | Mar 2024 −1.5 pp | Jun 2024 −1.2 pp | Sep 2024 +0.3 pp | Dec 2024 −2.4 pp | Mar 2025 −7.5 pp | Jun 2025 +4.8 pp | Sep 2025 −5.0 pp | Dec 2025 −1.8 pp | Mar 2026 +12.2 pp | Jun 2026 —
- MRNA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −42.6 pp | Dec 2022 −49.8 pp | Mar 2023 −39.3 pp | Jun 2023 −28.2 pp | Sep 2023 −19.4 pp | Dec 2023 −8.7 pp | Mar 2024 −5.3 pp | Jun 2024 +1.3 pp | Sep 2024 +11.2 pp | Dec 2024 −9.1 pp | Mar 2025 −1.1 pp | Jun 2025 +0.9 pp | Sep 2025 −1.7 pp | Dec 2025 +1.4 pp | Mar 2026 −5.4 pp | Jun 2026 —
- GMAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.9 pp | Dec 2022 +7.7 pp | Mar 2023 −0.6 pp | Jun 2023 +0.4 pp | Sep 2023 −1.4 pp | Dec 2023 −4.9 pp | Mar 2024 +1.0 pp | Jun 2024 −0.3 pp | Sep 2024 +0.5 pp | Dec 2024 −1.1 pp | Mar 2025 +0.9 pp | Jun 2025 +1.6 pp | Sep 2025 +1.7 pp | Dec 2025 −4.2 pp | Mar 2026 −1.4 pp | Jun 2026 —
- ASND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.6 pp | Dec 2022 −3.7 pp | Mar 2023 −2.2 pp | Jun 2023 −1.1 pp | Sep 2023 −2.0 pp | Dec 2023 +8.2 pp | Mar 2024 +1.3 pp | Jun 2024 −33.9 pp | Sep 2024 −6.1 pp | Dec 2024 +7.5 pp | Mar 2025 −103.4 pp | Jun 2025 −117.7 pp | Sep 2025 +26.3 pp | Dec 2025 +3.7 pp | Mar 2026 +120.8 pp | Jun 2026 —
- BBIO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.5 pp | Dec 2022 +3.6 pp | Mar 2023 −0.1 pp | Jun 2023 −16.6 pp | Sep 2023 −7.3 pp | Dec 2023 −20.5 pp | Mar 2024 +20.5 pp | Jun 2024 −7.1 pp | Sep 2024 −8.5 pp | Dec 2024 +0.5 pp | Mar 2025 −14.6 pp | Jun 2025 +16.1 pp | Sep 2025 +13.5 pp | Dec 2025 +18.9 pp | Mar 2026 −2.0 pp | Jun 2026 —
- JAZZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −3.1 pp | Mar 2023 +0.2 pp | Jun 2023 +0.8 pp | Sep 2023 +1.6 pp | Dec 2023 +3.7 pp | Mar 2024 −0.5 pp | Jun 2024 +0.5 pp | Sep 2024 +0.7 pp | Dec 2024 +0.6 pp | Mar 2025 −1.3 pp | Jun 2025 −9.3 pp | Sep 2025 −1.9 pp | Dec 2025 +0.7 pp | Mar 2026 +4.0 pp | Jun 2026 —
- EXEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 −7.4 pp | Mar 2023 −2.7 pp | Jun 2023 −0.7 pp | Sep 2023 −4.1 pp | Dec 2023 +5.0 pp | Mar 2024 0.0 pp | Jun 2024 +7.6 pp | Sep 2024 +6.0 pp | Dec 2024 +3.3 pp | Mar 2025 — | Jun 2025 −2.8 pp | Sep 2025 +4.1 pp | Dec 2025 +3.0 pp | Mar 2026 — | Jun 2026 +3.1 pp
- MDGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −30.5 pp | Dec 2022 −8.9 pp | Mar 2023 −12.9 pp | Jun 2023 −16.8 pp | Sep 2023 −45.0 pp | Dec 2023 +8.0 pp | Mar 2024 +15.9 pp | Jun 2024 +24.0 pp | Sep 2024 +77.0 pp | Dec 2024 +20.9 pp | Mar 2025 +16.5 pp | Jun 2025 +22.3 pp | Sep 2025 +10.3 pp | Dec 2025 +3.1 pp | Mar 2026 −2.0 pp | Jun 2026 —
- ARWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.6 pp | Dec 2022 +6.4 pp | Mar 2023 −0.2 pp | Jun 2023 −2.7 pp | Sep 2023 −2.9 pp | Dec 2023 −13.9 pp | Mar 2024 −21.9 pp | Jun 2024 −8.1 pp | Sep 2024 −1.2 pp | Dec 2024 −1.3 pp | Mar 2025 +48.9 pp | Jun 2025 +6.5 pp | Sep 2025 +23.1 pp | Dec 2025 +25.5 pp | Mar 2026 −42.5 pp | Jun 2026 —
- AXSM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.4 pp | Dec 2022 −11.3 pp | Mar 2023 +33.0 pp | Jun 2023 +9.8 pp | Sep 2023 +6.7 pp | Dec 2023 +11.3 pp | Mar 2024 −15.9 pp | Jun 2024 +2.3 pp | Sep 2024 +1.5 pp | Dec 2024 +10.3 pp | Mar 2025 +4.4 pp | Jun 2025 +7.1 pp | Sep 2025 +1.0 pp | Dec 2025 +10.1 pp | Mar 2026 −5.1 pp | Jun 2026 —
- BMRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 +0.8 pp | Mar 2023 −1.4 pp | Jun 2023 +0.4 pp | Sep 2023 +0.5 pp | Dec 2023 +0.9 pp | Mar 2024 +0.4 pp | Jun 2024 +0.9 pp | Sep 2024 +1.4 pp | Dec 2024 +2.2 pp | Mar 2025 +2.1 pp | Jun 2025 +2.3 pp | Sep 2025 −2.6 pp | Dec 2025 −3.4 pp | Mar 2026 −1.8 pp | Jun 2026 —
- TECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 +0.1 pp | Mar 2023 −0.9 pp | Jun 2023 +0.3 pp | Sep 2023 −0.3 pp | Dec 2023 −1.5 pp | Mar 2024 −0.8 pp | Jun 2024 −2.3 pp | Sep 2024 −0.8 pp | Dec 2024 +0.3 pp | Mar 2025 −1.2 pp | Jun 2025 −2.8 pp | Sep 2025 +0.4 pp | Dec 2025 +0.3 pp | Mar 2026 +1.6 pp | Jun 2026 —
- CYTK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.8 pp | Dec 2022 −11.5 pp | Mar 2023 −3.8 pp | Jun 2023 −15.4 pp | Sep 2023 −2.3 pp | Dec 2023 −0.5 pp | Mar 2024 −1.0 pp | Jun 2024 +5.0 pp | Sep 2024 +0.5 pp | Dec 2024 +1.1 pp | Mar 2025 −0.6 pp | Jun 2025 +3.3 pp | Sep 2025 +1.5 pp | Dec 2025 −0.3 pp | Mar 2026 +0.2 pp | Jun 2026 —
- KRYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.0 pp | Dec 2022 −1.3 pp | Mar 2023 +0.8 pp | Jun 2023 −0.4 pp | Sep 2023 +1.5 pp | Dec 2023 +6.7 pp | Mar 2024 +8.3 pp | Jun 2024 +7.3 pp | Sep 2024 +6.7 pp | Dec 2024 +4.3 pp | Mar 2025 +5.0 pp | Jun 2025 +3.0 pp | Sep 2025 +1.4 pp | Dec 2025 −0.7 pp | Mar 2026 +0.7 pp | Jun 2026 —
- ABVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −25.5 pp | Dec 2022 −25.5 pp | Mar 2023 0.0 pp | Jun 2023 0.0 pp | Sep 2023 +11.1 pp | Dec 2023 +11.1 pp | Mar 2024 −6.4 pp | Jun 2024 −0.7 pp | Sep 2024 +5.7 pp | Dec 2024 +10.0 pp | Mar 2025 −8.4 pp | Jun 2025 −22.5 pp | Sep 2025 +5.3 pp | Dec 2025 +1.9 pp | Mar 2026 +14.9 pp | Jun 2026 —
- CORT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 −3.0 pp | Mar 2023 −2.7 pp | Jun 2023 +0.2 pp | Sep 2023 +0.2 pp | Dec 2023 +1.1 pp | Mar 2024 +2.3 pp | Jun 2024 +0.1 pp | Sep 2024 +1.7 pp | Dec 2024 −2.0 pp | Mar 2025 −4.9 pp | Jun 2025 −2.6 pp | Sep 2025 −6.6 pp | Dec 2025 −3.5 pp | Mar 2026 −7.7 pp | Jun 2026 —
- APGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +1.5 pp | Jun 2024 +23.5 pp | Sep 2024 +1.7 pp | Dec 2024 −3.9 pp | Mar 2025 −0.3 pp | Jun 2025 −0.5 pp | Sep 2025 −0.5 pp | Dec 2025 +4.1 pp | Mar 2026 0.0 pp | Jun 2026 —
- SMMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +12.4 pp | Dec 2022 +24.9 pp | Mar 2023 −297.0 pp | Jun 2023 +2.1 pp | Sep 2023 −2.9 pp | Dec 2023 +14.7 pp | Mar 2024 +346.1 pp | Jun 2024 +24.2 pp | Sep 2024 −4.5 pp | Dec 2024 +13.8 pp | Mar 2025 +4.9 pp | Jun 2025 +230.4 pp | Sep 2025 +94.4 pp | Dec 2025 +19.2 pp | Mar 2026 +16.1 pp | Jun 2026 −196.0 pp
- HALO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.7 pp | Dec 2022 −4.4 pp | Mar 2023 −3.9 pp | Jun 2023 +3.1 pp | Sep 2023 −0.9 pp | Dec 2023 +0.6 pp | Mar 2024 +1.8 pp | Jun 2024 +0.8 pp | Sep 2024 +3.6 pp | Dec 2024 +3.8 pp | Mar 2025 +1.7 pp | Jun 2025 +4.2 pp | Sep 2025 +4.2 pp | Dec 2025 −14.2 pp | Mar 2026 +1.0 pp | Jun 2026 —
- NUVL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 +4.1 pp | Mar 2023 +4.1 pp | Jun 2023 −0.5 pp | Sep 2023 −4.7 pp | Dec 2023 −0.2 pp | Mar 2024 −0.9 pp | Jun 2024 −2.2 pp | Sep 2024 +2.3 pp | Dec 2024 −1.7 pp | Mar 2025 −1.7 pp | Jun 2025 −0.8 pp | Sep 2025 −1.1 pp | Dec 2025 +1.2 pp | Mar 2026 +0.6 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Genmab A/S has the lowest comparable Guarded PEG at 0.24×, 11.1% below Halozyme Therapeutics, Inc.. Only 9 of 30 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Genmab A/S · 0.24× | 11.1% versus #2 · Halozyme Therapeutics, Inc. | 0/8 recent comparable periods | 9/30 companies · 35 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Genmab A/S (GMAB): 0.2
2. Halozyme Therapeutics, Inc. (HALO): 0.3
3. Royalty Pharma plc (RPRX): 0.3
4. Jazz Pharmaceuticals plc (JAZZ): 0.3
5. Krystal Biotech, Inc. (KRYS): 0.8

### P/E — lowest P/E
1. Roivant Sciences Ltd. (ROIV): 2.0
2. Incyte Corporation (INCY): 13.3
3. Exelixis, Inc. (EXEL): 14.0
4. Jazz Pharmaceuticals plc (JAZZ): 16.6
5. Regeneron Pharmaceuticals, Inc. (REGN): 18.8

### 20-quarter Guarded PEG history
- VRTX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.8 | Jun 2023 — | Sep 2023 5.1 | Dec 2023 3.6 | Mar 2024 1.2 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- REGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.7 | Dec 2024 1.8 | Mar 2025 1.0 | Jun 2025 2.6 | Sep 2025 — | Dec 2025 2.2 | Mar 2026 — | Jun 2026 —
- ARGX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.8 | Mar 2026 0.8 | Jun 2026 —
- RPRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.3 | Jun 2025 0.3 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GMAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.4 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.5 | Sep 2024 3.8 | Dec 2024 — | Mar 2025 0.2 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- JAZZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.3 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- EXEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 3.0 | Mar 2024 1.0 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BMRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5.9 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TECH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 3.9 | Jun 2023 7.7 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- KRYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.8 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CORT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.4 | Mar 2024 0.8 | Jun 2024 0.8 | Sep 2024 0.7 | Dec 2024 1.3 | Mar 2025 10.4 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HALO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.8 | Dec 2023 0.4 | Mar 2024 — | Jun 2024 0.4 | Sep 2024 — | Dec 2024 — | Mar 2025 0.3 | Jun 2025 — | Sep 2025 0.3 | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- VRTX: Sep 2021 21.8 | Dec 2021 24.4 | Mar 2022 27.5 | Jun 2022 22.8 | Sep 2022 22.8 | Dec 2022 22.5 | Mar 2023 25.1 | Jun 2023 27.2 | Sep 2023 26.1 | Dec 2023 29.3 | Mar 2024 27.1 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 31.8 | Sep 2025 27.6 | Dec 2025 29.6 | Mar 2026 26.5 | Jun 2026 —
- REGN: Sep 2021 9.7 | Dec 2021 8.8 | Mar 2022 9.9 | Jun 2022 11.8 | Sep 2022 14.5 | Dec 2022 18.9 | Mar 2023 22.3 | Jun 2023 19.0 | Sep 2023 23.5 | Dec 2023 25.3 | Mar 2024 28.4 | Jun 2024 27.8 | Sep 2024 26.0 | Dec 2024 18.6 | Mar 2025 16.2 | Jun 2025 13.2 | Sep 2025 13.5 | Dec 2025 18.6 | Mar 2026 18.8 | Jun 2026 —
- ARGX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 48.1 | Mar 2025 36.5 | Jun 2025 28.3 | Sep 2025 31.7 | Dec 2025 43.0 | Mar 2026 32.5 | Jun 2026 35.6
- ALNY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 844.4 | Dec 2025 170.7 | Mar 2026 90.4 | Jun 2026 —
- ONC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 873.6 | Dec 2025 123.0 | Mar 2026 69.2 | Jun 2026 —
- RPRX: Sep 2021 18.6 | Dec 2021 26.8 | Mar 2022 27.1 | Jun 2022 39.7 | Sep 2022 35.3 | Dec 2022 395.2 | Mar 2023 48.7 | Jun 2023 56.9 | Sep 2023 71.4 | Dec 2023 11.1 | Mar 2024 17.2 | Jun 2024 17.6 | Sep 2024 11.1 | Dec 2024 13.4 | Mar 2025 12.7 | Jun 2025 15.7 | Sep 2025 20.1 | Dec 2025 21.7 | Mar 2026 25.1 | Jun 2026 —
- INCY: Sep 2021 28.5 | Dec 2021 17.2 | Mar 2022 18.9 | Jun 2022 17.9 | Sep 2022 17.0 | Dec 2022 52.8 | Mar 2023 49.8 | Jun 2023 38.2 | Sep 2023 30.6 | Dec 2023 23.7 | Mar 2024 17.3 | Jun 2024 168.4 | Sep 2024 472.1 | Dec 2024 460.5 | Mar 2025 189.2 | Jun 2025 15.5 | Sep 2025 14.2 | Dec 2025 15.4 | Mar 2026 13.3 | Jun 2026 —
- ROIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 2.2 | Mar 2024 2.0 | Jun 2024 1.9 | Sep 2024 2.0 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BNTX: Sep 2021 — | Dec 2021 5.7 | Mar 2022 — | Jun 2022 3.2 | Sep 2022 3.5 | Dec 2022 3.7 | Mar 2023 4.6 | Jun 2023 5.7 | Sep 2023 9.2 | Dec 2023 24.9 | Mar 2024 194.3 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MRNA: Sep 2021 23.6 | Dec 2021 9.0 | Mar 2022 5.1 | Jun 2022 4.4 | Sep 2022 4.3 | Dec 2022 8.9 | Mar 2023 13.3 | Jun 2023 44.8 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GMAB: Sep 2021 59.9 | Dec 2021 58.2 | Mar 2022 69.6 | Jun 2022 38.2 | Sep 2022 27.7 | Dec 2022 35.6 | Mar 2023 32.3 | Jun 2023 35.5 | Sep 2023 35.3 | Dec 2023 33.2 | Mar 2024 24.7 | Jun 2024 20.6 | Sep 2024 22.9 | Dec 2024 11.9 | Mar 2025 11.1 | Jun 2025 10.4 | Sep 2025 13.1 | Dec 2025 20.0 | Mar 2026 20.4 | Jun 2026 —
- ASND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 26.8 | Jun 2026 —
- JAZZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 147.1 | Dec 2023 20.2 | Mar 2024 24.8 | Jun 2024 18.3 | Sep 2024 15.7 | Dec 2024 14.2 | Mar 2025 16.6 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- EXEL: Sep 2021 41.5 | Dec 2021 25.4 | Mar 2022 24.4 | Jun 2022 24.8 | Sep 2022 16.5 | Dec 2022 28.6 | Mar 2023 40.4 | Jun 2023 37.5 | Sep 2023 76.7 | Dec 2023 36.9 | Mar 2024 36.3 | Jun 2024 19.6 | Sep 2024 16.7 | Dec 2024 18.9 | Mar 2025 — | Jun 2025 15.7 | Sep 2025 17.4 | Dec 2025 15.8 | Mar 2026 — | Jun 2026 14.0
- ARWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 43.4 | Mar 2026 — | Jun 2026 —
- BMRN: Sep 2021 966.1 | Dec 2021 — | Mar 2022 428.3 | Jun 2022 318.7 | Sep 2022 201.8 | Dec 2022 138.0 | Mar 2023 255.9 | Jun 2023 166.7 | Sep 2023 114.9 | Dec 2023 110.8 | Mar 2024 81.6 | Jun 2024 61.9 | Sep 2024 42.1 | Dec 2024 29.7 | Mar 2025 26.3 | Jun 2025 16.3 | Sep 2025 20.4 | Dec 2025 33.0 | Mar 2026 41.2 | Jun 2026 —
- TECH: Sep 2021 100.7 | Dec 2021 92.1 | Mar 2022 72.4 | Jun 2022 52.2 | Sep 2022 39.7 | Dec 2022 51.5 | Mar 2023 44.4 | Jun 2023 46.4 | Sep 2023 44.8 | Dec 2023 55.9 | Mar 2024 55.9 | Jun 2024 68.2 | Sep 2024 85.0 | Dec 2024 72.8 | Mar 2025 71.5 | Jun 2025 111.9 | Sep 2025 113.5 | Dec 2025 115.3 | Mar 2026 75.7 | Jun 2026 —
- KRYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 318.1 | Mar 2024 95.2 | Jun 2024 50.3 | Sep 2024 102.8 | Dec 2024 52.2 | Mar 2025 43.3 | Jun 2025 27.9 | Sep 2025 26.5 | Dec 2025 36.0 | Mar 2026 34.5 | Jun 2026 —
- CORT: Sep 2021 23.7 | Dec 2021 22.3 | Mar 2022 24.8 | Jun 2022 25.3 | Sep 2022 25.6 | Dec 2022 23.3 | Mar 2023 26.4 | Jun 2023 26.8 | Sep 2023 33.6 | Dec 2023 34.6 | Mar 2024 23.8 | Jun 2024 28.8 | Sep 2024 36.7 | Dec 2024 41.0 | Mar 2025 98.5 | Jun 2025 65.0 | Sep 2025 94.4 | Dec 2025 42.4 | Mar 2026 115.2 | Jun 2026 —
- HALO: Sep 2021 14.6 | Dec 2021 14.7 | Mar 2022 13.3 | Jun 2022 17.4 | Sep 2022 26.5 | Dec 2022 39.5 | Mar 2023 29.2 | Jun 2023 21.1 | Sep 2023 20.3 | Dec 2023 17.6 | Mar 2024 16.8 | Jun 2024 20.3 | Sep 2024 19.0 | Dec 2024 13.9 | Mar 2025 17.0 | Jun 2025 11.9 | Sep 2025 15.4 | Dec 2025 26.3 | Mar 2026 23.3 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Roivant Sciences Ltd. leads ev/ebitda at 0.79×; BioNTech SE leads p/bv at 1.04×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Roivant Sciences Ltd. · 0.79× | 89.2% versus #2 · BioNTech SE | 0/8 recent comparable periods | 20/30 companies · 252 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Roivant Sciences Ltd. (ROIV): 0.8
2. BioNTech SE (BNTX): 7.3
3. Incyte Corporation (INCY): 8.7
4. Exelixis, Inc. (EXEL): 10.9
5. Summit Therapeutics Inc. (SMMT): 12.4

### P/BV — lowest P/BV
1. BioNTech SE (BNTX): 1.0
2. BioMarin Pharmaceutical Inc. (BMRN): 1.8
3. Jazz Pharmaceuticals plc (JAZZ): 2.6
4. Regeneron Pharmaceuticals, Inc. (REGN): 2.6
5. Moderna, Inc. (MRNA): 2.7

### 20-quarter EV/EBITDA history
- VRTX: Sep 2021 14.6 | Dec 2021 16.4 | Mar 2022 19.6 | Jun 2022 15.2 | Sep 2022 15.3 | Dec 2022 14.1 | Mar 2023 17.4 | Jun 2023 20.1 | Sep 2023 20.2 | Dec 2023 23.5 | Mar 2024 22.5 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 26.5 | Sep 2025 22.7 | Dec 2025 25.2 | Mar 2026 22.1 | Jun 2026 —
- REGN: Sep 2021 8.1 | Dec 2021 7.1 | Mar 2022 7.7 | Jun 2022 8.4 | Sep 2022 10.8 | Dec 2022 14.6 | Mar 2023 17.5 | Jun 2023 15.2 | Sep 2023 17.8 | Dec 2023 19.7 | Mar 2024 22.9 | Jun 2024 25.0 | Sep 2024 24.5 | Dec 2024 16.0 | Mar 2025 14.6 | Jun 2025 11.7 | Sep 2025 12.7 | Dec 2025 18.4 | Mar 2026 18.0 | Jun 2026 —
- ARGX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 139.8 | Jun 2025 62.3 | Sep 2025 50.0 | Dec 2025 44.0 | Mar 2026 29.9 | Jun 2026 32.4
- ALNY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 188.6 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 182.8 | Dec 2025 91.5 | Mar 2026 52.6 | Jun 2026 —
- ONC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 278.6 | Sep 2025 105.0 | Dec 2025 52.9 | Mar 2026 36.2 | Jun 2026 —
- RPRX: Sep 2021 15.8 | Dec 2021 18.7 | Mar 2022 18.4 | Jun 2022 26.1 | Sep 2022 29.7 | Dec 2022 87.3 | Mar 2023 44.4 | Jun 2023 43.0 | Sep 2023 50.4 | Dec 2023 14.6 | Mar 2024 23.8 | Jun 2024 21.8 | Sep 2024 14.7 | Dec 2024 16.6 | Mar 2025 12.0 | Jun 2025 14.2 | Sep 2025 17.2 | Dec 2025 18.0 | Mar 2026 20.6 | Jun 2026 —
- INCY: Sep 2021 18.6 | Dec 2021 21.6 | Mar 2022 22.7 | Jun 2022 18.2 | Sep 2022 17.4 | Dec 2022 22.7 | Mar 2023 23.4 | Jun 2023 21.0 | Sep 2023 16.2 | Dec 2023 14.9 | Mar 2024 11.6 | Jun 2024 98.4 | Sep 2024 310.8 | Dec 2024 74.6 | Mar 2025 35.4 | Jun 2025 8.5 | Sep 2025 8.7 | Dec 2025 10.0 | Mar 2026 8.7 | Jun 2026 —
- ROIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.8 | Mar 2024 0.6 | Jun 2024 0.6 | Sep 2024 0.8 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BNTX: Sep 2021 — | Dec 2021 3.5 | Mar 2022 — | Jun 2022 2.3 | Sep 2022 3.4 | Dec 2022 1.6 | Mar 2023 6.6 | Jun 2023 — | Sep 2023 2.9 | Dec 2023 7.3 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MRNA: Sep 2021 19.1 | Dec 2021 6.8 | Mar 2022 3.6 | Jun 2022 3.1 | Sep 2022 2.8 | Dec 2022 6.2 | Mar 2023 10.0 | Jun 2023 44.3 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GMAB: Sep 2021 48.8 | Dec 2021 47.2 | Mar 2022 46.6 | Jun 2022 36.9 | Sep 2022 29.5 | Dec 2022 26.0 | Mar 2023 23.4 | Jun 2023 22.8 | Sep 2023 21.0 | Dec 2023 20.8 | Mar 2024 18.4 | Jun 2024 16.2 | Sep 2024 14.1 | Dec 2024 10.2 | Mar 2025 9.5 | Jun 2025 8.9 | Sep 2025 12.5 | Dec 2025 19.8 | Mar 2026 18.8 | Jun 2026 —
- JAZZ: Sep 2021 18.2 | Dec 2021 18.5 | Mar 2022 20.3 | Jun 2022 16.4 | Sep 2022 14.8 | Dec 2022 26.6 | Mar 2023 24.1 | Jun 2023 18.7 | Sep 2023 15.1 | Dec 2023 9.7 | Mar 2024 9.9 | Jun 2024 8.6 | Sep 2024 7.9 | Dec 2024 7.7 | Mar 2025 8.4 | Jun 2025 26.7 | Sep 2025 59.4 | Dec 2025 50.4 | Mar 2026 21.0 | Jun 2026 —
- EXEL: Sep 2021 25.6 | Dec 2021 14.7 | Mar 2022 14.7 | Jun 2022 15.2 | Sep 2022 9.6 | Dec 2022 18.3 | Mar 2023 30.4 | Jun 2023 30.5 | Sep 2023 88.9 | Dec 2023 32.9 | Mar 2024 31.7 | Jun 2024 14.2 | Sep 2024 11.7 | Dec 2024 13.4 | Mar 2025 — | Jun 2025 10.9 | Sep 2025 12.4 | Dec 2025 11.8 | Mar 2026 — | Jun 2026 10.9
- ARWR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 36.5 | Dec 2025 31.7 | Mar 2026 — | Jun 2026 —
- BMRN: Sep 2021 294.9 | Dec 2021 634.8 | Mar 2022 104.0 | Jun 2022 94.2 | Sep 2022 73.5 | Dec 2022 72.5 | Mar 2023 103.5 | Jun 2023 80.2 | Sep 2023 70.4 | Dec 2023 62.7 | Mar 2024 52.4 | Jun 2024 41.6 | Sep 2024 29.0 | Dec 2024 20.7 | Mar 2025 18.1 | Jun 2025 11.3 | Sep 2025 13.6 | Dec 2025 21.4 | Mar 2026 26.0 | Jun 2026 —
- TECH: Sep 2021 56.0 | Dec 2021 57.0 | Mar 2022 44.5 | Jun 2022 34.3 | Sep 2022 28.7 | Dec 2022 32.8 | Mar 2023 30.7 | Jun 2023 32.3 | Sep 2023 27.4 | Dec 2023 33.1 | Mar 2024 31.3 | Jun 2024 36.4 | Sep 2024 42.7 | Dec 2024 37.3 | Mar 2025 33.5 | Jun 2025 38.9 | Sep 2025 41.3 | Dec 2025 42.3 | Mar 2026 32.5 | Jun 2026 —
- KRYS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 134.8 | Dec 2024 54.1 | Mar 2025 39.9 | Jun 2025 22.7 | Sep 2025 26.7 | Dec 2025 38.0 | Mar 2026 36.7 | Jun 2026 —
- CORT: Sep 2021 16.1 | Dec 2021 14.9 | Mar 2022 15.4 | Jun 2022 16.4 | Sep 2022 18.5 | Dec 2022 15.4 | Mar 2023 18.6 | Jun 2023 19.3 | Sep 2023 24.9 | Dec 2023 27.5 | Mar 2024 18.1 | Jun 2024 22.7 | Sep 2024 31.0 | Dec 2024 35.7 | Mar 2025 105.3 | Jun 2025 71.6 | Sep 2025 124.4 | Dec 2025 72.3 | Mar 2026 — | Jun 2026 —
- SMMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 24.8 | Jun 2024 37.7 | Sep 2024 94.2 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 16.2 | Dec 2025 11.8 | Mar 2026 11.6 | Jun 2026 12.4
- HALO: Sep 2021 19.3 | Dec 2021 20.3 | Mar 2022 18.4 | Jun 2022 27.8 | Sep 2022 22.5 | Dec 2022 27.9 | Mar 2023 19.8 | Jun 2023 15.4 | Sep 2023 15.9 | Dec 2023 13.9 | Mar 2024 13.4 | Jun 2024 15.6 | Sep 2024 14.5 | Dec 2024 10.7 | Mar 2025 12.7 | Jun 2025 9.3 | Sep 2025 11.5 | Dec 2025 17.8 | Mar 2026 15.5 | Jun 2026 —

### 20-quarter P/BV history
- VRTX: Sep 2021 4.9 | Dec 2021 5.5 | Mar 2022 6.1 | Jun 2022 6.1 | Sep 2022 5.7 | Dec 2022 5.3 | Mar 2023 5.6 | Jun 2023 5.9 | Sep 2023 5.4 | Dec 2023 6.0 | Mar 2024 5.8 | Jun 2024 8.2 | Sep 2024 7.7 | Dec 2024 6.3 | Mar 2025 7.6 | Jun 2025 6.6 | Sep 2025 5.7 | Dec 2025 6.2 | Mar 2026 5.9 | Jun 2026 —
- REGN: Sep 2021 3.8 | Dec 2021 3.7 | Mar 2022 3.8 | Jun 2022 3.1 | Sep 2022 3.5 | Dec 2022 3.5 | Mar 2023 3.8 | Jun 2023 3.3 | Sep 2023 3.6 | Dec 2023 3.7 | Mar 2024 3.9 | Jun 2024 4.1 | Sep 2024 4.0 | Dec 2024 2.7 | Mar 2025 2.3 | Jun 2025 1.9 | Sep 2025 1.9 | Dec 2025 2.6 | Mar 2026 2.6 | Jun 2026 —
- ARGX: Sep 2021 6.1 | Dec 2021 7.1 | Mar 2022 5.5 | Jun 2022 7.0 | Sep 2022 6.9 | Dec 2022 7.5 | Mar 2023 7.2 | Jun 2023 7.6 | Sep 2023 6.7 | Dec 2023 5.5 | Mar 2024 5.5 | Jun 2024 6.0 | Sep 2024 5.9 | Dec 2024 6.8 | Mar 2025 5.9 | Jun 2025 5.5 | Sep 2025 6.2 | Dec 2025 7.1 | Mar 2026 5.4 | Jun 2026 6.9
- RVMD: Sep 2021 3.2 | Dec 2021 3.1 | Mar 2022 3.4 | Jun 2022 2.9 | Sep 2022 2.5 | Dec 2022 3.1 | Mar 2023 2.4 | Jun 2023 3.1 | Sep 2023 3.6 | Dec 2023 2.6 | Mar 2024 3.1 | Jun 2024 4.0 | Sep 2024 4.9 | Dec 2024 3.6 | Mar 2025 3.2 | Jun 2025 3.7 | Sep 2025 5.6 | Dec 2025 9.6 | Mar 2026 13.0 | Jun 2026 —
- ALNY: Sep 2021 29.8 | Dec 2021 34.7 | Mar 2022 49.1 | Jun 2022 100.2 | Sep 2022 -364.0 | Dec 2022 -186.1 | Mar 2023 -96.0 | Jun 2023 -58.1 | Sep 2023 -134.0 | Dec 2023 -109.1 | Mar 2024 -86.2 | Jun 2024 -10,143.2 | Sep 2024 1,095.2 | Dec 2024 453.5 | Mar 2025 304.8 | Jun 2025 170.4 | Sep 2025 256.9 | Dec 2025 66.7 | Mar 2026 41.1 | Jun 2026 —
- ONC: Sep 2021 10.1 | Dec 2021 4.5 | Mar 2022 3.3 | Jun 2022 3.2 | Sep 2022 3.0 | Dec 2022 5.2 | Mar 2023 5.4 | Jun 2023 5.0 | Sep 2023 5.0 | Dec 2023 5.3 | Mar 2024 4.9 | Jun 2024 4.5 | Sep 2024 7.0 | Dec 2024 5.9 | Mar 2025 8.4 | Jun 2025 7.1 | Sep 2025 9.1 | Dec 2025 7.7 | Mar 2026 6.9 | Jun 2026 —
- RPRX: Sep 2021 2.7 | Dec 2021 3.0 | Mar 2022 2.9 | Jun 2022 3.1 | Sep 2022 2.9 | Dec 2022 3.1 | Mar 2023 2.7 | Jun 2023 1.4 | Sep 2023 2.0 | Dec 2023 1.9 | Mar 2024 2.1 | Jun 2024 1.8 | Sep 2024 1.8 | Dec 2024 1.6 | Mar 2025 2.0 | Jun 2025 2.5 | Sep 2025 2.4 | Dec 2025 2.6 | Mar 2026 3.1 | Jun 2026 —
- INCY: Sep 2021 4.8 | Dec 2021 4.3 | Mar 2022 4.6 | Jun 2022 4.1 | Sep 2022 3.5 | Dec 2022 4.1 | Mar 2023 3.6 | Jun 2023 2.9 | Sep 2023 2.6 | Dec 2023 2.7 | Mar 2024 2.4 | Jun 2024 3.9 | Sep 2024 4.0 | Dec 2024 3.9 | Mar 2025 3.2 | Jun 2025 3.2 | Sep 2025 3.6 | Dec 2025 3.8 | Mar 2026 3.4 | Jun 2026 —
- ROIV: Sep 2021 3.1 | Dec 2021 3.7 | Mar 2022 2.1 | Jun 2022 2.1 | Sep 2022 2.0 | Dec 2022 6.1 | Mar 2023 4.9 | Jun 2023 8.5 | Sep 2023 9.9 | Dec 2023 1.5 | Mar 2024 1.4 | Jun 2024 1.4 | Sep 2024 1.6 | Dec 2024 1.6 | Mar 2025 1.5 | Jun 2025 1.8 | Sep 2025 2.4 | Dec 2025 3.6 | Mar 2026 4.4 | Jun 2026 —
- BNTX: Sep 2021 6.6 | Dec 2021 4.6 | Mar 2022 — | Jun 2022 — | Sep 2022 1.7 | Dec 2022 1.7 | Mar 2023 1.4 | Jun 2023 1.2 | Sep 2023 1.2 | Dec 2023 1.1 | Mar 2024 — | Jun 2024 — | Sep 2024 1.3 | Dec 2024 1.4 | Mar 2025 1.1 | Jun 2025 1.2 | Sep 2025 1.1 | Dec 2025 1.1 | Mar 2026 1.0 | Jun 2026 —
- INSM: Sep 2021 6.5 | Dec 2021 7.9 | Mar 2022 23.4 | Jun 2022 53.4 | Sep 2022 -87.5 | Dec 2022 30.8 | Mar 2023 -52.1 | Jun 2023 -19.3 | Sep 2023 -12.5 | Dec 2023 -13.8 | Mar 2024 -8.7 | Jun 2024 287.7 | Sep 2024 27.0 | Dec 2024 43.4 | Mar 2025 140.0 | Jun 2025 17.0 | Sep 2025 32.4 | Dec 2025 50.5 | Mar 2026 50.2 | Jun 2026 —
- MRNA: Sep 2021 15.4 | Dec 2021 7.2 | Mar 2022 4.0 | Jun 2022 3.1 | Sep 2022 2.5 | Dec 2022 3.6 | Mar 2023 3.1 | Jun 2023 2.7 | Sep 2023 2.9 | Dec 2023 2.7 | Mar 2024 3.2 | Jun 2024 3.9 | Sep 2024 2.2 | Dec 2024 1.5 | Mar 2025 1.1 | Jun 2025 1.1 | Sep 2025 1.1 | Dec 2025 1.3 | Mar 2026 2.7 | Jun 2026 —
- GMAB: Sep 2021 8.7 | Dec 2021 7.7 | Mar 2022 7.0 | Jun 2022 6.2 | Sep 2022 6.0 | Dec 2022 7.1 | Mar 2023 6.2 | Jun 2023 6.0 | Sep 2023 5.3 | Dec 2023 4.5 | Mar 2024 4.1 | Jun 2024 3.7 | Sep 2024 3.4 | Dec 2024 2.7 | Mar 2025 2.5 | Jun 2025 2.5 | Sep 2025 3.4 | Dec 2025 3.4 | Mar 2026 3.0 | Jun 2026 —
- ASND: Sep 2021 7.9 | Dec 2021 7.3 | Mar 2022 9.0 | Jun 2022 8.3 | Sep 2022 13.3 | Dec 2022 24.2 | Mar 2023 33.8 | Jun 2023 72.3 | Sep 2023 -69.5 | Dec 2023 -44.2 | Mar 2024 -33.7 | Jun 2024 -22.7 | Sep 2024 -83.5 | Dec 2024 -74.9 | Mar 2025 -45.8 | Jun 2025 -47.3 | Sep 2025 -59.5 | Dec 2025 -69.2 | Mar 2026 25.2 | Jun 2026 —
- BBIO: Sep 2021 -9.3 | Dec 2021 -2.8 | Mar 2022 -1.4 | Jun 2022 -1.3 | Sep 2022 -1.3 | Dec 2022 -0.9 | Mar 2023 -2.2 | Jun 2023 -2.0 | Sep 2023 -3.8 | Dec 2023 -5.2 | Mar 2024 -5.5 | Jun 2024 -4.4 | Sep 2024 -3.9 | Dec 2024 -3.6 | Mar 2025 -4.0 | Jun 2025 -4.6 | Sep 2025 -5.2 | Dec 2025 -7.1 | Mar 2026 -6.4 | Jun 2026 —
- JAZZ: Sep 2021 2.0 | Dec 2021 2.0 | Mar 2022 2.7 | Jun 2022 3.1 | Sep 2022 3.1 | Dec 2022 3.3 | Mar 2023 2.8 | Jun 2023 2.2 | Sep 2023 2.3 | Dec 2023 2.1 | Mar 2024 2.1 | Jun 2024 1.8 | Sep 2024 1.6 | Dec 2024 1.8 | Mar 2025 1.8 | Jun 2025 1.7 | Sep 2025 2.0 | Dec 2025 2.4 | Mar 2026 2.6 | Jun 2026 —
- EXEL: Sep 2021 3.2 | Dec 2021 2.6 | Mar 2022 3.2 | Jun 2022 2.8 | Sep 2022 2.0 | Dec 2022 2.1 | Mar 2023 2.5 | Jun 2023 2.4 | Sep 2023 2.9 | Dec 2023 3.2 | Mar 2024 3.3 | Jun 2024 3.0 | Sep 2024 3.3 | Dec 2024 4.2 | Mar 2025 — | Jun 2025 4.5 | Sep 2025 5.1 | Dec 2025 5.3 | Mar 2026 — | Jun 2026 5.8
- MDGL: Sep 2021 5.7 | Dec 2021 7.4 | Mar 2022 11.5 | Jun 2022 14.7 | Sep 2022 104.2 | Dec 2022 26.6 | Mar 2023 29.5 | Jun 2023 41.2 | Sep 2023 121.4 | Dec 2023 11.4 | Mar 2024 6.5 | Jun 2024 7.1 | Sep 2024 6.0 | Dec 2024 9.0 | Mar 2025 10.3 | Jun 2025 9.7 | Sep 2025 16.6 | Dec 2025 24.4 | Mar 2026 24.5 | Jun 2026 —
- ARWR: Sep 2021 15.9 | Dec 2021 18.7 | Mar 2022 10.8 | Jun 2022 8.2 | Sep 2022 8.8 | Dec 2022 11.4 | Mar 2023 6.1 | Jun 2023 10.5 | Sep 2023 10.6 | Dec 2023 20.5 | Mar 2024 7.3 | Jun 2024 9.8 | Sep 2024 13.2 | Dec 2024 44.6 | Mar 2025 2.6 | Jun 2025 4.2 | Sep 2025 10.1 | Dec 2025 16.1 | Mar 2026 14.4 | Jun 2026 —
- AXSM: Sep 2021 29.1 | Dec 2021 91.4 | Mar 2022 109.5 | Jun 2022 100.6 | Sep 2022 12.3 | Dec 2022 30.6 | Mar 2023 24.0 | Jun 2023 12.0 | Sep 2023 12.3 | Dec 2023 19.7 | Mar 2024 26.3 | Jun 2024 37.4 | Sep 2024 46.9 | Dec 2024 72.2 | Mar 2025 107.9 | Jun 2025 71.2 | Sep 2025 82.9 | Dec 2025 105.3 | Mar 2026 159.2 | Jun 2026 —
- BMRN: Sep 2021 3.3 | Dec 2021 3.8 | Mar 2022 3.3 | Jun 2022 3.4 | Sep 2022 3.5 | Dec 2022 4.2 | Mar 2023 3.9 | Jun 2023 3.4 | Sep 2023 3.4 | Dec 2023 3.7 | Mar 2024 3.3 | Jun 2024 3.0 | Sep 2024 2.5 | Dec 2024 2.2 | Mar 2025 2.3 | Jun 2025 1.8 | Sep 2025 1.7 | Dec 2025 1.9 | Mar 2026 1.8 | Jun 2026 —
- TECH: Sep 2021 11.6 | Dec 2021 12.0 | Mar 2022 9.9 | Jun 2022 8.0 | Sep 2022 6.4 | Dec 2022 7.1 | Mar 2023 6.2 | Jun 2023 6.5 | Sep 2023 5.4 | Dec 2023 6.2 | Mar 2024 5.5 | Jun 2024 5.5 | Sep 2024 5.9 | Dec 2024 5.5 | Mar 2025 4.6 | Jun 2025 4.2 | Sep 2025 4.4 | Dec 2025 4.6 | Mar 2026 3.9 | Jun 2026 —
- CYTK: Sep 2021 12.0 | Dec 2021 15.9 | Mar 2022 27.1 | Jun 2022 30.3 | Sep 2022 -286.8 | Dec 2022 -40.3 | Mar 2023 -14.7 | Jun 2023 -9.4 | Sep 2023 -6.5 | Dec 2023 -22.0 | Mar 2024 -18.5 | Jun 2024 58.7 | Sep 2024 -447.5 | Dec 2024 -41.1 | Mar 2025 -18.0 | Jun 2025 -10.7 | Sep 2025 -12.9 | Dec 2025 -11.8 | Mar 2026 -9.8 | Jun 2026 —
- KRYS: Sep 2021 2.0 | Dec 2021 3.0 | Mar 2022 3.1 | Jun 2022 3.0 | Sep 2022 3.3 | Dec 2022 3.9 | Mar 2023 4.2 | Jun 2023 5.0 | Sep 2023 4.3 | Dec 2023 4.5 | Mar 2024 6.4 | Jun 2024 6.3 | Sep 2024 5.9 | Dec 2024 4.8 | Mar 2025 5.3 | Jun 2025 3.8 | Sep 2025 4.5 | Dec 2025 5.9 | Mar 2026 6.0 | Jun 2026 —
- ABVX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 3.1 | Mar 2024 6.6 | Jun 2024 6.1 | Sep 2024 16.0 | Dec 2024 11.0 | Mar 2025 -55.6 | Jun 2025 -8.5 | Sep 2025 11.0 | Dec 2025 19.8 | Mar 2026 17.8 | Jun 2026 —
- CORT: Sep 2021 4.2 | Dec 2021 5.6 | Mar 2022 5.9 | Jun 2022 5.7 | Sep 2022 5.8 | Dec 2022 4.4 | Mar 2023 4.4 | Jun 2023 5.4 | Sep 2023 6.1 | Dec 2023 6.6 | Mar 2024 4.8 | Jun 2024 5.7 | Sep 2024 7.6 | Dec 2024 7.8 | Mar 2025 17.7 | Jun 2025 12.2 | Sep 2025 13.8 | Dec 2025 5.7 | Mar 2026 6.7 | Jun 2026 —
- APGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.6 | Dec 2023 3.7 | Mar 2024 4.2 | Jun 2024 3.0 | Sep 2024 4.7 | Dec 2024 3.7 | Mar 2025 3.3 | Jun 2025 4.2 | Sep 2025 4.0 | Dec 2025 5.7 | Mar 2026 4.7 | Jun 2026 —
- SMMT: Sep 2021 4.8 | Dec 2021 3.2 | Mar 2022 3.7 | Jun 2022 1.9 | Sep 2022 1.8 | Dec 2022 7.1 | Mar 2023 9.2 | Jun 2023 14.6 | Sep 2023 13.1 | Dec 2023 23.6 | Mar 2024 65.7 | Jun 2024 29.0 | Sep 2024 36.9 | Dec 2024 33.9 | Mar 2025 41.6 | Jun 2025 60.7 | Sep 2025 80.0 | Dec 2025 20.6 | Mar 2026 27.0 | Jun 2026 18.3
- HALO: Sep 2021 20.4 | Dec 2021 28.1 | Mar 2022 21.1 | Jun 2022 20.7 | Sep 2022 55.1 | Dec 2022 45.3 | Mar 2023 76.4 | Jun 2023 31.5 | Sep 2023 20.4 | Dec 2023 55.9 | Mar 2024 29.1 | Jun 2024 22.9 | Sep 2024 16.1 | Dec 2024 16.2 | Mar 2025 16.3 | Jun 2025 18.4 | Sep 2025 17.1 | Dec 2025 162.4 | Mar 2026 34.9 | Jun 2026 —
- NUVL: Sep 2021 3.6 | Dec 2021 3.2 | Mar 2022 2.5 | Jun 2022 2.6 | Sep 2022 4.0 | Dec 2022 3.7 | Mar 2023 3.3 | Jun 2023 5.7 | Sep 2023 6.6 | Dec 2023 6.7 | Mar 2024 7.2 | Jun 2024 7.7 | Sep 2024 6.5 | Dec 2024 5.2 | Mar 2025 5.0 | Jun 2025 5.8 | Sep 2025 7.4 | Dec 2025 6.3 | Mar 2026 6.9 | Jun 2026 —

## Market action

Arrowhead Pharmaceuticals, Inc. has the strongest one-year price move in Biotechnology at +438.5%. Revolution Medicines, Inc. leads on Mansfield relative strength against the S&P 500 at +71.7%. 22 of 29 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Arrowhead Pharmaceuticals, Inc. (ARWR): 439%
2. Revolution Medicines, Inc. (RVMD): 402%
3. Apogee Therapeutics, Inc. (APGE): 255%
4. Roivant Sciences Ltd. (ROIV): 199%
5. Krystal Biotech, Inc. (KRYS): 132%

### Strongest relative strength versus NIFTY 500
1. Revolution Medicines, Inc. (RVMD): 72%
2. Apogee Therapeutics, Inc. (APGE): 70%
3. Arrowhead Pharmaceuticals, Inc. (ARWR): 40%
4. Krystal Biotech, Inc. (KRYS): 36%
5. Corcept Therapeutics Incorporated (CORT): 36%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

## Every company
- Vertex Pharmaceuticals Incorporated (VRTX) — market value ₹1.2 L Cr; latest fundamentals Mar 2026
- Regeneron Pharmaceuticals, Inc. (REGN) — market value ₹70.7K Cr; latest fundamentals Mar 2026
- argenx SE (ARGX) — market value ₹55.0K Cr; latest fundamentals Jun 2026
- Revolution Medicines, Inc. (RVMD) — market value ₹39.1K Cr; latest fundamentals Mar 2026
- Alnylam Pharmaceuticals, Inc. (ALNY) — market value ₹38.5K Cr; latest fundamentals Mar 2026
- BeOne Medicines AG (ONC) — market value ₹36.7K Cr; latest fundamentals Mar 2026
- Royalty Pharma plc (RPRX) — market value ₹34.5K Cr; latest fundamentals Mar 2026
- Incyte Corporation (INCY) — market value ₹26.0K Cr; latest fundamentals Mar 2026
- Roivant Sciences Ltd. (ROIV) — market value ₹24.3K Cr; latest fundamentals Mar 2026
- BioNTech SE (BNTX) — market value ₹23.4K Cr; latest fundamentals Mar 2026
- Insmed Incorporated (INSM) — market value ₹22.6K Cr; latest fundamentals Mar 2026
- Moderna, Inc. (MRNA) — market value ₹22.1K Cr; latest fundamentals Mar 2026
- Genmab A/S (GMAB) — market value ₹17.9K Cr; latest fundamentals Mar 2026
- Ascendis Pharma A/S (ASND) — market value ₹16.8K Cr; latest fundamentals Mar 2026
- BridgeBio Pharma, Inc. (BBIO) — market value ₹16.8K Cr; latest fundamentals Mar 2026
- Jazz Pharmaceuticals plc (JAZZ) — market value ₹16.1K Cr; latest fundamentals Mar 2026
- Exelixis, Inc. (EXEL) — market value ₹14.2K Cr; latest fundamentals Jun 2026
- Madrigal Pharmaceuticals, Inc. (MDGL) — market value ₹12.4K Cr; latest fundamentals Mar 2026
- Arrowhead Pharmaceuticals, Inc. (ARWR) — market value ₹12.1K Cr; latest fundamentals Mar 2026
- Axsome Therapeutics, Inc. (AXSM) — market value ₹12.1K Cr; latest fundamentals Mar 2026
- BioMarin Pharmaceutical Inc. (BMRN) — market value ₹12.0K Cr; latest fundamentals Mar 2026
- Bio-Techne Corporation (TECH) — market value ₹11.2K Cr; latest fundamentals Mar 2026
- Cytokinetics, Incorporated (CYTK) — market value ₹10.8K Cr; latest fundamentals Mar 2026
- Krystal Biotech, Inc. (KRYS) — market value ₹10.7K Cr; latest fundamentals Mar 2026
- ABIVAX Société Anonyme (ABVX) — market value ₹10.7K Cr; latest fundamentals Mar 2026
- Corcept Therapeutics Incorporated (CORT) — market value ₹10.1K Cr; latest fundamentals Mar 2026
- Apogee Therapeutics, Inc. (APGE) — market value ₹10.1K Cr; latest fundamentals Mar 2026
- Summit Therapeutics Inc. (SMMT) — market value ₹10.0K Cr; latest fundamentals Jun 2026
- Halozyme Therapeutics, Inc. (HALO) — market value ₹9.9K Cr; latest fundamentals Mar 2026
- Nuvalent, Inc. (NUVL) — market value ₹9.8K Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Biotechnology company is the biggest?

Regeneron Pharmaceuticals, Inc. is the largest, with trailing-twelve-month revenue of $14,919 million, ahead of Vertex Pharmaceuticals Incorporated at $12,218 million. That covers 24 of 30 companies with comparable reporting through Mar 2026.

### Which Biotechnology company is growing fastest?

Ascendis Pharma A/S has the fastest revenue growth at 100% year on year, across 23 of 30 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Biotechnology company has the best profit margins?

Royalty Pharma plc has the highest operating margin at 89.3%, from 24 of 30 comparable companies. Roivant Sciences Ltd. shows the biggest recent improvement, at +20242.2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Biotechnology company makes the most profit?

Regeneron Pharmaceuticals, Inc. earns the most, at $4,424 million of trailing-twelve-month net profit, from 27 of 30 comparable companies. Incyte Corporation has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Biotechnology company earns the highest return on capital?

Summit Therapeutics Inc. leads on return on capital employed at 48.3%, across 30 of 30 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Biotechnology stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Genmab A/S screens cheapest at 0.24×. Only 9 of 30 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Biotechnology company has the strongest balance sheet?

ABIVAX Société Anonyme carries the lowest comparable gross debt at $1 million, from 29 of 30 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Biotechnology company is investing most in new capacity?

Regeneron Pharmaceuticals, Inc. reports the largest capital spending at $231 million, across 28 of 30 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Biotechnology sector beating the market?

Biotechnology has outperformed S&P 500 by 48.6% over the last 52 weeks and 17% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 22 of 29 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Biotechnology stock has the strongest price momentum?

Revolution Medicines, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Biotechnology company scores highest for research priority?

Incyte Corporation scores 68.9 out of 100 with 72% evidence confidence, from 24.8 points on growth and earnings, 17.1 on capital efficiency, 11.3 on valuation and 15.7 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Biotechnology companies does this comparison cover, and over what period?

It compares 30 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Biotechnology sector?

The 30 Biotechnology companies on this page carry $741,130 million of combined market value. Vertex Pharmaceuticals Incorporated is the largest at $124,464 million, about 17% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Biotechnology sector's P/E ratio?

The median price-to-earnings ratio across the 30 Biotechnology companies on this page is 34.5×, measured on the 20 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Biotechnology sector performing?

22 of the 29 covered Biotechnology companies are beating S&P 500 on Mansfield relative strength. The sector itself is 48.6% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Biotechnology stocks are listed in the US?

This comparison covers 30 listed Biotechnology companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/biotechnology