# Drug Manufacturers - Specialty & Generic — company-by-company sector analysis

> Drug Manufacturers - Specialty & Generic: Teva Pharmaceutical Industries Limited owns the largest revenue base; Liquidia Corporation has the fastest current growth.

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

## Bottom line

Drug Manufacturers - Specialty & Generic has outperformed S&P 500 by 27.8% over 52 weeks and 2.8% over 13 weeks. 16 of 28 covered companies beat the S&P 500 on Mansfield relative strength, while 11 of 28 beat the sector itself. Liquidia Corporation has the fastest current revenue growth at 100%, across 24 of 28 comparable companies.

### Is the Drug Manufacturers - Specialty & Generic sector outperforming S&P 500?

Drug Manufacturers - Specialty & Generic has outperformed S&P 500 by 27.8% over 52 weeks and 2.8% over 13 weeks. 16 of 28 covered companies beat the S&P 500 on Mansfield relative strength, while 11 of 28 beat the sector itself.

### Which Drug Manufacturers - Specialty & Generic company is largest by revenue?

Teva Pharmaceutical Industries Limited leads with revenue of $17,349 million, based on 24 of 28 comparable companies through Mar 2026.

### Which Drug Manufacturers - Specialty & Generic company is growing fastest?

Liquidia Corporation has the fastest current revenue growth at 100%, across 24 of 28 comparable companies.

### Which Drug Manufacturers - Specialty & Generic company has the strongest 4-Factor Sector Score?

Neurocrine Biosciences, Inc. ranks first at 76/100 with 82% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Drug Manufacturers - Specialty & Generic company reports the most CAPEX?

Teva Pharmaceutical Industries Limited reports the largest latest CAPEX at $168 million, with 28 of 28 companies comparable.

### Which Drug Manufacturers - Specialty & Generic company has the least gross debt?

United Therapeutics Corporation has the lowest comparable gross debt at $0 million. Bausch Health Companies Inc. has the highest at $20,795 million.

### Which Drug Manufacturers - Specialty & Generic company has the lowest comparable PEG?

Alkermes plc has the lowest comparable Guarded PEG at 0.58, among 7 of 28 companies that pass the metric’s comparability rules.

### How much history does this Drug Manufacturers - Specialty & Generic 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

Drug Manufacturers - Specialty & Generic has outperformed S&P 500 by 27.8% over the last 52 weeks. Over 13 weeks the gap is a lead of 2.8%. 16 of 28 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Liquidia Corporation is the strongest against the sector itself at +84.9%.

13-week sector return versus NIFTY 500: 2.8%
52-week sector return versus NIFTY 500: 28%
Stocks leading NIFTY: 16/28
Stocks leading sector: 11/28

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

Companies: 28
Combined market value: ₹2.6 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. Neurocrine Biosciences, Inc. (NBIX): 76/100 — Favorable setup; evidence 82%
   - Growth & earnings 28.7/35 | Capital efficiency 16.4/25 | Valuation 14.6/20 | Relative strength 16.3/20
   - Exact sum: 28.7 + 16.4 + 14.6 + 16.3 = 76
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Liquidia Corporation (LQDA): 70/100 — Favorable setup; evidence 65%
   - Growth & earnings 25.7/35 | Capital efficiency 15.3/25 | Valuation 8.6/20 | Relative strength 20.0/20
   - Exact sum: 25.7 + 15.3 + 8.6 + 20 = 69.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Indivior Pharmaceuticals, Inc. (INDV): 69/100 — Favorable setup; evidence 65%
   - Growth & earnings 24.1/35 | Capital efficiency 21.6/25 | Valuation 11.4/20 | Relative strength 12.0/20
   - Exact sum: 24.1 + 21.6 + 11.4 + 12 = 69.1
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
4. Kiniksa Pharmaceuticals International, plc (KNSA): 66/100 — Favorable setup; evidence 65%
   - Growth & earnings 22.9/35 | Capital efficiency 14.6/25 | Valuation 9.3/20 | Relative strength 18.8/20
   - Exact sum: 22.9 + 14.6 + 9.3 + 18.8 = 65.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Eton Pharmaceuticals, Inc. (ETON): 64/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 24.7/35 | Capital efficiency 10.6/25 | Valuation 9.0/20 | Relative strength 19.5/20
   - Exact sum: 24.7 + 10.6 + 9 + 19.5 = 63.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Amneal Pharmaceuticals, Inc. (AMRX): 61/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 22.9/35 | Capital efficiency 10.4/25 | Valuation 9.5/20 | Relative strength 17.8/20
   - Exact sum: 22.9 + 10.4 + 9.5 + 17.8 = 60.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Lantheus Holdings, Inc. (LNTH): 57/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 12.1/35 | Capital efficiency 14.7/25 | Valuation 13.5/20 | Relative strength 17.1/20
   - Exact sum: 12.1 + 14.7 + 13.5 + 17.1 = 57.4
   - Decision use: Price leads the evidence: RS versus the benchmark is 30%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
8. Viatris Inc. (VTRS): 55/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 21.5/35 | Capital efficiency 9.3/25 | Valuation 8.7/20 | Relative strength 15.8/20
   - Exact sum: 21.5 + 9.3 + 8.7 + 15.8 = 55.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Haleon plc (HLN): 54/100 — Mixed-positive evidence; evidence 67%
   - Growth & earnings 19.0/35 | Capital efficiency 13.8/25 | Valuation 12.4/20 | Relative strength 8.9/20
   - Exact sum: 19 + 13.8 + 12.4 + 8.9 = 54.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Alkermes plc (ALKS): 51/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 8.9/35 | Capital efficiency 9.0/25 | Valuation 14.4/20 | Relative strength 18.7/20
   - Exact sum: 8.9 + 9 + 14.4 + 18.7 = 51
   - Decision use: Price leads the evidence: RS versus the benchmark is 37.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
11. Xeris Biopharma Holdings, Inc. (XERS): 51/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 24.0/35 | Capital efficiency 7.1/25 | Valuation 8.9/20 | Relative strength 10.9/20
   - Exact sum: 24 + 7.1 + 8.9 + 10.9 = 50.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
12. Phibro Animal Health Corporation (PAHC): 50/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 23.8/35 | Capital efficiency 10.9/25 | Valuation 10.2/20 | Relative strength 5.4/20
   - Exact sum: 23.8 + 10.9 + 10.2 + 5.4 = 50.3
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -24.6% and the one-year return is 39.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
13. ANI Pharmaceuticals, Inc. (ANIP): 49/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 21.3/35 | Capital efficiency 11.3/25 | Valuation 10.6/20 | Relative strength 5.4/20
   - Exact sum: 21.3 + 11.3 + 10.6 + 5.4 = 48.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Trulieve Cannabis Corp. (TRLV): 46/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 15.8/35 | Capital efficiency 12.8/25 | Valuation 11.5/20 | Relative strength 5.6/20
   - Exact sum: 15.8 + 12.8 + 11.5 + 5.6 = 45.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Supernus Pharmaceuticals, Inc. (SUPN): 45/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 19.5/35 | Capital efficiency 11.4/25 | Valuation 9.6/20 | Relative strength 4.7/20
   - Exact sum: 19.5 + 11.4 + 9.6 + 4.7 = 45.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Teva Pharmaceutical Industries Limited (TEVA): 45/100 — Mixed-negative evidence; evidence 65%
   - Growth & earnings 18.0/35 | Capital efficiency 9.8/25 | Valuation 9.9/20 | Relative strength 7.3/20
   - Exact sum: 18 + 9.8 + 9.9 + 7.3 = 45
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17. Elanco Animal Health Incorporated (ELAN): 44/100 — Mixed-negative evidence; evidence 72%
   - Growth & earnings 14.1/35 | Capital efficiency 10.2/25 | Valuation 8.5/20 | Relative strength 11.2/20
   - Exact sum: 14.1 + 10.2 + 8.5 + 11.2 = 44
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
18. United Therapeutics Corporation (UTHR): 43/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 13.8/35 | Capital efficiency 17.9/25 | Valuation 5.6/20 | Relative strength 5.5/20
   - Exact sum: 13.8 + 17.9 + 5.6 + 5.5 = 42.8
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
19. Prestige Consumer Healthcare Inc. (PBH): 42/100 — Mixed-negative evidence; evidence 72%
   - Growth & earnings 10.8/35 | Capital efficiency 13.9/25 | Valuation 11.0/20 | Relative strength 6.3/20
   - Exact sum: 10.8 + 13.9 + 11 + 6.3 = 42
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
20. Zoetis Inc. (ZTS): 37/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 13.8/35 | Capital efficiency 13.7/25 | Valuation 8.2/20 | Relative strength 1.4/20
   - Exact sum: 13.8 + 13.7 + 8.2 + 1.4 = 37.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
21. Harrow, Inc. (HROW): 33/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 13.3/35 | Capital efficiency 4.2/25 | Valuation 10.0/20 | Relative strength 5.7/20
   - Exact sum: 13.3 + 4.2 + 10 + 5.7 = 33.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
22. Hims & Hers Health, Inc. (HIMS): 31/100 — Adverse evidence; evidence 72%
   - Growth & earnings 10.2/35 | Capital efficiency 5.3/25 | Valuation 9.1/20 | Relative strength 6.7/20
   - Exact sum: 10.2 + 5.3 + 9.1 + 6.7 = 31.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
23. Bausch Health Companies Inc. (BHC): 28/100 — Adverse evidence; evidence 65%
   - Growth & earnings 10.7/35 | Capital efficiency 4.8/25 | Valuation 10.9/20 | Relative strength 1.9/20
   - Exact sum: 10.7 + 4.8 + 10.9 + 1.9 = 28.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
24. Perrigo Company plc (PRGO): 28/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 8.2/35 | Capital efficiency 6.0/25 | Valuation 10.0/20 | Relative strength 3.7/20
   - Exact sum: 8.2 + 6 + 10 + 3.7 = 27.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
25. Amylyx Pharmaceuticals, Inc. (AMLX): 53/100 — Thin evidence · provisional; evidence 45%
   - Growth & earnings 17.3/35 | Capital efficiency 10.0/25 | Valuation 10.1/20 | Relative strength 15.4/20
   - Exact sum: 17.3 + 10 + 10.1 + 15.4 = 52.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
26. BioCryst Pharmaceuticals, Inc. (BCRX): 43/100 — Thin evidence · provisional; evidence 49%
   - Growth & earnings 12.0/35 | Capital efficiency 5.6/25 | Valuation 11.1/20 | Relative strength 14.2/20
   - Exact sum: 12 + 5.6 + 11.1 + 14.2 = 42.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
27. HUTCHMED (China) Limited (HCM): 41/100 — Thin evidence · provisional; evidence 35%
   - Growth & earnings 16.9/35 | Capital efficiency 9.9/25 | Valuation 11.3/20 | Relative strength 3.0/20
   - Exact sum: 16.9 + 9.9 + 11.3 + 3 = 41.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
28. Regencell Bioscience Holdings Limited (RGC): 32/100 — Thin evidence · provisional; evidence 37%
   - Growth & earnings 13.4/35 | Capital efficiency 8.4/25 | Valuation 10.0/20 | Relative strength 0.0/20
   - Exact sum: 13.4 + 8.4 + 10 + 0 = 31.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Teva Pharmaceutical Industries Limited is the scale leader at $17,349 million, 19.1% ahead of Viatris Inc.. Liquidia Corporation's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 1957.1% from a $288 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: Teva Pharmaceutical Industries Limited is the scale benchmark; Liquidia Corporation is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Teva Pharmaceutical Industries Limited's growth falls below Liquidia Corporation's for two consecutive comparable reports while operating margin also compresses.

Evidence: Teva Pharmaceutical Industries Limited · $17,349 million | 19.1% versus #2 · Viatris Inc. | 7/8 recent comparable periods | 24/28 companies · 488 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. Teva Pharmaceutical Industries Limited (TEVA): ₹17.3K Cr
2. Viatris Inc. (VTRS): ₹14.6K Cr
3. Bausch Health Companies Inc. (BHC): ₹11.9K Cr
4. Haleon plc (HLN): ₹11.0K Cr — older report
5. Zoetis Inc. (ZTS): ₹9.5K Cr

### Revenue growth — fastest growers
1. Liquidia Corporation (LQDA): 100%
2. Eton Pharmaceuticals, Inc. (ETON): 79%
3. Kiniksa Pharmaceuticals International, plc (KNSA): 56%
4. Xeris Biopharma Holdings, Inc. (XERS): 42%
5. ANI Pharmaceuticals, Inc. (ANIP): 37%

### 20-quarter Revenue history
- HLN: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 — | Jun 2026 —
- TEVA: Sep 2021 ₹3.9K Cr | Dec 2021 ₹4.1K Cr | Mar 2022 ₹3.7K Cr | Jun 2022 ₹3.8K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.9K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.9K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹4.5K Cr | Mar 2024 ₹3.8K Cr | Jun 2024 ₹4.2K Cr | Sep 2024 ₹4.3K Cr | Dec 2024 ₹4.2K Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹4.2K Cr | Sep 2025 ₹4.5K Cr | Dec 2025 ₹4.7K Cr | Mar 2026 ₹4.0K Cr | Jun 2026 —
- ZTS: Sep 2021 ₹2.0K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 —
- UTHR: Sep 2021 ₹445 Cr | Dec 2021 ₹415 Cr | Mar 2022 ₹462 Cr | Jun 2022 ₹467 Cr | Sep 2022 ₹516 Cr | Dec 2022 ₹492 Cr | Mar 2023 ₹507 Cr | Jun 2023 ₹597 Cr | Sep 2023 ₹609 Cr | Dec 2023 ₹615 Cr | Mar 2024 ₹678 Cr | Jun 2024 ₹715 Cr | Sep 2024 ₹749 Cr | Dec 2024 ₹736 Cr | Mar 2025 ₹794 Cr | Jun 2025 ₹799 Cr | Sep 2025 ₹800 Cr | Dec 2025 ₹790 Cr | Mar 2026 ₹782 Cr | Jun 2026 —
- VTRS: Sep 2021 ₹4.5K Cr | Dec 2021 ₹4.3K Cr | Mar 2022 ₹4.2K Cr | Jun 2022 ₹4.1K Cr | Sep 2022 ₹4.1K Cr | Dec 2022 ₹3.9K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.9K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹3.8K Cr | Mar 2024 ₹3.7K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹3.8K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹3.7K Cr | Mar 2026 ₹3.5K Cr | Jun 2026 —
- NBIX: Sep 2021 ₹296 Cr | Dec 2021 ₹312 Cr | Mar 2022 ₹311 Cr | Jun 2022 ₹378 Cr | Sep 2022 ₹388 Cr | Dec 2022 ₹412 Cr | Mar 2023 ₹420 Cr | Jun 2023 ₹453 Cr | Sep 2023 ₹499 Cr | Dec 2023 ₹515 Cr | Mar 2024 ₹515 Cr | Jun 2024 ₹590 Cr | Sep 2024 ₹622 Cr | Dec 2024 ₹628 Cr | Mar 2025 ₹573 Cr | Jun 2025 ₹688 Cr | Sep 2025 ₹795 Cr | Dec 2025 ₹806 Cr | Mar 2026 ₹815 Cr | Jun 2026 —
- ELAN: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹985 Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- ALKS: Sep 2021 ₹294 Cr | Dec 2021 ₹324 Cr | Mar 2022 ₹279 Cr | Jun 2022 ₹276 Cr | Sep 2022 ₹252 Cr | Dec 2022 ₹305 Cr | Mar 2023 ₹288 Cr | Jun 2023 ₹617 Cr | Sep 2023 ₹381 Cr | Dec 2023 ₹377 Cr | Mar 2024 ₹350 Cr | Jun 2024 ₹399 Cr | Sep 2024 ₹378 Cr | Dec 2024 ₹430 Cr | Mar 2025 ₹307 Cr | Jun 2025 ₹391 Cr | Sep 2025 ₹394 Cr | Dec 2025 ₹385 Cr | Mar 2026 ₹393 Cr | Jun 2026 —
- LQDA: Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹92 Cr | Mar 2026 ₹133 Cr | Jun 2026 —
- HIMS: Sep 2021 ₹74 Cr | Dec 2021 ₹85 Cr | Mar 2022 ₹101 Cr | Jun 2022 ₹114 Cr | Sep 2022 ₹145 Cr | Dec 2022 ₹167 Cr | Mar 2023 ₹191 Cr | Jun 2023 ₹208 Cr | Sep 2023 ₹227 Cr | Dec 2023 ₹247 Cr | Mar 2024 ₹278 Cr | Jun 2024 ₹316 Cr | Sep 2024 ₹402 Cr | Dec 2024 ₹481 Cr | Mar 2025 ₹586 Cr | Jun 2025 ₹545 Cr | Sep 2025 ₹599 Cr | Dec 2025 ₹618 Cr | Mar 2026 ₹608 Cr | Jun 2026 —
- LNTH: Sep 2021 ₹102 Cr | Dec 2021 ₹130 Cr | Mar 2022 ₹209 Cr | Jun 2022 ₹224 Cr | Sep 2022 ₹239 Cr | Dec 2022 ₹263 Cr | Mar 2023 ₹301 Cr | Jun 2023 ₹322 Cr | Sep 2023 ₹320 Cr | Dec 2023 ₹354 Cr | Mar 2024 ₹370 Cr | Jun 2024 ₹394 Cr | Sep 2024 ₹379 Cr | Dec 2024 ₹391 Cr | Mar 2025 ₹373 Cr | Jun 2025 ₹378 Cr | Sep 2025 ₹384 Cr | Dec 2025 ₹407 Cr | Mar 2026 ₹377 Cr | Jun 2026 —
- KNSA: Sep 2021 ₹12 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹99 Cr | Dec 2022 ₹62 Cr | Mar 2023 ₹48 Cr | Jun 2023 ₹71 Cr | Sep 2023 ₹67 Cr | Dec 2023 ₹83 Cr | Mar 2024 ₹80 Cr | Jun 2024 ₹109 Cr | Sep 2024 ₹112 Cr | Dec 2024 ₹123 Cr | Mar 2025 ₹138 Cr | Jun 2025 ₹157 Cr | Sep 2025 ₹181 Cr | Dec 2025 ₹202 Cr | Mar 2026 ₹214 Cr | Jun 2026 —
- AMRX: Sep 2021 ₹529 Cr | Dec 2021 ₹537 Cr | Mar 2022 ₹498 Cr | Jun 2022 ₹559 Cr | Sep 2022 ₹546 Cr | Dec 2022 ₹610 Cr | Mar 2023 ₹558 Cr | Jun 2023 ₹599 Cr | Sep 2023 ₹620 Cr | Dec 2023 ₹617 Cr | Mar 2024 ₹659 Cr | Jun 2024 ₹702 Cr | Sep 2024 ₹702 Cr | Dec 2024 ₹731 Cr | Mar 2025 ₹695 Cr | Jun 2025 ₹725 Cr | Sep 2025 ₹785 Cr | Dec 2025 ₹814 Cr | Mar 2026 ₹723 Cr | Jun 2026 —
- INDV: Sep 2021 ₹187 Cr | Dec 2021 ₹222 Cr | Mar 2022 ₹207 Cr | Jun 2022 ₹221 Cr | Sep 2022 ₹232 Cr | Dec 2022 ₹241 Cr | Mar 2023 ₹253 Cr | Jun 2023 ₹276 Cr | Sep 2023 ₹271 Cr | Dec 2023 ₹293 Cr | Mar 2024 ₹284 Cr | Jun 2024 ₹299 Cr | Sep 2024 ₹307 Cr | Dec 2024 ₹298 Cr | Mar 2025 ₹266 Cr | Jun 2025 ₹302 Cr | Sep 2025 ₹314 Cr | Dec 2025 ₹358 Cr | Mar 2026 ₹317 Cr | Jun 2026 —
- SUPN: Sep 2021 ₹148 Cr | Dec 2021 ₹159 Cr | Mar 2022 ₹153 Cr | Jun 2022 ₹170 Cr | Sep 2022 ₹177 Cr | Dec 2022 ₹167 Cr | Mar 2023 ₹154 Cr | Jun 2023 ₹136 Cr | Sep 2023 ₹154 Cr | Dec 2023 ₹164 Cr | Mar 2024 ₹144 Cr | Jun 2024 ₹168 Cr | Sep 2024 ₹176 Cr | Dec 2024 ₹174 Cr | Mar 2025 ₹150 Cr | Jun 2025 ₹165 Cr | Sep 2025 ₹192 Cr | Dec 2025 ₹212 Cr | Mar 2026 ₹208 Cr | Jun 2026 —
- BCRX: Sep 2021 ₹41 Cr | Dec 2021 ₹47 Cr | Mar 2022 ₹50 Cr | Jun 2022 ₹66 Cr | Sep 2022 ₹76 Cr | Dec 2022 ₹80 Cr | Mar 2023 ₹69 Cr | Jun 2023 ₹82 Cr | Sep 2023 ₹87 Cr | Dec 2023 — | Mar 2024 ₹93 Cr | Jun 2024 ₹109 Cr | Sep 2024 ₹117 Cr | Dec 2024 — | Mar 2025 ₹146 Cr | Jun 2025 ₹163 Cr | Sep 2025 ₹159 Cr | Dec 2025 — | Mar 2026 ₹156 Cr | Jun 2026 —
- PBH: Sep 2021 ₹276 Cr | Dec 2021 ₹274 Cr | Mar 2022 ₹267 Cr | Jun 2022 ₹277 Cr | Sep 2022 ₹289 Cr | Dec 2022 ₹276 Cr | Mar 2023 ₹286 Cr | Jun 2023 ₹279 Cr | Sep 2023 ₹286 Cr | Dec 2023 ₹283 Cr | Mar 2024 ₹277 Cr | Jun 2024 ₹267 Cr | Sep 2024 ₹284 Cr | Dec 2024 ₹290 Cr | Mar 2025 ₹297 Cr | Jun 2025 ₹250 Cr | Sep 2025 ₹274 Cr | Dec 2025 ₹283 Cr | Mar 2026 ₹282 Cr | Jun 2026 —
- AMLX: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 — | Mar 2023 ₹71 Cr | Jun 2023 ₹98 Cr | Sep 2023 ₹103 Cr | Dec 2023 ₹108 Cr | Mar 2024 ₹89 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹-1 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HCM: Sep 2021 — | Dec 2021 ₹199 Cr | Mar 2022 — | Jun 2022 ₹202 Cr | Sep 2022 — | Dec 2022 ₹224 Cr | Mar 2023 — | Jun 2023 ₹533 Cr | Sep 2023 — | Dec 2023 ₹305 Cr | Mar 2024 — | Jun 2024 ₹306 Cr | Sep 2024 — | Dec 2024 ₹325 Cr | Mar 2025 — | Jun 2025 ₹278 Cr | Sep 2025 — | Dec 2025 ₹271 Cr | Mar 2026 — | Jun 2026 —
- ANIP: Sep 2021 ₹52 Cr | Dec 2021 ₹61 Cr | Mar 2022 ₹64 Cr | Jun 2022 ₹74 Cr | Sep 2022 ₹84 Cr | Dec 2022 ₹94 Cr | Mar 2023 ₹107 Cr | Jun 2023 ₹117 Cr | Sep 2023 ₹132 Cr | Dec 2023 ₹132 Cr | Mar 2024 ₹137 Cr | Jun 2024 ₹138 Cr | Sep 2024 ₹148 Cr | Dec 2024 ₹191 Cr | Mar 2025 ₹197 Cr | Jun 2025 ₹211 Cr | Sep 2025 ₹228 Cr | Dec 2025 ₹247 Cr | Mar 2026 ₹237 Cr | Jun 2026 —
- BHC: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹4.4K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹4.9K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —
- TRLV: Sep 2021 ₹224 Cr | Dec 2021 — | Mar 2022 ₹311 Cr | Jun 2022 ₹314 Cr | Sep 2022 ₹295 Cr | Dec 2022 ₹298 Cr | Mar 2023 ₹285 Cr | Jun 2023 ₹282 Cr | Sep 2023 ₹275 Cr | Dec 2023 ₹287 Cr | Mar 2024 ₹298 Cr | Jun 2024 ₹303 Cr | Sep 2024 ₹284 Cr | Dec 2024 ₹301 Cr | Mar 2025 ₹298 Cr | Jun 2025 ₹302 Cr | Sep 2025 ₹288 Cr | Dec 2025 ₹293 Cr | Mar 2026 ₹287 Cr | Jun 2026 —
- XERS: Sep 2021 ₹11 Cr | Dec 2021 ₹21 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹30 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹33 Cr | Jun 2023 ₹38 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹44 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹48 Cr | Sep 2024 ₹54 Cr | Dec 2024 ₹60 Cr | Mar 2025 ₹60 Cr | Jun 2025 ₹72 Cr | Sep 2025 ₹74 Cr | Dec 2025 ₹86 Cr | Mar 2026 ₹83 Cr | Jun 2026 —
- PAHC: Sep 2021 ₹215 Cr | Dec 2021 ₹233 Cr | Mar 2022 ₹240 Cr | Jun 2022 ₹255 Cr | Sep 2022 ₹233 Cr | Dec 2022 ₹245 Cr | Mar 2023 ₹246 Cr | Jun 2023 ₹255 Cr | Sep 2023 ₹231 Cr | Dec 2023 ₹250 Cr | Mar 2024 ₹263 Cr | Jun 2024 ₹273 Cr | Sep 2024 ₹260 Cr | Dec 2024 ₹309 Cr | Mar 2025 ₹348 Cr | Jun 2025 ₹379 Cr | Sep 2025 ₹364 Cr | Dec 2025 ₹374 Cr | Mar 2026 ₹384 Cr | Jun 2026 —
- HROW: Sep 2021 ₹19 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹23 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹26 Cr | Jun 2023 ₹33 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹36 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹67 Cr | Mar 2025 ₹48 Cr | Jun 2025 ₹64 Cr | Sep 2025 ₹72 Cr | Dec 2025 ₹89 Cr | Mar 2026 ₹44 Cr | Jun 2026 —
- PRGO: Sep 2021 ₹981 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 — | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 — | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹969 Cr | Jun 2026 —
- ETON: Sep 2021 ₹1 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹24 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- HLN: Sep 2021 — | Dec 2021 — | Mar 2022 14% | Jun 2022 13% | Sep 2022 16% | Dec 2022 12% | Mar 2023 14% | Jun 2023 7.5% | Sep 2023 -3.3% | Dec 2023 -0.4% | Mar 2024 -2.2% | Jun 2024 0.8% | Sep 2024 -0.6% | Dec 2024 -0.3% | Mar 2025 -6.1% | Jun 2025 -1.3% | Sep 2025 -0.2% | Dec 2025 0.6% | Mar 2026 — | Jun 2026 —
- TEVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.2% | Sep 2022 -7.5% | Dec 2022 -5.3% | Mar 2023 0.0% | Jun 2023 2.4% | Sep 2023 7.1% | Dec 2023 15% | Mar 2024 4.3% | Jun 2024 7.4% | Sep 2024 13% | Dec 2024 -5.1% | Mar 2025 1.9% | Jun 2025 0.3% | Sep 2025 3.4% | Dec 2025 11% | Mar 2026 2.3% | Jun 2026 —
- ZTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.3% | Sep 2022 0.6% | Dec 2022 3.7% | Mar 2023 0.7% | Jun 2023 6.2% | Sep 2023 7.4% | Dec 2023 8.5% | Mar 2024 9.5% | Jun 2024 8.3% | Sep 2024 11% | Dec 2024 4.7% | Mar 2025 0.4% | Jun 2025 4.2% | Sep 2025 0.5% | Dec 2025 3.0% | Mar 2026 2.9% | Jun 2026 —
- UTHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.5% | Sep 2022 16% | Dec 2022 19% | Mar 2023 9.7% | Jun 2023 28% | Sep 2023 18% | Dec 2023 25% | Mar 2024 34% | Jun 2024 20% | Sep 2024 23% | Dec 2024 20% | Mar 2025 17% | Jun 2025 12% | Sep 2025 6.8% | Dec 2025 7.3% | Mar 2026 -1.5% | Jun 2026 —
- VTRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -10% | Sep 2022 -10% | Dec 2022 -11% | Mar 2023 -11% | Jun 2023 -4.8% | Sep 2023 -3.3% | Dec 2023 -1.0% | Mar 2024 -1.8% | Jun 2024 -3.1% | Sep 2024 -4.9% | Dec 2024 -8.1% | Mar 2025 -11% | Jun 2025 -5.7% | Sep 2025 0.2% | Dec 2025 5.0% | Mar 2026 8.1% | Jun 2026 —
- NBIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 31% | Sep 2022 31% | Dec 2022 32% | Mar 2023 35% | Jun 2023 20% | Sep 2023 29% | Dec 2023 25% | Mar 2024 23% | Jun 2024 30% | Sep 2024 25% | Dec 2024 22% | Mar 2025 11% | Jun 2025 17% | Sep 2025 28% | Dec 2025 28% | Mar 2026 42% | Jun 2026 —
- ELAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -8.1% | Sep 2022 -9.3% | Dec 2022 -11% | Mar 2023 2.5% | Jun 2023 -10% | Sep 2023 4.1% | Dec 2023 5.1% | Mar 2024 -4.1% | Jun 2024 12% | Sep 2024 -3.6% | Dec 2024 -1.5% | Mar 2025 -1.0% | Jun 2025 4.8% | Sep 2025 10% | Dec 2025 12% | Mar 2026 15% | Jun 2026 —
- ALKS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -9.2% | Sep 2022 -14% | Dec 2022 -5.9% | Mar 2023 3.2% | Jun 2023 124% | Sep 2023 51% | Dec 2023 24% | Mar 2024 22% | Jun 2024 -35% | Sep 2024 -0.8% | Dec 2024 14% | Mar 2025 -12% | Jun 2025 -2.0% | Sep 2025 4.2% | Dec 2025 -10% | Mar 2026 28% | Jun 2026 —
- LQDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 33% | Sep 2022 0.0% | Dec 2022 67% | Mar 2023 33% | Jun 2023 25% | Sep 2023 33% | Dec 2023 0.0% | Mar 2024 -25% | Jun 2024 -20% | Sep 2024 0.0% | Dec 2024 -40% | Mar 2025 0.0% | Jun 2025 125% | Sep 2025 1,250% | Dec 2025 2,967% | Mar 2026 4,333% | Jun 2026 —
- HIMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 87% | Sep 2022 96% | Dec 2022 96% | Mar 2023 89% | Jun 2023 82% | Sep 2023 57% | Dec 2023 48% | Mar 2024 46% | Jun 2024 52% | Sep 2024 77% | Dec 2024 95% | Mar 2025 111% | Jun 2025 72% | Sep 2025 49% | Dec 2025 28% | Mar 2026 3.8% | Jun 2026 —
- LNTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 122% | Sep 2022 134% | Dec 2022 102% | Mar 2023 44% | Jun 2023 44% | Sep 2023 34% | Dec 2023 35% | Mar 2024 23% | Jun 2024 22% | Sep 2024 18% | Dec 2024 10% | Mar 2025 0.8% | Jun 2025 -4.1% | Sep 2025 1.3% | Dec 2025 4.1% | Mar 2026 1.1% | Jun 2026 —
- KNSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 238% | Sep 2022 725% | Dec 2022 226% | Mar 2023 50% | Jun 2023 163% | Sep 2023 -32% | Dec 2023 34% | Mar 2024 67% | Jun 2024 54% | Sep 2024 67% | Dec 2024 48% | Mar 2025 73% | Jun 2025 44% | Sep 2025 62% | Dec 2025 64% | Mar 2026 55% | Jun 2026 —
- AMRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.5% | Sep 2022 3.2% | Dec 2022 14% | Mar 2023 12% | Jun 2023 7.2% | Sep 2023 14% | Dec 2023 1.2% | Mar 2024 18% | Jun 2024 17% | Sep 2024 13% | Dec 2024 18% | Mar 2025 5.5% | Jun 2025 3.3% | Sep 2025 12% | Dec 2025 11% | Mar 2026 4.0% | Jun 2026 —
- INDV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 10.0% | Sep 2022 24% | Dec 2022 8.6% | Mar 2023 22% | Jun 2023 25% | Sep 2023 17% | Dec 2023 22% | Mar 2024 12% | Jun 2024 8.3% | Sep 2024 13% | Dec 2024 1.7% | Mar 2025 -6.3% | Jun 2025 1.0% | Sep 2025 2.3% | Dec 2025 20% | Mar 2026 19% | Jun 2026 —
- SUPN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 20% | Dec 2022 5.0% | Mar 2023 0.7% | Jun 2023 -20% | Sep 2023 -13% | Dec 2023 -1.8% | Mar 2024 -6.5% | Jun 2024 24% | Sep 2024 14% | Dec 2024 6.1% | Mar 2025 4.2% | Jun 2025 -1.8% | Sep 2025 9.1% | Dec 2025 22% | Mar 2026 39% | Jun 2026 —
- BCRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 32% | Sep 2022 85% | Dec 2022 70% | Mar 2023 38% | Jun 2023 24% | Sep 2023 14% | Dec 2023 — | Mar 2024 35% | Jun 2024 33% | Sep 2024 34% | Dec 2024 — | Mar 2025 57% | Jun 2025 50% | Sep 2025 36% | Dec 2025 — | Mar 2026 6.9% | Jun 2026 —
- PBH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.0% | Sep 2022 4.7% | Dec 2022 0.7% | Mar 2023 7.1% | Jun 2023 0.7% | Sep 2023 -1.0% | Dec 2023 2.5% | Mar 2024 -3.2% | Jun 2024 -4.3% | Sep 2024 -0.7% | Dec 2024 2.5% | Mar 2025 7.2% | Jun 2025 -6.4% | Sep 2025 -3.5% | Dec 2025 -2.4% | Mar 2026 -5.1% | Jun 2026 —
- AMLX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 25% | Jun 2024 -101% | Sep 2024 -100% | Dec 2024 -101% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HCM: Sep 2021 — | Dec 2021 64% | Mar 2022 — | Jun 2022 29% | Sep 2022 — | Dec 2022 13% | Mar 2023 — | Jun 2023 164% | Sep 2023 — | Dec 2023 36% | Mar 2024 — | Jun 2024 -43% | Sep 2024 — | Dec 2024 6.6% | Mar 2025 — | Jun 2025 -9.2% | Sep 2025 — | Dec 2025 -17% | Mar 2026 — | Jun 2026 —
- ANIP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 51% | Sep 2022 62% | Dec 2022 54% | Mar 2023 67% | Jun 2023 58% | Sep 2023 57% | Dec 2023 40% | Mar 2024 28% | Jun 2024 18% | Sep 2024 12% | Dec 2024 45% | Mar 2025 44% | Jun 2025 53% | Sep 2025 54% | Dec 2025 29% | Mar 2026 20% | Jun 2026 —
- BHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -6.3% | Sep 2022 -3.1% | Dec 2022 -0.1% | Mar 2023 1.4% | Jun 2023 10% | Sep 2023 9.4% | Dec 2023 9.8% | Mar 2024 11% | Jun 2024 11% | Sep 2024 -17% | Dec 2024 83% | Mar 2025 4.9% | Jun 2025 5.3% | Sep 2025 3.8% | Dec 2025 11% | Mar 2026 12% | Jun 2026 —
- TRLV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 46% | Sep 2022 32% | Dec 2022 — | Mar 2023 -8.4% | Jun 2023 -10% | Sep 2023 -6.8% | Dec 2023 -3.7% | Mar 2024 4.6% | Jun 2024 7.5% | Sep 2024 3.3% | Dec 2024 4.9% | Mar 2025 0.0% | Jun 2025 -0.3% | Sep 2025 1.4% | Dec 2025 -2.7% | Mar 2026 -3.7% | Jun 2026 —
- XERS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 178% | Sep 2022 173% | Dec 2022 57% | Mar 2023 50% | Jun 2023 52% | Sep 2023 60% | Dec 2023 33% | Mar 2024 24% | Jun 2024 26% | Sep 2024 13% | Dec 2024 36% | Mar 2025 46% | Jun 2025 50% | Sep 2025 37% | Dec 2025 43% | Mar 2026 38% | Jun 2026 —
- PAHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 8.4% | Dec 2022 5.2% | Mar 2023 2.5% | Jun 2023 0.0% | Sep 2023 -0.9% | Dec 2023 2.0% | Mar 2024 6.9% | Jun 2024 7.1% | Sep 2024 13% | Dec 2024 24% | Mar 2025 32% | Jun 2025 39% | Sep 2025 40% | Dec 2025 21% | Mar 2026 10% | Jun 2026 —
- HROW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 28% | Sep 2022 21% | Dec 2022 0.0% | Mar 2023 18% | Jun 2023 43% | Sep 2023 48% | Dec 2023 80% | Mar 2024 35% | Jun 2024 48% | Sep 2024 44% | Dec 2024 86% | Mar 2025 37% | Jun 2025 31% | Sep 2025 47% | Dec 2025 33% | Mar 2026 -8.3% | Jun 2026 —
- PRGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 14% | Dec 2022 5.5% | Mar 2023 — | Jun 2023 10.0% | Sep 2023 6.3% | Dec 2023 5.2% | Mar 2024 — | Jun 2024 -9.8% | Sep 2024 -8.8% | Dec 2024 -1.6% | Mar 2025 -3.5% | Jun 2025 -0.9% | Sep 2025 -4.1% | Dec 2025 -2.5% | Mar 2026 -7.2% | Jun 2026 —
- ETON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 133% | Sep 2022 200% | Dec 2022 33% | Mar 2023 150% | Jun 2023 71% | Sep 2023 133% | Dec 2023 -13% | Mar 2024 60% | Jun 2024 -25% | Sep 2024 43% | Dec 2024 71% | Mar 2025 113% | Jun 2025 111% | Sep 2025 120% | Dec 2025 75% | Mar 2026 41% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Liquidia Corporation leads opm at 46.3%; Amylyx Pharmaceuticals, Inc. leads margin change at +6111.6 percentage points.

Investor read: Liquidia Corporation 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: Liquidia Corporation · 46.3% | 7.2% versus #2 · Indivior Pharmaceuticals, Inc. | 4/8 recent comparable periods | 25/28 companies · 471 observations

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

### OPM — highest
1. Liquidia Corporation (LQDA): 46%
2. Indivior Pharmaceuticals, Inc. (INDV): 43%
3. United Therapeutics Corporation (UTHR): 42%
4. Zoetis Inc. (ZTS): 35%
5. Teva Pharmaceutical Industries Limited (TEVA): 34%

### Margin change — fastest expanders
1. Amylyx Pharmaceuticals, Inc. (AMLX): +6,111.6 pp
2. Liquidia Corporation (LQDA): +1,181.7 pp
3. Viatris Inc. (VTRS): +86.3 pp
4. Neurocrine Biosciences, Inc. (NBIX): +19.6 pp
5. Indivior Pharmaceuticals, Inc. (INDV): +18.4 pp

### 20-quarter OPM history
- HLN: Sep 2021 20% | Dec 2021 16% | Mar 2022 18% | Jun 2022 17% | Sep 2022 20% | Dec 2022 13% | Mar 2023 21% | Jun 2023 19% | Sep 2023 21% | Dec 2023 9.8% | Mar 2024 22% | Jun 2024 18% | Sep 2024 25% | Dec 2024 13% | Mar 2025 22% | Jun 2025 22% | Sep 2025 22% | Dec 2025 22% | Mar 2026 — | Jun 2026 —
- TEVA: Sep 2021 16% | Dec 2021 1.9% | Mar 2022 -20% | Jun 2022 -25% | Sep 2022 12% | Dec 2022 -23% | Mar 2023 -0.4% | Jun 2023 -17% | Sep 2023 8.7% | Dec 2023 17% | Mar 2024 -5.7% | Jun 2024 -0.2% | Sep 2024 -1.6% | Dec 2024 -0.7% | Mar 2025 30% | Jun 2025 11% | Sep 2025 20% | Dec 2025 6.4% | Mar 2026 34% | Jun 2026 —
- ZTS: Sep 2021 36% | Dec 2021 30% | Mar 2022 40% | Jun 2022 35% | Sep 2022 36% | Dec 2022 34% | Mar 2023 35% | Jun 2023 38% | Sep 2023 36% | Dec 2023 32% | Mar 2024 36% | Jun 2024 37% | Sep 2024 38% | Dec 2024 33% | Mar 2025 37% | Jun 2025 39% | Sep 2025 39% | Dec 2025 34% | Mar 2026 35% | Jun 2026 —
- UTHR: Sep 2021 51% | Dec 2021 41% | Mar 2022 62% | Jun 2022 43% | Sep 2022 61% | Dec 2022 36% | Mar 2023 56% | Jun 2023 53% | Sep 2023 54% | Dec 2023 42% | Mar 2024 53% | Jun 2024 45% | Sep 2024 46% | Dec 2024 49% | Mar 2025 48% | Jun 2025 46% | Sep 2025 49% | Dec 2025 45% | Mar 2026 42% | Jun 2026 —
- VTRS: Sep 2021 7.9% | Dec 2021 -1.8% | Mar 2022 17% | Jun 2022 13% | Sep 2022 14% | Dec 2022 -5.2% | Mar 2023 11% | Jun 2023 9.4% | Sep 2023 12% | Dec 2023 -12% | Mar 2024 5.6% | Jun 2024 -6.3% | Sep 2024 6.0% | Dec 2024 -5.1% | Mar 2025 -89% | Jun 2025 6.5% | Sep 2025 4.8% | Dec 2025 -5.2% | Mar 2026 -2.3% | Jun 2026 —
- NBIX: Sep 2021 15% | Dec 2021 -12% | Mar 2022 1.0% | Jun 2022 15% | Sep 2022 23% | Dec 2022 25% | Mar 2023 -27% | Jun 2023 16% | Sep 2023 28% | Dec 2023 29% | Mar 2024 19% | Jun 2024 25% | Sep 2024 30% | Dec 2024 23% | Mar 2025 4.1% | Jun 2025 21% | Sep 2025 30% | Dec 2025 26% | Mar 2026 24% | Jun 2026 —
- ELAN: Sep 2021 -6.2% | Dec 2021 -6.3% | Mar 2022 10% | Jun 2022 4.5% | Sep 2022 1.6% | Dec 2022 -2.7% | Mar 2023 14% | Jun 2023 -0.5% | Sep 2023 -96% | Dec 2023 -5.8% | Mar 2024 6.5% | Jun 2024 2.8% | Sep 2024 -2.2% | Dec 2024 -0.5% | Mar 2025 8.4% | Jun 2025 5.9% | Sep 2025 0.2% | Dec 2025 -16% | Mar 2026 11% | Jun 2026 —
- ALKS: Sep 2021 -6.7% | Dec 2021 4.3% | Mar 2022 -9.5% | Jun 2022 -13% | Sep 2022 -24% | Dec 2022 -1.8% | Mar 2023 -3.8% | Jun 2023 46% | Sep 2023 23% | Dec 2023 15% | Mar 2024 12% | Jun 2024 28% | Sep 2024 28% | Dec 2024 38% | Mar 2025 4.5% | Jun 2025 24% | Sep 2025 23% | Dec 2025 15% | Mar 2026 -12% | Jun 2026 —
- LQDA: Sep 2021 -223% | Dec 2021 -353% | Mar 2022 -414% | Jun 2022 -229% | Sep 2022 -279% | Dec 2022 -121% | Mar 2023 -206% | Jun 2023 -477% | Sep 2023 -405% | Dec 2023 -583% | Mar 2024 -969% | Jun 2024 -743% | Sep 2024 -656% | Dec 2024 — | Mar 2025 — | Jun 2025 -424% | Sep 2025 3.3% | Dec 2025 22% | Mar 2026 46% | Jun 2026 —
- HIMS: Sep 2021 -37% | Dec 2021 -26% | Mar 2022 -17% | Jun 2022 -18% | Sep 2022 -14% | Dec 2022 -6.9% | Mar 2023 -5.9% | Jun 2023 -4.4% | Sep 2023 -3.8% | Dec 2023 -0.2% | Mar 2024 3.6% | Jun 2024 3.5% | Sep 2024 5.6% | Dec 2024 3.9% | Mar 2025 9.9% | Jun 2025 4.9% | Sep 2025 2.0% | Dec 2025 1.5% | Mar 2026 -13% | Jun 2026 —
- LNTH: Sep 2021 -14% | Dec 2021 -27% | Mar 2022 28% | Jun 2022 28% | Sep 2022 36% | Dec 2022 -65% | Mar 2023 -3.1% | Jun 2023 39% | Sep 2023 35% | Dec 2023 39% | Mar 2024 29% | Jun 2024 26% | Sep 2024 35% | Dec 2024 29% | Mar 2025 27% | Jun 2025 23% | Sep 2025 11% | Dec 2025 19% | Mar 2026 22% | Jun 2026 —
- KNSA: Sep 2021 -254% | Dec 2021 -193% | Mar 2022 -72% | Jun 2022 -72% | Sep 2022 47% | Dec 2022 9.8% | Mar 2023 -23% | Jun 2023 -4.4% | Sep 2023 -16% | Dec 2023 0.1% | Mar 2024 -21% | Jun 2024 -0.1% | Sep 2024 -8.6% | Dec 2024 -16% | Mar 2025 9.6% | Jun 2025 13% | Sep 2025 13% | Dec 2025 9.8% | Mar 2026 14% | Jun 2026 —
- AMRX: Sep 2021 5.4% | Dec 2021 2.1% | Mar 2022 4.7% | Jun 2022 -36% | Sep 2022 8.1% | Dec 2022 5.9% | Mar 2023 6.2% | Jun 2023 13% | Sep 2023 12% | Dec 2023 2.3% | Mar 2024 -1.6% | Jun 2024 14% | Sep 2024 13% | Dec 2024 10% | Mar 2025 14% | Jun 2025 15% | Sep 2025 9.0% | Dec 2025 14% | Mar 2026 20% | Jun 2026 —
- INDV: Sep 2021 20% | Dec 2021 20% | Mar 2022 26% | Jun 2022 29% | Sep 2022 24% | Dec 2022 -107% | Mar 2023 23% | Jun 2023 22% | Sep 2023 -68% | Dec 2023 21% | Mar 2024 26% | Jun 2024 -40% | Sep 2024 11% | Dec 2024 13% | Mar 2025 25% | Jun 2025 24% | Sep 2025 14% | Dec 2025 23% | Mar 2026 43% | Jun 2026 —
- SUPN: Sep 2021 22% | Dec 2021 3.8% | Mar 2022 1.3% | Jun 2022 6.7% | Sep 2022 -0.9% | Dec 2022 21% | Mar 2023 3.4% | Jun 2023 -13% | Sep 2023 5.3% | Dec 2023 12% | Mar 2024 -2.2% | Jun 2024 13% | Sep 2024 23% | Dec 2024 12% | Mar 2025 -6.8% | Jun 2025 7.3% | Sep 2025 -31% | Dec 2025 -1.9% | Mar 2026 -4.0% | Jun 2026 —
- BCRX: Sep 2021 -109% | Dec 2021 -111% | Mar 2022 -100% | Jun 2022 -53% | Sep 2022 -23% | Dec 2022 -58% | Mar 2023 -41% | Jun 2023 -25% | Sep 2023 -14% | Dec 2023 — | Mar 2024 -16% | Jun 2024 8.0% | Sep 2024 6.6% | Dec 2024 — | Mar 2025 15% | Jun 2025 18% | Sep 2025 19% | Dec 2025 — | Mar 2026 -449% | Jun 2026 —
- PBH: Sep 2021 28% | Dec 2021 30% | Mar 2022 29% | Jun 2022 31% | Sep 2022 29% | Dec 2022 32% | Mar 2023 -98% | Jun 2023 31% | Sep 2023 31% | Dec 2023 31% | Mar 2024 30% | Jun 2024 27% | Sep 2024 30% | Dec 2024 32% | Mar 2025 30% | Jun 2025 29% | Sep 2025 29% | Dec 2025 29% | Mar 2026 27% | Jun 2026 —
- AMLX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -2.9% | Jun 2023 21% | Sep 2023 18% | Dec 2023 1.8% | Mar 2024 -138% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ANIP: Sep 2021 -6.8% | Dec 2021 -39% | Mar 2022 -30% | Jun 2022 -18% | Sep 2022 -6.0% | Dec 2022 1.9% | Mar 2023 9.3% | Jun 2023 11% | Sep 2023 14% | Dec 2023 5.1% | Mar 2024 15% | Jun 2024 3.7% | Sep 2024 -14% | Dec 2024 -2.3% | Mar 2025 13% | Jun 2025 6.6% | Sep 2025 16% | Dec 2025 14% | Mar 2026 16% | Jun 2026 —
- BHC: Sep 2021 27% | Dec 2021 17% | Mar 2022 15% | Jun 2022 8.2% | Sep 2022 12% | Dec 2022 -11% | Mar 2023 9.0% | Jun 2023 19% | Sep 2023 0.6% | Dec 2023 15% | Mar 2024 13% | Jun 2024 16% | Sep 2024 13% | Dec 2024 19% | Mar 2025 12% | Jun 2025 18% | Sep 2025 23% | Dec 2025 20% | Mar 2026 -38% | Jun 2026 —
- TRLV: Sep 2021 35% | Dec 2021 — | Mar 2022 18% | Jun 2022 19% | Sep 2022 14% | Dec 2022 -1.3% | Mar 2023 7.2% | Jun 2023 7.0% | Sep 2023 8.0% | Dec 2023 11% | Mar 2024 15% | Jun 2024 17% | Sep 2024 -1.3% | Dec 2024 0.1% | Mar 2025 12% | Jun 2025 17% | Sep 2025 14% | Dec 2025 6.6% | Mar 2026 12% | Jun 2026 —
- XERS: Sep 2021 -220% | Dec 2021 -225% | Mar 2022 -132% | Jun 2022 -75% | Sep 2022 -63% | Dec 2022 -46% | Mar 2023 -40% | Jun 2023 -42% | Sep 2023 -10% | Dec 2023 -22% | Mar 2024 -35% | Jun 2024 -17% | Sep 2024 -24% | Dec 2024 2.8% | Mar 2025 -5.1% | Jun 2025 6.3% | Sep 2025 9.0% | Dec 2025 20% | Mar 2026 9.5% | Jun 2026 —
- PAHC: Sep 2021 6.8% | Dec 2021 9.6% | Mar 2022 8.0% | Jun 2022 9.0% | Sep 2022 5.9% | Dec 2022 6.5% | Mar 2023 7.6% | Jun 2023 9.3% | Sep 2023 -0.3% | Dec 2023 6.3% | Mar 2024 7.6% | Jun 2024 6.7% | Sep 2024 6.8% | Dec 2024 8.3% | Mar 2025 9.6% | Jun 2025 8.9% | Sep 2025 14% | Dec 2025 14% | Mar 2026 12% | Jun 2026 —
- HROW: Sep 2021 -20% | Dec 2021 -8.7% | Mar 2022 9.5% | Jun 2022 7.2% | Sep 2022 -0.4% | Dec 2022 -8.7% | Mar 2023 4.6% | Jun 2023 7.0% | Sep 2023 5.1% | Dec 2023 -13% | Mar 2024 -20% | Jun 2024 3.1% | Sep 2024 2.7% | Dec 2024 19% | Mar 2025 -24% | Jun 2025 18% | Sep 2025 21% | Dec 2025 18% | Mar 2026 -50% | Jun 2026 —
- PRGO: Sep 2021 -13% | Dec 2021 42% | Mar 2022 — | Jun 2022 2.0% | Sep 2022 -0.6% | Dec 2022 3.0% | Mar 2023 — | Jun 2023 4.1% | Sep 2023 4.8% | Dec 2023 -1.3% | Mar 2024 -5.1% | Jun 2024 -2.5% | Sep 2024 7.4% | Dec 2024 10% | Mar 2025 4.5% | Jun 2025 4.3% | Sep 2025 7.0% | Dec 2025 -116% | Mar 2026 -38% | Jun 2026 —
- ETON: Sep 2021 -755% | Dec 2021 22% | Mar 2022 -234% | Jun 2022 -18% | Sep 2022 -90% | Dec 2022 13% | Mar 2023 -48% | Jun 2023 32% | Sep 2023 -7.8% | Dec 2023 -27% | Mar 2024 -10% | Jun 2024 -32% | Sep 2024 4.9% | Dec 2024 5.4% | Mar 2025 -2.7% | Jun 2025 -7.8% | Sep 2025 -6.1% | Dec 2025 12% | Mar 2026 9.9% | Jun 2026 —

### 20-quarter Margin change history
- HLN: Sep 2021 — | Dec 2021 — | Mar 2022 +2.6 pp | Jun 2022 −0.2 pp | Sep 2022 −0.7 pp | Dec 2022 −3.1 pp | Mar 2023 +3.3 pp | Jun 2023 +1.8 pp | Sep 2023 +1.2 pp | Dec 2023 −3.0 pp | Mar 2024 +1.4 pp | Jun 2024 −0.8 pp | Sep 2024 +4.5 pp | Dec 2024 +2.9 pp | Mar 2025 −0.4 pp | Jun 2025 +4.1 pp | Sep 2025 −3.6 pp | Dec 2025 +9.1 pp | Mar 2026 — | Jun 2026 —
- TEVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −40.0 pp | Sep 2022 −4.3 pp | Dec 2022 −24.4 pp | Mar 2023 +19.1 pp | Jun 2023 +8.2 pp | Sep 2023 −3.0 pp | Dec 2023 +39.3 pp | Mar 2024 −5.3 pp | Jun 2024 +16.7 pp | Sep 2024 −10.3 pp | Dec 2024 −17.5 pp | Mar 2025 +35.2 pp | Jun 2025 +11.2 pp | Sep 2025 +21.4 pp | Dec 2025 +7.1 pp | Mar 2026 +4.2 pp | Jun 2026 —
- ZTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.8 pp | Sep 2022 −0.3 pp | Dec 2022 +3.6 pp | Mar 2023 −4.2 pp | Jun 2023 +2.6 pp | Sep 2023 +0.6 pp | Dec 2023 −2.0 pp | Mar 2024 +1.0 pp | Jun 2024 −1.3 pp | Sep 2024 +1.9 pp | Dec 2024 +1.2 pp | Mar 2025 +0.5 pp | Jun 2025 +2.4 pp | Sep 2025 +0.5 pp | Dec 2025 +1.0 pp | Mar 2026 −1.5 pp | Jun 2026 —
- UTHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −6.6 pp | Sep 2022 +9.5 pp | Dec 2022 −5.2 pp | Mar 2023 −6.3 pp | Jun 2023 +9.3 pp | Sep 2023 −7.2 pp | Dec 2023 +6.6 pp | Mar 2024 −3.5 pp | Jun 2024 −7.8 pp | Sep 2024 −7.9 pp | Dec 2024 +6.3 pp | Mar 2025 −4.4 pp | Jun 2025 +0.9 pp | Sep 2025 +2.8 pp | Dec 2025 −3.5 pp | Mar 2026 −6.5 pp | Jun 2026 —
- VTRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +14.3 pp | Sep 2022 +5.8 pp | Dec 2022 −3.4 pp | Mar 2023 −6.2 pp | Jun 2023 −3.9 pp | Sep 2023 −2.2 pp | Dec 2023 −6.6 pp | Mar 2024 −5.1 pp | Jun 2024 −15.7 pp | Sep 2024 −5.5 pp | Dec 2024 +6.7 pp | Mar 2025 −94.2 pp | Jun 2025 +12.8 pp | Sep 2025 −1.2 pp | Dec 2025 −0.1 pp | Mar 2026 +86.3 pp | Jun 2026 —
- NBIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −7.2 pp | Sep 2022 +7.6 pp | Dec 2022 +36.7 pp | Mar 2023 −28.2 pp | Jun 2023 +1.8 pp | Sep 2023 +5.7 pp | Dec 2023 +4.1 pp | Mar 2024 +46.5 pp | Jun 2024 +8.3 pp | Sep 2024 +1.2 pp | Dec 2024 −6.6 pp | Mar 2025 −15.2 pp | Jun 2025 −3.4 pp | Sep 2025 +0.6 pp | Dec 2025 +3.6 pp | Mar 2026 +19.6 pp | Jun 2026 —
- ELAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +18.3 pp | Sep 2022 +7.8 pp | Dec 2022 +3.6 pp | Mar 2023 +3.3 pp | Jun 2023 −5.0 pp | Sep 2023 −97.6 pp | Dec 2023 −3.1 pp | Mar 2024 −7.2 pp | Jun 2024 +3.3 pp | Sep 2024 +93.8 pp | Dec 2024 +5.3 pp | Mar 2025 +1.9 pp | Jun 2025 +3.1 pp | Sep 2025 +2.4 pp | Dec 2025 −15.1 pp | Mar 2026 +2.1 pp | Jun 2026 —
- ALKS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −14.0 pp | Sep 2022 −17.3 pp | Dec 2022 −6.1 pp | Mar 2023 +5.7 pp | Jun 2023 +58.1 pp | Sep 2023 +47.4 pp | Dec 2023 +16.3 pp | Mar 2024 +16.2 pp | Jun 2024 −18.1 pp | Sep 2024 +4.3 pp | Dec 2024 +23.3 pp | Mar 2025 −7.9 pp | Jun 2025 −3.7 pp | Sep 2025 −5.1 pp | Dec 2025 −22.7 pp | Mar 2026 −16.8 pp | Jun 2026 —
- LQDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −40.7 pp | Sep 2022 −56.3 pp | Dec 2022 +232.2 pp | Mar 2023 +208.9 pp | Jun 2023 −248.0 pp | Sep 2023 −125.9 pp | Dec 2023 −462.2 pp | Mar 2024 −763.6 pp | Jun 2024 −266.4 pp | Sep 2024 −251.3 pp | Dec 2024 −654.4 pp | Mar 2025 −166.3 pp | Jun 2025 +318.9 pp | Sep 2025 +659.5 pp | Dec 2025 +1,259.3 pp | Mar 2026 +1,181.7 pp | Jun 2026 —
- HIMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +10.9 pp | Sep 2022 +23.5 pp | Dec 2022 +18.6 pp | Mar 2023 +10.8 pp | Jun 2023 +13.4 pp | Sep 2023 +10.0 pp | Dec 2023 +6.7 pp | Mar 2024 +9.5 pp | Jun 2024 +7.9 pp | Sep 2024 +9.4 pp | Dec 2024 +4.1 pp | Mar 2025 +6.3 pp | Jun 2025 +1.4 pp | Sep 2025 −3.6 pp | Dec 2025 −2.4 pp | Mar 2026 −22.8 pp | Jun 2026 —
- LNTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +54.8 pp | Sep 2022 +49.8 pp | Dec 2022 −37.9 pp | Mar 2023 −31.3 pp | Jun 2023 +10.3 pp | Sep 2023 −0.7 pp | Dec 2023 +104.0 pp | Mar 2024 +31.9 pp | Jun 2024 −12.5 pp | Sep 2024 +0.2 pp | Dec 2024 −9.7 pp | Mar 2025 −1.4 pp | Jun 2025 −2.8 pp | Sep 2025 −23.9 pp | Dec 2025 −10.1 pp | Mar 2026 −5.8 pp | Jun 2026 —
- KNSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +454.6 pp | Sep 2022 +300.4 pp | Dec 2022 +202.6 pp | Mar 2023 +49.2 pp | Jun 2023 +67.4 pp | Sep 2023 −63.1 pp | Dec 2023 −9.7 pp | Mar 2024 +2.5 pp | Jun 2024 +4.3 pp | Sep 2024 +7.7 pp | Dec 2024 −15.8 pp | Mar 2025 +30.3 pp | Jun 2025 +13.0 pp | Sep 2025 +21.9 pp | Dec 2025 +25.5 pp | Mar 2026 +4.1 pp | Jun 2026 —
- AMRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −48.0 pp | Sep 2022 +2.7 pp | Dec 2022 +3.8 pp | Mar 2023 +1.5 pp | Jun 2023 +48.9 pp | Sep 2023 +4.1 pp | Dec 2023 −3.6 pp | Mar 2024 −7.8 pp | Jun 2024 +0.2 pp | Sep 2024 +0.4 pp | Dec 2024 +8.1 pp | Mar 2025 +16.0 pp | Jun 2025 +1.8 pp | Sep 2025 −3.6 pp | Dec 2025 +3.4 pp | Mar 2026 +5.2 pp | Jun 2026 —
- INDV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −7.8 pp | Sep 2022 +3.8 pp | Dec 2022 −127.4 pp | Mar 2023 −3.6 pp | Jun 2023 −6.4 pp | Sep 2023 −91.6 pp | Dec 2023 +127.6 pp | Mar 2024 +3.9 pp | Jun 2024 −61.6 pp | Sep 2024 +78.9 pp | Dec 2024 −7.1 pp | Mar 2025 −1.6 pp | Jun 2025 +63.3 pp | Sep 2025 +2.3 pp | Dec 2025 +9.2 pp | Mar 2026 +18.4 pp | Jun 2026 —
- SUPN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −17.4 pp | Sep 2022 −22.9 pp | Dec 2022 +16.7 pp | Mar 2023 +2.1 pp | Jun 2023 −19.7 pp | Sep 2023 +6.2 pp | Dec 2023 −8.8 pp | Mar 2024 −5.6 pp | Jun 2024 +26.4 pp | Sep 2024 +17.9 pp | Dec 2024 +0.6 pp | Mar 2025 −4.6 pp | Jun 2025 −6.1 pp | Sep 2025 −54.6 pp | Dec 2025 −14.2 pp | Mar 2026 +2.8 pp | Jun 2026 —
- BCRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +6.2 pp | Sep 2022 +85.8 pp | Dec 2022 +52.4 pp | Mar 2023 +58.8 pp | Jun 2023 +27.9 pp | Sep 2023 +9.3 pp | Dec 2023 — | Mar 2024 +25.7 pp | Jun 2024 +33.1 pp | Sep 2024 +20.3 pp | Dec 2024 — | Mar 2025 +30.2 pp | Jun 2025 +10.2 pp | Sep 2025 +12.0 pp | Dec 2025 — | Mar 2026 −463.2 pp | Jun 2026 —
- PBH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.5 pp | Sep 2022 +0.8 pp | Dec 2022 +1.5 pp | Mar 2023 −127.3 pp | Jun 2023 −0.9 pp | Sep 2023 +1.6 pp | Dec 2023 −0.9 pp | Mar 2024 +128.0 pp | Jun 2024 −3.5 pp | Sep 2024 −1.1 pp | Dec 2024 +1.0 pp | Mar 2025 +0.1 pp | Jun 2025 +1.8 pp | Sep 2025 −0.6 pp | Dec 2025 −2.6 pp | Mar 2026 −3.0 pp | Jun 2026 —
- AMLX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7,808.2 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +15,867.8 pp | Dec 2023 — | Mar 2024 −134.9 pp | Jun 2024 +7,436.5 pp | Sep 2024 −18,205.9 pp | Dec 2024 +6,111.6 pp | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ANIP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +14.5 pp | Sep 2022 +0.8 pp | Dec 2022 +40.8 pp | Mar 2023 +39.1 pp | Jun 2023 +28.1 pp | Sep 2023 +19.6 pp | Dec 2023 +3.2 pp | Mar 2024 +5.5 pp | Jun 2024 −6.9 pp | Sep 2024 −27.4 pp | Dec 2024 −7.4 pp | Mar 2025 −1.5 pp | Jun 2025 +2.9 pp | Sep 2025 +29.7 pp | Dec 2025 +16.4 pp | Mar 2026 +3.1 pp | Jun 2026 —
- BHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +21.1 pp | Sep 2022 −15.3 pp | Dec 2022 −28.0 pp | Mar 2023 −5.9 pp | Jun 2023 +10.8 pp | Sep 2023 −11.3 pp | Dec 2023 +25.8 pp | Mar 2024 +4.1 pp | Jun 2024 −2.8 pp | Sep 2024 +12.1 pp | Dec 2024 +3.5 pp | Mar 2025 −0.9 pp | Jun 2025 +1.3 pp | Sep 2025 +10.4 pp | Dec 2025 +1.8 pp | Mar 2026 −49.8 pp | Jun 2026 —
- TRLV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −17.5 pp | Sep 2022 −21.0 pp | Dec 2022 — | Mar 2023 −10.8 pp | Jun 2023 −11.7 pp | Sep 2023 −5.9 pp | Dec 2023 +11.9 pp | Mar 2024 +7.8 pp | Jun 2024 +9.8 pp | Sep 2024 −9.3 pp | Dec 2024 −10.5 pp | Mar 2025 −3.2 pp | Jun 2025 +0.5 pp | Sep 2025 +15.7 pp | Dec 2025 +6.5 pp | Mar 2026 +0.6 pp | Jun 2026 —
- XERS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +214.8 pp | Sep 2022 +157.0 pp | Dec 2022 +179.5 pp | Mar 2023 +91.7 pp | Jun 2023 +32.7 pp | Sep 2023 +53.0 pp | Dec 2023 +23.6 pp | Mar 2024 +4.9 pp | Jun 2024 +25.0 pp | Sep 2024 −13.6 pp | Dec 2024 +25.0 pp | Mar 2025 +30.0 pp | Jun 2025 +23.3 pp | Sep 2025 +32.8 pp | Dec 2025 +16.7 pp | Mar 2026 +14.6 pp | Jun 2026 —
- PAHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.3 pp | Sep 2022 −0.9 pp | Dec 2022 −3.1 pp | Mar 2023 −0.4 pp | Jun 2023 +0.3 pp | Sep 2023 −6.2 pp | Dec 2023 −0.2 pp | Mar 2024 0.0 pp | Jun 2024 −2.6 pp | Sep 2024 +7.1 pp | Dec 2024 +2.0 pp | Mar 2025 +2.0 pp | Jun 2025 +2.2 pp | Sep 2025 +7.3 pp | Dec 2025 +5.2 pp | Mar 2026 +2.0 pp | Jun 2026 —
- HROW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −15.8 pp | Sep 2022 +19.5 pp | Dec 2022 0.0 pp | Mar 2023 −4.9 pp | Jun 2023 −0.2 pp | Sep 2023 +5.5 pp | Dec 2023 −4.7 pp | Mar 2024 −24.6 pp | Jun 2024 −3.9 pp | Sep 2024 −2.4 pp | Dec 2024 +32.7 pp | Mar 2025 −3.5 pp | Jun 2025 +14.8 pp | Sep 2025 +17.9 pp | Dec 2025 −1.8 pp | Mar 2026 −26.5 pp | Jun 2026 —
- PRGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +12.2 pp | Dec 2022 −39.0 pp | Mar 2023 — | Jun 2023 +2.1 pp | Sep 2023 +5.4 pp | Dec 2023 −4.3 pp | Mar 2024 — | Jun 2024 −6.6 pp | Sep 2024 +2.6 pp | Dec 2024 +11.3 pp | Mar 2025 +9.6 pp | Jun 2025 +6.8 pp | Sep 2025 −0.4 pp | Dec 2025 −126.0 pp | Mar 2026 −42.9 pp | Jun 2026 —
- ETON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +57.6 pp | Sep 2022 +664.6 pp | Dec 2022 −9.1 pp | Mar 2023 +186.0 pp | Jun 2023 +50.6 pp | Sep 2023 +82.1 pp | Dec 2023 −39.8 pp | Mar 2024 +37.8 pp | Jun 2024 −64.7 pp | Sep 2024 +12.7 pp | Dec 2024 +32.7 pp | Mar 2025 +7.3 pp | Jun 2025 +24.5 pp | Sep 2025 −11.0 pp | Dec 2025 +6.2 pp | Mar 2026 +12.6 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Zoetis Inc. leads with $2,643 million of TTM profit, 57.1% above Haleon plc. Amneal Pharmaceuticals, Inc. shows ≥100% on the scoring scale (451.5% uncapped) growth from a $182 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Zoetis 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: Zoetis Inc. · $2,643 million | 57.1% versus #2 · Haleon plc | 6/8 recent comparable periods | 26/28 companies · 508 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. Zoetis Inc. (ZTS): ₹2.6K Cr
2. Haleon plc (HLN): ₹1.7K Cr — older report
3. Teva Pharmaceutical Industries Limited (TEVA): ₹1.6K Cr
4. United Therapeutics Corporation (UTHR): ₹1.3K Cr
5. Neurocrine Biosciences, Inc. (NBIX): ₹670 Cr

### Profit growth — fastest growers
1. Amneal Pharmaceuticals, Inc. (AMRX): 100%
2. Neurocrine Biosciences, Inc. (NBIX): 100%
3. Phibro Animal Health Corporation (PAHC): 100%
4. Haleon plc (HLN): 14% — older report
5. Lantheus Holdings, Inc. (LNTH): 9.8%

### 20-quarter Net profit history
- HLN: Sep 2021 ₹382 Cr | Dec 2021 ₹537 Cr | Mar 2022 ₹357 Cr | Jun 2022 ₹187 Cr | Sep 2022 ₹365 Cr | Dec 2022 ₹210 Cr | Mar 2023 ₹415 Cr | Jun 2023 ₹315 Cr | Sep 2023 ₹374 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹441 Cr | Jun 2024 ₹313 Cr | Sep 2024 ₹499 Cr | Dec 2024 ₹222 Cr | Mar 2025 ₹407 Cr | Jun 2025 ₹407 Cr | Sep 2025 ₹434 Cr | Dec 2025 ₹434 Cr | Mar 2026 — | Jun 2026 —
- TEVA: Sep 2021 ₹306 Cr | Dec 2021 ₹-151 Cr | Mar 2022 ₹-973 Cr | Jun 2022 ₹-260 Cr | Sep 2022 ₹59 Cr | Dec 2022 ₹-1.3K Cr | Mar 2023 ₹-253 Cr | Jun 2023 ₹-907 Cr | Sep 2023 ₹76 Cr | Dec 2023 ₹466 Cr | Mar 2024 ₹-415 Cr | Jun 2024 ₹-876 Cr | Sep 2024 ₹-393 Cr | Dec 2024 ₹-276 Cr | Mar 2025 ₹220 Cr | Jun 2025 ₹281 Cr | Sep 2025 ₹432 Cr | Dec 2025 ₹469 Cr | Mar 2026 ₹370 Cr | Jun 2026 —
- ZTS: Sep 2021 ₹552 Cr | Dec 2021 ₹413 Cr | Mar 2022 ₹594 Cr | Jun 2022 ₹529 Cr | Sep 2022 ₹528 Cr | Dec 2022 ₹460 Cr | Mar 2023 ₹551 Cr | Jun 2023 ₹670 Cr | Sep 2023 ₹596 Cr | Dec 2023 ₹523 Cr | Mar 2024 ₹599 Cr | Jun 2024 ₹624 Cr | Sep 2024 ₹692 Cr | Dec 2024 ₹581 Cr | Mar 2025 ₹602 Cr | Jun 2025 ₹718 Cr | Sep 2025 ₹721 Cr | Dec 2025 ₹603 Cr | Mar 2026 ₹601 Cr | Jun 2026 —
- UTHR: Sep 2021 ₹163 Cr | Dec 2021 ₹112 Cr | Mar 2022 ₹240 Cr | Jun 2022 ₹116 Cr | Sep 2022 ₹239 Cr | Dec 2022 ₹132 Cr | Mar 2023 ₹241 Cr | Jun 2023 ₹259 Cr | Sep 2023 ₹268 Cr | Dec 2023 ₹217 Cr | Mar 2024 ₹307 Cr | Jun 2024 ₹278 Cr | Sep 2024 ₹309 Cr | Dec 2024 ₹301 Cr | Mar 2025 ₹322 Cr | Jun 2025 ₹310 Cr | Sep 2025 ₹339 Cr | Dec 2025 ₹364 Cr | Mar 2026 ₹275 Cr | Jun 2026 —
- VTRS: Sep 2021 ₹312 Cr | Dec 2021 ₹-264 Cr | Mar 2022 ₹399 Cr | Jun 2022 ₹314 Cr | Sep 2022 ₹354 Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹225 Cr | Jun 2023 ₹264 Cr | Sep 2023 ₹332 Cr | Dec 2023 ₹-766 Cr | Mar 2024 ₹114 Cr | Jun 2024 ₹-326 Cr | Sep 2024 ₹95 Cr | Dec 2024 ₹-517 Cr | Mar 2025 ₹-3.0K Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹-128 Cr | Dec 2025 ₹-340 Cr | Mar 2026 ₹176 Cr | Jun 2026 —
- NBIX: Sep 2021 ₹23 Cr | Dec 2021 ₹-7 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹-17 Cr | Sep 2022 ₹69 Cr | Dec 2022 ₹89 Cr | Mar 2023 ₹-77 Cr | Jun 2023 ₹96 Cr | Sep 2023 ₹83 Cr | Dec 2023 ₹148 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹65 Cr | Sep 2024 ₹130 Cr | Dec 2024 ₹103 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹108 Cr | Sep 2025 ₹210 Cr | Dec 2025 ₹154 Cr | Mar 2026 ₹198 Cr | Jun 2026 —
- ELAN: Sep 2021 ₹-104 Cr | Dec 2021 ₹-108 Cr | Mar 2022 ₹51 Cr | Jun 2022 ₹-10 Cr | Sep 2022 ₹-65 Cr | Dec 2022 ₹-54 Cr | Mar 2023 ₹103 Cr | Jun 2023 ₹-97 Cr | Sep 2023 ₹-1.1K Cr | Dec 2023 ₹-141 Cr | Mar 2024 ₹32 Cr | Jun 2024 ₹-50 Cr | Sep 2024 ₹364 Cr | Dec 2024 ₹-8 Cr | Mar 2025 ₹67 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹-34 Cr | Dec 2025 ₹-276 Cr | Mar 2026 ₹57 Cr | Jun 2026 —
- ALKS: Sep 2021 ₹-29 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹-45 Cr | Jun 2022 ₹-30 Cr | Sep 2022 ₹-67 Cr | Dec 2022 ₹-22 Cr | Mar 2023 ₹-12 Cr | Jun 2023 ₹279 Cr | Sep 2023 ₹92 Cr | Dec 2023 ₹161 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹95 Cr | Sep 2024 ₹93 Cr | Dec 2024 ₹146 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹87 Cr | Sep 2025 ₹83 Cr | Dec 2025 ₹49 Cr | Mar 2026 ₹-66 Cr | Jun 2026 —
- LQDA: Sep 2021 ₹-7 Cr | Dec 2021 ₹-12 Cr | Mar 2022 ₹-16 Cr | Jun 2022 ₹-9 Cr | Sep 2022 ₹-9 Cr | Dec 2022 ₹-7 Cr | Mar 2023 ₹-12 Cr | Jun 2023 ₹-24 Cr | Sep 2023 ₹-16 Cr | Dec 2023 ₹-27 Cr | Mar 2024 ₹-30 Cr | Jun 2024 ₹-29 Cr | Sep 2024 ₹-31 Cr | Dec 2024 ₹-39 Cr | Mar 2025 ₹-38 Cr | Jun 2025 ₹-42 Cr | Sep 2025 ₹-4 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹53 Cr | Jun 2026 —
- HIMS: Sep 2021 ₹-16 Cr | Dec 2021 ₹-31 Cr | Mar 2022 ₹-16 Cr | Jun 2022 ₹-20 Cr | Sep 2022 ₹-19 Cr | Dec 2022 ₹-11 Cr | Mar 2023 ₹-10 Cr | Jun 2023 ₹-7 Cr | Sep 2023 ₹-8 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹76 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹49 Cr | Jun 2025 ₹43 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹-92 Cr | Jun 2026 —
- LNTH: Sep 2021 ₹-13 Cr | Dec 2021 ₹-40 Cr | Mar 2022 ₹43 Cr | Jun 2022 ₹43 Cr | Sep 2022 ₹61 Cr | Dec 2022 ₹-119 Cr | Mar 2023 ₹-3 Cr | Jun 2023 ₹94 Cr | Sep 2023 ₹132 Cr | Dec 2023 ₹103 Cr | Mar 2024 ₹131 Cr | Jun 2024 ₹62 Cr | Sep 2024 ₹131 Cr | Dec 2024 ₹-12 Cr | Mar 2025 ₹73 Cr | Jun 2025 ₹79 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹54 Cr | Mar 2026 ₹118 Cr | Jun 2026 —
- KNSA: Sep 2021 ₹-31 Cr | Dec 2021 ₹-36 Cr | Mar 2022 ₹-25 Cr | Jun 2022 ₹-20 Cr | Sep 2022 ₹224 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹-12 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹-14 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹-18 Cr | Jun 2024 ₹-4 Cr | Sep 2024 ₹-13 Cr | Dec 2024 ₹-9 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹23 Cr | Jun 2026 —
- AMRX: Sep 2021 ₹-6 Cr | Dec 2021 ₹-20 Cr | Mar 2022 ₹-6 Cr | Jun 2022 ₹-240 Cr | Sep 2022 ₹-2 Cr | Dec 2022 ₹-6 Cr | Mar 2023 ₹-10 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹-93 Cr | Mar 2024 ₹-82 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹-21 Cr | Mar 2025 ₹25 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹50 Cr | Mar 2026 ₹78 Cr | Jun 2026 —
- INDV: Sep 2021 ₹27 Cr | Dec 2021 ₹35 Cr | Mar 2022 ₹48 Cr | Jun 2022 ₹48 Cr | Sep 2022 ₹41 Cr | Dec 2022 ₹-183 Cr | Mar 2023 ₹58 Cr | Jun 2023 ₹39 Cr | Sep 2023 ₹-135 Cr | Dec 2023 ₹54 Cr | Mar 2024 ₹73 Cr | Jun 2024 ₹-144 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹59 Cr | Jun 2025 ₹106 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹60 Cr | Mar 2026 ₹115 Cr | Jun 2026 —
- RGC: Sep 2021 — | Dec 2021 ₹-4 Cr | Mar 2022 — | Jun 2022 ₹-4 Cr | Sep 2022 — | Dec 2022 ₹-3 Cr | Mar 2023 — | Jun 2023 ₹-3 Cr | Sep 2023 — | Dec 2023 ₹-2 Cr | Mar 2024 — | Jun 2024 ₹-2 Cr | Sep 2024 — | Dec 2024 ₹-2 Cr | Mar 2025 — | Jun 2025 ₹-2 Cr | Sep 2025 — | Dec 2025 ₹-5 Cr | Mar 2026 — | Jun 2026 —
- SUPN: Sep 2021 ₹22 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹26 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹25 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹-16 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹-12 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹-45 Cr | Dec 2025 ₹-4 Cr | Mar 2026 ₹-2 Cr | Jun 2026 —
- BCRX: Sep 2021 ₹-59 Cr | Dec 2021 ₹-18 Cr | Mar 2022 ₹-74 Cr | Jun 2022 ₹-59 Cr | Sep 2022 ₹-43 Cr | Dec 2022 ₹-72 Cr | Mar 2023 ₹-53 Cr | Jun 2023 ₹-75 Cr | Sep 2023 ₹-36 Cr | Dec 2023 ₹-62 Cr | Mar 2024 ₹-35 Cr | Jun 2024 ₹-13 Cr | Sep 2024 ₹-14 Cr | Dec 2024 ₹-27 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹246 Cr | Mar 2026 ₹-722 Cr | Jun 2026 —
- PBH: Sep 2021 ₹45 Cr | Dec 2021 ₹50 Cr | Mar 2022 ₹52 Cr | Jun 2022 ₹55 Cr | Sep 2022 ₹51 Cr | Dec 2022 ₹52 Cr | Mar 2023 ₹-241 Cr | Jun 2023 ₹53 Cr | Sep 2023 ₹54 Cr | Dec 2023 ₹53 Cr | Mar 2024 ₹49 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹54 Cr | Dec 2024 ₹61 Cr | Mar 2025 ₹50 Cr | Jun 2025 ₹47 Cr | Sep 2025 ₹42 Cr | Dec 2025 ₹47 Cr | Mar 2026 ₹54 Cr | Jun 2026 —
- AMLX: Sep 2021 ₹-23 Cr | Dec 2021 ₹-28 Cr | Mar 2022 ₹-48 Cr | Jun 2022 ₹-54 Cr | Sep 2022 ₹-54 Cr | Dec 2022 ₹-43 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹-119 Cr | Jun 2024 ₹-73 Cr | Sep 2024 ₹-73 Cr | Dec 2024 ₹-38 Cr | Mar 2025 ₹-36 Cr | Jun 2025 ₹-41 Cr | Sep 2025 ₹-34 Cr | Dec 2025 ₹-33 Cr | Mar 2026 ₹-41 Cr | Jun 2026 —
- HCM: Sep 2021 — | Dec 2021 ₹-167 Cr | Mar 2022 — | Jun 2022 ₹-159 Cr | Sep 2022 — | Dec 2022 ₹-199 Cr | Mar 2023 — | Jun 2023 ₹144 Cr | Sep 2023 — | Dec 2023 ₹-83 Cr | Mar 2024 — | Jun 2024 ₹3 Cr | Sep 2024 — | Dec 2024 ₹-8 Cr | Mar 2025 — | Jun 2025 ₹434 Cr | Sep 2025 — | Dec 2025 ₹-37 Cr | Mar 2026 — | Jun 2026 —
- ANIP: Sep 2021 ₹-4 Cr | Dec 2021 ₹-24 Cr | Mar 2022 ₹-20 Cr | Jun 2022 ₹-15 Cr | Sep 2022 ₹-9 Cr | Dec 2022 ₹-4 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-24 Cr | Dec 2024 ₹-10 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹29 Cr | Jun 2026 —
- BHC: Sep 2021 ₹191 Cr | Dec 2021 ₹72 Cr | Mar 2022 ₹-66 Cr | Jun 2022 ₹-139 Cr | Sep 2022 ₹403 Cr | Dec 2022 ₹-410 Cr | Mar 2023 ₹-209 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹-382 Cr | Dec 2023 ₹-47 Cr | Mar 2024 ₹-77 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹-68 Cr | Dec 2024 ₹54 Cr | Mar 2025 ₹-86 Cr | Jun 2025 ₹128 Cr | Sep 2025 ₹130 Cr | Dec 2025 ₹-40 Cr | Mar 2026 ₹-1.4K Cr | Jun 2026 —
- TRLV: Sep 2021 ₹19 Cr | Dec 2021 — | Mar 2022 ₹-32 Cr | Jun 2022 ₹-24 Cr | Sep 2022 ₹-115 Cr | Dec 2022 ₹-78 Cr | Mar 2023 ₹-65 Cr | Jun 2023 ₹-406 Cr | Sep 2023 ₹-26 Cr | Dec 2023 ₹-35 Cr | Mar 2024 ₹-25 Cr | Jun 2024 ₹-12 Cr | Sep 2024 ₹-62 Cr | Dec 2024 ₹-62 Cr | Mar 2025 ₹-34 Cr | Jun 2025 ₹-16 Cr | Sep 2025 ₹-29 Cr | Dec 2025 ₹-44 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- XERS: Sep 2021 ₹-26 Cr | Dec 2021 ₹-51 Cr | Mar 2022 ₹-34 Cr | Jun 2022 ₹-26 Cr | Sep 2022 ₹-22 Cr | Dec 2022 ₹-13 Cr | Mar 2023 ₹-17 Cr | Jun 2023 ₹-20 Cr | Sep 2023 ₹-12 Cr | Dec 2023 ₹-13 Cr | Mar 2024 ₹-19 Cr | Jun 2024 ₹-15 Cr | Sep 2024 ₹-16 Cr | Dec 2024 ₹-5 Cr | Mar 2025 ₹-9 Cr | Jun 2025 ₹-2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- PAHC: Sep 2021 ₹7 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹-8 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹24 Cr | Jun 2026 —
- HROW: Sep 2021 ₹-8 Cr | Dec 2021 ₹-7 Cr | Mar 2022 ₹-2 Cr | Jun 2022 ₹-6 Cr | Sep 2022 ₹-6 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹-7 Cr | Jun 2023 ₹-4 Cr | Sep 2023 ₹-4 Cr | Dec 2023 ₹-9 Cr | Mar 2024 ₹-14 Cr | Jun 2024 ₹-6 Cr | Sep 2024 ₹-4 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹-18 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹-28 Cr | Jun 2026 —
- PRGO: Sep 2021 ₹-112 Cr | Dec 2021 ₹-54 Cr | Mar 2022 — | Jun 2022 ₹-1 Cr | Sep 2022 ₹-65 Cr | Dec 2022 ₹-52 Cr | Mar 2023 — | Jun 2023 ₹-1 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹-28 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹-106 Cr | Sep 2024 ₹-18 Cr | Dec 2024 ₹-42 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹-1.4K Cr | Mar 2026 ₹-390 Cr | Jun 2026 —
- ETON: Sep 2021 ₹-6 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹-5 Cr | Jun 2022 ₹-2 Cr | Sep 2022 ₹-3 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹-3 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹-3 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹-3 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹2 Cr | Jun 2026 —

### 20-quarter Profit growth history
- HLN: Sep 2021 — | Dec 2021 — | Mar 2022 43% | Jun 2022 -31% | Sep 2022 -4.5% | Dec 2022 -61% | Mar 2023 16% | Jun 2023 68% | Sep 2023 2.5% | Dec 2023 -97% | Mar 2024 6.3% | Jun 2024 -0.6% | Sep 2024 33% | Dec 2024 3,071% | Mar 2025 -7.7% | Jun 2025 30% | Sep 2025 -13% | Dec 2025 96% | Mar 2026 — | Jun 2026 —
- TEVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -224% | Sep 2022 -81% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 29% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -617% | Dec 2024 -159% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 68% | Jun 2026 —
- ZTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.5% | Sep 2022 -4.4% | Dec 2022 11% | Mar 2023 -7.2% | Jun 2023 27% | Sep 2023 13% | Dec 2023 14% | Mar 2024 8.7% | Jun 2024 -6.9% | Sep 2024 16% | Dec 2024 11% | Mar 2025 0.5% | Jun 2025 15% | Sep 2025 4.2% | Dec 2025 3.8% | Mar 2026 -0.2% | Jun 2026 —
- UTHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -33% | Sep 2022 47% | Dec 2022 18% | Mar 2023 0.4% | Jun 2023 123% | Sep 2023 12% | Dec 2023 64% | Mar 2024 27% | Jun 2024 7.3% | Sep 2024 15% | Dec 2024 39% | Mar 2025 4.9% | Jun 2025 12% | Sep 2025 9.7% | Dec 2025 21% | Mar 2026 -15% | Jun 2026 —
- VTRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 13% | Dec 2022 — | Mar 2023 -44% | Jun 2023 -16% | Sep 2023 -6.2% | Dec 2023 -176% | Mar 2024 -49% | Jun 2024 -223% | Sep 2024 -71% | Dec 2024 — | Mar 2025 -2,768% | Jun 2025 — | Sep 2025 -235% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NBIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -140% | Sep 2022 200% | Dec 2022 — | Mar 2023 -650% | Jun 2023 — | Sep 2023 20% | Dec 2023 66% | Mar 2024 — | Jun 2024 -32% | Sep 2024 57% | Dec 2024 -30% | Mar 2025 -81% | Jun 2025 66% | Sep 2025 62% | Dec 2025 50% | Mar 2026 2,375% | Jun 2026 —
- ELAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 102% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -69% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 109% | Jun 2025 — | Sep 2025 -109% | Dec 2025 — | Mar 2026 -15% | Jun 2026 —
- ALKS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1,600% | Sep 2022 — | Dec 2022 -2,300% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -66% | Sep 2024 1.1% | Dec 2024 -9.3% | Mar 2025 -44% | Jun 2025 -8.4% | Sep 2025 -11% | Dec 2025 -66% | Mar 2026 -400% | Jun 2026 —
- HIMS: 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 2,500% | Mar 2025 345% | Jun 2025 231% | Sep 2025 -79% | Dec 2025 -19% | Mar 2026 -288% | Jun 2026 —
- LNTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -107% | Jun 2023 119% | Sep 2023 116% | Dec 2023 — | Mar 2024 — | Jun 2024 -34% | Sep 2024 -0.8% | Dec 2024 -112% | Mar 2025 -44% | Jun 2025 27% | Sep 2025 -79% | Dec 2025 — | Mar 2026 62% | Jun 2026 —
- KNSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -106% | Dec 2023 525% | Mar 2024 — | Jun 2024 -127% | Sep 2024 — | Dec 2024 -136% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 156% | Jun 2026 —
- AMRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -850% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -43% | Sep 2024 -52% | Dec 2024 — | Mar 2025 — | Jun 2025 112% | Sep 2025 50% | Dec 2025 — | Mar 2026 212% | Jun 2026 —
- INDV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -23% | Sep 2022 52% | Dec 2022 -623% | Mar 2023 21% | Jun 2023 -19% | Sep 2023 -429% | Dec 2023 — | Mar 2024 26% | Jun 2024 -469% | Sep 2024 — | Dec 2024 -83% | Mar 2025 -19% | Jun 2025 — | Sep 2025 -16% | Dec 2025 567% | Mar 2026 95% | Jun 2026 —
- SUPN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -67% | Sep 2022 -91% | Dec 2022 1,150% | Mar 2023 -35% | Jun 2023 -113% | Sep 2023 -900% | Dec 2023 -96% | Mar 2024 -100% | Jun 2024 — | Sep 2024 — | Dec 2024 1,400% | Mar 2025 — | Jun 2025 10% | Sep 2025 -218% | Dec 2025 -127% | Mar 2026 — | Jun 2026 —
- PBH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -5.2% | Sep 2022 13% | Dec 2022 4.0% | Mar 2023 -563% | Jun 2023 -3.6% | Sep 2023 5.9% | Dec 2023 1.9% | Mar 2024 — | Jun 2024 -7.6% | Sep 2024 0.0% | Dec 2024 15% | Mar 2025 2.0% | Jun 2025 -4.1% | Sep 2025 -22% | Dec 2025 -23% | Mar 2026 8.0% | Jun 2026 —
- AMLX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -6,050% | Jun 2024 -432% | Sep 2024 -448% | Dec 2024 -860% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HCM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -98% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 14,367% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ANIP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1,700% | Jun 2024 -133% | Sep 2024 -340% | Dec 2024 -1,100% | Mar 2025 -11% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 81% | Jun 2026 —
- BHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 111% | Dec 2022 -669% | Mar 2023 — | Jun 2023 — | Sep 2023 -195% | Dec 2023 — | Mar 2024 — | Jun 2024 -104% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -174% | Mar 2026 — | Jun 2026 —
- TRLV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -159% | Sep 2022 -705% | 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 — | Jun 2026 —
- PAHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -59% | Sep 2022 -43% | Dec 2022 -59% | Mar 2023 -44% | Jun 2023 57% | Sep 2023 -300% | Dec 2023 -86% | Mar 2024 -20% | Jun 2024 -91% | Sep 2024 — | Dec 2024 200% | Mar 2025 163% | Jun 2025 1,600% | Sep 2025 286% | Dec 2025 800% | Mar 2026 14% | Jun 2026 —
- HROW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -1,000% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.0% | Mar 2026 — | Jun 2026 —
- PRGO: 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 -300% | Dec 2024 — | Mar 2025 -100% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ETON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -300% | Mar 2024 — | Jun 2024 -160% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -300% | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Teva Pharmaceutical Industries Limited reports $168 million of CAPEX; United Therapeutics Corporation has the highest covered intensity at 12.9%. Coverage is only 28 of 28 companies and 485 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: Teva Pharmaceutical Industries Limited · $168 million | 48.7% versus #2 · Haleon plc | 8/8 recent comparable periods | 28/28 companies · 485 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. Teva Pharmaceutical Industries Limited (TEVA): ₹168 Cr
2. Haleon plc (HLN): ₹113 Cr — older report
3. Zoetis Inc. (ZTS): ₹110 Cr
4. Bausch Health Companies Inc. (BHC): ₹109 Cr
5. United Therapeutics Corporation (UTHR): ₹101 Cr

### CAPEX intensity — highest reinvestment intensity
1. United Therapeutics Corporation (UTHR): 13%
2. Indivior Pharmaceuticals, Inc. (INDV): 6.3%
3. Hims & Hers Health, Inc. (HIMS): 4.9%
4. Zoetis Inc. (ZTS): 4.9%
5. Trulieve Cannabis Corp. (TRLV): 4.5%

### 20-quarter CAPEX history
- HLN: Sep 2021 ₹70 Cr | Dec 2021 ₹70 Cr | Mar 2022 ₹39 Cr | Jun 2022 ₹39 Cr | Sep 2022 ₹113 Cr | Dec 2022 ₹113 Cr | Mar 2023 ₹61 Cr | Jun 2023 ₹61 Cr | Sep 2023 ₹56 Cr | Dec 2023 ₹56 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹43 Cr | Sep 2024 ₹82 Cr | Dec 2024 ₹82 Cr | Mar 2025 ₹48 Cr | Jun 2025 ₹48 Cr | Sep 2025 ₹113 Cr | Dec 2025 ₹113 Cr | Mar 2026 — | Jun 2026 —
- TEVA: Sep 2021 ₹146 Cr | Dec 2021 ₹153 Cr | Mar 2022 ₹157 Cr | Jun 2022 ₹127 Cr | Sep 2022 ₹122 Cr | Dec 2022 ₹142 Cr | Mar 2023 ₹139 Cr | Jun 2023 ₹119 Cr | Sep 2023 ₹149 Cr | Dec 2023 ₹119 Cr | Mar 2024 ₹124 Cr | Jun 2024 ₹97 Cr | Sep 2024 ₹148 Cr | Dec 2024 ₹129 Cr | Mar 2025 ₹127 Cr | Jun 2025 ₹96 Cr | Sep 2025 ₹136 Cr | Dec 2025 ₹142 Cr | Mar 2026 ₹168 Cr | Jun 2026 —
- ZTS: Sep 2021 ₹119 Cr | Dec 2021 ₹168 Cr | Mar 2022 ₹115 Cr | Jun 2022 ₹146 Cr | Sep 2022 ₹154 Cr | Dec 2022 ₹171 Cr | Mar 2023 ₹223 Cr | Jun 2023 ₹166 Cr | Sep 2023 ₹145 Cr | Dec 2023 ₹198 Cr | Mar 2024 ₹140 Cr | Jun 2024 ₹132 Cr | Sep 2024 ₹167 Cr | Dec 2024 ₹216 Cr | Mar 2025 ₹178 Cr | Jun 2025 ₹178 Cr | Sep 2025 ₹133 Cr | Dec 2025 ₹161 Cr | Mar 2026 ₹110 Cr | Jun 2026 —
- UTHR: Sep 2021 ₹23 Cr | Dec 2021 ₹71 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹69 Cr | Dec 2022 ₹40 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹45 Cr | Sep 2023 ₹66 Cr | Dec 2023 ₹79 Cr | Mar 2024 ₹38 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹77 Cr | Dec 2024 ₹87 Cr | Mar 2025 ₹75 Cr | Jun 2025 ₹62 Cr | Sep 2025 ₹211 Cr | Dec 2025 ₹173 Cr | Mar 2026 ₹101 Cr | Jun 2026 —
- VTRS: Sep 2021 ₹121 Cr | Dec 2021 ₹197 Cr | Mar 2022 ₹65 Cr | Jun 2022 ₹84 Cr | Sep 2022 ₹104 Cr | Dec 2022 ₹154 Cr | Mar 2023 ₹48 Cr | Jun 2023 ₹68 Cr | Sep 2023 ₹96 Cr | Dec 2023 ₹166 Cr | Mar 2024 ₹50 Cr | Jun 2024 ₹59 Cr | Sep 2024 ₹77 Cr | Dec 2024 ₹140 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹53 Cr | Sep 2025 ₹87 Cr | Dec 2025 ₹197 Cr | Mar 2026 ₹40 Cr | Jun 2026 —
- NBIX: Sep 2021 ₹6 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- ELAN: Sep 2021 ₹25 Cr | Dec 2021 — | Mar 2022 ₹19 Cr | Jun 2022 — | Sep 2022 ₹36 Cr | Dec 2022 ₹77 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹42 Cr | Sep 2023 ₹33 Cr | Dec 2023 ₹41 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹65 Cr | Jun 2025 ₹57 Cr | Sep 2025 ₹92 Cr | Dec 2025 ₹62 Cr | Mar 2026 ₹51 Cr | Jun 2026 —
- ALKS: Sep 2021 ₹5 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- LQDA: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 — | 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 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- HIMS: Sep 2021 ₹0 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹46 Cr | Sep 2025 ₹65 Cr | Dec 2025 ₹59 Cr | Mar 2026 ₹30 Cr | Jun 2026 —
- LNTH: Sep 2021 ₹2 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- KNSA: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 — | 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 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- AMRX: Sep 2021 ₹12 Cr | Dec 2021 ₹18 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹43 Cr | Mar 2026 ₹14 Cr | Jun 2026 —
- INDV: Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 — | Jun 2022 ₹2 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹20 Cr | Jun 2026 —
- SUPN: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 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 — | Jun 2026 —
- BCRX: Sep 2021 ₹0 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- PBH: Sep 2021 ₹3 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- AMLX: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹1 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 — | Jun 2026 —
- HCM: Sep 2021 — | Dec 2021 ₹7 Cr | Mar 2022 — | Jun 2022 ₹16 Cr | Sep 2022 — | Dec 2022 ₹21 Cr | Mar 2023 — | Jun 2023 ₹24 Cr | Sep 2023 — | Dec 2023 ₹8 Cr | Mar 2024 — | Jun 2024 ₹10 Cr | Sep 2024 — | Dec 2024 ₹8 Cr | Mar 2025 — | Jun 2025 ₹9 Cr | Sep 2025 — | Dec 2025 ₹5 Cr | Mar 2026 — | Jun 2026 —
- ANIP: Sep 2021 ₹1 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹6 Cr | Dec 2025 — | Mar 2026 ₹6 Cr | Jun 2026 —
- BHC: Sep 2021 ₹63 Cr | Dec 2021 ₹78 Cr | Mar 2022 ₹46 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹54 Cr | Dec 2022 ₹66 Cr | Mar 2023 ₹47 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹42 Cr | Dec 2023 ₹98 Cr | Mar 2024 ₹82 Cr | Jun 2024 ₹78 Cr | Sep 2024 ₹71 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹115 Cr | Jun 2025 ₹99 Cr | Sep 2025 ₹91 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹109 Cr | Jun 2026 —
- TRLV: Sep 2021 ₹80 Cr | Dec 2021 — | Mar 2022 ₹57 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹39 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹43 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹13 Cr | Jun 2026 —
- XERS: 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 ₹2 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 —
- PAHC: Sep 2021 ₹7 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹15 Cr | Jun 2026 —
- HROW: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- PRGO: Sep 2021 ₹23 Cr | Dec 2021 ₹42 Cr | Mar 2022 — | Jun 2022 ₹20 Cr | Sep 2022 ₹28 Cr | Dec 2022 ₹21 Cr | Mar 2023 — | Jun 2023 ₹23 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹14 Cr | Jun 2026 —
- ETON: 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 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- HLN: Sep 2021 2.8% | Dec 2021 2.8% | Mar 2022 1.5% | Jun 2022 1.5% | Sep 2022 3.9% | Dec 2022 4.1% | Mar 2023 2.0% | Jun 2023 2.2% | Sep 2023 2.0% | Dec 2023 2.0% | Mar 2024 1.5% | Jun 2024 1.5% | Sep 2024 2.9% | Dec 2024 3.0% | Mar 2025 1.8% | Jun 2025 1.8% | Sep 2025 4.1% | Dec 2025 4.1% | Mar 2026 — | Jun 2026 —
- TEVA: Sep 2021 3.8% | Dec 2021 3.7% | Mar 2022 4.3% | Jun 2022 3.4% | Sep 2022 3.4% | Dec 2022 3.7% | Mar 2023 3.8% | Jun 2023 3.1% | Sep 2023 3.9% | Dec 2023 2.7% | Mar 2024 3.2% | Jun 2024 2.3% | Sep 2024 3.4% | Dec 2024 3.1% | Mar 2025 3.3% | Jun 2025 2.3% | Sep 2025 3.0% | Dec 2025 3.0% | Mar 2026 4.2% | Jun 2026 —
- ZTS: Sep 2021 6.0% | Dec 2021 8.5% | Mar 2022 5.8% | Jun 2022 7.1% | Sep 2022 7.7% | Dec 2022 8.4% | Mar 2023 11% | Jun 2023 7.6% | Sep 2023 6.7% | Dec 2023 8.9% | Mar 2024 6.4% | Jun 2024 5.6% | Sep 2024 7.0% | Dec 2024 9.3% | Mar 2025 8.1% | Jun 2025 7.2% | Sep 2025 5.5% | Dec 2025 6.7% | Mar 2026 4.9% | Jun 2026 —
- UTHR: Sep 2021 5.2% | Dec 2021 17% | Mar 2022 3.0% | Jun 2022 3.6% | Sep 2022 13% | Dec 2022 8.1% | Mar 2023 8.1% | Jun 2023 7.5% | Sep 2023 11% | Dec 2023 13% | Mar 2024 5.6% | Jun 2024 6.3% | Sep 2024 10% | Dec 2024 12% | Mar 2025 9.4% | Jun 2025 7.8% | Sep 2025 26% | Dec 2025 22% | Mar 2026 13% | Jun 2026 —
- VTRS: Sep 2021 2.7% | Dec 2021 4.5% | Mar 2022 1.6% | Jun 2022 2.0% | Sep 2022 2.6% | Dec 2022 4.0% | Mar 2023 1.3% | Jun 2023 1.7% | Sep 2023 2.4% | Dec 2023 4.3% | Mar 2024 1.4% | Jun 2024 1.6% | Sep 2024 2.1% | Dec 2024 4.0% | Mar 2025 1.3% | Jun 2025 1.5% | Sep 2025 2.3% | Dec 2025 5.3% | Mar 2026 1.1% | Jun 2026 —
- NBIX: Sep 2021 2.0% | Dec 2021 2.9% | Mar 2022 2.6% | Jun 2022 2.4% | Sep 2022 0.5% | Dec 2022 0.5% | Mar 2023 2.1% | Jun 2023 1.5% | Sep 2023 1.6% | Dec 2023 1.0% | Mar 2024 2.1% | Jun 2024 2.0% | Sep 2024 1.3% | Dec 2024 1.1% | Mar 2025 1.9% | Jun 2025 1.9% | Sep 2025 1.6% | Dec 2025 0.2% | Mar 2026 1.1% | Jun 2026 —
- ELAN: Sep 2021 2.2% | Dec 2021 — | Mar 2022 1.5% | Jun 2022 — | Sep 2022 3.5% | Dec 2022 7.8% | Mar 2023 1.9% | Jun 2023 4.0% | Sep 2023 3.1% | Dec 2023 4.0% | Mar 2024 2.0% | Jun 2024 2.9% | Sep 2024 4.1% | Dec 2024 4.6% | Mar 2025 5.4% | Jun 2025 4.6% | Sep 2025 8.1% | Dec 2025 5.4% | Mar 2026 3.7% | Jun 2026 —
- ALKS: Sep 2021 1.7% | Dec 2021 2.8% | Mar 2022 2.9% | Jun 2022 3.6% | Sep 2022 4.0% | Dec 2022 3.3% | Mar 2023 2.4% | Jun 2023 1.6% | Sep 2023 3.7% | Dec 2023 4.5% | Mar 2024 2.3% | Jun 2024 1.8% | Sep 2024 2.1% | Dec 2024 2.3% | Mar 2025 3.3% | Jun 2025 3.3% | Sep 2025 4.3% | Dec 2025 0.0% | Mar 2026 1.0% | Jun 2026 —
- LQDA: Sep 2021 0.0% | Dec 2021 0.0% | 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 33% | Jun 2024 25% | Sep 2024 50% | Dec 2024 33% | Mar 2025 0.0% | Jun 2025 11% | Sep 2025 1.9% | Dec 2025 2.2% | Mar 2026 2.3% | Jun 2026 —
- HIMS: Sep 2021 0.0% | Dec 2021 1.2% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.7% | Dec 2022 0.6% | Mar 2023 0.5% | Jun 2023 2.4% | Sep 2023 1.3% | Dec 2023 3.6% | Mar 2024 4.0% | Jun 2024 0.9% | Sep 2024 0.7% | Dec 2024 5.2% | Mar 2025 9.4% | Jun 2025 8.4% | Sep 2025 11% | Dec 2025 9.5% | Mar 2026 4.9% | Jun 2026 —
- LNTH: Sep 2021 2.0% | Dec 2021 3.8% | Mar 2022 1.4% | Jun 2022 1.8% | Sep 2022 2.5% | Dec 2022 1.9% | Mar 2023 3.0% | Jun 2023 3.4% | Sep 2023 4.7% | Dec 2023 3.4% | Mar 2024 2.2% | Jun 2024 2.8% | Sep 2024 4.2% | Dec 2024 4.1% | Mar 2025 2.4% | Jun 2025 2.1% | Sep 2025 2.9% | Dec 2025 2.2% | Mar 2026 0.8% | Jun 2026 —
- KNSA: Sep 2021 0.0% | Dec 2021 0.0% | 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 0.6% | Dec 2025 0.5% | Mar 2026 0.0% | Jun 2026 —
- AMRX: Sep 2021 2.3% | Dec 2021 3.4% | Mar 2022 2.6% | Jun 2022 1.3% | Sep 2022 3.3% | Dec 2022 1.8% | Mar 2023 2.0% | Jun 2023 1.8% | Sep 2023 1.9% | Dec 2023 1.9% | Mar 2024 1.5% | Jun 2024 1.6% | Sep 2024 2.4% | Dec 2024 3.0% | Mar 2025 2.0% | Jun 2025 3.7% | Sep 2025 1.9% | Dec 2025 5.3% | Mar 2026 1.9% | Jun 2026 —
- INDV: Sep 2021 0.5% | Dec 2021 0.9% | Mar 2022 — | Jun 2022 0.9% | Sep 2022 0.9% | Dec 2022 0.4% | Mar 2023 0.4% | Jun 2023 0.4% | Sep 2023 0.7% | Dec 2023 1.4% | Mar 2024 0.7% | Jun 2024 1.3% | Sep 2024 2.3% | Dec 2024 5.4% | Mar 2025 1.9% | Jun 2025 5.6% | Sep 2025 6.4% | Dec 2025 6.7% | Mar 2026 6.3% | Jun 2026 —
- SUPN: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.7% | Jun 2022 0.6% | 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 — | Jun 2026 —
- BCRX: Sep 2021 0.0% | Dec 2021 2.1% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 1.3% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 1.1% | Dec 2023 — | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 — | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.6% | Dec 2025 — | Mar 2026 0.0% | Jun 2026 —
- PBH: Sep 2021 1.1% | Dec 2021 0.7% | Mar 2022 1.1% | Jun 2022 0.4% | Sep 2022 0.7% | Dec 2022 0.7% | Mar 2023 1.0% | Jun 2023 0.4% | Sep 2023 1.0% | Dec 2023 0.7% | Mar 2024 1.1% | Jun 2024 0.4% | Sep 2024 0.7% | Dec 2024 0.7% | Mar 2025 1.0% | Jun 2025 0.4% | Sep 2025 0.7% | Dec 2025 1.1% | Mar 2026 1.8% | Jun 2026 —
- AMLX: 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 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HCM: Sep 2021 — | Dec 2021 3.5% | Mar 2022 — | Jun 2022 7.9% | Sep 2022 — | Dec 2022 9.4% | Mar 2023 — | Jun 2023 4.5% | Sep 2023 — | Dec 2023 2.6% | Mar 2024 — | Jun 2024 3.3% | Sep 2024 — | Dec 2024 2.5% | Mar 2025 — | Jun 2025 3.2% | Sep 2025 — | Dec 2025 1.8% | Mar 2026 — | Jun 2026 —
- ANIP: Sep 2021 1.9% | Dec 2021 0.0% | Mar 2022 3.1% | Jun 2022 1.4% | Sep 2022 2.4% | Dec 2022 3.2% | Mar 2023 1.9% | Jun 2023 2.6% | Sep 2023 1.5% | Dec 2023 1.5% | Mar 2024 3.6% | Jun 2024 2.9% | Sep 2024 3.4% | Dec 2024 1.0% | Mar 2025 1.0% | Jun 2025 1.9% | Sep 2025 2.6% | Dec 2025 — | Mar 2026 2.5% | Jun 2026 —
- BHC: Sep 2021 3.0% | Dec 2021 3.6% | Mar 2022 2.4% | Jun 2022 2.6% | Sep 2022 2.6% | Dec 2022 3.0% | Mar 2023 2.4% | Jun 2023 1.3% | Sep 2023 1.9% | Dec 2023 4.1% | Mar 2024 3.8% | Jun 2024 3.2% | Sep 2024 3.8% | Dec 2024 0.1% | Mar 2025 5.1% | Jun 2025 3.9% | Sep 2025 4.7% | Dec 2025 0.3% | Mar 2026 4.3% | Jun 2026 —
- TRLV: Sep 2021 36% | Dec 2021 — | Mar 2022 18% | Jun 2022 17% | Sep 2022 13% | Dec 2022 12% | Mar 2023 4.9% | Jun 2023 3.9% | Sep 2023 1.8% | Dec 2023 3.1% | Mar 2024 5.0% | Jun 2024 8.6% | Sep 2024 13% | Dec 2024 14% | Mar 2025 7.0% | Jun 2025 4.0% | Sep 2025 4.2% | Dec 2025 1.0% | Mar 2026 4.5% | Jun 2026 —
- XERS: 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 0.0% | Jun 2023 5.3% | 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 —
- PAHC: Sep 2021 3.3% | Dec 2021 3.4% | Mar 2022 4.2% | Jun 2022 4.7% | Sep 2022 9.9% | Dec 2022 4.1% | Mar 2023 3.3% | Jun 2023 4.3% | Sep 2023 3.0% | Dec 2023 4.4% | Mar 2024 3.8% | Jun 2024 4.8% | Sep 2024 3.8% | Dec 2024 2.6% | Mar 2025 2.3% | Jun 2025 3.4% | Sep 2025 3.8% | Dec 2025 2.9% | Mar 2026 3.9% | Jun 2026 —
- HROW: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 4.3% | Dec 2022 5.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 2.9% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 2.0% | Dec 2024 1.5% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 —
- PRGO: Sep 2021 2.3% | Dec 2021 4.0% | Mar 2022 — | Jun 2022 1.9% | Sep 2022 2.5% | Dec 2022 1.9% | Mar 2023 — | Jun 2023 1.9% | Sep 2023 1.7% | Dec 2023 2.3% | Mar 2024 2.3% | Jun 2024 2.6% | Sep 2024 2.5% | Dec 2024 3.3% | Mar 2025 2.5% | Jun 2025 1.8% | Sep 2025 2.1% | Dec 2025 2.4% | Mar 2026 1.4% | Jun 2026 —
- ETON: 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 — | Dec 2023 — | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 — | Jun 2025 — | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: United Therapeutics Corporation has the clearest covered balance-sheet capacity with $2,154 million net cash and gross debt of $0 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: United Therapeutics Corporation · $0 million | 100% versus #2 · Amylyx Pharmaceuticals, Inc. | 8/8 recent comparable periods | 26/28 companies · 491 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. United Therapeutics Corporation (UTHR): ₹0 Cr
2. Amylyx Pharmaceuticals, Inc. (AMLX): ₹6 Cr
3. Kiniksa Pharmaceuticals International, plc (KNSA): ₹9 Cr
4. Supernus Pharmaceuticals, Inc. (SUPN): ₹30 Cr
5. Eton Pharmaceuticals, Inc. (ETON): ₹31 Cr

### Net debt — lowest net debt
1. United Therapeutics Corporation (UTHR): ₹-2.2K Cr
2. Neurocrine Biosciences, Inc. (NBIX): ₹-910 Cr
3. Kiniksa Pharmaceuticals International, plc (KNSA): ₹-459 Cr
4. Supernus Pharmaceuticals, Inc. (SUPN): ₹-354 Cr
5. Amylyx Pharmaceuticals, Inc. (AMLX): ₹-274 Cr

### 20-quarter Gross debt history
- HLN: Sep 2021 ₹166 Cr | Dec 2021 ₹166 Cr | Mar 2022 ₹9.4K Cr | Jun 2022 ₹10.3K Cr | Sep 2022 ₹10.4K Cr | Dec 2022 ₹10.4K Cr | Mar 2023 ₹9.9K Cr | Jun 2023 ₹9.9K Cr | Sep 2023 ₹9.5K Cr | Dec 2023 ₹9.5K Cr | Mar 2024 ₹8.9K Cr | Jun 2024 ₹8.9K Cr | Sep 2024 ₹10.1K Cr | Dec 2024 ₹10.1K Cr | Mar 2025 ₹8.5K Cr | Jun 2025 ₹8.5K Cr | Sep 2025 ₹8.6K Cr | Dec 2025 ₹8.6K Cr | Mar 2026 — | Jun 2026 —
- TEVA: Sep 2021 ₹24.2K Cr | Dec 2021 ₹23.5K Cr | Mar 2022 ₹23.3K Cr | Jun 2022 ₹22.5K Cr | Sep 2022 ₹21.6K Cr | Dec 2022 ₹21.6K Cr | Mar 2023 ₹21.0K Cr | Jun 2023 ₹21.0K Cr | Sep 2023 ₹20.3K Cr | Dec 2023 ₹20.2K Cr | Mar 2024 ₹19.9K Cr | Jun 2024 ₹18.9K Cr | Sep 2024 ₹19.3K Cr | Dec 2024 ₹18.1K Cr | Mar 2025 ₹16.9K Cr | Jun 2025 ₹17.5K Cr | Sep 2025 ₹17.1K Cr | Dec 2025 ₹17.1K Cr | Mar 2026 ₹16.9K Cr | Jun 2026 —
- ZTS: Sep 2021 ₹6.8K Cr | Dec 2021 ₹6.7K Cr | Mar 2022 ₹6.7K Cr | Jun 2022 ₹6.7K Cr | Sep 2022 ₹6.7K Cr | Dec 2022 ₹8.1K Cr | Mar 2023 ₹6.7K Cr | Jun 2023 ₹6.7K Cr | Sep 2023 ₹6.7K Cr | Dec 2023 ₹6.8K Cr | Mar 2024 ₹6.8K Cr | Jun 2024 ₹6.7K Cr | Sep 2024 ₹6.8K Cr | Dec 2024 ₹6.7K Cr | Mar 2025 ₹6.8K Cr | Jun 2025 ₹6.8K Cr | Sep 2025 ₹7.3K Cr | Dec 2025 ₹9.2K Cr | Mar 2026 ₹9.2K Cr | Jun 2026 —
- UTHR: Sep 2021 ₹800 Cr | Dec 2021 ₹800 Cr | Mar 2022 ₹800 Cr | Jun 2022 ₹800 Cr | Sep 2022 ₹800 Cr | Dec 2022 ₹800 Cr | Mar 2023 ₹800 Cr | Jun 2023 ₹800 Cr | Sep 2023 ₹800 Cr | Dec 2023 ₹700 Cr | Mar 2024 ₹600 Cr | Jun 2024 ₹500 Cr | Sep 2024 ₹400 Cr | Dec 2024 ₹300 Cr | Mar 2025 ₹200 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- VTRS: Sep 2021 ₹23.5K Cr | Dec 2021 ₹23.1K Cr | Mar 2022 ₹22.0K Cr | Jun 2022 ₹21.0K Cr | Sep 2022 ₹20.0K Cr | Dec 2022 ₹19.3K Cr | Mar 2023 ₹18.8K Cr | Jun 2023 ₹18.6K Cr | Sep 2023 ₹18.4K Cr | Dec 2023 ₹18.1K Cr | Mar 2024 ₹18.0K Cr | Jun 2024 ₹17.1K Cr | Sep 2024 ₹15.8K Cr | Dec 2024 ₹14.0K Cr | Mar 2025 ₹14.2K Cr | Jun 2025 ₹14.5K Cr | Sep 2025 ₹14.4K Cr | Dec 2025 ₹14.4K Cr | Mar 2026 ₹14.3K Cr | Jun 2026 —
- NBIX: Sep 2021 ₹437 Cr | Dec 2021 ₹440 Cr | Mar 2022 ₹480 Cr | Jun 2022 ₹269 Cr | Sep 2022 ₹266 Cr | Dec 2022 ₹263 Cr | Mar 2023 ₹260 Cr | Jun 2023 ₹259 Cr | Sep 2023 ₹256 Cr | Dec 2023 ₹428 Cr | Mar 2024 ₹376 Cr | Jun 2024 ₹256 Cr | Sep 2024 ₹251 Cr | Dec 2024 ₹455 Cr | Mar 2025 ₹448 Cr | Jun 2025 ₹439 Cr | Sep 2025 ₹428 Cr | Dec 2025 ₹415 Cr | Mar 2026 ₹406 Cr | Jun 2026 —
- ELAN: Sep 2021 ₹6.3K Cr | Dec 2021 ₹6.3K Cr | Mar 2022 ₹6.1K Cr | Jun 2022 ₹6.1K Cr | Sep 2022 ₹5.9K Cr | Dec 2022 ₹5.8K Cr | Mar 2023 ₹6.0K Cr | Jun 2023 ₹6.1K Cr | Sep 2023 ₹5.9K Cr | Dec 2023 ₹5.8K Cr | Mar 2024 ₹5.8K Cr | Jun 2024 ₹5.7K Cr | Sep 2024 ₹4.4K Cr | Dec 2024 ₹4.3K Cr | Mar 2025 ₹4.4K Cr | Jun 2025 ₹4.2K Cr | Sep 2025 ₹4.0K Cr | Dec 2025 ₹4.0K Cr | Mar 2026 ₹4.0K Cr | Jun 2026 —
- ALKS: Sep 2021 ₹420 Cr | Dec 2021 ₹416 Cr | Mar 2022 ₹415 Cr | Jun 2022 ₹410 Cr | Sep 2022 ₹405 Cr | Dec 2022 ₹379 Cr | Mar 2023 ₹394 Cr | Jun 2023 ₹390 Cr | Sep 2023 ₹385 Cr | Dec 2023 ₹372 Cr | Mar 2024 ₹370 Cr | Jun 2024 ₹368 Cr | Sep 2024 ₹366 Cr | Dec 2024 ₹76 Cr | Mar 2025 ₹74 Cr | Jun 2025 ₹73 Cr | Sep 2025 ₹72 Cr | Dec 2025 ₹70 Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- LQDA: Sep 2021 ₹16 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹25 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹37 Cr | Jun 2023 ₹38 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹50 Cr | Mar 2024 ₹88 Cr | Jun 2024 ₹89 Cr | Sep 2024 ₹116 Cr | Dec 2024 ₹120 Cr | Mar 2025 ₹148 Cr | Jun 2025 ₹200 Cr | Sep 2025 ₹199 Cr | Dec 2025 ₹198 Cr | Mar 2026 ₹185 Cr | Jun 2026 —
- HIMS: Sep 2021 ₹0 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- LNTH: Sep 2021 ₹177 Cr | Dec 2021 ₹175 Cr | Mar 2022 ₹172 Cr | Jun 2022 ₹170 Cr | Sep 2022 ₹167 Cr | Dec 2022 ₹558 Cr | Mar 2023 ₹559 Cr | Jun 2023 ₹560 Cr | Sep 2023 ₹561 Cr | Dec 2023 ₹562 Cr | Mar 2024 ₹563 Cr | Jun 2024 ₹564 Cr | Sep 2024 ₹565 Cr | Dec 2024 ₹566 Cr | Mar 2025 ₹567 Cr | Jun 2025 ₹568 Cr | Sep 2025 ₹569 Cr | Dec 2025 ₹569 Cr | Mar 2026 ₹570 Cr | Jun 2026 —
- KNSA: Sep 2021 ₹7 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- AMRX: Sep 2021 ₹2.9K Cr | Dec 2021 ₹2.9K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹2.9K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹2.9K Cr | Jun 2023 ₹2.9K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 —
- INDV: 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 ₹283 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹375 Cr | Mar 2025 ₹370 Cr | Jun 2025 ₹366 Cr | Sep 2025 ₹356 Cr | Dec 2025 ₹351 Cr | Mar 2026 ₹509 Cr | Jun 2026 —
- SUPN: Sep 2021 ₹412 Cr | Dec 2021 ₹421 Cr | Mar 2022 ₹440 Cr | Jun 2022 ₹438 Cr | Sep 2022 ₹437 Cr | Dec 2022 ₹438 Cr | Mar 2023 ₹517 Cr | Jun 2023 ₹34 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹33 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹30 Cr | Jun 2026 —
- BCRX: Sep 2021 ₹311 Cr | Dec 2021 ₹595 Cr | Mar 2022 ₹614 Cr | Jun 2022 ₹632 Cr | Sep 2022 ₹723 Cr | Dec 2022 ₹743 Cr | Mar 2023 ₹757 Cr | Jun 2023 ₹829 Cr | Sep 2023 ₹846 Cr | Dec 2023 ₹849 Cr | Mar 2024 ₹853 Cr | Jun 2024 ₹851 Cr | Sep 2024 ₹842 Cr | Dec 2024 ₹841 Cr | Mar 2025 ₹829 Cr | Jun 2025 ₹739 Cr | Sep 2025 ₹683 Cr | Dec 2025 ₹477 Cr | Mar 2026 ₹863 Cr | Jun 2026 —
- PBH: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- AMLX: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- ANIP: Sep 2021 ₹202 Cr | Dec 2021 ₹287 Cr | Mar 2022 ₹287 Cr | Jun 2022 ₹287 Cr | Sep 2022 ₹287 Cr | Dec 2022 ₹287 Cr | Mar 2023 ₹286 Cr | Jun 2023 ₹286 Cr | Sep 2023 ₹286 Cr | Dec 2023 ₹286 Cr | Mar 2024 ₹285 Cr | Jun 2024 ₹285 Cr | Sep 2024 ₹625 Cr | Dec 2024 ₹624 Cr | Mar 2025 ₹623 Cr | Jun 2025 ₹622 Cr | Sep 2025 ₹620 Cr | Dec 2025 ₹617 Cr | Mar 2026 ₹614 Cr | Jun 2026 —
- BHC: Sep 2021 ₹22.4K Cr | Dec 2021 ₹22.7K Cr | Mar 2022 ₹23.2K Cr | Jun 2022 ₹21.8K Cr | Sep 2022 ₹21.2K Cr | Dec 2022 ₹20.8K Cr | Mar 2023 ₹20.7K Cr | Jun 2023 ₹20.6K Cr | Sep 2023 ₹22.4K Cr | Dec 2023 ₹22.4K Cr | Mar 2024 ₹22.1K Cr | Jun 2024 ₹21.7K Cr | Sep 2024 ₹21.5K Cr | Dec 2024 ₹15.1K Cr | Mar 2025 ₹21.5K Cr | Jun 2025 ₹21.7K Cr | Sep 2025 ₹21.0K Cr | Dec 2025 ₹20.9K Cr | Mar 2026 ₹20.8K Cr | Jun 2026 —
- TRLV: Sep 2021 ₹340 Cr | Dec 2021 ₹845 Cr | Mar 2022 ₹944 Cr | Jun 2022 ₹961 Cr | Sep 2022 ₹942 Cr | Dec 2022 ₹978 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹969 Cr | Sep 2023 ₹903 Cr | Dec 2023 ₹795 Cr | Mar 2024 ₹795 Cr | Jun 2024 ₹801 Cr | Sep 2024 ₹823 Cr | Dec 2024 ₹825 Cr | Mar 2025 ₹825 Cr | Jun 2025 ₹826 Cr | Sep 2025 ₹815 Cr | Dec 2025 ₹565 Cr | Mar 2026 ₹630 Cr | Jun 2026 —
- XERS: Sep 2021 ₹88 Cr | Dec 2021 ₹88 Cr | Mar 2022 ₹138 Cr | Jun 2022 ₹138 Cr | Sep 2022 ₹139 Cr | Dec 2022 ₹198 Cr | Mar 2023 ₹198 Cr | Jun 2023 ₹225 Cr | Sep 2023 ₹228 Cr | Dec 2023 ₹229 Cr | Mar 2024 ₹269 Cr | Jun 2024 ₹270 Cr | Sep 2024 ₹271 Cr | Dec 2024 ₹271 Cr | Mar 2025 ₹269 Cr | Jun 2025 ₹257 Cr | Sep 2025 ₹258 Cr | Dec 2025 ₹258 Cr | Mar 2026 ₹259 Cr | Jun 2026 —
- PAHC: Sep 2021 ₹405 Cr | Dec 2021 ₹400 Cr | Mar 2022 ₹416 Cr | Jun 2022 ₹433 Cr | Sep 2022 ₹467 Cr | Dec 2022 ₹476 Cr | Mar 2023 ₹481 Cr | Jun 2023 ₹475 Cr | Sep 2023 ₹483 Cr | Dec 2023 ₹475 Cr | Mar 2024 ₹486 Cr | Jun 2024 ₹488 Cr | Sep 2024 ₹474 Cr | Dec 2024 ₹753 Cr | Mar 2025 ₹727 Cr | Jun 2025 ₹719 Cr | Sep 2025 ₹743 Cr | Dec 2025 ₹731 Cr | Mar 2026 ₹736 Cr | Jun 2026 —
- HROW: Sep 2021 ₹76 Cr | Dec 2021 ₹78 Cr | Mar 2022 ₹79 Cr | Jun 2022 ₹80 Cr | Sep 2022 ₹80 Cr | Dec 2022 ₹112 Cr | Mar 2023 ₹177 Cr | Jun 2023 ₹177 Cr | Sep 2023 ₹190 Cr | Dec 2023 ₹193 Cr | Mar 2024 ₹192 Cr | Jun 2024 ₹192 Cr | Sep 2024 ₹196 Cr | Dec 2024 ₹229 Cr | Mar 2025 ₹230 Cr | Jun 2025 ₹231 Cr | Sep 2025 ₹252 Cr | Dec 2025 ₹252 Cr | Mar 2026 ₹301 Cr | Jun 2026 —
- PRGO: Sep 2021 ₹3.6K Cr | Dec 2021 ₹3.6K Cr | Mar 2022 — | Jun 2022 ₹3.5K Cr | Sep 2022 ₹4.1K Cr | Dec 2022 ₹4.1K Cr | Mar 2023 — | Jun 2023 ₹4.1K Cr | Sep 2023 ₹4.1K Cr | Dec 2023 ₹4.1K Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹4.1K Cr | Sep 2024 ₹4.8K Cr | Dec 2024 ₹3.6K Cr | Mar 2025 ₹3.6K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 ₹3.6K Cr | Mar 2026 ₹3.6K Cr | Jun 2026 —
- ETON: Sep 2021 ₹7 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹31 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹31 Cr | Jun 2026 —

### 20-quarter Net debt history
- HLN: Sep 2021 ₹-248 Cr | Dec 2021 ₹-248 Cr | Mar 2022 ₹9.1K Cr | Jun 2022 ₹8.9K Cr | Sep 2022 ₹9.8K Cr | Dec 2022 ₹9.8K Cr | Mar 2023 ₹9.4K Cr | Jun 2023 ₹9.4K Cr | Sep 2023 ₹8.4K Cr | Dec 2023 ₹8.4K Cr | Mar 2024 ₹8.3K Cr | Jun 2024 ₹8.3K Cr | Sep 2024 ₹7.9K Cr | Dec 2024 ₹7.9K Cr | Mar 2025 ₹7.8K Cr | Jun 2025 ₹7.8K Cr | Sep 2025 ₹7.3K Cr | Dec 2025 ₹7.3K Cr | Mar 2026 — | Jun 2026 —
- TEVA: Sep 2021 ₹22.1K Cr | Dec 2021 ₹21.3K Cr | Mar 2022 ₹21.1K Cr | Jun 2022 ₹20.4K Cr | Sep 2022 ₹19.4K Cr | Dec 2022 ₹18.8K Cr | Mar 2023 ₹18.9K Cr | Jun 2023 ₹18.3K Cr | Sep 2023 ₹18.0K Cr | Dec 2023 ₹16.9K Cr | Mar 2024 ₹16.9K Cr | Jun 2024 ₹16.7K Cr | Sep 2024 ₹16.0K Cr | Dec 2024 ₹14.8K Cr | Mar 2025 ₹15.2K Cr | Jun 2025 ₹15.4K Cr | Sep 2025 ₹14.9K Cr | Dec 2025 ₹13.5K Cr | Mar 2026 ₹13.2K Cr | Jun 2026 —
- ZTS: Sep 2021 ₹3.5K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹3.6K Cr | Jun 2022 ₹4.1K Cr | Sep 2022 ₹4.2K Cr | Dec 2022 ₹4.5K Cr | Mar 2023 ₹4.6K Cr | Jun 2023 ₹5.0K Cr | Sep 2023 ₹5.0K Cr | Dec 2023 ₹4.7K Cr | Mar 2024 ₹4.8K Cr | Jun 2024 ₹5.2K Cr | Sep 2024 ₹5.0K Cr | Dec 2024 ₹4.8K Cr | Mar 2025 ₹5.0K Cr | Jun 2025 ₹5.4K Cr | Sep 2025 ₹5.2K Cr | Dec 2025 ₹6.9K Cr | Mar 2026 ₹7.3K Cr | Jun 2026 —
- UTHR: Sep 2021 ₹-1.2K Cr | Dec 2021 ₹-1.1K Cr | Mar 2022 ₹-1.5K Cr | Jun 2022 ₹-1.5K Cr | Sep 2022 ₹-1.8K Cr | Dec 2022 ₹-2.0K Cr | Mar 2023 ₹-2.1K Cr | Jun 2023 ₹-1.9K Cr | Sep 2023 ₹-2.1K Cr | Dec 2023 ₹-2.3K Cr | Mar 2024 ₹-2.1K Cr | Jun 2024 ₹-2.5K Cr | Sep 2024 ₹-2.9K Cr | Dec 2024 ₹-3.0K Cr | Mar 2025 ₹-3.1K Cr | Jun 2025 ₹-3.0K Cr | Sep 2025 ₹-2.8K Cr | Dec 2025 ₹-2.9K Cr | Mar 2026 ₹-2.2K Cr | Jun 2026 —
- VTRS: Sep 2021 ₹22.7K Cr | Dec 2021 ₹22.4K Cr | Mar 2022 ₹21.3K Cr | Jun 2022 ₹20.3K Cr | Sep 2022 ₹19.3K Cr | Dec 2022 ₹18.0K Cr | Mar 2023 ₹18.3K Cr | Jun 2023 ₹18.0K Cr | Sep 2023 ₹17.1K Cr | Dec 2023 ₹17.1K Cr | Mar 2024 ₹17.0K Cr | Jun 2024 ₹16.2K Cr | Sep 2024 ₹13.9K Cr | Dec 2024 ₹13.3K Cr | Mar 2025 ₹13.4K Cr | Jun 2025 ₹13.9K Cr | Sep 2025 ₹13.5K Cr | Dec 2025 ₹13.1K Cr | Mar 2026 ₹12.5K Cr | Jun 2026 —
- NBIX: Sep 2021 ₹-329 Cr | Dec 2021 ₹-271 Cr | Mar 2022 ₹-185 Cr | Jun 2022 ₹-379 Cr | Sep 2022 ₹-533 Cr | Dec 2022 ₹-726 Cr | Mar 2023 ₹-635 Cr | Jun 2023 ₹-718 Cr | Sep 2023 ₹-839 Cr | Dec 2023 ₹-604 Cr | Mar 2024 ₹-835 Cr | Jun 2024 ₹-783 Cr | Sep 2024 ₹-977 Cr | Dec 2024 ₹-621 Cr | Mar 2025 ₹-496 Cr | Jun 2025 ₹-537 Cr | Sep 2025 ₹-687 Cr | Dec 2025 ₹-1.1K Cr | Mar 2026 ₹-910 Cr | Jun 2026 —
- ELAN: Sep 2021 ₹5.9K Cr | Dec 2021 ₹5.7K Cr | Mar 2022 ₹5.8K Cr | Jun 2022 ₹5.6K Cr | Sep 2022 ₹5.4K Cr | Dec 2022 ₹5.5K Cr | Mar 2023 ₹5.7K Cr | Jun 2023 ₹5.7K Cr | Sep 2023 ₹5.5K Cr | Dec 2023 ₹5.4K Cr | Mar 2024 ₹5.4K Cr | Jun 2024 ₹5.3K Cr | Sep 2024 ₹3.9K Cr | Dec 2024 ₹3.9K Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹3.5K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹3.6K Cr | Jun 2026 —
- ALKS: Sep 2021 ₹-140 Cr | Dec 2021 ₹-120 Cr | Mar 2022 ₹-114 Cr | Jun 2022 ₹-171 Cr | Sep 2022 ₹-175 Cr | Dec 2022 ₹-229 Cr | Mar 2023 ₹-206 Cr | Jun 2023 ₹-439 Cr | Sep 2023 ₹-504 Cr | Dec 2023 ₹-401 Cr | Mar 2024 ₹-375 Cr | Jun 2024 ₹-508 Cr | Sep 2024 ₹-543 Cr | Dec 2024 ₹-676 Cr | Mar 2025 ₹-810 Cr | Jun 2025 ₹-943 Cr | Sep 2025 ₹-1.0K Cr | Dec 2025 ₹-518 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- LQDA: Sep 2021 ₹-48 Cr | Dec 2021 ₹-41 Cr | Mar 2022 ₹-33 Cr | Jun 2022 ₹-79 Cr | Sep 2022 ₹-73 Cr | Dec 2022 ₹-69 Cr | Mar 2023 ₹-57 Cr | Jun 2023 ₹-50 Cr | Sep 2023 ₹-28 Cr | Dec 2023 ₹-34 Cr | Mar 2024 ₹-70 Cr | Jun 2024 ₹-44 Cr | Sep 2024 ₹-88 Cr | Dec 2024 ₹-56 Cr | Mar 2025 ₹-22 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹42 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹-38 Cr | Jun 2026 —
- HIMS: Sep 2021 ₹-252 Cr | Dec 2021 ₹-242 Cr | Mar 2022 ₹-198 Cr | Jun 2022 ₹-190 Cr | Sep 2022 ₹-192 Cr | Dec 2022 ₹-175 Cr | Mar 2023 ₹-179 Cr | Jun 2023 ₹-188 Cr | Sep 2023 ₹-207 Cr | Dec 2023 ₹-211 Cr | Mar 2024 ₹-192 Cr | Jun 2024 ₹-216 Cr | Sep 2024 ₹-243 Cr | Dec 2024 ₹-289 Cr | Mar 2025 ₹-260 Cr | Jun 2025 ₹-101 Cr | Sep 2025 ₹488 Cr | Dec 2025 ₹544 Cr | Mar 2026 ₹381 Cr | Jun 2026 —
- LNTH: Sep 2021 ₹86 Cr | Dec 2021 ₹76 Cr | Mar 2022 ₹67 Cr | Jun 2022 ₹-1 Cr | Sep 2022 ₹-90 Cr | Dec 2022 ₹142 Cr | Mar 2023 ₹88 Cr | Jun 2023 ₹146 Cr | Sep 2023 ₹-53 Cr | Dec 2023 ₹-152 Cr | Mar 2024 ₹-155 Cr | Jun 2024 ₹-193 Cr | Sep 2024 ₹-301 Cr | Dec 2024 ₹-347 Cr | Mar 2025 ₹-372 Cr | Jun 2025 ₹-128 Cr | Sep 2025 ₹187 Cr | Dec 2025 ₹210 Cr | Mar 2026 ₹71 Cr | Jun 2026 —
- KNSA: Sep 2021 ₹-193 Cr | Dec 2021 ₹-176 Cr | Mar 2022 ₹-141 Cr | Jun 2022 ₹-133 Cr | Sep 2022 ₹-194 Cr | Dec 2022 ₹-185 Cr | Mar 2023 ₹-181 Cr | Jun 2023 ₹-171 Cr | Sep 2023 ₹-188 Cr | Dec 2023 ₹-194 Cr | Mar 2024 ₹-202 Cr | Jun 2024 ₹-208 Cr | Sep 2024 ₹-213 Cr | Dec 2024 ₹-234 Cr | Mar 2025 ₹-258 Cr | Jun 2025 ₹-298 Cr | Sep 2025 ₹-342 Cr | Dec 2025 ₹-405 Cr | Mar 2026 ₹-459 Cr | Jun 2026 —
- AMRX: Sep 2021 ₹2.6K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹2.8K 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 ₹2.6K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —
- INDV: Sep 2021 ₹-1.0K Cr | Dec 2021 ₹-1.1K Cr | Mar 2022 ₹-939 Cr | Jun 2022 ₹-934 Cr | Sep 2022 ₹-918 Cr | Dec 2022 ₹-893 Cr | Mar 2023 ₹-705 Cr | Jun 2023 ₹-689 Cr | Sep 2023 ₹-722 Cr | Dec 2023 ₹-127 Cr | Mar 2024 ₹-330 Cr | Jun 2024 ₹-379 Cr | Sep 2024 ₹-318 Cr | Dec 2024 ₹55 Cr | Mar 2025 ₹-3 Cr | Jun 2025 ₹-144 Cr | Sep 2025 ₹-89 Cr | Dec 2025 ₹156 Cr | Mar 2026 ₹334 Cr | Jun 2026 —
- SUPN: Sep 2021 ₹-32 Cr | Dec 2021 ₹81 Cr | Mar 2022 ₹128 Cr | Jun 2022 ₹77 Cr | Sep 2022 ₹45 Cr | Dec 2022 ₹-23 Cr | Mar 2023 ₹-115 Cr | Jun 2023 ₹-118 Cr | Sep 2023 ₹-166 Cr | Dec 2023 ₹-222 Cr | Mar 2024 ₹-265 Cr | Jun 2024 ₹-317 Cr | Sep 2024 ₹-374 Cr | Dec 2024 ₹-427 Cr | Mar 2025 ₹-438 Cr | Jun 2025 ₹-499 Cr | Sep 2025 ₹-250 Cr | Dec 2025 ₹-279 Cr | Mar 2026 ₹-354 Cr | Jun 2026 —
- BCRX: Sep 2021 ₹111 Cr | Dec 2021 ₹87 Cr | Mar 2022 ₹171 Cr | Jun 2022 ₹215 Cr | Sep 2022 ₹296 Cr | Dec 2022 ₹319 Cr | Mar 2023 ₹359 Cr | Jun 2023 ₹418 Cr | Sep 2023 ₹448 Cr | Dec 2023 ₹460 Cr | Mar 2024 ₹516 Cr | Jun 2024 ₹579 Cr | Sep 2024 ₹512 Cr | Dec 2024 ₹520 Cr | Mar 2025 ₹534 Cr | Jun 2025 ₹479 Cr | Sep 2025 ₹470 Cr | Dec 2025 ₹202 Cr | Mar 2026 ₹625 Cr | Jun 2026 —
- PBH: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹976 Cr | Mar 2025 ₹946 Cr | Jun 2025 ₹903 Cr | Sep 2025 ₹922 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹978 Cr | Jun 2026 —
- AMLX: Sep 2021 ₹-126 Cr | Dec 2021 ₹-96 Cr | Mar 2022 ₹-248 Cr | Jun 2022 ₹-200 Cr | Sep 2022 ₹-156 Cr | Dec 2022 ₹-341 Cr | Mar 2023 ₹-340 Cr | Jun 2023 ₹-352 Cr | Sep 2023 ₹-350 Cr | Dec 2023 ₹-367 Cr | Mar 2024 ₹-369 Cr | Jun 2024 ₹-307 Cr | Sep 2024 ₹-231 Cr | Dec 2024 ₹-175 Cr | Mar 2025 ₹-203 Cr | Jun 2025 ₹-175 Cr | Sep 2025 ₹-338 Cr | Dec 2025 ₹-311 Cr | Mar 2026 ₹-274 Cr | Jun 2026 —
- ANIP: Sep 2021 ₹187 Cr | Dec 2021 ₹187 Cr | Mar 2022 ₹210 Cr | Jun 2022 ₹224 Cr | Sep 2022 ₹231 Cr | Dec 2022 ₹239 Cr | Mar 2023 ₹218 Cr | Jun 2023 ₹124 Cr | Sep 2023 ₹93 Cr | Dec 2023 ₹65 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹472 Cr | Dec 2024 ₹473 Cr | Mar 2025 ₹468 Cr | Jun 2025 ₹398 Cr | Sep 2025 ₹349 Cr | Dec 2025 ₹322 Cr | Mar 2026 ₹288 Cr | Jun 2026 —
- BHC: 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 ₹14.2K Cr | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 ₹19.5K Cr | Mar 2026 ₹19.5K Cr | Jun 2026 —
- TRLV: Sep 2021 ₹126 Cr | Dec 2021 ₹605 Cr | Mar 2022 ₹666 Cr | Jun 2022 ₹780 Cr | Sep 2022 ₹828 Cr | Dec 2022 ₹771 Cr | Mar 2023 ₹839 Cr | Jun 2023 ₹817 Cr | Sep 2023 ₹711 Cr | Dec 2023 ₹594 Cr | Mar 2024 ₹475 Cr | Jun 2024 ₹446 Cr | Sep 2024 ₹505 Cr | Dec 2024 ₹526 Cr | Mar 2025 ₹497 Cr | Jun 2025 ₹433 Cr | Sep 2025 ₹366 Cr | Dec 2025 ₹309 Cr | Mar 2026 ₹277 Cr | Jun 2026 —
- XERS: Sep 2021 ₹-5 Cr | Dec 2021 ₹-14 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹46 Cr | Dec 2022 ₹76 Cr | Mar 2023 ₹103 Cr | Jun 2023 ₹144 Cr | Sep 2023 ₹162 Cr | Dec 2023 ₹157 Cr | Mar 2024 ₹182 Cr | Jun 2024 ₹192 Cr | Sep 2024 ₹202 Cr | Dec 2024 ₹199 Cr | Mar 2025 ₹211 Cr | Jun 2025 ₹198 Cr | Sep 2025 ₹166 Cr | Dec 2025 ₹147 Cr | Mar 2026 ₹147 Cr | Jun 2026 —
- PAHC: Sep 2021 ₹308 Cr | Dec 2021 ₹305 Cr | Mar 2022 ₹323 Cr | Jun 2022 ₹342 Cr | Sep 2022 ₹381 Cr | Dec 2022 ₹398 Cr | Mar 2023 ₹404 Cr | Jun 2023 ₹394 Cr | Sep 2023 ₹392 Cr | Dec 2023 ₹383 Cr | Mar 2024 ₹387 Cr | Jun 2024 ₹373 Cr | Sep 2024 ₹384 Cr | Dec 2024 ₹686 Cr | Mar 2025 ₹657 Cr | Jun 2025 ₹642 Cr | Sep 2025 ₹658 Cr | Dec 2025 ₹656 Cr | Mar 2026 ₹659 Cr | Jun 2026 —
- HROW: Sep 2021 ₹8 Cr | Dec 2021 ₹27 Cr | Mar 2022 ₹28 Cr | Jun 2022 ₹28 Cr | Sep 2022 ₹31 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹150 Cr | Jun 2023 ₹147 Cr | Sep 2023 ₹116 Cr | Dec 2023 ₹110 Cr | Mar 2024 ₹116 Cr | Jun 2024 ₹121 Cr | Sep 2024 ₹123 Cr | Dec 2024 ₹182 Cr | Mar 2025 ₹163 Cr | Jun 2025 ₹178 Cr | Sep 2025 ₹178 Cr | Dec 2025 ₹179 Cr | Mar 2026 ₹206 Cr | Jun 2026 —
- PRGO: Sep 2021 ₹3.2K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 — | Jun 2022 ₹1.5K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.6K Cr | Mar 2023 — | Jun 2023 ₹3.5K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹3.4K Cr | Jun 2024 ₹3.5K Cr | Sep 2024 ₹3.3K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹3.3K Cr | Jun 2026 —
- ETON: Sep 2021 ₹-16 Cr | Dec 2021 ₹-7 Cr | Mar 2022 ₹-9 Cr | Jun 2022 ₹-11 Cr | Sep 2022 ₹-7 Cr | Dec 2022 ₹-9 Cr | Mar 2023 ₹-8 Cr | Jun 2023 ₹-16 Cr | Sep 2023 ₹-16 Cr | Dec 2023 ₹-16 Cr | Mar 2024 ₹-12 Cr | Jun 2024 ₹-13 Cr | Sep 2024 ₹-16 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹-6 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹11 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Indivior Pharmaceuticals, Inc. leads ROCE at 34.8%, 5.4 percentage points above Liquidia Corporation. Liquidia Corporation has the strongest latest improvement at +50.1 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: Indivior 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 roce change signal.

Evidence: Indivior Pharmaceuticals, Inc. · 34.8% | 18.4% versus #2 · Liquidia Corporation | 7/8 recent comparable periods | 28/28 companies · 525 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. Indivior Pharmaceuticals, Inc. (INDV): 35%
2. Liquidia Corporation (LQDA): 29%
3. Zoetis Inc. (ZTS): 6.7%
4. Amneal Pharmaceuticals, Inc. (AMRX): 5.6%
5. Trulieve Cannabis Corp. (TRLV): 5.6%

### ROCE change — fastest improvers
1. Liquidia Corporation (LQDA): +50.1 pp
2. Indivior Pharmaceuticals, Inc. (INDV): +29.9 pp
3. Viatris Inc. (VTRS): +7.7 pp
4. Eton Pharmaceuticals, Inc. (ETON): +5.6 pp
5. Neurocrine Biosciences, Inc. (NBIX): +4.5 pp

### 20-quarter ROCE history
- HLN: Sep 2021 3.4% | Dec 2021 2.6% | Mar 2022 2.3% | Jun 2022 2.1% | Sep 2022 1.9% | Dec 2022 1.2% | Mar 2023 1.8% | Jun 2023 1.5% | Sep 2023 2.0% | Dec 2023 0.9% | Mar 2024 2.3% | Jun 2024 1.7% | Sep 2024 2.4% | Dec 2024 1.2% | Mar 2025 2.2% | Jun 2025 2.2% | Sep 2025 2.2% | Dec 2025 2.2% | Mar 2026 — | Jun 2026 —
- TEVA: Sep 2021 1.7% | Dec 2021 0.2% | Mar 2022 -2.0% | Jun 2022 -2.7% | Sep 2022 1.2% | Dec 2022 -2.8% | Mar 2023 0.0% | Jun 2023 -2.0% | Sep 2023 1.1% | Dec 2023 2.4% | Mar 2024 -0.7% | Jun 2024 0.0% | Sep 2024 -0.2% | Dec 2024 -0.1% | Mar 2025 1.8% | Jun 2025 1.6% | Sep 2025 3.1% | Dec 2025 1.1% | Mar 2026 2.4% | Jun 2026 —
- ZTS: Sep 2021 6.1% | Dec 2021 5.0% | Mar 2022 7.0% | Jun 2022 6.4% | Sep 2022 6.2% | Dec 2022 5.8% | Mar 2023 6.2% | Jun 2023 7.3% | Sep 2023 6.7% | Dec 2023 5.8% | Mar 2024 6.6% | Jun 2024 7.1% | Sep 2024 7.3% | Dec 2024 6.6% | Mar 2025 7.0% | Jun 2025 8.2% | Sep 2025 7.2% | Dec 2025 6.7% | Mar 2026 6.7% | Jun 2026 —
- UTHR: Sep 2021 5.2% | Dec 2021 3.7% | Mar 2022 6.1% | Jun 2022 4.1% | Sep 2022 6.2% | Dec 2022 3.3% | Mar 2023 5.1% | Jun 2023 5.4% | Sep 2023 5.6% | Dec 2023 4.3% | Mar 2024 6.1% | Jun 2024 5.2% | Sep 2024 5.5% | Dec 2024 5.5% | Mar 2025 6.0% | Jun 2025 5.5% | Sep 2025 6.0% | Dec 2025 5.1% | Mar 2026 5.0% | Jun 2026 —
- VTRS: Sep 2021 1.0% | Dec 2021 -0.2% | Mar 2022 1.5% | Jun 2022 1.2% | Sep 2022 1.3% | Dec 2022 -0.5% | Mar 2023 0.9% | Jun 2023 0.9% | Sep 2023 1.1% | Dec 2023 -1.1% | Mar 2024 0.5% | Jun 2024 -0.6% | Sep 2024 0.6% | Dec 2024 -0.5% | Mar 2025 -8.0% | Jun 2025 0.7% | Sep 2025 0.5% | Dec 2025 -0.6% | Mar 2026 -0.3% | Jun 2026 —
- NBIX: Sep 2021 3.3% | Dec 2021 -2.2% | Mar 2022 0.2% | Jun 2022 3.2% | Sep 2022 5.1% | Dec 2022 5.7% | Mar 2023 -5.9% | Jun 2023 3.9% | Sep 2023 7.4% | Dec 2023 6.8% | Mar 2024 4.2% | Jun 2024 5.9% | Sep 2024 7.0% | Dec 2024 4.9% | Mar 2025 0.8% | Jun 2025 4.7% | Sep 2025 7.1% | Dec 2025 5.9% | Mar 2026 5.3% | Jun 2026 —
- ELAN: Sep 2021 -0.5% | Dec 2021 -0.5% | Mar 2022 0.8% | Jun 2022 0.4% | Sep 2022 0.1% | Dec 2022 -0.2% | Mar 2023 1.2% | Jun 2023 0.0% | Sep 2023 -7.8% | Dec 2023 -0.4% | Mar 2024 0.6% | Jun 2024 0.2% | Sep 2024 -0.2% | Dec 2024 0.0% | Mar 2025 0.8% | Jun 2025 0.6% | Sep 2025 0.0% | Dec 2025 -1.6% | Mar 2026 1.2% | Jun 2026 —
- ALKS: Sep 2021 -1.3% | Dec 2021 0.9% | Mar 2022 -1.8% | Jun 2022 -2.2% | Sep 2022 -4.0% | Dec 2022 -0.3% | Mar 2023 -0.7% | Jun 2023 18% | Sep 2023 5.5% | Dec 2023 3.1% | Mar 2024 2.8% | Jun 2024 6.5% | Sep 2024 6.0% | Dec 2024 8.8% | Mar 2025 0.8% | Jun 2025 5.4% | Sep 2025 5.0% | Dec 2025 3.1% | Mar 2026 -1.8% | Jun 2026 —
- LQDA: Sep 2021 -8.3% | Dec 2021 -13% | Mar 2022 -17% | Jun 2022 -7.8% | Sep 2022 -8.1% | Dec 2022 -6.3% | Mar 2023 -8.9% | Jun 2023 -20% | Sep 2023 -13% | Dec 2023 -24% | Mar 2024 -19% | Jun 2024 -21% | Sep 2024 -18% | Dec 2024 -25% | Mar 2025 -21% | Jun 2025 -23% | Sep 2025 0.9% | Dec 2025 10% | Mar 2026 29% | Jun 2026 —
- HIMS: Sep 2021 -9.7% | Dec 2021 -9.7% | Mar 2022 -5.1% | Jun 2022 -6.3% | Sep 2022 -5.8% | Dec 2022 -3.5% | Mar 2023 -3.4% | Jun 2023 -2.9% | Sep 2023 -2.6% | Dec 2023 -0.1% | Mar 2024 2.9% | Jun 2024 3.2% | Sep 2024 5.7% | Dec 2024 4.4% | Mar 2025 12% | Jun 2025 2.7% | Sep 2025 1.1% | Dec 2025 0.8% | Mar 2026 -6.9% | Jun 2026 —
- LNTH: Sep 2021 -1.8% | Dec 2021 -4.5% | Mar 2022 7.7% | Jun 2022 8.0% | Sep 2022 11% | Dec 2022 -19% | Mar 2023 -1.0% | Jun 2023 13% | Sep 2023 10% | Dec 2023 11% | Mar 2024 8.0% | Jun 2024 7.2% | Sep 2024 10% | Dec 2024 7.1% | Mar 2025 6.0% | Jun 2025 5.0% | Sep 2025 2.7% | Dec 2025 4.2% | Mar 2026 4.3% | Jun 2026 —
- KNSA: Sep 2021 -11% | Dec 2021 -14% | Mar 2022 -10% | Jun 2022 -9.5% | Sep 2022 15% | Dec 2022 2.0% | Mar 2023 -3.8% | Jun 2023 -1.0% | Sep 2023 -2.6% | Dec 2023 0.0% | Mar 2024 -3.8% | Jun 2024 0.0% | Sep 2024 -2.2% | Dec 2024 -4.1% | Mar 2025 2.8% | Jun 2025 4.0% | Sep 2025 4.6% | Dec 2025 3.6% | Mar 2026 5.0% | Jun 2026 —
- AMRX: Sep 2021 0.9% | Dec 2021 0.3% | Mar 2022 0.7% | Jun 2022 -6.2% | Sep 2022 1.4% | Dec 2022 1.1% | Mar 2023 1.1% | Jun 2023 2.7% | Sep 2023 2.5% | Dec 2023 0.5% | Mar 2024 -0.4% | Jun 2024 3.6% | Sep 2024 3.4% | Dec 2024 3.0% | Mar 2025 4.1% | Jun 2025 4.7% | Sep 2025 2.8% | Dec 2025 4.3% | Mar 2026 5.6% | Jun 2026 —
- INDV: Sep 2021 1.6% | Dec 2021 1.9% | Mar 2022 2.3% | Jun 2022 2.6% | Sep 2022 2.3% | Dec 2022 -9.5% | Mar 2023 2.2% | Jun 2023 2.3% | Sep 2023 -6.6% | Dec 2023 3.7% | Mar 2024 2.9% | Jun 2024 -4.5% | Sep 2024 1.3% | Dec 2024 9.3% | Mar 2025 4.9% | Jun 2025 4.9% | Sep 2025 3.0% | Dec 2025 24% | Mar 2026 35% | Jun 2026 —
- RGC: Sep 2021 -20% | Dec 2021 -20% | Mar 2022 -29% | Jun 2022 -29% | Sep 2022 -9.4% | Dec 2022 -9.4% | Mar 2023 -9.7% | Jun 2023 -9.7% | Sep 2023 -8.9% | Dec 2023 -8.9% | Mar 2024 -12% | Jun 2024 -12% | Sep 2024 -11% | Dec 2024 -11% | Mar 2025 -13% | Jun 2025 -13% | Sep 2025 -61% | Dec 2025 -61% | Mar 2026 — | Jun 2026 —
- SUPN: Sep 2021 2.6% | Dec 2021 0.5% | Mar 2022 0.2% | Jun 2022 1.0% | Sep 2022 -0.1% | Dec 2022 2.9% | Mar 2023 0.4% | Jun 2023 -1.8% | Sep 2023 0.8% | Dec 2023 1.9% | Mar 2024 -0.3% | Jun 2024 2.2% | Sep 2024 4.0% | Dec 2024 2.1% | Mar 2025 -1.0% | Jun 2025 1.2% | Sep 2025 -5.6% | Dec 2025 -0.4% | Mar 2026 -0.8% | Jun 2026 —
- BCRX: Sep 2021 -45% | Dec 2021 -15% | Mar 2022 -16% | Jun 2022 -12% | Sep 2022 -5.7% | Dec 2022 -10% | Mar 2023 -6.5% | Jun 2023 -4.9% | Sep 2023 -2.6% | Dec 2023 -34% | Mar 2024 -3.8% | Jun 2024 2.2% | Sep 2024 2.0% | Dec 2024 -39% | Mar 2025 6.2% | Jun 2025 9.6% | Sep 2025 10% | Dec 2025 -45% | Mar 2026 -230% | Jun 2026 —
- PBH: Sep 2021 2.3% | Dec 2021 2.4% | Mar 2022 2.3% | Jun 2022 2.5% | Sep 2022 2.4% | Dec 2022 2.5% | Mar 2023 -8.4% | Jun 2023 2.5% | Sep 2023 2.6% | Dec 2023 2.6% | Mar 2024 2.6% | Jun 2024 2.3% | Sep 2024 2.6% | Dec 2024 2.9% | Mar 2025 2.7% | Jun 2025 2.2% | Sep 2025 2.4% | Dec 2025 2.5% | Mar 2026 2.3% | Jun 2026 —
- AMLX: Sep 2021 -38% | Dec 2021 -60% | Mar 2022 -39% | Jun 2022 -55% | Sep 2022 -41% | Dec 2022 -21% | Mar 2023 -0.7% | Jun 2023 6.9% | Sep 2023 6.6% | Dec 2023 0.5% | Mar 2024 -36% | Jun 2024 -23% | Sep 2024 -25% | Dec 2024 -14% | Mar 2025 -14% | Jun 2025 -20% | Sep 2025 -14% | Dec 2025 -15% | Mar 2026 -18% | Jun 2026 —
- HCM: Sep 2021 -11% | Dec 2021 -11% | Mar 2022 -14% | Jun 2022 -10% | Sep 2022 -12% | Dec 2022 -12% | Mar 2023 6.1% | Jun 2023 6.1% | Sep 2023 -6.0% | Dec 2023 -6.0% | Mar 2024 -1.5% | Jun 2024 -1.5% | Sep 2024 -0.9% | Dec 2024 -0.9% | Mar 2025 -0.2% | Jun 2025 -0.2% | Sep 2025 -1.5% | Dec 2025 -1.5% | Mar 2026 — | Jun 2026 —
- ANIP: Sep 2021 -0.9% | Dec 2021 -4.4% | Mar 2022 -3.7% | Jun 2022 -2.5% | Sep 2022 -1.0% | Dec 2022 0.3% | Mar 2023 1.5% | Jun 2023 1.8% | Sep 2023 2.5% | Dec 2023 0.9% | Mar 2024 2.9% | Jun 2024 0.7% | Sep 2024 -2.2% | Dec 2024 -0.5% | Mar 2025 2.8% | Jun 2025 1.5% | Sep 2025 3.2% | Dec 2025 3.1% | Mar 2026 3.4% | Jun 2026 —
- BHC: Sep 2021 2.3% | Dec 2021 1.5% | Mar 2022 1.1% | Jun 2022 0.7% | Sep 2022 1.1% | Dec 2022 -1.0% | Mar 2023 0.8% | Jun 2023 1.8% | Sep 2023 0.1% | Dec 2023 1.6% | Mar 2024 1.3% | Jun 2024 1.8% | Sep 2024 1.0% | Dec 2024 4.4% | Mar 2025 1.2% | Jun 2025 2.0% | Sep 2025 2.0% | Dec 2025 5.5% | Mar 2026 -4.5% | Jun 2026 —
- TRLV: Sep 2021 25% | Dec 2021 — | Mar 2022 6.4% | Jun 2022 5.8% | Sep 2022 4.9% | Dec 2022 4.7% | Mar 2023 3.7% | Jun 2023 3.0% | Sep 2023 2.3% | Dec 2023 3.5% | Mar 2024 4.3% | Jun 2024 5.4% | Sep 2024 4.5% | Dec 2024 3.4% | Mar 2025 3.0% | Jun 2025 3.0% | Sep 2025 4.6% | Dec 2025 5.8% | Mar 2026 5.6% | Jun 2026 —
- XERS: Sep 2021 -21% | Dec 2021 -27% | Mar 2022 -14% | Jun 2022 -10% | Sep 2022 -11% | Dec 2022 -6.1% | Mar 2023 -5.2% | Jun 2023 -6.4% | Sep 2023 -2.1% | Dec 2023 -3.9% | Mar 2024 -5.7% | Jun 2024 -3.2% | Sep 2024 -5.5% | Dec 2024 0.7% | Mar 2025 -1.3% | Jun 2025 1.8% | Sep 2025 2.8% | Dec 2025 6.8% | Mar 2026 3.2% | Jun 2026 —
- PAHC: Sep 2021 2.2% | Dec 2021 3.4% | Mar 2022 2.8% | Jun 2022 3.2% | Sep 2022 1.9% | Dec 2022 2.1% | Mar 2023 2.4% | Jun 2023 3.1% | Sep 2023 -0.1% | Dec 2023 2.0% | Mar 2024 2.5% | Jun 2024 2.3% | Sep 2024 2.2% | Dec 2024 2.8% | Mar 2025 3.6% | Jun 2025 3.7% | Sep 2025 5.4% | Dec 2025 4.6% | Mar 2026 4.0% | Jun 2026 —
- HROW: Sep 2021 -5.4% | Dec 2021 -2.6% | Mar 2022 3.1% | Jun 2022 1.8% | Sep 2022 -0.1% | Dec 2022 -1.6% | Mar 2023 0.8% | Jun 2023 1.6% | Sep 2023 1.0% | Dec 2023 -2.4% | Mar 2024 -3.1% | Jun 2024 0.7% | Sep 2024 0.5% | Dec 2024 4.6% | Mar 2025 -5.2% | Jun 2025 6.5% | Sep 2025 5.3% | Dec 2025 5.2% | Mar 2026 -8.7% | Jun 2026 —
- PRGO: Sep 2021 — | Dec 2021 4.6% | Mar 2022 — | Jun 2022 0.2% | Sep 2022 -0.1% | Dec 2022 0.4% | Mar 2023 — | Jun 2023 0.5% | Sep 2023 0.6% | Dec 2023 -0.2% | Mar 2024 -0.6% | Jun 2024 -0.3% | Sep 2024 0.8% | Dec 2024 1.3% | Mar 2025 0.5% | Jun 2025 0.5% | Sep 2025 0.8% | Dec 2025 -16% | Mar 2026 -4.8% | Jun 2026 —
- ETON: Sep 2021 -40% | Dec 2021 5.8% | Mar 2022 -21% | Jun 2022 -5.8% | Sep 2022 -15% | Dec 2022 5.1% | Mar 2023 -14% | Jun 2023 19% | Sep 2023 -2.9% | Dec 2023 -12% | Mar 2024 -5.0% | Jun 2024 -17% | Sep 2024 2.7% | Dec 2024 1.8% | Mar 2025 -1.3% | Jun 2025 -3.8% | Sep 2025 -3.6% | Dec 2025 4.5% | Mar 2026 4.3% | Jun 2026 —

### 20-quarter ROCE change history
- HLN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.5 pp | Dec 2022 −1.4 pp | Mar 2023 −0.5 pp | Jun 2023 −0.6 pp | Sep 2023 +0.1 pp | Dec 2023 −0.3 pp | Mar 2024 +0.5 pp | Jun 2024 +0.2 pp | Sep 2024 +0.4 pp | Dec 2024 +0.3 pp | Mar 2025 −0.1 pp | Jun 2025 +0.5 pp | Sep 2025 −0.2 pp | Dec 2025 +1.0 pp | Mar 2026 — | Jun 2026 —
- TEVA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 −3.0 pp | Mar 2023 +2.0 pp | Jun 2023 +0.7 pp | Sep 2023 −0.1 pp | Dec 2023 +5.2 pp | Mar 2024 −0.7 pp | Jun 2024 +2.0 pp | Sep 2024 −1.3 pp | Dec 2024 −2.5 pp | Mar 2025 +2.5 pp | Jun 2025 +1.6 pp | Sep 2025 +3.3 pp | Dec 2025 +1.2 pp | Mar 2026 +0.6 pp | Jun 2026 —
- ZTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +0.8 pp | Mar 2023 −0.8 pp | Jun 2023 +0.9 pp | Sep 2023 +0.5 pp | Dec 2023 0.0 pp | Mar 2024 +0.4 pp | Jun 2024 −0.2 pp | Sep 2024 +0.6 pp | Dec 2024 +0.8 pp | Mar 2025 +0.4 pp | Jun 2025 +1.1 pp | Sep 2025 −0.1 pp | Dec 2025 +0.1 pp | Mar 2026 −0.3 pp | Jun 2026 —
- UTHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 −0.4 pp | Mar 2023 −1.0 pp | Jun 2023 +1.3 pp | Sep 2023 −0.6 pp | Dec 2023 +1.0 pp | Mar 2024 +1.0 pp | Jun 2024 −0.2 pp | Sep 2024 −0.1 pp | Dec 2024 +1.2 pp | Mar 2025 −0.1 pp | Jun 2025 +0.3 pp | Sep 2025 +0.5 pp | Dec 2025 −0.4 pp | Mar 2026 −1.0 pp | Jun 2026 —
- VTRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 −0.3 pp | Mar 2023 −0.6 pp | Jun 2023 −0.3 pp | Sep 2023 −0.2 pp | Dec 2023 −0.6 pp | Mar 2024 −0.4 pp | Jun 2024 −1.5 pp | Sep 2024 −0.5 pp | Dec 2024 +0.6 pp | Mar 2025 −8.5 pp | Jun 2025 +1.3 pp | Sep 2025 −0.1 pp | Dec 2025 −0.1 pp | Mar 2026 +7.7 pp | Jun 2026 —
- NBIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.8 pp | Dec 2022 +7.9 pp | Mar 2023 −6.1 pp | Jun 2023 +0.7 pp | Sep 2023 +2.3 pp | Dec 2023 +1.1 pp | Mar 2024 +10.1 pp | Jun 2024 +2.0 pp | Sep 2024 −0.4 pp | Dec 2024 −1.9 pp | Mar 2025 −3.4 pp | Jun 2025 −1.2 pp | Sep 2025 +0.1 pp | Dec 2025 +1.0 pp | Mar 2026 +4.5 pp | Jun 2026 —
- ELAN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.6 pp | Dec 2022 +0.3 pp | Mar 2023 +0.4 pp | Jun 2023 −0.4 pp | Sep 2023 −7.9 pp | Dec 2023 −0.2 pp | Mar 2024 −0.6 pp | Jun 2024 +0.2 pp | Sep 2024 +7.6 pp | Dec 2024 +0.4 pp | Mar 2025 +0.2 pp | Jun 2025 +0.4 pp | Sep 2025 +0.2 pp | Dec 2025 −1.6 pp | Mar 2026 +0.4 pp | Jun 2026 —
- ALKS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.7 pp | Dec 2022 −1.2 pp | Mar 2023 +1.1 pp | Jun 2023 +19.7 pp | Sep 2023 +9.5 pp | Dec 2023 +3.4 pp | Mar 2024 +3.5 pp | Jun 2024 −11.0 pp | Sep 2024 +0.5 pp | Dec 2024 +5.7 pp | Mar 2025 −2.0 pp | Jun 2025 −1.1 pp | Sep 2025 −1.0 pp | Dec 2025 −5.7 pp | Mar 2026 −2.6 pp | Jun 2026 —
- LQDA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +6.7 pp | Mar 2023 +8.5 pp | Jun 2023 −11.7 pp | Sep 2023 −5.2 pp | Dec 2023 −17.7 pp | Mar 2024 −10.5 pp | Jun 2024 −1.8 pp | Sep 2024 −5.0 pp | Dec 2024 −1.0 pp | Mar 2025 −1.3 pp | Jun 2025 −1.3 pp | Sep 2025 +19.2 pp | Dec 2025 +35.4 pp | Mar 2026 +50.1 pp | Jun 2026 —
- HIMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.9 pp | Dec 2022 +6.2 pp | Mar 2023 +1.7 pp | Jun 2023 +3.4 pp | Sep 2023 +3.2 pp | Dec 2023 +3.4 pp | Mar 2024 +6.3 pp | Jun 2024 +6.1 pp | Sep 2024 +8.3 pp | Dec 2024 +4.5 pp | Mar 2025 +9.1 pp | Jun 2025 −0.5 pp | Sep 2025 −4.6 pp | Dec 2025 −3.6 pp | Mar 2026 −18.9 pp | Jun 2026 —
- LNTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +12.3 pp | Dec 2022 −14.1 pp | Mar 2023 −8.7 pp | Jun 2023 +4.5 pp | Sep 2023 −0.3 pp | Dec 2023 +29.4 pp | Mar 2024 +9.0 pp | Jun 2024 −5.3 pp | Sep 2024 0.0 pp | Dec 2024 −3.7 pp | Mar 2025 −2.0 pp | Jun 2025 −2.2 pp | Sep 2025 −7.5 pp | Dec 2025 −2.9 pp | Mar 2026 −1.7 pp | Jun 2026 —
- KNSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +25.5 pp | Dec 2022 +16.3 pp | Mar 2023 +6.4 pp | Jun 2023 +8.5 pp | Sep 2023 −17.5 pp | Dec 2023 −2.0 pp | Mar 2024 0.0 pp | Jun 2024 +1.0 pp | Sep 2024 +0.4 pp | Dec 2024 −4.1 pp | Mar 2025 +6.6 pp | Jun 2025 +4.0 pp | Sep 2025 +6.8 pp | Dec 2025 +7.7 pp | Mar 2026 +2.2 pp | Jun 2026 —
- AMRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 +0.8 pp | Mar 2023 +0.4 pp | Jun 2023 +8.9 pp | Sep 2023 +1.1 pp | Dec 2023 −0.6 pp | Mar 2024 −1.5 pp | Jun 2024 +0.9 pp | Sep 2024 +0.9 pp | Dec 2024 +2.5 pp | Mar 2025 +4.5 pp | Jun 2025 +1.1 pp | Sep 2025 −0.6 pp | Dec 2025 +1.3 pp | Mar 2026 +1.5 pp | Jun 2026 —
- INDV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 −11.4 pp | Mar 2023 −0.1 pp | Jun 2023 −0.3 pp | Sep 2023 −8.9 pp | Dec 2023 +13.2 pp | Mar 2024 +0.7 pp | Jun 2024 −6.8 pp | Sep 2024 +7.9 pp | Dec 2024 +5.6 pp | Mar 2025 +2.0 pp | Jun 2025 +9.4 pp | Sep 2025 +1.7 pp | Dec 2025 +14.6 pp | Mar 2026 +29.9 pp | Jun 2026 —
- RGC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +10.8 pp | Dec 2022 +10.8 pp | Mar 2023 +19.7 pp | Jun 2023 +19.7 pp | Sep 2023 +0.5 pp | Dec 2023 +0.5 pp | Mar 2024 −2.3 pp | Jun 2024 −2.3 pp | Sep 2024 −2.1 pp | Dec 2024 −2.1 pp | Mar 2025 −1.4 pp | Jun 2025 −1.4 pp | Sep 2025 −49.5 pp | Dec 2025 −49.5 pp | Mar 2026 — | Jun 2026 —
- SUPN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.7 pp | Dec 2022 +2.4 pp | Mar 2023 +0.2 pp | Jun 2023 −2.8 pp | Sep 2023 +0.9 pp | Dec 2023 −1.0 pp | Mar 2024 −0.7 pp | Jun 2024 +4.0 pp | Sep 2024 +3.2 pp | Dec 2024 +0.2 pp | Mar 2025 −0.7 pp | Jun 2025 −1.0 pp | Sep 2025 −9.6 pp | Dec 2025 −2.5 pp | Mar 2026 +0.2 pp | Jun 2026 —
- BCRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +39.7 pp | Dec 2022 +4.6 pp | Mar 2023 +9.4 pp | Jun 2023 +7.1 pp | Sep 2023 +3.1 pp | Dec 2023 −23.6 pp | Mar 2024 +2.7 pp | Jun 2024 +7.1 pp | Sep 2024 +4.6 pp | Dec 2024 −5.4 pp | Mar 2025 +10.0 pp | Jun 2025 +7.4 pp | Sep 2025 +8.0 pp | Dec 2025 −6.1 pp | Mar 2026 −236.3 pp | Jun 2026 —
- PBH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +0.1 pp | Mar 2023 −10.7 pp | Jun 2023 0.0 pp | Sep 2023 +0.2 pp | Dec 2023 +0.1 pp | Mar 2024 +11.0 pp | Jun 2024 −0.2 pp | Sep 2024 0.0 pp | Dec 2024 +0.3 pp | Mar 2025 +0.1 pp | Jun 2025 −0.1 pp | Sep 2025 −0.2 pp | Dec 2025 −0.4 pp | Mar 2026 −0.4 pp | Jun 2026 —
- AMLX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.9 pp | Dec 2022 +39.0 pp | Mar 2023 +38.1 pp | Jun 2023 +61.7 pp | Sep 2023 +48.0 pp | Dec 2023 +21.1 pp | Mar 2024 −35.1 pp | Jun 2024 −30.3 pp | Sep 2024 −31.1 pp | Dec 2024 −14.0 pp | Mar 2025 +21.5 pp | Jun 2025 +3.7 pp | Sep 2025 +11.0 pp | Dec 2025 −1.9 pp | Mar 2026 −4.0 pp | Jun 2026 —
- HCM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.8 pp | Dec 2022 −0.8 pp | Mar 2023 +20.4 pp | Jun 2023 +16.5 pp | Sep 2023 +6.1 pp | Dec 2023 +6.1 pp | Mar 2024 −7.6 pp | Jun 2024 −7.6 pp | Sep 2024 +5.1 pp | Dec 2024 +5.1 pp | Mar 2025 +1.3 pp | Jun 2025 +1.3 pp | Sep 2025 −0.6 pp | Dec 2025 −0.6 pp | Mar 2026 — | Jun 2026 —
- ANIP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 +4.7 pp | Mar 2023 +5.2 pp | Jun 2023 +4.3 pp | Sep 2023 +3.5 pp | Dec 2023 +0.6 pp | Mar 2024 +1.4 pp | Jun 2024 −1.1 pp | Sep 2024 −4.7 pp | Dec 2024 −1.4 pp | Mar 2025 −0.1 pp | Jun 2025 +0.8 pp | Sep 2025 +5.4 pp | Dec 2025 +3.6 pp | Mar 2026 +0.6 pp | Jun 2026 —
- BHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.2 pp | Dec 2022 −2.5 pp | Mar 2023 −0.3 pp | Jun 2023 +1.1 pp | Sep 2023 −1.0 pp | Dec 2023 +2.6 pp | Mar 2024 +0.5 pp | Jun 2024 0.0 pp | Sep 2024 +0.9 pp | Dec 2024 +2.8 pp | Mar 2025 −0.1 pp | Jun 2025 +0.2 pp | Sep 2025 +1.0 pp | Dec 2025 +1.1 pp | Mar 2026 −5.7 pp | Jun 2026 —
- TRLV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −20.3 pp | Dec 2022 — | Mar 2023 −2.7 pp | Jun 2023 −2.8 pp | Sep 2023 −2.6 pp | Dec 2023 −1.2 pp | Mar 2024 +0.6 pp | Jun 2024 +2.4 pp | Sep 2024 +2.2 pp | Dec 2024 −0.1 pp | Mar 2025 −1.3 pp | Jun 2025 −2.4 pp | Sep 2025 +0.1 pp | Dec 2025 +2.4 pp | Mar 2026 +2.6 pp | Jun 2026 —
- XERS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +9.1 pp | Dec 2022 +21.0 pp | Mar 2023 +8.9 pp | Jun 2023 +3.8 pp | Sep 2023 +9.3 pp | Dec 2023 +2.2 pp | Mar 2024 −0.5 pp | Jun 2024 +3.2 pp | Sep 2024 −3.4 pp | Dec 2024 +4.6 pp | Mar 2025 +4.4 pp | Jun 2025 +5.0 pp | Sep 2025 +8.3 pp | Dec 2025 +6.1 pp | Mar 2026 +4.5 pp | Jun 2026 —
- PAHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 −1.3 pp | Mar 2023 −0.4 pp | Jun 2023 −0.1 pp | Sep 2023 −2.0 pp | Dec 2023 −0.1 pp | Mar 2024 +0.1 pp | Jun 2024 −0.8 pp | Sep 2024 +2.3 pp | Dec 2024 +0.8 pp | Mar 2025 +1.1 pp | Jun 2025 +1.4 pp | Sep 2025 +3.2 pp | Dec 2025 +1.8 pp | Mar 2026 +0.4 pp | Jun 2026 —
- HROW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.3 pp | Dec 2022 +1.0 pp | Mar 2023 −2.3 pp | Jun 2023 −0.2 pp | Sep 2023 +1.1 pp | Dec 2023 −0.8 pp | Mar 2024 −3.9 pp | Jun 2024 −0.9 pp | Sep 2024 −0.5 pp | Dec 2024 +7.0 pp | Mar 2025 −2.1 pp | Jun 2025 +5.8 pp | Sep 2025 +4.8 pp | Dec 2025 +0.6 pp | Mar 2026 −3.5 pp | Jun 2026 —
- PRGO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −4.2 pp | Mar 2023 — | Jun 2023 +0.3 pp | Sep 2023 +0.7 pp | Dec 2023 −0.6 pp | Mar 2024 — | Jun 2024 −0.8 pp | Sep 2024 +0.2 pp | Dec 2024 +1.5 pp | Mar 2025 +1.1 pp | Jun 2025 +0.8 pp | Sep 2025 0.0 pp | Dec 2025 −17.3 pp | Mar 2026 −5.3 pp | Jun 2026 —
- ETON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +24.5 pp | Dec 2022 −0.7 pp | Mar 2023 +7.3 pp | Jun 2023 +24.9 pp | Sep 2023 +12.3 pp | Dec 2023 −16.8 pp | Mar 2024 +9.0 pp | Jun 2024 −35.9 pp | Sep 2024 +5.6 pp | Dec 2024 +13.5 pp | Mar 2025 +3.7 pp | Jun 2025 +13.0 pp | Sep 2025 −6.3 pp | Dec 2025 +2.7 pp | Mar 2026 +5.6 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Alkermes plc has the lowest comparable Guarded PEG at 0.58×, 20.5% below Neurocrine Biosciences, Inc.. Only 7 of 28 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: Alkermes plc · 0.58× | 20.5% versus #2 · Neurocrine Biosciences, Inc. | 0/8 recent comparable periods | 7/28 companies · 38 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. Alkermes plc (ALKS): 0.6
2. Neurocrine Biosciences, Inc. (NBIX): 0.7
3. Lantheus Holdings, Inc. (LNTH): 1.0
4. Haleon plc (HLN): 1.0 — older report
5. Phibro Animal Health Corporation (PAHC): 1.3

### P/E — lowest P/E
1. Trulieve Cannabis Corp. (TRLV): -13.3
2. Indivior Pharmaceuticals, Inc. (INDV): 3.1
3. HUTCHMED (China) Limited (HCM): 5.1 — older report
4. BioCryst Pharmaceuticals, Inc. (BCRX): 6.5
5. Prestige Consumer Healthcare Inc. (PBH): 15.2

### 20-quarter Guarded PEG history
- HLN: 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 0.7 | Mar 2025 0.7 | Jun 2025 0.6 | Sep 2025 0.9 | Dec 2025 1.0 | Mar 2026 — | Jun 2026 —
- ZTS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 4.6 | Sep 2023 2.9 | Dec 2023 3.1 | Mar 2024 1.9 | Jun 2024 4.6 | Sep 2024 4.5 | Dec 2024 3.8 | Mar 2025 5.0 | Jun 2025 2.2 | Sep 2025 2.4 | Dec 2025 2.4 | Mar 2026 2.0 | Jun 2026 —
- UTHR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.4 | Sep 2023 0.5 | Dec 2023 0.4 | Mar 2024 0.3 | Jun 2024 0.6 | Sep 2024 0.6 | Dec 2024 0.6 | Mar 2025 0.7 | Jun 2025 0.6 | Sep 2025 1.0 | Dec 2025 1.3 | Mar 2026 2.7 | Jun 2026 —
- NBIX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.9 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.2 | Mar 2025 — | Jun 2025 — | Sep 2025 2.8 | Dec 2025 0.7 | Mar 2026 — | Jun 2026 —
- ALKS: 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 0.3 | Dec 2024 — | Mar 2025 — | Jun 2025 0.6 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HIMS: 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 4.6 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LNTH: 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 1.0 | Jun 2026 —
- PAHC: 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 1.3 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- HLN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 10.9 | Dec 2022 28.7 | Mar 2023 18.3 | Jun 2023 24.8 | Sep 2023 25.2 | Dec 2023 28.4 | Mar 2024 28.3 | Jun 2024 27.6 | Sep 2024 29.9 | Dec 2024 24.1 | Mar 2025 25.3 | Jun 2025 22.5 | Sep 2025 20.2 | Dec 2025 20.1 | Mar 2026 — | Jun 2026 —
- TEVA: Sep 2021 14.8 | Dec 2021 21.1 | 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 33.7 | Dec 2025 25.8 | Mar 2026 22.7 | Jun 2026 —
- ZTS: Sep 2021 46.8 | Dec 2021 57.2 | Mar 2022 43.3 | Jun 2022 39.0 | Sep 2022 33.9 | Dec 2022 32.6 | Mar 2023 37.6 | Jun 2023 36.2 | Sep 2023 35.4 | Dec 2023 38.9 | Mar 2024 32.6 | Jun 2024 33.9 | Sep 2024 36.7 | Dec 2024 29.8 | Mar 2025 29.9 | Jun 2025 27.2 | Sep 2025 24.9 | Dec 2025 20.9 | Mar 2026 19.6 | Jun 2026 —
- UTHR: Sep 2021 18.7 | Dec 2021 21.5 | Mar 2022 12.4 | Jun 2022 17.8 | Sep 2022 14.2 | Dec 2022 18.5 | Mar 2023 15.1 | Jun 2023 12.5 | Sep 2023 12.4 | Dec 2023 11.1 | Mar 2024 10.9 | Jun 2024 14.6 | Sep 2024 15.7 | Dec 2024 14.3 | Mar 2025 12.3 | Jun 2025 11.2 | Sep 2025 15.9 | Dec 2025 17.5 | Mar 2026 21.9 | Jun 2026 —
- VTRS: Sep 2021 — | Dec 2021 — | Mar 2022 15.8 | Jun 2022 8.9 | Sep 2022 7.0 | Dec 2022 6.5 | Mar 2023 17.2 | Jun 2023 19.2 | Sep 2023 19.7 | Dec 2023 216.6 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NBIX: Sep 2021 21.0 | Dec 2021 92.6 | Mar 2022 130.2 | Jun 2022 886.2 | Sep 2022 186.3 | Dec 2022 76.6 | Mar 2023 168.7 | Jun 2023 54.5 | Sep 2023 60.5 | Dec 2023 53.3 | Mar 2024 38.0 | Jun 2024 41.6 | Sep 2024 30.9 | Dec 2024 41.5 | Mar 2025 37.5 | Jun 2025 37.2 | Sep 2025 33.6 | Dec 2025 30.4 | Mar 2026 20.3 | Jun 2026 —
- ELAN: 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 36.7 | Dec 2024 17.8 | Mar 2025 14.2 | Jun 2025 16.6 | Sep 2025 335.7 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ALKS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 54.9 | Sep 2023 22.6 | Dec 2023 13.2 | Mar 2024 10.7 | Jun 2024 14.4 | Sep 2024 14.4 | Dec 2024 13.3 | Mar 2025 15.8 | Jun 2025 13.8 | Sep 2025 14.9 | Dec 2025 19.6 | Mar 2026 39.3 | Jun 2026 —
- LQDA: 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 269.6 | Jun 2026 —
- HIMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 252.4 | Sep 2024 41.9 | Dec 2024 45.6 | Mar 2025 42.8 | Jun 2025 62.3 | Sep 2025 105.0 | Dec 2025 63.7 | Mar 2026 — | Jun 2026 —
- LNTH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 153.6 | Sep 2022 47.2 | Dec 2022 127.4 | Mar 2023 — | Jun 2023 204.7 | Sep 2023 48.6 | Dec 2023 13.3 | Mar 2024 9.5 | Jun 2024 13.2 | Sep 2024 18.3 | Dec 2024 20.5 | Mar 2025 27.7 | Jun 2025 21.8 | Sep 2025 21.6 | Dec 2025 19.5 | Mar 2026 18.3 | Jun 2026 —
- KNSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 6.4 | Dec 2022 5.8 | Mar 2023 3.9 | Jun 2023 4.3 | Sep 2023 — | Dec 2023 87.7 | Mar 2024 179.4 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 691.8 | Sep 2025 86.3 | Dec 2025 55.0 | Mar 2026 53.5 | Jun 2026 —
- AMRX: Sep 2021 59.3 | Dec 2021 68.4 | Mar 2022 208.5 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 70.3 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 752.8 | Sep 2025 500.5 | Dec 2025 57.3 | Mar 2026 32.7 | Jun 2026 —
- INDV: Sep 2021 3.0 | Dec 2021 2.6 | Mar 2022 3.4 | Jun 2022 3.6 | Sep 2022 2.7 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 35.7 | Jun 2024 — | Sep 2024 7.2 | Dec 2024 49.7 | Mar 2025 — | Jun 2025 3.9 | Sep 2025 5.2 | Dec 2025 4.4 | Mar 2026 3.1 | Jun 2026 —
- SUPN: Sep 2021 17.7 | Dec 2021 29.8 | Mar 2022 24.9 | Jun 2022 28.6 | Sep 2022 52.9 | Dec 2022 34.3 | Mar 2023 40.7 | Jun 2023 41.2 | Sep 2023 67.2 | Dec 2023 1,447.0 | Mar 2024 — | Jun 2024 297.2 | Sep 2024 29.1 | Dec 2024 27.4 | Mar 2025 29.5 | Jun 2025 27.4 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BCRX: 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 6.5 | Mar 2026 — | Jun 2026 —
- PBH: Sep 2021 15.9 | Dec 2021 16.3 | Mar 2022 13.1 | Jun 2022 14.7 | Sep 2022 12.1 | Dec 2022 15.0 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 17.4 | Jun 2024 16.8 | Sep 2024 17.5 | Dec 2024 18.3 | Mar 2025 20.0 | Jun 2025 18.7 | Sep 2025 15.5 | Dec 2025 16.3 | Mar 2026 15.2 | Jun 2026 —
- AMLX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 21.0 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HCM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 96.8 | Dec 2023 30.2 | Mar 2024 96.0 | Jun 2024 — | Sep 2024 — | Dec 2024 72.1 | Mar 2025 10.6 | Jun 2025 5.7 | Sep 2025 6.0 | Dec 2025 5.1 | Mar 2026 — | Jun 2026 —
- ANIP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 88.5 | Dec 2023 64.9 | Mar 2024 40.8 | Jun 2024 49.7 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 56.2 | Dec 2025 23.8 | Mar 2026 19.5 | Jun 2026 —
- BHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 104.5 | Sep 2022 10.4 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 20.8 | Sep 2025 7.8 | Dec 2025 16.6 | Mar 2026 — | Jun 2026 —
- TRLV: Sep 2021 37.7 | 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 -13.3 | Jun 2026 —
- XERS: 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 96.7 | Jun 2026 —
- PAHC: Sep 2021 18.0 | Dec 2021 15.6 | Mar 2022 13.8 | Jun 2022 15.8 | Sep 2022 11.6 | Dec 2022 14.9 | Mar 2023 21.6 | Jun 2023 16.9 | Sep 2023 25.0 | Dec 2023 32.2 | Mar 2024 40.4 | Jun 2024 279.5 | Sep 2024 52.4 | Dec 2024 43.8 | Mar 2025 27.4 | Jun 2025 21.5 | Sep 2025 24.4 | Dec 2025 16.6 | Mar 2026 23.7 | Jun 2026 —
- ETON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 41.7 | Dec 2023 — | Mar 2024 93.8 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Amylyx Pharmaceuticals, Inc. leads ev/ebitda at 0.04×; Perrigo Company plc leads p/bv at 0.53×.

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: Amylyx Pharmaceuticals, Inc. · 0.04× | 98.6% versus #2 · BioCryst Pharmaceuticals, Inc. | 0/8 recent comparable periods | 27/28 companies · 368 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. Amylyx Pharmaceuticals, Inc. (AMLX): 0.0
2. BioCryst Pharmaceuticals, Inc. (BCRX): 2.8
3. Indivior Pharmaceuticals, Inc. (INDV): 3.1
4. Trulieve Cannabis Corp. (TRLV): 4.3
5. Bausch Health Companies Inc. (BHC): 6.9

### P/BV — lowest P/BV
1. Perrigo Company plc (PRGO): 0.5
2. Trulieve Cannabis Corp. (TRLV): 0.9
3. Viatris Inc. (VTRS): 1.0
4. Prestige Consumer Healthcare Inc. (PBH): 1.5
5. Elanco Animal Health Incorporated (ELAN): 1.8

### 20-quarter EV/EBITDA history
- HLN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 18.8 | Dec 2022 19.1 | Mar 2023 17.5 | Jun 2023 16.9 | Sep 2023 16.8 | Dec 2023 16.6 | Mar 2024 16.8 | Jun 2024 16.5 | Sep 2024 18.0 | Dec 2024 16.7 | Mar 2025 17.6 | Jun 2025 16.0 | Sep 2025 14.8 | Dec 2025 14.7 | Mar 2026 — | Jun 2026 —
- TEVA: Sep 2021 9.8 | Dec 2021 10.2 | Mar 2022 17.6 | Jun 2022 26.6 | Sep 2022 32.4 | Dec 2022 — | Mar 2023 — | Jun 2023 914.8 | Sep 2023 — | Dec 2023 18.4 | Mar 2024 24.6 | Jun 2024 18.0 | Sep 2024 23.9 | Dec 2024 53.1 | Mar 2025 22.4 | Jun 2025 18.1 | Sep 2025 13.4 | Dec 2025 15.7 | Mar 2026 14.7 | Jun 2026 —
- ZTS: Sep 2021 30.6 | Dec 2021 37.0 | Mar 2022 28.4 | Jun 2022 25.8 | Sep 2022 22.4 | Dec 2022 21.4 | Mar 2023 24.7 | Jun 2023 24.7 | Sep 2023 24.4 | Dec 2023 27.1 | Mar 2024 22.8 | Jun 2024 23.0 | Sep 2024 24.7 | Dec 2024 20.3 | Mar 2025 20.4 | Jun 2025 19.0 | Sep 2025 17.6 | Dec 2025 15.0 | Mar 2026 14.3 | Jun 2026 —
- UTHR: Sep 2021 14.2 | Dec 2021 14.2 | Mar 2022 6.9 | Jun 2022 9.9 | Sep 2022 7.5 | Dec 2022 10.4 | Mar 2023 8.2 | Jun 2023 7.4 | Sep 2023 7.4 | Dec 2023 6.5 | Mar 2024 6.1 | Jun 2024 8.8 | Sep 2024 9.7 | Dec 2024 8.9 | Mar 2025 7.3 | Jun 2025 6.5 | Sep 2025 9.7 | Dec 2025 11.6 | Mar 2026 15.0 | Jun 2026 —
- VTRS: Sep 2021 10.1 | Dec 2021 8.7 | Mar 2022 7.2 | Jun 2022 6.9 | Sep 2022 6.4 | Dec 2022 6.8 | Mar 2023 6.9 | Jun 2023 7.3 | Sep 2023 7.3 | Dec 2023 8.6 | Mar 2024 9.5 | Jun 2024 10.5 | Sep 2024 11.0 | Dec 2024 9.7 | Mar 2025 — | Jun 2025 156.1 | Sep 2025 195.6 | Dec 2025 202.8 | Mar 2026 9.6 | Jun 2026 —
- NBIX: Sep 2021 39.7 | Dec 2021 68.9 | Mar 2022 102.2 | Jun 2022 113.2 | Sep 2022 78.3 | Dec 2022 40.8 | Mar 2023 62.6 | Jun 2023 50.2 | Sep 2023 45.6 | Dec 2023 45.6 | Mar 2024 26.8 | Jun 2024 23.4 | Sep 2024 17.7 | Dec 2024 21.7 | Mar 2025 20.0 | Jun 2025 22.7 | Sep 2025 23.0 | Dec 2025 20.2 | Mar 2026 15.1 | Jun 2026 —
- ELAN: Sep 2021 88.5 | Dec 2021 50.2 | Mar 2022 36.3 | Jun 2022 20.3 | Sep 2022 13.9 | Dec 2022 13.3 | Mar 2023 11.6 | Jun 2023 12.7 | Sep 2023 13.1 | Dec 2023 — | Mar 2024 18.8 | Jun 2024 16.7 | Sep 2024 16.0 | Dec 2024 13.2 | Mar 2025 12.0 | Jun 2025 13.3 | Sep 2025 16.1 | Dec 2025 21.8 | Mar 2026 21.2 | Jun 2026 —
- ALKS: Sep 2021 313.9 | Dec 2021 20.7 | Mar 2022 83.3 | Jun 2022 386.0 | Sep 2022 — | Dec 2022 56.7 | Mar 2023 — | Jun 2023 17.0 | Sep 2023 9.7 | Dec 2023 8.7 | Mar 2024 7.9 | Jun 2024 10.0 | Sep 2024 11.3 | Dec 2024 8.9 | Mar 2025 11.1 | Jun 2025 9.4 | Sep 2025 10.1 | Dec 2025 14.6 | Mar 2026 30.1 | Jun 2026 —
- LQDA: 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 69.9 | Jun 2026 —
- HIMS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1,479.7 | Jun 2024 176.0 | Sep 2024 66.6 | Dec 2024 63.9 | Mar 2025 48.0 | Jun 2025 71.4 | Sep 2025 85.0 | Dec 2025 49.5 | Mar 2026 137.6 | Jun 2026 —
- LNTH: Sep 2021 33.7 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 367.9 | Dec 2022 42.6 | Mar 2023 306.5 | Jun 2023 70.7 | Sep 2023 41.9 | Dec 2023 9.9 | Mar 2024 7.7 | Jun 2024 10.4 | Sep 2024 13.5 | Dec 2024 11.1 | Mar 2025 12.4 | Jun 2025 11.5 | Sep 2025 9.4 | Dec 2025 11.8 | Mar 2026 13.6 | Jun 2026 —
- KNSA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 70.6 | Mar 2023 23.5 | Jun 2023 20.2 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 292.9 | Sep 2025 65.2 | Dec 2025 34.8 | Mar 2026 34.1 | Jun 2026 —
- AMRX: Sep 2021 8.7 | Dec 2021 8.7 | Mar 2022 9.1 | Jun 2022 30.9 | Sep 2022 24.8 | Dec 2022 20.8 | Mar 2023 17.8 | Jun 2023 7.1 | Sep 2023 7.0 | Dec 2023 10.5 | Mar 2024 12.0 | Jun 2024 11.7 | Sep 2024 12.6 | Dec 2024 10.3 | Mar 2025 8.6 | Jun 2025 8.2 | Sep 2025 9.5 | Dec 2025 10.4 | Mar 2026 10.1 | Jun 2026 —
- INDV: Sep 2021 6.0 | Dec 2021 5.6 | Mar 2022 7.4 | Jun 2022 7.5 | Sep 2022 4.8 | Dec 2022 5.1 | Mar 2023 3.9 | Jun 2023 0.5 | Sep 2023 0.3 | Dec 2023 — | Mar 2024 7.6 | Jun 2024 — | Sep 2024 — | Dec 2024 5.6 | Mar 2025 6.3 | Jun 2025 1.0 | Sep 2025 2.1 | Dec 2025 3.7 | Mar 2026 3.1 | Jun 2026 —
- SUPN: Sep 2021 9.4 | Dec 2021 13.8 | Mar 2022 15.2 | Jun 2022 14.2 | Sep 2022 19.7 | Dec 2022 14.5 | Mar 2023 13.9 | Jun 2023 14.6 | Sep 2023 11.7 | Dec 2023 17.1 | Mar 2024 17.6 | Jun 2024 8.8 | Sep 2024 8.3 | Dec 2024 9.8 | Mar 2025 9.0 | Jun 2025 8.8 | Sep 2025 51.2 | Dec 2025 88.0 | Mar 2026 71.6 | Jun 2026 —
- BCRX: 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 6.6 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.8 | Mar 2026 — | Jun 2026 —
- PBH: Sep 2021 12.8 | Dec 2021 12.9 | Mar 2022 11.4 | Jun 2022 12.3 | Sep 2022 10.7 | Dec 2022 12.1 | Mar 2023 433.0 | Jun 2023 559.7 | Sep 2023 375.3 | Dec 2023 420.0 | Mar 2024 12.6 | Jun 2024 12.4 | Sep 2024 12.8 | Dec 2024 13.4 | Mar 2025 14.2 | Jun 2025 13.2 | Sep 2025 10.9 | Dec 2025 11.2 | Mar 2026 11.1 | Jun 2026 —
- AMLX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 16.6 | Mar 2024 1.5 | Jun 2024 0.9 | Sep 2024 0.0 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HCM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 86.1 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ANIP: Sep 2021 21.1 | Dec 2021 132.4 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 39.7 | Mar 2023 8.6 | Jun 2023 9.1 | Sep 2023 11.6 | Dec 2023 11.4 | Mar 2024 22.0 | Jun 2024 22.7 | Sep 2024 24.4 | Dec 2024 24.4 | Mar 2025 23.6 | Jun 2025 18.5 | Sep 2025 14.7 | Dec 2025 18.9 | Mar 2026 16.5 | Jun 2026 —
- BHC: Sep 2021 15.0 | Dec 2021 16.3 | Mar 2022 12.8 | Jun 2022 8.8 | Sep 2022 10.0 | Dec 2022 13.0 | Mar 2023 9.7 | Jun 2023 9.2 | Sep 2023 15.9 | Dec 2023 13.7 | Mar 2024 9.5 | Jun 2024 9.0 | Sep 2024 9.6 | Dec 2024 7.4 | Mar 2025 9.5 | Jun 2025 9.5 | Sep 2025 8.6 | Dec 2025 8.6 | Mar 2026 6.9 | Jun 2026 —
- TRLV: Sep 2021 10.2 | Dec 2021 — | Mar 2022 16.2 | Jun 2022 10.2 | Sep 2022 8.3 | Dec 2022 6.9 | Mar 2023 6.3 | Jun 2023 6.1 | Sep 2023 8.4 | Dec 2023 6.4 | Mar 2024 10.4 | Jun 2024 7.0 | Sep 2024 9.5 | Dec 2024 5.8 | Mar 2025 5.0 | Jun 2025 4.8 | Sep 2025 6.5 | Dec 2025 6.3 | Mar 2026 4.3 | Jun 2026 —
- XERS: 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 416.9 | Sep 2025 69.0 | Dec 2025 39.2 | Mar 2026 23.9 | Jun 2026 —
- PAHC: Sep 2021 11.2 | Dec 2021 10.5 | Mar 2022 10.5 | Jun 2022 10.0 | Sep 2022 9.5 | Dec 2022 8.9 | Mar 2023 9.8 | Jun 2023 9.0 | Sep 2023 9.9 | Dec 2023 9.2 | Mar 2024 9.7 | Jun 2024 11.9 | Sep 2024 12.0 | Dec 2024 12.8 | Mar 2025 11.1 | Jun 2025 10.7 | Sep 2025 11.9 | Dec 2025 9.9 | Mar 2026 12.6 | Jun 2026 —
- HROW: Sep 2021 38.2 | Dec 2021 64.7 | Mar 2022 119.8 | Jun 2022 — | Sep 2022 101.4 | Dec 2022 80.8 | Mar 2023 122.3 | Jun 2023 75.8 | Sep 2023 45.1 | Dec 2023 39.5 | Mar 2024 113.6 | Jun 2024 210.6 | Sep 2024 448.5 | Dec 2024 58.9 | Mar 2025 53.5 | Jun 2025 40.1 | Sep 2025 41.4 | Dec 2025 39.9 | Mar 2026 37.8 | Jun 2026 —
- PRGO: Sep 2021 — | Dec 2021 10.8 | Mar 2022 — | Jun 2022 10.0 | Sep 2022 11.5 | Dec 2022 20.6 | Mar 2023 — | Jun 2023 18.1 | Sep 2023 15.1 | Dec 2023 15.0 | Mar 2024 19.5 | Jun 2024 23.0 | Sep 2024 21.6 | Dec 2024 15.0 | Mar 2025 13.1 | Jun 2025 11.1 | Sep 2025 10.1 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ETON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 203.9 | Sep 2023 33.2 | Dec 2023 — | Mar 2024 56.4 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 210.1 | Sep 2025 820.0 | Dec 2025 144.5 | Mar 2026 110.7 | Jun 2026 —

### 20-quarter P/BV history
- HLN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.5 | Dec 2022 1.9 | Mar 2023 1.9 | Jun 2023 1.9 | Sep 2023 1.9 | Dec 2023 1.8 | Mar 2024 1.9 | Jun 2024 1.8 | Sep 2024 2.2 | Dec 2024 2.1 | Mar 2025 2.3 | Jun 2025 2.1 | Sep 2025 1.8 | Dec 2025 2.0 | Mar 2026 — | Jun 2026 —
- TEVA: Sep 2021 1.0 | Dec 2021 0.9 | Mar 2022 1.1 | Jun 2022 0.9 | Sep 2022 1.0 | Dec 2022 1.3 | Mar 2023 1.3 | Jun 2023 1.2 | Sep 2023 1.7 | Dec 2023 1.6 | Mar 2024 2.2 | Jun 2024 2.9 | Sep 2024 3.4 | Dec 2024 4.7 | Mar 2025 2.8 | Jun 2025 2.8 | Sep 2025 3.2 | Dec 2025 4.5 | Mar 2026 4.3 | Jun 2026 —
- ZTS: Sep 2021 19.6 | Dec 2021 25.4 | Mar 2022 19.1 | Jun 2022 17.6 | Sep 2022 14.8 | Dec 2022 15.4 | Mar 2023 17.1 | Jun 2023 17.2 | Sep 2023 15.7 | Dec 2023 18.1 | Mar 2024 15.3 | Jun 2024 15.8 | Sep 2024 16.9 | Dec 2024 15.3 | Mar 2025 15.8 | Jun 2025 13.9 | Sep 2025 12.0 | Dec 2025 16.1 | Mar 2026 15.4 | Jun 2026 —
- UTHR: Sep 2021 2.2 | Dec 2021 2.5 | Mar 2022 2.0 | Jun 2022 2.5 | Sep 2022 2.1 | Dec 2022 2.7 | Mar 2023 2.0 | Jun 2023 1.9 | Sep 2023 1.9 | Dec 2023 1.7 | Mar 2024 1.9 | Jun 2024 2.5 | Sep 2024 2.6 | Dec 2024 2.5 | Mar 2025 2.0 | Jun 2025 1.8 | Sep 2025 2.7 | Dec 2025 3.0 | Mar 2026 4.2 | Jun 2026 —
- VTRS: Sep 2021 0.8 | Dec 2021 0.8 | Mar 2022 0.7 | Jun 2022 0.6 | Sep 2022 0.5 | Dec 2022 0.6 | Mar 2023 0.5 | Jun 2023 0.6 | Sep 2023 0.6 | Dec 2023 0.6 | Mar 2024 0.7 | Jun 2024 0.6 | Sep 2024 0.7 | Dec 2024 0.8 | Mar 2025 0.6 | Jun 2025 0.6 | Sep 2025 0.7 | Dec 2025 0.9 | Mar 2026 1.0 | Jun 2026 —
- NBIX: Sep 2021 6.8 | Dec 2021 5.9 | Mar 2022 6.4 | Jun 2022 6.6 | Sep 2022 6.6 | Dec 2022 6.8 | Mar 2023 5.9 | Jun 2023 5.0 | Sep 2023 5.5 | Dec 2023 5.8 | Mar 2024 5.8 | Jun 2024 5.5 | Sep 2024 4.3 | Dec 2024 5.2 | Mar 2025 4.3 | Jun 2025 4.6 | Sep 2025 4.7 | Dec 2025 4.4 | Mar 2026 3.9 | Jun 2026 —
- ELAN: Sep 2021 2.0 | Dec 2021 1.8 | Mar 2022 1.6 | Jun 2022 1.3 | Sep 2022 0.9 | Dec 2022 0.8 | Mar 2023 0.6 | Jun 2023 0.7 | Sep 2023 0.9 | Dec 2023 1.2 | Mar 2024 1.3 | Jun 2024 1.2 | Sep 2024 1.1 | Dec 2024 1.0 | Mar 2025 0.8 | Jun 2025 1.1 | Sep 2025 1.5 | Dec 2025 1.7 | Mar 2026 1.8 | Jun 2026 —
- ALKS: Sep 2021 4.6 | Dec 2021 3.4 | Mar 2022 4.0 | Jun 2022 4.5 | Sep 2022 3.5 | Dec 2022 4.1 | Mar 2023 4.7 | Jun 2023 4.1 | Sep 2023 3.4 | Dec 2023 3.9 | Mar 2024 3.7 | Jun 2024 3.1 | Sep 2024 3.5 | Dec 2024 3.2 | Mar 2025 3.6 | Jun 2025 2.9 | Sep 2025 2.9 | Dec 2025 2.6 | Mar 2026 3.4 | Jun 2026 —
- LQDA: Sep 2021 2.0 | Dec 2021 3.9 | Mar 2022 6.9 | Jun 2022 2.8 | Sep 2022 3.7 | Dec 2022 4.6 | Mar 2023 5.5 | Jun 2023 8.4 | Sep 2023 8.6 | Dec 2023 17.5 | Mar 2024 13.0 | Jun 2024 14.6 | Sep 2024 7.7 | Dec 2024 12.6 | Mar 2025 25.3 | Jun 2025 70.4 | Sep 2025 89.5 | Dec 2025 67.2 | Mar 2026 30.7 | Jun 2026 —
- HIMS: Sep 2021 4.3 | Dec 2021 4.0 | Mar 2022 3.4 | Jun 2022 2.9 | Sep 2022 3.7 | Dec 2022 4.3 | Mar 2023 6.6 | Jun 2023 6.2 | Sep 2023 4.1 | Dec 2023 5.5 | Mar 2024 9.6 | Jun 2024 12.1 | Sep 2024 9.1 | Dec 2024 11.2 | Mar 2025 12.0 | Jun 2025 19.8 | Sep 2025 22.2 | Dec 2025 13.6 | Mar 2026 10.7 | Jun 2026 —
- LNTH: Sep 2021 3.5 | Dec 2021 4.2 | Mar 2022 7.4 | Jun 2022 8.0 | Sep 2022 7.6 | Dec 2022 7.7 | Mar 2023 12.7 | Jun 2023 10.4 | Sep 2023 6.8 | Dec 2023 5.2 | Mar 2024 4.6 | Jun 2024 5.4 | Sep 2024 6.5 | Dec 2024 5.6 | Mar 2025 5.8 | Jun 2025 5.0 | Sep 2025 3.3 | Dec 2025 3.9 | Mar 2026 4.1 | Jun 2026 —
- KNSA: Sep 2021 3.7 | Dec 2021 4.4 | Mar 2022 4.1 | Jun 2022 4.4 | Sep 2022 2.3 | Dec 2022 2.6 | Mar 2023 1.9 | Jun 2023 2.4 | Sep 2023 3.0 | Dec 2023 2.8 | Mar 2024 3.2 | Jun 2024 3.1 | Sep 2024 4.1 | Dec 2024 3.3 | Mar 2025 3.5 | Jun 2025 4.1 | Sep 2025 5.5 | Dec 2025 5.5 | Mar 2026 6.1 | Jun 2026 —
- AMRX: Sep 2021 2.3 | Dec 2021 2.0 | Mar 2022 1.6 | Jun 2022 1.7 | Sep 2022 1.0 | Dec 2022 1.0 | Mar 2023 0.7 | Jun 2023 1.5 | Sep 2023 2.0 | Dec 2023 94.1 | Mar 2024 -29.4 | Jun 2024 -34.2 | Sep 2024 -27.6 | Dec 2024 -22.5 | Mar 2025 -19.8 | Jun 2025 -22.6 | Sep 2025 -28.6 | Dec 2025 -56.0 | Mar 2026 -86.5 | Jun 2026 —
- INDV: Sep 2021 13.1 | Dec 2021 11.9 | Mar 2022 11.4 | Jun 2022 11.2 | Sep 2022 9.1 | Dec 2022 11.6 | Mar 2023 6.4 | Jun 2023 5.6 | Sep 2023 -26.5 | Dec 2023 -2.2 | Mar 2024 58.2 | Jun 2024 -3.6 | Sep 2024 -1.5 | Dec 2024 -0.9 | Mar 2025 -0.8 | Jun 2025 -1.4 | Sep 2025 -2.9 | Dec 2025 -9.2 | Mar 2026 -5.3 | Jun 2026 —
- RGC: Sep 2021 — | Dec 2021 — | Mar 2022 12.5 | Jun 2022 26.4 | Sep 2022 — | Dec 2022 — | Mar 2023 28.0 | Jun 2023 24.9 | Sep 2023 — | Dec 2023 — | Mar 2024 7.1 | Jun 2024 5.3 | Sep 2024 — | Dec 2024 — | Mar 2025 85.4 | Jun 2025 1,733.7 | Sep 2025 6,265.3 | Dec 2025 8,516.0 | Mar 2026 — | Jun 2026 —
- SUPN: Sep 2021 1.8 | Dec 2021 1.9 | Mar 2022 2.1 | Jun 2022 1.8 | Sep 2022 2.2 | Dec 2022 2.2 | Mar 2023 2.2 | Jun 2023 1.8 | Sep 2023 1.7 | Dec 2023 1.7 | Mar 2024 2.0 | Jun 2024 1.5 | Sep 2024 1.7 | Dec 2024 2.0 | Mar 2025 1.8 | Jun 2025 1.7 | Sep 2025 2.6 | Dec 2025 2.7 | Mar 2026 2.8 | Jun 2026 —
- BCRX: Sep 2021 -17.6 | Dec 2021 -23.9 | Mar 2022 -18.4 | Jun 2022 -9.2 | Sep 2022 -9.7 | Dec 2022 -7.3 | Mar 2023 -4.8 | Jun 2023 -3.4 | Sep 2023 -3.3 | Dec 2023 -2.7 | Mar 2024 -2.2 | Jun 2024 -2.7 | Sep 2024 -3.4 | Dec 2024 -3.3 | Mar 2025 -3.5 | Jun 2025 -4.5 | Sep 2025 -4.1 | Dec 2025 -14.0 | Mar 2026 -4.4 | Jun 2026 —
- PBH: Sep 2021 1.9 | Dec 2021 2.0 | Mar 2022 1.7 | Jun 2022 1.9 | Sep 2022 1.5 | Dec 2022 1.8 | Mar 2023 2.2 | Jun 2023 2.0 | Sep 2023 1.9 | Dec 2023 1.9 | Mar 2024 2.2 | Jun 2024 2.0 | Sep 2024 2.1 | Dec 2024 2.2 | Mar 2025 2.3 | Jun 2025 2.1 | Sep 2025 1.6 | Dec 2025 1.6 | Mar 2026 1.5 | Jun 2026 —
- AMLX: Sep 2021 — | Dec 2021 — | Mar 2022 3.1 | Jun 2022 5.9 | Sep 2022 11.4 | Dec 2022 7.2 | Mar 2023 5.6 | Jun 2023 3.8 | Sep 2023 3.0 | Dec 2023 2.3 | Mar 2024 0.6 | Jun 2024 0.5 | Sep 2024 1.1 | Dec 2024 1.6 | Mar 2025 1.6 | Jun 2025 3.4 | Sep 2025 4.5 | Dec 2025 4.4 | Mar 2026 5.7 | Jun 2026 —
- HCM: Sep 2021 6.4 | Dec 2021 6.2 | Mar 2022 4.1 | Jun 2022 2.7 | Sep 2022 2.5 | Dec 2022 4.2 | Mar 2023 2.9 | Jun 2023 2.6 | Sep 2023 4.0 | Dec 2023 4.3 | Mar 2024 4.0 | Jun 2024 4.0 | Sep 2024 4.5 | Dec 2024 3.2 | Mar 2025 2.1 | Jun 2025 2.1 | Sep 2025 2.2 | Dec 2025 1.9 | Mar 2026 — | Jun 2026 —
- ANIP: Sep 2021 2.2 | Dec 2021 2.3 | Mar 2022 1.5 | Jun 2022 1.7 | Sep 2022 1.8 | Dec 2022 2.2 | Mar 2023 2.3 | Jun 2023 2.7 | Sep 2023 2.8 | Dec 2023 2.6 | Mar 2024 3.2 | Jun 2024 2.9 | Sep 2024 3.1 | Dec 2024 2.9 | Mar 2025 3.5 | Jun 2025 3.2 | Sep 2025 4.1 | Dec 2025 3.3 | Mar 2026 3.1 | Jun 2026 —
- BHC: Sep 2021 -49.0 | Dec 2021 -93.6 | Mar 2022 -38.2 | Jun 2022 -4.4 | Sep 2022 -4.8 | Dec 2022 -3.3 | Mar 2023 -3.7 | Jun 2023 -4.4 | Sep 2023 -2.5 | Dec 2023 -2.9 | Mar 2024 -3.5 | Jun 2024 -2.2 | Sep 2024 -2.6 | Dec 2024 -3.3 | Mar 2025 -2.0 | Jun 2025 -3.2 | Sep 2025 -4.2 | Dec 2025 -4.7 | Mar 2026 -1.0 | Jun 2026 —
- TRLV: Sep 2021 4.3 | Dec 2021 2.2 | Mar 2022 1.8 | Jun 2022 1.1 | Sep 2022 0.8 | Dec 2022 0.7 | Mar 2023 0.6 | Jun 2023 0.5 | Sep 2023 0.8 | Dec 2023 0.7 | Mar 2024 1.7 | Jun 2024 1.3 | Sep 2024 1.8 | Dec 2024 0.8 | Mar 2025 0.6 | Jun 2025 0.6 | Sep 2025 1.3 | Dec 2025 1.5 | Mar 2026 0.9 | Jun 2026 —
- XERS: Sep 2021 -66.2 | Dec 2021 3.8 | Mar 2022 3.6 | Jun 2022 2.8 | Sep 2022 3.9 | Dec 2022 4.0 | Mar 2023 7.5 | Jun 2023 26.5 | Sep 2023 66.4 | Dec 2023 -47.9 | Mar 2024 -35.7 | Jun 2024 -17.4 | Sep 2024 -15.0 | Dec 2024 -17.1 | Mar 2025 -24.4 | Jun 2025 -39.0 | Sep 2025 -1,564.9 | Dec 2025 95.3 | Mar 2026 76.9 | Jun 2026 —
- PAHC: Sep 2021 3.7 | Dec 2021 3.5 | Mar 2022 3.0 | Jun 2022 3.0 | Sep 2022 2.1 | Dec 2022 2.0 | Mar 2023 2.3 | Jun 2023 2.0 | Sep 2023 1.9 | Dec 2023 1.7 | Mar 2024 1.9 | Jun 2024 2.7 | Sep 2024 3.5 | Dec 2024 3.5 | Mar 2025 3.3 | Jun 2025 3.6 | Sep 2025 5.3 | Dec 2025 4.6 | Mar 2026 6.2 | Jun 2026 —
- HROW: Sep 2021 14.7 | Dec 2021 20.6 | Mar 2022 18.3 | Jun 2022 34.3 | Sep 2022 268.5 | Dec 2022 16.0 | Mar 2023 29.1 | Jun 2023 25.7 | Sep 2023 6.7 | Dec 2023 5.6 | Mar 2024 7.7 | Jun 2024 12.7 | Sep 2024 27.6 | Dec 2024 17.2 | Mar 2025 16.8 | Jun 2025 22.6 | Sep 2025 38.0 | Dec 2025 34.8 | Mar 2026 45.8 | Jun 2026 —
- PRGO: Sep 2021 — | Dec 2021 1.3 | Mar 2022 — | Jun 2022 1.0 | Sep 2022 1.1 | Dec 2022 1.0 | Mar 2023 — | Jun 2023 1.0 | Sep 2023 1.0 | Dec 2023 0.9 | Mar 2024 0.9 | Jun 2024 0.8 | Sep 2024 0.8 | Dec 2024 0.8 | Mar 2025 0.9 | Jun 2025 0.8 | Sep 2025 0.7 | Dec 2025 0.7 | Mar 2026 0.5 | Jun 2026 —
- ETON: Sep 2021 7.9 | Dec 2021 6.0 | Mar 2022 8.0 | Jun 2022 5.0 | Sep 2022 4.8 | Dec 2022 5.5 | Mar 2023 8.7 | Jun 2023 5.3 | Sep 2023 6.3 | Dec 2023 7.3 | Mar 2024 6.2 | Jun 2024 6.3 | Sep 2024 9.7 | Dec 2024 14.6 | Mar 2025 14.2 | Jun 2025 16.0 | Sep 2025 25.2 | Dec 2025 17.5 | Mar 2026 22.1 | Jun 2026 —

## Market action

Liquidia Corporation has the strongest one-year price move in Drug Manufacturers - Specialty & Generic at +391.1%. It also leads on Mansfield relative strength against the S&P 500 at +98.8%. 16 of 28 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Liquidia Corporation (LQDA): 391%
2. Eton Pharmaceuticals, Inc. (ETON): 230%
3. Amylyx Pharmaceuticals, Inc. (AMLX): 154%
4. Kiniksa Pharmaceuticals International, plc (KNSA): 148%
5. Amneal Pharmaceuticals, Inc. (AMRX): 140%

### Strongest relative strength versus NIFTY 500
1. Liquidia Corporation (LQDA): 99%
2. Eton Pharmaceuticals, Inc. (ETON): 94%
3. Kiniksa Pharmaceuticals International, plc (KNSA): 63%
4. Alkermes plc (ALKS): 38%
5. Amneal Pharmaceuticals, Inc. (AMRX): 37%

## 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.
- 3 companies have older fundamental reporting dates than the sector’s freshest reporters; their ranks carry a stale marker.

## Every company
- Haleon plc (HLN) — market value ₹44.6K Cr; latest fundamentals Dec 2025
- Teva Pharmaceutical Industries Limited (TEVA) — market value ₹36.9K Cr; latest fundamentals Mar 2026
- Zoetis Inc. (ZTS) — market value ₹32.5K Cr; latest fundamentals Mar 2026
- United Therapeutics Corporation (UTHR) — market value ₹22.2K Cr; latest fundamentals Mar 2026
- Viatris Inc. (VTRS) — market value ₹20.8K Cr; latest fundamentals Mar 2026
- Neurocrine Biosciences, Inc. (NBIX) — market value ₹18.4K Cr; latest fundamentals Mar 2026
- Elanco Animal Health Incorporated (ELAN) — market value ₹12.7K Cr; latest fundamentals Mar 2026
- Alkermes plc (ALKS) — market value ₹8.5K Cr; latest fundamentals Mar 2026
- Liquidia Corporation (LQDA) — market value ₹7.7K Cr; latest fundamentals Mar 2026
- Hims & Hers Health, Inc. (HIMS) — market value ₹6.8K Cr; latest fundamentals Mar 2026
- Lantheus Holdings, Inc. (LNTH) — market value ₹6.7K Cr; latest fundamentals Mar 2026
- Kiniksa Pharmaceuticals International, plc (KNSA) — market value ₹6.1K Cr; latest fundamentals Mar 2026
- Amneal Pharmaceuticals, Inc. (AMRX) — market value ₹6.0K Cr; latest fundamentals Mar 2026
- Indivior Pharmaceuticals, Inc. (INDV) — market value ₹5.0K Cr; latest fundamentals Mar 2026
- Regencell Bioscience Holdings Limited (RGC) — market value ₹3.0K Cr; latest fundamentals Dec 2025
- Supernus Pharmaceuticals, Inc. (SUPN) — market value ₹2.8K Cr; latest fundamentals Mar 2026
- BioCryst Pharmaceuticals, Inc. (BCRX) — market value ₹2.5K Cr; latest fundamentals Mar 2026
- Prestige Consumer Healthcare Inc. (PBH) — market value ₹2.5K Cr; latest fundamentals Mar 2026
- Amylyx Pharmaceuticals, Inc. (AMLX) — market value ₹2.2K Cr; latest fundamentals Mar 2026
- HUTCHMED (China) Limited (HCM) — market value ₹2.0K Cr; latest fundamentals Dec 2025
- ANI Pharmaceuticals, Inc. (ANIP) — market value ₹1.7K Cr; latest fundamentals Mar 2026
- Bausch Health Companies Inc. (BHC) — market value ₹1.7K Cr; latest fundamentals Mar 2026
- Trulieve Cannabis Corp. (TRLV) — market value ₹1.6K Cr; latest fundamentals Mar 2026
- Xeris Biopharma Holdings, Inc. (XERS) — market value ₹1.5K Cr; latest fundamentals Mar 2026
- Phibro Animal Health Corporation (PAHC) — market value ₹1.5K Cr; latest fundamentals Mar 2026
- Harrow, Inc. (HROW) — market value ₹1.5K Cr; latest fundamentals Mar 2026
- Perrigo Company plc (PRGO) — market value ₹1.4K Cr; latest fundamentals Mar 2026
- Eton Pharmaceuticals, Inc. (ETON) — market value ₹1.3K 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 Drug Manufacturers - Specialty & Generic company is the biggest?

Teva Pharmaceutical Industries Limited is the largest, with trailing-twelve-month revenue of $17,349 million, ahead of Viatris Inc. at $14,563 million. That covers 24 of 28 companies with comparable reporting through Mar 2026.

### Which Drug Manufacturers - Specialty & Generic company is growing fastest?

Liquidia Corporation has the fastest revenue growth at 100% year on year, across 24 of 28 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 Drug Manufacturers - Specialty & Generic company has the best profit margins?

Liquidia Corporation has the highest operating margin at 46.3%, from 25 of 28 comparable companies. Amylyx Pharmaceuticals, Inc. shows the biggest recent improvement, at +6111.6 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Drug Manufacturers - Specialty & Generic company makes the most profit?

Zoetis Inc. earns the most, at $2,643 million of trailing-twelve-month net profit, from 26 of 28 comparable companies. Amneal Pharmaceuticals, Inc. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Drug Manufacturers - Specialty & Generic company earns the highest return on capital?

Indivior Pharmaceuticals, Inc. leads on return on capital employed at 34.8%, across 28 of 28 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 Drug Manufacturers - Specialty & Generic stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Alkermes plc screens cheapest at 0.58×. Only 7 of 28 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 Drug Manufacturers - Specialty & Generic company has the strongest balance sheet?

United Therapeutics Corporation carries the lowest comparable gross debt at $0 million, from 26 of 28 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 Drug Manufacturers - Specialty & Generic company is investing most in new capacity?

Teva Pharmaceutical Industries Limited reports the largest capital spending at $168 million, across 28 of 28 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 Drug Manufacturers - Specialty & Generic sector beating the market?

Drug Manufacturers - Specialty & Generic has outperformed S&P 500 by 27.8% over the last 52 weeks and 2.8% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 16 of 28 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Drug Manufacturers - Specialty & Generic stock has the strongest price momentum?

Liquidia Corporation 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 Drug Manufacturers - Specialty & Generic company scores highest for research priority?

Neurocrine Biosciences, Inc. scores 76 out of 100 with 82% evidence confidence, from 28.7 points on growth and earnings, 16.4 on capital efficiency, 14.6 on valuation and 16.3 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 Drug Manufacturers - Specialty & Generic companies does this comparison cover, and over what period?

It compares 28 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 Drug Manufacturers - Specialty & Generic sector?

The 28 Drug Manufacturers - Specialty & Generic companies on this page carry $261,913 million of combined market value. Haleon plc is the largest at $44,639 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 Drug Manufacturers - Specialty & Generic sector's P/E ratio?

The median price-to-earnings ratio across the 28 Drug Manufacturers - Specialty & Generic companies on this page is 22.6×, measured on the 24 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 Drug Manufacturers - Specialty & Generic sector performing?

16 of the 28 covered Drug Manufacturers - Specialty & Generic companies are beating S&P 500 on Mansfield relative strength. The sector itself is 27.8% 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 Drug Manufacturers - Specialty & Generic stocks are listed in the US?

This comparison covers 28 listed Drug Manufacturers - Specialty & Generic 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/drug-manufacturers-specialty-generic