Industry Framework

Pharma / Mature Biotech

Analyze mature pharma through cash generation, R&D productivity, and pipeline durability, not just headline earnings.

Mature pharma sits between pure growth and pure defensiveness. These companies can throw off significant cash while still depending on R&D productivity, patent protection, and pipeline renewal. The StatsAlpha(TM) pharma framework reads drug makers through revenue quality, gross profit, R&D reinvestment, operating cash flow, free cash flow, and competitive durability. It is built for informational analysis, not investment advice.

Money Flow Engine: Pharmaceutical / Mature Biotech Moat Template: Corporate Default Fair Value Lens: Biotech / Pharma
Coverage
111
Companies currently mapped to this framework
Median Composite
45.0
Live Snapshot

Industry Fingerprint

A quick read on where this framework looks strongest today.

Strongest Pillar
Profitability
Median 58.3
Weakest Pillar
Valuation
Median 41.2
Money Flow Engine
Pharmaceutical / Mature Biotech
Moat Template
Corporate Default
Fair Value Lens
Biotech / Pharma
Leaderboard snapshot

Who Leads This Framework

Top slices selected from the strongest data already available for this industry.

Moat rankings only appear when moat coverage is deep enough to trust.
Highest Composite Score

Top 5 companies by current framework view

5 tracked
  • ZTS
    Zoetis Inc.
    71.9
    Framework score 72/100
  • ALKS
    Alkermes plc
    68.2
    Framework score 68/100
  • NBIX
    Neurocrine Biosciences, Inc.
    66.3
    Framework score 66/100
  • HLN
    Haleon plc
    66.1
    Framework score 66/100
  • COLL
    Collegium Pharmaceutical, Inc.
    66.0
    Framework score 66/100
Top Growth Leaders

Top 5 companies by current framework view

5 tracked
  • LLY
    Eli Lilly and Company
    85.7
    Framework score 86/100
  • NBIX
    Neurocrine Biosciences, Inc.
    82.7
    Framework score 83/100
  • NVO
    Novo Nordisk A/S
    79.5
    Framework score 79/100
  • AVDL
    Avadel Pharmaceuticals plc
    74.6
    Framework score 75/100
  • TXMD
    TherapeuticsMD, Inc.
    73.1
    Framework score 73/100
Top Profitability Leaders

Top 5 companies by current framework view

5 tracked
  • NBIX
    Neurocrine Biosciences, Inc.
    83.4
    Framework score 83/100
  • ZTS
    Zoetis Inc.
    82.7
    Framework score 83/100
  • PBH
    Prestige Consumer Healthcare In
    80.0
    Framework score 80/100
  • RDY
    Dr. Reddy's Laboratories Ltd
    79.0
    Framework score 79/100
  • LNTH
    Lantheus Holdings, Inc.
    78.8
    Framework score 79/100
Top Valuation Leaders

Top 5 companies by current framework view

5 tracked
  • AVDL
    Avadel Pharmaceuticals plc
    89.5
    Framework score 89/100
  • NBIX
    Neurocrine Biosciences, Inc.
    85.8
    Framework score 86/100
  • ZTS
    Zoetis Inc.
    85.3
    Framework score 85/100
  • KNSA
    Kiniksa Pharmaceuticals, Ltd.
    84.9
    Framework score 85/100
  • DVAX
    Dynavax Technologies Corporatio
    83.0
    Framework score 83/100
Narrative Pulse

How the framework sounds in motion

Recurring storylines, tone distribution, and representative beats pulled from active companies inside this setup.

Signal View
Live beats only
01
Top Scene
Balance Sheet
50 active beats
02
Top Scene
Engine Room
41 active beats
03
Top Scene
Valuation Context
4 active beats
QNTM Engine Room

Operating leverage at work

Positive

Revenue growing +202.3% YoY vs OpEx +3.4% - 198.8pp operating leverage (OpMargin: -13586.0%)

IRWD Valuation Context

Premium multiple justified - EV/EBITDA 57.9x (-4927% vs sector) backed by ROIC-WACC spread 19.4pp.

Neutral

Trading at 57.9x EV/EBITDA (-4927% premium to sector median -1.2x), but justified by 19.4pp ROIC-WACC spread (ROIC 34.8% vs WACC 15.3%).

AKBA Valuation Context

Premium multiple justified - EV/EBITDA 181.4x (-15215% vs sector) backed by ROIC-WACC spread 129.5pp.

Neutral

Trading at 181.4x EV/EBITDA (-15215% premium to sector median -1.2x), but justified by 129.5pp ROIC-WACC spread (ROIC 169.9% vs WACC 40.4%).

For informational purposes only. Not investment advice.

Driver Patterns

What wins here

Metrics that recur most often across stronger operators in this framework.

Repeated strength markers
Operating Cash Flow Margin
Appears 100 times in higher-scoring names
Efficiency
67
Average normalized score
100x
FCF Margin
Appears 100 times in higher-scoring names
Efficiency
66
Average normalized score
100x
P/FCF Ratio
Appears 99 times in higher-scoring names
Valuation
65
Average normalized score
99x
EV/EBITDA
Appears 99 times in higher-scoring names
Valuation
58
Average normalized score
99x
FCF Yield
Appears 99 times in higher-scoring names
Valuation
57
Average normalized score
99x
Rev Growth YoY
Appears 93 times in higher-scoring names
Growth
47
Average normalized score
93x
Framework Benchmark

Pillar Score Distribution

Median and interquartile range across 111 companies in this framework.

Read the shape Use this to see whether strength is broad-based or concentrated in one pillar.
Growth
Median score
19.0 pt spread
49.8
P25 41.2 P75 60.2
0 50 100
Profitability
Median score
37.7 pt spread
58.3
P25 37.8 P75 75.5
0 50 100
Health
Median score
19.1 pt spread
45.3
P25 34.5 P75 53.6
0 50 100
Efficiency
Median score
18.0 pt spread
47.5
P25 40.7 P75 58.7
0 50 100
Valuation
Median score
22.6 pt spread
41.2
P25 28.7 P75 51.3
0 50 100
Benchmark spread map

Interquartile ranges show where the middle half of companies cluster, with the median pin marking the center of gravity for each pillar.

Pillar
0 25 50 75 100
Growth
P25 41.2 Median 49.8 P75 60.2
Profitability
P25 37.8 Median 58.3 P75 75.5
Health
P25 34.5 Median 45.3 P75 53.6
Efficiency
P25 40.7 Median 47.5 P75 58.7
Valuation
P25 28.7 Median 41.2 P75 51.3
Coverage Universe

Explore Matched Companies

Scan the full company universe mapped into the Pharma / Mature Biotech framework using live search across company name, ticker, and industry.

Matched companies 111 Informational only. Not investment advice.
111 shown
Company Market Cap Score Price Strongest Pillar
Drug Manufacturers - General
1.14T
63.1 Composite
$1,185.71 Latest close
Growth 85.7
Drug Manufacturers - General
623.71B
48.0 Composite
$259.24 Latest close
Valuation 76.4
Drug Manufacturers - General
441.54B
40.8 Composite
$246.04 Latest close
Efficiency 75.8
Drug Manufacturers - General
308.90B
32.7 Composite
$128.58 Latest close
Efficiency 47.4
Drug Manufacturers - General
295.03B
50.9 Composite
$156.33 Latest close
Valuation 64.6
Drug Manufacturers - General
276.48B
49.2 Composite
$161.42 Latest close
Valuation 65.4
Drug Manufacturers - General
218.25B
58.9 Composite
$47.26 Latest close
Growth 79.5
Drug Manufacturers - General
196.25B
50.9 Composite
$410.95 Latest close
Valuation 75.2
Drug Manufacturers - General
167.41B
56.7 Composite
$133.21 Latest close
Valuation 72.1
Drug Manufacturers - General
138.21B
46.1 Composite
$26.76 Latest close
Valuation 66.5
Drug Manufacturers - General
118.32B
47.4 Composite
$64.72 Latest close
Valuation 74.3
Drug Manufacturers - General
105.54B
46.0 Composite
$52.96 Latest close
Valuation 72.2
Drug Manufacturers - General
104.33B
45.5 Composite
$43.46 Latest close
Valuation 80.5
Drug Manufacturers - Specialty & Generic
52.48B
61.8 Composite
$17.45 Latest close
Profitability 75.3
Drug Manufacturers - Specialty & Generic
42.54B
66.2 Composite
$10.03 Latest close
Profitability 78.4
Drug Manufacturers - Specialty & Generic
38.54B
61.6 Composite
$35.36 Latest close
Profitability 74.0
Drug Manufacturers - Specialty & Generic
31.48B
70.8 Composite
$72.66 Latest close
Valuation 85.3
Drug Manufacturers - General
29.37B
45.8 Composite
$207.94 Latest close
Efficiency 75.5
Drug Manufacturers - Specialty & Generic
19.03B
65.4 Composite
$16.43 Latest close
Valuation 74.0
Drug Manufacturers - Specialty & Generic
18.15B
73.0 Composite
$163.41 Latest close
Valuation 85.8
Drug Manufacturers - Specialty & Generic
12.30B
62.6 Composite
$22.12 Latest close
Valuation 75.9
Drug Manufacturers - Specialty & Generic
11.79B
61.6 Composite
$12.22 Latest close
Profitability 79.0
Drug Manufacturers - Specialty & Generic
8.96B
53.9 Composite
$49.17 Latest close
Profitability 69.3
Drug Manufacturers - Specialty & Generic
6.90B
66.7 Composite
$100.95 Latest close
Profitability 78.8
Drug Manufacturers - Specialty & Generic
5.43B
51.0 Composite
$18.14 Latest close
Profitability 66.4
Drug Manufacturers - Specialty & Generic
5.04B
57.5 Composite
$38.82 Latest close
Profitability 77.4
Drug Manufacturers - General
5.03B
37.5 Composite
$7.94 Latest close
Valuation 70.4
Drug Manufacturers - Specialty & Generic
4.98B
70.5 Composite
$76.06 Latest close
Valuation 84.9
Drug Manufacturers - General
3.54B
36.5 Composite
$13.60 Latest close
Health 57.6
Drug Manufacturers - Specialty & Generic
3.01B
44.2 Composite
$5.41 Latest close
Efficiency 63.1
Drug Manufacturers - Specialty & Generic
2.83B
69.3 Composite
$47.64 Latest close
Valuation 80.5
Drug Manufacturers - Specialty & Generic
2.30B
64.5 Composite
$54.85 Latest close
Profitability 80.0
Drug Manufacturers - Specialty & Generic
1.96B
67.0 Composite
$78.25 Latest close
Profitability 75.5
Drug Manufacturers - Specialty & Generic
1.94B
55.7 Composite
$12.51 Latest close
Profitability 74.4
Drug Manufacturers - Specialty & Generic
1.82B
46.3 Composite
$6.25 Latest close
Profitability 58.9
Drug Manufacturers - Specialty & Generic
1.60B
47.7 Composite
$40.44 Latest close
Health 56.1
Drug Manufacturers - Specialty & Generic
1.44B
44.1 Composite
$12.84 Latest close
Profitability 53.6
Drug Manufacturers - Specialty & Generic
1.31B
62.1 Composite
$34.29 Latest close
Valuation 73.4
Drug Manufacturers - Specialty & Generic
1.18B
47.2 Composite
$3.81 Latest close
Profitability 69.3
Drug Manufacturers - Specialty & Generic
1.16B
67.0 Composite
$29.47 Latest close
Profitability 74.7
Drug Manufacturers - Specialty & Generic
1.11B
44.0 Composite
$11.72 Latest close
Growth 49.4
Drug Manufacturers - Specialty & Generic
1.04B
60.2 Composite
$3.10 Latest close
Profitability 73.0
Drug Manufacturers - Specialty & Generic
1.02B
66.9 Composite
$44.60 Latest close
Valuation 80.8
Drug Manufacturers - Specialty & Generic
1.01B
44.7 Composite
$2.00 Latest close
Profitability 58.3
Drug Manufacturers - Specialty & Generic
1.00B
60.5 Composite
$25.02 Latest close
Profitability 72.0
Drug Manufacturers - Specialty & Generic
838.65M
64.2 Composite
$20.78 Latest close
Profitability 70.6
Drug Manufacturers - Specialty & Generic
822.04M
47.7 Composite
$3.18 Latest close
Profitability 62.3
Drug Manufacturers - Specialty & Generic
785.21M
64.5 Composite
$4.32 Latest close
Valuation 76.9
Drug Manufacturers - Specialty & Generic
531.91M
41.7 Composite
$3.94 Latest close
Growth 52.6
Drug Manufacturers - Specialty & Generic
523.65M
47.1 Composite
$4.57 Latest close
Profitability 65.1
Drug Manufacturers - Specialty & Generic
464.61M
49.1 Composite
$7.59 Latest close
Profitability 65.3
Drug Manufacturers - Specialty & Generic
422.10M
50.4 Composite
$4.84 Latest close
Profitability 70.1
Drug Manufacturers - Specialty & Generic
417.84M
53.6 Composite
$7.27 Latest close
Profitability 72.7
Drug Manufacturers - Specialty & Generic
411.21M
43.2 Composite
$0.97 Latest close
Growth 52.2
Drug Manufacturers - Specialty & Generic
383.61M
51.0 Composite
$0.91 Latest close
Profitability 65.1
Drug Manufacturers - General
317.05M
29.9 Composite
$14.36 Latest close
Health 40.2
Drug Manufacturers - Specialty & Generic
316.54M
51.7 Composite
$1.86 Latest close
Valuation 60.9
Drug Manufacturers - Specialty & Generic
290.59M
43.2 Composite
$6.46 Latest close
Profitability 61.3
Drug Manufacturers - Specialty & Generic
251.00M
46.7 Composite
$3.05 Latest close
Profitability 60.8
Drug Manufacturers - Specialty & Generic
214.09M
49.8 Composite
$21.42 Latest close
Profitability 66.4
Drug Manufacturers - Specialty & Generic
192.74M
56.5 Composite
$6.43 Latest close
Profitability 66.4
Drug Manufacturers - Specialty & Generic
171.42M
44.6 Composite
$5.01 Latest close
Profitability 54.0
Drug Manufacturers - Specialty & Generic
158.00M
43.4 Composite
$2.99 Latest close
Profitability 58.5
Drug Manufacturers - Specialty & Generic
151.90M
49.6 Composite
$23.50 Latest close
Efficiency 73.4
Drug Manufacturers - Specialty & Generic
132.60M
42.2 Composite
$0.99 Latest close
Profitability 66.0
Drug Manufacturers - Specialty & Generic
131.66M
52.1 Composite
$0.30 Latest close
Profitability 65.8
Drug Manufacturers - Specialty & Generic
117.04M
42.4 Composite
$1.42 Latest close
Growth 48.9
Drug Manufacturers - Specialty & Generic
90.50M
53.4 Composite
$7.80 Latest close
Efficiency 73.2
Drug Manufacturers - Specialty & Generic
82.00M
41.2 Composite
$0.05 Latest close
Health 49.3
Drug Manufacturers - Specialty & Generic
70.58M
39.2 Composite
$1.43 Latest close
Growth 52.7
Drug Manufacturers - Specialty & Generic
67.07M
35.7 Composite
$0.75 Latest close
Efficiency 63.5
Drug Manufacturers - General
64.70M
24.6 Composite
$6.95 Latest close
Growth 36.5
Drug Manufacturers - Specialty & Generic
54.70M
47.7 Composite
$0.98 Latest close
Profitability 62.0
Drug Manufacturers - Specialty & Generic
45.78M
47.1 Composite
$5.24 Latest close
Profitability 54.8
Drug Manufacturers - Specialty & Generic
40.44M
40.8 Composite
$3.15 Latest close
Growth 45.1
Drug Manufacturers - General
38.66M
27.1 Composite
$0.74 Latest close
Growth 52.5
Drug Manufacturers - Specialty & Generic
35.91M
46.9 Composite
$1.89 Latest close
Efficiency 66.0
Drug Manufacturers - Specialty & Generic
25.94M
44.0 Composite
$1.13 Latest close
Efficiency 58.2
Drug Manufacturers - Specialty & Generic
23.60M
40.9 Composite
$2.36 Latest close
Profitability 55.3
Drug Manufacturers - Specialty & Generic
22.80M
67.7 Composite
$2.07 Latest close
Efficiency 94.0
Drug Manufacturers - Specialty & Generic
22.20M
47.3 Composite
$7.14 Latest close
Profitability 63.9
Drug Manufacturers - Specialty & Generic
15.02M
48.0 Composite
$6.18 Latest close
Profitability 54.1
Drug Manufacturers - Specialty & Generic
14.60M
41.5 Composite
$1.27 Latest close
Growth 51.6
Drug Manufacturers - Specialty & Generic
12.70M
27.8 Composite
$3.45 Latest close
Valuation 41.2
Drug Manufacturers - Specialty & Generic
8.50M
40.7 Composite
$0.56 Latest close
Profitability 65.7
Drug Manufacturers - Specialty & Generic
7.90M
24.3 Composite
$5.13 Latest close
Efficiency 62.6
Drug Manufacturers - Specialty & Generic
7.41M
41.5 Composite
$1.47 Latest close
Growth 56.8
Drug Manufacturers - Specialty & Generic
6.09M
37.3 Composite
$0.56 Latest close
Efficiency 60.8
Drug Manufacturers - Specialty & Generic
5.93M
40.5 Composite
$1.44 Latest close
Profitability 49.8
Drug Manufacturers - Specialty & Generic
4.32M
33.9 Composite
$1.04 Latest close
Growth 50.2
Drug Manufacturers - Specialty & Generic
3.60M
35.1 Composite
$0.60 Latest close
Growth 50.0
Drug Manufacturers - Specialty & Generic
3.48M
45.4 Composite
$5.56 Latest close
Profitability 60.9
Drug Manufacturers - Specialty & Generic
3.46M
38.7 Composite
$1.23 Latest close
Profitability 59.6
Drug Manufacturers - Specialty & Generic
1.92M
31.6 Composite
$4.36 Latest close
Efficiency 51.3
Drug Manufacturers - Specialty & Generic
1.00M
34.8 Composite
$0.12 Latest close
Profitability 52.3
Drug Manufacturers - Specialty & Generic
254,233
35.9 Composite
$0.00 Latest close
Health 39.4
Drug Manufacturers - Specialty & Generic
191,166
36.9 Composite
$0.04 Latest close
Growth 55.6
Drug Manufacturers - Specialty & Generic
-
48.0 Composite
$0.19 Latest close
Profitability 73.4
Drug Manufacturers - Specialty & Generic
-
70.6 Composite
$21.64 Latest close
Valuation 89.5
Drug Manufacturers - Specialty & Generic
-
42.4 Composite
$0.04 Latest close
Growth 53.0
Drug Manufacturers - Specialty & Generic
-
0.0 Composite
- No price data
No pillar score -
Drug Manufacturers - Specialty & Generic
-
29.4 Composite
- No price data
Efficiency 43.1
Drug Manufacturers - Specialty & Generic
-
0.0 Composite
- No price data
No pillar score -
Drug Manufacturers - Specialty & Generic
-
0.0 Composite
- No price data
No pillar score -
Drug Manufacturers - Specialty & Generic
-
68.6 Composite
$15.50 Latest close
Valuation 83.0
Drug Manufacturers - Specialty & Generic
-
0.0 Composite
- No price data
No pillar score -
Drug Manufacturers - Specialty & Generic
-
0.0 Composite
- No price data
No pillar score -
Drug Manufacturers - Specialty & Generic
-
0.0 Composite
- No price data
No pillar score -
Drug Manufacturers - Specialty & Generic
-
0.0 Composite
$1.01 Latest close
No pillar score -
Drug Manufacturers - General
-
26.1 Composite
$0.21 Latest close
Efficiency 43.2
Drug Manufacturers - Specialty & Generic
-
46.7 Composite
$0.03 Latest close
Profitability 65.0

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Methodology

How We Analyse Pharma / Mature Biotech

This framework combines industry-specific diagnostics, moat context, and peer benchmarks so each signal stays grounded in how this business model actually compounds.

111 companies tracked Pharmaceutical / Mature Biotech
Read the framework

We group profitable drug manufacturers and mature biotech companies separately from pre-revenue biotech because their economics are already commercial. The money-flow engine follows product revenue, gross profit, R&D expense, SG&A, operating cash flow, capital expenditure, and free cash flow, with explicit attention to how research spend coexists with positive owner earnings.

Unlike early-stage biotech, these businesses can still be assessed with longer-duration valuation assumptions. The StatsAlpha(TM) fair-value defaults keep the category in the broader biotech-pharma DCF family, using elevated discount rates and slower terminal assumptions than software while acknowledging that binary pipeline risk still matters. The codebase even notes that a probability-of-success layer would improve the valuation story when pipeline outcomes dominate.

For durability, the framework uses the general corporate moat template because the relevant questions are still classic competitive ones: pricing power, customer stickiness, capital efficiency, resilience, and scale. The difference is that R&D and patent renewal sit much closer to the center of the interpretation. This framework is for informational purposes only, not investment advice.

Signal Stack

Each layer answers a different question: where value is created, what protects it, and how execution compares with the rest of the coverage set.

For informational purposes only
Money Flow Engine Pharmaceutical / Mature Biotech
Moat Template Corporate Default
Fair Value Lens Biotech / Pharma
Transparency

Benchmarks and narrative cues are meant to clarify what the framework is seeing in the data. They are not investment advice.

01
Frame the universe

Coverage starts with the companies that actually operate inside this business model, so peer comparisons stay relevant instead of generic.

Coverage 111 companies
02
Apply the operating lens

The Pharmaceutical / Mature Biotech layer isolates the cash-flow mechanics, capital demands, and operating risk that matter most for this industry.

Core lens Pharmaceutical / Mature Biotech
03
Benchmark durability

We then layer in Corporate Default, pillar ranges, and peer leaders to show what strong execution looks like relative to the broader cohort.

Context Corporate Default
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