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
  • NBIX
    Neurocrine Biosciences, Inc.
    80.3
    Framework score 80/100
  • INM
    InMed Pharmaceuticals Inc.
    77.7
    Framework score 78/100
  • ANIP
    ANI Pharmaceuticals, Inc.
    74.8
    Framework score 75/100
  • AMGN
    Amgen Inc.
    72.9
    Framework score 73/100
  • HROW
    Harrow, Inc.
    69.9
    Framework score 70/100
Top Profitability Leaders

Top 5 companies by current framework view

5 tracked
  • NBIX
    Neurocrine Biosciences, Inc.
    85.8
    Framework score 86/100
  • ZTS
    Zoetis Inc.
    85.0
    Framework score 85/100
  • COLL
    Collegium Pharmaceutical, Inc.
    82.0
    Framework score 82/100
  • LNTH
    Lantheus Holdings, Inc.
    81.8
    Framework score 82/100
  • ORGO
    Organogenesis Holdings Inc.
    80.2
    Framework score 80/100
Top Valuation Leaders

Top 5 companies by current framework view

5 tracked
  • ZTS
    Zoetis Inc.
    83.4
    Framework score 83/100
  • DVAX
    Dynavax Technologies Corporatio
    81.9
    Framework score 82/100
  • NBIX
    Neurocrine Biosciences, Inc.
    81.7
    Framework score 82/100
  • AVDL
    Avadel Pharmaceuticals plc
    81.0
    Framework score 81/100
  • TEVA
    Teva Pharmaceutical Industries
    80.5
    Framework score 80/100
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
FCF Margin
Appears 100 times in higher-scoring names
Efficiency
69
Average normalized score
100x
Operating Cash Flow Margin
Appears 100 times in higher-scoring names
Efficiency
68
Average normalized score
100x
P/FCF Ratio
Appears 97 times in higher-scoring names
Valuation
64
Average normalized score
97x
FCF Yield
Appears 97 times in higher-scoring names
Valuation
62
Average normalized score
97x
EV/EBITDA
Appears 96 times in higher-scoring names
Valuation
60
Average normalized score
96x
Rev Growth YoY
Appears 93 times in higher-scoring names
Growth
43
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
1.04T
45.0 Composite
$1,102.08 Latest close
Health 62.0
Drug Manufacturers - General
556.77B
47.6 Composite
$231.29 Latest close
Valuation 74.5
Drug Manufacturers - General
406.38B
52.5 Composite
$234.76 Latest close
Efficiency 87.2
Drug Manufacturers - General
285.22B
52.5 Composite
$115.48 Latest close
Valuation 66.2
Drug Manufacturers - General
284.17B
56.5 Composite
$148.93 Latest close
Valuation 64.0
Drug Manufacturers - General
273.29B
46.1 Composite
$176.43 Latest close
Growth 65.6
Drug Manufacturers - General
204.85B
56.1 Composite
$45.88 Latest close
Profitability 73.1
Drug Manufacturers - General
186.05B
53.9 Composite
$344.72 Latest close
Growth 72.9
Drug Manufacturers - General
155.03B
59.8 Composite
$124.87 Latest close
Valuation 74.1
Drug Manufacturers - General
142.94B
40.6 Composite
$25.08 Latest close
Valuation 53.8
Drug Manufacturers - General
110.27B
48.0 Composite
$54.70 Latest close
Valuation 63.8
Drug Manufacturers - General
102.06B
47.4 Composite
$50.74 Latest close
Efficiency 71.8
Drug Manufacturers - General
101.90B
44.3 Composite
$41.78 Latest close
Valuation 60.8
Drug Manufacturers - Specialty & Generic
48.88B
63.2 Composite
$15.47 Latest close
Profitability 77.0
Drug Manufacturers - Specialty & Generic
38.75B
65.9 Composite
$8.77 Latest close
Profitability 78.4
Drug Manufacturers - Specialty & Generic
37.49B
70.8 Composite
$32.20 Latest close
Valuation 80.5
Drug Manufacturers - Specialty & Generic
31.82B
74.6 Composite
$75.89 Latest close
Profitability 85.0
Drug Manufacturers - General
29.02B
42.2 Composite
$199.71 Latest close
Efficiency 64.3
Drug Manufacturers - Specialty & Generic
17.91B
56.0 Composite
$15.38 Latest close
Efficiency 65.4
Drug Manufacturers - Specialty & Generic
16.25B
74.7 Composite
$161.62 Latest close
Profitability 85.8
Drug Manufacturers - Specialty & Generic
12.10B
60.5 Composite
$23.90 Latest close
Valuation 72.3
Drug Manufacturers - Specialty & Generic
11.09B
58.2 Composite
$13.91 Latest close
Profitability 75.7
Drug Manufacturers - Specialty & Generic
7.50B
65.0 Composite
$46.02 Latest close
Profitability 79.0
Drug Manufacturers - Specialty & Generic
6.91B
67.2 Composite
$106.20 Latest close
Profitability 81.8
Drug Manufacturers - Specialty & Generic
5.21B
44.8 Composite
$10.51 Latest close
Efficiency 63.1
Drug Manufacturers - Specialty & Generic
5.17B
56.5 Composite
$16.11 Latest close
Profitability 68.5
Drug Manufacturers - General
5.01B
40.0 Composite
$7.28 Latest close
Health 56.8
Drug Manufacturers - Specialty & Generic
4.40B
71.1 Composite
$57.13 Latest close
Profitability 79.6
Drug Manufacturers - Specialty & Generic
3.81B
55.9 Composite
$38.32 Latest close
Profitability 76.8
Drug Manufacturers - General
3.52B
27.6 Composite
$13.40 Latest close
Health 50.0
Drug Manufacturers - Specialty & Generic
2.58B
64.5 Composite
$44.48 Latest close
Valuation 76.3
Drug Manufacturers - Specialty & Generic
2.15B
63.0 Composite
$45.46 Latest close
Profitability 75.2
Drug Manufacturers - Specialty & Generic
1.83B
66.8 Composite
$80.58 Latest close
Profitability 77.5
Drug Manufacturers - Specialty & Generic
1.74B
57.1 Composite
$4.67 Latest close
Profitability 72.9
Drug Manufacturers - Specialty & Generic
1.74B
55.6 Composite
$9.99 Latest close
Profitability 74.4
Drug Manufacturers - Specialty & Generic
1.58B
66.5 Composite
$42.41 Latest close
Profitability 72.5
Drug Manufacturers - Specialty & Generic
1.33B
45.1 Composite
$9.60 Latest close
Efficiency 56.3
Drug Manufacturers - Specialty & Generic
1.26B
63.9 Composite
$31.07 Latest close
Valuation 72.3
Drug Manufacturers - Specialty & Generic
1.22B
49.3 Composite
$3.65 Latest close
Profitability 66.3
Drug Manufacturers - Specialty & Generic
1.08B
66.5 Composite
$33.45 Latest close
Profitability 82.0
Drug Manufacturers - Specialty & Generic
990.20M
52.9 Composite
$2.65 Latest close
Profitability 69.3
Drug Manufacturers - Specialty & Generic
954.40M
38.1 Composite
$21.47 Latest close
Growth 45.6
Drug Manufacturers - Specialty & Generic
949.98M
48.2 Composite
$2.62 Latest close
Profitability 64.7
Drug Manufacturers - Specialty & Generic
896.28M
67.0 Composite
$32.72 Latest close
Valuation 70.8
Drug Manufacturers - Specialty & Generic
893.60M
64.6 Composite
$22.71 Latest close
Profitability 76.2
Drug Manufacturers - Specialty & Generic
813.50M
49.8 Composite
$3.16 Latest close
Profitability 64.8
Drug Manufacturers - Specialty & Generic
808.20M
63.5 Composite
$18.33 Latest close
Profitability 77.2
Drug Manufacturers - Specialty & Generic
628.80M
61.2 Composite
$3.82 Latest close
Efficiency 76.4
Drug Manufacturers - Specialty & Generic
592.12M
35.7 Composite
$4.72 Latest close
Efficiency 46.7
Drug Manufacturers - Specialty & Generic
547.51M
47.1 Composite
$4.59 Latest close
Profitability 64.0
Drug Manufacturers - Specialty & Generic
436.60M
43.7 Composite
$6.59 Latest close
Profitability 60.0
Drug Manufacturers - Specialty & Generic
414.80M
64.3 Composite
$7.19 Latest close
Profitability 75.7
Drug Manufacturers - Specialty & Generic
405.00M
53.0 Composite
$7.85 Latest close
Efficiency 77.2
Drug Manufacturers - Specialty & Generic
404.00M
46.0 Composite
$0.96 Latest close
Profitability 56.6
Drug Manufacturers - General
331.50M
25.6 Composite
$15.81 Latest close
Health 40.7
Drug Manufacturers - Specialty & Generic
312.68M
61.7 Composite
$2.43 Latest close
Profitability 80.2
Drug Manufacturers - Specialty & Generic
310.60M
64.6 Composite
$4.33 Latest close
Profitability 78.6
Drug Manufacturers - Specialty & Generic
287.00M
57.9 Composite
$1.09 Latest close
Profitability 69.7
Drug Manufacturers - Specialty & Generic
276.65M
42.7 Composite
$5.16 Latest close
Profitability 59.8
Drug Manufacturers - Specialty & Generic
207.80M
45.9 Composite
$5.53 Latest close
Profitability 56.2
Drug Manufacturers - Specialty & Generic
188.90M
52.0 Composite
$14.20 Latest close
Profitability 66.9
Drug Manufacturers - Specialty & Generic
177.05M
48.0 Composite
$6.43 Latest close
Profitability 60.8
Drug Manufacturers - Specialty & Generic
169.20M
57.2 Composite
$2.85 Latest close
Profitability 71.4
Drug Manufacturers - Specialty & Generic
151.90M
48.0 Composite
$23.50 Latest close
Profitability 59.8
Drug Manufacturers - Specialty & Generic
140.15M
53.5 Composite
$0.33 Latest close
Profitability 65.7
Drug Manufacturers - Specialty & Generic
131.70M
53.3 Composite
$0.96 Latest close
Profitability 74.9
Drug Manufacturers - Specialty & Generic
122.34M
31.9 Composite
$1.06 Latest close
Health 38.4
Drug Manufacturers - Specialty & Generic
83.50M
62.5 Composite
$5.57 Latest close
Efficiency 73.6
Drug Manufacturers - Specialty & Generic
65.83M
47.0 Composite
$0.71 Latest close
Efficiency 61.8
Drug Manufacturers - Specialty & Generic
56.98M
47.2 Composite
$1.09 Latest close
Profitability 62.1
Drug Manufacturers - Specialty & Generic
51.00M
40.7 Composite
$0.98 Latest close
Growth 59.4
Drug Manufacturers - General
48.32M
25.9 Composite
$6.87 Latest close
Efficiency 39.8
Drug Manufacturers - General
39.98M
27.0 Composite
$0.95 Latest close
Health 38.0
Drug Manufacturers - Specialty & Generic
38.88M
41.2 Composite
$3.25 Latest close
Growth 51.9
Drug Manufacturers - Specialty & Generic
37.74M
52.2 Composite
$3.80 Latest close
Profitability 64.0
Drug Manufacturers - Specialty & Generic
35.54M
59.2 Composite
$0.72 Latest close
Profitability 73.2
Drug Manufacturers - Specialty & Generic
31.20M
44.9 Composite
$0.73 Latest close
Profitability 48.4
Drug Manufacturers - Specialty & Generic
26.40M
44.8 Composite
$0.67 Latest close
Profitability 61.5
Drug Manufacturers - Specialty & Generic
24.10M
43.5 Composite
$2.25 Latest close
Profitability 50.8
Drug Manufacturers - Specialty & Generic
22.60M
64.2 Composite
$2.00 Latest close
Efficiency 84.9
Drug Manufacturers - Specialty & Generic
15.02M
50.0 Composite
$6.18 Latest close
Valuation 63.3
Drug Manufacturers - Specialty & Generic
14.40M
41.4 Composite
$2.39 Latest close
Health 49.3
Drug Manufacturers - Specialty & Generic
14.20M
23.1 Composite
$3.66 Latest close
Valuation 34.4
Drug Manufacturers - Specialty & Generic
13.83M
40.3 Composite
$1.08 Latest close
Growth 62.4
Drug Manufacturers - Specialty & Generic
11.84M
24.0 Composite
$15.07 Latest close
Efficiency 62.6
Drug Manufacturers - Specialty & Generic
11.14M
36.9 Composite
$0.87 Latest close
Efficiency 62.2
Drug Manufacturers - Specialty & Generic
7.24M
54.8 Composite
$0.69 Latest close
Profitability 70.8
Drug Manufacturers - Specialty & Generic
6.70M
49.0 Composite
$1.50 Latest close
Growth 77.7
Drug Manufacturers - Specialty & Generic
5.55M
46.9 Composite
$1.16 Latest close
Profitability 60.9
Drug Manufacturers - Specialty & Generic
4.10M
33.8 Composite
$0.84 Latest close
Growth 48.7
Drug Manufacturers - Specialty & Generic
3.31M
38.8 Composite
$2.05 Latest close
Profitability 56.9
Drug Manufacturers - Specialty & Generic
2.06M
30.9 Composite
$3.52 Latest close
Efficiency 62.5
Drug Manufacturers - Specialty & Generic
1.86M
46.6 Composite
$2.85 Latest close
Profitability 60.5
Drug Manufacturers - Specialty & Generic
1.39M
33.6 Composite
$1.60 Latest close
Growth 49.7
Drug Manufacturers - Specialty & Generic
1.10M
39.9 Composite
$0.18 Latest close
Efficiency 52.2
Drug Manufacturers - Specialty & Generic
254,233
36.0 Composite
$0.01 Latest close
Efficiency 45.1
Drug Manufacturers - Specialty & Generic
191,166
38.6 Composite
$0.04 Latest close
Growth 56.4
Drug Manufacturers - Specialty & Generic
-
54.2 Composite
$0.33 Latest close
Profitability 72.2
Drug Manufacturers - Specialty & Generic
-
66.8 Composite
$21.64 Latest close
Valuation 81.0
Drug Manufacturers - Specialty & Generic
-
40.0 Composite
$0.06 Latest close
Growth 61.3
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
-
29.7 Composite
- No price data
Efficiency 43.1
Drug Manufacturers - Specialty & Generic
-
0.0 Composite
- No price data
No pillar score -
Drug Manufacturers - Specialty & Generic
-
68.1 Composite
$15.50 Latest close
Valuation 81.8
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
-
27.8 Composite
$0.14 Latest close
Efficiency 55.7
Drug Manufacturers - Specialty & Generic
-
47.9 Composite
$0.09 Latest close
Profitability 62.6

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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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