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
  • INM
    InMed Pharmaceuticals Inc.
    87.1
    Framework score 87/100
  • KNSA
    Kiniksa Pharmaceuticals, Ltd.
    84.5
    Framework score 85/100
  • ALVOW
    Alvotech Warrant
    82.3
    Framework score 82/100
  • AMGN
    Amgen Inc.
    80.3
    Framework score 80/100
  • NBIX
    Neurocrine Biosciences, Inc.
    77.2
    Framework score 77/100
Top Profitability Leaders

Top 5 companies by current framework view

5 tracked
  • NBIX
    Neurocrine Biosciences, Inc.
    90.0
    Framework score 90/100
  • ZTS
    Zoetis Inc.
    87.9
    Framework score 88/100
  • ALKS
    Alkermes plc
    84.7
    Framework score 85/100
  • ANIP
    ANI Pharmaceuticals, Inc.
    82.4
    Framework score 82/100
  • COLL
    Collegium Pharmaceutical, Inc.
    82.4
    Framework score 82/100
Top Valuation Leaders

Top 5 companies by current framework view

5 tracked
  • HLN
    Haleon plc
    73.1
    Framework score 73/100
  • ZTS
    Zoetis Inc.
    72.6
    Framework score 73/100
  • ALKS
    Alkermes plc
    67.5
    Framework score 67/100
  • HROW
    Harrow, Inc.
    66.3
    Framework score 66/100
  • TEVA
    Teva Pharmaceutical Industries
    63.6
    Framework score 64/100
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 102 times in higher-scoring names
Efficiency
69
Average normalized score
102x
Operating Cash Flow Margin
Appears 102 times in higher-scoring names
Efficiency
67
Average normalized score
102x
Rev Growth YoY
Appears 100 times in higher-scoring names
Growth
49
Average normalized score
100x
EV/EBITDA
Appears 96 times in higher-scoring names
Valuation
45
Average normalized score
96x
FCF Yield
Appears 95 times in higher-scoring names
Valuation
70
Average normalized score
95x
P/FCF Ratio
Appears 95 times in higher-scoring names
Valuation
46
Average normalized score
95x
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
929.55B
47.6 Composite
$974.96 Latest close
Valuation 57.7
Drug Manufacturers - General
535.63B
61.1 Composite
$222.51 Latest close
Profitability 75.5
Drug Manufacturers - General
358.43B
53.1 Composite
$202.71 Latest close
Efficiency 86.1
Drug Manufacturers - General
282.72B
57.5 Composite
$182.52 Latest close
Growth 75.4
Drug Manufacturers - General
277.42B
60.1 Composite
$145.39 Latest close
Profitability 75.7
Drug Manufacturers - General
277.36B
60.2 Composite
$112.30 Latest close
Profitability 70.6
Drug Manufacturers - General
204.32B
59.3 Composite
$45.80 Latest close
Profitability 79.9
Drug Manufacturers - General
177.61B
61.0 Composite
$329.09 Latest close
Growth 80.3
Drug Manufacturers - General
166.44B
61.7 Composite
$134.06 Latest close
Profitability 77.6
Drug Manufacturers - General
150.92B
44.4 Composite
$26.48 Latest close
Profitability 49.0
Drug Manufacturers - General
114.87B
55.1 Composite
$56.25 Latest close
Profitability 66.2
Drug Manufacturers - General
105.31B
53.2 Composite
$43.18 Latest close
Efficiency 62.6
Drug Manufacturers - General
101.58B
56.9 Composite
$50.50 Latest close
Growth 71.6
Drug Manufacturers - Specialty & Generic
52.57B
59.7 Composite
$16.64 Latest close
Profitability 74.9
Drug Manufacturers - Specialty & Generic
46.95B
71.9 Composite
$87.31 Latest close
Profitability 87.8
Drug Manufacturers - Specialty & Generic
41.93B
63.0 Composite
$36.01 Latest close
Profitability 80.5
Drug Manufacturers - Specialty & Generic
40.51B
66.1 Composite
$9.30 Latest close
Profitability 81.6
Drug Manufacturers - General
28.25B
48.1 Composite
$191.38 Latest close
Profitability 59.3
Drug Manufacturers - Specialty & Generic
18.36B
43.6 Composite
$17.39 Latest close
Profitability 51.6
Drug Manufacturers - Specialty & Generic
15.56B
37.6 Composite
$31.47 Latest close
Efficiency 57.4
Drug Manufacturers - Specialty & Generic
14.78B
66.3 Composite
$149.59 Latest close
Profitability 90.0
Drug Manufacturers - Specialty & Generic
11.99B
55.2 Composite
$24.01 Latest close
Profitability 70.2
Drug Manufacturers - Specialty & Generic
11.21B
57.7 Composite
$13.43 Latest close
Profitability 77.2
Drug Manufacturers - Specialty & Generic
5.90B
68.2 Composite
$35.40 Latest close
Profitability 84.7
Drug Manufacturers - Specialty & Generic
5.57B
59.7 Composite
$91.00 Latest close
Profitability 79.5
Drug Manufacturers - General
5.54B
43.0 Composite
$8.06 Latest close
Health 54.7
Drug Manufacturers - Specialty & Generic
4.38B
63.4 Composite
$56.93 Latest close
Growth 84.5
Drug Manufacturers - Specialty & Generic
4.29B
53.5 Composite
$13.72 Latest close
Profitability 67.0
Drug Manufacturers - Specialty & Generic
3.81B
51.5 Composite
$39.60 Latest close
Profitability 78.8
Drug Manufacturers - General
3.50B
40.3 Composite
$13.32 Latest close
Health 55.6
Drug Manufacturers - Specialty & Generic
3.03B
44.8 Composite
$52.28 Latest close
Profitability 57.7
Drug Manufacturers - Specialty & Generic
2.57B
63.3 Composite
$54.59 Latest close
Profitability 79.4
Drug Manufacturers - Specialty & Generic
2.34B
61.8 Composite
$13.31 Latest close
Profitability 79.1
Drug Manufacturers - Specialty & Generic
2.11B
53.5 Composite
$5.73 Latest close
Profitability 70.5
Drug Manufacturers - Specialty & Generic
1.89B
64.1 Composite
$83.91 Latest close
Profitability 82.4
Drug Manufacturers - Specialty & Generic
1.75B
63.8 Composite
$43.16 Latest close
Profitability 75.4
Drug Manufacturers - Specialty & Generic
1.62B
41.3 Composite
$11.72 Latest close
Health 50.7
Drug Manufacturers - Specialty & Generic
1.50B
64.6 Composite
$39.05 Latest close
Profitability 72.2
Drug Manufacturers - Specialty & Generic
1.25B
66.0 Composite
$39.33 Latest close
Profitability 82.4
Drug Manufacturers - Specialty & Generic
1.16B
41.7 Composite
$3.05 Latest close
Profitability 53.0
Drug Manufacturers - Specialty & Generic
1.08B
62.0 Composite
$24.03 Latest close
Profitability 76.1
Drug Manufacturers - Specialty & Generic
1.00B
53.6 Composite
$3.20 Latest close
Growth 76.6
Drug Manufacturers - Specialty & Generic
974.20M
48.4 Composite
$2.57 Latest close
Profitability 63.3
Drug Manufacturers - Specialty & Generic
930.20M
60.7 Composite
$23.64 Latest close
Profitability 77.9
Drug Manufacturers - Specialty & Generic
848.70M
53.4 Composite
$31.02 Latest close
Profitability 62.1
Drug Manufacturers - Specialty & Generic
806.40M
39.6 Composite
$3.14 Latest close
Growth 50.1
Drug Manufacturers - Specialty & Generic
791.17M
35.5 Composite
$17.82 Latest close
Growth 60.7
Drug Manufacturers - Specialty & Generic
787.60M
60.7 Composite
$4.17 Latest close
Efficiency 76.2
Drug Manufacturers - Specialty & Generic
675.14M
43.1 Composite
$5.66 Latest close
Profitability 56.2
Drug Manufacturers - Specialty & Generic
525.72M
35.3 Composite
$4.23 Latest close
Efficiency 46.9
Drug Manufacturers - Specialty & Generic
477.60M
59.0 Composite
$8.26 Latest close
Profitability 73.7
Drug Manufacturers - Specialty & Generic
471.10M
55.5 Composite
$9.13 Latest close
Efficiency 74.6
Drug Manufacturers - Specialty & Generic
434.50M
38.7 Composite
$1.13 Latest close
Growth 51.0
Drug Manufacturers - Specialty & Generic
420.80M
37.0 Composite
$6.39 Latest close
Profitability 48.0
Drug Manufacturers - Specialty & Generic
336.70M
40.4 Composite
$4.73 Latest close
Health 57.3
Drug Manufacturers - Specialty & Generic
323.02M
61.8 Composite
$2.53 Latest close
Profitability 81.8
Drug Manufacturers - Specialty & Generic
316.10M
54.9 Composite
$1.18 Latest close
Profitability 65.2
Drug Manufacturers - General
311.20M
27.9 Composite
$14.84 Latest close
Efficiency 42.2
Drug Manufacturers - Specialty & Generic
201.40M
52.1 Composite
$15.14 Latest close
Profitability 63.4
Drug Manufacturers - Specialty & Generic
200.80M
52.8 Composite
$3.43 Latest close
Profitability 70.0
Drug Manufacturers - Specialty & Generic
195.14M
36.3 Composite
$4.00 Latest close
Profitability 45.8
Drug Manufacturers - Specialty & Generic
187.80M
52.2 Composite
$1.38 Latest close
Profitability 77.0
Drug Manufacturers - Specialty & Generic
185.90M
39.2 Composite
$4.77 Latest close
Health 50.7
Drug Manufacturers - Specialty & Generic
149.47M
30.4 Composite
$1.30 Latest close
Valuation 46.2
Drug Manufacturers - Specialty & Generic
143.10M
59.7 Composite
$22.37 Latest close
Profitability 81.2
Drug Manufacturers - Specialty & Generic
136.65M
47.0 Composite
$5.00 Latest close
Profitability 57.8
Drug Manufacturers - Specialty & Generic
79.53M
40.1 Composite
$0.90 Latest close
Efficiency 61.6
Drug Manufacturers - Specialty & Generic
76.05M
38.7 Composite
$0.96 Latest close
Efficiency 58.0
Drug Manufacturers - Specialty & Generic
68.61M
38.3 Composite
$4.80 Latest close
Growth 56.6
Drug Manufacturers - Specialty & Generic
64.20M
45.0 Composite
$4.29 Latest close
Profitability 55.7
Drug Manufacturers - General
56.55M
24.2 Composite
$8.04 Latest close
Efficiency 71.0
Drug Manufacturers - Specialty & Generic
54.27M
50.5 Composite
$0.29 Latest close
Profitability 58.3
Drug Manufacturers - Specialty & Generic
47.51M
41.5 Composite
$0.84 Latest close
Profitability 52.5
Drug Manufacturers - Specialty & Generic
46.33M
58.2 Composite
$0.98 Latest close
Profitability 75.7
Drug Manufacturers - Specialty & Generic
43.90M
38.7 Composite
$0.88 Latest close
Growth 55.1
Drug Manufacturers - General
42.02M
24.5 Composite
$1.00 Latest close
Growth 43.6
Drug Manufacturers - Specialty & Generic
31.90M
41.2 Composite
$0.78 Latest close
Profitability 53.7
Drug Manufacturers - Specialty & Generic
29.75M
27.6 Composite
$5.01 Latest close
Efficiency 44.6
Drug Manufacturers - Specialty & Generic
27.50M
34.1 Composite
$2.47 Latest close
Efficiency 44.6
Drug Manufacturers - Specialty & Generic
23.30M
59.8 Composite
$2.01 Latest close
Efficiency 84.4
Drug Manufacturers - Specialty & Generic
21.40M
33.7 Composite
$0.53 Latest close
Growth 44.8
Drug Manufacturers - Specialty & Generic
16.57M
31.0 Composite
$37.19 Latest close
Efficiency 50.7
Drug Manufacturers - Specialty & Generic
15.02M
40.0 Composite
$6.18 Latest close
Growth 48.5
Drug Manufacturers - Specialty & Generic
13.28M
26.9 Composite
$1.14 Latest close
Efficiency 42.0
Drug Manufacturers - Specialty & Generic
9.58M
53.0 Composite
$0.87 Latest close
Growth 69.4
Drug Manufacturers - Specialty & Generic
7.50M
34.5 Composite
$1.18 Latest close
Growth 45.3
Drug Manufacturers - Specialty & Generic
5.30M
41.7 Composite
$1.08 Latest close
Profitability 58.4
Drug Manufacturers - Specialty & Generic
5.21M
32.4 Composite
$1.66 Latest close
Health 45.4
Drug Manufacturers - Specialty & Generic
5.10M
32.7 Composite
$1.01 Latest close
Efficiency 47.5
Drug Manufacturers - Specialty & Generic
4.77M
30.8 Composite
$0.47 Latest close
Efficiency 55.2
Drug Manufacturers - Specialty & Generic
4.36M
29.5 Composite
$0.71 Latest close
Efficiency 53.0
Drug Manufacturers - Specialty & Generic
3.24M
44.9 Composite
$0.70 Latest close
Growth 87.1
Drug Manufacturers - Specialty & Generic
1.69M
41.1 Composite
$3.00 Latest close
Health 53.3
Drug Manufacturers - Specialty & Generic
1.63M
37.1 Composite
$0.26 Latest close
Profitability 50.1
Drug Manufacturers - Specialty & Generic
1.61M
33.5 Composite
$1.90 Latest close
Efficiency 52.4
Drug Manufacturers - Specialty & Generic
211,861
32.1 Composite
$0.01 Latest close
Efficiency 54.4
Drug Manufacturers - Specialty & Generic
191,166
29.7 Composite
$0.04 Latest close
Growth 52.2
Drug Manufacturers - Specialty & Generic
-
55.7 Composite
$0.33 Latest close
Growth 82.3
Drug Manufacturers - Specialty & Generic
-
59.5 Composite
- No price data
Efficiency 73.5
Drug Manufacturers - Specialty & Generic
-
26.4 Composite
$0.06 Latest close
Efficiency 37.5
Drug Manufacturers - Specialty & Generic
-
0.0 Composite
- No price data
No pillar score -
Drug Manufacturers - Specialty & Generic
-
34.9 Composite
- No price data
Growth 54.1
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
-
63.0 Composite
- No price data
Profitability 81.6
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
- No price data
No pillar score -
Drug Manufacturers - General
-
27.5 Composite
$0.14 Latest close
Efficiency 71.0
Drug Manufacturers - Specialty & Generic
-
47.5 Composite
$0.09 Latest close
Profitability 61.4

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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)