Operating leverage at work
Revenue growing +202.3% YoY vs OpEx +3.4% - 198.8pp operating leverage (OpMargin: -13586.0%)
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.
A quick read on where this framework looks strongest today.
Top slices selected from the strongest data already available for this industry.
Recurring storylines, tone distribution, and representative beats pulled from active companies inside this setup.
Revenue growing +202.3% YoY vs OpEx +3.4% - 198.8pp operating leverage (OpMargin: -13586.0%)
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%).
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.
Metrics that recur most often across stronger operators in this framework.
Median and interquartile range across 111 companies in this framework.
Interquartile ranges show where the middle half of companies cluster, with the median pin marking the center of gravity for each pillar.
Scan the full company universe mapped into the Pharma / Mature Biotech framework using live search across company name, ticker, and industry.
| Company | Market Cap | Score | Price | Strongest Pillar |
|---|---|---|---|---|
|
Drug Manufacturers - General
|
1.04T
|
45.0
Composite
|
$1,102.08
|
Health
62.0
|
|
Drug Manufacturers - General
|
556.77B
|
47.6
Composite
|
$231.29
|
Valuation
74.5
|
|
ABBV
AbbVie Inc.
Drug Manufacturers - General
|
406.38B
|
52.5
Composite
|
$234.76
|
Efficiency
87.2
|
|
Drug Manufacturers - General
|
285.22B
|
52.5
Composite
|
$115.48
|
Valuation
66.2
|
|
NVS
Novartis AG
Drug Manufacturers - General
|
284.17B
|
56.5
Composite
|
$148.93
|
Valuation
64.0
|
|
AZN
Astrazeneca PLC
Drug Manufacturers - General
|
273.29B
|
46.1
Composite
|
$176.43
|
Growth
65.6
|
|
NVO
Novo Nordisk A/S
Drug Manufacturers - General
|
204.85B
|
56.1
Composite
|
$45.88
|
Profitability
73.1
|
|
AMGN
Amgen Inc.
Drug Manufacturers - General
|
186.05B
|
53.9
Composite
|
$347.01
|
Growth
72.9
|
|
Drug Manufacturers - General
|
155.03B
|
59.8
Composite
|
$124.87
|
Valuation
74.1
|
|
PFE
Pfizer, Inc.
Drug Manufacturers - General
|
142.94B
|
40.6
Composite
|
$25.08
|
Valuation
53.8
|
|
Drug Manufacturers - General
|
110.27B
|
48.0
Composite
|
$54.70
|
Valuation
63.8
|
|
GSK
GSK plc
Drug Manufacturers - General
|
102.06B
|
47.4
Composite
|
$50.74
|
Efficiency
71.8
|
|
SNY
Sanofi
Drug Manufacturers - General
|
101.90B
|
44.3
Composite
|
$41.78
|
Valuation
60.8
|
|
Drug Manufacturers - Specialty & Generic
|
48.88B
|
63.2
Composite
|
$15.47
|
Profitability
77.0
|
|
HLN
Haleon plc
Drug Manufacturers - Specialty & Generic
|
38.75B
|
65.9
Composite
|
$8.77
|
Profitability
78.4
|
|
Drug Manufacturers - Specialty & Generic
|
37.49B
|
70.8
Composite
|
$32.20
|
Valuation
80.5
|
|
ZTS
Zoetis Inc.
Drug Manufacturers - Specialty & Generic
|
31.82B
|
74.6
Composite
|
$75.89
|
Profitability
85.0
|
|
BIIB
Biogen Inc.
Drug Manufacturers - General
|
29.02B
|
42.2
Composite
|
$199.71
|
Efficiency
64.3
|
|
VTRS
Viatris Inc.
Drug Manufacturers - Specialty & Generic
|
17.91B
|
56.0
Composite
|
$15.38
|
Efficiency
65.4
|
|
Drug Manufacturers - Specialty & Generic
|
16.25B
|
74.7
Composite
|
$161.62
|
Profitability
85.8
|
|
Drug Manufacturers - Specialty & Generic
|
12.10B
|
60.5
Composite
|
$23.90
|
Valuation
72.3
|
|
Drug Manufacturers - Specialty & Generic
|
11.09B
|
58.2
Composite
|
$13.91
|
Profitability
75.7
|
|
ALKS
Alkermes plc
Drug Manufacturers - Specialty & Generic
|
7.50B
|
65.0
Composite
|
$48.07
|
Profitability
79.0
|
|
Drug Manufacturers - Specialty & Generic
|
6.91B
|
67.2
Composite
|
$106.20
|
Profitability
81.8
|
|
Drug Manufacturers - Specialty & Generic
|
5.21B
|
44.8
Composite
|
$10.51
|
Efficiency
63.1
|
|
Drug Manufacturers - Specialty & Generic
|
5.17B
|
56.5
Composite
|
$16.66
|
Profitability
68.5
|
|
GRFS
Grifols, S.A.
Drug Manufacturers - General
|
5.01B
|
40.0
Composite
|
$7.28
|
Health
56.8
|
|
Drug Manufacturers - Specialty & Generic
|
4.40B
|
71.1
Composite
|
$57.13
|
Profitability
79.6
|
|
INDV
Indivior PLC
Drug Manufacturers - Specialty & Generic
|
3.81B
|
55.9
Composite
|
$38.32
|
Profitability
76.8
|
|
OGN
Organon & Co.
Drug Manufacturers - General
|
3.52B
|
27.6
Composite
|
$13.40
|
Health
50.0
|
|
Drug Manufacturers - Specialty & Generic
|
2.58B
|
64.5
Composite
|
$44.48
|
Valuation
76.3
|
|
Drug Manufacturers - Specialty & Generic
|
2.15B
|
63.0
Composite
|
$45.46
|
Profitability
75.2
|
|
Drug Manufacturers - Specialty & Generic
|
1.83B
|
66.8
Composite
|
$82.94
|
Profitability
77.5
|
|
Drug Manufacturers - Specialty & Generic
|
1.74B
|
57.1
Composite
|
$4.67
|
Profitability
72.9
|
|
Drug Manufacturers - Specialty & Generic
|
1.74B
|
55.6
Composite
|
$9.99
|
Profitability
74.4
|
|
HROW
Harrow, Inc.
Drug Manufacturers - Specialty & Generic
|
1.58B
|
66.5
Composite
|
$42.41
|
Profitability
72.5
|
|
PRGO
Perrigo Company plc
Drug Manufacturers - Specialty & Generic
|
1.33B
|
45.1
Composite
|
$9.60
|
Efficiency
56.3
|
|
Drug Manufacturers - Specialty & Generic
|
1.26B
|
63.9
Composite
|
$31.07
|
Valuation
72.3
|
|
ALVO
Alvotech
Drug Manufacturers - Specialty & Generic
|
1.22B
|
49.3
Composite
|
$3.70
|
Profitability
66.3
|
|
Drug Manufacturers - Specialty & Generic
|
1.08B
|
66.5
Composite
|
$33.45
|
Profitability
82.0
|
|
Drug Manufacturers - Specialty & Generic
|
990.20M
|
52.9
Composite
|
$2.65
|
Profitability
69.3
|
|
BIOA
BioAge Labs, Inc.
Drug Manufacturers - Specialty & Generic
|
954.40M
|
38.1
Composite
|
$21.47
|
Growth
45.6
|
|
EVO
Evotec SE
Drug Manufacturers - Specialty & Generic
|
949.98M
|
48.2
Composite
|
$2.62
|
Profitability
64.7
|
|
Drug Manufacturers - Specialty & Generic
|
896.28M
|
67.0
Composite
|
$32.72
|
Valuation
70.8
|
|
Drug Manufacturers - Specialty & Generic
|
893.60M
|
64.6
Composite
|
$22.71
|
Profitability
76.2
|
|
Drug Manufacturers - Specialty & Generic
|
813.50M
|
49.8
Composite
|
$3.16
|
Profitability
64.8
|
|
Drug Manufacturers - Specialty & Generic
|
808.20M
|
63.5
Composite
|
$19.53
|
Profitability
77.2
|
|
Drug Manufacturers - Specialty & Generic
|
628.80M
|
61.2
Composite
|
$3.82
|
Efficiency
76.4
|
|
Drug Manufacturers - Specialty & Generic
|
592.12M
|
35.7
Composite
|
$4.72
|
Efficiency
46.7
|
|
TLRY
Tilray Brands, Inc.
Drug Manufacturers - Specialty & Generic
|
547.51M
|
47.1
Composite
|
$4.59
|
Profitability
64.0
|
|
Drug Manufacturers - Specialty & Generic
|
436.60M
|
43.7
Composite
|
$6.59
|
Profitability
60.0
|
|
KMDA
Kamada Ltd.
Drug Manufacturers - Specialty & Generic
|
414.80M
|
64.3
Composite
|
$7.19
|
Profitability
75.7
|
|
Drug Manufacturers - Specialty & Generic
|
405.00M
|
53.0
Composite
|
$7.85
|
Efficiency
77.2
|
|
Drug Manufacturers - Specialty & Generic
|
404.00M
|
46.0
Composite
|
$0.96
|
Profitability
56.6
|
|
Drug Manufacturers - General
|
331.50M
|
25.6
Composite
|
$15.97
|
Health
40.7
|
|
Drug Manufacturers - Specialty & Generic
|
312.68M
|
61.7
Composite
|
$2.43
|
Profitability
80.2
|
|
Drug Manufacturers - Specialty & Generic
|
310.60M
|
64.6
Composite
|
$4.33
|
Profitability
78.6
|
|
Drug Manufacturers - Specialty & Generic
|
287.00M
|
57.9
Composite
|
$1.10
|
Profitability
69.7
|
|
TKNO
Alpha Teknova, Inc.
Drug Manufacturers - Specialty & Generic
|
276.65M
|
42.7
Composite
|
$5.16
|
Profitability
59.8
|
|
Drug Manufacturers - Specialty & Generic
|
207.80M
|
45.9
Composite
|
$5.53
|
Profitability
56.2
|
|
Drug Manufacturers - Specialty & Generic
|
188.90M
|
52.0
Composite
|
$14.59
|
Profitability
66.9
|
|
Drug Manufacturers - Specialty & Generic
|
177.05M
|
48.0
Composite
|
$6.43
|
Profitability
60.8
|
|
Drug Manufacturers - Specialty & Generic
|
169.20M
|
57.2
Composite
|
$2.85
|
Profitability
71.4
|
|
Drug Manufacturers - Specialty & Generic
|
151.90M
|
48.0
Composite
|
$23.50
|
Profitability
59.8
|
|
BGM
BGM Group Ltd.
Drug Manufacturers - Specialty & Generic
|
140.15M
|
53.5
Composite
|
$0.33
|
Profitability
65.7
|
|
Drug Manufacturers - Specialty & Generic
|
131.70M
|
53.3
Composite
|
$0.96
|
Profitability
74.9
|
|
Drug Manufacturers - Specialty & Generic
|
122.34M
|
31.9
Composite
|
$1.06
|
Health
38.4
|
|
Drug Manufacturers - Specialty & Generic
|
83.50M
|
62.5
Composite
|
$5.57
|
Efficiency
73.6
|
|
Drug Manufacturers - Specialty & Generic
|
65.83M
|
47.0
Composite
|
$0.71
|
Efficiency
61.8
|
|
INCR
Intercure Ltd.
Drug Manufacturers - Specialty & Generic
|
56.98M
|
47.2
Composite
|
$1.09
|
Profitability
62.1
|
|
TLPH
Talphera, Inc.
Drug Manufacturers - Specialty & Generic
|
51.00M
|
40.7
Composite
|
$0.98
|
Growth
59.4
|
|
Drug Manufacturers - General
|
48.32M
|
25.9
Composite
|
$6.87
|
Efficiency
39.8
|
|
Drug Manufacturers - General
|
39.98M
|
27.0
Composite
|
$0.95
|
Health
38.0
|
|
Drug Manufacturers - Specialty & Generic
|
38.88M
|
41.2
Composite
|
$3.25
|
Growth
51.9
|
|
SCYX
SCYNEXIS, Inc.
Drug Manufacturers - Specialty & Generic
|
37.74M
|
52.2
Composite
|
$3.80
|
Profitability
64.0
|
|
Drug Manufacturers - Specialty & Generic
|
35.54M
|
59.2
Composite
|
$0.72
|
Profitability
73.2
|
|
Drug Manufacturers - Specialty & Generic
|
31.20M
|
44.9
Composite
|
$0.73
|
Profitability
48.4
|
|
Drug Manufacturers - Specialty & Generic
|
26.40M
|
44.8
Composite
|
$0.67
|
Profitability
61.5
|
|
AYTU
Aytu BioPharma, Inc.
Drug Manufacturers - Specialty & Generic
|
24.10M
|
43.5
Composite
|
$2.25
|
Profitability
50.8
|
|
TXMD
TherapeuticsMD, Inc.
Drug Manufacturers - Specialty & Generic
|
22.60M
|
64.2
Composite
|
$2.00
|
Efficiency
84.9
|
|
FLGC
Flora Growth Corp.
Drug Manufacturers - Specialty & Generic
|
15.02M
|
50.0
Composite
|
$6.18
|
Valuation
63.3
|
|
Drug Manufacturers - Specialty & Generic
|
14.40M
|
41.4
Composite
|
$2.39
|
Health
49.3
|
|
Drug Manufacturers - Specialty & Generic
|
14.20M
|
23.1
Composite
|
$3.66
|
Valuation
34.4
|
|
BFRI
Biofrontera Inc.
Drug Manufacturers - Specialty & Generic
|
13.83M
|
40.3
Composite
|
$1.08
|
Growth
62.4
|
|
AKAN
Akanda Corp.
Drug Manufacturers - Specialty & Generic
|
11.84M
|
24.0
Composite
|
$16.18
|
Efficiency
62.6
|
|
GELS
Gelteq Limited
Drug Manufacturers - Specialty & Generic
|
11.14M
|
36.9
Composite
|
$0.87
|
Efficiency
62.2
|
|
YCBD
cbdMD, Inc.
Drug Manufacturers - Specialty & Generic
|
7.24M
|
54.8
Composite
|
$0.69
|
Profitability
70.8
|
|
Drug Manufacturers - Specialty & Generic
|
6.70M
|
49.0
Composite
|
$1.50
|
Growth
77.7
|
|
Drug Manufacturers - Specialty & Generic
|
5.55M
|
46.9
Composite
|
$1.16
|
Profitability
60.9
|
|
Drug Manufacturers - Specialty & Generic
|
4.10M
|
33.8
Composite
|
$0.84
|
Growth
48.7
|
|
Drug Manufacturers - Specialty & Generic
|
3.31M
|
38.8
Composite
|
$2.05
|
Profitability
56.9
|
|
Drug Manufacturers - Specialty & Generic
|
2.06M
|
30.9
Composite
|
$3.52
|
Efficiency
62.5
|
|
Drug Manufacturers - Specialty & Generic
|
1.86M
|
46.6
Composite
|
$2.85
|
Profitability
60.5
|
|
PRFX
PainReform Ltd.
Drug Manufacturers - Specialty & Generic
|
1.39M
|
33.6
Composite
|
$1.60
|
Growth
49.7
|
|
IMCC
IM Cannabis Corp.
Drug Manufacturers - Specialty & Generic
|
1.10M
|
39.9
Composite
|
$0.18
|
Efficiency
52.2
|
|
Drug Manufacturers - Specialty & Generic
|
254,233
|
36.0
Composite
|
$0.01
|
Efficiency
45.1
|
|
Drug Manufacturers - Specialty & Generic
|
191,166
|
38.6
Composite
|
$0.04
|
Growth
56.4
|
|
ALVOW
Alvotech Warrant
Drug Manufacturers - Specialty & Generic
|
-
|
54.2
Composite
|
$0.33
|
Profitability
72.2
|
|
Drug Manufacturers - Specialty & Generic
|
-
|
66.8
Composite
|
$21.64
|
Valuation
81.0
|
|
Drug Manufacturers - Specialty & Generic
|
-
|
40.0
Composite
|
$0.06
|
Growth
61.3
|
|
CANB
CAN B CORP.
Drug Manufacturers - Specialty & Generic
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Drug Manufacturers - Specialty & Generic
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
CYTHW
Cyclo Therapeutics, Inc.
Drug Manufacturers - Specialty & Generic
|
-
|
29.7
Composite
|
-
|
Efficiency
43.1
|
|
DRRX
DURECT Corporation
Drug Manufacturers - Specialty & Generic
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Drug Manufacturers - Specialty & Generic
|
-
|
68.1
Composite
|
$15.50
|
Valuation
81.8
|
|
EVOK
Evoke Pharma, Inc.
Drug Manufacturers - Specialty & Generic
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
Drug Manufacturers - Specialty & Generic
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
OPTN
OptiNose, Inc.
Drug Manufacturers - Specialty & Generic
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
PROC
Procaps Group, S.A.
Drug Manufacturers - Specialty & Generic
|
-
|
0.0
Composite
|
$1.01
|
No pillar score
-
|
|
SCLXW
Scilex Holding Company
Drug Manufacturers - General
|
-
|
27.8
Composite
|
$0.14
|
Efficiency
55.7
|
|
Drug Manufacturers - Specialty & Generic
|
-
|
47.9
Composite
|
$0.09
|
Profitability
62.6
|
Try a broader company name, ticker, sector, or industry keyword.
This framework combines industry-specific diagnostics, moat context, and peer benchmarks so each signal stays grounded in how this business model actually compounds.
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.
Each layer answers a different question: where value is created, what protects it, and how execution compares with the rest of the coverage set.
Benchmarks and narrative cues are meant to clarify what the framework is seeing in the data. They are not investment advice.
Coverage starts with the companies that actually operate inside this business model, so peer comparisons stay relevant instead of generic.
The Pharmaceutical / Mature Biotech layer isolates the cash-flow mechanics, capital demands, and operating risk that matter most for this industry.
We then layer in Corporate Default, pillar ranges, and peer leaders to show what strong execution looks like relative to the broader cohort.