Biotechnology

FLAGSHIP

Biologic and novel-therapy developers, commercial and clinical-stage.

Companies

518

With a moat

12%

Average quality

4 wide moat · 57 narrow moat · 456 no moat · Open in screener →

Updated 27 Sep 2026

Biotechnology covers companies developing and marketing biologic and other novel medicines, from global franchises to single-program research companies. MoatScope covers 523 companies here, the largest industry in the universe. Four have a wide moat, 57 a narrow moat and 461 none, because most of the industry is still in the clinic without an approved product.

How the industry makes money

Commercial biotechs earn high margins on approved medicines protected by patents and regulatory exclusivity. Clinical-stage companies have little or no revenue: they fund research by raising capital and signing partnerships, and their value rests on trial results and approvals. Many of the most successful end up acquired by larger drugmakers.

Where the moats are

Intangible assets, meaning patents, approvals and the know-how to discover and manufacture complex medicines, appear in 59 of the 61 moat-rated companies. Switching costs appear in 22, because patients who are stable on a therapy rarely change it, and efficient scale in eight, where a rare disease supports only one or two treatments.

Vertex Pharmaceuticals: it effectively created and owns the market for disease-modifying cystic fibrosis treatment.
Regeneron: a research engine that has repeatedly turned its science into approved, protected medicines.
Amgen: one of the world's largest biotech companies, with biologic medicines across inflammation, oncology, cardiovascular disease, bone health and rare diseases.
AbbVie: an immunology franchise long anchored by Humira, now carried by its next-generation immunology drugs.

The narrow-moat group includes Gilead, Biogen, Incyte, Alnylam, argenx, BeOne Medicines, Moderna and Zai Lab. The 461 companies without a moat are overwhelmingly clinical-stage, including well-known names such as Roivant, BridgeBio and Summit Therapeutics.

What wears moats down

Patent expiries open the door to biosimilars, trial failures can wipe out a pipeline, and pricing pressure from governments and insurers limits returns. Crowded drug classes erode pricing even while patents hold, and clinical-stage companies depend on funding markets staying open.

What the quality scores say

The wide-moat companies score between 59 and 78 on MoatScope's quality scale, led by Vertex. The industry averages 20, the result of hundreds of companies with no revenue yet.

What to watch

Late-stage trial results and approval decisions.
Patent timelines and biosimilar competition.
Funding conditions for clinical-stage companies.
Acquisitions by larger drugmakers.

Moat ratings and quality scores on this page update as companies report. Price versus fair value for every company in the industry is in the screener.

Market share

Businesses ranked by revenue, with each one's share of the market's total: companies filed under this industry, the segments of companies filed elsewhere that compete in it, and the largest companies MoatScope doesn't cover, such as private companies and companies listed outside the US. Each market's total comes from a cited source and covers the geography its businesses compete in (a national market counts only US revenue). A company that runs several businesses is split by the segments it reports.

Global market · $1.90T total revenue in 2025 · source: IQVIA Institute · rough estimate. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. All medicines worldwide at invoice prices (IQVIA), before rebates; companies report net sales, so shares read low. The three pharma markets share this total.

#	Business	Market share	Revenue
1	ABBV · AbbVie Inc.	3.2%	$61.2B
2	AMGN · AMGEN INC	1.9%	$36.8B
3	GILD · GILEAD SCIENCES, INC.	1.5%	$29.4B
4	REGN · REGENERON PHARMACEUTICALS, INC.	0.8%	$14.3B
5	VRTX · VERTEX PHARMACEUTICALS INC / MA	0.6%	$12.0B
6	BIIB · BIOGEN INC.	0.5%	$9.9B
7	GRFS · Grifols SA	0.4%	$7.1B
8	ONC · BeOne Medicines Ltd.	0.3%	$5.3B
9	INCY · INCYTE CORP	0.3%	$5.1B
10	ARGX · ARGENX SE	0.2%	$4.2B
	All other companies	86.8%	$1.65T

Companies

Company	Moat	Quality
ABBV AbbVie Inc.	Wide	59	3.2%	$499.5B
AMGN AMGEN INC	Wide	65	1.9%	$229.7B
GILD GILEAD SCIENCES, INC.	Narrow	61	1.5%	$189.8B
VRTX VERTEX PHARMACEUTICALS INC / MA	Wide	78	0.6%	$127.2B
MRNA Moderna, Inc.	Narrow	34	0.1%	$90.6B
REGN REGENERON PHARMACEUTICALS, INC.	Wide	72	0.8%	$80.5B
ARGX ARGENX SE	Narrow	53	0.2%	$53.6B
ONC BeOne Medicines Ltd.	Narrow	46	0.3%	$42.1B
RVMD Revolution Medicines, Inc.	Narrow	23	—	$39.0B
BIIB BIOGEN INC.	Narrow	60	0.5%	$34.3B
ALNY ALNYLAM PHARMACEUTICALS, INC.	Narrow	54	0.2%	$31.2B
ROIV Roivant Sciences Ltd.	None	14	<0.1%	$25.8B
GMAB GENMAB A/S	None	56	0.2%	$24.7B
BNTX BioNTech SE	Narrow	43	0.2%	$23.5B
UTHR UNITED THERAPEUTICS Corp	Narrow	68	0.2%	$23.3B
INCY INCYTE CORP	Narrow	66	0.3%	$23.0B
INSM INSMED Inc	Narrow	26	<0.1%	$20.8B
EXAS EXACT SCIENCES CORP	Narrow	39	0.2%	$20.0B
ASND Ascendis Pharma A/S	Narrow	28	<0.1%	$15.8B
EXEL EXELIXIS, INC.	Narrow	71	0.1%	$15.5B
NBIX NEUROCRINE BIOSCIENCES INC	Narrow	61	0.2%	$13.9B
HALO HALOZYME THERAPEUTICS, INC.	Narrow	68	<0.1%	$13.9B
BBIO BridgeBio Pharma, Inc.	None	27	<0.1%	$13.3B
SMMT Summit Therapeutics Inc.	None	18	—	$12.4B
BMRN BIOMARIN PHARMACEUTICAL INC	Narrow	52	0.2%	$10.6B
MDGL MADRIGAL PHARMACEUTICALS, INC.	None	8	<0.1%	$10.3B
APGE Apogee Therapeutics, Inc.	None	26	—	$10.2B
ABVX Abivax S.A.	None	7	<0.1%	$10.0B
NUVL Nuvalent, Inc.	None	24	—	$9.8B
KRYS Krystal Biotech, Inc.	Narrow	61	<0.1%	$9.5B
PCVX Vaxcyte, Inc.	None	24	—	$9.5B
KYMR Kymera Therapeutics, Inc.	None	21	<0.1%	$9.0B
IBRX ImmunityBio, Inc.	None	21	<0.1%	$8.9B
TWST Twist Bioscience Corp	Narrow	31	<0.1%	$8.8B
CYTK CYTOKINETICS INC	None	6	<0.1%	$8.7B
PTGX Protagonist Therapeutics, Inc	None	27	<0.1%	$8.7B
CAI Caris Life Sciences, Inc.	Narrow	31	<0.1%	$8.7B
ALKS Alkermes plc.	Narrow	56	<0.1%	$8.3B
TGTX TG THERAPEUTICS, INC.	Narrow	50	<0.1%	$8.2B
ARWR ARROWHEAD PHARMACEUTICALS, INC.	Narrow	35	<0.1%	$8.1B
SYRE Spyre Therapeutics, Inc.	None	12	—	$7.5B
IONS IONIS PHARMACEUTICALS INC	Narrow	28	<0.1%	$7.4B
PRAX Praxis Precision Medicines, Inc.	None	20	—	$7.3B
IOVA IOVANCE BIOTHERAPEUTICS, INC.	Narrow	26	<0.1%	$6.4B
RYTM RHYTHM PHARMACEUTICALS, INC.	Narrow	32	<0.1%	$6.1B
BLTE BELITE BIO, INC	None	23	—	$5.8B
KOD Kodiak Sciences Inc.	None	18	—	$5.7B
IMVT Immunovant, Inc.	None	14	—	$5.7B
MIRM Mirum Pharmaceuticals, Inc.	Narrow	34	<0.1%	$5.3B
CGON CG Oncology, Inc.	None	21	<0.1%	$5.3B
COGT Cogent Biosciences, Inc.	None	15	—	$5.2B
GRFS Grifols SA	Narrow	46	0.4% + 1 other market	$5.2B
PTCT PTC THERAPEUTICS, INC.	Narrow	62	<0.1%	$5.1B
CRSP CRISPR Therapeutics AG	None	16	<0.1%	$5.1B
MANE Veradermics, Inc	None	14	—	$5.1B
ORKA Oruka Therapeutics, Inc.	None	20	—	$4.9B
SRRK Scholar Rock Holding Corp	None	10	—	$4.9B
ERAS Erasca, Inc.	None	22	—	$4.8B
TVTX Travere Therapeutics, Inc.	Narrow	30	<0.1%	$4.8B
XENE Xenon Pharmaceuticals Inc.	None	17	<0.1%	$4.2B
DNTH Dianthus Therapeutics, Inc. /DE/	None	15	<0.1%	$4.2B
GOSS Gossamer Bio, Inc.	None	15	<0.1%	$4.1B
ARQT Arcutis Biotherapeutics, Inc.	Narrow	33	<0.1%	$4.0B
TNGX Tango Therapeutics, Inc.	None	12	<0.1%	$4.0B
NAMS NewAmsterdam Pharma Co N.V.	None	12	<0.1%	$3.8B
RLAY Relay Therapeutics, Inc.	None	11	<0.1%	$3.7B
ZLAB Zai Lab Ltd	Narrow	37	<0.1%	$3.7B
KNSA Kiniksa Pharmaceuticals International, plc	Narrow	56	<0.1%	$3.7B
VCYT VERACYTE, INC.	Narrow	51	<0.1%	$3.5B
CDNA CareDx, Inc.	Narrow	34	<0.1%	$3.5B
LEGN Legend Biotech Corp	Narrow	28	<0.1%	$3.4B
ACAD ACADIA PHARMACEUTICALS INC	Narrow	48	<0.1%	$3.4B
IDYA IDEAYA Biosciences, Inc.	None	20	<0.1%	$3.3B
MESO MESOBLAST LTD	None	24	<0.1%	$3.1B
IRON Disc Medicine, Inc.	None	26	—	$3.0B
VKTX Viking Therapeutics, Inc.	None	20	—	$2.9B
DNLI Denali Therapeutics Inc.	None	21	—	$2.9B
DYN Dyne Therapeutics, Inc.	None	19	—	$2.8B
RCUS Arcus Biosciences, Inc.	None	15	<0.1%	$2.8B
CELC Celcuity Inc.	None	11	—	$2.8B
NRIX Nurix Therapeutics, Inc.	None	17	<0.1%	$2.7B
MBX MBX Biosciences, Inc.	None	22	—	$2.5B
BEAM Beam Therapeutics Inc.	None	17	<0.1%	$2.5B
ADMA ADMA BIOLOGICS, INC.	Narrow	57	<0.1%	$2.5B
PGEN PRECIGEN, INC.	None	10	<0.1%	$2.4B
VRDN Viridian Therapeutics, Inc.\DE	None	13	<0.1%	$2.4B
CLDX Celldex Therapeutics, Inc.	None	21	<0.1%	$2.3B
AUPH Aurinia Pharmaceuticals Inc.	Narrow	52	<0.1%	$2.2B
SLS SELLAS Life Sciences Group, Inc.	None	40	—	$2.1B
VERA Vera Therapeutics, Inc.	None	19	—	$2.1B
AGIO AGIOS PHARMACEUTICALS, INC.	Narrow	31	<0.1%	$2.1B
VCEL Vericel Corp	Narrow	45	<0.1%	$2.1B
BCRX BIOCRYST PHARMACEUTICALS INC	Narrow	62	<0.1%	$2.1B
LKFT Lakefront Biotherapeutics NV	None	37	<0.1%	$2.0B
RXRX RECURSION PHARMACEUTICALS, INC.	None	19	<0.1%	$1.9B
IMNM Immunome Inc.	None	7	<0.1%	$1.9B
SRPT Sarepta Therapeutics, Inc.	Narrow	35	0.1%	$1.9B
MLYS Mineralys Therapeutics, Inc.	None	14	—	$1.8B
ANL Adlai Nortye Ltd.	None	4	—	$1.8B
ZYME Zymeworks Inc.	Narrow	23	<0.1%	$1.8B

Showing the 100 largest of 518.

Market share is a company's revenue in its main market as a share of that market's total: every company in it, including private companies and companies listed outside the US (sources under each market above). Revenue is for the fiscal year closest to 2025, and a market that is national (such as US banking) counts only US revenue. Companies that run several businesses are split by the segments they report, and each segment counts in its own market. A dash means the market has no reliable total yet, or no revenue was reported for that year.

Price versus fair value for every company is in the screener.

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