Pharmaceuticals

4151 Kyowa Kirin

A consumer-brand business, where the durable asset is the brand and the pricing power it commands.

Owner earnings 2018–2025 ¥52.0B¥46.6B¥29.4B¥80.0B¥33.1B¥98.3B¥41.8B¥70.5B

Retained capital Retained ¥218.1B of earnings over 2018–2025; annual owner earnings grew ¥27.6B, ¥0.13 per ¥1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 8 of 8 yrs, never cut

4502 Takeda Pharmaceutical

Takeda is Japan's largest pharmaceutical company and a global biopharmaceutical maker. It discovers, manufactures, and sells branded, patent-protected prescription medicines, reaching patients through doctors, hospitals, pharmacies, and health systems worldwide. It earns its money by spending heavily on research and acquisitions to build a portfolio of drugs, then selling the ones that win approval at high margins for as long as their patents and exclusivity hold.

Owner earnings 2018–2026 ¥310.8B¥250.8B¥542.7B¥899.7B¥999.9B¥836.5B¥540.9B¥856.4B¥865.4B

Retained capital Paid out ¥1.16T more than it earned over 2018–2026; annual owner earnings grew ¥386.1B.

Balance sheet Heavy net debt, ¥4.08T · dividend paid 9 of 9 yrs, never cut

4503 Astellas Pharma

An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.

Owner earnings 2018–2026 ¥287.5B¥233.4B¥180.7B¥275.5B¥226.7B¥291.3B¥134.4B¥157.5B¥502.5B

Retained capital Paid out ¥63.4B more than it earned over 2018–2026; annual owner earnings grew ¥30.9B.

Balance sheet Modest net debt, ¥284.3B · dividend paid 9 of 9 yrs, never cut

4506 Sumitomo Pharma

A consumer-brand business, where the durable asset is the brand and the pricing power it commands.

Owner earnings 2018–2026 ¥88.3B¥39.4B¥38.4B¥129.6B¥23.9B¥3.5B(¥252.7B)¥8.0B¥67.1B

Retained capital Paid out ¥71.9B more than it earned over 2018–2026; annual owner earnings fell ¥114.6B.

Balance sheet Modest net debt, ¥134.7B · dividend paid 9 of 9 yrs, cut at least once

4507 Shionogi

A consumer-brand business, where the durable asset is the brand and the pricing power it commands.

Owner earnings 2017–2026 ¥101.5B¥123.9B¥158.5B¥123.0B¥94.3B¥85.7B¥166.0B¥141.6B¥178.3B¥199.1B

Retained capital Retained ¥705.4B of earnings over 2017–2026; annual owner earnings grew ¥45.1B, ¥0.06 per ¥1 retained.

Balance sheet Net cash, +¥94.9B · dividend paid 10 of 10 yrs, never cut

4519 Chugai Pharmaceutical

A consumer-brand business, where the durable asset is the brand and the pricing power it commands.

Owner earnings 2018–2025 ¥47.3B¥153.6B¥148.0B¥213.7B¥181.0B¥338.0B¥397.2B¥310.0B

Retained capital Retained ¥1.30T of earnings over 2018–2025; annual owner earnings grew ¥232.1B, ¥0.18 per ¥1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 8 of 8 yrs, never cut

4523 Eisai

An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.

Owner earnings 2018–2026 ¥139.2B¥85.5B¥87.5B¥54.7B¥88.6B(¥24.3B)¥41.7B¥18.2B¥46.0B

Retained capital Retained ¥73.5B of earnings over 2018–2026; annual owner earnings fell ¥68.8B, ¥-0.94 per ¥1 retained.

Balance sheet Net cash, +¥56.7B · dividend paid 9 of 9 yrs, never cut

4568 Daiichi Sankyo

Daiichi Sankyo is a Japanese pharmaceutical company. It discovers, develops, makes, and sells prescription medicines, selling to the doctors and hospitals that prescribe them and to the governments and insurers that mostly foot the bill. Making the pill costs little; the money rides on owning patented drugs that rivals are not permitted to copy.

Owner earnings 2018–2026 ¥85.0B¥55.9B¥164.7B¥161.0B¥76.5B¥53.8B¥539.6B(¥14.8B)¥195M

Retained capital Retained ¥142.0B of earnings over 2018–2026; annual owner earnings grew ¥73.1B, ¥0.51 per ¥1 retained.

Balance sheet Net cash, +¥179.2B · dividend paid 9 of 9 yrs, never cut

4578 Otsuka Holdings

Revenue is led by Pharmaceuticals (71%) and Nutraceuticals (23%), with 2 more segments behind.

Owner earnings 2018–2025 ¥78.7B¥144.0B¥184.0B¥176.4B¥150.9B¥192.5B¥259.1B¥315.7B

Retained capital Retained ¥853.4B of earnings over 2018–2025; annual owner earnings grew ¥120.2B, ¥0.14 per ¥1 retained.

Balance sheet Net cash, +¥306.7B · dividend paid 8 of 8 yrs, never cut

AAPG ASCENTAGE PHARMA GROUP INTERNATIONAL

Revenue is Intellectual Property (69%), Products (27%) and Others (4%).

Owner earnings 2022–2024 (CN¥692M)(CN¥772M)(CN¥136M)

Retained capital not read

Balance sheet Net debt against an operating loss, CN¥775M

ABBV AbbVie Inc.

AbbVie discovers, makes, and sells branded prescription medicines, with leadership positions it claims across immunology, neuroscience, oncology, and aesthetics. Doctors prescribe the drugs to patients, but the bills are paid mostly by insurers, large institutional purchasers, and government health programs. The money comes from medicines protected by patents and priced well above what they cost to manufacture.

Owner earnings 2016–2025 $6.6B$9.4B$13.0B$12.8B$16.8B$22.0B$24.2B$22.1B$18.0B$18.3B

Retained capital Paid out $42.0B more than it earned over 2016–2025; annual owner earnings grew $9.8B.

Balance sheet Meaningful net debt, $59.7B · buybacks at an average near $158 · dividend paid 10 of 10 yrs, never cut

ABT Abbott Laboratories

Abbott sells a broad, mixed line of healthcare products: medical devices, diagnostic tests and the instruments that run them, nutrition for infants and adults, and branded generic medicines marketed mostly outside the United States in emerging markets. The buyers are hospitals, labs, doctors, pharmacies, and ordinary people around the world. It makes its money the way a brand maker does — selling many small, repeat-purchase items under trusted names, often with a device or analyzer that pulls a stream of consumables behind it.

Owner earnings 2016–2025 $2.4B$4.4B$5.2B$5.1B$6.7B$9.0B$8.3B$6.0B$7.2B$8.1B

Retained capital Retained $12.4B of earnings over 2016–2025; annual owner earnings grew $3.1B, $0.25 per $1 retained.

Balance sheet Modest net debt, $4.0B · dividend paid 10 of 10 yrs, never cut

ABUS Arbutus Biopharma Corporation

Arbutus Biopharma Corporation is a clinical-stage biopharmaceutical company focused on infectious disease.

Owner earnings 2016–2025 ($59M)($51M)($69M)($72M)($52M)($68M)($36M)($87M)($65M)($40M)

Retained capital not read

Balance sheet Net cash, debt-free, +$91M

ACAD ACADIA Pharmaceuticals Inc.

We are a biopharmaceutical company focused on turning scientific promise into meaningful innovation that makes the difference for underserved neurological and rare disease communities around the world.

Owner earnings 2016–2025 ($209M)($219M)($169M)($152M)($138M)($127M)($114M)$17M$157M$109M

Retained capital not read

Balance sheet Net cash, +$228M

ACB Aurora Cannabis Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2018–2025 (C$94M)(C$256M)(C$264M)(C$142M)(C$80M)C$7M

Retained capital not read

Balance sheet Net cash, +C$77M

ACIU AC Immune SA

Immune is a leading, clinical stage biopharmaceutical company advancing a portfolio of programs strategically focused on pioneering Precision Medicine for neurodegenerative diseases.

Owner earnings 2016–2025 (CHF 7M)(CHF 24M)(CHF 46M)CHF 53M(CHF 61M)(CHF 68M)(CHF 75M)(CHF 61M)CHF 65M(CHF 70M)

Retained capital not read

Balance sheet Net cash, debt-free, +CHF 27M

ACRS Aclaris Therapeutics Inc.

We are a clinical-stage biopharmaceutical company focused on discovering and developing novel small and large molecule product candidates for immuno-inflammatory diseases.

Owner earnings 2017–2025 ($55M)($102M)($98M)($39M)($52M)($68M)($79M)($20M)($47M)

Retained capital not read

Balance sheet Net cash, +$9M

ADAG Adagene Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2018–2025 ($15M)($18M)($29M)($45M)($49M)($29M)($30M)($16M)

Retained capital not read

Balance sheet Net cash, +$73M

ADCT ADC Therapeutics SA

ADC Therapeutics is a commercial-stage global pioneer in the field of antibody drug conjugates, transforming treatment for patients through our focused portfolio with ZYNLONTA, a CD19-directed ADC.

Owner earnings 2022–2025 ($139M)($122M)($125M)($141M)

Retained capital not read

Balance sheet Net cash, +$146M

AGIO Agios Pharmaceuticals Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2016–2025 $29M($290M)($311M)($383M)($305M)($413M)($314M)($297M)($392M)($377M)

Retained capital not read

Balance sheet Net cash, debt-free, +$604M

AKBA Akebia Therapeutics Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2016–2025 $58M($57M)($98M)($260M)($111M)($253M)($73M)($23M)($41M)$68M

Retained capital not read

Balance sheet Net cash, +$384M

ALKS Alkermes

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2016–2025 ($107M)($32M)$30M($19M)$41M$74M($17M)$353M$406M$494M

Retained capital Paid out $255M more than it earned over 2016–2025; annual owner earnings grew $454M.

Balance sheet Net cash, +$297M · buybacks at an average near $25.35

ALMS Alumis Inc.

Revenue is License (72%) and Collaboration (28%).

Owner earnings FY2025 ($370M)

Retained capital not read

Balance sheet Net cash, debt-free, +$309M

ALNY Alnylam

Alnylam is a global commercial-stage biopharmaceutical company developing novel therapeutics based on ribonucleic acid interference, or RNAi.

Owner earnings 2016–2025 ($323M)($396M)($578M)($296M)($650M)($689M)($586M)$42M($43M)$465M

Retained capital not read

Balance sheet Net cash, +$649M

ALT Altimmune Inc.

Altimmune, Inc. is a late clinical-stage biopharmaceutical company developing novel therapies for serious liver diseases.

Owner earnings 2011–2025 ($8M)($20M)($10M)($10M)($35M)($90M)($63M)($76M)($68M)

Retained capital not read

Balance sheet Net cash, +$239M

AMPH Amphastar Pharmaceuticals Inc.

We are a biopharmaceutical company focusing on developing, manufacturing, and commercializing technically challenging generic and proprietary injectable, inhalation, and intranasal products, as well as active pharmaceutical ingredient, or API products.

Owner earnings 2016–2025 $26M$33M$32M$35M$48M$88M$77M$158M$185M$121M

Retained capital Retained $206M of earnings over 2016–2025; annual owner earnings grew $124M, $0.60 per $1 retained.

Balance sheet Meaningful net debt, $337M

AMRN Amarin Corporation plc

Revenue is Products (84%) and Licensing and Royalty (14%).

Owner earnings 2016–2020 ($72M)($33M)($95M)($10M)($22M)

Retained capital not read

Balance sheet Net cash, +$253M

AMRX Amneal Pharmaceuticals Inc.

Amneal Pharmaceuticals Inc. is a diversified, global biopharmaceutical company that develops, manufactures, markets, and distributes a diverse portfolio of essential medicines.

Owner earnings 2016–2025 $86M$192M$186M($45M)$323M$194M$19M$302M$243M$270M

Retained capital Paid out $1.7B more than it earned over 2016–2025; annual owner earnings grew $117M.

Balance sheet Heavy net debt, $2.3B · dividend paid 3 of 10 yrs, cut at least once

ANAB AnaptysBio Inc.

We are a clinical-stage biotechnology company focused on delivering innovative immunology therapeutics for autoimmune and inflammatory diseases.

Owner earnings 2016–2025 ($9M)($20M)($49M)($70M)($15M)($47M)($74M)($122M)($136M)$20M

Retained capital not read

Balance sheet Net cash, debt-free, +$238M

ANIP ANI Pharmaceuticals Inc.

ANI Pharmaceuticals is a diversified bio-pharmaceutical company.

Owner earnings 2016–2025 $23M$29M$61M$39M$9M$765K($40M)$110M$48M$171M

Retained capital Paid out $52M more than it earned over 2016–2025; annual owner earnings grew $72M.

Balance sheet Modest net debt, $24M · dividend paid 5 of 10 yrs, cut at least once

AQST Aquestive Therapeutics Inc.

Aquestive is a pharmaceutical company advancing medicines to bring meaningful improvement to patients' lives through innovative science and delivery technologies.

Owner earnings 2017–2025 $4M($15M)($61M)($46M)($34M)($11M)($7M)($36M)($53M)

Retained capital not read

Balance sheet Net cash, +$76M

ARCT Arcturus Therapeutics Holdings Inc.

We are a messenger RNA medicines company focused on the development of liver and respiratory rare disease therapeutics.

Owner earnings 2018–2025 ($21M)($7M)($44M)($136M)$30M($21M)($60M)($75M)

Retained capital not read

Balance sheet Net cash, +$130M

ARDX Ardelyx Inc.

We are a commercial-stage biopharmaceutical company focused on the development and commercialization of innovative medicines that meet significant unmet medical needs.

Owner earnings 2015–2025 ($73M)($68M)($71M)($77M)($82M)($154M)($70M)($90M)($46M)($44M)

Retained capital not read

Balance sheet Net debt against an operating loss, $135M

ARQT Arcutis Biotherapeutics Inc.

We are a commercial-stage biopharmaceutical company focused on developing and commercializing treatments for dermatological diseases with high unmet medical needs.

Owner earnings 2020–2025 ($113M)($175M)($258M)($247M)($112M)($6M)

Retained capital not read

Balance sheet Net debt against an operating loss, $66M

ARVN Arvinas Inc.

Our Focus - PROTAC Degradation and its Potential Benefits Our disciplined target selection and proprietary discovery platform aim to enable the rational design of innovative degrader medicines across major protein classes.

Owner earnings 2017–2025 $5M($17M)($42M)($93M)$555M($280M)($351M)($261M)($276M)

Retained capital not read

Balance sheet Net cash, +$685M

ARWR Arrowhead Pharmaceuticals

Arrowhead Pharmaceuticals develops medicines that treat intractable diseases by silencing the genes that cause them.

Owner earnings 2016–2025 ($68M)($27M)($49M)$170M($100M)$165M($145M)($165M)($480M)$157M

Retained capital not read

Balance sheet Net cash, +$12M

ASMB Assembly Biosciences Inc.

We are a biotechnology company developing innovative therapeutics targeting serious viral diseases with the potential to improve the lives of patients worldwide.

Owner earnings 2016–2025 ($35M)$2M($65M)($85M)($63M)($94M)($85M)$22M($51M)($41M)

Retained capital not read

Balance sheet Net cash, +$235M

ASND Ascendis Pharma A/S Ordinary Share

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2016–2023 (€61M)(€96M)(€140M)(€181M)(€281M)(€433M)(€510M)(€470M)

Retained capital not read

Balance sheet Net debt against an operating loss, €199M

ATAI AtaiBeckley Inc.

AtaiBeckley is a clinical-stage biotechnology company on a mission to create breakthroughs for people with difficult-to-treat mental health conditions.

Owner earnings 2024–2025 ($82M)($104M)

Retained capital not read

Balance sheet Net cash, +$79M

AUPH Aurinia Pharmaceuticals Inc

Aurinia is a biopharmaceutical company focused on delivering therapies to people living with autoimmune diseases with high unmet medical needs.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, debt-free, +$80M

AVIR Atea Pharmaceuticals Inc.

We are a late-stage clinical biopharmaceutical company leveraging our deep understanding of antiviral drug development, medicinal chemistry, biochemistry and virology to discover, develop and commercialize novel, orally administered antivirals to treat serious viral diseases.

Owner earnings 2020–2021 $297M($87M)

Retained capital not read

Balance sheet Net cash, debt-free, +$96M

AVTX Avalo Therapeutics Inc.

We are a clinical stage biotechnology company fully dedicated to developing IL-1 -based treatments for immune-mediated inflammatory diseases.

Owner earnings 2016–2024 ($15M)$13M($4M)($19M)($41M)($71M)($27M)($31M)($49M)

Retained capital not read

Balance sheet Net cash, +$83M

AXSM Axsome Therapeutics Inc.

We are a biopharmaceutical company dedicated to the development and commercialization of innovative medicines for people impacted by central nervous system conditions.

Owner earnings 2022–2025 ($117M)($146M)($129M)($94M)

Retained capital not read

Balance sheet Net cash, +$135M

AZN AstraZeneca PLC

Pam joined AstraZeneca after having spent 18 years with Merck/MSD in Global Manufacturing and Supply Chain and Commercial roles.

Owner earnings 2016–2025 $2.7B$2.3B$1.6B$2.0B$3.8B$4.9B$8.7B$9.0B$9.9B$11.8B

Retained capital Paid out $979M more than it earned over 2016–2025; annual owner earnings grew $8.1B.

Balance sheet Modest net debt, $19.0B · dividend paid 10 of 10 yrs, never cut

BBIO BridgeBio Pharma Inc.

BridgeBio Pharma, Inc. is a commercial-stage, multi-product biopharmaceutical company organized around a portfolio operating model to discover, develop, and deliver medicines for patients with genetic diseases.

Owner earnings 2019–2025 ($254M)($401M)($504M)($424M)($529M)($522M)($447M)

Retained capital not read

Balance sheet Net debt against an operating loss, $1.4B

BCYC Bicycle Therapeutics plc

We are a clinical-stage pharmaceutical company developing a novel class of medicines, which we refer to as Bicycle molecules, for diseases that are underserved by existing therapeutics.

Owner earnings 2017–2025 ($2M)($27M)($30M)($19M)($16M)($90M)($64M)($166M)($252M)

Retained capital not read

Balance sheet Net cash, +$597M

BGM BGM Group Ltd.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2018–2024 $3M($1M)$5M($1M)$11M$132K$304K

Retained capital Retained $8M of earnings over 2018–2024; annual owner earnings grew $1M, $0.17 per $1 retained.

Balance sheet Net cash, debt-free, +$11M · dividend paid 2 of 7 yrs, never cut

BHC Bausch Health Companies Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2016–2025 $1.9B$2.1B$1.3B$1.2B$809M$1.2B($946M)$817M$1.3B$1.0B

Retained capital Paid out $8.2B more than it earned over 2016–2025; annual owner earnings fell $745M.

Balance sheet Heavy net debt, $19.5B

BHST BioHarvest Sciences Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2023–2025 ($9M)($8M)($9M)

Retained capital not read

Balance sheet Net cash, debt-free, +$23M

BIOA BioAge Labs Inc.

We are a clinical-stage biopharmaceutical company developing therapeutic product candidates for metabolic diseases by targeting the biology of human aging.

Owner earnings 2024–2025 ($52M)($82M)

Retained capital not read

Balance sheet Net cash, +$278M

BMRN BioMarin

BioMarin is a leading, global rare disease biotechnology company focused on delivering medicines for people living with genetically defined conditions.

Owner earnings 2016–2025 ($325M)($97M)($75M)($57M)($29M)$209M$55M$63M$487M$748M

Retained capital Retained $977M of earnings over 2016–2025; annual owner earnings grew $598M, $0.61 per $1 retained.

Balance sheet Net cash, +$1.4B

BMY Bristol-Myers Squibb Company

Bristol-Myers Squibb discovers, develops, and makes branded prescription medicines for serious diseases. It sells these drugs worldwide, principally through wholesalers, distributors, and specialty pharmacies, who in turn supply the retailers, hospitals, and clinics that reach patients. The money is made on patent-protected drugs that, for a stretch of years, no one else is allowed to copy.

Owner earnings 2016–2025 $2.7B$4.5B$6.4B$7.4B$13.3B$15.2B$11.9B$12.7B$13.9B$12.8B

Retained capital Paid out $45.2B more than it earned over 2016–2025; annual owner earnings grew $8.6B.

Balance sheet Meaningful net debt, $34.5B · buybacks at an average near $93.69 · dividend paid 10 of 10 yrs, never cut

CATX Perspective Therapeutics Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2016–2023 ($4M)($6M)($6M)($5M)($4M)($3M)($8M)($38M)

Retained capital not read

Balance sheet Net cash, +$143M

CBIO Crescent Biopharma Inc.

Our company is a biotechnology company that is the result of a reverse recapitalization transaction with a private company named Crescent Biopharma, Inc.

Owner earnings 2012–2025 ($11M)($16M)($4M)($9M)($30M)($39M)($58M)($47M)($35M)($72M)

Retained capital not read

Balance sheet Net cash, debt-free, +$213M

CNTB Connect Biopharma Holdings Limited

Connect Biopharma, headquartered in San Diego, California, is a clinical-stage biopharmaceutical company dedicated to transforming care for asthma and chronic obstructive pulmonary disease.

Owner earnings 2023–2025 ($48M)($24M)($52M)

Retained capital not read

Balance sheet Net cash, debt-free, +$44M

COGT Cogent Biosciences Inc.

We are a clinical-stage biotechnology company focused on developing precision therapies for genetically defined diseases.

Owner earnings 2017–2019 ($27M)($33M)($42M)

Retained capital not read

Balance sheet Net cash, +$112M

COLL Collegium Pharmaceutical Inc.

Revenue is led by Belbuca (28%) and Xtampza ER (26%), with 4 more lines behind.

Owner earnings 2016–2025 ($76M)($68M)$168M$27M$93M$102M$123M$274M$203M$328M

Retained capital Paid out $199M more than it earned over 2016–2025; annual owner earnings grew $260M.

Balance sheet Net cash, +$148M

CORT Corcept Therapeutics Incorporated

We are a commercial-stage company engaged in the discovery and development of medications to treat severe endocrinologic, oncologic, metabolic and neurologic disorders by modulating the effects of the hormone cortisol.

Owner earnings 2016–2025 $18M$61M$115M$135M$151M$167M$120M$127M$198M$142M

Retained capital Retained $721M of earnings over 2016–2025; annual owner earnings grew $90M, $0.13 per $1 retained.

Balance sheet Net cash, debt-free, +$372M

CPHI China Pharma Holdings Inc.

Helpson manufactures pharmaceutical products in the form of dry powder injectables, liquid injectables, tablets, capsules, and cephalosporin oral solutions.

Owner earnings 2016–2025 $3M$705K$2M$472K($910K)($688K)($812K)($711K)($444K)$89K

Retained capital Paid out $81M more than it earned over 2016–2025; annual owner earnings fell $2M.

Balance sheet Net debt against an operating loss, $5M

CPRX Catalyst Pharmaceuticals Inc.

We currently sell three commercial stage drug products, FIRDAPSE, AGAMREE, and FYCOMPA.

Owner earnings 2016–2025 ($18M)($26M)$35M$45M$60M$116M$143M$239M$209M

Retained capital Retained $583M of earnings over 2016–2025; annual owner earnings grew $200M, $0.34 per $1 retained.

Balance sheet Net cash, debt-free, +$709M

CRMD CorMedix Inc.

CorMedix Inc. is a biopharmaceutical company focused on developing and commercializing therapeutic products for life-threatening diseases and conditions.

Owner earnings 2015–2025 ($13M)($22M)($29M)($24M)($15M)($22M)($21M)($24M)($51M)$174M

Retained capital not read

Balance sheet Net cash, +$142M

CRNX Crinetics Pharmaceuticals Inc.

We are establishing a highly specialized and focused commercial organization, including sales, marketing and market access expertise to support the launch of PALSONIFY in the U.S.

Owner earnings 2016–2025 ($6M)($10M)($20M)($47M)($62M)($89M)($116M)($170M)($233M)($382M)

Retained capital not read

Balance sheet Net cash, debt-free, +$1.0B

CRON Cronos Group Inc. Common Share

Cronos common shares are currently listed on the Toronto Stock Exchange and on the NASDAQ Global Market under the trading symbol "CRON."

Owner earnings 2017–2025 ($5M)($9M)($135M)($152M)($165M)($92M)($45M)$10M$12M

Retained capital not read

Balance sheet Net cash, debt-free, +$832M

CTMX CytomX Therapeutics Inc.

We are a clinical-stage, oncology-focused biopharmaceutical company dedicated to developing innovative therapies to address major unmet need in oncology.

Owner earnings 2016–2025 ($4M)$169M($77M)($143M)$3M($121M)($113M)($57M)($87M)($76M)

Retained capital not read

Balance sheet Net cash, +$206M

CYRX CryoPort Inc.

We are a leading global provider of integrated, temperature-controlled supply chain solutions for the life sciences, with a strong focus on supporting the rapidly growing cell and gene therapy market.

Owner earnings 2017–2025 ($4M)($4M)($4M)($24M)($16M)($24M)($28M)($34M)($25M)

Retained capital not read

Balance sheet Net cash, +$33M

CYTK Cytokinetics

We are a biopharmaceutical company focused on discovering, developing and commercializing novel muscle activators and muscle inhibitors as potential treatments for debilitating diseases in which muscle performance is compromised and/or declining.

Owner earnings 2016–2025 $35M($105M)($102M)($94M)($2M)($191M)($311M)($416M)($400M)($535M)

Retained capital not read

Balance sheet Net debt against an operating loss, $165M

DMAC DiaMedica Therapeutics Inc.

Our lead candidate DM199, is the first pharmaceutically active recombinant form of the human tissue kallikrein-1 protein to be clinically studied in patients and has been granted Fast Track Designation by the U.S.

Owner earnings FY2018 ($6M)

Retained capital not read

Balance sheet Net cash, debt-free, +$60M

DNTH Dianthus Therapeutics Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2016–2025 ($7M)($24M)($50M)($60M)($37M)($78M)($129M)

Retained capital not read

Balance sheet Net cash, debt-free, +$404M

EBS Emergent BioSolutions Inc.

We are a global life sciences company focused on providing innovative preparedness and response solutions addressing accidental, deliberate and naturally occurring Public Health Threats.

Owner earnings 2016–2025 $27M$176M$6M$139M$487M$196M($150M)($258M)$36M$157M

Retained capital Paid out $579M more than it earned over 2016–2025; annual owner earnings fell $91M.

Balance sheet Meaningful net debt, $367M · buybacks at an average near $28.36

ELAN Elanco Animal Health Incorporated

Elanco Animal Health Incorporated is a global leader in animal health, dedicated to innovating and delivering products and services to prevent and treat disease in farm animals and pets.

Owner earnings 2016–2025 $46M$75M$353M$84M($176M)$324M$281M$131M$394M$284M

Retained capital Paid out $2.5B more than it earned over 2016–2025; annual owner earnings grew $112M.

Balance sheet Heavy net debt, $3.5B

ENLV Enlivex Ltd.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2016–2025 ($16M)($2M)($3M)($7M)($11M)($18M)($25M)($24M)($13M)($10M)

Retained capital not read

Balance sheet Net cash, +$20M

ENTA Enanta Pharmaceuticals Inc.

We are a biotechnology company that uses our robust, chemistry-driven approach and drug discovery capabilities to discover and develop small molecule drugs for virology and immunology indications.

Owner earnings 2016–2025 $31M$50M$26M$66M$6M($71M)($87M)($112M)($97M)($32M)

Retained capital not read

Balance sheet Net cash, debt-free, +$190M

EOLS Evolus Inc.

We are a global performance beauty company delivering breakthrough products with a customer-centric approach.

Owner earnings 2018–2025 ($26M)($94M)($59M)($34M)($87M)($34M)($19M)($46M)

Retained capital not read

Balance sheet Net debt against an operating loss, $92M

ESPR Esperion Therapeutics Inc.

Esperion is a commercial stage biopharmaceutical company currently focused on bringing new medicines to patients that address unmet medical needs.

Owner earnings 2018–2025 ($149M)($71M)($86M)($264M)($175M)($135M)($24M)($13M)

Retained capital not read

Balance sheet Net cash, +$16M

ETON Eton Pharmaceuticals Inc.

Eton Eton is an innovative pharmaceutical company focused on developing and commercializing treatments for rare diseases.

Owner earnings 2019–2025 ($18M)($22M)($5M)$5M$7M$943K$10M

Retained capital not read

Balance sheet Net debt against an operating loss, $5M

EVMN Evommune Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2024–2025 ($58M)($77M)

Retained capital not read

Balance sheet Net cash, debt-free, +$149M

EVO Evotec SE

Revenue is D&PD (77%) and JEB (23%).

Owner earnings 2019–2024 €11M€3M€56M€123M(€57M)(€99M)

Retained capital Paid out €196M more than it earned over 2019–2024; annual owner earnings fell €34M.

Balance sheet Net cash, +€41M

FBIOP Fortress Biotech, Inc.

Fortress Biotech, Inc. is a biopharmaceutical company focused on acquiring and advancing assets to enhance long-term value for shareholders through product revenue, equity holding and dividend and royalty revenue streams.

Owner earnings 2016–2024 ($47M)($82M)($100M)($97M)($86M)($119M)($182M)($128M)($80M)

Retained capital not read

Balance sheet Net debt against an operating loss, $5M

FBRX Forte Biosciences Inc.

Forte Biosciences, Inc. is a clinical-stage biopharmaceutical company whose current lead product candidate is FB102.

Owner earnings 2016–2019 ($30M)($32M)($36M)($3M)

Retained capital not read

Balance sheet Net cash, +$87M

GERN Geron Corporation

We are a commercial-stage biopharmaceutical company aiming to change lives by changing the course of blood cancer.

Owner earnings 2014–2023 $9M($24M)($18M)($21M)($44M)($67M)($96M)($128M)($169M)

Retained capital not read

Balance sheet Net debt against an operating loss, $11M

GLAS Glass House Brands Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2020–2025 ($10M)($25M)($52M)$11M$18M($4M)

Retained capital not read

Balance sheet Net debt against an operating loss, $69M

GRCE Grace Therapeutics Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, debt-free, +$17M

GRFS Grifols S.A.

Revenue is led by Biopharma (85%) and Diagnostic (9%), with 2 more segments behind.

Owner earnings 2015–2024 €553M€304M€590M€505M€259M€830M€350M(€285M)(€6M)€670M

Retained capital Retained €2.4B of earnings over 2015–2024; annual owner earnings fell €356M, €-0.15 per €1 retained.

Balance sheet Net cash, +€371M · dividend paid 9 of 10 yrs, cut at least once

GSK GSK plc

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2016–2025 £5.0B£5.4B£7.1B£6.8B£7.5B£7.0B£6.3B£5.5B£5.2B£6.4B

Retained capital Retained £12.3B of earnings over 2016–2025; annual owner earnings fell £134M, £-0.01 per £1 retained.

Balance sheet Modest net debt, £14.3B · dividend paid 10 of 10 yrs, cut at least once

GYRE Gyre Therapeutics Inc.

We are a commercial-stage biopharmaceutical company focused on the development and commercialization of small-molecule therapies for the treatment of organ fibrosis and inflammatory diseases.

Owner earnings 2013–2025 ($41M)($6M)($20M)($29M)($84M)$10M$25M($5M)($180K)

Retained capital not read

Balance sheet Net cash, +$52M

HCM HUTCHMED (China) Limited

We are a global commercial-stage biopharmaceutical company focused on the discovery, development and commercialization of targeted therapies and immunotherapies for the treatment of patients with cancer and immunological diseases.

Owner earnings 2016–2025 ($12M)($12M)($36M)($86M)($68M)($211M)($277M)$211M($12M)($79M)

Retained capital not read

Balance sheet Net cash, +$1.3B

HRMY Harmony Biosciences Holdings Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2019–2025 ($76M)($3M)$98M$144M$219M$220M$348M

Retained capital Retained $360M of earnings over 2019–2025; annual owner earnings grew $256M, $0.71 per $1 retained.

Balance sheet Net cash, +$612M

HROW Harrow Inc.

We are a leading provider of ophthalmic disease management solutions in North America, and were founded with a commitment to deliver safe, effective, accessible, and affordable medications that enhance patient compliance and improve clinical outcomes.

Owner earnings 2017–2025 ($10M)($1M)($518K)($2M)$3M$452K$3M($23M)$43M

Retained capital Paid out $80M more than it earned over 2017–2025; annual owner earnings grew $11M.

Balance sheet Heavy net debt, $168M

HYFT MindWalk Holdings Corp.

MindWalk Holdings Corp. is a leading AI-driven biotherapeutic research and technology firm, distinguished by its proficiency in both in silico and wet lab methodologies.

Owner earnings 2020–2025 (C$2M)(C$2M)(C$11M)(C$21M)(C$5M)(C$7M)

Retained capital not read

Balance sheet Net cash, debt-free, +C$14M

IDYA IDEAYA Biosciences Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2019–2025 ($41M)$55M($58M)($89M)($118M)($250M)($73M)

Retained capital not read

Balance sheet Net cash, debt-free, +$639M

IFRX InflaRx N.V.

We are a biopharmaceutical company applying our proprietary technologies to discover, develop and commercialize first-in-class, highly potent and specific inhibitors of the complement activation factor known as C5a and its receptor C5aR.

Owner earnings 2020–2025 (€37M)(€40M)(€34M)(€38M)(€49M)(€35M)

Retained capital not read

Balance sheet Net cash, +€53M

IMMP Immutep Limited

Immutep is a late-stage biotechnology company developing novel LAG-3 related immunotherapies for cancer and autoimmune disease.

Owner earnings 2016–2025 (A$11M)(A$9M)(A$8M)(A$15M)(A$11M)(A$18M)(A$30M)(A$35M)(A$35M)(A$62M)

Retained capital not read

Balance sheet Net cash, debt-free, +A$130M

IMNM Immunome Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2023–2025 ($8M)($112M)($193M)

Retained capital not read

Balance sheet Net cash, +$653M

INCR Intercure Ltd.

InterCure has 13 direct subsidiaries: Canndoc's operations are focused on the production, manufacturing, exporting and distribution of pharmaceutical-grade cannabis and cannabis-based products for medical use.

Owner earnings 2019–2024 (₪12M)₪5M₪23M₪40M(₪56M)(₪71M)

Retained capital not read

Balance sheet Net debt against an operating loss, ₪105M

INDV Indivior Pharmaceuticals Inc.

Indivior Pharmaceuticals, Inc. is the market leader in long-acting injectable medications for opioid use disorder.

Owner earnings 2022–2025 ($9M)($308M)$20M($37M)

Retained capital not read

Balance sheet Modest net debt, $124M

INSM Insmed Incorporated

We are a people-first global biopharmaceutical company striving to deliver first- and best-in-class therapies to transform the lives of patients facing serious diseases.

Owner earnings 2016–2025 ($149M)($163M)($262M)($256M)($226M)($371M)($406M)($542M)($690M)($945M)

Retained capital not read

Balance sheet Net cash, +$889M

INVA Innoviva Inc.

Innoviva Inc. is a diversified biopharmaceutical company with a core royalties portfolio, a leading critical care and infectious disease platform known as Innoviva Specialty Therapeutics, and a portfolio of strategic healthcare assets.

Owner earnings 2016–2025 $61M$142M$224M$257M$313M$364M$202M$141M$188M$196M

Retained capital Retained $1.2B of earnings over 2016–2025; annual owner earnings grew $33M, $0.03 per $1 retained.

Balance sheet Net cash, +$276M · dividend paid 4 of 10 yrs, cut at least once

IONS Ionis Pharmaceuticals

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2016–2025 ($119M)$167M$592M$333M$23M$19M($290M)($318M)($511M)($279M)

Retained capital not read

Balance sheet Net cash, +$917M

IRD Opus Genetics Inc.

Opus Genetics Inc. is a clinical-stage biopharmaceutical company developing gene therapies to restore vision and prevent blindness in patients with inherited retinal diseases, and other types of therapies for additional ophthalmic disorders.

Owner earnings 2011–2020 ($16M)($8M)($4M)($7M)

Retained capital not read

Balance sheet Net cash, +$44M

IRWD Ironwood Pharmaceuticals Inc.

We are a biotechnology company developing and commercializing life-changing therapies for people living with gastrointestinal, or GI, and rare diseases.

Owner earnings 2016–2025 ($30M)($104M)($71M)$5M$167M$262M$274M$183M$103M$127M

Retained capital Paid out $778M more than it earned over 2016–2025; annual owner earnings grew $206M.

Balance sheet Modest net debt, $85M · buybacks at an average near $11.40

IVA Inventiva S.A.

We are a clinical-stage biopharmaceutical company focused on the development of oral small molecule therapies for the treatment of MASH.

Owner earnings not read

Retained capital not read

Balance sheet net position not read (debt under-captured)

IXHL Incannex Healthcare Inc.

We are a clinical-stage biopharmaceutical company dedicated to developing innovative medicines for patients living with serious chronic diseases and significant unmet needs.

Owner earnings 2024–2025 ($16M)($13M)

Retained capital not read

Balance sheet Net cash, debt-free, +$15M

JANX Janux Therapeutics Inc.

We are an innovative clinical-stage biopharmaceutical company developing a broad pipeline of novel immunotherapies by applying our proprietary technologies to our Tumor Activated T Cell Engager, Tumor Activated Immunomodulator, and Adaptive Immune Response Modulator platforms.

Owner earnings 2020–2025 ($4M)($17M)($44M)($52M)($44M)($83M)

Retained capital not read

Balance sheet Net cash, debt-free, +$967M

JAZZ Jazz Pharmaceuticals

Jazz Pharmaceuticals plc is a global biopharmaceutical company whose purpose is to innovate to transform the lives of patients and their families.

Owner earnings 2016–2025 $583M$680M$784M$761M$885M$751M$1.2B$1.1B$1.4B$1.3B

Retained capital Retained $104M of earnings over 2016–2025; annual owner earnings grew $565M.

Balance sheet Net debt against an operating loss, $3.9B

JNJ Johnson & Johnson

Johnson & Johnson researches, makes and sells a broad range of healthcare products worldwide. One half of the business, Innovative Medicine, discovers and sells patent-protected prescription drugs; the other half, MedTech, makes the devices and instruments that surgeons and hospitals use. The customers are patients and doctors, but the bills are paid by the hospitals, insurers and governments standing behind them.

Owner earnings 2017–2025 $17.8B$18.5B$19.9B$20.2B$19.8B$18.2B$19.8B$19.7B

Retained capital Retained $104.2B of earnings over 2017–2025; annual owner earnings grew $521M, $0.00 per $1 retained.

Balance sheet Modest net debt, $21.3B

KMDA Kamada Ltd.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2016–2025 ($744K)$1M$8M$25M$16M($10M)$28M$3M$46M$24M

Retained capital Retained $89M of earnings over 2016–2025; annual owner earnings grew $22M, $0.24 per $1 retained.

Balance sheet Net cash, +$99M · dividend paid 1 of 10 yrs, never cut

KNSA Kiniksa Pharmaceuticals International, PLC

We are a biopharmaceutical company developing and commercializing novel therapies for diseases with unmet need, with a focus on cardiovascular indications.

Owner earnings 2021–2025 ($127M)$6M$13M$25M$136M

Retained capital Retained $55M of earnings over 2021–2025; annual owner earnings grew $94M, $1.70 per $1 retained.

Balance sheet Net cash, debt-free, +$414M

KURA Kura Oncology Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2023–2025 ($125M)$134M($65M)

Retained capital not read

Balance sheet Net cash, +$221M

KZIA Kazia Therapeutics Limited

Kazia Therapeutics Limited is an emerging oncology-focused biotechnology company that has a portfolio of development candidates, diversified across several distinct technologies, with the potential to yield first-in-class and best-in-class agents in a range of oncology indications.

Owner earnings 2016–2017 (A$13M)(A$11M)

Retained capital not read

Balance sheet Net cash, +A$69M

LEGN Legend Biotech Corporation

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2018–2025 $307M($86M)($229M)($207M)($211M)($404M)($155M)($110M)

Retained capital not read

Balance sheet Net cash, debt-free, +$902M

LGND Ligand Pharmaceuticals

We are a biopharmaceutical royalty company focused on deploying capital and licensing technologies to acquire and create diversified royalty streams from high-value medicines.

Owner earnings 2016–2025 $59M$86M$193M($32M)$50M$70M$120M$46M$95M$49M

Retained capital Retained $302M of earnings over 2016–2025; annual owner earnings fell $49M, $-0.16 per $1 retained.

Balance sheet Net cash, +$287M · buybacks at an average near $112

LKFT Lakefront Biotherapeutics

We are a biotechnology company built to bring meaningful medicines to patients with serious diseases.

Owner earnings 2016–2025 €235M(€152M)(€148M)€3.2B(€446M)(€510M)(€507M)(€413M)(€328M)(€271M)

Retained capital Retained €39M of earnings over 2016–2025; annual owner earnings fell €315M, €-8.11 per €1 retained.

Balance sheet Net cash, debt-free, +€3.0B

LLY Eli Lilly and Company

Eli Lilly discovers, develops, makes, and sells prescription medicines, run as a single business — human pharmaceuticals. Its products span several therapeutic areas, among them cardiometabolic treatments including insulin. It manufactures in the United States, including Puerto Rico, and in Europe and Asia, and earns its money selling branded drugs that carry patent protection.

Owner earnings 2016–2025 $3.8B$4.5B$4.3B$3.8B$5.1B$6.1B$5.7B$2.7B$7.1B$14.8B

Retained capital Retained $16.0B of earnings over 2016–2025; annual owner earnings grew $4.0B, $0.25 per $1 retained.

Balance sheet Modest net debt, $35.1B · dividend paid 10 of 10 yrs, never cut

LQDA Liquidia Corporation

We are a biopharmaceutical company driven by science and compassion to revolutionize care for patients with challenging respiratory and vascular diseases such as pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease.

Owner earnings 2019–2025 ($50M)($55M)($34M)($29M)($43M)($96M)($37M)

Retained capital not read

Balance sheet Net cash, +$171M

LXRX Lexicon Pharmaceuticals Inc.

We are a biopharmaceutical company with a mission of pioneering medicines that transform patients' lives.

Owner earnings 2016–2025 ($176M)($186M)($149M)$114M($143M)($87M)($89M)($162M)($179M)($68M)

Retained capital not read

Balance sheet Net cash, +$42M

LYEL Lyell Immunopharma Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2019–2025 $23M($212M)($192M)($194M)($166M)($163M)($151M)

Retained capital not read

Balance sheet Net cash, debt-free, +$247M

MDGL Madrigal Pharmaceuticals Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2012–2025 ($55M)($22M)($26M)($42M)($158M)($184M)($225M)($325M)($457M)($190M)

Retained capital not read

Balance sheet Net debt against an operating loss, $98M

MDWD MediWound Ltd.

Our solutions selectively remove non-viable hazardous tissue while preserving healthy tissue, offering a safer and more effective alternative to traditional methods.

Owner earnings 2016–2025 ($17M)($17M)($13M)$8M($7M)($9M)($12M)($11M)($14M)($17M)

Retained capital not read

Balance sheet Net cash, debt-free, +$9M

MIRM Mirum Pharmaceuticals Inc.

We market and commercialize Livmarli in the U.S., Canada and certain countries in Europe through our specialized and focused commercial team.

Owner earnings 2020–2025 ($89M)($133M)($120M)($71M)$9M$55M

Retained capital not read

Balance sheet Net cash, +$74M

MNKD MannKind Corporation

We are a biopharmaceutical company dedicated to transforming chronic disease care through innovative, patient-centric solutions.

Owner earnings 2016–2025 ($79M)($38M)($89M)($29M)($64M)($84M)$30M$35M$14M

Retained capital not read

Balance sheet Heavy net debt, $183M

MREO Mereo BioPharma Group plc

We are a biopharmaceutical company focused on the development of innovative therapeutics for rare diseases.

Owner earnings 2022–2025 ($49M)($21M)($33M)($31M)

Retained capital not read

Balance sheet Net cash, debt-free, +$41M

MRK Merck & Company Inc. Common Stock (new)

Merck is a pharmaceutical company. It discovers, makes, and sells prescription medicines — including biologic therapies and vaccines — for human disease, and it sells animal health products as well. It markets these mostly to drug wholesalers and retailers, hospitals, and government agencies, and earns its keep on patent-protected branded drugs that command a price the underlying chemistry does not.

Owner earnings 2016–2025 $8.8B$4.6B$8.3B$10.1B$8.6B$11.5B$17.3B$11.2B$19.4B$13.4B

Retained capital Paid out $2.9B more than it earned over 2016–2025; annual owner earnings grew $7.4B.

Balance sheet Modest net debt, $34.7B · dividend paid 10 of 10 yrs, never cut

MRVI Maravai LifeSciences Holdings Inc.

Maravai LifeSciences Holdings Inc. is a life sciences company providing critical products and services to enable the development of drugs, therapeutics, vaccines, and diagnostics, and support research on human disease.

Owner earnings 2019–2025 $7M$127M$354M$519M$61M($22M)($71M)

Retained capital Retained $58M of earnings over 2019–2025; annual owner earnings fell $173M, $-2.96 per $1 retained.

Balance sheet Net debt against an operating loss, $75M

NAMS NewAmsterdam Pharma Company N.V.

We are a late-stage biopharmaceutical company whose mission is to improve patient care in populations with cardiometabolic diseases where currently approved therapies have not been adequate or well tolerated.

Owner earnings 2022–2025 $10M($141M)($159M)($148M)

Retained capital not read

Balance sheet Net cash, debt-free, +$636M

NAMSW NewAmsterdam Pharma Company N.V.

We are a late-stage biopharmaceutical company whose mission is to improve patient care in populations with cardiometabolic diseases where currently approved therapies have not been adequate or well tolerated.

Owner earnings 2022–2025 $10M($141M)($159M)($148M)

Retained capital not read

Balance sheet Net cash, debt-free, +$636M

NATR Nature's Sunshine Products Inc.

We are a natural health and wellness company primarily engaged in the manufacturing and direct selling of nutritional and personal care products.

Owner earnings 2016–2025 ($1M)$5M$17M$3M$33M$28M($7M)$31M$14M$29M

Retained capital Retained $5M of earnings over 2016–2025; annual owner earnings grew $18M.

Balance sheet Net cash, debt-free, +$94M · buybacks at an average near $14.71 · dividend paid 3 of 10 yrs, cut at least once

NBTX Nanobiotix S.A.

We are a late-stage clinical biotechnology company focused on re-inventing medicine by building new therapies atom by atom, developing widely applicable, first-in-class, physics-based nanotherapeutics to transform treatment outcomes and expand life for millions of patients.

Owner earnings 2018–2025 (€26M)(€42M)(€28M)(€30M)(€37M)(€13M)(€20M)(€34M)

Retained capital not read

Balance sheet Net cash, debt-free, +€53M

NKTR Nektar Therapeutics

Nektar Therapeutics is a clinical stage, research-based drug discovery biopharmaceutical company focused on discovering and developing innovative medicines in the field of immunotherapy.

Owner earnings 2016–2025 ($123M)($90M)$704M($355M)($321M)($428M)($310M)($193M)($177M)($209M)

Retained capital not read

Balance sheet Net cash, +$51M

NRIX Nurix Therapeutics Inc.

We are a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of targeted protein degradation medicines, the next frontier in innovative drug design aimed at improving treatment options for patients with cancer and inflammatory diseases.

Owner earnings 2019–2025 ($1M)($2M)($87M)($165M)($90M)($182M)($258M)

Retained capital not read

Balance sheet Net cash, debt-free, +$492M

NUVB Nuvation Bio Inc.

We are a global oncology company focused on tackling some of the toughest challenges in cancer treatment with the goal of developing therapies that create a profound, positive impact on patients' lives.

Owner earnings 2023–2025 ($68M)($130M)($175M)

Retained capital not read

Balance sheet Net cash, +$429M

NVO Novo Nordisk A/S

Novo Nordisk makes and sells prescription medicines for diabetes and obesity, the two conditions its business has been built around since it began making insulin. Its patients and their prescribing doctors take the drug, but the bills are settled by payers who negotiate the price down through rebates. It earns its keep by turning patented medicine into something that costs little to manufacture relative to what those payers reimburse.

Owner earnings 2019–2025 DKK 41.1BDKK 46.1BDKK 48.7BDKK 72.3BDKK 101.6BDKK 112.4BDKK 104.4B

Retained capital Retained DKK 130.2B of earnings over 2019–2025; annual owner earnings grew DKK 60.9B, DKK 0.47 per DKK 1 retained.

Balance sheet Modest net debt, DKK 104.5B · dividend paid 7 of 7 yrs, never cut

NVS Novartis AG

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2016–2025 $9.6B$11.3B$13.0B$12.2B$12.4B$14.0B$13.3B$13.4B$16.3B$17.6B

Retained capital Paid out $9.5B more than it earned over 2016–2025; annual owner earnings grew $4.4B.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs, never cut

OCUL Ocular Therapeutix Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2016–2025 ($35M)($52M)($51M)($80M)($54M)($67M)($62M)($73M)($136M)($209M)

Retained capital not read

Balance sheet Net cash, +$666M

OGI Organigram Global Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2018–2024 (C$13M)(C$36M)(C$47M)(C$31M)(C$42M)(C$859K)

Retained capital not read

Balance sheet Net debt against an operating loss, C$25K

OGN Organon

Organon is a global healthcare company with a mission to deliver impactful medicines and solutions for a healthier every day.

Owner earnings 2019–2025 $2.9B$2.0B$2.0B$662M$548M$764M$538M

Retained capital Retained $8.6B of earnings over 2019–2025; annual owner earnings fell $1.7B, $-0.20 per $1 retained.

Balance sheet Heavy net debt, $8.1B · dividend paid 5 of 7 yrs, cut at least once

OMER Omeros Corporation

Omeros Corporation is an innovative, commercial-stage biotechnology company that discovers and develops first-in-class protein and small-molecule therapeutics for large-market and orphan indications, with particular emphasis on complement-mediated diseases, cancers, and addictive or compulsive disorders.

Owner earnings 2011–2020 ($26M)($35M)($30M)($58M)($65M)($52M)($37M)($104M)($60M)($100M)

Retained capital not read

Balance sheet Net cash, +$82M

ONC BeOne Medicines Ltd.

We are a leading global oncology company discovering and developing innovative treatments that are more accessible to cancer patients worldwide.

Owner earnings 2016–2025 ($91M)$8M($558M)($769M)($1.3B)($1.3B)($1.6B)($1.2B)($312M)$986M

Retained capital not read

Balance sheet Net cash, +$3.5B

OPK OPKO Health Inc.

Revenue is led by Services (61%) and Products (26%), with 2 more lines behind.

Owner earnings 2016–2025 $13M($139M)($137M)($185M)$6M$6M($120M)($44M)($208M)($191M)

Retained capital not read

Balance sheet Net cash, +$30M

ORMP Oramed Pharmaceuticals Inc.

We are a pharmaceutical company engaged in the research and development of innovative pharmaceutical solutions with a technology platform that allows for the oral delivery of therapeutic proteins.

Owner earnings 2016–2025 $5M($6M)($15M)($13M)($13M)($22M)($28M)($11M)($9M)

Retained capital not read

Balance sheet Net cash, +$51M

OVID Ovid Therapeutics Inc.

Ovid is a biopharmaceutical company that is dedicated to developing small molecule medicines for brain disorders with significant unmet need.

Owner earnings 2020–2025 ($52M)$118M($56M)($46M)($56M)($38M)

Retained capital not read

Balance sheet Net cash, debt-free, +$13M

PAHC Phibro Animal Health Corporation

Phibro Animal Health Corporation is a leading global diversified animal health and mineral nutrition company.

Owner earnings 2016–2025 $14M$78M$51M$17M$25M$19M($5M)($21M)$46M$42M

Retained capital Retained $305M of earnings over 2016–2025; annual owner earnings fell $25M, $-0.08 per $1 retained.

Balance sheet Meaningful net debt, $235M · dividend paid 10 of 10 yrs, never cut

PBH Prestige Consumer Healthcare

Revenue is North American OTC Healthcare (84%) and International OTC Healthcare (16%).

Owner earnings 2017–2026 $146M$198M$179M$203M$213M$250M$222M$239M$243M$246M

Retained capital Retained $1.0B of earnings over 2017–2026; annual owner earnings grew $69M, $0.07 per $1 retained.

Balance sheet Meaningful net debt, $930M · buybacks at an average near $34.47

PBYI Puma Biotechnology Inc

We are a biopharmaceutical company that develops and commercializes innovative products to enhance cancer care and improve treatment outcomes for patients.

Owner earnings 2017–2025 ($173M)($25M)$22M$727K$21M($16M)$27M$39M$42M

Retained capital not read

Balance sheet Net cash, +$75M

PCRX Pacira BioSciences

Pacira BioSciences, Inc. is the holding company for our California operating subsidiary named Pacira Pharmaceuticals, Inc.

Owner earnings 2016–2025 $21M$4M$34M$60M$57M$97M$115M$139M$179M$137M

Retained capital Paid out $113M more than it earned over 2016–2025; annual owner earnings grew $132M.

Balance sheet Heavy net debt, $134M · buybacks at an average near $24.98

PFE Pfizer Inc.

Pfizer is a drugmaker. It discovers, manufactures, and sells branded prescription medicines and vaccines, moving them to patients mainly through wholesalers and pharmacy chains. Nearly all of its money comes from selling those products, with a thin slice from royalties on medicines others sell.

Owner earnings 2016–2025 $14.4B$14.8B$13.8B$10.5B$12.2B$29.9B$26.0B$4.8B$9.8B$9.1B

Retained capital Retained $103.1B of earnings over 2016–2025; annual owner earnings fell $6.5B, $-0.06 per $1 retained.

Balance sheet Heavy net debt, $51.0B · buybacks at an average near $38.31

PGEN Precigen Inc.

We are a commercial-stage biopharmaceutical company specializing in the advancement of innovative precision medicines to improve the lives of patients.

Owner earnings 2016–2025 ($81M)($150M)($166M)($174M)($85M)($63M)($70M)($68M)($77M)($90M)

Retained capital not read

Balance sheet Net debt against an operating loss, $39M

PHAR Pharming Group N.V.

Pharming Group is a global biotechnology company that develops and commercializes innovative therapies for rare and ultra-rare diseases with significant unmet need.

Owner earnings 2019–2025 $72M$79M$31M$21M($19M)($3M)$54M

Retained capital Retained $88M of earnings over 2019–2025; annual owner earnings fell $50M, $-0.56 per $1 retained.

Balance sheet Net cash, debt-free, +$145M

PHAT Phathom Pharmaceuticals Inc.

We are a commercial-stage biopharmaceutical company focused on commercializing and developing novel treatments for gastrointestinal, or GI, diseases.

Owner earnings 2022–2025 ($147M)($138M)($267M)($167M)

Retained capital not read

Balance sheet Net debt against an operating loss, $79M

PRE Prenetics Global Limited

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2020–2024 ($6M)$5M$10M($14M)($30M)

Retained capital not read

Balance sheet Net cash, debt-free, +$52M

PRGO Perrigo Company plc

Perrigo is a leading pure-play self-care company with more than a century of providing high-quality health and wellness solutions to meet the evolving needs of consumers.

Owner earnings 2016–2025 $549M$610M$490M$250M$466M$4M$211M$304M$245M$145M

Retained capital Paid out $7.6B more than it earned over 2016–2025; annual owner earnings fell $319M.

Balance sheet Net debt against an operating loss, $3.1B · dividend paid 10 of 10 yrs, never cut

PRLD Prelude Therapeutics Incorporated

Prelude is a precision oncology company built on a foundation of drug discovery excellence to deliver novel precision cancer medicines to underserved patients.

Owner earnings 2024–2025 ($104M)($56M)

Retained capital not read

Balance sheet Net cash, debt-free, +$103M

PRQR ProQR Therapeutics N.V.

We are a clinical-stage biotechnology company advancing a pipeline of RNA editing therapeutics based on our proprietary Axiomer RNA-editing platform.

Owner earnings 2016–2025 (€35M)(€35M)(€29M)(€45M)(€48M)(€26M)(€69M)€20M(€38M)(€54M)

Retained capital not read

Balance sheet Net cash, +€83M

PRTA Prothena Corporation plc

Prothena Corporation plc is a late-stage clinical biotechnology company with expertise in protein dysregulation with the potential to change the course of devastating neurodegenerative and rare peripheral amyloid diseases.

Owner earnings 2016–2025 ($119M)($135M)($30M)($54M)($81M)$92M($109M)($135M)($150M)($164M)

Retained capital not read

Balance sheet Net cash, debt-free, +$308M

PTCT PTC Therapeutics Inc.

We are a global biopharmaceutical company dedicated to the discovery, development and commercialization of clinically differentiated medicines for children and adults living with rare disorders.

Owner earnings 2016–2025 ($105M)($13M)($35M)($112M)($212M)($280M)($389M)($187M)($114M)$702M

Retained capital not read

Balance sheet Net cash, +$1.4B

PTGX Protagonist Therapeutics Inc.

Protagonist Therapeutics Inc. is an integrated discovery and development company with a validated technology platform.

Owner earnings 2017–2025 $3M($50M)($42M)($73M)($109M)($109M)($71M)$183M$56M

Retained capital not read

Balance sheet Net cash, +$558M

PVLA Palvella Therapeutics Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2014–2023 ($282K)($13M)($15M)$49M($2M)($53M)($48M)($9M)($61M)($14M)

Retained capital not read

Balance sheet Net cash, debt-free, +$67M

QUCY Quantum Cyber N.V.

We are a public company under Dutch law.

Owner earnings 2024–2025 ($17M)($11M)

Retained capital not read

Balance sheet Net cash, debt-free, +$889K

QURE uniQure N.V.

We are a leader in the field of gene therapy, seeking to deliver to patients suffering from rare and other devastating diseases single treatments with potentially curative results.

Owner earnings 2016–2025 ($78M)($69M)($78M)($104M)($142M)$281M($154M)($153M)($186M)($178M)

Retained capital not read

Balance sheet Net cash, +$29M

RADX Radiopharm Theranostics Limited

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings FY2023 ($23M)

Retained capital not read

Balance sheet Net cash, debt-free, +$29M

RARE Ultragenyx

Ultragenyx Pharmaceutical Inc., we or the Company, is a biopharmaceutical company committed to bringing novel products to patients for the treatment of serious rare and ultra-rare genetic diseases.

Owner earnings 2016–2025 ($164M)($257M)($295M)($354M)($144M)($352M)($399M)($501M)($421M)($472M)

Retained capital not read

Balance sheet Net cash, debt-free, +$743M

RCUS Arcus Biosciences Inc.

We are a late clinical-stage biopharmaceutical company focused on developing differentiated molecules for patients with cancer and inflammatory and autoimmune diseases.

Owner earnings 2017–2025 ($28M)($47M)($75M)$108M($260M)$432M($314M)($176M)($484M)

Retained capital not read

Balance sheet Net cash, +$678M

RDY Dr. Reddy's Laboratories Ltd

Dr. Reddy's makes medicines — in large part generic copies of drugs whose patents have lapsed, along with the active ingredients that go into them. It sells through wholesalers, pharmacy chains, and group purchasing organizations, with the United States a major market and India both its home market and its low-cost manufacturing base. The money comes from making a pill cheaply and selling it for more, with research, plant, and regulatory costs sitting in between.

Owner earnings 2016–2025 ₹29.2B₹9.2B₹8.7B₹21.7B₹25.0B₹26.0B₹13.4B₹47.6B₹29.0B₹29.4B

Retained capital Retained ₹214.9B of earnings over 2016–2025; annual owner earnings grew ₹19.6B, ₹0.09 per ₹1 retained.

Balance sheet Net cash, +₹12.0B · dividend paid 10 of 10 yrs, cut at least once

REGN Regeneron Pharmaceuticals Inc.

Regeneron is a biotechnology company that discovers, makes, and sells prescription medicines for serious illnesses — among them eye disease, inflammatory and allergic disease, cancer, and heart disease. It earns money two ways: selling its own drugs to a small set of large buyers, and sharing the profit on drugs marketed alongside partners, which is why a large slice of revenue arrives as collaboration income rather than direct product sales. A handful of branded medicines carry most of the weight.

Owner earnings 2016–2025 $1.4B$1.2B$2.0B$2.2B$2.4B$6.8B$4.7B$4.2B$3.9B$4.4B

Retained capital Retained $16.9B of earnings over 2016–2025; annual owner earnings grew $2.7B, $0.16 per $1 retained.

Balance sheet Net cash, +$6.6B · dividend paid 1 of 10 yrs, never cut

RIGL Rigel Pharmaceuticals Inc.

We are a biotechnology company dedicated to developing and providing novel therapies that significantly improve the lives of patients with hematologic disorders and cancer.

Owner earnings 2016–2022 ($77M)($78M)($59M)($42M)($53M)$5M($74M)

Retained capital not read

Balance sheet Net cash, +$102M

RLMD Relmada Therapeutics Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings FY2013 ($2M)

Retained capital not read

Balance sheet Net cash, +$90M

ROIV Roivant Sciences Ltd.

Roivant is a biopharmaceutical company that aims to improve the lives of patients by accelerating the development and commercialization of medicines that matter.

Owner earnings 2021–2026 ($558M)($695M)($856M)($767M)($844M)($759M)

Retained capital not read

Balance sheet Net cash, +$3.8B

RPRX Royalty Pharma PLC

Royalty market, collaborating with innovators from academic institutions, research hospitals and not-for-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, $8.3B

RYTM Rhythm Pharmaceuticals Inc.

We are a global, commercial-stage biopharmaceutical company dedicated to transforming the lives of patients living with rare neuroendocrine diseases.

Owner earnings 2016–2025 ($24M)($30M)($63M)($126M)($122M)($146M)($174M)($136M)($114M)($117M)

Retained capital not read

Balance sheet Net cash, +$281M

SDGR Schrodinger Inc.

We offer our customers a variety of software solutions that accelerate all stages of molecule discovery, design, and optimization.

Owner earnings 2019–2025 ($28M)$14M($74M)($124M)($142M)($165M)$12M

Retained capital not read

Balance sheet Net cash, debt-free, +$395M

SEPN Septerna Inc.

We are a clinical-stage biotechnology company pioneering a new era of GPCR oral small molecule drug discovered powered by our proprietary Native Complex Platform .

Owner earnings 2023–2025 ($40M)($69M)$110M

Retained capital not read

Balance sheet Net cash, debt-free, +$391M

SGMT Sagimet Biosciences Inc. Series A

We are a clinical-stage biopharmaceutical company developing novel therapeutics called fatty acid synthase inhibitors that target dysfunctional metabolic and fibrotic pathways in diseases resulting from the overproduction of the fatty acid, palmitate.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, debt-free, +$113M

SLGL Sol-Gel Technologies Ltd.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2016–2025 ($19M)($25M)($24M)($23M)($26M)($8M)($10M)($18M)($14M)$275K

Retained capital not read

Balance sheet Net cash, debt-free, +$24M

SLN Silence Therapeutics PLC

We are a biotechnology company focused on discovering and developing novel molecules incorporating short interfering ribonucleic acid, or siRNA, to inhibit the expression of specific target genes thought to play a role in the pathology of diseases with significant unmet medical need.

Owner earnings 2022–2025 ($57M)($50M)($68M)($62M)

Retained capital not read

Balance sheet Net cash, debt-free, +$85M

SNDL SNDL Inc.

SNDL Inc. operates its convenience format liquor stores in Alberta primarily under the brand names Liquor Depot and Ace Liquor .

Owner earnings 2018–2025 (C$6M)(C$113M)(C$61M)(C$160M)(C$17M)(C$24M)C$46MC$58M

Retained capital not read

Balance sheet Net cash, +C$221M

SNDX Syndax Pharmaceuticals Inc.

We are a commercial-stage biopharmaceutical company advancing innovative cancer therapies.

Owner earnings 2016–2025 ($35M)($47M)($69M)($71M)$29M($134M)($161M)($275M)($323M)

Retained capital not read

Balance sheet Net cash, +$44M

SNY Sanofi ADS

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2019–2025 €5.9B€5.3B€8.5B€8.4B€7.4B€5.9B€7.2B

Retained capital Retained €10.9B of earnings over 2019–2025; annual owner earnings grew €236M, €0.02 per €1 retained.

Balance sheet Modest net debt, €5.8B · dividend paid 7 of 7 yrs, never cut

SPRY ARS Pharmaceuticals Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2021–2025 ($18M)($40M)($59M)$13M($171M)

Retained capital not read

Balance sheet Net cash, +$149M

SRPT Sarepta

We are a commercial-stage biopharmaceutical company focused on helping patients through the discovery and development of unique RNA-targeted therapeutics, siRNA knockdown therapies, gene therapy and other genetic therapeutic modalities for the treatment of rare diseases.

Owner earnings 2016–2025 ($251M)($240M)($401M)($481M)$81M($482M)($356M)($545M)($244M)($250M)

Retained capital not read

Balance sheet Net cash, +$799M

STOK Stoke Therapeutics Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2022–2025 ($33M)($83M)($87M)$45M

Retained capital not read

Balance sheet Net cash, debt-free, +$84M

STTK Shattuck Labs Inc.

We are a clinical-stage biotechnology company pioneering the development of potentially first-in-class monoclonal and bispecific Death Receptor 3 blocking antibodies for the treatment of patients with inflammatory and immune-mediated diseases.

Owner earnings 2019–2025 ($21M)($34M)($65M)($106M)($82M)($61M)($40M)

Retained capital not read

Balance sheet Net cash, debt-free, +$54M

SUPN Supernus Pharmaceuticals Inc.

Supernus Pharmaceuticals Inc. is a biopharmaceutical company focused on developing and commercializing products for the treatment of central nervous system diseases.

Owner earnings 2016–2025 $65M$113M$128M$140M$135M$116M$111M$171M$46M

Retained capital Retained $597M of earnings over 2016–2025; annual owner earnings grew $7M, $0.01 per $1 retained.

Balance sheet Net cash, +$473M

SVRA Savara Inc.

Savara, together with its wholly-owned subsidiaries, which include Aravas Inc. and Savara ApS, operate in one segment with its principal office in Langhorne, Pennsylvania, though a majority of our employees work remotely.

Owner earnings 2010–2020 ($8M)($14M)($18M)($25M)($5M)($8M)($29M)($45M)($40M)

Retained capital not read

Balance sheet Net cash, +$206M

SXTC China SXT Pharmaceuticals Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2017–2025 $114K$1M($297K)$803K($1M)$207K($2M)($2M)

Retained capital not read

Balance sheet Net cash, +$28M

TAK Takeda Pharmaceutical Company Limited

Accordingly, Takeda presents both types of measures to provide investors with additional information to analyze Takeda's results of operations and financial condition and understand how Takeda's management assesses the same.

Owner earnings 2017–2025 ¥199.7B¥310.8B¥250.8B¥542.7B¥899.7B¥999.9B¥836.5B¥540.9B¥856.4B

Retained capital Paid out ¥696.5B more than it earned over 2017–2025; annual owner earnings grew ¥490.8B.

Balance sheet Heavy net debt, ¥3.58T · dividend paid 9 of 9 yrs, never cut

TBPH Theravance Biopharma Inc.

Theravance Biopharma Inc. is a biopharmaceutical company primarily focused on the development and commercialization of medicines.

Owner earnings 2016–2025 ($101M)($203M)($116M)($241M)($254M)($211M)($188M)($29M)($12M)$238M

Retained capital not read

Balance sheet Net debt against an operating loss, $60M

TEVA Teva Pharmaceutical Industries Limited

We operate worldwide, with headquarters in Israel and a significant presence in the United States, Europe and many other markets around the world.

Owner earnings 2016–2025 $3.0B$1.4B$1.8B$223M$638M$236M$1.0B$842M$749M$1.1B

Retained capital Paid out $28.1B more than it earned over 2016–2025; annual owner earnings fell $1.1B.

Balance sheet Heavy net debt, $27.1B · dividend paid 3 of 10 yrs, cut at least once

TGTX TG Therapeutics Inc.

Therapeutics is a fully integrated, commercial stage, biotechnology company focused on the acquisition, development and commercialization of novel treatments for B-cell diseases.

Owner earnings 2016–2025 ($62M)($94M)($129M)($133M)($215M)($296M)($176M)($31M)($41M)($25M)

Retained capital not read

Balance sheet Modest net debt, $104M

TLRY Tilray Brands Inc. Common Stock

Our Manitoba Harvest business is a leader in the hemp-based food category in the U.S.

Owner earnings 2016–2025 ($4M)($8M)($50M)($59M)($136M)($84M)($211M)($13M)($60M)($128M)

Retained capital not read

Balance sheet Net cash, +$71M

TLX Telix Pharmaceuticals Limited

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2023–2025 $10M$23M($43M)

Retained capital not read

Balance sheet Heavy net debt, $263M

TNGX Tango Therapeutics Inc.

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2020–2025 $69M($60M)($111M)($120M)($132M)($140M)

Retained capital not read

Balance sheet Net cash, debt-free, +$343M

TRLV Trulieve Cannabis Corp.

Trulieve Cannabis Corp. operates in highly regulated markets that require expertise in cultivation, manufacturing, and retail.

Owner earnings 2019–2025 $14M$87M($33M)($93M)$162M$149M$229M

Retained capital Paid out $917M more than it earned over 2019–2025; annual owner earnings grew $157M.

Balance sheet Net cash, +$119M

TVTX Travere Therapeutics

We are a biopharmaceutical company headquartered in San Diego, California, focused on identifying, developing and delivering life-changing therapies to people living with rare kidney and metabolic diseases.

Owner earnings 2016–2023 ($5M)$7M($26M)($58M)($50M)($20M)($186M)($281M)

Retained capital not read

Balance sheet Net debt against an operating loss, $17M

UPB Upstream Bio Inc.

Total estimated biologics sales in 2023 for asthma in the United States, Europe and Japan markets were approximately $7.5 billion.

Owner earnings 2023–2025 ($38M)($59M)($133M)

Retained capital not read

Balance sheet Net cash, debt-free, +$342M

URGN UroGen Pharma Ltd.

We are a biotechnology company dedicated to developing and commercializing innovative solutions that treat urothelial and specialty cancers.

Owner earnings 2016–2025 $4M($10M)($38M)($71M)($106M)($86M)($88M)($77M)($97M)($163M)

Retained capital not read

Balance sheet Net cash, +$38M

USNA USANA Health Sciences

USANA Health Sciences, Inc. develops and manufactures high-quality nutritional supplements, functional foods and personal care products that are sold throughout the world.

Owner earnings 2016–2026 $104M$111M$141M$110M$145M$94M$56M$51M$9M

Retained capital Retained $199M of earnings over 2016–2026; annual owner earnings fell $80M, $-0.40 per $1 retained.

Balance sheet Net cash, debt-free, +$158M · buybacks at an average near $69.06

UTHR United Therapeutics

We market and sell the following commercial therapies in the United States to treat PAH: Tyvaso DPI Inhalation Powder; Tyvaso Inhalation Solution, which includes the Tyvaso Inhalation System; Remodulin Injection; and the Remunity and RemunityPRO Pumps for Remodulin; Orenitram Extended-Release Tablets; and Adcirca Tablets.

Owner earnings 2016–2025 $606M$443M$743M($253M)$696M$548M$751M$925M$1.3B$1.5B

Retained capital Retained $4.1B of earnings over 2016–2025; annual owner earnings grew $621M, $0.15 per $1 retained.

Balance sheet Net cash, +$2.7B

VNDA Vanda Pharmaceuticals Inc.

Vanda Pharmaceuticals Inc. is a leading global biopharmaceutical company focused on the development and commercialization of innovative therapies to address high unmet medical needs and improve the lives of patients.

Owner earnings 2016–2025 ($9M)($3M)$30M$45M$50M$64M$31M$12M($16M)($110M)

Retained capital Paid out $67M more than it earned over 2016–2025; annual owner earnings fell $44M.

Balance sheet Net cash, debt-free, +$85M

VRDN Viridian Therapeutics Inc.

We are a biopharmaceutical company focused on discovering, developing, and commercializing potential best-in-class medicines for serious and rare diseases.

Owner earnings 2015–2025 ($7M)($28M)($27M)($36M)($30M)($55M)($94M)($185M)($233M)($277M)

Retained capital not read

Balance sheet Net cash, +$979M

VRTX Vertex Pharmaceuticals Incorporated

Vertex is a drug company. It discovers, makes, and sells prescription medicines, and the heart of the business is a set of treatments for cystic fibrosis, an inherited disease, sold to the patients who carry it through their doctors and paid for largely by the insurers and health plans that cover them. It earns its money the way a branded drugmaker does: a medicine costs a great deal to invent and prove out, then very little to manufacture once approved, so nearly all the revenue from each prescription drops toward profit while the patent holds.

Owner earnings 2016–2025 $180M$784M$1.2B$1.5B$3.1B$2.5B$4.0B$3.3B($700M)$3.4B

Retained capital Retained $12.7B of earnings over 2016–2025; annual owner earnings grew $1.3B, $0.10 per $1 retained.

Balance sheet Net cash, +$6.5B · buybacks at an average near $365

VSTM Verastem Inc.

We market AVMAPKI FAKZYNJA CO-PACK in the United States, the first treatment specifically FDA-approved for adults with KRAS-mutated recurrent low-grade serous ovarian cancer who have received prior systemic therapy.

Owner earnings 2018–2024 ($76M)($139M)($34M)($54M)($105M)

Retained capital not read

Balance sheet Net cash, +$133M

VTRS Viatris

Viatris' executive management team is focused on ensuring that the Company is optimally structured and efficiently resourced to deliver sustainable value to patients, shareholders, customers and other key stakeholders.

Owner earnings 2018–2025 $2.1B$1.6B$989M$2.6B$2.6B$2.5B$2.0B$1.9B

Retained capital Paid out $5.0B more than it earned over 2018–2025; annual owner earnings grew $589M.

Balance sheet Net debt against an operating loss, $13.1B · buybacks at an average near $12.72

WVE Wave Life Sciences Ltd.

We are a clinical-stage biotechnology company focused on unlocking the broad potential of ribonucleic acid medicines, or those targeting RNA, to transform human health.

Owner earnings 2016–2025 ($33M)($86M)($28M)($192M)($117M)($90M)($129M)($21M)($152M)($188M)

Retained capital not read

Balance sheet Net cash, debt-free, +$602M

XERS Xeris Biopharma Holdings Inc.

We are a commercial-stage biopharmaceutical company focused on developing and commercializing therapies for people with chronic endocrine and neurological diseases in the United States.

Owner earnings 2020–2021 ($81M)($97M)

Retained capital not read

Balance sheet Heavy net debt, $109M

XNCR Xencor Inc.

We are a clinical-stage biopharmaceutical company focused on discovering and developing engineered antibody therapeutics to treat patients with cancer and autoimmune diseases, who have unmet medical needs.

Owner earnings 2016–2025 $94M($36M)($83M)$60M($11M)($24M)$16M($89M)($208M)($138M)

Retained capital not read

Balance sheet Net cash, +$414M

XOMA XOMA Royalty Corporation

We do this by providing capital in exchange for the economic rights to future milestone and royalty payments associated with clinical candidates and approved products.

Owner earnings 2016–2024 ($34M)$3M($13M)$10M($28M)($18M)($14M)

Retained capital not read

Balance sheet Meaningful net debt, $26M

XOMAO XOMA Royalty Corporation

We do this by providing capital in exchange for the economic rights to future milestone and royalty payments associated with clinical candidates and approved products.

Owner earnings 2016–2024 ($34M)$3M($13M)$10M($28M)($18M)($14M)

Retained capital not read

Balance sheet Meaningful net debt, $26M

XOMAP Xoma Royalty Corporation

We do this by providing capital in exchange for the economic rights to future milestone and royalty payments associated with clinical candidates and approved products.

Owner earnings 2016–2024 ($34M)$3M($13M)$10M($28M)($18M)($14M)

Retained capital not read

Balance sheet Meaningful net debt, $26M

ZBIO Zenas BioPharma Inc.

We are a clinical stage global biopharmaceutical company committed to being a leader in the development and commercialization of transformative immunology-based therapies for patients in need.

Owner earnings 2023–2025 ($31M)($120M)($172M)

Retained capital not read

Balance sheet Net cash, +$265M

ZLAB Zai Lab Limited

We are a patient-focused, innovative, commercial-stage, global biopharmaceutical company with a substantial presence in both Greater China and the United States.

Owner earnings 2018–2025 ($99M)($195M)($221M)($556M)($376M)($205M)($221M)($159M)

Retained capital not read

Balance sheet Net cash, debt-free, +$690M

ZTS Zoetis Inc.

Zoetis Inc. is a global leader in the animal health industry, focused on the discovery, development, manufacture and commercialization of medicines, vaccines, diagnostic products and services, biodevices, genetic tests and precision animal health.

Owner earnings 2016–2025 $497M$1.1B$1.5B$1.3B$1.7B$1.7B$1.4B$1.9B$2.5B$2.4B

Retained capital Retained $7.0B of earnings over 2016–2025; annual owner earnings grew $1.2B, $0.17 per $1 retained.

Balance sheet Modest net debt, $6.7B

ZVRA Zevra Therapeutics Inc.

Revenue is MIPLYFFA (82%) and OLPRUVA (1%).

Owner earnings 2018–2025 ($54M)($24M)($2M)$10M($19M)($34M)($70M)($2M)

Retained capital not read

Balance sheet Net cash, +$478K

ZYBT Zhengye Biotechnology Holding Limited

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Owner earnings 2022–2025 (CN¥10M)CN¥41MCN¥27MCN¥12M

Retained capital Paid out CN¥53M more than it earned over 2022–2025; annual owner earnings grew CN¥7M.

Balance sheet Net cash, +CN¥15M · dividend paid 3 of 4 yrs, cut at least once

ZYME Zymeworks Inc.

Zymeworks is a global biotechnology company managing a portfolio of licensed healthcare assets and developing a diverse pipeline of novel, multifunctional biotherapeutics to improve the standard of care for difficult-to-treat conditions, including cancer, inflammation, and autoimmune disease.

Owner earnings 2020–2025 ($156M)($205M)$136M($121M)($112M)($35M)

Retained capital not read

Balance sheet Net cash, debt-free, +$258M