Direct Answer
74 SEC filers are classified under the Standard Industrial Classification code that describes the antibody therapeutics industry, and their latest annual reports show $92.6 billion of combined revenue and a median operating margin of -274.6%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Antibody therapeutic companies develop engineered proteins that bind a target on cells or pathogens, used in cancer, autoimmune and infectious disease. These drugs are expensive to make and often generate large sales if approved, but patent expiry brings biosimilar competition. The first numbers to compare across companies here are sales of marketed antibodies, clinical trial readouts and stage and manufacturing capacity.
Key Industry Metrics
- Sales of marketed antibodies: Revenue from approved antibody drugs. It shows commercial traction, and a few large products often dominate results.
- Clinical trial readouts and stage: Results and phase of studies in progress. A later stage means nearer to approval, and results decide whether the pipeline replaces aging products.
- Manufacturing capacity: Ability to produce antibody drugs at scale, which requires costly cell-culture plants. Limited capacity can restrain launches, while excess adds fixed cost.
- Patent and exclusivity timeline: Dates when protection ends and biosimilar competition may begin. It shows how long high revenue is protected and how soon price erosion may start.
- Cash runway for smaller developers: Months of spending covered by cash on hand. Antibody trials are expensive, so a short runway often leads to dilutive financing or partnering.
Primary Macro Drivers
- Clinical data and regulatory approvals: Positive trial data and approvals expand the patients who can be treated, which drives sales of marketed antibodies and the value of the pipeline.
- Payer coverage and rebates: Insurer coverage and rebates set net price and how many patients receive a drug, which affects sales of marketed antibodies.
- Manufacturing and supply: These drugs are made in living cells, so plant capacity and supply set how many patients can be treated and cost of goods.
- Partnering and licensing deals: Licensing and partnering deals can bring cash upfront and milestones, which supports runway for smaller developers.
Major Risks
- Trial failures: A negative trial removes expected sales and can lead to restructuring for smaller companies; watch readout timing and endpoints.
- Biosimilar entry: After patents expire, copies of the antibody enter at lower prices and erode sales; watch the exclusivity timeline for each marketed product.
- Price negotiation and rebates: Government negotiation and higher rebates lower net price per patient; watch the gap between list and net price.
- Safety signals: Serious side effects can lead to warnings, restricted use or withdrawal; watch regulator communications and long-term safety data.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Defensive |
| Capital Intensity | Medium |
| Regulatory Intensity | High |
| Industry Maturity | Growth |
| Geographic Importance | U.S. / Global |
Antibody Therapeutics Filers in the SEC Record
74 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 2836. Their latest fiscal years end between 2022 and 2026, and together they reported $92.6 billion of revenue. Median revenue growth over the prior year was 14.0%. Median operating margin was -274.6% and median net margin -212.3%. Median total liabilities were 39% of total assets, and 17 of 74 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Amgen Inc | $36.8 billion | 10.0% | 24.7% | 21.0% | FY 2025 |
| Gilead Sciences, Inc. | $29.4 billion | 2.4% | 34.0% | 28.9% | FY 2025 |
| Biogen Inc. | $9.9 billion | 2.2% | n/a | 13.1% | FY 2025 |
| Neurocrine Biosciences Inc | $2.9 billion | 21.4% | 21.6% | 16.7% | FY 2025 |
| Exelixis, Inc. | $2.3 billion | 7.0% | 37.6% | 33.7% | FY 2026 |
| Moderna, Inc. | $1.9 billion | -39.9% | -158.1% | -145.2% | FY 2025 |
| Halozyme Therapeutics, Inc. | $1.4 billion | 37.6% | 33.6% | 22.7% | FY 2025 |
| Bio-Techne Corp | $1.2 billion | 5.2% | 8.4% | 6.0% | FY 2025 |
The 8 largest of 74 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The Antibody Therapeutics guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
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Frequently Asked Questions
What are the main KPIs for the Antibody Therapeutics industry?
Key performance indicators for the Antibody Therapeutics industry include: Sales of marketed antibodies, Clinical trial readouts and stage, Manufacturing capacity, Patent and exclusivity timeline, Cash runway for smaller developers. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Antibody Therapeutics industry?
The Antibody Therapeutics industry is generally defensive, meaning demand tends to remain relatively stable regardless of the economic cycle. Companies in this space can provide portfolio stability during recessions, though growth may lag in strong expansions.
What are the biggest risks in the Antibody Therapeutics industry?
The primary risks for Antibody Therapeutics companies include: Trial failures, Biosimilar entry, Price negotiation and rebates, Safety signals. Investors should assess each company's exposure to these factors and its track record of navigating them.