--- title: "Biosimilars Industry: Companies, KPIs" description: "264 SEC filers are classified under the Standard Industrial Classification codes that describe the biosimilars industry." canonical: https://www.getswoopr.com/stocks/industries/health-care/biosimilars/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Biosimilars Industry ## Direct Answer 264 SEC filers are classified under the Standard Industrial Classification codes that describe the biosimilars industry, and their latest annual reports show $546.7 billion of combined revenue and a median operating margin of -320.5%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics. ## Industry Overview Biosimilar companies develop and sell near-copies of branded biologic drugs after their patents expire, at lower prices. Regulatory pathways, interchangeability and payer formulary decisions determine uptake. The first numbers to compare across companies here are biosimilar launches and share, net price versus reference product and gross margin. ## Key Industry Metrics - **Biosimilar launches and share**: Number of products launched and the portion of the reference drug's prescriptions captured. Uptake depends on payer preference and prescribers, so share can lag launch by quarters. - **Net price versus reference product**: Price received compared with the branded biologic. Larger discounts help win formulary placement but cut revenue per unit. - **Gross margin**: Share of sales left after manufacturing and distribution cost. Biologics are costly to make, so scale and yield determine margin as prices fall. - **Development cost and approvals**: Spending needed to prove similarity and approvals obtained. Development is costlier than for small-molecule generics, so approvals must convert to sales to justify it. - **Payer contract wins**: Agreements with insurers and benefit managers to prefer a biosimilar. Wins steer volume to one product, so they matter more than clinical availability alone. ## Primary Macro Drivers - **Patent expiries of large biologics**: As patents on large biologic drugs expire, new copies can be launched, so the expiry calendar sets which products and when. - **Payer and pharmacy benefit manager formularies**: Insurers and benefit managers decide which version is preferred, so formulary placement drives share and net price. - **Interchangeability rules**: Interchangeability status lets pharmacists substitute a biosimilar for the original without prescriber approval, which can raise uptake. - **Manufacturing scale**: Making biologics is complex, so large plants lower cost per dose and let a company price competitively while holding gross margin. ## Major Risks - **Price erosion**: As more copies enter, prices fall for the whole class, which cuts net price against the reference product; watch net price and gross margin. - **Slow uptake against rebated originals**: Originals may offer large rebates that keep them preferred, so copies can gain little share despite lower list prices; watch payer contract wins and share. - **Litigation and patent settlements**: Patent suits and settlements can delay a launch or set entry dates; watch legal proceedings and settlement terms. - **Regulatory delays**: Delays in regulator review or inspection hold up launches and revenue; watch approval timing and facility inspection findings. ## Industry Characteristics | Characteristic | Profile | | --- | --- | | Cyclicality | Defensive | | Capital Intensity | Medium | | Regulatory Intensity | High | | Industry Maturity | Growth | | Geographic Importance | U.S. / Global | ## Biosimilars Filers in the SEC Record 264 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification codes 2834, 2836. Their latest fiscal years end between 2022 and 2026, and together they reported $546.7 billion of revenue. Median revenue growth over the prior year was 11.6%. Median operating margin was -320.5% and median net margin -202.0%. Median total liabilities were 40% of total assets, and 57 of 264 reported a profit in their latest year. | Company | Revenue | Growth | Operating margin | Net margin | Year | | --- | --- | --- | --- | --- | --- | | [Johnson & Johnson](https://www.getswoopr.com/stocks/companies/johnson-and-johnson/) | $94.2 billion | 6.0% | n/a | 28.5% | FY 2025 | | [Eli Lilly & Co](https://www.getswoopr.com/stocks/companies/eli-lilly/) | $65.2 billion | 44.7% | n/a | 31.7% | FY 2025 | | [Pfizer Inc](https://www.getswoopr.com/stocks/companies/pfizer/) | $62.6 billion | -1.6% | n/a | 12.4% | FY 2025 | | [Abbvie Inc.](https://www.getswoopr.com/stocks/companies/abbvie/) | $61.2 billion | 8.6% | 24.6% | 6.9% | FY 2025 | | [Bristol Myers Squibb Co](https://www.getswoopr.com/stocks/companies/bristol-myers-squibb/) | $48.2 billion | -0.2% | n/a | 14.6% | FY 2025 | | [Abbott Laboratories](https://www.getswoopr.com/stocks/companies/abbott-laboratories/) | $44.3 billion | 5.7% | 18.2% | 14.7% | FY 2025 | | [Amgen Inc](https://www.getswoopr.com/stocks/companies/amgen/) | $36.8 billion | 10.0% | 24.7% | 21.0% | FY 2025 | | [Gilead Sciences, Inc.](https://www.getswoopr.com/stocks/companies/gilead-sciences/) | $29.4 billion | 2.4% | 34.0% | 28.9% | FY 2025 | The 8 largest of 264 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 Biosimilars 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. ### More in Health Care - [Health Care sector overview](https://www.getswoopr.com/stocks/industries/health-care/) - [Biotechnology](https://www.getswoopr.com/stocks/industries/health-care/biotechnology/) - [Biopharma Manufacturing Equipment](https://www.getswoopr.com/stocks/industries/health-care/biopharma-manufacturing-equipment/) - [Cardiometabolic Pharmaceuticals](https://www.getswoopr.com/stocks/industries/health-care/cardiometabolic-pharmaceuticals/) - [Bioinformatics](https://www.getswoopr.com/stocks/industries/health-care/bioinformatics/) - [Cardiovascular Devices](https://www.getswoopr.com/stocks/industries/health-care/cardiovascular-devices/) - [Behavioral Health Providers](https://www.getswoopr.com/stocks/industries/health-care/behavioral-health-providers/) - [Care Delivery](https://www.getswoopr.com/stocks/industries/health-care/care-delivery/) - [Antibody Therapeutics](https://www.getswoopr.com/stocks/industries/health-care/antibody-therapeutics/) ### Put it to work - [How to analyze a stock](https://www.getswoopr.com/stocks/how-to-analyze-a-stock/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) - [Company research](https://www.getswoopr.com/stocks/companies/) - [All industries](https://www.getswoopr.com/stocks/industries/) ## Frequently Asked Questions What are the main KPIs for the Biosimilars industry? Key performance indicators for the Biosimilars industry include: Biosimilar launches and share, Net price versus reference product, Gross margin, Development cost and approvals, Payer contract wins. Which matter most depends on the company's model, so compare them across several companies rather than relying on one. How cyclical is the Biosimilars industry? The Biosimilars 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 Biosimilars industry? The primary risks for Biosimilars companies include: Price erosion, Slow uptake against rebated originals, Litigation and patent settlements, Regulatory delays. Investors should assess each company's exposure to these factors and its track record of navigating them. **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).