Direct Answer
74 SEC filers are classified under the Standard Industrial Classification code that describes the cell therapy 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
Cell therapy companies develop treatments in which a patient's or a donor's cells are engineered or expanded and infused, mostly in blood cancers and autoimmune disease. Manufacturing complexity and cost are central challenges. The first numbers to compare across companies here are patients treated and product sales, manufacturing success rate and turnaround time and clinical data.
Key Industry Metrics
- Patients treated and product sales: Number of patients who received therapy and the revenue earned. Each treatment carries a high price, so patient count translates into revenue directly.
- Manufacturing success rate and turnaround time: Share of batches that meet specification and days from collection to infusion. Failures and long waits can mean lost patients and delayed revenue.
- Clinical data: Response rates and durability from trials and real-world use. Strong, lasting responses support label expansion and payer coverage.
- Cost of goods: Cost to produce each patient's dose. Individualized manufacturing is expensive, so falling cost per dose is key to improving profit.
- Cash runway: Months of spending covered by cash on hand. Manufacturing build-out and trials are costly, so a short runway can force financing.
Primary Macro Drivers
- Clinical approvals and label expansions: Approvals for more patients or earlier lines of treatment widen the number who can receive the therapy, which lifts patients treated and sales.
- Treatment center capacity: Only certified centers can give these treatments, so the number and capacity of centers limit how many patients can start.
- Payer coverage: Insurers decide whether and how to pay for expensive one-time treatments, which affects how many patients are treated and net price.
- Manufacturing improvements: Faster, more reliable production reduces failed batches and wait times, which lifts patients treated and gross margin.
Major Risks
- Safety events: Serious events in patients can lead to warnings, restricted use or a trial hold; watch safety updates and regulator communications.
- High manufacturing cost: Custom production for each patient is costly and slow, which holds down gross margin and limits how many can be treated; watch cost of goods and success rate.
- Competition from bispecific and other therapies: Off-the-shelf antibodies and other treatments can offer similar benefit with easier use, drawing patients away; watch trial results and share in key indications.
- Funding and dilution: Companies without product revenue need to raise money again, which can dilute holders; watch cash runway and recent offerings.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Mixed |
| Capital Intensity | High |
| Regulatory Intensity | High |
| Industry Maturity | Emerging |
| Geographic Importance | U.S. / Global |
Cell Therapy 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 Cell Therapy 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 Cell Therapy industry?
Key performance indicators for the Cell Therapy industry include: Patients treated and product sales, Manufacturing success rate and turnaround time, Clinical data, Cost of goods, Cash runway. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Cell Therapy industry?
The Cell Therapy industry exhibits mixed cyclicality characteristics. Some segments move with the broader economy while others maintain more stable demand, making stock selection within the group particularly important.
What are the biggest risks in the Cell Therapy industry?
The primary risks for Cell Therapy companies include: Safety events, High manufacturing cost, Competition from bispecific and other therapies, Funding and dilution. Investors should assess each company's exposure to these factors and its track record of navigating them.