Direct Answer
74 SEC filers are classified under the Standard Industrial Classification code that describes the gene editing 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
Gene-editing companies develop therapies that cut or modify DNA using tools such as CRISPR, base editing and prime editing to treat genetic disease. Most are early-stage, and the first approved therapies are shaping pricing and delivery questions. The first numbers to compare across companies here are clinical data and stage, cash runway and partnership revenue.
Key Industry Metrics
- Clinical data and stage: Safety and efficacy results and the phase of trials. Because most firms have no sales, human data on durable effect and safety drive value.
- Cash runway: Months of spending covered by cash on hand. Development is costly, so a short runway before milestones raises dilution risk.
- Partnership revenue: Upfront and milestone payments from larger drugmakers. It funds research and validates technology, but is lumpy and depends on partner decisions.
- Delivery technology progress: Advances in getting editing tools to target tissues, such as lipid nanoparticles. Delivery is often the limiting step, so progress widens which diseases can be treated.
- Manufacturing cost: Cost to produce each therapy dose or batch. High cost limits pricing options and margins, so scale and process improvements matter.
Primary Macro Drivers
- Clinical and regulatory milestones: Trial results and regulator decisions decide whether a therapy can reach patients, so these milestones set pipeline value and partnership interest.
- Delivery advances such as lipid nanoparticles: Getting editors into the right tissues is a main limit, so better delivery widens which diseases can be treated and lowers dose cost.
- Payer models for one-time therapies: One-time therapies are priced high, so payment models such as installments or outcome-based deals decide how many patients can be treated.
- Biotech funding: Early-stage companies rely on investors for cash, so funding conditions set how many programs they can run.
Major Risks
- Safety and off-target effects: Unintended edits or immune reactions could harm patients and stop trials; watch safety updates and regulator communications.
- Trial failures: Early-stage studies often fail to show benefit in humans, which can erase pipeline value; watch trial stage and expected readout dates.
- High cost and reimbursement: If payers cannot or will not pay for one-time treatments, few patients may be treated; watch coverage news and treatment center count.
- Dilutive financing: Companies without product sales must raise money repeatedly, which dilutes holders; watch cash runway and recent offerings.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Mixed |
| Capital Intensity | Medium |
| Regulatory Intensity | High |
| Industry Maturity | Emerging |
| Geographic Importance | U.S. / Global |
Gene Editing 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 Gene Editing 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 Gene Editing industry?
Key performance indicators for the Gene Editing industry include: Clinical data and stage, Cash runway, Partnership revenue, Delivery technology progress, Manufacturing cost. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Gene Editing industry?
The Gene Editing 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 Gene Editing industry?
The primary risks for Gene Editing companies include: Safety and off-target effects, Trial failures, High cost and reimbursement, Dilutive financing. Investors should assess each company's exposure to these factors and its track record of navigating them.