Direct Answer
74 SEC filers are classified under the Standard Industrial Classification code that describes the mrna 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
mRNA therapeutics companies develop vaccines and medicines based on messenger RNA that instructs cells to make a protein. After the pandemic, the focus has moved to vaccines for other diseases, cancer and rare disorders. The first numbers to compare across companies here are product sales and backlog, clinical pipeline stage and cash and runway.
Key Industry Metrics
- Product sales and backlog: Revenue from marketed vaccines and signed orders not yet delivered. After pandemic highs, it shows whether demand has settled at a sustainable level.
- Clinical pipeline stage: Where candidates sit from early to late trials. New indications must replace declining pandemic sales, so late-stage progress matters.
- Cash and runway: Cash on hand and the months of spending it covers. With revenue below peak, it shows how long programs can continue without new financing.
- Manufacturing capacity: Ability to produce doses. Excess capacity built for peak demand raises fixed cost, while shortfalls limit launches.
- Partnership revenue: Payments from collaborators and governments for development and supply. It supports research costs, but depends on partner priorities.
Primary Macro Drivers
- Vaccine demand and policy: Government recommendations and purchasing decide how many doses are bought, so vaccine policy moves product sales and backlog directly.
- Clinical readouts in new indications: Positive results for vaccines against other infections or for cancer treatments can open new product lines and partnership interest.
- Public health programs: Governments buy doses for national programs, so contract size and timing set sales in the product sales and backlog lines.
- Technology improvements: Better stability, delivery and design can widen what mRNA can treat and lower dose cost, which affects pipeline value and gross margin.
Major Risks
- Post-pandemic revenue decline: Demand for pandemic products fell sharply once emergency purchasing ended, so revenue sits well below earlier peaks; watch product sales and backlog.
- Clinical failures: Many programs have not yet shown benefit in people, so a failed study can remove expected revenue; watch pipeline stage and readout dates.
- Policy changes on vaccines: Changes in recommendations or political attitudes can lower vaccine use quickly; watch advisory body decisions and purchasing contracts.
- Competition: Established vaccine makers and other platform companies develop rival products; watch competitor trial results and approvals.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Mixed |
| Capital Intensity | Medium |
| Regulatory Intensity | High |
| Industry Maturity | Emerging |
| Geographic Importance | Global |
mRNA 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 mRNA 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 mRNA Therapeutics industry?
Key performance indicators for the mRNA Therapeutics industry include: Product sales and backlog, Clinical pipeline stage, Cash and runway, Manufacturing capacity, Partnership revenue. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the mRNA Therapeutics industry?
The mRNA Therapeutics 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 mRNA Therapeutics industry?
The primary risks for mRNA Therapeutics companies include: Post-pandemic revenue decline, Clinical failures, Policy changes on vaccines, Competition. Investors should assess each company's exposure to these factors and its track record of navigating them.