Direct Answer
74 SEC filers are classified under the Standard Industrial Classification code that describes the vaccines 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
Vaccine companies develop and sell immunizations against infectious diseases, mostly to governments, health systems and pharmacies. Demand follows public health policy and disease patterns, and manufacturing is complex. The first numbers to compare across companies here are doses sold and net price, share of vaccine categories and pipeline.
Key Industry Metrics
- Doses sold and net price: Number of doses sold and price received after discounts. Volume follows recommendations and procurement, while price depends on contracts.
- Share of vaccine categories: Portion of the market in areas such as pneumococcal, shingles or influenza. It shows where each company is strong and exposed to new entrants.
- Pipeline: Candidates in development and trial stage. New vaccines replace maturing ones, so late-stage progress matters.
- Manufacturing capacity: Ability to produce doses at scale and meet quality standards. Complex production means shortages or quality issues can limit sales.
- Government contracts: Supply agreements with public health programs. They give visibility and volume, but depend on policy and budgets.
Primary Macro Drivers
- Public health recommendations: Advisory bodies decide who is recommended for vaccines, which sets how many doses are used and reimbursed.
- Disease outbreaks: Disease spread leads people to seek vaccines, so outbreaks can lift dose sales for some products.
- New vaccine approvals: A new product opens a new market or replaces an older one, so approvals drive doses sold and net price.
- Government procurement: Government and public programs buy in bulk, so contract size and timing drive government contract revenue.
Major Risks
- Policy and demand shifts: Changes in public attitudes or recommendations can lower use quickly; watch advisory decisions and dose uptake.
- Trial failures: Long vaccine trials can fail, removing expected sales and pipeline value; watch readout dates and trial stage.
- Competition: Several companies compete with similar products, so a rival's data or price can shift share; watch competitor approvals.
- Manufacturing quality: A quality failure can stop shipments and lead to recalls; watch inspection findings and capacity commentary.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Mixed |
| Capital Intensity | Medium |
| Regulatory Intensity | High |
| Industry Maturity | Mature |
| Geographic Importance | Global |
Vaccines 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 Vaccines 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
- Veterinary Services
- Urgent Care
- Women's Health Pharmaceuticals
- Telehealth
- Wound Care
- Surgical Supplies
- Ambulatory Surgery Centers
- Surgical Robotics
Put it to work
Frequently Asked Questions
What are the main KPIs for the Vaccines industry?
Key performance indicators for the Vaccines industry include: Doses sold and net price, Share of vaccine categories, Pipeline, Manufacturing capacity, Government contracts. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Vaccines industry?
The Vaccines 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 Vaccines industry?
The primary risks for Vaccines companies include: Policy and demand shifts, Trial failures, Competition, Manufacturing quality. Investors should assess each company's exposure to these factors and its track record of navigating them.