Largest biotech companies: the top 18 by 2025 revenue, from their own filings

This list is for anyone who sells to biotech companies (lab and manufacturing suppliers, CROs and clinical services, staffing, software, commercial services) and for readers who want a ranking they can check. Every revenue and headcount figure comes from the company's own annual report on Form 10-K or 20-F for 2025, opened on SEC EDGAR.

The 18 largest biotech companies by revenue

Revenue is total revenue as reported in each company's latest annual filing ("total operating income", product net sales plus other operating income, for argenx; "net revenue" for Grifols). All fiscal years are calendar 2025 except Exelixis, whose year ended 2 January 2026. Euro figures are converted at the Federal Reserve's 2025 average of $1.1306 per euro (G.5A, released 5 January 2026). Employees are as each filing states them at year-end unless dated. Headquarters are the principal executive offices in the filing or on file with the SEC.

A few notes on who is in and out:

• Diversified drugmakers are out. AbbVie, Johnson & Johnson, Roche and Novo Nordisk sell large biologics but are ranked on our list of the largest pharmaceutical companies, as the biggest biotech lists usually mix the two.
• Two big names aren't ranked. CSL, the Australian plasma company, doesn't file with the SEC, and its investor site refused our requests on 30 October 2026, so we left it out rather than use a figure we couldn't open. Genmab files a 20-F, but its revenue isn't in the text of the filing we opened, so it's left out too.
• Contract manufacturers are out. Companies such as Samsung Biologics and Lonza make biologics for others and don't file with the SEC.

Just below the 18: Ionis Pharmaceuticals ($943.7 million for 2025, up 34%).

What the ranking shows

The top is concentrated. Amgen and Gilead reported $66.2 billion between them, 44% of the 18 companies' total of about $150 billion (our calculation). Amgen alone outsold Regeneron, Vertex and Biogen combined.

The growth is in the middle. argenx's product sales of VYVGART and related medicines took its total from $2.25 billion to $4.25 billion. Alnylam grew 65%, BeOne 40%, Halozyme 38% on royalties, and Incyte and Neurocrine about 21% each. The largest companies grew between 1% and 10%.

The COVID companies are resetting. Moderna's net product sales fell 42% to $1.8 billion, and BioNTech's COVID-19 vaccine revenue fell 18% to €2.0 billion; BioNTech's total held up only because of €613 million of new out-licensing revenue.

"Biotech" is a loose label. Thirteen of the 18 open their business description with a one-line summary of what they are. Only five of those (Regeneron, Vertex, BioMarin, United Therapeutics and Moderna) say biotechnology company. Biogen, Incyte, Alnylam, Neurocrine and Sarepta say biopharmaceutical; BeOne and Exelixis say oncology; BioNTech says immunotherapy. If you build a target list from the word "biotech" alone, you'll miss most of this table.

Restructuring is common. Biogen's "Fit for Growth" program included net headcount reductions of about 1,400 employees, and Sarepta cut its workforce by 36%, about 500 people, in July 2025, according to their 10-Ks.

How we built the list

1. Who counts. Public biotechnology companies that file a 10-K or 20-F with the SEC: companies built on biologic, genetic or RNA medicines, plasma proteins or the platforms behind them. Diversified pharmaceutical groups are left out.
2. What's counted. Total revenue as reported, including royalties and collaboration revenue, for the latest fiscal year with a filing by 30 October 2026.
3. Currencies. Grifols and BioNTech report in euros. We show the reported figure and convert it at the Federal Reserve's 2025 annual average. A year-end rate would move the dollar figures by a few percent but not change their rank.
4. Checking. We started from the SEC's structured financial data and matched every figure to the filing. For Grifols and argenx the structured data returned no revenue figure; both come from the income statements in their 20-Fs.
5. What's missing. Private biotechs, companies listed only outside the US and those whose filings we couldn't verify.

Market-value rankings, which many of the top search results use, move every day and put loss-making companies with promising pipelines ahead of profitable ones. Fortune, Forbes and the trade press publish their own lists with their own definitions.

Selling to the largest biotech companies

Biotechs buy in three places: research and development, manufacturing and quality, and commercial operations. Each has its own budget and approvers. This is general guidance; practice varies by company.

Check how much they outsource. BeOne's 10-K says its clinical team of about 3,800 people lets it "run clinical trials largely without reliance on CROs". argenx, by contrast, reported 1,659 consultants alongside 1,863 employees. Those two facts point to very different pitches for a clinical services firm.

Follow the launches. A launch means new field teams, patient services and market access work. Neurocrine's 10-K says it announced a planned expansion of its INGREZZA and CRENESSITY sales teams in October 2025. For the approach to senior buyers, see selling to the C-suite.

Watch for restructuring. A company cutting headcount (Biogen, Sarepta) still buys, but usually tools that save money, and decisions slow down while teams are reorganized.

Worked example

Illustrative example. Cobalt Clinical Staffing (cobaltclinical.example) places contract clinical research associates and regulatory specialists, and wants three new biotech accounts.

1. Shortlist by contractor use and growth. argenx (1,659 contingent workers, revenue up 89%), Alnylam (revenue up 65%) and Neurocrine (expanding its sales teams) go first. BeOne, which runs trials largely in-house, goes lower.
2. Size an account. Suppose argenx uses contingent clinical and regulatory staff for 5% of its 1,659 contingent workers, about 83 roles, and Cobalt bills $180,000 a year per placement. Winning 10 of those roles is $1.8 million a year.
3. Find the buyer. The hiring manager is usually a clinical operations or regulatory director for a program, with procurement running the staffing agreement. Cobalt asks to join the approved supplier list first.
4. Open with a specific gap. The first message names the trial phase and the roles Cobalt can fill within two weeks, with a reference from a similar company.

At volume, matching each company's pipeline and current hiring to the right program lead is the slow part; Bebop researches each account in the list and drafts the outreach.

Next step: see the biggest biotech cluster in detail in biotech companies in Massachusetts.