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Emerging biotech

The 5 companies in this industry listed on the NYSE and Nasdaq are worth $140 bn combined; the largest are argenx (ARGX), Alnylam Pharmaceuticals (ALNY) and Incyte (INCY). For each one: what it does, revenue, margin, free cash flow over the last five years and a score from 0 to 10.

Data as of October 2026

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5 companies value 140 bn revenue 21 bn margin 19.2% free cash flow 3.8 bn avg. score 4.9
ARGX holds 36.5% of the group's value, 1.6x the runner-up · ALNY leads the industry without being the largest
Rank Ticker Company Share Value Revenue Margin FCF 5 years FCF/px Yield What it does · why it is here
1 ARGX argenx
Netherlands · score 5.2
37% 51 bn 5.3 bn 32.2% 1.0 bn 1.9% — Antibodies for autoimmune diseases, from the Netherlands · Antibodies for autoimmune diseases, with a highly successful launch
2 ALNY Alnylam Pharmaceuticals
United States · score 5.6
22% 31 bn 4.8 bn 16.1% 0.8 bn 2.6% — RNA interference medicines · Pioneer and leader in RNA interference therapies
3 INCY Incyte
United States · score 7.1
16% 23 bn 5.8 bn 27.7% 2.0 bn 8.6% — Biopharma in oncology and dermatology · Established franchise in oncology and dermatology
4 INSM Insmed
United States · score 0.0
15% 21 bn 1.1 bn -76.9% -0.8 bn -3.9% — Biopharma in rare lung diseases · Therapies for rare lung diseases
5 NBIX Neurocrine Biosciences
United States · score 6.7
10% 14 bn 3.4 bn 20.9% 0.9 bn 6.3% — Neuroscience biopharma, with Ingrezza · Leader in neurology and movement disorders

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What this is. A catalogue, not a guide. Every industry with stocks listed on the NYSE or NASDAQ, the companies contending for its leadership, what each one does according to its own annual report, and the balance sheet it filed with the SEC.

The score runs from 0 to 10 and compares each company with every other one in the almanac on cash generation, profitability, debt, dividends and consistency over the last five years. The higher it is, the better the company fares in that comparison. Curious how much each part weighs? Ask at the bottom of the page.

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