Deep Intelligence Across Industries

Codexis is a Redwood City-based enzyme engineering company in the middle of a deliberate transition. It is moving from a diversified "protein engineering" platform company, whose revenue was historically dominated by custom biocatalysts for small-molecule drug manufacturing, toward a focused provider of enzymatic manufacturing solutions for oligonucleotide therapeutics, chiefly siRNA/RNAi. Its proprietary CodeEvolver® directed-evolution platform underpins two businesses. The first is a cash-generating but lumpy pharma biocatalysis franchise, anchored by long-standing relationships with Merck & Co. and other large pharmaceutical companies, which supports about 14 commercial products. The second is the pre-commercial ECO Synthesis® Manufacturing Platform, which aims to replace solid-phase phosphoramidite chemistry with enzymatic routes, together with a commercially launched dsRNA ligase. The company is a sub-$200 million market capitalization micro-cap and remains loss-making. It has about $80 million of pro forma liquidity, a $40 million term loan, and guidance for FY2026 revenue of $72–76 million. --- ### Company's own description (FY2025 10-K / standard press-release boilerplate, paraphrased) Codexis describes itself as a leading provider of enzymatic solutions for efficient, scalable therapeutics manufacturing. It discovers, develops and improves high-performance enzymes using its proprietary CodeEvolver® technology. According to the company, its enzymes address real-world problems in small-molecule pharmaceutical manufacturing and nucleic acid synthesis. Codexis is developing the ECO Synthesis® Manufacturing Platform to enable scaled manufacture of RNAi therapeutics through an enzymatic route. It says its enzymes can raise yields, cut energy use and waste, improve manufacturing efficiency, and increase sensitivity in genomic and diagnostic applications (Codexis Q4 FY2025 and Q2 FY2026 press releases). The FY2025 10-K states that headquarters is both the administrative centre and the centre of research, development and business operations, with limited internal manufacturing capacity. In-house manufacturing produces Codex® biocatalyst panels and kits, plus enzymes for customers' pilot-scale and clinical production. The ECO Synthesis Innovation Lab sits inside headquarters and is designed to supply non-GMP material in quantities that support customers' preclinical development. The company expects to partner with CDMOs for bulk GMP-grade siRNA production for clinical supply and beyond. ### Independent characterization Codexis is best understood as a technology-licensing and specialty-enzyme supplier whose economics depend on a small number of very large pharmaceutical relationships. In FY2025 a single customer accounted for about 51% of total revenue (FY2025 10-K, "Customers"). Given the $37.8 million Merck agreement recognised mainly in Q4 FY2025, that customer is almost certainly Merck. The business model has three monetization layers. The first layer is product revenue: sales of engineered enzymes (biocatalysts), pharmaceutical intermediates, Codex® biocatalyst screening panels and kits, and, increasingly, ligase and ECO enzyme supply. Product revenue is driven by customers' commercial manufacturing schedules and is therefore volatile quarter to quarter. Product gross margin has improved structurally, from 56% in FY2024 to 64% in FY2025 and 71–73% in Q1–Q2 FY2026. Management attributes this to a shift toward higher-margin products and the run-off of lower-margin legacy products. The second layer is research and development revenue: CodeEvolver platform licence fees, technology-transfer payments, milestone payments, feasibility and evaluation fees, and ECO Synthesis manufacturing services (for example, the low-seven-figure contract to supply 50 g of siRNA). In FY2025 R&D revenue exceeded product revenue for the first time in the period analysed ($44.4 million vs. $26.0 million). The main reason was the Merck technology transfer. The third layer is royalty and contingent consideration from out-licensed or divested assets. These include the Nestlé Health Science CDX-7108 sale (up to $45 million in milestones plus a single-digit royalty), the Aldevron HiCap RNA polymerase licence (milestones and royalties), and the Roche dsDNA ligase licence (upfront and technical milestones). These are largely back-ended and uncertain. **Value-chain position.** Codexis sits upstream of drug-substance manufacturing. It supplies process technology (enzymes and the know-how to use them) to innovator pharma companies, generic manufacturers and CDMOs, which then run the commercial processes. In the oligonucleotide chain it is trying to move one step downstream. Its planned ECO GMP Manufacturing Center would make siRNA material for preclinical and Phase 1 supply. This hybrid "tool supplier plus early-phase manufacturer" model is a new risk profile for the company. **Customer types:** large innovator pharma (Merck, plus historically Pfizer, GSK and Novartis); high-growth RNAi biotech innovators (unnamed counterparties in 2025–2026 agreements); CDMOs (Bachem, Nitto Denko Avecia, Axolabs); and life-science tools companies (Roche, Aldevron, seqWell). **End-markets served:** small-molecule API manufacturing (biocatalysis); oligonucleotide/RNAi therapeutic manufacturing; and, as a residual licensing stream, life-science tools and genomics reagents. ### Revenue model mix (FY2021–FY2025) *Sources: Q4 FY2022 press release (FY2021–FY2022 PAXLOVID figures); FY2023 10-K (product revenue); Q4 FY2023 press release (ex-PAXLOVID revenue of $62.0 million implies about $8.1 million PAXLOVID-related revenue in FY2023, largely the release of deferred Pfizer fees); Q4 FY2025 8-K Exhibit 99.1 (FY2024–FY2025). Shares are computed.*

Eli Lilly is a research-based, vertically integrated pharmaceutical manufacturer that discovers, develops, manufactures and markets prescription medicines in a single reported business segment: human pharmaceutical products. Its commercial identity has been transformed since 2022 by the incretin class: tirzepatide, a dual GIP/GLP-1 receptor agonist, and from April 2026 orforglipron, an orally bioavailable non-peptide GLP-1 agonist. These assets have made Lilly the dominant player in the fastest-growing therapeutic category in pharmaceutical history, and have funded a step-change in capital deployment — more than $50 billion of announced U.S. manufacturing investment since 2020, $13.3 billion of FY2025 R&D spend, and more than a dozen acquisitions in 2026 alone. Around that core the company sustains four other franchises — oncology, immunology, neuroscience and legacy diabetes — and a direct-to-patient platform, LillyDirect. Lilly's central strategic bet is that obesity becomes a chronic-care category of unprecedented scale, and that it can own the supply, the pricing architecture and the next three generations of molecules within it. Eli Lilly and Company is, as of September 2026, the largest pharmaceutical company in the world by market capitalisation and the fastest-growing large-cap drug manufacturer by revenue. The company crossed the $1 trillion market-capitalisation threshold during 2025 — the first biopharmaceutical company ever to do so — on the strength of a single molecule, tirzepatide, commercialised under two brands (Mounjaro for type 2 diabetes and Zepbound for obesity and obstructive sleep apnoea) that together generated $36.5 billion of revenue in FY2025. In April 2026 the company added the first small-molecule oral GLP-1 receptor agonist approved for obesity, Foundayo (orforglipron), to that franchise. --- ### The company's own characterisation Lilly describes itself in the FY2025 Form 10-K as a company that discovers, develops, manufactures and markets products in a single business segment — human pharmaceutical products — and states that most of the products it sells today were discovered or developed by its own scientists, with long-term success depending on the ability to continually discover or acquire, develop and commercialise innovative medicines. It manufactures and distributes through facilities in the United States (including Puerto Rico) and in Europe and Asia, and sells in approximately 105 countries. In its standard corporate boilerplate (Q2 2026 earnings release) Lilly positions itself as "a medicine company turning science into healing," with a 150-year history and scientific focus areas described as redefining diabetes care; treating obesity and curtailing its long-term complications; advancing the fight against Alzheimer's disease; addressing immune system disorders; and transforming difficult-to-treat cancers into manageable diseases. ### Independent characterisation Lilly is best understood today as three overlapping businesses operating under one P&L: **(a) The incretin platform (roughly 74% of FY2025 revenue).** Tirzepatide (Mounjaro + Zepbound) alone contributed $36.5 billion in FY2025, growing to a first-half 2026 run-rate of $27.7 billion across the two brands. Adding orforglipron (Foundayo, $98 million in its first partial quarter), legacy insulins, Trulicity and the Boehringer-partnered SGLT2/DPP-4 products, cardiometabolic health accounted for approximately $48.2 billion of FY2025 revenue. This is a volume business with unusually strong operating leverage: gross margin on the incretin portfolio has driven consolidated gross margin from 75.4% in FY2021 to 86.3% (non-GAAP) in Q2 2026, even as realised prices fell 13% year-on-year in that quarter. **(b) The diversified specialty portfolio (roughly 24% of FY2025 revenue).** Oncology ($9.4 billion), immunology ($5.2 billion) and neuroscience ($1.4 billion) constitute a conventional branded-pharma business with a normal mix of growth assets (Jaypirca, Ebglyss, Omvoh, Kisunla, Inluriyo) and mature or declining ones (Cyramza, Emgality, Taltz, Olumiant). Management has explicitly flagged this cluster as its diversification hedge: key-product revenue in immunology, oncology and neuroscience grew 121% year-on-year in Q2 2026. **(c) A capital-deployment engine.** With $16.8 billion of FY2025 operating cash flow rising to a $28.1 billion trailing-twelve-month figure at June 2026, Lilly has become one of the most acquisitive companies in the sector — at least thirteen acquisitions announced in 2026 through August — and the largest single builder of pharmaceutical manufacturing capacity in U.S. history. ### Revenue model and value-chain position Lilly's revenue is overwhelmingly product revenue. Approximately 93.5% of FY2025 revenue was product sales, with the balance (approximately $4.2 billion) collaboration and other revenue, principally from the Boehringer Ingelheim diabetes alliance, the Incyte relationship on Olumiant, royalty streams and sales-based milestones. There is no subscription revenue; "service" revenue is immaterial. The company occupies an unusually deep position in its value chain for a modern large-cap pharma: it manufactures its own active pharmaceutical ingredients, fills and finishes its own injectable devices, and, since January 2024, sells directly to patients through LillyDirect, bypassing parts of the traditional wholesaler-pharmacy-PBM chain for self-pay volumes. **Customer types and end-markets.** The direct customers are wholesalers and distributors (McKesson, Cencora, Cardinal Health in the U.S.), retail and specialty pharmacy chains, hospital systems, government purchasers (Medicare Part D plans, Medicaid programs, the Veterans Health Administration, and from 2026 the TrumpRx platform), managed-care organisations and pharmacy benefit managers, and — increasingly — patients paying cash through LillyDirect and affiliated telehealth partners. End-markets are obesity and metabolic disease, type 2 diabetes, oncology, immunology/inflammation, neurodegeneration and pain.

Sanofi is a top-tier global biopharmaceutical company that has, over six years, deliberately narrowed itself from a diversified healthcare conglomerate into a single-segment, R&D-led specialty medicines and vaccines business. Its centre of gravity is immunology: Dupixent, co-developed with Regeneron, generated €15.7bn in FY2025 — 36% of group sales — and management now guides to approximately €25bn by 2030. Around that core sit a differentiated rare-disease franchise (Pompe, Gaucher, Fabry, haemophilia, ASMD), the world's broadest vaccines portfolio outside Merck and GSK, and a smaller oncology and neurology presence. The company shed EUROAPI in 2022 and sold control of Opella consumer health to CD&R in 2025 for €10.4bn net. Financially it is unusually clean — 77.5% business gross margin, 0.8x net debt/EBITDA, 31 consecutive years of dividend increases. The unresolved question, and the reason for a February 2026 CEO change, is whether its internal pipeline can replace Dupixent's eventual erosion. *Caveat: Sanofi does not publish a single headline headcount in its quarterly releases. The FY2021 figure derives from the company's 2022 employee share plan disclosure ("over 90,000 employees in 73 countries" eligible in 2021); the FY2024/FY2025 figure of ~83,000 is the company-sourced number cited in industry reporting at the time of the March 2025 US investment announcement, reflecting both restructuring and the Opella separation. Precise year-end FTE counts are disclosed in the Universal Registration Document / Form 20-F and are not restated here. The 2025 employee share plan was offered to "around 70,000 employees in 55 countries" — an eligibility population, not total headcount.* --- ### What Sanofi does Sanofi researches, develops, manufactures and commercialises prescription medicines and human vaccines. Since January 1, 2025 it reports one operating segment, Biopharma, plus an immaterial "Other" line that captures residual Opella-related transitional revenues and manufacturing services. Sanofi's own characterisation, used verbatim in every 2026 press release, is: *"Sanofi is an R&D driven, AI-powered biopharma company committed to improving people's lives and delivering compelling growth. We apply our deep understanding of the immune system to invent medicines and vaccines that treat and protect millions of people around the world."* The formal segment description in its 2025 shelf-registration prospectus reads: *"We have one operating segment: Biopharma. It comprises commercial operations and research, development and production activities relating to the Specialty Care, General Medicines and Vaccines franchises plus support and corporate functions, for all geographical territories."* Internally, and in the reporting taxonomy adopted from FY2025, the business is organised as: - **Pharma** - *Immunology* — Dupixent, Kevzara - *Rare diseases* — Fabrazyme, Cerezyme/Cerdelga, Myozyme/Nexviazyme, Aldurazyme, Xenpozyme, ALTUVIIIO, Eloctate, Alprolix, Cablivi, Qfitlia, Wayrilz, Ayvakit - *Neurology* — Aubagio (in run-off), Cenrifki (tolebrutinib) - *Oncology* — Sarclisa, Jevtana, Fasturtec - *Other main / established medicines* — Lantus, Toujeo, Apidra, Soliqua, Plavix, Lovenox, Aprovel, Multaq, Praluent, Thymoglobulin, Rezurock, Synvisc - **Vaccines** — influenza (Fluzone/Efluelda/Vaxigrip), polio/pertussis/Hib (Pentacel, Pentaxim, Hexaxim, Vaxelis via JV), meningitis (Menactra, MenQuadfi), travel/endemic (rabies, yellow fever, typhoid, hepatitis A), Beyfortus (RSV mAb, with AstraZeneca), Nuvaxovid (COVID-19), Heplisav-B (adult hepatitis B, acquired with Dynavax) ### Revenue model Sanofi's revenue is overwhelmingly product sales of patented and off-patent pharmaceuticals and vaccines — there is effectively no subscription or service revenue. The economics have four distinct layers: 1. **Net sales (€43,626m FY2025)** — gross invoiced product sales less gross-to-net deductions (US rebates, Medicaid/340B, chargebacks, ex-US statutory price cuts, China VBP/NRDL). 2. **Other revenues (€3,090m FY2025)** — a materially different-margin stream comprising VaxServe's distribution of *non-Sanofi* vaccines in the US (€1,780m FY2025, declining), manufacturing services (€557m), transitional sales of Opella products in certain markets (€487m), and royalties (€146m). 3. **Alliance profit-sharing, recorded in other operating income/expenses** — this is the single most important non-obvious feature of Sanofi's P&L. Sanofi books 100% of worldwide Dupixent and Kevzara sales but must then pay Regeneron its share of alliance profit. In FY2025 the total charge related to Regeneron was €4,923m, of which €5,065m was the monoclonal-antibody alliance net (profit/loss share −€5,455m, plus €1,089m of Regeneron's contribution to development costs, less €699m reimbursement of Regeneron commercial operating expenses). This charge grew 28% year-on-year and structurally caps Sanofi's operating leverage on its fastest-growing asset. 4. **Out-licensing royalties** — notably the Amvuttra royalty (€398m in H1 2026, up from €120m in H1 2025) and other license-out income (€495m FY2025). ### Value chain position and customers Sanofi is a fully integrated originator: discovery research, clinical development, regulatory, primary and secondary manufacturing (biologics, sterile injectables, vaccine bulk and fill-finish), and direct commercialisation in most markets. It also operates VaxServe, a US vaccine and specialty-pharmaceutical distribution business that carries third-party product — a rare downstream extension. Customers are institutional rather than retail: US wholesalers (McKesson, Cencora, Cardinal) and PBMs, national and regional health systems and tender authorities in Europe, public immunisation programmes and supranational buyers (UNICEF, PAHO, Gavi) for vaccines, hospital groups, and specialty pharmacies for rare disease and biologic products. End-markets are immunology and inflammation, rare genetic disease, haematology, multiple sclerosis, multiple myeloma, diabetes, cardiovascular disease, and paediatric and adult immunisation. ### Independent characterisation Functionally Sanofi is now one very large product (Dupixent) plus a durable but low-growth annuity book plus an option on a rebuilt pipeline. Dupixent contributed 36% of FY2025 net sales and 44.4% of Q2 2026 net sales, and grew 37.6% in Q2 2026 — meaning group growth is almost entirely one franchise. The vaccines business, historically Sanofi's defensive ballast, has become a source of volatility: it declined 1.2% in FY2025 and 1.1% in H1 2026, pressured by falling birth rates in China, US immunisation-policy uncertainty, and competitive tendering. The rare-disease and haemophilia portfolios are genuinely differentiated but individually sub-scale. The strategic problem management is now addressing is that Sanofi has bought growth (Blueprint, Dynavax, Vicebio) faster than it has generated it internally — and in July 2026 discontinued three of the assets that were supposed to be the answer.

Company Headquarters: Maryland, US Founded: 1987 Workforce: ~2,500 Company Working: Novavax, Inc. is a biotechnology company that commercializes and develops vaccines to prevent a wide range of infectious diseases. It designs recombinant nanoparticle vaccine technology that produces a strong immune response against a variety of pathogens. It is partnered with leading biopharma organizations, government agencies, research institutions, and foundations, namely the Coalition for Epidemic Preparedness Innovations (US), the Joint Program Executive Office for Chemical, Biological, Radiological, and Nuclear Defense (US), the Serum Institute of India Pvt. Ltd. (India), SK Bioscience (South Korea), CPL Biological (India), and Takeda Pharmaceuticals (US). It has seven research and manufacturing facilities. It has presence in regions namely North America, Europe, and the Middle East and Africa

Company Headquarters: New York, US Founded: 2003 Workforce: ~150 Company Working: Cleveland Biolabs, Inc. is an innovative biopharmaceutical company developing products to address immune system diseases and serious medical needs. It is specialized in offering products such as radiation injury products, immune-oncology, and orphan drugs. It has nine product candidates in its pipeline that have been developing directly through itself or its wholly owned companies, namely Incuron, LLC (US) and Panacela Labs, Inc. (US). It has a proprietary platform, namely the Advanced Immunomodulating Multi-Receptor System (AIMS) platform, which is designed to restore immune homeostasis. Moreover, it has collaboration with government agencies which supports the advanced development and procurement of new medical countermeasures including drugs, vaccines, diagnostics, and medical supplies in order to protect public health from chemical, biological, radiological, and nuclear threats.

Company Headquarters: New York, US Founded: 1995 Workforce: ~50 Company Working: SIGA Technologies (SIGA) is a pharmaceutical business at the commercialization stage that develops and offers antiviral treatments for smallpox, monkeypox, cowpox, and vaccinia complications. The company has an established research and development collaboration with US federal entities. It provides countermeasures to the Strategic National Stockpile (SNS) and the Department of Defense (DoD). TPOXX ("oral TPOXX," also known as "tecovirimat" in certain overseas markets) is the Company's lead product, which it distributes to the US government and international governments (including government-affiliated entities). In addition, the Company sells TPOXX intravenous formulation ("IV TPOXX") to the US Government

Company Headquarters: Maryland, US Founded: 1997 Workforce: ~50 Company Working: Altimmune is a clinical-stage biopharmaceutical business focusing on treating obesity and liver illnesses. The business is working on HepTcell, an immunotherapeutic drug aimed at providing a functional cure for chronic hepatitis B. The company was formed through the merger of PharmAthene, Inc. ("PharmAthene") with the company formerly known as Altimmune

Company Headquarters: Denmark, Europe Founded: 1992 Workforce: ~1000 Company Working: Bavarian Nordic is a fully integrated vaccines company focused on R&D innovation, vaccine manufacturing, and vaccine commercialization. It has built a commercial infrastructure with a presence in key countries in Europe and the US in order to drive profitable expansion of its expanding vaccine portfolio. The company is an expert in the production of live viral vaccines, and the fill & finish capabilities has enabled end-to-end commercial-scale production

Company Headquarters: Ohio, US Founded: 1983 Workforce: ~ 50 Company Working: Navidea Biopharmaceuticals Inc (Navidea) manufacturer and distributor of precision immunodiagnostic agents and immunotherapeutic. It operates through mainly three segments such as diagnostics, therapeutics, and corporate. Tc99m tilmanocept for Kaposi's, NAS, cardiovascular illnesses, sentinel node biopsy, and solid tumors lymphatic mapping, as well as NAV4694 for Alzheimer's Disease, are among its pipeline products. The business is utilizing its Manocept platform to create a variety of precision-targeted solutions that will enhance patient care by locating illness pathways and sites and facilitating accurate clinical decision-making. Furthermore, it operates in the US and the UK.

Company Headquarters: New Jersey, US Founded: 1897 Workforce: ~77,000 Company Working: BD (Becton, Dickinson and Company) is a medical technology company that develops, manufactures, and sells medical devices, instrument systems, and reagents. The company operates in three main segments: BD Medical, BD Life Sciences, and BD Interventional. Its products and services are used in a wide range of medical settings, including hospitals, clinics, and research laboratories. BD's product portfolio includes a wide range of medical devices and instrument systems, including syringes, needles, catheters, diagnostic tests, and imaging systems. The company is also a leader in the development of healthcare software and data analytics solutions. BD's breast biopsy products are designed to improve the accuracy, speed, and safety of breast biopsy procedures, ultimately leading to better patient outcomes. BD has a significant global presence, with operations in over 190 countries around the world. The company has its presence across the Americas, Asia-Pacific, and Europe, and Middle East & Africa regions.

Company Headquarters: Georgia, US Founded: 2014 Workforce: ~5,380 Company Working: AVNS (Avanos Medical, Inc) is a manufacturer and distributor of medical devices. The company's products include endotracheal tubes, adult, neonatal, and pediatric closed suction systems, oral hygiene products, and catheters for collecting bronchial aspirate samples. Furthermore, it offers medically superior products and services for IV therapy, pain management, infection control, and digestive health. In addition to other nations, it has factories in France, Tunisia, the US, and Mexico. The company sells its medical device solutions in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. Moreover, the company has its operations in the US Australia, China, India, New Zealand, and France.

Company Headquarters: Melsungen, Germany Founded: 1839 Workforce: ~ 66,234 Company Working: B. Braun SE (B. Braun) is a manufacturer and supplier of healthcare products for hospitals, surgical units, private practices (medical care and doctors’ offices), and extracorporeal blood treatments. Its key business areas include clinical nutrition, urinary care, infection prevention, infusion therapy, diabetes care, neurosurgery, extracorporeal blood treatment, IV drugs, orthopedics, spine, and wound care, among others. The company operates through four major business segments, namely, hospital care, Aesculap, outpatient market, and B. Braun Avitum. With these four divisions, the company offers over 5,000 products, out of which it manufactures 95% of the products. Geographically it operates in 64 countries across Europe, Asia-Pacific, Latin America, and the Middle East and Africa. It operates through various subsidiaries such as B. Braun Medical Inc., Aesculap AG, and B. Braun Avitum France SAS, among others.

Company Headquarters: California, US Founded: 1995 Workforce: ~500 Company Working: Sangamo Therapeutics is a clinical-stage biopharmaceutical company which is engaged in the development of new medicines for the treatment of serious genetic diseases. It develops genomic medicines to change the lives of patients with serious diseases. The company is developing a strong, sustainable, differentiated, innovative, and genomic medicine pipeline that helps patients with life-limiting conditions. The company uses proprietary zinc finger genome engineering technology and manufacturing expertise for the development of new medicines. It has a strong business presence in the North America region.

Company Headquarters: Ontario, Canada Founded: 2009 Workforce: ~ 407 Company Working: Venus Concept is a firm that creates, distributes, and offers minimally invasive and non-invasive medical cosmetic and hair restoration technology as well as associated services. It offers state-of-the-art technology and treatment options, as well as innovative and comprehensive services that address the significant hurdles clients confront and helps them increase their chances of success overall. Its ARTAS and NeoGraft systems are among the 11 technological platforms the company has created and commercialized Additionally, the company is currently selling its devices in over 60 nations, including 27 that have direct offices there. Moreover, it provides medical care to all patients and physicians. Furthermore, it has operations in the Americas, Asia & Pacific, Europe, Africa, and the Middle East.

Company Headquarters: Hessen, Germany Founded: 1999 Workforce: ~316,078 Company Working: Fresenius Kabi AG is a pharmaceutical company with a wide portfolio that includes intravenously administered drugs, infusion therapy, clinical nutrition, medical devices, and transfusion technology. Its product portfolio also comprises a comprehensive range of infusion therapies, I.V. generic drugs, clinical nutrition products, and the medical devices for administering these products. Within transfusion technologies, Fresenius Kabi provides products for gathering and managing blood components and for the therapeutic treatment of patient blood by apheresis systems. They have a production network that spans around 70 production sites, including compounding centers in Europe, North America, Latin America, Asia-Pacific, and Africa.

Company Headquarters: Melbourne, Australia Founded: 1986 Workforce: ~200 Company Working: Austco Communication Systems Pty Ltd. is a manufacturer of nurse call systems and clinical communications solutions for hospitals and aged-care facilities. The company provides advanced communications solutions for education sectors and healthcare. The company offers products under the category of nurse call, mobile, workflow, and enterprise reporting. It has installed more than 5000 software in more than 60 countries. Moreover, the company has built a reputation for robust hardware, software driven modernization, and superiority in customer service.

Company Headquarters: Sydney, Australia Founded: 2014 Workforce: ~57 Company Working: Beroni Group is a global biopharmaceutical company that is involved in the development of innovative drugs and therapies for the treatment of various diseases such as cancer and infectious disease. The company’s diverse product portfolio includes virus diagnostic kits, an e-commerce platform for the sale of pharmaceutical products, and a development pipeline targeting cancer and cell therapies. Beroni is majorly involved in developing and commercializing innovative immune cell therapies as well as new drugs to capture the unmet medical needs of cancer patients in China and worldwide. The company has operations in Australia, US, China, and Japan.

Company Headquarters: New Jersey, US Founded: 2002 Workforce: ~5,573 Company Working:GenScript is a biotechnology company that provides solutions for life science applications and research. The company offers services in peptide synthesis, genome editing, cell engineering, mutation and library solutions, preclinical drug development, biologics, and manufacturing. The use of GenScript products is advantageous in the life sciences, vaccine research, immunotherapy, COVID-19 treatment, and new drug development. The company also uses its distinct gene synthesis technique in a number of different industries, such as cell therapies, commercial synthetic materials, translational biomedical development, and life science research. It operates in China, Singapore, Japan, the Netherlands, the UK, and the US.

Company Headquarters: Cambridge, UK Founded: 2015 Workforce: ~ 50 Company Working: Metrion Biosciences Limited is a contract research organization that provides high-quality ion channel screening and drug development expertise. It offers in-vitro screening services that include cardiac safety (hERG, CiPA panel of human cardiac ion channels), neurotoxicology testing, and phenotypic assays, which are its core expertise services. It also has a state-of-the-art laboratory, which is located at Granta Park, Cambridge (UK). It caters to the needs of customers located in major markets, including Europe, America, and Asia.

Company Headquarters: Weinheim, Germany Founded: 1967 Workforce: ~300 Company Working: Vileda Professional, a brand of FHCS GmbH, develops and manufactures cleaning equipment used for various applications such as controlled environments, healthcare, general building cleaning, transportation, retail, and food service. It has over 60 years of industry experience. It has sales offices in Europe, North America, and Asia. It is a ISO 9001 and ISO 14001-certified company.

Company Headquarters: South Carolina, US Founded: 1923 Workforce: ~8,700 Company Working: Diversey, Inc develops and delivers innovative products and services to the cleaning and hygiene industry. The company serves over 85,000 customers in more than 80 countries around the globe. It operates in various industry sectors, including facility management, retail, healthcare, hospitality, food & beverage, commercial laundry, food service, education, government, life sciences, and others. It has a presence in North America, Europe, the Middle East, Africa, Latin America, and the Asia-Pacific region.

Company Headquarters: Nevada, US Founded: 2010 Workforce: ~100 Company Working: CV Sciences, Inc. is a manufacturer of safe, high-quality, and effective CBD oil products. The company is focusing on promoting healthy living through its pharmaceutical drug development efforts and portfolio of finished product brands. It is the maker of PlusCBD Oil, the leading brand in hemp-derived CBD oil products available online, in health food stores, and in practitioners' offices in the US. The company operates two business segments, including a consumer product division and a drug development division. Its drug development division involves developing and commercializing CBD-based novel therapeutics utilizing CBD, and its consumer product division involves manufacturing, marketing, and selling plant-based CBD products.

Company Headquarters: Ontario, Canada Founded: 2013 Workforce: ~2,100 Company Working: Aphria Inc. is a Canada-based company that provides safe, clean, and pure pharmaceutical-grade cannabis to its customers. The company runs its business through retail and wholesale channels both domestically and internationally. In addition to operating in more than 10 other countries besides Canada, Aphria is a significant supplier of medical cannabis to Germany. Moreover, the company operates as a subsidiary of Tilray, Inc (US) which was acquired in December 2020. It also focuses on the research and development of innovative products and spends a significant amount of revenue on R&D Furthermore, the company is directly present in more than ten countries and has a strong presence in all the established markets such as North America, Europe, Africa, and Australia

Company Headquarters: US Founded: 1989 Workforce: 4,700 Company Working: Integra Life Sciences is a leading global medical technology company that specializes in developing, manufacturing, and marketing innovative products and solutions to meet the needs of surgeons, healthcare professionals, and patients worldwide. Integra products are sold in over 130 countries via a direct sales force, distributors, and wholesalers. Codman Specialty Surgical ("CSS") and Tissue Technologies ("TT") are the two reportable business segments in which company manufacture and sell medical technologies and products. The CSS segment, which accounts for two-thirds of our total revenue, consists of market-leading technologies and instrumentation used in a variety of specialties, including neurosurgery, neurocritical care, and otolaryngology.

Company Headquarters: US Founded: 1897 Workforce: 77,000 Company Working: BD (Becton, Dickinson and Company) is a global medical technology company that develops, manufactures, and sells medical devices, instrument systems, and reagents. BD is a leading global medical technology company that is committed to advancing the world of health. The company operates in three main segments: BD Medical, BD Life Sciences, and BD Interventional. Its products and services are used in a wide range of medical settings, including hospitals, clinics, and research laboratories. BD's product portfolio includes a wide range of medical devices and instrument systems, including syringes, needles, catheters, diagnostic tests, and imaging systems. The company is also a leader in the development of healthcare software and data analytics solutions. BD's breast biopsy products are designed to improve the accuracy, speed, and safety of breast biopsy procedures, ultimately leading to better patient outcomes. BD has a significant global presence, with operations in over 190 countries around the world.

Company Headquarters: Basel, Switzerland Founded: 1966 Workforce: ~108,000 Company Working: Novartis International AG (Novartis) is engaged in the production of pharmaceutical drugs. It is a fully integrated life sciences company that provides research, product development, manufacturing, and distribution of products. It is an outstanding worldwide source of regenerative medicine technology, clinical research, education, and training for the constantly evolving healthcare industry. It ranks among the world’s top companies investing in research and development. It carries out research at Novartis locations and partner institutions worldwide: Cambridge, the US; Basel, Switzerland; East Hanover, US; Emeryville, US; and Shanghai, China. Sandoz, a Novartis division, is a global provider of generic pharmaceuticals and biosimilars.

Company Headquarters: Beijing, China Founded: 2015 Workforce: ~300 Company Working: Jacobio Pharmaceuticals Group Co., Ltd. is a biotechnology company that develops and sells autoimmune drugs, cancer drugs, infectious disease drugs, and other products. It has R&D centers in Shanghai, China, and the US. The company manufactures and markets its products throughout China. It is also making partnerships with other players for R&D programs to develop innovative medicines.

Company Headquarters: Washington, US Founded: 1997 Workforce: ~ 2,700 Company Working: Seagen Inc., a biotechnology company, develops and commercializes therapies for the treatment of cancer in the United States and internationally. The company was formerly known as Seattle Genetics, Inc. and changed its name to Seagen Inc. in October 2020. Seagen Inc. It offers antibody-drug conjugates (ADCs), including Padcevtm (enfortumab vedotin-ejfv), which is used to treat metastatic urothelial cancers, Adcetris (brentuximab vedotin), which is used to treat Hodgkin's lymphoma, T-cell lymphomas, and CD30-expressing lymphomas. (Tucat) Tukysa. Seagen's therapies are based on antibody-drug conjugate technology that utilizes the targeting ability of monoclonal antibodies to deliver cell-killing agents directly to cancer cells. Additionally, Seagen also licenses its antibody-drug conjugate technology to several biotechnology and pharmaceutical companies. Seagen serves customers on a global scale.

Company Headquarters: New York, US Founded: 1959 Workforce: ~254 Company Working: Misonix, Inc. specializes in the development and commercialization of ultrasonic surgical devices for spinal, neurosurgical, advanced wound care, and general surgery procedures. The company's products enhance clinical outcomes and benefit the entire healthcare system. In addition, the company derives revenue from a number of locations, including the US, the UK, the European Economic Area, Asia and the Asia Pacific, and South America. The company operates in more than 45 countries and is a recognized leader in advanced surgical tools offering unprecedented safety, speed, and precision.