What are the top biotech startups by revenue today?

The ranking of top startups in the biotechnology market by revenue

Below is a table ranking all the companies in this market by their current revenue scale. You can find our methodology at the end of this page.

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What are the top biotech startups by revenue today?

Tempus AI is currently the clear revenue leader among modern venture-backed biotech companies with usable public financial data, followed by 10x Genomics and Twist Bioscience.

The gap at the top is large. Tempus generated about $1.27 billion in 2025 and roughly $1.43 billion over the latest 12 months based on its subsequent quarterly results. 10x Genomics reported $642.8 million in 2025, although $44.1 million came from patent-settlement revenue. Twist Bioscience is now running above $400 million over its latest four reported quarters.

After those three, the ranking changes character. Beam Therapeutics has roughly $156 million of trailing license and collaboration revenue, while AbCellera, Intellia and Recursion sit much closer to the $50–70 million range. Generate Biomedicines is around the mid-$20 millions on a trailing basis. CRISPR Therapeutics reports much less corporate revenue even though CASGEVY is already producing meaningful product sales through its Vertex partnership.

The first ranking looks like this:

Rank	Company	Best current revenue evidence	What generates most of it
1	Tempus AI	~$1.43B TTM	Diagnostics, data and applications
2	10x Genomics	$642.8M FY2025; $610–630M 2026 guidance	Instruments, consumables, services
3	Twist Bioscience	~$432M latest four quarters	Synthetic DNA, NGS, biopharma services
4	Beam Therapeutics	~$156M TTM	License and collaboration revenue
5	AbCellera	~$66M TTM	Research fees, licensing and royalties
6	Intellia Therapeutics	~$59.5M TTM	Collaboration revenue
7	Recursion	~$54.9M TTM	Collaboration and grant revenue
8	Generate Biomedicines	~$26.5M TTM	Collaboration revenue
9	CRISPR Therapeutics	~$13.4M TTM	Collaboration and grant revenue
10	Prime Medicine	~$4.1M TTM	Collaboration revenue

The ranking also shows why biotech revenue needs more interpretation than software revenue. A dollar of recurring diagnostic testing is economically different from a dollar recognized after a licensing milestone. We keep both in the ranking because both are real revenue, but they do not tell us exactly the same thing.

Which companies are we calling biotech startups here?

For this biotech startup ranking, we include companies created during the modern venture-backed biotech era even when they have since gone public.

A strict private-only ranking would leave us with too many blank cells. Large private biotechs rarely publish audited revenue, while companies such as Tempus, 10x Genomics, Twist, Beam and Recursion now give us detailed financial statements because they entered the public markets.

At the other extreme, calling every biotechnology company a startup would make the question meaningless. The broader biotechnology database is led by companies such as Thermo Fisher, Amgen, Gilead and Danaher, with annual revenue measured in tens of billions of dollars. Those businesses show how large biotech can become, but they have little to do with today's startup landscape.

So we focus on venture-originated companies that still belong to the current startup generation of biotech. That gives us enough financial evidence to compare real businesses without letting 40-year-old pharmaceutical groups take over the ranking.

Is Tempus AI really the biggest biotech startup by revenue?

Yes. Tempus AI is currently in a revenue class of its own among the younger biotech companies we could verify.

Tempus reported $1.272 billion of revenue in 2025, up from $693 million a year earlier. The Ambry Genetics acquisition explains part of that jump, but the underlying business is still growing quickly: Tempus said organic growth excluding Ambry was about 30% for the year.

The latest quarters have extended that lead. Tempus generated $348.1 million in the first quarter and $382.5 million in the second. Replacing the same two quarters from the prior year with those newer results puts trailing revenue at roughly $1.43 billion.

The composition is also unusually strong for a young biotech company. Second-quarter diagnostics revenue reached $289.3 million, while Data and Applications contributed $93.2 million. Oncology testing volume grew 31% year over year, MRD volume reached about 9,000 tests, and the Insights data-licensing business grew 36%.

Tempus has reached a point where its lead does not depend on one large collaboration payment. It has hundreds of millions of dollars coming through an operating platform every quarter. Management now expects roughly $1.595–1.605 billion of revenue for the full year.

How much revenue does 10x Genomics make now?

10x Genomics is still roughly a $600 million annual business today, although the underlying growth is slower than the headline 2025 number suggests.

10x reported $642.8 million in 2025. However, $44.1 million came from non-recurring patent-litigation settlements. Products and services plus ordinary licensing revenue were therefore closer to $599 million.

The latest quarter gives a cleaner view of where the company is now. Revenue was $151 million, or $149.4 million after removing another $1.6 million settlement contribution. On that adjusted basis, revenue grew about 3% from the comparable quarter.

Management raised 2026 guidance to $610–630 million. That keeps 10x comfortably in second place, though the business is now growing much more slowly than Tempus or Twist.

How big is Twist Bioscience now?

Twist Bioscience has already moved past the $400 million revenue level on a trailing basis, and the latest numbers show that growth is still accelerating.

Twist generated $376.6 million in fiscal 2025, up 20% from $313 million. Revenue then reached $118.4 million in its latest quarter, 23% above the previous year.

The more interesting number is the sequence. Twist has now reported 14 consecutive quarters of sequential revenue growth. Its first nine months of the current fiscal year produced $332.8 million, and adding the final quarter from fiscal 2025 brings the latest four-quarter total to about $431.8 million.

Management also increased full-year guidance to $456–457 million.

The growth is spread across several businesses. In fiscal 2025, synthetic biology generated $145 million, next-generation sequencing generated $208.1 million and biopharma contributed $23.5 million. Twist also served more than 3,800 customers.

That gives Twist one of the cleanest revenue profiles in this ranking: thousands of customers, repeated transactions and growth spread across multiple products rather than a handful of milestone dates.

How does Beam Therapeutics make more than $100 million without selling a drug?

Beam Therapeutics can report more than $100 million of revenue because pharmaceutical companies pay for licenses and collaboration rights before Beam has an approved medicine of its own.

Beam recorded $139.7 million of license and collaboration revenue in 2025. Most of that increase came from $109.1 million recognized after completion of its collaboration transaction with Pfizer.

The latest six-month accounts show why we should handle that figure carefully. Beam recognized $31.7 million in the first quarter but only $490,000 in the second. Over the first six months, revenue was $32.2 million.

Using those figures with the prior full-year accounts gives trailing revenue of roughly $156 million, enough for fourth place in our ranking. The quarter-to-quarter volatility is the catch: Beam's revenue is much less repeatable than Tempus or Twist revenue.

Does Intellia Therapeutics make meaningful revenue before launching a drug?

Yes, Intellia Therapeutics already generates tens of millions of dollars a year, although virtually all of it comes from collaborations rather than medicine sales.

Intellia reported $67.7 million of collaboration revenue in 2025, up from $57.9 million in 2024 and $36.3 million in 2023. That gives us a real three-year commercial track record.

More recently, collaboration revenue reached $22.7 million in the first half of the year, down from $30.9 million in the same period a year earlier. The second quarter contributed $7.7 million, with the decline mainly linked to lower revenue from Regeneron.

On a trailing basis, Intellia is therefore closer to $60 million now.

The number becomes more interesting when compared with spending. Intellia spent $388.9 million on R&D in 2025. Its collaboration income helps finance the platform, but the company's economics still revolve around whether its own therapies reach the market. Management is currently building commercial infrastructure ahead of the expected U.S. launch of lonvo-z, assuming regulatory approval.

Is AbCellera bigger than Recursion by revenue?

Yes. AbCellera currently has slightly more trailing revenue than Recursion, but the two companies are much closer than their huge partnership announcements might make people assume.

AbCellera generated $75.1 million in 2025, up sharply from $28.8 million in 2024. Licensing and royalty revenue accounted for $46.9 million, while research fees contributed $27.2 million.

The current year is weaker so far. AbCellera reported $12.4 million for the first six months, down from $21.3 million in the comparable period. That leaves trailing revenue at roughly $66 million.

Recursion generated $74.7 million in 2025. Its first-half revenue then fell to $14.1 million from $34 million, mainly because less Roche and Genentech revenue was recognized after certain project phases were completed. Trailing revenue is now roughly $55 million.

AbCellera stays ahead for now, but only by around $10 million. Both companies remain far smaller by actual revenue than the potential milestone values attached to their pharmaceutical partnerships.

How much revenue does Generate Biomedicines actually make?

Generate Biomedicines currently produces only around $25–30 million of annualized collaboration revenue despite operating one of the most prominent AI-driven drug-development platforms.

Generate reported $31.9 million of collaboration revenue in 2025, up from $20.5 million the year before. Novartis accounted for $25.1 million of the 2025 total, while Amgen contributed $6.7 million.

The first half of the current year produced about $13.5 million: $7.2 million in the first quarter and $6.3 million in the second. That puts trailing revenue around $26.5 million.

Generate has meanwhile become a much larger company in other ways. It completed an IPO, held roughly $457 million in cash and marketable securities at the end of its latest quarter and is running global Phase 3 studies for its lead asthma program.

For a ranking based on money actually recognized from customers and partners today, though, the relevant figure remains about $26.5 million.

Why does CRISPR Therapeutics report so little revenue when CASGEVY is selling?

CRISPR Therapeutics looks tiny in its own revenue statement because CASGEVY sales are recorded through Vertex's commercial operation rather than as normal CRISPR Therapeutics product revenue.

CRISPR Therapeutics reported only $3.51 million of revenue in 2025, all of it grant revenue. Collaboration revenue for the year was zero.

The current year has started to look different. The company recognized $11 million of collaboration revenue in the first six months plus $639,000 of grant revenue. That lifts trailing corporate revenue to roughly $13.4 million.

CASGEVY itself is already much larger. The therapy generated $116 million of product revenue in 2025 and $76 million in the latest quarter, up 151% year over year.

We keep those numbers separate. Adding CASGEVY's sales directly to CRISPR Therapeutics' revenue would double-count economics that are accounted for through the Vertex collaboration. But judging CRISPR Therapeutics only by its $13 million trailing corporate revenue would miss the commercial importance of an approved gene-edited therapy that is already producing tens of millions of dollars per quarter.

Which big private biotech startups could be missing from this ranking?

Several large private biotech companies could sit surprisingly high in this ranking, but companies such as Resilience and ElevateBio do not publish enough financial detail for us to place them responsibly.

ElevateBio gives us a useful example. The company recently said it had achieved its sixth consecutive year of revenue growth, driven by expansion of its genetic-medicine development and manufacturing business. It also disclosed a 98% manufacturing batch success rate at BaseCamp.

The missing number is the one we need most: annual revenue.

Resilience has the same basic problem. It operates a large biomanufacturing network and has won important pharmaceutical and government work, so a meaningful revenue base would be unsurprising. Public contract values still cannot tell us how much revenue was recognized during a particular year.

The absence of these companies from the numbered table should therefore be read carefully. We are saying that their revenue cannot currently be ranked with enough confidence, rather than saying that their businesses are smaller than Generate or Recursion.

Private-company opacity is probably the biggest reason the global biotech startup revenue ranking remains incomplete.

Are AI drug-discovery startups making much money yet?

AI drug-discovery startups are finally generating real partnership revenue, but the amounts remain small beside diagnostics and research-tools businesses.

Recursion is currently around $55 million of trailing revenue. Generate is around $26.5 million. Those are respectable commercial figures for companies whose main products are still in development, but they are nowhere near Tempus at more than $1 billion or Twist above $400 million.

Recursion's revenue dropped from $34 million in the first half of last year to $14.1 million in the latest first half because certain collaboration phases had already been completed. Generate shows something similar, with first-half revenue falling from about $18.9 million to $13.5 million.

AI drug discovery has paying pharmaceutical customers now. The problem is that current revenue is still modest and uneven.

Why do diagnostics startups make so much more revenue than drug-discovery startups?

Diagnostics startups can charge for thousands of tests every week, giving them a much faster route to large revenue than companies waiting for a drug to pass clinical trials.

Tempus makes the contrast almost absurdly large. Its latest quarter produced $289.3 million from diagnostics alone. That single three-month figure exceeds the annual revenue of Beam, AbCellera, Intellia, Recursion and Generate individually.

Volume helps explain it. Tempus said oncology testing volume grew 31% year over year and MRD testing reached about 9,000 tests during the quarter.

Diagnostics companies can monetize clinical activity continuously, while drug developers often wait years for a medicine to reach the market. That difference explains much of the gap in current revenue.

Are biotech tools companies quietly bigger than famous drug startups?

Yes. 10x Genomics and Twist Bioscience show that selling tools to scientists can create much larger current revenue than developing highly publicized experimental drugs.

10x generated roughly $599 million of 2025 revenue after excluding non-recurring settlement revenue. Twist is now above $400 million over its latest four quarters. Both have thousands of laboratories, researchers and pharmaceutical customers repeatedly buying products and services.

Compare that with Prime Medicine. Prime reported only $4.63 million of revenue in 2025 while spending $160.6 million on R&D. Its first six months of the current year generated about $2 million of collaboration revenue.

Tools businesses can generate substantial revenue long before any single customer's scientific project succeeds. For a current revenue ranking, that gives them a huge head start.

Which biotech startups currently make more than $100 million a year?

Only four companies in our core ranking clearly exceed $100 million of recent company revenue: Tempus AI, 10x Genomics, Twist Bioscience and Beam Therapeutics.

The first three sit comfortably above that threshold and have broad commercial businesses. Beam also clears it on trailing recognized revenue, although its licensing-heavy mix is much more volatile.

CRISPR Therapeutics deserves a separate mention because CASGEVY sales have also passed $100 million annually. Those sales belong to the joint commercial economics around CASGEVY rather than CRISPR Therapeutics' standalone top line.

The drop below Beam is steep. AbCellera currently sits around $66 million, Intellia around $60 million and Recursion around $55 million.

Company	Current revenue evidence	Above $100M?	Revenue profile
Tempus AI	~$1.43B TTM	Yes	Diagnostics + data
10x Genomics	~$600M underlying annual scale	Yes	Tools + consumables
Twist Bioscience	~$432M latest four quarters	Yes	DNA + NGS + services
Beam Therapeutics	~$156M TTM	Yes	Licensing + collaborations
AbCellera	~$66M TTM	No	Research + licenses + royalties
Intellia Therapeutics	~$59.5M TTM	No	Collaborations
Recursion	~$54.9M TTM	No	Collaborations
Generate Biomedicines	~$26.5M TTM	No	Collaborations
CRISPR Therapeutics	~$13.4M corporate TTM	No	Collaborations + grants

The table makes the concentration clear. Crossing $100 million of actual annual revenue remains unusual among young biotech companies, even though multibillion-dollar valuations are common.

Does more biotech funding usually mean more revenue?

No. Biotech funding and current revenue often have very little to do with each other.

Generate ended its latest quarter with roughly $457 million of cash and marketable securities while trailing revenue was around $26.5 million. CRISPR Therapeutics ended 2025 with nearly $2 billion of cash, cash equivalents and marketable securities while reporting just $3.51 million of annual revenue.

Prime Medicine had $191 million of cash, investments and restricted cash at the end of 2025 against $4.63 million of revenue.

Biotech investors routinely finance clinical development years before meaningful product sales begin, so large cash balances can coexist with tiny revenue for a long time.

How much biotech startup revenue comes from milestones, licensing and partnership payments?

A large share of revenue below the top three comes from licenses, collaborations and milestones, and a $100 million partnership announcement should never be treated as $100 million of revenue.

Beam is the strongest example. Its $139.7 million of 2025 revenue included $109.1 million linked to completion of the Pfizer collaboration transaction. The company then moved from $31.7 million of revenue in one recent quarter to less than $500,000 in the next.

Recursion's revenue also depends heavily on collaboration progress. Revenue declined sharply in the latest first half because certain Roche and Genentech project phases had already been completed. Intellia's 2025 revenue included reimbursements from Regeneron as well as $9 million recognized following termination of its SparingVision agreement.

The headline value of a biotech deal can contain upfront cash, research funding, option payments, development milestones, regulatory milestones, sales milestones and future royalties. Some payments may arrive years later, while others may never be earned.

Even upfront cash may be recognized gradually if the company still has research obligations to perform. Generate, for example, recognizes revenue from its Novartis and Amgen agreements as that work progresses.

For this ranking, we use the revenue companies actually recognized rather than the maximum theoretical value of the partnership.

Which biotech startups have the most repeatable revenue?

Tempus AI, 10x Genomics and Twist Bioscience currently have the strongest repeatability because customers use their products and services again and again.

Tempus has large testing volumes plus data contracts. 10x earns substantial recurring consumables revenue after laboratories adopt its platforms. Twist sells synthetic DNA, sequencing tools and biopharma services to thousands of customers.

Beam, Intellia, Recursion and Generate depend much more on the timing of research agreements and licensing events. They can still build durable businesses, but current revenue jumps around far more.

Company	Main revenue engine	Repeatability today	Main source of volatility
Tempus AI	Clinical tests + data	High	Testing mix, acquisitions
10x Genomics	Consumables + instruments	High	Research budgets, instrument demand
Twist Bioscience	DNA + NGS products	High	Research spending, product mix
Beam Therapeutics	Licensing + collaborations	Low	Deal accounting and milestones
AbCellera	Research + licensing	Medium-low	Partner programs and royalties
Intellia Therapeutics	Collaboration revenue	Low	Reimbursements and deal milestones
Recursion	Collaboration revenue	Low	Partner project timing
Generate Biomedicines	Collaboration revenue	Low	Research-progress recognition

For readers trying to understand which companies already behave like operating businesses, this distinction is more useful than looking at one year's revenue alone.

Which biotech startups are growing revenue fastest right now?

Tempus and Twist currently combine the strongest growth with genuinely large revenue bases.

Tempus grew 2025 revenue about 83%, partly because of Ambry, while organic growth was around 30%. Its latest quarter still grew 22% year over year, and oncology volume increased 31%.

Twist grew fiscal 2025 revenue 20%. Its latest quarter accelerated to more than 23% year-over-year growth, giving the company its 14th consecutive sequential revenue record.

10x is growing much more slowly. Once we remove patent-settlement revenue, the latest quarter grew around 3%. Its full-year guidance implies a business staying around the low-$600 million range.

The collaboration companies are harder to compare on growth. AbCellera more than doubled annual revenue in 2025, then reported a much weaker first half. Recursion increased annual revenue in 2025 before first-half revenue dropped by more than half.

The cleaner growth stories are the companies where customer volumes are rising quarter after quarter, rather than those where the percentage swings with the timing of one deal.

Are the biggest biotech startups profitable yet?

Most still lose money, but Tempus and Twist are getting much closer to conventional operating-company economics.

Tempus reported $5.6 million of GAAP net income in its latest quarter. That figure included investment-related effects, so adjusted EBITDA is more informative for the underlying business: it reached positive $8 million. Management expects roughly $65 million of adjusted EBITDA for the full year.

Twist remains loss-making under GAAP, but gross margin has moved above 50% and management continues to target adjusted EBITDA breakeven in its final fiscal quarter of the year.

The drug-development companies are much further away. Intellia generated $67.7 million of revenue in 2025 while spending $388.9 million on R&D. Prime Medicine generated $4.63 million against $160.6 million of R&D spending.

Profitability is still concentrated among the companies that already sell tests, tools and services at scale.

So who is actually winning the biotech startup revenue race today?

Tempus AI is clearly first by current revenue, with 10x Genomics second and Twist Bioscience third; no other company we could verify is particularly close to that top three.

Tempus has reached roughly $1.43 billion of trailing revenue and is heading toward about $1.6 billion for the current year. 10x remains around a $600 million underlying revenue business. Twist has climbed above $400 million and is still growing above 20%.

Beam comes next numerically, but its roughly $156 million of trailing revenue is far less predictable because licensing and collaboration accounting drive most of it. AbCellera, Intellia and Recursion form the next cluster at roughly $55–66 million. Generate is around $26 million, while Prime Medicine and CRISPR Therapeutics report relatively little standalone revenue despite ambitious pipelines and, in CRISPR's case, real CASGEVY product sales through Vertex.

The type of company sitting at the top is more revealing than the exact order. Today's biotech revenue leaders mostly make money from tests, research tools, synthetic DNA and data. These businesses can charge customers every day while therapeutic companies wait for trials, approvals and eventual launches.

That hierarchy could change dramatically once today's leading gene-editing and AI-drug companies start selling medicines of their own. For now, revenue tells a pretty clear story: the biggest commercial biotech startups are the ones that found something useful to sell long before their drug pipelines fully matured.