Genetown is the term that denotes the companies that comprise the biotechnology, pharmaceutical and medical device industries in Massachusetts. The ten companies below are all headquartered in Massachusetts and ranked based on their 2019 revenue. Unless otherwise noted, all data was retrieved from Hoovers and Marketline.
1. Thermo Fisher Scientific
Headquarters: Waltham, MA
2019 revenue: $25.5 billion
Increase/decrease over 2018 revenue: 4.86%
Ticker Symbol: TMO [NYSE]
Thermo Fisher Scientific manufactures technologies for genetic sequencing, electron microscopy, mass spectrometry, protein and molecular biology research. Their products include instruments, reagents, software and other equipment to aid is analysis, discovery and diagnosis. Almost half (39.4%) of the company’s revenue comes from their Laboratory Products and Services division, with the other three divisions, Life Sciences Solutions, Specialty Diagnostics and Analytical Instruments, holding relatively equal shares of the remaining total revenue. According to their 2018 10-K filing, “The company’s strategy is to augment internal growth at existing businesses with complementary acquisitions.” They have acquired several companies in the past few years, including Affymetrix in 2016, Core Informatics in 2017 and Becton Dickinson and Company’s Advanced Bioprocessing business in 2018. For 2019, Thermo Fisher Scientific reported a net profit margin of 14.47%, an increase of 19.98% over their net profit for 2018.
Headquarters: Weston, MA
2019 revenue: $14.4 billion
Increase/decrease over 2018 revenue: 6.88%
Ticker Symbol: BIIB [NASD]
Biogen, Inc. is a biopharmaceutical company that specializes in the areas of hematology, neurology and immunology. The company has several products on the market. Their multiple sclerosis treatments (Tecfidera, Avonex, Tysabri, Fampyra and Plegridy) accounted for 79% of the company’s overall 2018 revenue. Spinraza, Biogen’s spinal muscular atrophy treatment, accounted for 15.8% of the company’s 2018 revenue. In their 2018 10-K report, they stated, “In the longer term, our revenue growth will depend upon the successful clinical development, regulatory approval and launch of new commercial products as well as additional indications for our existing products, our ability to obtain and maintain patents and other rights related to our marketed products, assets originating from our research and development efforts and/or successful execution of external business development opportunities.” For 2019, Biogen reported a net profit margin of 40.96%, which is an increase of 24.39% over their reported profit margin for 2018.
3. Boston Scientific Corporation
Headquarters: Marlborough, MA
2019 revenue: $10.7 billion
Increase/decrease over 2018 revenue: 9.28%
Ticker Symbol: BSX [NYSE]
Boston Scientific is a medical device manufacturer that specializes in coronary devices such as stents, ultrasound imaging catheters and fractional flow reserve (FFR). The company divides its operations into three divisions: cardiovascular, MedSurg and rhythm management. Each of these divisions accounted for approximately one-third of the company’s overall 2018 revenue. According to their 2018 10-K report, “As part of our strategic imperatives to drive global expansion, … we are seeking to grow net sales and market share by expanding our global presence, including in Emerging Markets.” For 2019, Boston Scientific reported a net profit margin of 43.78%, an increase of 157.38% over 2018, thanks to “a significant non-cash tax benefit arising from an intra-entity asset transfer of intellectual property completed in the fourth quarter of 2019.”
4. Vertex Pharmaceuticals
Headquarters: Boston, MA
2019 revenue: $4.1 billion
Increase/decrease over 2018 revenue: 36.58%
Ticker Symbol: VRTX [NASD]
Vertex Pharmaceuticals is a biopharmaceutical company that focuses its research and development primarily in the area of cystic fibrosis treatment. The company has two main products at market, Orkambi (ivacaftor/lumacaftor) and Kalydeco (ivacaftor), both for the treatment of cystic fibrosis. The company also generates revenue through royalty payments for HIV treatments. The company outlined its research focus in their 2018 10-K filing, stating, “We plan to continue investing in our research programs and fostering scientific innovation in order to identify and develop transformative medicines. In addition to continuing our research in CF, our current research programs include programs targeting pain, alpha-1 antitrypsin and focal segmental glomerulosclerosis.” For 2019, Vertex reported a net profit margin of 28.27%, a decrease of –58.91% over their reported profit margin for 2018.
Headquarters: Bedford, MA
2019 revenue: $3.4 billion
Increase/decrease over 2018 revenue: 4.63%
Ticker Symbol: HOLX [NASD]
Hologic is a medical technology company that specializes in products for women’s health, such as breast care and gynecological products. Hologic divides the business into five divisions: diagnostics, breast health, medical aesthetics, GYN surgical and skeletal health. Together, the Diagnostics and Breast Health divisions accounted for over two-thirds of Hologic’s overall 2018 revenue.The Medical Aesthetics division was added in 2017 as a result of Hologic’s acquisition of Cynosure, Inc., a developer, manufacturer and supplier of a broad array of light-based aesthetic and medical treatment systems. For 2019, Vertex reported a net profit margin of –6.05%, a decrease of –74.86% over 2018.
Headquarters: Waltham, MA
2019 revenue: $2.8 billion
Increase/decrease over 2018 revenue: 3.82%
Ticker Symbol: PKI [NYSE]
PerkinElmer is a medical technology company that specializes in the manufacture of equipment for research and laboratory services. The company divides its business into two segments, discovery and analytical solutions, which accounted for 61% of the company’s 2018 revenue, and diagnostics, which accounted for 39% of 2018 revenue. According to the company’s 2018 10-K report, they are optimistic about the future, “We continue to believe that we are well positioned to take advantage of the spending trends in our end markets and to promote efficiencies in markets where current conditions may increase demand for certain services. Overall, we believe that our strategic focus on diagnostics and discovery and analytical solutions markets, coupled with our deep portfolio of technologies and applications, leading market positions, global scale and financial strength will provide us with a foundation for growth.” For 2019, PerkinElmer reported a net profit margin of 7.89%, a decrease of –7.83% over their reported profit margin for 2018.
7.Charles River Laboratories
Headquarters: Wilmington, MA
2019 revenue: $2.6 billion
Increase/decrease over 2018 revenue: 15.67%
Ticker Symbol: CRL [NYSE]
Charles River Laboratories is a full service, early-stage contract research organization that specializes in discovery and safety assessment services. The company’s Discovery and Safety Assessment division operates in a wide variety of medical specialties, including oncology, metabolic disease, respiratory, gastrointestinal, and cardiovascular. This division accounted for 58.1% of Charles River’s overall 2018 revenue. The company’s 2018 10-K report shows a solid base for continued growth, stating, “Our client base includes all major global biopharmaceutical companies, many biotechnology companies, CROs, agricultural and industrial chemical companies, life science companies, veterinary medicine companies, contract manufacturing companies, medical device companies, and diagnostic and other commercial entities, as well as leading hospitals, academic institutions, and government agencies around the world.” For 2019, Charles River International reported a net profit margin of 9.61%, a decrease of –3.80% over their 2018 profit margin.
8. Waters Corporation
Headquarters: Milford, MA
2019 revenue: $2.4 billion
Increase/decrease over 2018 revenue: 0.54 %
Ticker Symbol: WAT [NYSE]
Waters Corporation specializes in the manufacture and sale of analytical instruments in the areas of chromatography, mass spectrometry, thermal analysis and calorimetry. Sales and support of ultra-performance liquid chromatography (UPLC), high performance liquid chromatography (HPLC), and mass spectrometry (MS) technologies accounted for 88.4% of the company’s overall revenue in 2018. Their principles are outlined in this statement form their website, “Our decisions and actions are guided by two simple words – Deliver Benefit. Our founder, Jim Waters, coined these words to encapsulate the idea that we should positively impact our customers, employees, shareholders and society at every opportunity.” For 2019, Waters reported a net profit margin of 24.61%, an increase of 0.29% over their 2018 profit margin.
9. Bioverativ (subsidiary of Sanofi)
Headquarters: Waltham, MA
2019 revenue: $1.1 billion (source: Hoovers)
Increase/decrease over 2018 revenue: unknown
Ticker Symbol: Private subsidiary
Bioverativ is a biopharmaceutical company that specializes in treatments for hemophilia and rare blood disorders. The company currently has two products on the market, Eloctate, for the treatment of hemophilia A, and Alprolix, for the treatment of hemophilia B. In 2017, Eloctate accounted for 62% of the company total revenue, an increase of 41.2% over 2016, thanks to increased sales volume in both the United State and Japan. The company boasts proprietary technology that enhances both of these medications, “The company harnesses its proprietary Fc fusion technology that links recombinant factor VIII and factor IX of Eloctate and Alprolix, respectively, to a protein fragment in the human body known as Fc. The fusion with Fc utilizes a naturally occurring pathway and extends the half-life of the factor, thereby making the product last longer in a patient’s blood than traditional factor therapies.” In 2018, Bioverativ merged with Sanofi.
10. Bruker Corporation
Headquarters: Billerica, MA
2018 revenue: $ 1.8 billion
Increase/decrease over 2017 revenue: 7.36%
Ticker Symbol: BRKR [NASD]
Bruker Corp is a medical technology company that services biopharmaceutical industries in the areas of cell biology, life science research, microbiology and nanotechnology, among others. They manufacture and sell technologies such as magnetic resonance systems, microtomography systems, semiconductor metrology products, and molecular diagnostics products. Their company description, according to their 2018 10-K filings, states, “We are a developer, manufacturer and distributor of high-performance scientific instruments and analytical and diagnostic solutions that enable our customers to explore life and materials at microscopic, molecular and cellular levels.” For 2019, Bruker Corp reported a net profit margin of 9.48%, an increase of 113.03% over their 2018 profit margin.