Big research spenders.
Spend 20%+ of sales on research and development, with $1bn+ in sales. 40 companies, sorted by r&d / sales. Updated 2026-09-26.
| Company | Sector | Revenue | R&D / sales | Revenue growth | Operating margin | Period |
|---|---|---|---|---|---|---|
| MRNA Moderna, Inc. | Healthcare | $2.2B | 129.1% | -27.6% | -149.0% | TTM to 2026-06-30 |
| FIG Figma, Inc. | Technology | $1.3B | 95.0% | 43.4% | -123.8% | TTM to 2026-06-30 |
| LCID Lucid Group, Inc. | Consumer Spending | $1.5B | 86.8% | 66.5% | -263.6% | TTM to 2026-06-30 |
| INSM INSMED Inc | Healthcare | $1.1B | 75.7% | 185.8% | -73.9% | TTM to 2026-06-30 |
| ARM ARM HOLDINGS PLC /UK | Technology | $4.9B | 56.4% | 22.8% | 18.3% | FY to 2026-03-31 |
| MBLY Mobileye Global Inc. | Technology | $2.0B | 55.8% | 5.0% | -207.1% | TTM to 2026-06-27 |
| U Unity Software Inc. | Technology | $2.0B | 50.6% | 14.0% | -30.4% | TTM to 2026-06-30 |
| TEAM Atlassian Corp | Technology | $6.6B | 49.7% | 26.0% | 0.2% | TTM to 2026-06-30 |
| MRK Merck & Co., Inc. | Healthcare | $66.6B | 45.7% | 4.6% | — | TTM to 2026-06-30 |
| DDOG Datadog, Inc. | Technology | $4.0B | 43.7% | 31.5% | 0.4% | TTM to 2026-06-30 |
| GMAB GENMAB A/S | Healthcare | $3.7B | 43.2% | 19.2% | 28.6% | FY to 2025-12-31 |
| PTCT PTC THERAPEUTICS, INC. | Healthcare | $1.0B | 43.0% | -42.8% | 12.5% | TTM to 2026-06-30 |
| REGN REGENERON PHARMACEUTICALS, INC. | Healthcare | $15.5B | 40.4% | 9.3% | 24.7% | TTM to 2026-06-30 |
| LEGN Legend Biotech Corp | Healthcare | $1.0B | 40.3% | 64.0% | -13.3% | FY to 2025-12-31 |
| SRPT Sarepta Therapeutics, Inc. | Healthcare | $2.0B | 40.0% | -20.4% | -7.3% | TTM to 2026-06-30 |
| INCY INCYTE CORP | Healthcare | $5.4B | 39.7% | 21.5% | 30.0% | TTM to 2026-03-31 |
| SNOW Snowflake Inc. | Technology | $5.4B | 38.8% | 32.0% | -22.8% | TTM to 2026-07-31 |
| MDGL MADRIGAL PHARMACEUTICALS, INC. | Healthcare | $1.3B | 38.2% | 149.0% | -25.1% | TTM to 2026-06-30 |
| ONC BeOne Medicines Ltd. | Healthcare | $6.1B | 37.4% | 34.3% | 15.1% | TTM to 2026-06-30 |
| ALAB Astera Labs, Inc. | Technology | $1.2B | 36.1% | 98.5% | 22.8% | TTM to 2026-06-30 |
| ALNY ALNYLAM PHARMACEUTICALS, INC. | Healthcare | $3.7B | 35.5% | 65.2% | 13.5% | TTM to 2026-06-30 |
| PINS PINTEREST, INC. | Media & Telecom | $4.6B | 34.4% | 16.6% | 4.9% | TTM to 2026-06-30 |
| EXEL EXELIXIS, INC. | Healthcare | $2.4B | 33.8% | 9.2% | 39.9% | TTM to 2026-07-03 |
| NBIX NEUROCRINE BIOSCIENCES INC | Healthcare | $3.4B | 33.5% | 34.4% | 23.6% | TTM to 2026-06-30 |
| S SentinelOne, Inc. | Technology | $1.1B | 33.2% | 21.1% | -29.5% | TTM to 2026-07-31 |
| TTAN ServiceTitan, Inc. | Technology | $1.1B | 32.8% | 22.9% | -13.0% | TTM to 2026-07-31 |
| WIX Wix.com Ltd. | Technology | $2.0B | 32.4% | 13.2% | 0.1% | FY to 2025-12-31 |
| ARGX ARGENX SE | Healthcare | $4.2B | 32.1% | 88.6% | 24.8% | FY to 2025-12-31 |
| SYNA SYNAPTICS Inc | Technology | $1.2B | 31.9% | 11.4% | -5.6% | TTM to 2026-06-27 |
| GH Guardant Health, Inc. | Healthcare | $1.2B | 31.8% | 42.7% | -39.7% | TTM to 2026-06-30 |
| META Meta Platforms, Inc. | Media & Telecom | $228.2B | 31.4% | 27.7% | 38.1% | TTM to 2026-06-30 |
| VRTX VERTEX PHARMACEUTICALS INC / MA | Healthcare | $12.6B | 31.0% | 10.2% | 38.0% | TTM to 2026-06-30 |
| COIN Coinbase Global, Inc. | Finance | $6.3B | 30.7% | -10.4% | 9.9% | TTM to 2026-06-30 |
| SNAP Snap Inc | Media & Telecom | $6.4B | 30.6% | 12.6% | -5.1% | TTM to 2026-06-30 |
| RIVN Rivian Automotive, Inc. / DE | Consumer Spending | $5.9B | 30.6% | 14.2% | -60.1% | TTM to 2026-06-30 |
| SNPS SYNOPSYS INC | Technology | $9.4B | 30.6% | 46.3% | 8.5% | TTM to 2026-07-31 |
| RDDT Reddit, Inc. | Media & Telecom | $2.8B | 30.0% | 66.6% | 28.2% | TTM to 2026-06-30 |
| DUOL Duolingo, Inc. | Technology | $1.1B | 29.5% | 29.4% | 13.7% | TTM to 2026-06-30 |
| DBX DROPBOX, INC. | Technology | $2.5B | 29.3% | -0.0% | 26.6% | TTM to 2026-06-30 |
| NTRA Natera, Inc. | Healthcare | $2.7B | 29.1% | 37.8% | -10.7% | TTM to 2026-06-30 |
Each company's latest trailing twelve months, or latest fiscal year, from its own SEC filings. Click a ticker for the full company page.