The best biotech stocks right now include Amgen, Gilead Sciences, Vertex Pharmaceuticals, Regeneron, argenx, Alnylam, and Exelixis, picked for their approved drugs, revenue growth, and pipeline depth. Biotech has been one of the hottest corners of the market this year. The SPDR S&P Biotech ETF, a common gauge for the group, has climbed about 50% over the past 12 months.
Two forces are driving the rally. Big drugmakers face a wave of patent expirations that could put $280 billion in annual sales at risk by 2028, and they are buying smaller companies to fill the gap. Biotech deals have already topped $106 billion in 2026, the busiest pace since before the pandemic. For investors, that means owning the right names can pay off through both growth and takeovers.
We screened large and mid-sized US-listed biotech companies and narrowed the field to seven based on approved products, revenue growth, and balance sheet strength.
How We Picked These Stocks
Hundreds of biotech companies trade on US exchanges, but most are tiny, unprofitable, and dependent on a single experimental drug. We filtered for companies with at least one approved, revenue-generating product, a market cap above $10 billion, and a late-stage pipeline that could drive the next leg of growth. We favored companies with improving operating margins, the share of revenue left after the costs of running the business, and avoided pure clinical-stage names with no products on the market. The result is seven companies that span gene editing, RNA medicine, immunology, and oncology, the study and treatment of cancer.
Amgen (NASDAQ: AMGN)
Why it made the list: Amgen is the steadiest large-cap biotech you can own, with a deep bench of approved drugs across cancer, bone health, and inflammation. Its newer products are offsetting older ones that face competition, keeping revenue growing.
The bull case: The big swing factor is MariTide, a monthly obesity injection now in late-stage trials. In mid-stage testing, patients with obesity lost an average of 16.2% of their body weight, a result that could let Amgen compete in the fast-growing weight-loss market.
The risk: MariTide also caused high rates of nausea and vomiting in trials, and a disappointing late-stage readout would hit the stock hard.
Key number: Patients on MariTide lost an average of 16.2% of their body weight in the mid-stage obesity study.
Gilead Sciences (NASDAQ: GILD)
Why it made the list: Gilead dominates HIV treatment with Biktarvy, its flagship pill, and is expanding into prevention and cancer. The company throws off heavy cash flow that funds both dividends and dealmaking.
The bull case: Yeztugo, a twice-yearly HIV prevention shot, won FDA approval in 2025 and is seeing strong early demand. Gilead is also pushing deeper into oncology through acquisitions, broadening a business that has long leaned on a single disease area.
The risk: HIV still drives most of Gilead's revenue, so any setback there, from competition or pricing pressure, would weigh on the whole company.
Key number: Gilead committed roughly $11.5 billion in upfront payments across its recent run of acquisitions, including Arcellx.
Vertex Pharmaceuticals (NASDAQ: VRTX)
Why it made the list: Vertex holds a near-monopoly in cystic fibrosis, a genetic lung disease, with a franchise led by Trikafta that gives it years of reliable cash flow. That base funds an expansion into new areas.
The bull case: Vertex won approval for Journavx, a non-opioid pain treatment, in a market that has seen little innovation in decades. It is also commercializing Casgevy, a gene-editing therapy for blood disorders developed with CRISPR Therapeutics.
The risk: Most of Vertex's revenue still comes from cystic fibrosis, so new launches need to succeed to justify the stock's premium valuation.
Key number: Vertex grew revenue about 10% in 2025 while swinging back to strong operating profit.
Regeneron (NASDAQ: REGN)
Why it made the list: Regeneron pairs the eye drug Eylea with Dupixent, a blockbuster treatment for eczema, asthma, and other inflammatory conditions sold with partner Sanofi. The stock has fallen well off its highs, leaving a more reasonable entry point.
The bull case: Dupixent keeps adding approved uses and remains one of the best-selling drugs in the world. Regeneron also has 14 late-stage programs and won approval for a new blood-cancer drug, Lynozyfic, in 2025.
The risk: Eylea faces growing competition from cheaper copies and newer rivals, and that pressure has already dented sales.
Key number: Dupixent generated more than $14 billion in global sales, making it Regeneron's biggest growth engine.
argenx (NASDAQ: ARGX)
Why it made the list: argenx is one of the fastest-growing names in immunology, built around Vyvgart, a treatment for rare antibody-driven diseases. Its revenue has climbed sharply as the drug reaches more patients.
The bull case: In May 2026, the FDA broadened Vyvgart's approval to cover all adults with generalized myasthenia gravis, a muscle-weakening disorder, rather than just a subset. argenx is also testing the drug across a long list of other rare conditions.
The risk: The company depends almost entirely on Vyvgart, so competition or a trial failure in a new disease would carry outsized weight.
Key number: Vyvgart and its easier-to-inject version generate the bulk of argenx's multibillion-dollar product revenue.
Alnylam Pharmaceuticals (NASDAQ: ALNY)
Why it made the list: Alnylam pioneered RNA interference, a way to switch off disease-causing genes, and turned it into a growing list of approved drugs. Its newest win is a much larger market than anything it has tackled before.
The bull case: Amvuttra won FDA approval in 2025 to treat ATTR cardiomyopathy, a heart condition Alnylam estimates affects 300,000 people worldwide. Sales are climbing fast as cardiologists adopt the drug.
The risk: Amvuttra faces competition from Pfizer and BridgeBio in the same heart condition, and Alnylam trades at a high valuation that leaves little room for error.
Key number: Amvuttra sales grew 187% year over year in the first quarter, reaching nearly $890 million.
Exelixis (NASDAQ: EXEL)
Why it made the list: Exelixis is the smallest company on this list and the most focused, built around Cabometyx, a cancer pill used for kidney and other tumors. It is profitable and growing, an unusual combination for a company its size.
The bull case: Exelixis is advancing zanzalintinib, a next-generation cancer drug, through late-stage trials, including a study in colorectal cancer that posted positive results. A win there would give it a second major product.
The risk: Cabometyx still drives most sales and faces patent questions later this decade, so the pipeline has to deliver.
Key number: Analysts estimate Exelixis can grow revenue at roughly an 11.6% annual rate over the next three years.
What Is Driving Biotech Right Now
The sector's run is built on two connected stories. The first is the patent cliff. Some of the best-selling drugs in history lose exclusivity over the next few years, and the big drugmakers that own them need new products to replace billions in revenue. The cheapest way to do that is to buy a smaller company with an approved drug or a promising pipeline, which is why takeover offers have been landing almost weekly. Our coverage of AbbVie's $10.9 billion deal for Apogee shows how far buyers are willing to reach, paying up for a drug that is not even approved yet.
The second story is innovation. Gene editing, RNA medicine, and obesity drugs are opening markets that did not exist a decade ago. Companies with a real edge in those areas, like Vertex in gene-based therapy or Alnylam in RNA, are growing into them. For a broader view of the sector, see our guides to the best healthcare stocks and the best growth stocks. The obesity wave, covered in our piece on Eli Lilly's weight-loss pill, is now pulling in players like Amgen.
What to watch:
- More buyouts: With Big Pharma sitting on cash and facing patent losses, any mid-cap name with an approved drug is a potential target.
- MariTide data: Amgen's late-stage obesity results will help decide whether it can challenge the leaders in weight loss.
- Pipeline readouts: Late-stage trial results from Exelixis, argenx, and Regeneron could each add or subtract billions in value over the next few quarters.
Bottom Line
This list is for investors who want exposure to biotech through established companies rather than speculative clinical-stage bets. The mega-caps here, Amgen, Gilead, and Vertex, offer steadier growth and cash flow, while Regeneron, argenx, Alnylam, and Exelixis carry more upside and more risk. Sizing positions to match your tolerance is the sensible way to play a sector this volatile.
Frequently Asked Questions
What are the best biotech stocks to buy right now?
Strong large and mid-cap biotech stocks right now include Amgen, Gilead Sciences, Vertex Pharmaceuticals, Regeneron, argenx, Alnylam, and Exelixis. Each has at least one approved, revenue-generating drug and a late-stage pipeline, which separates them from the many clinical-stage biotechs that have no products on the market.
Are biotech stocks a good investment in 2026?
Biotech has outperformed the broad market this year, with the SPDR S&P Biotech ETF up about 50% over the past 12 months. The gains are driven by a record wave of buyouts and breakthroughs in gene editing and obesity drugs. The sector is volatile, though, so most investors treat it as a higher-risk slice of a diversified portfolio rather than a core holding.
What is the difference between biotech and pharmaceutical stocks?
Biotech companies typically develop drugs from living systems, such as genes, proteins, and cells, and are often younger and faster-growing. Pharmaceutical companies usually make drugs through traditional chemistry and tend to be larger and more diversified. The line has blurred as big pharma buys biotechs and biotechs scale up, so the terms now overlap heavily.
Why are biotech companies being acquired so often?
Large drugmakers face a patent cliff that could put $280 billion in annual sales at risk by 2028 as top-selling drugs lose exclusivity. Buying a smaller biotech with an approved drug or promising pipeline is the fastest way to replace that revenue. Biotech deals have already topped $106 billion in 2026, the busiest pace in years.
Which biotech stock has the strongest pipeline?
Regeneron stands out for depth, with 14 late-stage programs alongside its established Eylea and Dupixent franchises. Vertex and Alnylam are notable for platform strength in gene editing and RNA medicine, which lets them apply one core technology across many diseases. The right pick depends on whether you want breadth of pipeline or a focused bet on a single breakthrough.
