Psychedelics
Substance · Active
· Health Care
Latest report
2026-05-01 14:10
Companies developing psychedelic-assisted therapies (psilocybin, MDMA, ketamine therapy).
Pool
84
Industries
6
Cohort
10
Cohort MCap
6.9B
Layers
5
Topology Rationale
The psychedelic-therapy value chain centers on companies creating and clinically validating novel compounds and treatment protocols, supported upstream by CROs, lab tools, and manufacturing services that enable discovery, trials, and scale-up. Commercial adoption then depends on adjacent neuropsychiatric drug developers shaping the mental-health treatment landscape, downstream care settings capable of supervised administration and therapy, and payers that determine reimbursement and patient access.
Value-Chain Layers
1
Psychedelic Drug Developers & Therapy-Protocol Innovators
These companies are directly developing psychedelic compounds or closely related administration protocols intended for psychiatric and behavioral-health indications.
4 companies
| Company | Role | Market Cap | |
|---|---|---|---|
|
ATAI Life Sciences BV
|
portfolio builder of psychedelic therapeutics
Healthcare
|
1.5B | — |
|
Mind Medicine Inc
MNMD
Q4-FY2025
|
clinical-stage psychedelic medicine developer
Healthcare
|
1.5B | — |
|
GH Research PLC
|
focused on psychedelic candidates for mental health
Healthcare
|
1.2B | — |
|
Compass Pathways Plc
CMPS
FY2025
|
developer of psilocybin-based therapy programs
Healthcare
|
1.1B | — |
2
Clinical Development, Analytics & Bioprocessing Enablers
These suppliers provide CRO services, testing, instruments, reagents, and manufacturing support needed to discover, characterize, trial, and produce psychedelic therapies.
12 companies
| Company | Role | Market Cap | Revenue ($M) | Operating Cash Flow ($M) | Capex ($M) | Free Cash Flow ($M) | Net Income ($M) |
|---|---|---|---|---|---|---|---|
|
Thermo Fisher Scientific Inc
TMO
Q1-2026
|
biopharma services and analytical tools supplier
Healthcare
|
173.3B | 11,005 | 1,192 | 376 | 825 | 1,651 |
|
Danaher Corporation
DHR
Q1-2026
|
life sciences instrumentation and bioprocessing exposure
Healthcare
|
126.5B | 5,951 | 1,322 | 237 | 1,085 | 1,029 |
|
Agilent Technologies Inc
A
Q1-2026
|
analytical and life-science lab platform
Healthcare
|
31.5B | 1,798 | 268 | 93 | 175 | 305 |
|
Waters Corporation
WAT
FY2025
|
chromatography and analytical testing tools
Healthcare
|
28.7B | 3,165 | 653 | 113 | — | 643 |
|
IQVIA Holdings Inc
IQV
FY2025
|
clinical trial and R&D solutions provider
Healthcare
|
26.3B | 16,310 | 2,654 | 603 | 2,051 | 1,360 |
|
Laboratory Corporation of America Holdings
LH
Q1-2026
|
biopharma laboratory services and trial support
Healthcare
|
21.2B | 3,538 | 192 | 121 | 70 | 278 |
|
Illumina Inc
ILMN
FY2025
|
genomics tools used in research workflows
Healthcare
|
18.3B | 4,343 | 1,079 | 148 | 931 | 850 |
|
Medpace Holdings Inc
MEDP
Q1-2026
|
CRO supporting clinical development execution
Healthcare
|
11.8B | 707 | 152 | 7 | — | 124 |
|
Revvity Inc.
RVTY
FY2025
|
research tools and diagnostics supplier
Healthcare
|
9.2B | 2,855 | — | — | — | — |
|
ICON PLC
|
global CRO for drug-development programs
Healthcare
|
9.0B | — | — | — | — | — |
|
Bio-Techne Corp
TECH
Q2-FY2026
|
protein sciences and diagnostics tools provider
Healthcare
|
8.1B | 296 | 110 | 11 | 99 | 38 |
|
Charles River Laboratories
CRL
Q4-2025
|
preclinical and lab services outsourcing partner
Healthcare
|
8.1B | — | — | — | — | — |
3
Broader Neuropsychiatry & Specialty CNS Therapeutics Ecosystem
These drug developers and commercial pharma companies are not psychedelic pure-plays but shape the competitive, partnering, and commercialization environment for psychiatric and CNS therapies.
46 companies
| Company | Role | Market Cap | Revenue ($M) | EPS Diluted ($) | Net Income ($M) | Cash & Equivalents ($M) |
|---|---|---|---|---|---|---|
|
Eli Lilly and Company
LLY
Q1-2026
|
large pharma with CNS commercialization capability
Healthcare
|
760.4B | 19,799 | 8.26 | 7,396 | — |
|
Johnson & Johnson
JNJ
Q1-2026
|
neuroscience-capable pharma commercialization platform
Healthcare
|
547.3B | 24,062 | 2.14 | 5,235 | — |
|
AbbVie Inc
ABBV
Q1-2026
|
specialty pharma with psychiatry-adjacent infrastructure
Healthcare
|
360.6B | 15,002 | 0.39 | — | — |
|
AstraZeneca PLC
|
global pharma platform relevant for partnering
Healthcare
|
287.1B | — | — | — | — |
|
Merck & Company Inc
MRK
Q1-2026
|
scaled pharma development and commercialization base
Healthcare
|
274.0B | 16,286 | -1.72 | -4,240 | — |
|
Novartis AG ADR
|
global branded-pharma commercialization platform
Healthcare
|
272.7B | — | — | — | — |
|
Amgen Inc
AMGN
Q1-2026
|
biotech scale and CNS-adjacent development capability
Healthcare
|
182.2B | 8,618 | 3.34 | 1,819 | 12,038 |
|
Novo Nordisk A/S
|
large pharma development and market-access platform
Healthcare
|
178.7B | — | — | — | — |
|
Gilead Sciences Inc
GILD
FY2025
|
scaled biotech commercialization and BD capability
Healthcare
|
159.9B | 29,443 | 6.78 | 8,510 | 10,605 |
|
Pfizer Inc
PFE
FY2025
|
global pharma commercialization and trial infrastructure
Healthcare
|
149.4B | 62,579 | 1.36 | 7,771 | — |
|
Bristol-Myers Squibb Company
BMY
Q1-2026
|
branded pharma with neuropsychiatry adjacency
Healthcare
|
123.7B | 11,489 | 1.31 | 2,677 | — |
|
Sanofi ADR
|
global pharma platform for specialty medicines
Healthcare
|
110.3B | — | — | — | — |
|
Vertex Pharmaceuticals Inc
VRTX
FY2025
|
innovative biotech with specialty-drug development scale
Healthcare
|
107.7B | 12,001 | 15.32 | 3,953 | 12,320 |
|
Regeneron Pharmaceuticals Inc
REGN
Q1-2026
|
large-cap biotech with development and partnering relevance
Healthcare
|
72.0B | — | — | — | — |
|
Takeda Pharmaceutical Co Ltd ADR
|
global pharma with CNS and specialty presence
Healthcare
|
51.5B | — | — | — | — |
|
argenx NV ADR
|
commercial biotech in specialty indications
Healthcare
|
48.5B | — | — | — | — |
|
Teva Pharma Industries Ltd ADR
TEVA
Q1-2026
|
neuroscience-oriented pharma portfolio exposure
Healthcare
|
41.2B | 3,982 | 0.31 | 369 | 3,741 |
|
Alnylam Pharmaceuticals Inc
ALNY
FY2025
|
innovative biotech platform in specialty therapeutics
Healthcare
|
40.2B | 2,987 | — | — | — |
|
BeiGene, Ltd.
ONC
FY2025
|
commercial-stage biotech development comparator
Healthcare
|
32.3B | 5,343 | — | — | — |
|
Revolution Medicines Inc
RVMD
FY2025
|
clinical-stage biotech funding and R&D comparator
Healthcare
|
29.9B | — | -5.95 | -1,131 | 2,026 |
|
Insmed Inc
INSM
FY2025
|
commercial biotech specialty-drug comparator
Healthcare
|
29.4B | 606 | -6.42 | — | 510 |
|
Royalty Pharma Plc
RPRX
FY2025
|
drug royalty capital supporting biopharma ecosystem
Healthcare
|
29.3B | — | — | 1,324 | 619 |
|
Biogen Inc
BIIB
Q1-2026
|
CNS-focused biotech ecosystem participant
Healthcare
|
28.5B | — | — | — | — |
|
BioNTech SE
|
innovative biotech platform and partnering comparator
Healthcare
|
25.7B | — | — | — | — |
|
United Therapeutics Corporation
UTHR
FY2025
|
specialty biotech commercialization comparator
Healthcare
|
25.0B | 3,183 | 27.86 | 1,335 | — |
|
Incyte Corporation
INCY
Q1-2026
|
commercial biotech with specialty pipeline model
Healthcare
|
19.8B | 1,273 | 1.47 | 303 | — |
|
Roivant Sciences Ltd
ROIV
Q2-2026
|
asset-centric biotech incubation model
Healthcare
|
19.7B | — | — | — | — |
|
Moderna Inc
MRNA
Q1-2026
|
clinical biotech platform and capital markets comparator
Healthcare
|
18.1B | 389 | -3.4 | — | 1,908 |
|
Viatris Inc
VTRS
FY2025
|
global pharma distribution and generic-drug reach
Healthcare
|
17.4B | 14,300 | -3 | -3,515 | 1,322 |
|
Summit Therapeutics PLC
SMMT
Q4-2025
|
clinical biotech comparator for development-stage risk
Healthcare
|
16.2B | — | — | — | 710 |
|
Genmab AS
|
biotech innovator and partnering model comparator
Healthcare
|
16.0B | — | — | — | — |
|
BridgeBio Pharma Inc
BBIO
Q4-2025
|
specialty biotech commercialization comparator
Healthcare
|
13.8B | 362 | — | — | 588 |
|
Ascendis Pharma AS
|
commercial rare-disease biotech comparator
Healthcare
|
13.6B | — | — | — | — |
|
Neurocrine Biosciences Inc
NBIX
FY2025
|
CNS-focused commercial biotech directly adjacent
Healthcare
|
13.2B | 2,860 | 4.67 | 479 | 2,543 |
|
Jazz Pharmaceuticals PLC
JAZZ
FY2025
|
neuroscience franchise relevant to mental-health ecosystem
Healthcare
|
12.5B | 4,268 | -5.84 | -356 | 1,392 |
|
Ionis Pharmaceuticals Inc
IONS
Q1-2026
|
innovative biotech with commercial/R&D platform
Healthcare
|
12.4B | 246 | -0.56 | -93 | — |
|
Madrigal Pharmaceuticals Inc
MDGL
FY2025
|
emerging commercial biotech comparator
Healthcare
|
12.0B | 958 | — | — | 989 |
|
Dr. Reddy’s Laboratories Ltd ADR
|
global pharma manufacturing and commercialization platform
Healthcare
|
11.5B | — | — | — | — |
|
Exelixis Inc
EXEL
FY2025
|
commercial biotech specialty-drug comparator
Healthcare
|
11.3B | 2,320 | 2.78 | 783 | — |
|
Biomarin Pharmaceutical Inc
BMRN
FY2025
|
commercial rare-disease biotech comparator
Healthcare
|
10.5B | 3,175 | — | — | — |
|
Arrowhead Pharmaceuticals Inc
ARWR
Q1-2026
|
clinical biotech platform comparator
Healthcare
|
9.9B | 264 | 0.22 | 31 | 202 |
|
Axsome Therapeutics Inc
AXSM
FY2025
|
CNS therapeutics company adjacent to depression treatment
Healthcare
|
9.5B | 638 | — | — | — |
|
Verona Pharma PLC ADR
VRNA
Q2-FY2025
|
commercial-stage biotech comparator
Healthcare
|
9.1B | 103 | 0.02 | 12 | — |
|
Praxis Precision Medicines Inc
PRAX
FY2025
|
neurology/psychiatry-adjacent clinical biotech
Healthcare
|
9.0B | — | — | — | 925 |
|
Abivax SA American Depositary Shares
|
clinical biotech funding and R&D comparator
Healthcare
|
8.4B | — | — | — | — |
|
Vaxcyte Inc
PCVX
FY2025
|
clinical biotech platform comparator
Healthcare
|
8.3B | — | -5.63 | — | — |
4
Supervised Care Delivery Sites, Behavioral Health Providers & Specialty Services
These operators provide the clinical settings, staffing, patient monitoring, and service infrastructure that could administer psychedelic-assisted therapies under supervision.
12 companies
| Company | Role | Market Cap | Revenue ($M) | Operating Cash Flow ($M) | Capex ($M) | Net Income ($M) | Adjusted EBITDA ($M) |
|---|---|---|---|---|---|---|---|
|
HCA Holdings Inc
HCA
Q1-2026
|
hospital network with outpatient treatment capacity
Healthcare
|
96.7B | 19,109 | 2,014 | 1,119 | 1,857 | 3,802 |
|
Natera Inc
NTRA
FY2025
|
healthcare services platform but not core therapy delivery
Healthcare
|
27.8B | 2,300 | — | — | — | — |
|
Quest Diagnostics Incorporated
DGX
Q1-2026
|
diagnostic services embedded in care pathways
Healthcare
|
21.0B | 2,895 | 278 | 114 | 252 | — |
|
EXACT Sciences Corporation
EXAS
FY2025
|
specialized diagnostics in patient management workflows
Healthcare
|
20.0B | 3,247 | 491 | 135 | -208 | 400 |
|
Tenet Healthcare Corporation
THC
FY2025
|
hospital and ambulatory care delivery operator
Healthcare
|
15.5B | — | — | — | — | 4,520 |
|
Fresenius Medical Care Corporation
|
care delivery infrastructure operator
Healthcare
|
12.1B | — | — | — | — | — |
|
Guardant Health Inc
GH
FY2025
|
specialty diagnostics supporting treatment pathways
Healthcare
|
11.1B | 981 | -185 | 48 | — | — |
|
The Ensign Group Inc
ENSG
FY2025
|
post-acute care operator with supervised settings
Healthcare
|
10.9B | 5,058 | 564 | 513 | 344 | — |
|
Universal Health Services Inc
UHS
Q1-2026
|
behavioral health facility operator directly relevant
Healthcare
|
10.3B | 4,495 | 402 | 217 | 349 | — |
|
DaVita HealthCare Partners Inc
DVA
FY2025
|
provider-services infrastructure in supervised care
Healthcare
|
10.0B | 13,643 | 1,887 | 576 | 747 | — |
|
Encompass Health Corp
EHC
Q4-2025
|
facility-based care delivery platform
Healthcare
|
9.9B | 1,545 | 346 | 736 | 146 | 336 |
|
BrightSpring Health Services, Inc. Common Stock
BTSG
FY2025
|
provider services and pharmacy support network
Healthcare
|
9.3B | 12,911 | 490 | 95 | 105 | 618 |
5
Reimbursement, Benefit Design & Patient Access Gatekeepers
These managed-care and integrated health-services companies influence whether psychedelic therapies are covered, how they are reimbursed, and how quickly patients gain access.
7 companies
| Company | Role | Market Cap | Revenue ($M) | Adjusted EPS Diluted ($) | Net Income ($M) | Operating Cash Flow ($M) | Capex ($M) | Long-Term Debt ($M) |
|---|---|---|---|---|---|---|---|---|
|
UnitedHealth Group Incorporated
UNH
Q1-2026
|
major payer and care-management gatekeeper
Healthcare
|
336.7B | 111,721 | 7.23 | 6,280 | 8,912 | 763 | 71,440 |
|
CVS Health Corp
CVS
FY2025
|
integrated payer-PBM and pharmacy access platform
Healthcare
|
107.5B | 402,067 | 6.75 | 1,768 | 10,639 | 2,832 | 60,502 |
|
Elevance Health Inc
ELV
Q1-2026
|
large managed-care reimbursement decision maker
Healthcare
|
81.8B | 49,494 | 12.58 | 1,764 | 4,332 | 235 | 30,768 |
|
Cigna Corp
CI
Q1-2026
|
payer and health-services benefit manager
Healthcare
|
77.1B | 68,494 | 7.79 | 1,654 | — | — | — |
|
Humana Inc
HUM
Q1-2026
|
insurance and care-delivery reimbursement platform
Healthcare
|
29.2B | — | 10.31 | — | — | — | — |
|
Centene Corp
CNC
Q1-2026
|
government-sponsored plan exposure affecting access
Healthcare
|
26.5B | 49,944 | 3.37 | 1,541 | 4,366 | 200 | — |
|
Molina Healthcare Inc
MOH
Q1-2026
|
Medicaid-heavy payer influencing treatment uptake
Healthcare
|
10.2B | 10,796 | 2.35 | 14 | 1,082 | 27 | 3,767 |
Report History
| Generated | Pool | Layers |
|---|---|---|
| 2026-05-01 14:10 | 84 | 5 |