Mesoblast Limited's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Mesoblast Limited (MESO) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Mesoblast Limited vs Its Competitors
- TTM: Trailing 12-month revenue of 17M vs 217,357M combined for tracked competitors (0.0% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+300.0% annualized vs trailing 12 months), vs decelerating (-3.0%) for its tracked peer group.
- Growth: Mesoblast Limited generated 191.4% revenue growth year over year in Q4 2025, vs 6.3% for its tracked competitors combined.
- Profitability: Its -593.9% net margin compares with 20.7% for the peer group.
- Scale: Mesoblast Limited ranks #40 of 165 companies by market capitalization in the Biotechnology & Pharmaceuticals industry, holding 0.2% of industry market cap.
- Peer revenue share: Mesoblast Limited accounted for 0.0% of combined revenue among its tracked peer group, up from 0.0% a year earlier.
- Peer differentiation: Revenue per employee of $0.16M compares with $1.29M for the peer group (0.1x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
MESO Sales vs. its Competitors, Q4 2025
Mesoblast Limited reported revenue growth of 191.39 % year on year in Q4 2025, above its competitors' combined revenue growth of 6.33 %.
With a net margin of -593.92 %, Mesoblast Limited reported lower profitability than its competitors (20.74 %).
Mesoblast Limited generated 0.03 % of the combined sales of its peer group, up from 0.01 % a year earlier.
Mesoblast Limited vs. its Competitors, Q4 2025
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Mesoblast Limited and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Mesoblast Limited | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (7) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (10) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Mesoblast Limited's competitor groups requires a Commercial License.
For context: the Biotechnology & Pharmaceuticals industry grew revenue 20.7% year over year, combined, vs 191.4% for Mesoblast Limited. Mesoblast Limited's share of combined industry revenue moved from 0.02% to 0.04%, a gain of 0.02 percentage points.
Mesoblast Limited's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Mesoblast Limited | - | Yes | Yes | No |
| Competitors combined (54) | ||||
| High-Confidence Competitors (7) | ||||
| Similar-Size Competitors (10) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
MESO Stock Performance relative to its Competitors
MESO Stock Performance relative to High-Confidence Competitors
MESO Stock Performance relative to Similar-Size Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Iovance Biotherapeutics inc | 282.9% | Outperformed |
| 2 | Revolution Medicines Inc | 282.9% | Outperformed |
| 3 | Longeveron Inc | 282.9% | Outperformed |
| 4 | Cullinan Therapeutics Inc | 282.9% | Outperformed |
| 5 | Kymera Therapeutics Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Mesoblast Limited's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Mesoblast Limited's Comment on Competition and Industry Peers
Publicly Traded Peers of Mesoblast Limited
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Mesoblast Limited | 1,751.30 | 17.20 |
| Novartis Ag | 287,150.40 | 56,674.00 |
| Amgen Inc | 227,462.72 | 38,095.00 |
| Gilead Sciences Inc | 189,197.03 | 30,457.00 |
| Vertex Pharmaceuticals Inc | 134,661.38 | 12,587.20 |
| Bristol myers Squibb Company | 130,826.24 | 49,186.00 |
| SUBTOTAL | 1,190,994.02 | 217,375.67 |
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Sources: Mesoblast Limited's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Mesoblast Limited versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Mesoblast Limited's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Harvard Apparatus Regenerative Technology Inc | Named by the company | 85% |
| Immunitybio inc | Named by the company | 85% |
| Ernexa Therapeutics Inc | Named by the company | 85% |
| Quoin Pharmaceuticals Ltd | Named by the company | 85% |
| Fibrobiologics Inc | Named by the company | 85% |
| Creative Medical Technology Holdings Inc | Named by the company | 85% |
| Celularity Inc | Named by the company | 85% |
| Biorestorative Therapies Inc | Named by the company | 85% |
| Edesa Biotech Inc | Named by the company | 85% |
| Biocardia Inc | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Mesoblast Limited's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Mesoblast Limited's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Amgen Inc | Reportable 100.00 % |
| Vertex Pharmaceuticals Inc | Pharmaceuticals 100.00 % |
| Biogen Inc | Reportable 100.00 % |
| Exelixis Inc | Reportable 100.00 % |
| Iovance Biotherapeutics inc | Single reportable segment 100.00 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Mesoblast Limited's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Mesoblast Limited | 1,751 | 159,241 | -945,759 |
| Novartis Ag | 287,150 | 752,973 | 185,566 |
| Amgen Inc | 227,463 | 2,930,385 | 672,538 |
| Gilead Sciences Inc | 189,197 | 1,791,588 | -190,588 |
| Vertex Pharmaceuticals Inc | 134,661 | 31,079,506 | 10,877,037 |
| Bristol myers Squibb Company | 130,826 | 1,513,415 | 285,354 |
| PEERS TOTAL | 1,189,243 | 1,285,361 | 207,355 |
Mesoblast Limited's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Gilead Sciences Inc | United States 70.78 % |
| Vertex Pharmaceuticals Inc | United States 61.68 % |
| Bristol myers Squibb Company | United States 67.79 % |
| Exelixis Inc | United States 91.44 % |
| Iovance Biotherapeutics inc | US 98.66 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Mesoblast Limited's Position in Industry Market Structure
Market-capitalization share and concentration across all 159 companies in Mesoblast Limited's industry classification, broader than the peer set above. Market cap in millions of $.Mesoblast Limited ranks #40 of 159 companies by market capitalization in its industry, holding 0.16 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 1,326, indicating a unconcentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Amgen Inc | 227,463 | 25.80 % |
| 2 | Gilead Sciences Inc | 189,197 | 21.46 % |
| 3 | Moderna Inc | 78,517 | 8.91 % |
| 4 | Argenx Se | 64,197 | 7.28 % |
| 5 | Revolution Medicines Inc | 1,234 | 5.2% |
| 6 | Biogen Inc | 1,234 | 5.2% |
| 7 | Biontech Se | 1,234 | 5.2% |
| 8 | Exelixis Inc | 1,234 | 5.2% |
| 9 | Neurocrine Biosciences Inc | 1,234 | 5.2% |
| 10 | Halozyme Therapeutics Inc | 1,234 | 5.2% |
| 40 | Mesoblast Limited | 1,431 | 0.16 % |
Market cap and industry share for the rest of Mesoblast Limited's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-28.
Mesoblast Limited's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 35 | Novavax inc | 1,777 | 25.42 % |
| 36 | Vir Biotechnology Inc | 1,775 | 101.93 % |
| 37 | Inhibrx Biosciences Inc | 1,594 | 209.69 % |
| 38 | Maze Therapeutics Inc | 1,584 | -2.73 % |
| 39 | Immunocore Holdings Plc | 1,234 | 12.3% |
| 40 | Mesoblast Limited | 1,431 | -11.53 % |
| 41 | Replimune Group Inc | 1,234 | 12.3% |
| 42 | Monte Rosa Therapeutics Inc | 1,234 | 12.3% |
| 43 | Solid Biosciences Inc | 1,234 | 12.3% |
| 44 | Meiragtx Holdings Plc | 1,234 | 12.3% |
| 45 | 4d Molecular Therapeutics Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Mesoblast Limited's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-28. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Mesoblast Limited's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Biotechnology & Pharmaceuticals industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (93 companies).| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 70.17 % | 68.46 % (avg) | +1.7 pp |
| Operating Margin | - | industry median | - |
| EBITDA Margin | - | -0.94 % (avg) | - |
| Capital Intensity (Capex / Revenue) | 3.95 % | 6.74 % (avg) | -2.8 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Mesoblast Limited's BCG Growth-Share Matrix
Relative market share (vs Mesoblast Limited's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
Mesoblast Limited falls in the Question Mark quadrant: relative market share of 0.01x vs its largest competitor, in an industry growing revenue 10.0% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Mesoblast Limited's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 1,326 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 3.95 % vs industry average 6.74 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See Mesoblast Limited's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Mesoblast Limited's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Mesoblast Limited's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Mesoblast Limited falls in the Low attractiveness / Low strength cell: Harvest / Divest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Mesoblast Limited's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Latest-quarter revenue run-rate is accelerating (+300.0% annualized vs trailing 12 months).
Weaknesses
- Return on equity 26.8 points below the industry aggregate.
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.01x).
Opportunities
- Industry revenue growing at a healthy 10.0% median pace.
- A meaningful share of tracked competitors (44.20 %) show financial-distress signals, a possible opening to gain share.
Threats
- Tracked peer group's revenue run-rate is broadly decelerating (-3.0% annualized).
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Mesoblast Limited's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Mesoblast Limited | 1.57 | 1.99 | 0.09 |
| Novartis Ag | 0.42 | 1.12 | 0.02 |
| Amgen Inc | 0.46 | 1.26 | 5.86 |
| Gilead Sciences Inc | - | 1.54 | 1.27 |
| Vertex Pharmaceuticals Inc | 1.34 | 2.85 | - |
| Bristol myers Squibb Company | 0.49 | 1.35 | 2.31 |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Mesoblast Limited's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Mesoblast Limited | Q2 2025 | +191.4 % | - |
| Novartis Ag | Q4 2025 | +9.6 % | +17.0 % |
| Amgen Inc | Q2 2026 | +9.5 % | +65.9 % |
| Gilead Sciences Inc | Q2 2026 | +10.2 % | - |
| Vertex Pharmaceuticals Inc | Q2 2026 | +12.5 % | +6.5 % |
| Bristol myers Squibb Company | Q2 2026 | +5.7 % | +152.6 % |
| PEERS TOTAL | +9.5 % | -40.9 % |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Mesoblast Limited's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Mesoblast Limited | Q2 2025 | - | +150.9 % |
| Novartis Ag | Q4 2025 | +18.3 % | +13.3 % |
| Amgen Inc | Q2 2026 | -6.6 % | +39.0 % |
| Gilead Sciences Inc | Q2 2026 | +5.2 % | +30.8 % |
| Vertex Pharmaceuticals Inc | Q2 2026 | +20.0 % | -23.0 % |
| Bristol myers Squibb Company | Q2 2026 | +10.5 % | -15.5 % |
Mesoblast Limited's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Mesoblast Limited | - | - | - |
| Novartis Ag | 12.59% | 12.62% | 30.00% |
| Amgen Inc | 9.48% | 13.08% | 89.32% |
| Gilead Sciences Inc | - | - | - |
| Vertex Pharmaceuticals Inc | 16.88% | 19.97% | 23.31% |
| Bristol myers Squibb Company | 10.27% | 13.58% | 46.65% |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Mesoblast Limited's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Mesoblast Limited | - | 101.83 |
| Novartis Ag | 20.53 | 5.07 |
| Amgen Inc | 25.97 | 5.97 |
| Gilead Sciences Inc | - | 6.21 |
| Vertex Pharmaceuticals Inc | 30.77 | 10.70 |
| Bristol myers Squibb Company | 14.06 | 2.66 |
| PEERS AVERAGE | 34.07 | 5.48 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.