Ocugen Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Ocugen Inc (OCGN) 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: Ocugen Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 5M vs 83,968M combined for its competitors (0.0% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+30.0% annualized vs trailing 12 months), vs decelerating (-6.0%) for its tracked peer group.
- Growth: Ocugen Inc generated 8.4% revenue growth year over year in Q2 2026, vs 4.8% for its competitors combined.
- Profitability: Its -1,671.8% net margin compares with -1.3% for the peer group.
- Scale: Ocugen Inc ranks #66 of 165 companies by market capitalization in the Biotechnology & Pharmaceuticals industry, holding 0.0% of industry market cap.
- Peer revenue share: Ocugen Inc 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 $0.04M compares with $0.77M 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).
OCGN Sales vs. its Competitors, Q2 2026
Ocugen Inc reported revenue growth of 8.38 % year on year in Q2 2026, above its competitors' combined revenue growth of 4.79 %.
With a net margin of -1,671.84 %, Ocugen Inc reported lower profitability than its competitors (-1.31 %).
Ocugen Inc generated 0.01 % of the combined sales of its peer group, up from 0.01 % a year earlier.
API endpoints for this dataset
Ocugen Inc vs. its Competitors, Q2 2026
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 Ocugen Inc reports; 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 Ocugen Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Ocugen Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (5) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (10) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Ocugen Inc's competitor groups requires a Commercial License.
For context: the Biotechnology & Pharmaceuticals industry grew revenue 21.7% year over year, combined, vs 8.4% for Ocugen Inc. Ocugen Inc's share of combined industry revenue moved from 0.00% to 0.00%, a gain of 0.00 percentage points.
Ocugen Inc's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Ocugen Inc | - | No | No | Yes |
| Competitors combined (23) | ||||
| 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.
OCGN Stock Performance relative to its Competitors
OCGN Stock Performance relative to High-Confidence Competitors
OCGN 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 | Moderna Inc | 282.9% | Outperformed |
| 2 | Vericel Corporation | 282.9% | Outperformed |
| 3 | Novavax inc | 282.9% | Outperformed |
| 4 | Regeneron Pharmaceuticals Inc | 282.9% | Outperformed |
| 5 | Denali Therapeutics Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Ocugen Inc's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Ocugen Inc's Comment on Competition and Industry Peers
Publicly Traded Peers of Ocugen Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Ocugen Inc |
329.23 | 4.58 |
 Novartis Ag |
320,013.95 | 56,674.00 |
 Astrazeneca Plc |
295,827.18 | 58,739.00 |
 Pfizer Inc |
168,101.73 | 63,625.00 |
 Moderna Inc |
107,062.00 | 2,228.00 |
 Regeneron Pharmaceuticals Inc |
97,147.78 | 16,896.20 |
| SUBTOTAL | 1,006,476.75 | 199,877.04 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Ocugen Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Ocugen Inc's Competitors Named by the Company
Competitive relationships identified from Ocugen Inc reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Sinovac Biotech Ltd. | Company report | 85% |
| Novavax, Inc. | Company report | 85% |
| AstraZeneca PLC | Company report | 85% |
| Vericel Corporation | Company report | 85% |
| Pfizer Inc./BioNTech SE | Company report | 85% |
| Moderna, Inc. | Company report | 85% |
| Aesculap Biologics, LLC | Company report | 85% |
| Center for Genetic Engineering and Biotechnology | Company report | 85% |
| Gamaleya Research Institute of Epidemiology and Microbiology | Company report | 85% |
| CanSinoBIO | Company report | 85% |
| Johnson & Johnson/Janssen Biotech, Inc. | Company report | 85% |
| Medicago Inc. | Company report | 85% |
| Unity Biotechnology Inc | Company report | 85% |
| Medicines Co | Company report | 85% |
| Curevac N v | Company report | 85% |
| Outlook Therapeutics Inc | Company report | 85% |
| Novartis Ag | Company report | 85% |
| Opthea Limited | Company report | 85% |
| Regeneron Pharmaceuticals Inc | Company report | 85% |
| 4d Molecular Therapeutics Inc | Company report | 85% |
| Vaxxinity Inc | Company report | 85% |
Company report basis, confidence, active dates and source counts for Ocugen Inc's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Ocugen Inc'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 |
|---|---|
| Pfizer Inc | U.S. Commercial Division 58.35 % |
| Novavax inc | Reportable 100.00 % |
| Ocular Therapeutix Inc | Single Reportable Segment 100.00 % |
| Adverum Biotechnologies Inc | Reportable 100.00 % |
Source: operating segment revenue as reported in each company's reports (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).
Ocugen Inc'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 |
|---|---|---|---|
| Ocugen Inc | 329 | 39,483 | -705,267 |
| Novartis Ag | 320,014 | 752,973 | 185,566 |
| Astrazeneca Plc | 295,827 | 706,847 | 123,141 |
| Pfizer Inc | 168,102 | 848,333 | 54,160 |
| Moderna Inc | 107,062 | 474,043 | -670,426 |
| Regeneron Pharmaceuticals Inc | 97,148 | 1,096,444 | 312,615 |
| PEERS TOTAL | 1,006,148 | 769,424 | 108,709 |
Ocugen Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Pfizer Inc | United States 63.93 % |
| Novavax inc | United States 68.88 % |
| 4d Molecular Therapeutics Inc | JP 97.05 % |
| Sinovac Biotech Ltd | CN 82.34 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Ocugen Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 158 companies in Ocugen Inc's industry classification, broader than the peer set above. Market cap in millions of $.Ocugen Inc ranks #66 of 158 companies by market capitalization in its industry, holding 0.03 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 1,338, indicating a unconcentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Amgen Inc | 253,085 | 25.70 % |
| 2 | Gilead Sciences Inc | 210,465 | 21.38 % |
| 3 | Moderna Inc | 107,062 | 10.87 % |
| 4 | Argenx Se | 63,538 | 6.45 % |
| 5 | Revolution Medicines Inc | 1,234 | 5.2% |
| 6 | Biogen Inc | 1,234 | 5.2% |
| 7 | Biontech Se | 1,234 | 5.2% |
| 8 | Mesoblast Limited | 1,234 | 5.2% |
| 9 | Exelixis Inc | 1,234 | 5.2% |
| 10 | Neurocrine Biosciences Inc | 1,234 | 5.2% |
| 66 | Ocugen Inc | 329 | 0.03 % |
Market cap and industry share for the rest of Ocugen Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-09.
Ocugen Inc'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 |
|---|---|---|---|
| 61 | C4 Therapeutics Inc | 412 | 28.15 % |
| 62 | Fennec Pharmaceuticals Inc | 405 | 29.38 % |
| 63 | Century Therapeutics inc | 372 | 223.15 % |
| 64 | Autolus Therapeutics Plc | 351 | -6.65 % |
| 65 | Allogene Therapeutics Inc | 1,234 | 12.3% |
| 66 | Ocugen Inc | 329 | -31.69 % |
| 67 | Editas Medicine Inc | 1,234 | 12.3% |
| 68 | Eikon Therapeutics Inc | 1,234 | 12.3% |
| 69 | Kyverna Therapeutics Inc | 1,234 | 12.3% |
| 70 | Agenus Inc | 1,234 | 12.3% |
| 71 | Inhibikase Therapeutics Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Ocugen Inc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-09. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Ocugen Inc'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 (159 companies). See the full Biotechnology & Pharmaceuticals industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | -4.21 % | 35.08 % (avg) | -39.3 pp |
| Operating Margin | - | industry median | - |
| EBITDA Margin | - | -1.12 % (avg) | - |
| Capital Intensity (Capex / Revenue) | 3.34 % | 8.43 % (avg) | -5.1 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.
Ocugen Inc's Valuation vs Competitive Position
Valuation multiples vs the Biotechnology & Pharmaceuticals industry average (159 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Biotechnology & Pharmaceuticals industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 26.5x | - |
| EV / EBITDA | - | 16.7x | - |
| P/B | -106.2x | 5.1x | -111.4x |
| Return on Equity | - | industry aggregate | - |
| Return on Invested Capital | -344.31 % | -10.87 % (avg) | -333.44 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Ocugen Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | - | - | - | - | - | - | -32.82 % | 8.83 % |
| Operating Margin | - | - | - | - | - | - | - | - |
| Return on Invested Capital | - | - | -68.57 % | -31.21 % | -39.02 % | -55.45 % | -77.45 % | -151.80 % |
| P/E | - | - | - | - | - | - | - | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Ocugen Inc's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Ocugen Inc falls in the Dog quadrant: relative market share of 0.00x vs its largest competitor, in an industry growing revenue 8.5% (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.
Ocugen Inc'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 1,338 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 3.34 % vs industry average 8.43 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Ocugen Inc's dedicated Suppliers and Customers pages, not here.
Ocugen Inc's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Ocugen Inc 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.
Ocugen Inc'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 (+30.0% annualized vs trailing 12 months).
Weaknesses
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.00x).
- Piotroski F-Score of 2 or below, the standard financial-distress signal.
Opportunities
- A meaningful share of competitors (52.20 %) show financial-distress signals, a possible opening to gain share.
Threats
- Tracked peer group's revenue run-rate is broadly decelerating (-6.0% annualized).
Methodology: see Methodology: SWOT Analysis.
Ocugen Inc'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 |
|---|---|---|---|
| Ocugen Inc | 0.93 | 1.05 | - |
| Novartis Ag | 0.42 | 1.12 | 0.02 |
| Astrazeneca Plc | 0.19 | 0.94 | 0.51 |
| Pfizer Inc | 0.04 | 1.27 | 0.72 |
| Moderna Inc | 0.86 | 2.88 | 0.07 |
| Regeneron Pharmaceuticals Inc | 0.58 | 3.56 | 0.06 |
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.
Ocugen Inc'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 |
|---|---|---|---|
| Ocugen Inc | Q2 2026 | +8.4 % | - |
| Novartis Ag | Q4 2025 | +9.6 % | +17.0 % |
| Astrazeneca Plc | Q4 2025 | +8.6 % | +45.3 % |
| Pfizer Inc | Q3 2026 | -0.4 % | -8.7 % |
| Moderna Inc | Q2 2026 | +2.1 % | - |
| Regeneron Pharmaceuticals Inc | Q3 2026 | +36.3 % | +33.5 % |
| PEERS TOTAL | +8.6 % | +25.7 % |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Ocugen Inc'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 |
|---|---|---|---|
| Ocugen Inc | Q2 2026 | - | -51.2 % |
| Novartis Ag | Q4 2025 | +18.3 % | +13.3 % |
| Astrazeneca Plc | Q4 2025 | +11.2 % | +46.0 % |
| Pfizer Inc | Q3 2026 | -3.5 % | -4.8 % |
| Moderna Inc | Q2 2026 | -21.8 % | +1,133.3 % |
| Regeneron Pharmaceuticals Inc | Q3 2026 | +104.1 % | +49.1 % |
Ocugen Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Ocugen Inc | - | - | - |
| Novartis Ag | 12.59% | 12.62% | 30.00% |
| Astrazeneca Plc | 8.97% | 19.67% | 21.00% |
| Pfizer Inc | 1.98% | 2.34% | 4.62% |
| Moderna Inc | - | - | - |
| Regeneron Pharmaceuticals Inc | 11.50% | 13.00% | 15.07% |
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).
Ocugen Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Ocugen Inc | - | 71.88 |
| Novartis Ag | 22.88 | 5.65 |
| Astrazeneca Plc | 28.96 | 5.04 |
| Pfizer Inc | 41.60 | 2.64 |
| Moderna Inc | - | 48.05 |
| Regeneron Pharmaceuticals Inc | 20.35 | 5.75 |
| PEERS AVERAGE | 35.74 | 5.04 |
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.