The Idiot Index

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Sector
MarkupApplied to pharmaceutical and integrated healthcare companies. COGS captures manufacturing of drugs, devices, and clinical services; R&D in this sector is capitalized into pipeline value rather than expensed-and-forgotten, so the Shareholder Extraction ratio carries explicit…
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Markup in Pharma & Healthcare · FY 2023

41 of 48 companies · highest first
  1. 1
    CNCCentene
    $1 of cost becomes $24.11 of revenue
    sector median 3.1882Top 1%
    24.11
    × revenue / cost
  2. 2
    INCYIncyte
    $1 of cost becomes $19.78 of revenue
    sector median 3.1882Top 4%
    19.78
    × revenue / cost
  3. 3
    ELVElevance Health
    $1 of cost becomes $12.73 of revenue
    sector median 3.1882Top 6%
    12.73
    × revenue / cost
  4. 4
    UNHUnitedHealth
    $1 of cost becomes $9.27 of revenue
    sector median 3.1882Top 9%
    9.2672
    × revenue / cost
  5. 5
    VRTXVertex
    $1 of cost becomes $8.38 of revenue
    sector median 3.1882Top 11%
    8.3769
    × revenue / cost
  6. 6
    MRNAModerna
    $1 of cost becomes $7.06 of revenue
    sector median 3.1882Top 13%
    7.0581
    × revenue / cost
  7. 7
    BIIBBiogen
    $1 of cost becomes $5.21 of revenue
    sector median 3.1882Top 16%
    5.2053
    × revenue / cost
  8. 8
    BMYBristol-Myers Squibb
    $1 of cost becomes $4.67 of revenue
    sector median 3.1882Top 18%
    4.6665
    × revenue / cost
  9. 9
    EWEdwards Lifesciences
    $1 of cost becomes $4.19 of revenue
    sector median 3.1882Top 21%
    4.1897
    × revenue / cost
  10. 10
    GILDGilead
    $1 of cost becomes $4.14 of revenue
    sector median 3.1882Top 23%
    4.1365
    × revenue / cost

Not yet covered (7)

These companies are in the Pharma & Healthcare cohort but don't have a Markup computed for FY 2023. Either the underlying inputs aren't tagged in their XBRL filings, the DEF 14A pay-ratio narrative didn't parse cleanly, or this fiscal year hasn't been ingested for them yet.

What this measures

Full methodology →

How much revenue per dollar of cost.

Ratio
Markup
Sector
Pharma & Healthcare
Methodology version
v1.0.0
Formula
Revenue / COGS
Sector context

Applied to pharmaceutical and integrated healthcare companies. COGS captures manufacturing of drugs, devices, and clinical services; R&D in this sector is capitalized into pipeline value rather than expensed-and-forgotten, so the Shareholder Extraction ratio carries explicit weight as an indicator of capital allocation priority.

Captures gross extraction per dollar of input. A markup ratio of 5.0 means the company collects $5 in revenue for every $1 of cost-of-goods.

Source data: Revenues (us-gaap:Revenues / ifrs-full:Revenue) and CostOfGoodsAndServicesSold (us-gaap) or CostOfSales (ifrs-full).