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Hepatitis: one US-listed biotech with a clinical-stage programme

Infectious Disease & VaccinesUncontestedData as of 2026-09-04

Competitors1in the clinic
Median market cap$2.5Buniverse median $1.20B
Allocated capital$1.3B$2.5B competing
Phase 3 or filed10 mid, 0 early
Pure plays0this indication only
Capital rank131/299crowding rank 148

Hepatitis is uncontested. Bausch Health Companies (BHC) is the only US-listed developer in the $100M to $20B band running a clinical programme here, with Larsucosterol in phase 3.

There is no public comparable to price it against. BHC spreads its $2.5B market cap across 2 indications, so $1.3B of it is allocated here.

The one programme here is in late-stage development, but it carries no dated catalyst in the next 12 months.

$1.3B of allocated capital sits in Hepatitis, ranking it 131st of 299 indications by the money committed to it.

Companies developing drugs for Hepatitis 1

TickerCompanyLead assetPhaseTrialsMarket capPure playIndicationsNext catalyst
BHCBausch Health CompaniesLarsucosterolPhase 31$2.5BNo2No dated event

Sorted by phase, then by market capitalisation. Ticker links open the company profile.

Why Hepatitis counts as uncontested

Uncontested. One US-listed developer in the size band is running a clinical programme here, so there is no public comparable to price it against.

The map splits indications on two folds: six or more competitors counts as crowded, and a median company above $1.20B counts as richly priced. Hepatitis has one competitor and a median of $2.5B.

Infectious Disease & Vaccines

Infectious Disease & Vaccines holds $16.5B of the map's capital, 2.5% of the total, spread across 13 indications and 10 companies. 0 of those indications have more than one company competing.

See every Infectious Disease & Vaccines indication on the map

Related indications in Infectious Disease & Vaccines

Mycobacterium Abscessus Infection1 company · $771M · median $1.5BUncontestedIntra-Abdominal Infections1 company · $771M · median $1.5BUncontestedSepsis1 company · $723M · median $8.7BUncontestedLyme Disease1 company · $1.8B · median $3.7BUncontestedChronic Hepatitis B1 company · $484M · median $1.9BUncontestedCompensated Chronic Hepatitis B1 company · $484M · median $1.9BUncontestedHepatitis C1 company · $467M · median $467MUncontestedRSV Infection1 company · $408M · median $408MUncontested

Hepatitis pipeline questions

Which biotech companies are developing drugs for Hepatitis?

Bausch Health Companies (BHC, Larsucosterol, Phase 3). Those are the 1 US-listed developer in the $100M to $20B market cap band with a clinical-stage programme in Hepatitis.

How advanced is the Hepatitis pipeline?

Of the 1 clinical-stage programme in Hepatitis, 1 is in Phase 3 or filed, 0 are in mid-stage development and 0 are in early-stage development.

Is anyone else developing a drug for Hepatitis?

No. BHC is the only US-listed company in the $100M to $20B market cap band with a clinical-stage programme in Hepatitis, which is why the indication is classified as uncontested.

How this page is built

  • Universe is US-listed drug developers with a $100M to $20B market capitalisation, identified by SEC SIC code 2833, 2834 or 2836 or by a pharmaceutical or biotechnology industry classification, less a reviewed exclusion list of contract research organisations, device and diagnostics makers and diversified generics manufacturers.
  • An asset attributed to three or more different companies is treated as shared standard of care rather than any one company’s programme and excluded. Pembrolizumab alone appears under 21 tickers in raw trial data.
  • A programme counts only where at least one industry-sponsored trial supports it, so investigator-initiated academic studies of third-party drugs are excluded.

Allocated capital divides each company’s market capitalisation evenly across the indications it is running clinical programmes in, so every dollar of the universe is counted exactly once. Total market capitalisation competing counts a company in each of its indications and therefore sums to more than the universe.

Third-party market size estimates are not used anywhere on this page. Approved incumbents are excluded from competitor counts, and companies above $20B are outside the universe by construction.

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