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Generate Biomedicines develops drug candidates for its own pipeline and for pharmaceutical partners. Its Generate Platform uses AI models to propose protein designs, then makes and tests them in the laboratory. Experimental results feed back into later designs. Its own development effort centers on GB-0895, which is in Phase 3 trials for severe asthma.
All collaboration revenue to date has come from Amgen and Novartis. These partners supply targets they want to address, and Generate conducts research and licenses rights to the resulting candidates. It receives upfront payments and can earn further payments as programs reach agreed milestones, plus royalties if licensed products sell. It has received an Amgen milestone payment but has earned no royalties. Partners control whether to advance partnered candidates into further development and commercialization; the agreements also limit Generate’s work on certain competing targets.
Generate has no approved products and earns no revenue from drug sales. That path requires successful clinical development and regulatory approval. It also depends on outside manufacturers for drug supply and on additional capital to support development, rather than collaboration payments alone.
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Generate Biomedicines' progress also depends on sole-source manufacturers Lonza for GB-0895 and WuXi Biologics for GB-4362, neither of which appears in this list.
Absci Corporation competes with Generate Biomedicines to design antibody medicines for their own pipelines and pharmaceutical partners, combining generative AI with laboratory testing. Watch whether Absci secures partners for its internally developed candidates: those deals show pharmaceutical companies' willingness to adopt this approach.
Amgen pays Generate Biomedicines to discover protein medicines and obtain rights to develop them, but its TSLP asthma therapies also compete with Generate's GB-0895. After lead-candidate selection, Amgen takes responsibility for further development, making its progress on those partner programs important to Generate's potential milestone payments and sales royalties.
Upstream Bio's verekitug competes with Generate Biomedicines' GB-0895 in severe asthma and COPD by targeting the same TSLP pathway; Upstream has no product sales yet. Its positive Phase 2 severe-asthma results in February 2026 and planned Phase 3 dosing in the first quarter of 2027 are concrete markers of the competition facing GB-0895.
Generate Biomedicines depends heavily on Novartis, which pays for protein-drug discovery and development rights and supplied $25.1 million of Generate's $31.893 million collaboration revenue in 2025. Watch whether Novartis selects a compound for further development: it then takes responsibility for development, manufacturing and commercialization, which underpin Generate's potential milestones and royalties.
Aclaris Therapeutics' bosakitug competes with Generate Biomedicines' GB-0895 through the TSLP pathway, and Aclaris explicitly names GB-0895 as a rival antibody. Aclaris is still developing candidates and seeking partners rather than selling products, so bosakitug's development is the relevant news to follow.
AstraZeneca's tezepelumab and inhaled TSLP therapy compete in the severe-asthma market Generate Biomedicines is targeting with GB-0895. Tezepelumab is already approved without phenotype or biomarker limitations in its severe-asthma label, while the inhaled therapy adds another development program to watch.
GSK's TSLP antibody GSK5784283 competes in the respiratory-treatment market targeted by Generate Biomedicines' GB-0895. GSK already earns revenue from asthma medicines and asthma and COPD inhalers; GSK5784283's clinical progress is the more direct signal of competition for GB-0895.
Regeneron's MUC16-directed cancer treatments compete with Generate Biomedicines' GB-5267, a CAR-T candidate initially aimed at platinum-resistant ovarian cancer. Watch its early-stage MUC16 programs, including antibodies that engage T cells and a CAR-T candidate, rather than its established eye-medicine sales.
Sanofi's combination approaches involving TSLP compete with Generate Biomedicines' respiratory-biologic program. For this tie, watch development news on those combinations rather than Sanofi's vaccine sales: Generate identifies them as potential competition for GB-0895.
Recursion Pharmaceuticals and Generate Biomedicines both depend on computational drug discovery translating into clinical progress and pharmaceutical partnerships, using large-scale laboratory results to refine their models. Recursion advances both its own candidates and partner pipelines, so progress in those programs offers a comparison for Generate's model rather than a direct read on Generate's revenue.
Novartis AG earningsNVS
Novartis's report may show whether it is advancing protein medicines discovered with Generate Biomedicines, a step that could bring Generate closer to milestone payments and potential future royalties.
Look for whether Novartis reports selecting a compound or moving a collaboration program into further development. Progress would put Generate's discovery work closer to potential milestone payments and future royalties; no reported progress would leave that path to additional payments unadvanced. Any payments still depend on later development and commercialization, so a program update is not immediate revenue.
Regeneron Pharmaceuticals Inc earningsREGN
Regeneron's report may show whether its MUC16 cancer programs are advancing, bringing competing treatments closer to the platinum-resistant ovarian-cancer market targeted by Generate Biomedicines' GB-5267.
Watch for progress in Regeneron's MUC16 antibody and CAR-T programs. Clear advancement would mean more treatments are being developed for the same cancer area, raising the competitive bar GB-5267 could face; stalled programs would mean less near-term pressure, not evidence that GB-5267 works or will be approved.
Upstream Bio, Inc. earningsUPB
Upstream Bio's report may show whether its TSLP-targeting drug verekitug is advancing, a direct read on how close a competing severe-asthma treatment is getting to GB-0895's market.
Watch whether verekitug moves toward the planned Phase 3 dosing. If it does, another TSLP-targeting treatment gets closer to the severe-asthma market GB-0895 is pursuing, potentially giving doctors and patients another choice if it is approved. A delay would reduce near-term competitive pressure, but would not show that GB-0895 will succeed.
Generate Biomedicines, Inc. earningsThis company
Generate Biomedicines has no product-sale revenue, so this report shows whether revenue from its Novartis and Amgen collaborations is keeping pace with the cash its clinical programs consume.
Read collaboration revenue alongside cash used in operations. Generate recognizes service revenue as work is performed, based on costs incurred against estimated total costs; it is not the same as cash received or product sales. Rising revenue with more contained cash use would show partner work supporting development. Weak revenue alongside rapid cash use would mean the company needs more outside funding to advance its clinical programs.
