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Recursion Pharmaceuticals helps pharmaceutical partners identify drug targets and design potential medicines while also developing its own drug candidates. Its Recursion OS links laboratory experiments with computational models: experimental results improve the models, and the models guide the next experiments and molecule designs.
Research collaborations supply most of its revenue. Partners including Roche and Genentech and Sanofi pay upfront for discovery work and access to its capabilities; agreements can bring further payments as partners select programs and research or development reaches agreed milestones. Recursion may also earn royalties if partnered medicines reach the market and sell. Roche and Genentech's collaboration represents a large share of its potential downstream value, and partners control the resources they commit to advancing their programs.
Recursion is still a clinical-stage biotechnology company with no approved products or drug-sales revenue. It retains commercial rights to some candidates and may eventually sell approved medicines itself or with partners, but it currently has no sales or distribution capabilities. Turning those candidates into products requires successful clinical trials and regulatory approval.
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Recursion’s results hinge on clinical progress and delivery for discovery partners, notably Roche and Genentech, which are absent from this list but contribute material revenue and potential milestone payments.
Schrodinger, Inc. competes with Recursion to help biopharmaceutical companies discover drugs computationally, selling software while Recursion builds drug pipelines for partners. Its software revenue from pharmaceutical customers is a useful comparison for adoption of computational discovery, rather than a direct measure of Recursion’s milestone income.
Sanofi pays Recursion to discover small-molecule medicines, making progress in their joint programs a source of potential milestone payments and eventual sales royalties. Watch those programs rather than Sanofi’s broader vaccine business: a full year of partnership revenue helped drive Recursion’s 2025 revenue increase.
Relay Therapeutics, Inc. competes with Recursion in computationally designed small-molecule medicines and in licensing drug programs to pharmaceutical partners. Both seek payments from drugmakers for rights to develop their programs.
Recursion pays Tempus AI for access to de-identified clinical and molecular patient records used to train drug-discovery models and support medicine development. Those records are also a substantial cost: Recursion attributed $49.9 million of its 2025 R&D expense increase to Tempus record purchases.
AbCellera Biologics Inc. competes with Recursion for pharmaceutical partnerships that pay for drug research, progress milestones and potential royalties, but specializes in antibodies. Its partner-developed molecules reaching clinical trials show whether that discovery model is moving beyond research payments toward later-stage returns.
Absci Corporation and Recursion both need AI-designed medicines to prove themselves in experiments and attract pharmaceutical partners, although Absci focuses on antibodies and Recursion on small molecules. Absci’s progress from lab-tested designs into clinical development or licensing deals offers a comparison for that path.
Evotec SE competes with Recursion for pharmaceutical partners paying for drug-discovery research that combines biology, chemistry and computation. Its Discovery & Preclinical Development revenue is the closer comparison for Recursion’s research-service business, rather than its separate biologics-manufacturing segment.
Biodexa Pharmaceuticals plc’s eRapa could compete with Recursion’s REC-4881 for patients with familial adenomatous polyposis, so its clinical results matter to the same prospective treatment market. Neither candidate is an established revenue stream; Biodexa reported no revenue in 2025.
Recursion relies on NVIDIA’s GPU systems and computing platform to power BioHive and collaborates with it on biological and chemical AI models. Watch the BioHive and DGX Cloud collaboration for Recursion’s computing capabilities, rather than treating NVIDIA’s overall chip sales as a measure of drug-development progress.
Generate Biomedicines, Inc. offers a comparison for whether computationally designed medicines can succeed clinically: both it and Recursion feed large-scale experimental results back into their models, but Generate develops proteins rather than small molecules. Generate had no candidate approved for sale as of its prospectus, leaving clinical validation—not established product sales—the relevant watchpoint.
Recursion’s REC-4881 depends on compound and intellectual-property rights licensed from Takeda, which receives payments rather than funding this program. Development and regulatory progress can trigger up to $39.5 million in payments to Takeda, with additional royalties if the drug reaches commercial sales.
Lantern Pharma Inc. offers a comparison for Recursion’s AI-guided small-molecule cancer development and pursuit of pharmaceutical licensing partners. Watch clinical progress in Lantern’s LP-300, LP-184 and LP-284 and whether it secures licensing deals; it has no sales or distribution capabilities of its own.
Sanofi earningsSNY
Sanofi's report can show how its small-molecule programs with Recursion are progressing, a path to potential milestone payments and sales royalties for Recursion.
Look for updates on Sanofi's programs with Recursion. Progress would support a path toward milestone payments and, if a product reaches the market, royalties; limited progress or no update would provide less evidence for those potential revenues, but would not prove the collaboration has ended. The takeaway is whether the shared programs are moving toward payment-triggering stages, not whether Sanofi's overall business is strong.
Recursion Pharmaceuticals, Inc. earningsThis company
Recursion earns mainly from drug-company collaborations, and this report will show whether that revenue is keeping pace with the cost of providing research services and the cash those services consume.
Read collaboration revenue alongside the cost of providing services and cash used in operations. Rising collaboration revenue without faster growth in costs or cash use would show that partner work is supporting the business more efficiently; weaker revenue with rising costs or cash use would show that it is not. Revenue can be recognized when milestones are achieved or work is accepted, not when cash arrives, so the conclusion is whether collaboration work is easing Recursion's funding burden.
Evotec SE earningsEVO
Evotec SE's report on Discovery & Preclinical Development revenue shows whether drugmakers are buying outsourced research—and how much competition Recursion may face for that work.
Focus on Evotec SE's Discovery & Preclinical Development revenue, not its biologics manufacturing business. Growth would show that drugmakers are still buying similar research services, while also showing that Evotec is competing for those budgets. A decline could reflect weaker demand or Evotec's own execution; it does not directly establish that Recursion's collaboration revenue will fall. The question is whether the market for outsourced discovery work is active and contested.
Relay Therapeutics, Inc. earningsRLAY
Relay Therapeutics' report can show whether drugmakers are advancing or licensing computationally designed small-molecule programs, a route to partner payments that Recursion also pursues.
Watch Relay Therapeutics' clinical progress and licensing deals. Advancing programs or a deal would show that drugmakers are willing to fund development or acquire rights to computationally designed small molecules, while also signaling competition for similar opportunities; stalled programs or no deal would provide less outside validation, but would not determine Recursion's own candidates' prospects. The takeaway is whether drugmakers are willing to take on or pay for this kind of program.
