Medpace (MEDP)
Runs integrated Phase I–IV trials and laboratory services for drug and device developers.
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Medpace runs clinical trials for drug companies that have no way to run their own — designing the study, lining up hospitals, testing the samples and filing the paperwork, much of it from a campus it owns in Cincinnati. The wave of weight-loss and diabetes studies that lifted it is past its peak, and cancer work is taking back the lead. Customers pay before the work is done.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
7 in detail · 10 more below
Oncology
Cancer and blood-cancer studies — the company's biggest line at $747.6M in 2025, and still rising while weight-loss work cools. More than half of the new work signed in the June 2026 quarter was cancer; watch whether that keeps up.
Competes with Oncology trial services, widened by buying Catalyst (Worldwide Clinical Trials) · Clinical research with in-house laboratories (ICON plc) · R&D Solutions (IQVIA Holdings)
In plain English
A small biotech with one promising cancer drug has a laboratory and a patent and nothing else — no doctors, no hospitals, no way to prove the drug works. It hires Medpace to build that proof from scratch: write the study, sign up cancer centres, enrol patients, read the scans, hand back a package a regulator will accept.
The sponsor pays by the study, in instalments, across the years a trial takes. Because the scans and the blood work are done by Medpace's own labs instead of farmed out to someone else, more of each contract stays in the house.
Metabolic
Obesity, diabetes and fatty-liver studies. The line tripled in three years to $745.0M in 2025 and was still the largest in mid-2026 — but quarterly revenue has fallen two quarters running and new awards have thinned.
Competes with Obesity and metabolic trial services (Novotech) · Clinical development services (Fortrea, Inc.)
In plain English
Think of the years of testing behind a weight-loss injection — thousands of volunteers, repeat weigh-ins, blood panels, scans, all recorded well enough to convince a regulator. Medpace does that work for the companies developing those drugs.
Each study is a multi-year contract, and these particular ones move fast and spend heavily on outside costs: fees to the clinics, travel, supplies. Medpace pays those bills and charges them straight back to the sponsor, which swells the revenue figure without adding profit. Management warned that effect would grow as this work took over the mix. The work came in a wave, and the wave is past its crest.
Top Five Sponsor Programs
The five biggest customers — Medpace names none of them — were about 31% of revenue in the year to June 2026, up from 22% two years earlier, mostly on weight-loss work. Company-wide, $3.0B of work sits under contract.
Competes with In-house research departments (Biopharmaceutical sponsors themselves) · Staff-on-loan trial teams for preferred suppliers (ICON plc) · Staff-on-loan trial teams for preferred suppliers (IQVIA Holdings)
In plain English
Most of the customer list is small drug developers, but a handful of large programs now sits on top of it. Five sponsors together account for close to a third of what Medpace earns, and that share has climbed steadily over two years. No single customer reached a tenth of revenue last year, and the company does not say who any of them are.
Comfortable while the programs run, awkward when they stop. When a sponsor gets bought, the buyer generally hands future work to its own trial supplier, and Medpace is cut out of what comes next.
Other Therapeutic Areas
Everything outside the five named disease lines — skin, gut and liver, kidney, eye, lung, joints, immune disease, plus cell and gene therapy and rare disease. $408.5M in 2025, and quarterly revenue is below where it was a year earlier.
Competes with Clinical development services for mid-sized sponsors (Fortrea, Inc.) · Single-indication trial services (Specialty and regional CROs)
In plain English
A long tail, not a wave. Dermatology, stomach and liver, kidney, eye, lung, joints, immune disease — plus the newer corners: cell and gene therapy, rare disease, radiation medicines, devices and diagnostics, children's and women's health.
None of it is big on its own. What makes the collection worth having is that Medpace keeps doctors on staff in each area, so a sponsor with an unusual disease finds someone in-house who already knows it. This is also where the small regional trial firms push hardest, because a single niche is exactly what they are built to sell.
Antiviral and Anti-Infective
Vaccine and infection studies, the one line in multi-year decline: $163.3M in 2023 down to $134.9M in 2025. Quarterly revenue has settled near $37M through 2026 — a base rather than an engine.
Competes with Clinical development services (Fortrea, Inc.) · Vaccine trial infrastructure (IQVIA Holdings)
In plain English
Drugs that kill viruses and bacteria, and the vaccines meant to prevent them. Medpace runs the trials that test them, and the work leans on public-health and vaccine budgets to pay for it.
That spending pulled back after the pandemic years. Revenue here has fallen two years running and now sits flat, which is the honest description of it — a floor under the company, not a source of growth. Samples from this work route through Medpace's own labs in Shanghai and Singapore, so the studies help keep the Asian side of the network busy even as the line shrinks.
Central Nervous System
Brain, nerve and psychiatric studies. The quiet grower here: $254.8M in 2025, up 40% in a year and higher in every quarter since — and management has not mentioned it once across two years of earnings calls.
Competes with Clinical research services with a neuroscience practice (ICON plc) · Brain and nerve trial specialists (Specialty CNS and regional CROs)
In plain English
Testing a drug for a brain or nerve condition is slow going. Patients are hard to find, and much of the measuring is done by trained people scoring questionnaires and rating scales rather than by a machine — so the people doing the scoring have to be trained to score the same way.
Medpace sells that as part of the package and runs the first, smallest stage — the first time a drug is given to a person — in its own clinic on the Cincinnati campus. Sponsors pay per study, as everywhere else. No announcements, no call commentary, just a bigger number each quarter.
Cardiology
Heart and blood-vessel studies, a founding strength. Revenue is flat — $239.4M in 2025 against $230.5M a year earlier — so its slice of the company shrank as other lines grew. Its one appearance on a call in two years came up under cancellations.
Competes with Cardiac safety and imaging endpoints inside a full-service trial (ICON plc) · R&D Solutions with cardiac safety labs (IQVIA Holdings)
In plain English
Heart studies are big and long — many patients, many years — which suits sponsors with deep funding more than the small companies that make up most of Medpace's customers. That is the likely reason this line sits still while the rest moves.
Its job is to keep the owned equipment busy. Heart trials need readings of the heartbeat's electrical trace and pictures of the heart itself, and Medpace built the lab that produces those readings in Cincinnati rather than buying them in. Every heart study routed through it fills capacity the company pays for anyway.
OncologyCancer and blood-cancer studies — the company's biggest line at $747.6M in 2025, and still rising while weight-loss work cools. More than half of the new work signed in the June 2026 quarter was cancer; watch whether that keeps up.Cancer and blood-cancer studies — the company's biggest line at $747.6M in 2025, and still rising while weight-loss work cools. More than half of the new work signed in the June 2026 quarter was cancer; watch whether that keeps up.
In plain English
A small biotech with one promising cancer drug has a laboratory and a patent and nothing else — no doctors, no hospitals, no way to prove the drug works. It hires Medpace to build that proof from scratch: write the study, sign up cancer centres, enrol patients, read the scans, hand back a package a regulator will accept.
The sponsor pays by the study, in instalments, across the years a trial takes. Because the scans and the blood work are done by Medpace's own labs instead of farmed out to someone else, more of each contract stays in the house.
Competes with Oncology trial services, widened by buying Catalyst (Worldwide Clinical Trials) · Clinical research with in-house laboratories (ICON plc) · R&D Solutions (IQVIA Holdings)
MetabolicObesity, diabetes and fatty-liver studies. The line tripled in three years to $745.0M in 2025 and was still the largest in mid-2026 — but quarterly revenue has fallen two quarters running and new awards have thinned.Obesity, diabetes and fatty-liver studies. The line tripled in three years to $745.0M in 2025 and was still the largest in mid-2026 — but quarterly revenue has fallen two quarters running and new awards have thinned.
In plain English
Think of the years of testing behind a weight-loss injection — thousands of volunteers, repeat weigh-ins, blood panels, scans, all recorded well enough to convince a regulator. Medpace does that work for the companies developing those drugs.
Each study is a multi-year contract, and these particular ones move fast and spend heavily on outside costs: fees to the clinics, travel, supplies. Medpace pays those bills and charges them straight back to the sponsor, which swells the revenue figure without adding profit. Management warned that effect would grow as this work took over the mix. The work came in a wave, and the wave is past its crest.
Competes with Obesity and metabolic trial services (Novotech) · Clinical development services (Fortrea, Inc.)
Top Five Sponsor ProgramsThe five biggest customers — Medpace names none of them — were about 31% of revenue in the year to June 2026, up from 22% two years earlier, mostly on weight-loss work. Company-wide, $3.0B of work sits under contract.The five biggest customers — Medpace names none of them — were about 31% of revenue in the year to June 2026, up from 22% two years earlier, mostly on weight-loss work. Company-wide, $3.0B of work sits under contract.
In plain English
Most of the customer list is small drug developers, but a handful of large programs now sits on top of it. Five sponsors together account for close to a third of what Medpace earns, and that share has climbed steadily over two years. No single customer reached a tenth of revenue last year, and the company does not say who any of them are.
Comfortable while the programs run, awkward when they stop. When a sponsor gets bought, the buyer generally hands future work to its own trial supplier, and Medpace is cut out of what comes next.
Competes with In-house research departments (Biopharmaceutical sponsors themselves) · Staff-on-loan trial teams for preferred suppliers (ICON plc) · Staff-on-loan trial teams for preferred suppliers (IQVIA Holdings)
Other Therapeutic AreasEverything outside the five named disease lines — skin, gut and liver, kidney, eye, lung, joints, immune disease, plus cell and gene therapy and rare disease. $408.5M in 2025, and quarterly revenue is below where it was a year earlier.Everything outside the five named disease lines — skin, gut and liver, kidney, eye, lung, joints, immune disease, plus cell and gene therapy and rare disease. $408.5M in 2025, and quarterly revenue is below where it was a year earlier.
In plain English
A long tail, not a wave. Dermatology, stomach and liver, kidney, eye, lung, joints, immune disease — plus the newer corners: cell and gene therapy, rare disease, radiation medicines, devices and diagnostics, children's and women's health.
None of it is big on its own. What makes the collection worth having is that Medpace keeps doctors on staff in each area, so a sponsor with an unusual disease finds someone in-house who already knows it. This is also where the small regional trial firms push hardest, because a single niche is exactly what they are built to sell.
Competes with Clinical development services for mid-sized sponsors (Fortrea, Inc.) · Single-indication trial services (Specialty and regional CROs)
Antiviral and Anti-InfectiveVaccine and infection studies, the one line in multi-year decline: $163.3M in 2023 down to $134.9M in 2025. Quarterly revenue has settled near $37M through 2026 — a base rather than an engine.Vaccine and infection studies, the one line in multi-year decline: $163.3M in 2023 down to $134.9M in 2025. Quarterly revenue has settled near $37M through 2026 — a base rather than an engine.
In plain English
Drugs that kill viruses and bacteria, and the vaccines meant to prevent them. Medpace runs the trials that test them, and the work leans on public-health and vaccine budgets to pay for it.
That spending pulled back after the pandemic years. Revenue here has fallen two years running and now sits flat, which is the honest description of it — a floor under the company, not a source of growth. Samples from this work route through Medpace's own labs in Shanghai and Singapore, so the studies help keep the Asian side of the network busy even as the line shrinks.
Competes with Clinical development services (Fortrea, Inc.) · Vaccine trial infrastructure (IQVIA Holdings)
Central Nervous SystemBrain, nerve and psychiatric studies. The quiet grower here: $254.8M in 2025, up 40% in a year and higher in every quarter since — and management has not mentioned it once across two years of earnings calls.Brain, nerve and psychiatric studies. The quiet grower here: $254.8M in 2025, up 40% in a year and higher in every quarter since — and management has not mentioned it once across two years of earnings calls.
In plain English
Testing a drug for a brain or nerve condition is slow going. Patients are hard to find, and much of the measuring is done by trained people scoring questionnaires and rating scales rather than by a machine — so the people doing the scoring have to be trained to score the same way.
Medpace sells that as part of the package and runs the first, smallest stage — the first time a drug is given to a person — in its own clinic on the Cincinnati campus. Sponsors pay per study, as everywhere else. No announcements, no call commentary, just a bigger number each quarter.
Competes with Clinical research services with a neuroscience practice (ICON plc) · Brain and nerve trial specialists (Specialty CNS and regional CROs)
CardiologyHeart and blood-vessel studies, a founding strength. Revenue is flat — $239.4M in 2025 against $230.5M a year earlier — so its slice of the company shrank as other lines grew. Its one appearance on a call in two years came up under cancellations.Heart and blood-vessel studies, a founding strength. Revenue is flat — $239.4M in 2025 against $230.5M a year earlier — so its slice of the company shrank as other lines grew. Its one appearance on a call in two years came up under cancellations.
In plain English
Heart studies are big and long — many patients, many years — which suits sponsors with deep funding more than the small companies that make up most of Medpace's customers. That is the likely reason this line sits still while the rest moves.
Its job is to keep the owned equipment busy. Heart trials need readings of the heartbeat's electrical trace and pictures of the heart itself, and Medpace built the lab that produces those readings in Cincinnati rather than buying them in. Every heart study routed through it fills capacity the company pays for anyway.
Competes with Cardiac safety and imaging endpoints inside a full-service trial (ICON plc) · R&D Solutions with cardiac safety labs (IQVIA Holdings)
Named in filings, launches and programs
- Medpace LaboratoriesPlatformThe company's own labs — Cincinnati, Belgium, Shanghai, Singapore — test trial samples in-house at no separate price, which is what makes the one-vendor pitch work.
- ClinTrakPlatformIn-house software holding trial operations, lab results, imaging and patient-reported answers in one place. Never sold on its own, never mentioned on a call.
- Medpace Phase I UnitServiceA 60,000-square-foot clinic on the Cincinnati campus with roughly 85 beds, where a drug is given to people for the first time.
- Regulatory Affairs and Medical WritingServiceWrites the documents and assembles the applications regulators demand — priced inside the trial contract, never sold on its own.
- Biometrics and Data SciencesServiceData handling, statistics and programming: the people who turn a trial's raw readings into the numbers that decide whether a drug worked.
- Pharmacovigilance and SafetyServiceTracks and reports side effects while a study runs — part of the scope on the Zelluna cancer cell-therapy study Medpace took on in early 2026.
- Clinical MonitoringServiceStaff who visit trial sites and check the records; the most labour-heavy service Medpace sells and the main reason headcount grows.
- Medical Device & DiagnosticsServiceTrials run for device and test makers, a customer group Medpace serves alongside drug developers; the money is counted among the other disease lines.
- Cell & Gene Therapy and RadiopharmaceuticalsServiceNewer specialties crossing several diseases; Voximetry, which calculates radiation doses, has been the preferred partner for radiation-drug studies since June 2025.
- Reimbursable pass-through costsServiceClinic fees, travel and supplies Medpace pays and charges straight back to sponsors; they lift revenue without profit and grew with the weight-loss work.
Medpace LaboratoriesPlatform
The company's own labs — Cincinnati, Belgium, Shanghai, Singapore — test trial samples in-house at no separate price, which is what makes the one-vendor pitch work.
ClinTrakPlatform
In-house software holding trial operations, lab results, imaging and patient-reported answers in one place. Never sold on its own, never mentioned on a call.
Medpace Phase I UnitService
A 60,000-square-foot clinic on the Cincinnati campus with roughly 85 beds, where a drug is given to people for the first time.
Regulatory Affairs and Medical WritingService
Writes the documents and assembles the applications regulators demand — priced inside the trial contract, never sold on its own.
Biometrics and Data SciencesService
Data handling, statistics and programming: the people who turn a trial's raw readings into the numbers that decide whether a drug worked.
Pharmacovigilance and SafetyService
Tracks and reports side effects while a study runs — part of the scope on the Zelluna cancer cell-therapy study Medpace took on in early 2026.
Clinical MonitoringService
Staff who visit trial sites and check the records; the most labour-heavy service Medpace sells and the main reason headcount grows.
Medical Device & DiagnosticsService
Trials run for device and test makers, a customer group Medpace serves alongside drug developers; the money is counted among the other disease lines.
Cell & Gene Therapy and RadiopharmaceuticalsService
Newer specialties crossing several diseases; Voximetry, which calculates radiation doses, has been the preferred partner for radiation-drug studies since June 2025.
Reimbursable pass-through costsService
Clinic fees, travel and supplies Medpace pays and charges straight back to sponsors; they lift revenue without profit and grew with the weight-loss work.