Simulations Plus, Inc.
Simulations Plus, Inc. develops software and consulting services used in biopharma research, drug development, clinical trials, and commercialization. The company is based in the United States and operates through wholly owned subsidiaries, serving customers globally across the drug development lifecycle.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueScientific software platforms used for biosimulation, modeling, and drug development workflows.
Consulting, customization, and expert support for drug discovery and development programs.
Products
Reported · share of revenue- License and Maintenance57.9 %
- Services42.1 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Customers are primarily biopharma organizations that use modeling and simulation to improve drug discovery, development, and commercialization decisions. The company also serves biotechnology, agrotechnology, and cosmetics companies, along with universities, hospitals, and government research organizations. Buyers typically seek specialized scientific expertise, software tools, or outsourced capacity that they do not have in-house.
Buy software and consulting to support discovery, clinical development, and commercialization decisions.
Use the platform and expert services to supplement limited internal modeling resources.
Use the software for scientific research, training, and applied drug-development studies.
Agrotechnology and cosmetics customers use selected tools for modeling and scientific analysis.
Strategy
The company is focused on expanding use of its software and services across the full drug development lifecycle, from early discovery through commercialization. It is also pursuing an account-based solution-selling model that emphasizes solving client pain points rather than selling discrete products. Strategic acquisitions, partnerships, and deeper penetration of existing accounts are intended to broaden the platform and increase recurring engagement.
Deeper adoption increases software and services revenue per account and strengthens retention.
Selling integrated solutions improves relevance to client pain points and supports scalable growth.
External growth can add capabilities, customers, and market access in adjacent areas.
Geography
Q1/2026The company markets its software and services globally, with sales and marketing activity spanning scientific meetings, trade shows, seminars, online channels, and direct outreach. It also uses independent distributors in Japan, China, India, South Korea, and Brazil, which extends reach in key international markets. Geography matters because adoption depends on relationships with research communities and regulatory environments across major pharma hubs.
Share of the revenue the company reports by geography.
Risks
Demand depends on continued acceptance of model-informed drug development, regulatory support, and customers' willingness to outsource specialized work. The business also faces competition from software vendors, CROs, consulting firms, and internal teams at large pharma companies, while AI adoption introduces reputational, legal, and cybersecurity risks. Because revenue is tied to scientific adoption and client budgets, market penetration and execution risk are central to the model.
- Competitive pressure from larger and adjacent providersImpact: HighLikelihood: Medium
Competitors include established software firms, CROs, consulting groups, and in-house pharma teams with greater resources.
Exposure: Software licenses and consulting engagements
- Dependence on client budgets and outsourcing decisionsImpact: HighLikelihood: Medium
Customers may reduce spending or bring work in-house, lowering software and services demand.
Exposure: Pharma and biotech customer base
- Limited adoption of model-informed drug developmentImpact: HighLikelihood: Low
If regulators or academic institutions resist these methods, demand for the company's tools and services can weaken.
Exposure: Biopharma software and consulting demand
- AI and machine learning deployment riskImpact: MediumLikelihood: Medium
Flawed models, poor datasets, or harmful outputs could damage reputation and create legal or regulatory exposure.
Exposure: AI-augmented software and analytics
Accounting
Judgemental itemsThe company sells licenses, consulting, and customization, so timing depends on contract terms and performance obligations.
Impact: Affects quarterly revenue mix and comparability
Development spending may be capitalized rather than expensed, affecting operating margins and asset balances.
Impact: Impacts operating expense and intangible assets
Acquisitions create assets that may need impairment testing if expected benefits change.
Impact: Can create non-cash impairment charges
Equity awards are a recurring non-cash expense in a knowledge-intensive business.
Impact: Affects reported profitability and dilution
Similar listed companies
Publicly listed companies with a comparable business focus.
Certara, Inc.
CERT · Services-Prepackaged Software
Harvard Bioscience, Inc
HBIO · Laboratory Analytical Instruments
Harvard Bioscience designs, manufactures, and sells life-science research tools used in drug discovery, translational medicine, and preclinical testing.
Healthcare AI Acquisition Corp.
Blank Checks
Absci Corp
ABSI · Services-Commercial Physical & Biological Research
Absci Corp is a biotechnology company built around its Integrated Drug Creation platform, which combines AI-driven design, wet-lab biology, and computational…
BNB Plus Corp
BNBX · Finance Services
BullFrog AI Holdings, Inc.
BFRGW · Pharmaceutical Preparations
Last updated: 24/09/2026