Which 'unicorn' companies—valued at over $1 billion—are currently in decline?

Let me offer a perspective on Square. My previous boss joined Square after leaving our company—more precisely, he ‘returned’ to us. Our company, FactSet, is relatively unknown in mainland China (it has no office there). It provides financial data software and is nowhere near unicorn status—not even an industry leader (ranking third behind two giants: Bloomberg and Thomson Reuters). After working at FactSet for several years, my boss moved to Square—but just one year later, he left Square and came back to us. I was extremely curious and asked him why. I also pointed out that Square was practically a star company—so why did he leave? He replied that Square’s management was highly disorganized, its technical operations were chaotic (though, admittedly, I thought our own company wasn’t exactly well-ordered either…), and its operational performance fell far short of its sky-high valuation. His exact words were: 'Square is valued at $6 billion—it’s such a joke.'

A top-tier global CRO has achieved annual revenue exceeding $4 billion; the biopharmaceutical market is projected to rebound in the second half of the year.

Charles River in China In 2013, Charles River acquired a 75% stake in Vital River, entering the Chinese market. (For over a decade prior, Vital River had served as Charles River’s sole authorized manufacturer and distributor of animal models in mainland China.) Since then, Charles River has expanded its portfolio of drug research services in China—including microbiological testing, bioproducts testing, and the Cradl New Drug Acceleration Lab. Today, Vital River operates as Charles River’s China-focused brand for animal models, while Charsley (a transliteration of ‘Charles River’) represents its broader suite of research services—primarily microbiological solutions and bioproducts solutions. Financial Performance In 2023, Charles River’s total revenue reached $4.13 billion, an increase of 3.9% year-on-year; GAAP operating profit margin stood at 14.9%, down from 16.4% in 2022; GAAP net income attributable to common shareholders amounted to $474.6 million, a 2.4% decline year-on-year; diluted earnings per share were $9.22, down 2.7% year-on-year. By revenue type, service revenue totaled $3.44 billion (up 6.9% year-on-year), while product revenue totaled $689 million (down 9.2% year-on-year). By business segment: — Research Models & Services (RMS): $792.3 million in revenue, up 7.2% year-on-year—driven primarily by higher research model service revenue, especially from in-sourced solutions; — Drug Discovery & Safety Assessment (DSA): $2.62 billion in revenue, up 7.9% year-on-year—mainly due to increased demand for safety assessment services; — Manufacturing Solutions: $721.4 million in revenue, down 8.6% year-on-year—largely attributable to the divestiture of its poultry business. In Q1 2024, Charles River’s total revenue was $1.01 billion, down 1.7% year-on-year; GAAP operating profit margin was 12.5%, compared to 16.3% in the prior-year quarter; net income attributable to common shareholders was $67.3 million, down 34.7% year-on-year; diluted earnings per share were $1.30, down 35.3% year-on-year. By revenue type, service revenue in Q1 2024 was $816.9 million (down 4.7% year-on-year), while product revenue was $195 million (up 13.2% year-on-year). By business segment: — RMS: $220 million in revenue, up 10.6% year-on-year—driven by improved non-human primate (NHP) performance, sustained price increases for small research models, growth in small research model volume, and stronger research model service revenue; — DSA: $605 million in revenue, down 8.6% year-on-year—due mainly to lower sales, slower price growth, and restructuring-related costs; — Manufacturing Solutions: $185 million in revenue, up 10.7% year-on-year—driven by growth in biologics testing services, CDMO services, microbiological solutions, and endotoxin product revenue.

Kronos Worldwide Reports Q1 Revenue $509.8M, Misses FactSet Estimate

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Kronos Worldwide Inc reported Q1 revenue of $509.8 million, missing FactSet estimates of $524.0 million. The global producer of titanium dioxide pigments and iron-based chemicals fell short of expectations for the first quarter of 2026.

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