Here are 1-3 brief analogies to describe Certara:

• Like Ansys for drug development, providing simulation software to optimize pharmaceutical research and development.
• Like Dassault Systèmes for life sciences R&D, offering specialized software and services to accelerate drug discovery.
• Like the NVIDIA of pharmaceutical R&D, providing foundational biosimulation software and data science tools to power drug development.

• Biosimulation Software: Provides a comprehensive suite of advanced software tools used to model and simulate drug behavior in biological systems, optimizing drug discovery and development processes.
• Strategic Consulting & Services: Offers expert scientific and regulatory consulting services across the entire drug development lifecycle, leveraging biosimulation, data, and technology to accelerate drug approval and market access.

Certara (NASDAQ: CERT) sells primarily to other companies rather than individuals. Its business model focuses on providing biosimulation software, technology, and services to accelerate drug development processes.

According to Certara's Annual Reports on Form 10-K filed with the U.S. Securities and Exchange Commission (e.g., for the fiscal year ended December 31, 2023), no single customer accounted for 10% or more of its total revenue for the past several fiscal years. This indicates a highly diversified customer base, and as such, specific "major customers" (in terms of revenue concentration) are not individually identified by name in public disclosures.

Therefore, while specific public company names that represent "major customers" by revenue concentration cannot be listed from publicly available information, Certara serves a broad range of entities within the life sciences industry. Its major customer categories include:

• Pharmaceutical Companies: Global biopharmaceutical companies that utilize Certara's biosimulation software, pharmacometrics services, and regulatory science solutions for drug discovery, development, clinical trials, and regulatory submissions.
• Biotechnology Companies: Emerging and established biotech firms that leverage Certara's platforms to optimize their research and development pipelines and bring new therapies to market more efficiently.
• Contract Research Organizations (CROs): Companies that provide outsourced research services to pharmaceutical and biotechnology industries, often employing Certara's tools for study design, data analysis, and regulatory affairs support for their clients.

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William F. Feehery, Chief Executive Officer

Dr. Feehery joined Certara as CEO in June 2019. Before Certara, he served as President of DuPont Industrial Biosciences from 2013, a $2.2 billion global biotechnology business that he led to significant growth and profitability. He joined DuPont in 2002, holding various management roles in high-growth businesses, and also has prior experience in venture capital and as a consultant for the Boston Consulting Group. He holds a Ph.D. in chemical engineering and an MBA from MIT and serves as a board member for West Pharmaceutical Services.

John E. Gallagher III, Chief Financial Officer

Mr. Gallagher has served as Certara's Chief Financial Officer since April 2023. Previously, he was CFO of Cue Health, a publicly traded healthcare technology company, from March 2021 to March 2023. Prior to Cue Health, Mr. Gallagher spent nine years at Becton, Dickinson & Co. (BD), where his roles included Senior Vice President, CFO of its Medical Segment and Treasurer, Corporate Treasurer, and Senior Vice President, Controller and Chief Accounting Officer. His extensive background also includes financial leadership positions at NBC Universal, General Electric Company, and Ford Motor Company.

Leif E. Pedersen, President, Chief Commercial Officer

Mr. Pedersen is a seasoned software industry executive with over 35 years of experience in delivering software solutions across various industries. Prior to Certara, he was Senior Operating Partner at SymphonyAI, overseeing portfolio companies in life sciences, healthcare, industrial, and defense. He also served as Chief Executive Officer of BIOVIA at Dassault Systèmes and has held executive leadership roles at companies such as Innovative Interfaces, Accelrys Software, Siemens Corporation, Vignette Corporation, Novell Inc., CA Technologies, and Oracle Corporation.

Patrick F. Smith, President, Certara Drug Development Solutions

Dr. Smith brings over 20 years of global drug development experience to Certara, where he leads a global team of drug development scientists and regulatory strategy. He was a co-founder of d3 Medicine, which was acquired by Certara in 2016. Before d3 Medicine, he served as the U.S. Clinical Pharmacology Lead at Roche for more than five years and as an Associate Professor at the University at Buffalo School of Pharmacy and Roswell Park Cancer Institute.

Robert Aspbury, President, Certara Predictive Technologies

Dr. Aspbury is the President of Certara's Predictive Technologies. Before this role, he was the Chief Operating Officer of Simcyp. He joined Certara with over 17 years of commercial and scientific leadership experience from Covance, where he held several positions including Global Finance Director for Clinical Pharmacology Services, Managing Director, Vice President, Europe, and Vice President and General Manager, Global. His most recent role at Covance was Vice President of Covance Strategic Solutions, Biosimilars. Dr. Aspbury holds a doctorate in biochemistry from the University of Liverpool and is a chartered accountant.

Key Risks to Certara (CERT)

1. Intense Competition and Rapid Technological Advancements: Certara operates in a highly competitive and rapidly evolving environment, facing challenges from existing biosimulation software and service providers, as well as new entrants, particularly those leveraging artificial intelligence (AI) and machine learning (ML) technologies. This competitive landscape requires Certara to continuously innovate to maintain market share and its competitive edge. The potential for technological disruption in the life sciences tools sector, especially from AI and ML, poses a significant threat to its business model.
2. Regulatory Changes Affecting Biosimulation Acceptance: The success of Certara's business model is heavily dependent on the ongoing regulatory acceptance of biosimulation methodologies in drug development. Any reversal or slowdown in regulatory support, such as changes in policies by the FDA or other regulatory bodies, could significantly diminish the demand for Certara's products and services, impacting both its software and services segments.
3. Geographic Revenue Concentration: Certara's significant reliance on the Americas as its primary revenue-generating market presents a material risk. This concentration exposes the company to potential adverse impacts from regional economic fluctuations or specific market downturns within that geographical area, limiting its financial stability and potential for broader global expansion.

Certara (NASDAQ: CERT) operates primarily in the Model-Informed Drug Development (MIDD) and biosimulation markets, offering a suite of software and technology-enabled services to accelerate drug discovery and development.

The addressable market for Model-Informed Drug Development (MIDD), which encompasses the broader drug discovery and development niche, was estimated to be $24 billion in 2024 and is projected to exceed $60 billion by 2033. This market size is understood to be global given the context of drug development.

More specifically, the global biosimulation market, a core area for Certara's products and services, was valued at approximately $3.91 billion in 2024 and is forecast to grow to $10.00 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 17.0% from 2025 to 2030. In terms of regional contribution, North America held the largest share of the biosimulation market, accounting for 49.90% of the revenue in 2024.

• Growth in Core Biosimulation Software: Certara's biosimulation software, particularly its Simcyp Simulator, is a significant revenue driver. The software segment has shown robust growth, with a 22% reported increase and 6% organic growth in Q3 2025. This growth is fueled by global regulatory adoption and the increasing integration of biosimulation in drug development processes.
• Expansion of Biosimulation and Quantitative Systems Pharmacology (QSP) Services: Certara's services segment, including its specialized biosimulation and QSP offerings, is a key growth area. Despite some cautious spending from Tier 1 customers impacting services bookings in Q3 2025, overall services revenue has continued to grow. The company is actively investing in its commercial and R&D teams to capitalize on the rising interest in biosimulation and to advance solutions for earlier-stage drug development.
• Launch of New Products and Continued Innovation: Certara is committed to innovation, demonstrated by a 24% increase in R&D spending year-over-year. Recent product launches such as Pinnacle 21 Enterprise, Phoenix Cloud, CertaraIQ, and new AI-embedded products are expected to contribute to revenue. The introduction of the "Non-Animal Navigator" solution, designed to aid drug developers in adapting to the FDA's phaseout of animal testing, has also garnered significant customer interest.
• Strategic Acquisitions: Acquisitions play a role in Certara's growth strategy. The recent acquisition of Chemaxon has positively impacted revenue, contributing $5.6 million in Q3 2025 and projected to add $23 million to $25 million in software revenue for the full year 2025. The integration of acquired entities is expected to further enhance Certara's offerings and market reach.
• Increasing Adoption of Biosimulation by Pharmaceutical Companies and Regulatory Agencies: The broader trend of increased reliance on biosimulation in the pharmaceutical industry and its widespread adoption by regulatory bodies globally are significant tailwinds. Certara's technology platform is utilized by over 2,400 companies and 23 global regulatory agencies, indicating its critical role in optimizing clinical trials and accelerating regulatory approvals. The European Medicines Agency's formal qualification of Certara's Simcyp Simulator further strengthens its market position and drives demand.

Share Repurchases

• Certara's Board of Directors authorized a $100 million share repurchase program in April 2025.
• The company repurchased approximately $41 million of its stock during 2025.
• In 2025, Certara executed $38.7 million in share repurchases, increasing its treasury stock to 4,477,064 shares.

Share Issuance

• Certara's common stock began trading on The Nasdaq Global Select Market on December 11, 2020.
• As of December 10, 2024, Certara had 160,987,731 shares of common stock outstanding.
• As of November 1, 2025, the registrant had 159,273,367 shares of common stock outstanding.

Outbound Investments

• Certara used $91.3 million, net of cash acquired, for business acquisitions in 2024.
• In 2023, the company utilized $64.2 million, net of cash acquired, for business acquisitions.
• Certara completed the acquisition of Chemaxon in Q3 2025.

Capital Expenditures

• Capital expenditures were approximately $1.6 million in 2024 and $1.8 million in 2023.
• Capitalized software development costs, which represent a significant investment for the company, amounted to $19.4 million in 2024 and $13.5 million in 2023.
• Projected capital expenditures are $17 million for 2025, $19 million for 2026, and $21 million for 2027, representing approximately 4% of revenue in each year.