Top 20 Publicly Traded Pharma and Biotech Companies by Market Cap in 2025

In an industry defined by innovation and evolving market dynamics, the pharma and biotech sector continues to drive growth and transformation. Market capitalization remains a critical barometer for gauging investor confidence and the financial robustness of companies driving breakthroughs in patient care. This roundup spotlights the top 20 publicly traded pharma and biotech companies based on their market cap in 2025, offering insights into the financial achievements and strategic initiatives that are setting the stage for future success.

From Eli Lilly’s robust revenue surge driven by its innovative therapies to Novo Nordisk’s dominant performance in diabetes and obesity management, these companies have not only weathered recent industry challenges but have also strategically positioned themselves for continued growth.

Industry giants like Johnson & Johnson, AbbVie, Roche and AstraZeneca have leveraged their extensive R&D capabilities to expand their portfolios, while companies such as Merck, Novartis and Amgen have delivered consistent operational growth through groundbreaking product launches.

In this blog, we delve into the financial milestones and key product innovations that underline the performance of these leading companies. Whether you are an industry stakeholder or simply interested in the future of healthcare and life sciences, this overview provides a detailed snapshot of the pharma and biotech companies poised to shape the competitive landscape in 2025.

Related: Pharma and Biotech IPOs in 2025: Emerging Market Trends

Eli Lilly

Eli Lilly unites compassionate care with groundbreaking discoveries to enhance the lives of people worldwide. In their recently released third quarter (Q3) 2024 report, revenue for the quarter surged by 20%, fueled by substantial growth in volume from Mounjaro and Zepbound (both have the active ingredient tirzepatide). Consequently, the company has revised its 2024 full-year revenue guidance to a range of $45.4 billion to $46.0 billion. Notably, Eli Lilly is making substantial investments to bolster the supply of tirzepatide.

Novo Nordisk

Novo Nordisk specializes in diabetes, obesity, cardiovascular diseases and rare diseases. Founded in 1923 and headquartered in Denmark, the company reported 232.26 billion DKK in net sales in 2023 (around $33.71 billion USD), a significant 51% increase from the previous year. Novo Nordisk remains dedicated to strengthening its leadership in diabetes and obesity, securing a leading position in rare diseases and establishing itself in cardiovascular disease.

Johnson & Johnson (J&J)

Johnson & Johnson, headquartered in New Brunswick, New Jersey, reported a remarkable sales growth of 5.2% in Q3 2024, reaching a total of $22.5 billion. Additionally, operational growth was observed at 6.3%, with their Innovative Medicine division’s worldwide operational sales also experiencing a significant increase of 6.3%. This growth was primarily driven by the successful launch of two groundbreaking products: Darzalex (daratumumab) and Erleada (apalutamide).

AbbVie

As reported in their Q3 2024 report, AbbVie’s worldwide net revenues reached $14.46 billion, demonstrating a 3.8% increase on a reported basis and a 4.9% increase on an operational basis. Additionally, the company announced the successful completion of its acquisition of Cerevel, which significantly enhances AbbVie’s existing neuroscience portfolio by adding a pipeline of highly complementary assets.

Roche

Roche, founded in 1896 by Fritz Hoffmann-La Roche, is headquartered in Basel, Switzerland. The company offers a wide range of opportunities in R&D, manufacturing, digital technology, business strategy and marketing. In the first half of 2024, the company reported sales of $16.9 billion, representing a 6% increase compared to the same period in the previous year. This sales growth was primarily driven by a 7% increase in sales within their Pharmaceuticals division. This growth was fueled by the successful launch of Vabysmo (faricimab-svoa) and the continued adoption of new medicines.

AstraZeneca

AstraZeneca reported a substantial increase in total revenue, rising by 19% to $39.18 billion in Q3 2024. This growth was primarily driven by a 19% surge in product sales and continued expansion in alliance revenue generated from partnered medicines. AstraZeneca experienced robust revenue growth across its key therapeutic areas during the first nine months of 2024, with Oncology achieving a 22% increase, Cardiovascular, Renal & Metabolism (CVRM) rising by 21%, Respiratory & Immunology (R&I) growing by 24% and Rare Disease seeing a 14% uptick.

Merck

Established in 1891, Merck has grown into a formidable American multinational pharmaceutical powerhouse, now headquartered in Rahway, New Jersey. The company recently reported total worldwide sales of $16.7 billion in Q3 2024, a 4% increase from Q3 2023. The significant sales growth in Q3 2024 was primarily attributed to the increased global usage of Keytruda (pembrolizumab), contributions from the successful launches of Winrevair (sotatercept-csrk) and Capvaxive (pneumococcal 21-valent conjugate vaccine) and robust growth in Merck’s Animal Health business.

Novartis

Novartis, headquartered in Basel, Switzerland, demonstrated strong momentum in Q3 of 2024, with approximately 10% sales growth, reaching a total of $3,716.4 million. This growth was fueled by the continued robust performance of several key products, including Entresto (sacubitril/valsartan, up 26%), Cosentyx (secukinumab, up 28%), Kisqali (ribociclib, up 43%), Kesimpta (ofatumumab, up 28%), Pluvicto (lutetium [177Lu] vipivotide tetraxetan, up 50%) and Leqvio (inclisiran, up 119%). In response to these positive results, the company has once again upgraded its full-year guidance.

Amgen

Amgen, headquartered in California, is renowned for its commitment to developing innovative medicines, conducting groundbreaking research and advancing biomanufacturing techniques. In Q3 2024, the company’s total revenues reached $8.5 billion, a remarkable 23% growth compared to the same period the previous year. Notably, 10 of Amgen’s products achieved double-digit sales growth during Q3 2024, including Repatha (evolocumab), Tezspire (tezepelumab-ekko), Blincyto (blinatumomab), Evenity (romosozumab-aqqg) and Tavneos (avacopan).

Pfizer

Pfizer, headquartered in Manhattan, New York City, at The Spiral, reported robust financial results in Q3 2024, where the company’s revenue reached $17.7 billion, showcasing a remarkable 32% year-over-year operational growth. This growth was fueled by a confluence of factors, including the significant contributions of Pfizer’s oncology products, key in-line products, recent commercial launches and the continued demand for its COVID-19 oral treatment.

Sanofi

Sanofi, headquartered in Paris, France, reported a 15.7% sales growth in Q3 2024. This growth was driven by earlier-than-expected vaccine sales. The company’s performance was further boosted by the gradual rollout of flu vaccines and Beyfortus (nirsevimab-alip), while it also experienced steady growth of 67% for its launch medicines as well as volume-driven growth by Dupixent (dupilumab).

Vertex Pharmaceuticals

Vertex, headquartered in Boston, Massachusetts, invests in scientific innovation to develop transformative medicines for individuals with severe illnesses. In Q3 2024, product revenue experienced a 12% growth, reaching $2.77 billion, compared to Q3 2023. This growth was primarily attributed to the sustained strong performance of Trikafta (elexacaftor/tezacaftor/ivacaftor and ivacaftor). Notably, net product revenue in the US increased by 10% to $1.71 billion during the same period.

Gilead Sciences

Gilead Sciences, headquartered in Foster City, California, has been at the forefront of medical breakthroughs for over three decades. The company is dedicated to developing innovative medicines that can prevent and treat life-threatening diseases, such as HIV, viral hepatitis, COVID-19 and cancer. In Q3 2024, the company’s total revenue increased by 7% to $7.5 billion compared to the same period in 2023. This growth was primarily driven by higher sales in HIV and Veklury (remdesivir), as well as in their Oncology and Liver Disease divisions.

Bristol-Myers Squibb (BMS)

Bristol-Myers Squibb, headquartered in New Jersey, specializes in developing treatments for various diseases, including oncology, hematology, immunology and cardiovascular conditions. In 2024, the company reported a Q3 revenue of $11.9 billion, representing an impressive 8% growth. This growth was primarily attributed to the success of their Growth Portfolio and the drug Eliquis (apixaban).

CSL

CSL Limited, an Australian multinational specialty biotech company, conducts research, develops, manufactures and markets products to treat and prevent severe human medical conditions. In 2024, the company reported a revenue of $14.8 billion, an 11% increase from the previous year. The company’s growth is primarily driven by the strong performance of its Immunoglobulins portfolio, which experienced a 20% increase in constant currency terms.

Regeneron Pharmaceuticals

Regeneron, headquartered in Tarrytown, New York, is dedicated to inventing, developing and commercializing life-changing medicines for individuals with severe illnesses. Recently, the company shared its financial and operational results for Q3 2024, revealing a remarkable 11% increase in revenue, reaching $3.72 billion compared to the same period in the previous year. Currently, Regeneron boasts approximately 40 product candidates in clinical trials, including several marketed products that are currently being explored for additional indications.

Zoetis

Zoetis, headquartered in Parsippany, New Jersey, and the world’s largest animal health company, is dedicated to improving the lives of animals and humans. In 2024, the company reported a remarkable 11% revenue growth to $2.4 billion, accompanied by a 14% increase in net income to $682 million, resulting in $1.50 per diluted share. Additionally, Zoetis has revised its full-year 2024 revenue guidance to $9.20 billion to $9.30 billion, indicating an anticipated operational revenue growth of 10% to 11%.

Chugai Pharmaceutical

Chugai Pharmaceutical, a drug manufacturer headquartered in Tokyo, Japan, is a subsidiary of Hoffmann-La Roche. In 2024, the company reported core revenue, operating profit and net income of 868.5 billion JPY ($5.5 billion USD), 426.6 billion JPY ($2.7 billion USD) and 301.3 billion JPY ($1.9 billion USD), respectively. These figures represent a year-on-year increase of 3.7%, 25.3% and 20.4%, respectively. The company’s sales were primarily driven by strong overseas exports. R&D activities have been progressing steadily, both in early-stage and late-stage developments.

GlaxoSmithKline (GSK)

GSK, headquartered in London, England, aims to unite science, technology and talent to combat diseases collectively. In Q3 2024, GSK achieved 8.0 billion GBP ($9.7 billion USD) in sales, driven by robust performance in Specialty Medicines, which partially offset lower sales in Vaccines. Specialty Medicines sales surged by 19%, HIV sales increased by 12%, Oncology saw a remarkable 94% growth and Respiratory/Immunology and other segments also experienced a 14% growth.

Merck kGaA

Merck KGaA, a prominent science and technology company headquartered in Darmstadt, Germany, operates across three key sectors: Healthcare, Life Science and Electronics. In Q3 2024, the company’s net sales experienced organic growth of 3.8%, reaching 5.3 billion EUR ($5.4 billion USD). Notably, all three major business lines showed robust sales growth and impressive profitability.

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