Top 5 Fastest Growing Pharma and Biotech Companies in 2024

Top 5 Fastest Growing Pharma and Biotech Companies in 2024

Logos courtesy of Pfizer, Vertex Pharmaceuticals, Seagen, Regeneron and Bristol Myers Squibb.

The fastest growing pharma and biotech companies in 2024 are navigating an increasingly complex global landscape. Despite the multitude of challenging trends, including regulatory, geopolitical, environmental and more, the industry’s resilience shines through. The Financial Times’ list of the Americas’ Fastest Growing Companies 2024 provides an insight into the market’s leaders in terms of growth, highlighting not the size of companies but their capacity for innovation.

Financial Times’ prestigious list features 500 companies across the Americas that have demonstrated exceptional revenue growth from 2019 to 2022. The rankings are based on each company’s compound annual growth rate (CAGR), providing a significant and respected metric for evaluating the rapid rise and success of businesses in the region. The list features companies from all spheres such as IT, Marketing, Finance and more.

Here, we will deep-dive into the top five fastest growing pharma and biotech companies in 2024, showcasing their innovative strategies and inspiring achievements.

1. Pfizer (Overall Rank 268)

Leading the list is one of the most renowned pharma companies in the world: Pfizer. The COVID-19 pandemic has made Pfizer a household name due to its vaccine, but this year, Pfizer is celebrating its 175th anniversary by giving a major push to cancer research and a campaign titled ‘Let’s Outdo Cancer.’ It strengthened its oncology branch by acquiring Seagen and is well-positioned for consistent, sustainable growth.

Pfizer has also chosen to donate the rights of royalties from sales of Bavencio (avelumab) in the US to the American Association for Cancer Research (AACR). This unrestricted donation will support AACR’s mission to prevent and cure cancer through research, education, communication, collaboration, science policy and funding for cancer research.

Pfizer’s purpose — Breakthroughs that Change Patients’ Lives — also encompasses their view of responsible business, highlighting the societal impact of their work.

The Financial Times’ list reported Pfizer’s CAGR to be 34.86 percent. Pfizer’s 2023 revenue was $58.50 billion.

2. Vertex Pharmaceuticals (Overall Rank 325)

Founded in 1989, Vertex Pharmaceuticals is committed to improving the lives of people with serious diseases with a focus on specialty markets. Vertex is the only company among the top five to have been on the list in 2023, a testament to its continued fast-paced growth.

Vertex launched its cystic fibrosis medicine Trikafta (elexacaftor/tezacaftor/ivacaftor and ivacaftor) in 2019. Their pipeline is robust, and Vertex is investing heavily in R&D, which is evident by the fact that their non-opioid painkillers could soon hit the market. The company focuses heavily on its product and business development and prioritizes its environmental and social responsibilities.

Vertex is growing at a CAGR of 28.97 percent, according to the Financial Times’ 2024 ranking. Vertex reported $9.87 billion in revenue in 2023.

3. Seagen (now part of Pfizer; Overall Rank 326)

Dedicated solely towards cancer care, Seagen is third, closely behind Vertex. Seagen currently has four therapies approved in the US and several in the pipeline.

With Pfizer’s recent acquisition of Seagen, Pfizer’s Oncology pipeline has expanded significantly, now encompassing 60 programs across various modalities. Looking ahead, Pfizer plans to leverage its expertise in protein engineering and medicinal chemistry to further develop Seagen’s antibody-drug conjugate (ADC) technology. This strategic move will enable the creation of novel combinations and next-generation biologics, setting the stage for Pfizer’s future growth and innovation.

Seagen had approximately $2.0 billion in revenue in 2022 before the acquisition. The Financial Times reported Seagen’s CAGR to be 28.88 percent.

4. Regeneron (Overall Rank 395)

Founded in 1988, Regeneron is a leading biotech company that invents, develops and commercializes life-transforming medicines for people with serious diseases. Regeneron’s medicines and pipeline target a range of conditions, including eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic disorders, pain, hematologic conditions, infectious diseases and rare diseases.

Regeneron has grown in leaps and bounds since its first US Food and Drug Administration (FDA) approval for Arcalyst (rilonacept) in 2008. With an impressive portfolio of over 30 investigational medicines, Regeneron is set to achieve its goals in the coming years. Regeneron has established goals for responsible business practices that align with the United Nations Sustainable Development Goals, a global agenda aimed at tackling the most pressing challenges facing the world.

Regeneron reported $13.12 billion in revenue in 2023. Regeneron’s CAGR is 22.90 percent, according to the latest analysis from the Financial Times.

5. Bristol Myers Squibb (Overall Rank 421)

Founded in 1887, Bristol Myers Squibb (BMS) now boasts an impressive portfolio spanning oncology, hematology and cardiovascular disease and a growing presence in immunology and neuroscience. The diverse portfolio and pipeline enable BMS to drive continuous innovation and bring new drugs to the market.

In addition to the scientific and technological aspects of business, BMS values integrity, inclusion and sustainability. The company has established more environmental goals, including achieving net zero emissions across Scopes 1, 2 and 3 by 2050. These goals embody their science-driven, innovation-focused approach and ensure accountability to those they serve through robust governance and transparent reporting practices.

According to the Financial Times’ 2024 ranking, BMS is growing at a CAGR of 21.31 percent. BMS reported $45.01 billion in revenue in 2023.

An analysis of the fastest-growing pharma and biotech companies in 2024 reveals that investing in R&D and adopting responsible business practices are key priorities for these industry leaders.

Despite the challenges faced by the rapidly evolving pharma sector — such as rising operational complexity, increasing risks, shifting capability requirements, and increased capital expenditures — these companies have demonstrated that there is immense potential and future opportunities in the sector.

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