In this article, we will take a look at 15 most profitable biotechnology companies in the world. You can also skip our detailed analysis and head straight to The Most Profitable Biotechnology Company in the World.
Global Biotechnology Market Forecast: Strong Growth Driven by Healthcare and Food & Agriculture Innovations
The global biotechnology market was valued at USD 1.55 trillion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 13.96% from 2024 to 2030, reaching USD 3.88 trillion by 2030. The healthcare segment dominated the market in 2022, accounting for 50.69% of the revenue share, driven by the high penetration of personalized medicine and cost-effective treatment options. The food & agriculture segment is expected to be the fastest-growing application, with a projected 23.8% revenue share in 2022, fueled by the increasing global population, demand for sustainable agriculture practices, and the use of biotechnology products in food processing.
DNA sequencing held the largest technology segment share of 42.6% in 2022, owing to its wide usage in drug discovery, personalized medicine, agriculture biotechnology, and genetic testing. Tissue engineering & regeneration is identified as the fastest-growing technological segment, with a projected CAGR of 13.2%.
The U.S. biotechnology market size was valued at USD 246.18 billion in 2023 and is anticipated to reach around USD 763.82 billion by 2033, poised to grow at a CAGR of 11.90% from 2024 to 2033 which makes the US world leader in biotechnology. Some key players operating in the biotechnology market include Johnson & Johnson Services, Inc., F. Hoffmann-La Roche Ltd, Pfizer, Merck & Co., Abbott, Amgen, Sanofi, and others.
Johnson & Johnson is a multinational corporation and one of the world’s largest biotechnology companies. Its RYBREVANTTM (amivantamab-vmjw) is the first targeted treatment for non-small cell lung cancer with EGFR exon 20 insertion mutations. In Q1 2024 they reported sales growth of 2.3% to $21.4 billion, with operational growth of 3.9% and adjusted operational growth of 4.0%. Johnson and Johnson is also one of the top earning biotech companies.
Pfizer is one of the world’s largest and most prominent biopharmaceutical companies. Pfizer’s oncology portfolio includes several innovative treatments that have revolutionized cancer care. Their targeted therapies, such as Ibrance (palbociclib) for breast cancer and Xalkori (crizotinib) for non-small cell lung cancer, have significantly improved patient outcomes and quality of life. Their blockbuster drug, Lipitor (atorvastatin), has helped millions of patients manage high cholesterol levels and reduce the risk of heart disease. In Q1 2024, they reported total revenues of $14.9 billion, down 20% year-over-year (19% operational decline). Pfizer is also one of the top earning biotech companies in the world.
Similarly, Abbott Laboratories also leads the way in the biotechnology sector. Abbott’s nutritional products, such as Ensure and Pediasure, have played a crucial role in providing essential nutrients to individuals with specific dietary needs. In Q1 2024, their total sales increased 2.2% year-over-year to $9.96 billion. Organic sales growth, excluding COVID-19 testing sales, was 10.8% and their met earnings decreased 7% to $1.22 billion or $0.70 per share on a GAAP basis. Their adjusted diluted EPS was $0.98, a 5% decrease from Q1 2023. For the full-year 2024, Abbott projects GAAP EPS of $3.25-$3.40 and adjusted EPS of $4.55-$4.70, raising the midpoint of its previous guidance range.
Companies developing cell and gene therapies raised over USD 23.1 billion in investments globally in 2021 which is an increase of about 16% over 2020’s total of USD 19.9 billion. The biotech sector had significant changes in 2023, including leadership changes and layoffs. Due to difficulties at Silicon Valley Bank, investors began to focus on smaller, more significant transactions. From over 1,500 deals worth over $60 billion in 2021, the number of deals fell to about 840 totaling $24 billion.
A biotechnologist in a white lab coat manipulating genes in a laboratory.
Our Methodology
For our methodology, we have ranked the most profitable biotechnology companies in the world based on their profit margins as of 2023. To find out the profit margins we divided their net income with their revenue and multiplied it by 100.
Here is our list of the 15 most profitable biotechnology companies in the world.
15. Merck & Co
Profit Margin: 0.60%
Merck & Co., Inc., is one of the largest and most profitable biotechnology companies in the United States and one of the top biotech stocks to buy. Merck’s KEYTRUDA has revolutionized cancer treatment and has been approved for various indications, including melanoma, lung cancer, and head and neck cancer, among others. The company is actively researching and developing treatments for cardiovascular diseases, including investigational therapies like sotatercept and MK-0616. In Q1 2024 they reported that their total worldwide sales were $15.8 billion which is an increase of 9% from Q1 2023. Excluding the impact of foreign exchange, sales grew 12%.
14. Pfizer
Profit Margin: 3.62%
Pfizer is a multinational biopharmaceutical corporation which is headquartered in New York City. The company has invested in biotechnology innovation through initiatives like the Pfizer Breakthrough Growth Initiative (PBGI), which aims to invest up to $500 million in clinical-stage biotech companies. In Q1 2024 they reported that their product Comirnaty’s (COVID-19 vaccine) revenues reached $354 million, down 88% operationally from Q1 2023 and their Paxlovid’s (COVID-19 oral treatment) revenues were $2 billion, down 50% operationally from Q1 2023.
13. Abbvie
Profit Margin: 9.02%
AbbVie, one of the most profitable biotechnology companies in the world, has made substantial contributions to the field of immunology, particularly in the treatment of autoimmune diseases. Its flagship product, Humira (adalimumab), has revolutionized the management of conditions such as rheumatoid arthritis, Crohn’s disease, and psoriasis. In Q1 2024 they reported a total revenue of $12.31 billion, up 0.7% year-over-year. Their immunology revenue was $5.37 billion, down 3.9% year-over-year, and their Hematologic oncology revenue of $1.54 billion, up 9% year-over-year, during the same period.
12. Sanofi
Profit Margin: 11.62%
Sanofi stands among the most profitable biotechnology companies in the world with a profit margin of 11.62% in 2023. Their Dupixent is a groundbreaking biologic for treating atopic dermatitis, asthma, and other inflammatory diseases. It was co-developed with Regeneron, and generated €8.9 billion ($9.6 billion) in sales in 2023, making it one of the world’s top-selling drugs. In Q1 2024 they reported positive phase 3 results for rilzabrutinib in immune thrombocytopenia. Their vaccine sales grew 5.6%, boosted by Beyfortus, during the same period.
11. Thermo Fisher Scientific
Profit Margin: 13.90%
Thermo Fisher Scientific is one of the leading biotechnology companies. In 2023, the company launched an industry-first test to assess a pregnant woman’s risk of developing preeclampsia. Additionally, they introduced a new test to detect HIV strains resistant to antiretroviral treatments, improving HIV care. Their Q1 2024 revenue was $10.34 billion which is a decrease of 3% year-over-year.
10. GSK plc
Profit Margin: 15.85%
GSK plc is a world leader in vaccine development and production. The company’s recent efforts have focused on developing a malaria vaccine (RTS, S), which could potentially save millions of lives, especially in Africa. Through its majority-owned subsidiary ViiV Healthcare, GSK has played a pivotal role in developing innovative treatments for HIV/AIDS. ViiV’s portfolio includes dolutegravir which is a highly effective antiretroviral drug that has become a cornerstone of HIV therapy. In Q1 2024, they reported a core operating profit of £2.4 billion and their specialty Medicines sales were up 19% CER led by HIV, oncology, and respiratory products.
9. Bristol Myers Squibb
Profit Margin: 17.84%
Bristol Myers Squibb (BMS) is a leading global biopharmaceutical company and one of the most profitable biotechnology firms in the United States. One of its most notable achievements is the development of Opdivo (nivolumab) which is a breakthrough immunotherapy drug for treating various types of cancer, including melanoma, lung cancer, and renal cell carcinoma. BMS has also developed Orencia (abatacept) which is a biologic medication used to treat rheumatoid arthritis and other autoimmune diseases. Through the Bristol Myers Squibb Foundation, the company has pledged $150 million to address U.S. health inequities and increase clinical trial diversity by 2025. In Q1 2024, their total revenues were $11.9 billion which is an increase of 5% year-over-year, or 6% when adjusted for foreign exchange impacts.
8. Gilead Sciences
Profit Margin: 21.03%
Gilead Sciences stands eighth among the most profitable biotechnology companies in the world with a profit margin of 21.03% in 2023. Their flagship product, Biktarvy which is a once-daily single-tablet regimen, has become a preferred treatment option for HIV. Additionally, Gilead’s Truvada was the first medication approved for pre-exposure prophylaxis (PrEP) which is a groundbreaking approach to HIV prevention. Additionally, Gilead’s acquisition of Kite Pharma has positioned the company as a leader in the rapidly evolving field of cell therapy, with the FDA-approved CAR-T cell therapy Yescarta for certain types of lymphoma. In Q1 2024, their total revenue increased 5% year-over-year to $6.7 billion which was driven by higher sales in HIV, Oncology, and Liver Disease segments.
7. Amgen
Profit Margin: 23.82%
Amgen is one of the most profitable and leading biotechnology companies in the world. Its products like Neupogen (filgrastim), Neulasta (pegfilgrastim), and Aranesp (darbepoetin alfa) have revolutionized the treatment of chemotherapy-induced neutropenia, anemia, and other hematological conditions. Prolia (denosumab) and XGEVA (denosumab) are Amgen’s innovative treatments for osteoporosis and bone-related conditions. In Q1 2024, their total revenues increased 22% to $7.4 billion compared to Q1 2023, driven by 22% growth in product sales and 25% volume growth.
6. BioNTech
Profit Margin: 24%
BioNTech is one of the top biotech stocks to buy and it’s most significant contribution to healthcare has been the development of the Comirnaty (BNT162b2) COVID-19 vaccine in partnership with Pfizer. Beyond its COVID-19 vaccine, BioNTech is pioneering the development of personalized mRNA cancer treatments and therapies for various infectious diseases, such as HIV, tuberculosis, and malaria. In Q1 2024, they reported total revenues of €188 million which was driven mainly by commercial sales of the COVID-19 vaccine. They also reported a net loss of €315.1 million, compared to a net profit of €502 million in Q1 2023.
5. Novartis
Profit Margin: 32.63%
Novartis stands fifth among the most profitable biotechnology companies in the world. In Q1 2024, their net sales grew 11% (cc) to $11.8 billion, driven by strong performance across key growth brands including Entresto (+36% cc), Cosentyx (+25% cc), Kesimpta (+66% cc), Kisqali (+54% cc), Pluvicto (+47% cc) and Leqvio (+139% cc).
4. Novo Nordisk
Profit Margin: 36.03%
Novo Nordisk is one of the best biotechnology companies in the world. In 2022, the company reached more than 35.5 million people with its diabetes and obesity care products, with an additional 5 million people reached through its access and affordability initiatives. In 2023, the Foundation awarded a total of DKK 9.1 billion (approximately $1.3 billion) in grants for new projects and initiatives aimed at solving major challenges in health, sustainability, and life science. In Q1 2024, their sales growth was 24% in the first three months of 2024 which was driven by both North American operations (35% growth) and international operations (11% growth).
3. Vertex Pharmaceuticals
Profit Margin: 36.68%
Vertex Pharmaceuticals is one of the top biotechnology companies in the world. One of Vertex’s notable achievements is the development of CFTR modulators to treat cystic fibrosis (CF). The company has discovered and developed the first CFTR modulators, which address the underlying cause of CF. In 2019, Vertex received FDA approval for its triple-combination therapy Trikafta, which is effective for approximately 90% of CF patients. In Q1 2024, their product revenue increased 13% to $2.69 billion compared to Q1 2023.
2. Moderna
Profit Margin: 69.32%
Moderna’s COVID-19 vaccine, mRNA-1273, was one of the first to be authorized for emergency use in the U.S. and other countries. In 2021, Moderna shipped approximately 807 million doses of its COVID-19 vaccine globally, with approximately 25% of those doses going to low- and middle-income countries. In 2022, Moderna announced a collaboration with Carisma Therapeutics for in vivo chimeric antigen receptor monocyte (CAR-M) therapeutics for the treatment of cancer, including solid tumors.
1. AstraZeneca
Profit Margin: 81%
AstraZeneca is one of the most profitable biopharmaceutical companies in the world. AstraZeneca has made significant advancements in oncology, with medicines like Enhertu, an antibody-drug conjugate developed in collaboration with Daiichi Sankyo. Enhertu is approved for the treatment of HER2-mutated breast, lung, and gastric cancers, and has received multiple Breakthrough Therapy Designations from the FDA for various HER2-expressing tumors. The company plans to launch 20 new medicines by 2030, many with the potential to generate more than $5 billion in peak-year revenues
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