In this article, we will be taking a look at the 20 biggest publicly traded biotech companies. You can also check out our article — 20 Fastest-Growing Biotech Companies in the US.
Biotechnology and Industry 2023: Market Growth, Transformations, and Technological Milestones
The global biotechnology market was valued at approximately $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 a staggering $3.88 trillion by 2030. The United States is a world leader in biotechnology, with a market size valued at $246.18 billion in 2023, which is projected to reach $763.82 billion by 2033, growing at a CAGR of 11.90% from 2024 to 2033.
With 41.73% of revenue coming from applications in 2023, bio-pharmacy led the way, followed by bio-industries with 24.33%. Because of advances in healthcare infrastructure and favorable government laws, the Asia-Pacific area is expected to grow significantly, with a projected growth rate reaching 12.7% during the forecast period 2023-2033. The biotech sector had significant changes in 2023, including leadership changes and layoffs. Due to difficulties at Silicon Valley Bank, investors concentrated on smaller, more significant transactions. From over 1,500 deals totaling approximately $60 billion in 2021, the number of deals fell to about 840 deals worth $24 billion.
Talking about milestones in the Biotechnology sector, the FDA approved the first CRISPR gene therapy for genetic illnesses in 2023, and whole genome sequencing was widely used in clinical practice to screen embryos in IVF facilities and diagnose genetic problems.
Major Players in the Biotechnology Sector
Major companies like Amgen, Biogen, and Regeneron Pharmaceuticals, among many others, have been at the forefront and have been largely contributing to global healthcare with their unique inventions. For example, Amgen invested heavily in research and development, spending $4.8 billion in 2023, an 8% increase from the previous year. Amgen pursues external innovation through strategic acquisitions, such as the $27.8 billion acquisition of Horizon Therapeutics in 2023, which established Amgen as a leader in treating rare inflammatory diseases.
Financially, In Q1 2024, their total revenues increased 22% YoY to $7.4 billion, driven by 25% volume growth. Their ten products delivered at least double-digit volume growth, including Repatha, TEZSPIRE, EVENITY, BLINCYTO, and TAVNEOS. Their sales from the Horizon Therapeutics acquisition contributed $914 million which was led by TEPEZZA, KRYSTEXXA, and UPLIZNA. Their product sales totaled $7.12 billion during the same period, a 21.7% increase year-over-year.
Similarly, Biogen has established itself as a leader in the field of neuroscience, developing life-changing therapies for devastating conditions such as multiple sclerosis (MS), spinal muscular atrophy (SMA), and Alzheimer’s disease. Their portfolio includes groundbreaking treatments like Tecfidera and Tysabri for MS, and Spinraza, the first approved treatment for SMA. In 2023, Biogen employees and the Foundation contributed over $3.3 million to support disaster relief efforts, address food insecurity, and provide essential services.
In Q1 2024, their total revenue declined 7% year-over-year to $2.3 billion which was driven by a 3% decrease in product revenue and significant reductions in contract manufacturing and other revenues. Their revenue from biosimilars increased 2%, partially offsetting declines in anti-CD20 therapeutics and other product lines. For the full year 2024, Biogen expects low- to mid-single-digit percentage revenue declines compared to 2023 but maintains its Non-GAAP EPS guidance of $15.00 to $16.00.
Finally, Regeneron’s unique ability to repeatedly and consistently translate science into medicine has led to numerous FDA-approved treatments and a robust pipeline of product candidates. The company’s proprietary VelociSuite technologies, including VelocImmune, which utilizes genetically humanized mice to produce optimized fully human antibodies and bispecific antibodies, have revolutionized the drug development process. Financially, In Q1 2024, their total revenues were $3.145 billion, a 1% decrease from Q1 2023. Excluding COVID-19 antibody Ronapreve, revenues grew 7% year-over-year. Their product, Dupixent’s global net product sales were $3.1 billion, up 24% year-over-year while Libtayo’s global net product sales increased 45% year-over-year.
A closeup of a sample being tested in a pharmaceutical biotechnology laboratory.
Our Methodology
For our methodology, we have ranked the biggest publicly traded biotech companies based on their current market caps.
Here is our list of the 20 biggest publicly traded biotech companies.
20. Ascendis Pharma
Market Cap: $7.49 Billion
Ascendis Pharma’s pioneering TransCon technology platform is a game-changer in the biopharmaceutical industry. The TransCon platform allows for the creation of prodrugs that provide sustained release of the parent drug which offers potential benefits such as improved efficacy, reduced side effects, and improved patient compliance. Ascendis Pharma has also successfully launched SKYTROFA in the United States and Germany which is a once-weekly treatment for children and adolescents with Growth Hormone Deficiency.
19. BioMarin Pharmaceutical
Market Cap: $14.51 Billion
BioMarin specializes in developing and commercializing therapies targeting genetic disorders with significant unmet medical needs. One of BioMarin’s most notable achievements is ROCTAVIAN (valoctocogene roxaparvovec) which is a groundbreaking gene therapy for treating adults with severe Hemophilia A. This treatment has the potential to significantly reduce the mean annualized bleed rate by up to 80% and the need for Factor VIII therapy by 94%. ROCTAVIAN is expected to play a pivotal role in the company’s growth, with BioMarin projecting revenues to approach $3 billion by 2024.
18. Royalty Pharma Plc
Market Cap: $16.32 Billion
Royalty Pharma stands among the biggest publicly traded biotechnology companies. Between 1996 and 2022, the company provided more than $20 billion in funding to acquire pharmaceutical royalties, representing more than 50% of all royalty transactions during that period. In 2022, the company announced a charitable alliance with the Leukemia & Lymphoma Society (LLS), committing $7.5 million over five years to support initiatives focused on reducing healthcare disparities in blood cancer care and treatment.
17. Illumina
Market Cap: $17.10 Billion
One of Illumina’s most significant contributions has been in the field of oncology. Their comprehensive pan-cancer therapy selection assay, TruSight Oncology 500 (TSO500), has revolutionized cancer treatment by enabling personalized therapy selection based on a patient’s unique genetic profile. Notably, Illumina committed $20 million to support the Africa Centres for Disease Control and Prevention (CDC) in launching the Africa Pathogen Genomics Initiative. Illumina provided approximately $5 million worth of instruments and consumables to support SARS-CoV-2 surveillance, sequencing, and monitoring efforts. Additionally, the company dedicated over $2 million to COVID-19-related research efforts and released the SARS-CoV-2 Data Toolkit to facilitate scientific research. In Q1 2024, they reported revenue of $1.08 billion, down 1% from Q1 2023.
16. Moderna
Market Cap: $62.59 Billion
Moderna stands among the largest biotechnology companies and it’s most significant contribution to healthcare has been its development of the Spikevax COVID-19 vaccine which is one of the first mRNA vaccines authorized for emergency use during the global pandemic. In March 2023, Moderna announced a significant partnership with Generation Bio Co. to develop novel nucleic acid therapeutics, including those capable of reaching immune cells and the liver. In Q1 2024, the company reported $167 million in revenue, a 91% decrease year-over-year
15. Gilead Sciences
Market Cap: $84.46 Billion
Gilead Sciences is one of the best biopharmaceutical companies in the world. The company developed the first single-tablet regimen for HIV treatment, Atripla, which simplified dosing and improved adherence. It also introduced Truvada, the first medication approved for pre-exposure prophylaxis (PrEP) to reduce the risk of HIV infection. Financially, their total revenues in Q1 2024 were $6.5 billion, an increase of 8% compared to Q1 2023. Gilead Sciences also stands among the best three biotech stocks to buy.
14. Bristol Myers Squibb
Market Cap: $85.82 Billion
Bristol Myers Squibb (BMS) is a leading global biopharmaceutical company. In 2022 alone, BMS obtained 18 approvals for new medicines, additional indications, and formulations in major markets, and launched three first-in-class treatments for metastatic melanoma, obstructive hypertrophic cardiomyopathy, and moderate to severe plaque psoriasis. Their total revenues were $11.865 billion, in Q1 2024, an increase of 5% year-over-year.
13. GSK Plc
Market Cap: $93.34 Billion
GSK plc is a leading British multinational pharmaceutical and biotechnology company. The company developed the world’s first malaria candidate vaccine and launched the first HIV treatment in 1987 and the first single-pill, two-drug regimen in 2018. In Q1 2024, their sales grew 13% to £7.4 billion which was driven by strong performance across the portfolio: Vaccines +22%, Specialty Medicines +19%, General Medicines +1%
12. Vertex Pharmaceuticals
Market Cap: $115.48 Billion
Vertex Pharmaceuticals stands twelfth among the biggest publicly traded biotechnology companies. The company has developed several groundbreaking cystic fibrosis medications, including Kalydeco, Orkambi, Symdeko, and Trikafta, which target the underlying cause of the disease. These treatments have dramatically improved the lives of CF patients, with Trikafta alone helping up to 90% of people with the disease. In addition to its work in CF, Vertex is also pursuing treatments for other serious conditions, such as type 1 diabetes, pain, and APOL1-mediated kidney disease. In Q1 2024, their product revenue increased 13% to $2.69 billion compared to Q1 2023.
11. Sanofi
Market Cap: $125.86 Billion
Sanofi’s product portfolio spans multiple therapeutic areas, including diabetes, cardiovascular diseases, rare diseases, and vaccines. Some of the company’s most notable products include Lantus (insulin), Dupixent (for atopic dermatitis and asthma), and Aubagio (for multiple sclerosis). In 2019, the company obtained marketing authorization for fexinidazole in the Democratic Republic of the Congo which is a major step towards eliminating sleeping sickness by 2020. Sanofi reported a 7% growth in Q1 2024 sales which was driven by product launches and focus on biopharma medicines. Their new launches, including Beyfortus, reported a significant sales growth of 150% in the same period.
10. Pfizer
Market Cap: $167.73 Billion
Pfizer is one of the world’s biggest biotechnological companies. The company employs over 1,500 scientists who oversee more than 500,000 lab tests and 36 clinical trials before the first prescription is made. As of May 1, 2024, Pfizer has 113 projects in its pipeline. In Q1 2024, their revenues decreased 20% year-over-year to $14.9 billion, but beat expectations. Excluding COVID products, Comirnaty, and Paxlovid, revenues increased 11% operationally.
9. Roche
Market Cap: $206.95 Billion
Roche, one of the biggest publicly traded biotech companies, has contributed to the fight against infectious diseases by developing antiviral medications for HIV/AIDS and hepatitis C. Twenty-four medicines developed by Roche are included in the World Health Organization Model Lists of Essential Medicines, demonstrating the global impact of its products. In Q1 2024, their group sales increased by 2% at constant exchange rates (CER) to CHF 14.4 billion but decreased by 6% when reported in Swiss francs.
8. Novartis
Market Cap: $208.58 Billion
Novartis is a leading global pharmaceutical and biotechnology company. The company introduced innovative medicines for neglected tropical diseases, such as malaria, leishmaniasis, and cryptosporidiosis. One of its notable contributions includes a novel non-peptidomimetic SARS-CoV-2 Mpro inhibitor, which achieved the first patient first visit in phase 1 clinical trials within 10 months of discovery. In Q1 2024, their net sales grew 11% (constant currency) to $11.8 billion which was driven by the strong performance of key growth brands like Entresto (+36% cc), Cosentyx (+25% cc), Kesimpta (+66% cc), Kisqali (+54% cc), Pluvicto (+47% cc) and Leqvio (+139% cc
7. Thermo Fisher Scientific
Market Cap: $225.51 Billion
Thermo Fisher Scientific stands among the most successful biotechnology companies in the world. The company introduced the highly automated Thermo Fisher Scientific™ Amplitude™ Solution in October 2020 which is designed to analyze up to 8,000 samples per day and scale testing capacity worldwide. The company also delivered millions of COVID-related products to over 100 low- and middle-income countries across Africa, Latin America, Southeast Asia, and the Commonwealth of Independent States. In Q1 2024, they reported revenue of $10.34 billion, a 3% decrease year-over-year.
6. AstraZeneca
Market Cap: $244.31 Billion
AstraZeneca stands sixth among the biggest publicly traded biotech companies and is leading a revolution in oncology, with the ambition to provide cures for cancer in every form. Through its acquisition of Alexion Pharmaceuticals in 2021, AstraZeneca has become a leader in rare diseases, serving patients and families affected by devastating conditions. In March 2024, AstraZeneca announced the acquisition of Amolyt Pharma which is a clinical-stage biotechnology company focused on developing novel treatments for rare endocrine diseases.
5. AbbVie
Market Cap: $287.71 Billion
Abbvie Stands fifth among the biggest publicly traded biotechnology companies. With a 125-year history, AbbVie employs approximately 21,500 people worldwide and markets medicines in more than 170 countries. In Q1 2024, they saw revenue growth of 2.69%, indicating a steady increase in sales.
4. Merck
Market Cap: $332.05 Billion
One of Merck’s most significant contributions to healthcare during the COVID-19 pandemic has been the development of molnupiravir, an investigational oral antiviral medicine. In collaboration with Ridgeback Biotherapeutics, Merck conducted the Phase 3 MOVe-OUT trial which showed that molnupiravir reduced the risk of hospitalization or death by approximately 50% for patients with mild or moderate COVID-19. In December 2021, molnupiravir, marketed as Lagevrio, received Emergency Use Authorization from the U.S. FDA for the treatment of high-risk adults with mild to moderate COVID-19. In Q1 2024, their worldwide sales reached $15.8 billion, an increase of 9% from Q1 2023.
3. Johnson and Johnson
Market Cap: $369.42 Billion
In 2021, Johnson & Johnson received FDA approval for two new products: RYBRVANTTM (amivantamab-vmjw), the first targeted treatment for patients with non-small cell lung cancer with EGFR exon 20 insertion mutations, and PONVORYTM (ponesimod) to treat adults with relapsing forms of multiple sclerosis. In Q1 2024, their total sales were $21.38 billion, a 2.34% increase year-over-year and their net income was $5.35 billion.
2. Novo Nordisk
Market Cap: $601.15 Billion
Novo Nordisk is the first pharmaceutical company to use 100% renewable power in all its global production facilities. In Q1 2024, their sales grew by 16% at constant exchange rates (CER) and by 28% reported to be DKK 64,524 million.
1. Eli Lilly and Company
Market Cap: $763.33 Billion
Eli Lilly and Company tops the list for being one of the biggest publicly traded biotechnology companies. In addition to its work in diabetes, Eli Lilly is known for its clinical depression drugs Prozac, and Cymbalta and its antipsychotic medication Zyprexa. However, the company’s primary revenue drivers are the diabetes drugs Humalog and Trulicity. In Q1 2024, they reported worldwide revenue of $8.77 billion, up 26% from Q1 2023 which was driven by 16% volume growth and 10% higher realized prices.
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