In this article, we will be discussing the biggest publicly traded biotech company that ranks at the top of our free list of the 20 Biggest Publicly Traded Biotech Companies.

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. With the global population projected to reach 9.7 billion by 2050, biotechnology plays a crucial role in increasing agricultural productivity, developing drought-resistant crops, and enhancing food security. The United States is a world leader in the biotechnology, with a market size valued at $246.18 billion in 2023 and 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, 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 Inc. (NASDAQ:AMGN), Biogen Inc. (NASDAQ:BIIB), and Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN), among many others, have been at the forefront and have been largely contributing to global healthcare with their unique inventions. For example, Amgen Inc. (NASDAQ:AMGN) 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 Inc. (NASDAQ:AMGN) as a leader in treating rare inflammatory diseases. Financially, In Q1 2024, their total revenues increased 22% to $7.4 billion compared to Q1 2023, 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 Inc. (NASDAQ:BIIB) 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 Inc. (NASDAQ:BIIB)’s 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 Pharmaceuticals, Inc. (NASDAQ:REGN)’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. Regeneron Pharmaceuticals is one of the top 5 biotech stocks to buy. 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. Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN)’s 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.

Our Methodology 

For our methodology, we have ranked the biggest publicly traded biotech companies based on their current market caps.

Here is the top biggest publicly traded biotech company.

1. Eli Lilly and Company (NYSE:LLY)

Market Cap: $763.33 Billion 

Eli Lilly and Company (NYSE:LLY) tops the list for being the largest publicly traded biotech company. In addition to its work in diabetes, Eli Lilly (NYSE:LLY) 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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Disclosure: None. This article is originally published at Insider Monkey.