Biotechnology companies utilize biological knowledge to create technology that benefits both human and environmental health. Many biotech companies exist in the US. These companies are not only big in size but are also quite profitable, which is why you will also see some names in the list of the biggest biotech companies in the world. Two key metrics—market capitalization and revenue—were taken into account in order to rank the top 10 biotech companies in the US. The worth of the firm increases as market capitalization increases. Revenue essentially represents the company’s market share, which in turn represents the company’s size and market penetration.
Among the largest companies in the industry are pharmaceutical companies like Novo Nordisk and Moderna. These companies focus on creating and testing new drug compounds for medical use and must go through lengthy trial and approval processes. In this article, we look at the top 10 biotechnology companies in the US as measured by market capitalization, revenue, product portfolio, and therapy areas of focus.
Top 10 Biotech Companies in the US
1. Johnson & Johnson
As of January 2024, Johnson & Johnson has a market cap of $453.42 billion to emerge as one of the biggest biotech companies in the US. According to Johnson & Johnson’s latest financial reports, the company’s revenue (TTM) in 2022 was $96.04 billion.
Johnson & Johnson develops medical devices, pharmaceuticals, and consumer packaged goods. It was founded in 1885 as a provider of ready-to-use surgical dressings and today, the company is a multinational pharmaceutical, medical devices, and first aid supplies manufacturer. Some of the most well-known brands include Tylenol, Neutrogena, Band-Aid, Acuvue contact lenses, and Clear and Clear.
2. Pfizer inc.
Pfizer Inc. is an American multinational pharmaceutical and biotechnology corporation headquartered on 42nd Street in Manhattan, New York City. The company specializes in developing medicines and vaccines for immunology, oncology, cardiology, endocrinology, and neurology. In addition, it has several blockbuster drugs or products that each generate more than US$1 billion in annual revenues. Pfizer has a market cap of $268.59 billion as of January 2024. This makes it one of the biggest biotech companies in the world. The company recorded a revenue of $22.6 billion in the third quarter (Q3) of 2022.
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3. Merck & Co., Inc.
Merck & Co., Inc. is one of the top biotech companies in the US and operates as a healthcare company worldwide. It operates through two segments, Pharmaceutical and Animal Health. The Pharmaceutical segment offers human health pharmaceutical products in the areas of oncology, hospital acute care, immunology, neuroscience, virology, cardiovascular, and diabetes, as well as vaccine products. The Animal Health segment discovers, develops, manufactures, and markets veterinary pharmaceuticals, vaccines, and health management solutions and services. The company has collaborations with AstraZeneca PLC; Bayer AG; Eisai Co., Ltd.; Ridgeback Biotherapeutics; and Gilead Sciences, Inc. to jointly develop and commercialize long-acting treatments in HIV. Merck & Co., Inc. was founded in 1891 and is headquartered in Kenilworth, New Jersey.
As of January 2024, Merck has a market cap of $284.59 billion and recorded a revenue of $58.974 in 2022.
4. Moderna Inc. (MRNA)
Moderna Inc. develops transformative medicines based on messenger ribonucleic acid (mRNA). The company’s product pipeline includes prophylactic vaccines, cancer vaccines, intratumoral immuno-oncology, localized regenerative therapeutics, and systemic secreted therapeutics. Headquartered in Cambridge, Moderna made headlines after developing an mRNA-based COVID-19 vaccine in 2020. It focuses its mRNA medicines on autoimmune disorders, rare and infectious diseases, and immuno-oncology. With a market capitalization of $72.95 billion as of January 2024, and a reported revenue of $20.67 billion in 2022, Moderna Inc. is one of the top 10 biotech companies in the US.
5. Eli Lilly and Company
Eli Lilly & Co. was founded 144 years ago, back in 1876. It is one of the biggest biotech companies in the US with a market cap of $343.60 billion. Its primary revenue drivers are the diabetes drugs Humalog (insulin lispro) and Trulicity (dulaglutide) (2014). It became the first company in the world to successfully mass produce the vaccine for polio, as well as the development of insulin. Lilly is known for its clinical depression drugs Prozac (fluoxetine) (1986) and Cymbalta (duloxetine) (2004) and its antipsychotic medication Zyprexa (olanzapine) (1996). Lilly was one of the first pharmaceutical companies to produce human insulin using recombinant DNA.
6. Bristol-Myers Squibb
Bristol-Myers Squibb was founded 136 years ago in 1887. The company had a market capitalization of $154.16 billion as of January 2024, while its revenue for the year 2022 amounted to $46.738 billion. The company is famous for its diverse portfolio which includes various therapies, some of which are HIV, diabetes, arthritis, psychiatric disorders, and cancer.
7. Amgen
Amgen is one of the largest independent biotechnology firms in the world. As of January 2024, Amgen’s current market capitalization is an amazing $144.98 billion. Amgen earned revenue of $26.33 billion in 2022 alone. The company strives for solutions that improve health outcomes and dramatically improve people’s lives.
8. Abbvie
Abbvie is one of the biggest pharmaceutical companies in the US with a market capitalization of $271.64 billion and revenue for the twelve months ending September 30, 2022, was $57.819 billion, according to our source.
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9. Gilead Sciences
Gilead is an American biopharmaceutical company headquartered in Foster City, California. Its focus is on researching and developing antiviral drugs used in the treatment of HIV/AIDS, hepatitis B, hepatitis C, influenza, and COVID-19. Some of the famous products include ledipasvir/sofosbuvir and sofosbuvir.
Gilead Science has a market cap of $108.2 billion as of January 2024, and its revenue for the twelve months ending September 30, 2022, was $27.136 billion.
10. Stryker
Stryker is a multinational medical technologies corporation based in Kalamazoo, Michigan. Its products include implants used in joint replacement and trauma surgeries; surgical equipment and surgical navigation systems; endoscopic and communications systems; patient handling and emergency medical equipment; neurosurgical, neurovascular, and spinal devices; as well as other medical device products. With a market cap of $98.32 billion as of January 2024, Stryker Corporation is one of the top 10 biotech companies in the US.
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