In this article, we take a look at 27 largest biotech companies in the US. You can skip our detailed analysis of the biotech industry and go directly to the 5 Largest Biotech Companies in the US. The largest biotech companies in the US have a total market cap of $88 trillion.
Latest Developments in the Biotech Industry
The biotechnology industry is making significant developments in food and agriculture to help minimize health risks and combat environmental threats. For example, a French biotech company called Enterome has collaborated with Nestlé to produce an immunity drug for the treatment of food allergies. Similarly, companies like UPSIDE Foods and BioBetter Limited are producing cultivated meat, which is sustainable and climate-friendly, and has gotten approved for safety by the U.S. Food and Drug Administration (FDA).
Experts in biotechnology are also producing various profitable products that are encouraging growth in the pharmaceutical sector. Researchers at the Massachusetts Institute of Technology have developed a vaccine printer that can make hundreds of vaccine patches during a day. This biotechnological invention can help combat the spread of the Ebola virus in countries that are still vulnerable to the epidemic such as Uganda and the Democratic Republic of Congo. CureVac N.V. (NASDAQ:CVAC) had begun developing RNA printing technology in March 2022 to help the invention of this vaccine printer.
To further enhance the integration of artificial intelligence with biotechnology, researchers at Insilico Medicine are using ChatGPT to pace up the process of discovering potential drug targets for treatment. Similarly, scientists are using software such as Scilife, Veeva Vault, and Ace, which support innovation in biotechnology by improving content and quality management in laboratories.
Currently, the most common diseases in the US are cancer, obesity, and heart-related diseases. Various biotechnology companies are making huge investments to combat these diseases such as Guardant Health, Inc. (NASDAQ:GH), which developed liquid biopsy for cancer detection; and Verve Therapeutics, Inc. (NASDAQ:VERV), which is developing gene editing medicines for cardiovascular diseases.
In order to combat diabetes, Novo Nordisk A/S (NYSE:NVO) produced medicines called Ozempic and Wegovy, which quickly garnered mass popularity and celebrity endorsements. These are also prescribed by American doctors for weight loss and fighting cardiovascular issues. Digital health management companies such as WeightWatchers and Lark Health are also using biotechnology to help patients cope with chronic diseases by offering weight loss programs and health monitoring devices.
Outlook of the Biotech Industry
The United States is the global leader in biotechnology, with Massachusetts being the biggest biotech hub in the world. It is closely followed by China, with the UK and the rest of Europe trailing behind. In response to China’s heavy investment in the biotechnology sector, the Biden government announced its creation of the National Biotechnology and Biomanufacturing Initiative, to support its bio-economy already worth $1 trillion in 2022.
Between 2022 and 2023, the S&P Biotechnology index increased by 8.86%. However, since the Federal Reserve is expected to increase interest rates through 2023, the value of biotech stocks might decrease compared to previous years, where the industry was supplied with huge investments and cheap capital to encourage the development of Covid 19 treatment.
Between 2022 and 2030, the global market is forecasted to grow at a compound annual rate of 13.9%, ultimately reaching $3879 billion in 2030. The development of genomic techniques to combat chronic diseases, enhancing the portability of biotechnological instruments, and the integration of robotics and biotechnology are predicted to be some of the key drivers of this industrial growth during the coming years.
27 Largest Biotech Companies in the US
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Our Methodology
For our list of the largest biotech companies in the US, we've ranked them in ascending order based on their annual revenue for the latest year. We've also included foreign companies that either trade or operate in the US.
Here are the 27 largest biotech companies in the US:
This biotech company specializes in the development and production of small-molecule drugs to treat serious ailments. The revenue for Vertex Pharmaceuticals increased by 17.4% in the fourth quarter of 2022 compared to the previous year, and the company is expected to make further gains after receiving FDA’s approval to expand its cystic fibrosis medicine.
Biogen Inc. (NASDAQ:BIIB) is a Massachusetts-based company that develops and delivers treatment for complex neurological illnesses such as Alzheimer’s and multiple sclerosis. Biogen Inc. (NASDAQ:BIIB) was the first company to gain approval for its treatment of spinal muscular atrophy.
25. CSL Limited
2022 Revenue: $10.49 billion
CSL Limited focuses on biotechnological advancement for combating rare diseases such as hereditary angioedema, producing vaccines for influenza, and treating iron deficiency in serious health conditions such as heart failure.
Regeneron Pharmaceuticals is a New York-based company that produces life-saving drugs for the treatment of serious diseases. Its highest-selling product is Libtayo, a medicine for skin cancer, which drove sales of approximately $448 million in 2022.
23. Otsuka Holdings Co., Ltd.
2022 Revenue: $13.02 billion
Otsuka Holdings is a Japanese company that conducts business in the global drugs and biotechnology industry. Otsuka Holdings Co. produces pharmaceuticals, neutraceuticals, and consumer products. In 2022, the company made a profit of $1.1 billion.
22. Laboratory Corporation of America Holdings (NYSE:LH)
2022 Revenue: $14.87 billion
Laboratory Corporation of America Holdings (NYSE:LH) is a biotech and healthcare company that has a network of 36 laboratories in America, which are used for diagnostics and drug development. Laboratory Corporation of America Holdings (NYSE:LH) is further expanding its business by buying Enzo Biochem, Inc. (NYSE:ENZ)’s clinical lab business for $146 million while also launching an independent clinical development business called Fortrea.
Teva Pharmaceutical Industries Limited (NYSE:TEVA) produces generic drugs and consumer healthcare solutions. Teva Pharmaceutical Industries Limited (NYSE:TEVA) has a portfolio of 3600 medicines and health products, which are supplied to more than 200 million people in 60 countries across the world.
Baxter International Inc. produces healthcare solutions for the treatment of nutritional and renal ailments among others. In the last quarter of 2022, its biggest stakeholder was Generation Investment Management, which held more than 10 million shares of the company, worth a total of $553 million.
Viatris Inc. (NASDAQ:VTRS) is a Pennsylvania-based company that produces medicines, generic drugs, and pharmaceutical ingredients. Merely two years after its incorporation, Viatris Inc. (NASDAQ:VTRS) bought Oyster Point Pharma and Famy Life Sciences for $750 million and now aims to become a globally leading company in ophthalmology.
BioNTech SE is a German biotech and immunotherapy company that is traded publicly in the US. During the Covid-19 pandemic, the company collaborated with Pfizer Inc. (NYSE:PFE) to utilize its innovative genetic technology for the production of vaccines, which helped nearly 5 billion people in 181 countries in fighting coronavirus.
17. Novo Nordisk A/S (NYSE:NVO)
2022 Revenue: $25.05 billion
Novo Nordisk is a Danish biotech and pharmaceutical company that has established production plants in nine countries across the world, including the US. Its primary focus is on producing medicine to treat obesity, diabetes, and hemophilia among other illnesses. Its most popular medicines are Ozempic and Wegovy.
Amgen is one of the world’s biggest independent biotech and biopharmaceutical firms, that produces medicine for serious illnesses such as cancer and anemia. Amgen’s earnings for Q1 2023 amounted to $6.11 billion, a 2% decline compared to first-quarter earnings in 2022.
Gilead Sciences, Inc. (NASDAQ:GILD) produces medicine and therapy for the treatment of cancers, viral diseases, and inflammation. Gilead Sciences, Inc. (NASDAQ:GILD) helped roughly 12 million people across the world in recovering from the coronavirus disease.
Eli Lilly and Company is famous for being the first biotech company to mass-produce Penicillin, which is the first antibiotic, and insulin. It is also the largest producer of psychiatric medicine such as Prozac and Zyprexa. The greatest share of Eli Lilly’s revenue is driven by the sale of Trulicity and Humalog, which treat diabetes.
13. Takeda Pharmaceutical Company Limited (NYSE:TAK)
2022 Revenue: $29.59 billion
Takeda Pharmaceutical is the largest Asian company in the biopharma sector. In March 2023, Takeda Pharmaceutical received an investment of $960,000 from the Global Health Innovative Technology (GHIT) Fund for the development of antimalarial medicine.
GSK is a global biotech and pharmaceutical company that produces vaccines, general medicine for primary care, and specialty medicine and therapy for cancer, HIV, and respiratory diseases. It is expanding its biotech operation in Canada by acquiring Bellus Health for $2 billion.
AstraZeneca is a biotech company that produces medicine, vaccines, and immune therapy, specifically for type 2 diabetes, respiratory problems, and cancers. The company earned a profit of $1.8 billion in Q1 of 2023.
Thermo Fisher Scientific is a biotechnology and healthcare distributor company that produces scientific instruments, software, and chemicals. In Q4 of 2022, its biggest stakeholder was Farallon Capital, which owned 1 million company shares, amounting to $639 million in total.
Bristol-Myers Squibb ranks among the most prominent global companies in the biotechnology and pharmaceutical industries. The company has made a collaboration of $1 billion with Tubulis, a German biotechnology company, to develop and produce potent therapies for solid tumors and cancers.
Sanofi is a pharmaceutical and biotech company that produces vaccines and affordable medicine to provide quality healthcare in developing countries. The French company has acquired Provention Bio, Inc. (NASDAQ:PRVB), thus adding TZIELD–an innovative therapy for type 1 diabetes–to its portfolio.
Novartis AG (NYSE:NVS) is one of the leading research and development companies that produces transformative treatments for serious medical issues. Novartis AG (NYSE:NVS) witnessed an increase in profit during the first quarter of 2023, which was mainly supported by sales of cardiovascular and cancer medicines.
6. Bayer AG
2022 Revenue: $53.67 billion
Bayer is a German pharmaceutical and biotech company that also produces consumer healthcare products along with chemicals and seeds for agriculture. According to the CEO, the company’s sales increased by 9% in 2022, even though it was a difficult year for businesses amid the energy crisis and inflation.
