In this article, we will take a look at the 30 most valuable drug companies in 2024. If you want to skip our detailed analysis of the pharmaceutical drugs market, you can go directly to 5 Most Valuable Drug Companies in 2024.
The Global Pharmaceutical Drugs Market
According to a report by The Business Research Company, the global pharmaceutical drugs market was estimated to have reached a value of $1.19 trillion in 2023. The market is expected to grow at a compound annual growth rate (CAGR) of 13.4% from 2024 to 2028, propelling the pharmaceutical drugs market to reach above $2.09 trillion by the end of the forecasted period. The report also mentions that North America was the biggest region in the drugs market in 2023.
The aging population and the growing prevalence of chronic diseases, such as cancer, heart disease, and diabetes, have led to a surge in demand for affordable drugs. Drugs, medicines, and therapies to treat aging-related and chronic diseases are driving market growth. Moreover, the development of new drugs, such as specialty drugs, contributes to medical advancements while also driving significant investment. This is further augmenting growth in the pharmaceutical drugs market. The pharmaceutical drugs market is continuously adapting to meet the growing demand for affordable and effective drugs.
Most Prominent Companies in the Pharmaceutical Drugs Market
The top companies in the global pharmaceutical drugs market hold a significant market share. Some of the most notable names in the market are AbbVie Inc. (NYSE:ABBV), Novo Nordisk A/S (NYSE:NVO), and Eli Lilly and Company (NYSE:LLY).
Eli Lilly and Company (NYSE:LLY) is an American multinational pharmaceutical company. Best known for its high-quality medicines and drugs, the company also ranks high among the best drug stocks to invest in. On February 6, Eli Lilly and Company (NYSE:LLY) reported strong earnings for the fiscal fourth quarter of 2023. The company reported earnings per share (EPS) of $2.49, surpassing EPS estimates by $0.12. Eli Lilly and Company’s (NYSE:LLY) revenue for the quarter grew by 28.1% year-over-year and amounted to $9.35 billion, ahead of market consensus by $382.75 million.
Novo Nordisk A/S (NYSE:NVO) is a Danish multinational pharmaceutical company that develops, produces, and markets pharmaceutical products. On February 5, Novo Nordisk A/S (NYSE:NVO) announced that it has agreed to acquire 3 fill-finish sites from Novo Holdings A/S for an upfront payment of $11 billion. The acquisition will expand the manufacturing capacity of Novo Nordisk A/S (NYSE:NVO) and support its strategy of reaching more people living with diabetes and obesity with current and future treatments. The 3 manufacturing sites are specialized in the sterile filling of drugs and are expected to help increase the filling capacity of Novo Nordisk A/S (NYSE:NVO) from 2026 onwards. These sites are located in Italy, Belgium, and Indiana, US.
Pharmaceutical drug companies are expanding their manufacturing capabilities and investing in new technologies to meet the growing demand for affordable and effective treatments. AbbVie Inc. (NYSE:ABBV) is an American pharmaceutical company that discovers, develops, manufactures, and commercializes drugs for the treatment of serious health issues and complex diseases. It is also one of the top drug companies in the US by revenue. On January 25, AbbVie Inc. (NYSE:ABBV) announced a new $223 million investment to expand its Singapore manufacturing facility, adding over 100 jobs and 24,000 liters of biologics drug-substance capacity. This expansion will strengthen AbbVie Inc.’s (NYSE:ABBV) global manufacturing capabilities and support its growing biologics pipeline. The Singapore plant is a state-of-the-art small-molecule and biologics manufacturing facility and the company’s investment reflects its continued commitment to enhancing its manufacturing presence and addressing the increasing demand for biologics worldwide.
Azita Saleki-Gerhardt, Ph.D., AbbVie Inc.’s (NYSE:ABBV) Executive Vice President and Chief Operations Officer, said:
"The expansion of our Singapore site will strengthen our global manufacturing capabilities, support our growing biologics pipeline and help AbbVie continue delivering on our patient commitments now and in the future."
Now that we have looked at what’s going on in the global pharmaceutical drugs market, let’s take a look at the 30 most valuable drug companies in 2024.
30 Most Valuable Drug Companies in 2024
A close-up shot of various types of medicines on a table, illustrating the specialty and generic products offered by the pharmaceutical company.
Methodology
In this article, we have listed the 30 most valuable drug companies in 2024. To find the biggest drug companies in the world, we sifted through various sources including industry reports and consulted stock screeners from Yahoo Finance and Finviz. We then used Yahoo Finance to find each company’s market capitalization as of February 8, 2024. For foreign companies and their market caps, we converted them to US dollars according to their respective exchange rates. Finally, we narrowed down our selection to rank the top 30 most valuable drug companies in 2024 based on their market capitalization, which are listed below in ascending order.
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Biogen Inc. (NASDAQ:BIIB) is an American multinational biotechnology company that specializes in the discovery, development, and delivery of therapies for the treatment of rare and complex diseases across neurology, neuropsychiatry, and specialized immunology. As one of the most valuable drug companies in 2024, Biogen Inc. (NASDAQ:BIIB) has a market capitalization of $34.82 billion as of February 8, 2024.
Moderna Inc. (NASDAQ:MRNA) is a pharmaceutical and biotechnology company that primarily focuses on RNA therapeutics and mRNA vaccines. As of February 8, 2024, Moderna Inc. (NASDAQ:MRNA) has a market capitalization of $35.71 billion.
28. Jiangsu Hengrui Medicine Co. Ltd. (SHA:600276)
Market Capitalization: $37.52 Billion
Jiangsu Hengrui Medicine Co. Ltd. (SHA:600276) is a Chinese pharmaceutical company that is one of the top drug companies in the world. The company produces and distributes a variety of drug packaging materials, cancer-treating antineoplastics, cardiovascular medication, painkillers, antibiotics, and related products. Jiangsu Hengrui Medicine Co. Ltd. (SHA:600276) has a market capitalization of $37.52 billion as of February 8, 2024.
27. Lonza Group AG (SWX:LONN)
Market Capitalization: $37.85 Billion
Lonza Group AG (SWX:LONN) is a Swiss multinational manufacturing company that helps pharmaceutical, biotech, and nutrition companies to bring their treatments to market. As one of the top drug companies, Lonza Group AG (SWX:LONN) has a market capitalization of $37.85 billion as of February 8, 2024.
26. Haleon plc (LON:HLN)
Market Capitalization: $38.18 Billion
Haleon plc (LON:HLN is a British multinational consumer healthcare company. It is known for its large-scale multinational brands, which include Sensodyne toothpaste, Panadol and Advil painkillers, and Centrum vitamins. Haleon plc (LON:HLN) has a market capitalization of $38.18 billion as of February 8, 2024.
25. Sun Pharmaceutical Industries Limited (NSE:SUNPHARMA)
Market Capitalization: $43.35 Billion
Sun Pharmaceutical Industries Limited (NSE:SUNPHARMA) is an Indian multinational pharmaceutical company that manufactures and sells pharmaceutical formulations. With a market capitalization of $43.35 billion as of February 8, 2024, Sun Pharmaceutical Industries Limited (NSE:SUNPHARMA) ranks among the top 25 most valuable drug companies in 2024.
24. Takeda Pharmaceutical Company Limited (NYSE:TAK)
Market Capitalization: $44.21 Billion
Takeda Pharmaceutical Company Limited (NYSE:TAK) is a Japanese multinational pharmaceutical company. As a patient-focused corporation and one of the top pharmaceutical companies in the world, it focuses on oncology, rare diseases, neuroscience, gastroenterology, plasma-derived therapies, and vaccines. As of February 8, 2024, Takeda Pharmaceutical Company Limited (NYSE:TAK) has a market capitalization of $44.21 billion.
23. Chugai Pharmaceutical Co. Ltd. (TYO:4519)
Market Capitalization: $57.79 Billion
Chugai Pharmaceutical Co. Ltd. (TYO:4519) is a drug manufacturing company in Japan. As one of the most valuable drug companies in 2024, Chugai Pharmaceutical Co. Ltd. (TYO:4519) has a market capitalization of $57.79 billion as of February 8, 2024.
22. Daiichi Sankyo Company Limited (TYO:4568)
Market Capitalization: $60.48 Billion
Daiichi Sankyo Company Limited (TYO:4568) is a global pharmaceutical company that provides innovative products and services in 29 countries around the world. Headquartered in Tokyo, Japan, the company also owns the American pharmaceutical company American Regent. As of February 8, 2024, Daiichi Sankyo Company Limited (TYO:4568) has a market capitalization of $60.48 billion.
21. Merck KGaA (ETR:MRK)
Market Capitalization: $70.67 Billion
Merck KGaA (ETR:MRK) is a German multinational pharmaceutical and chemicals company. As one of the top pharmaceutical companies in the world, Merck KGaA (ETR:MRK) has a market capitalization of $70.67 billion as of February 8, 2024.
GlaxoSmithKline plc (NYSE:GSK), also known as GSK, is a British multinational pharmaceutical and biotechnology company. With a market capitalization of $84.85 billion as of February 8, 2024, GlaxoSmithKline plc (NYSE:GSK) ranks among the top 20 on our list of the most valuable drug companies in 2024.
Zoetis Inc. (NYSE:ZTS) is an American drug company. It is a leading producer of medicine and vaccinations for pets and livestock. Zoetis Inc. (NYSE:ZTS) has a market capitalization of $89.87 billion as of February 8, 2024.
Gilead Sciences Inc. (NASDAQ:GILD) is an American biopharmaceutical company that focuses on researching and developing antiviral drugs. As a research-based biopharmaceutical company, it aims to discover, develop, and commercialize innovative medicines. Gilead Sciences Inc. (NASDAQ:GILD) has a market capitalization of $91.95 billion as of February 8, 2024.
17. CSL Limited (ASX:CSL)
Market Capitalization: $95.09 Billion
CSL Limited (ASX:CSL) is an Australian multinational specialty biotechnology company that focuses on researching, developing, manufacturing, and marketing products to treat and prevent serious human medical conditions. The company has a dynamic portfolio of lifesaving medicines, including treatments for hemophilia and immune deficiencies, and vaccines to prevent influenza. As of February 8, 2024, CSL Limited (ASX:CSL) has a market capitalization of $95.09 billion.
CVS Health Corporation (NYSE:CVS) is an American healthcare company that ranks among the biggest healthcare companies in the world. It owns CVS Pharmacy, a retail pharmacy chain, and CVS Caremark, a pharmacy benefits manager, among many other brands. CVS Health Corporation (NYSE:CVS) is also one of the best health insurance companies heading into 2024. The corporation has a market capitalization of $96.62 billion as of February 8, 2024.
Bristol-Myers Squibb Company (NYSE:BMY) is an American multinational pharmaceutical company that ranks among the top 15 most valuable drug companies in 2024. The company develops prescription pharmaceuticals and biologics in several therapeutic areas. As of February 8, 2024, Bristol-Myers Squibb Company (NYSE:BMY) has a market capitalization of $99.11 billion.
Regeneron Pharmaceuticals Inc. (NASDAQ:REGN) is an American biotechnology company. As one of the top pharmaceutical companies, it invents, develops, and commercializes life-transforming medicines for patients with serious diseases. Regeneron Pharmaceuticals Inc. (NASDAQ:REGN) has a market capitalization of $103.88 billion as of February 8, 2024.
Vertex Pharmaceuticals is an American biopharmaceutical company that has a market capitalization of $109.01 billion as of February 8, 2024. As one of the top pharma companies in 2024, Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) invests in scientific innovation to create transformative medicines for patients with serious diseases with a focus on specialty markets.
Sanofi (NASDAQ:SNY), previously Sanofi-Aventis, is a French multinational pharmaceutical and healthcare company. It focuses on discovering, developing, and delivering medicines and vaccines for millions of people around the globe. Sanofi (NASDAQ:SNY) has a market capitalization of $116.52 billion as of February 8, 2024. It ranks 12th on our list of the most valuable drug companies in 2024.
Pfizer Inc. (NYSE:PFE) is an American multinational pharmaceutical and biotechnology corporation. It develops and produces medicines and vaccines for various branches of medical science. As of February 8, 2024, Pfizer Inc. (NYSE:PFE) has a market capitalization of $155.67 billion.
Amgen Inc. (NASDAQ:AMGN) is an American multinational biopharmaceutical company that ranks among the top 10 most valuable drug companies in 2024. The company delivers high-quality medicines and it is one of the leading companies in biologics manufacturing. Amgen Inc. (NASDAQ:AMGN) has a market capitalization of $157.74 billion as of February 8, 2024.
Abbott Laboratories (NYSE:ABT) is an American multinational medical devices and healthcare company that ranks among the top 10 pharmaceutical companies in the world. Serving more than 160 countries, the company manufactures medical devices, diagnostics products, and nutrition and branded generic pharmaceuticals. As of February 8, 2024, Abbott Laboratories (NYSE:ABT) has a market capitalization of $195.18 billion.
Headquartered in Cambridge, England, AstraZeneca PLC (NASDAQ:AZN) is a multinational pharmaceutical and biotechnology company. As a science-led, patient-focused biopharmaceutical company, it is focused on discovery, production and commercialization of medicines for millions of patients around the world. AstraZeneca PLC (NASDAQ:AZN) has a market capitalization of $196.93 billion as of February 8, 2024.
7. Roche Holding AG (SWX:ROG)
Market Capitalization: $206.97 Billion
Roche Holding AG (SWX:ROG) is a Swiss multinational healthcare company and one of the most valuable drug companies in 2024. As one of the largest biotech companies in the world, it is a leading provider of in-vitro diagnostics and transformative innovative solutions across major disease areas. As of February 8, 2024, Roche Holding AG (SWX:ROG) has a market capitalization of $206.97 billion.
Novartis AG (NYSE:NVS) is a Swiss multinational pharmaceutical corporation that ranks 6th on our list of the most valuable drug companies in 2024. It is one of the largest pharmaceutical companies in the world. Novartis AG (NYSE:NVS) has a market capitalization of $208.92 billion as of February 8, 2024.
