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The World’s 50 Largest Pharmaceutical Companies



The World's Largest Pharmaceutical Companies by Market Capitalization

The World’s 50 Largest Pharmaceutical Companies

Globally, big pharma revenues have grown by more than half a trillion dollars since 2012, driven by an aging global population.

American drugmakers make up the greatest market share worldwide by far, supported by high prices in a less regulated market. Yet with 190 drug patents expiring in the next decade, many companies face steep revenue losses at the hands of generic competitors.

This graphic, from Pranav Gavali, shows the largest pharmaceutical companies in the world.

Ranked: The Top 50 Pharmaceutical Giants

Together, the 50 biggest drugmakers make up a combined $4.7 trillion in market capitalization.

With a market cap of over $578 billion, American pharmaceutical company Eli Lilly is the world’s most valuable, known for diabetes medications and its newly-launched weight-loss drug. The average price of insulin in the U.S. is more than five times higher than other countries.

RankingNameSymbolMarket Cap
Oct 16 2023
1Eli LillyLLY$578.3B🇺🇸 U.S.
2Novo NordiskNVO$452.8B🇩🇰 Denmark
3Johnson &
JNJ$377.7B🇺🇸 U.S.
4MerckMRK$263.9B🇺🇸 U.S.
5AbbVieABBV$261.2B🇺🇸 U.S.
6RocheROG.SW$222.4B🇨🇭 Switzerland
7AstraZenecaAZN$212.2B🇬🇧 UK
8NovartisNVS$201.1B🇨🇭 Switzerland
9PfizerPFE$181.3B🇺🇸 U.S.
10AmgenAMGN$152.0B🇺🇸 U.S.
11SanofiSNY$138.5B🇫🇷 France
BMY$118.0B🇺🇸 U.S.
13Gilead SciencesGILD$96.8B🇺🇸 U.S.
VRTX$95.8B🇺🇸 U.S.
15CVS HealthCVS$91.9B🇺🇸 U.S.
REGN$91.1B🇺🇸 U.S.
17ZoetisZTS$80.3B🇺🇸 U.S.
18GlaxoSmithKlineGSK$76.6B🇬🇧 UK
19CSLCSL.AX$73.3B🇦🇺 Australia
20Merck KGaAMRK.DE$67.8B🇩🇪 Germany
21Daiichi Sankyō4568.T$51.7B🇯🇵 Japan
4519.T$50.8B🇯🇵 Japan
TAK$47.2B🇯🇵 Japan
24BayerBAYZF$45.1B🇩🇪 Germany
25SeagenSGEN$40.2B🇺🇸 U.S.
26Jiangsu Hengrui
600276.SS$38.6B🇨🇳 China
27BiogenBIIB$38.0B🇺🇸 U.S.
28ModernaMRNA$37.4B🇺🇸 U.S.
29WuXi AppTec2359.HK$36.0B🇨🇳 China
30LonzaLONN.SW$34.2B🇨🇭 Switzerland
SUNPHARMA.NS$32.8B🇮🇳 India
32ArgenxARGX$29.9B🇳🇱 Netherlands
WST$28.4B🇺🇸 U.S.
34WuXi BiologicsWXXWY$26.7B🇨🇳 China
HZNP$26.6B🇮🇪 Ireland
36BioNTechBNTX$24.8B🇩🇪 Germany
37Astellas Pharma4503.T$22.9B🇯🇵 Japan
38GenmabGMAB$21.1B🇩🇰 Denmark
ALNY$21.0B🇺🇸 U.S.
40ICON plcICLR$20.3B🇮🇪 Ireland
41Walgreens Boots
WBA$20.1B🇺🇸 U.S.
42BeiGeneBGNE$19.5B🇨🇳 China
4578.T$18.4B🇯🇵 Japan
44LabCorpLH$17.9B🇺🇸 U.S.
45Royalty PharmaRPRX$16.8B🇬🇧 UK
BMRN$16.2B🇺🇸 U.S.
47BaxterBAX$16.1B🇺🇸 U.S.
48UCBUCB.VI$16.0B🇧🇪 Belgium
49Eisai4523.T$15.9B🇯🇵 Japan
50Celltrion068270.KS$15.0B🇰🇷 South Korea

Ranking in second is Denmark’s Novo Nordisk, with a $453 billion market cap.

The 100-year old company began by making insulin, a newly discovered drug in the 1920s. Like Eli Lilly, it recently launched a weight-loss drug, Ozempic, originally used to treat diabetes. As drug sales soared, the company briefly became the most valuable in Europe.

According to BMO, the weight-loss drug market will be worth $100 billion by 2035.

As a major drug exporter to the U.S., Japan is home to the largest pharma companies in Asia. In fact, it is the third-largest pharmaceutical market in the world. A number of large U.S. pharma companies including Eli Lilly, Pfizer, and Bristol Myers Squibb have subsidiaries in the country.

Of the top 50 pharma companies, U.S. drugmakers make up 56% of global market capitalization, followed by Europe at 34%, and Asia with a 10% market share.

Facing a Cliff

With scores of patents set to expire by 2030, big pharma companies could see a $200 billion loss in revenues due to fierce competition from generics.

As a result, the 10 largest pharmaceutical companies globally are at risk of losing 46% of revenues. Adding to this, the U.S. government announced they may remove patent protection if certain drugs are too expensive in efforts to clamp down on high drug prices.

This may come as a benefit to consumers, especially in America. With some of the highest prescription costs in the world, they are as much as three times more expensive than other countries, averaging $1,432 per person in 2021.

The median price for newly-launched drugs in the U.S. in 2022 was over $200,000 per year—up from $2,115 in 2008.

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This article was published as a part of Visual Capitalist's Creator Program, which features data-driven visuals from some of our favorite Creators around the world.

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Mapped: Inflation Projections by Country, in 2024

Global inflation projections look optimistic in 2024, but risks of a second wave of price pressures remain due to geopolitical shocks.



This map shows inflation projections around the world in 2024.

Inflation Projections, by Country in 2024

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Global economic prospects hang on a delicate balance, largely hinging on the path of inflation.

While inflation looks to be easing, there remains the risk of a second wave of price pressures driven by geopolitical conflicts and supply disruptions in the Red Sea. Adding to this, a stronger than expected labor market could drive consumer demand, pushing up higher prices.

This graphic shows 2024 inflation projections around the world, based on forecasts from the International Monetary Fund (IMF).



Is Global Inflation On a Downward Path?

In 2024, global inflation is projected to decline to 5.8%, down from a 6.8% estimated annual average in 2023.

Tighter monetary policy and falling energy prices are forecast to dampen price pressures alongside a cooling labor market. Below, we show inflation projections across 190 countries:

CountryProjected Annual Inflation Change 2024
🇻🇪 Venezuela230.0%
🇿🇼 Zimbabwe190.2%
🇸🇩 Sudan127.3%
🇦🇷 Argentina69.5%
🇹🇷 Türkiye54.3%
🇪🇬 Egypt25.9%
🇦🇴 Angola25.6%
🇮🇷 Iran25.0%
🇧🇮 Burundi22.4%
🇸🇱 Sierra Leone21.7%
🇸🇷 Suriname20.0%
🇪🇹 Ethiopia18.5%
🇵🇰 Pakistan17.5%
🇳🇬 Nigeria15.4%
🇲🇼 Malawi15.2%
🇬🇭 Ghana15.0%
🇾🇪 Yemen15.0%
🇲🇳 Mongolia12.8%
🇭🇹 Haiti12.7%
🇺🇿 Uzbekistan10.7%
🇹🇳 Tunisia10.6%
🇹🇲 Turkmenistan10.0%
🇺🇦 Ukraine10.0%
🇲🇬 Madagascar8.6%
🇰🇬 Kyrgyz Republic8.0%
🇿🇲 Zambia7.9%
🇲🇺 Mauritius7.8%
🇬🇳 Guinea7.8%
🇰🇿 Kazakhstan7.5%
🇧🇩 Bangladesh7.2%
🇲🇲 Myanmar7.2%
🇸🇹 São Tomé and Príncipe7.2%
🇬🇲 The Gambia7.1%
🇨🇩 Democratic Republic of the Congo7.1%
🇩🇿 Algeria6.8%
🇹🇯 Tajikistan6.5%
🇳🇵 Nepal6.5%
🇰🇪 Kenya6.5%
🇲🇿 Mozambique6.5%
🇹🇴 Tonga6.2%
🇸🇸 South Sudan6.1%
🇱🇷 Liberia6.0%
🇺🇾 Uruguay5.7%
🇻🇺 Vanuatu5.6%
🇵🇱 Poland5.5%
🇬🇾 Guyana5.5%
🇷🇼 Rwanda5.5%
🇭🇺 Hungary5.4%
🇳🇦 Namibia5.3%
🇬🇶 Equatorial Guinea5.2%
🇧🇹 Bhutan5.1%
🇦🇿 Azerbaijan5.0%
🇯🇲 Jamaica5.0%
🇱🇸 Lesotho5.0%
🇲🇩 Moldova5.0%
🇷🇺 Russia5.0%
🇺🇬 Uganda5.0%
🇳🇮 Nicaragua4.8%
🇵🇬 Papua New Guinea4.7%
🇷🇴 Romania4.7%
🇬🇹 Guatemala4.6%
🇼🇸 Samoa4.5%
🇿🇦 South Africa4.5%
🇸🇰 Slovak Republic4.5%
🇨🇴 Colombia4.5%
🇮🇳 India4.4%
🇧🇼 Botswana4.4%
🇸🇿 Eswatini4.3%
🇱🇻 Latvia4.3%
🇭🇳 Honduras4.2%
🇳🇷 Nauru4.2%
🇧🇪 Belgium4.0%
🇮🇸 Iceland4.0%
🇹🇿 Tanzania4.0%
🇰🇮 Kiribati4.0%
🇲🇷 Mauritania4.0%
🇵🇾 Paraguay4.0%
🇷🇸 Serbia4.0%
🇩🇴 Dominican Republic4.0%
🇦🇲 Armenia4.0%
🇧🇷 Brazil3.9%
🇸🇴 Somalia3.9%
🇹🇻 Tuvalu3.8%
🇧🇴 Bolivia3.8%
🇧🇾 Belarus3.7%
🇨🇲 Cameroon3.7%
🇽🇰 Kosovo3.7%
🇪🇪 Estonia3.6%
🇧🇧 Barbados3.6%
🇸🇧 Solomon Islands3.6%
🇦🇱 Albania3.6%
🇦🇺 Australia3.4%
🇪🇸 Spain3.4%
🇵🇭 Philippines3.4%
🇻🇳 Vietnam3.4%
🇲🇦 Morocco3.3%
🇸🇮 Slovenia3.3%
🇦🇹 Austria3.2%
🇭🇷 Croatia3.2%
🇨🇬 Republic of Congo3.2%
🇳🇴 Norway3.2%
🇸🇬 Singapore3.2%
🇲🇽 Mexico3.2%
🇹🇩 Chad3.1%
🇲🇪 Montenegro3.1%
🇱🇹 Lithuania3.1%
🇨🇷 Costa Rica3.0%
🇰🇭 Cambodia3.0%
🇮🇹 Italy3.0%
🇨🇱 Chile3.0%
🇬🇪 Georgia3.0%
🇬🇼 Guinea-Bissau3.0%
🇮🇶 Iraq3.0%
🇱🇦 Lao P.D.R.3.0%
🇫🇲 Micronesia3.0%
🇩🇲 Dominica2.9%
🇸🇪 Sweden2.8%
🇩🇪 Germany2.8%
🇬🇷 Greece2.7%
🇲🇾 Malaysia2.7%
🇮🇪 Ireland2.6%
🇯🇵 Japan2.6%
🇫🇯 Fiji2.6%
🇲🇭 Marshall Islands2.6%
🇬🇩 Grenada2.6%
🇺🇸 United States2.6%
🇵🇹 Portugal2.6%
🇮🇱 Israel2.6%
🇧🇸 The Bahamas2.6%
🇯🇴 Jordan2.6%
🇱🇾 Libya2.5%
🇳🇿 New Zealand2.5%
🇧🇯 Benin2.5%
🇩🇰 Denmark2.5%
🇩🇯 Djibouti2.5%
🇸🇲 San Marino2.5%
🇹🇱 Timor-Leste2.5%
🇮🇩 Indonesia2.5%
🇦🇬 Antigua and Barbuda2.5%
🇳🇪 Niger2.5%
🇨🇫 Central African Republic2.5%
🇵🇸 West Bank and Gaza2.5%
🇲🇻 Maldives2.4%
🇲🇹 Malta2.4%
🇳🇱 Netherlands2.4%
🇸🇨 Seychelles2.4%
🇬🇧 United Kingdom2.4%
🇬🇦 Gabon2.4%
🇰🇳 St. Kitts and Nevis2.3%
🇭🇰 Hong Kong SAR2.3%
🇲🇰 North Macedonia2.3%
🇦🇪 UAE2.3%
🇹🇹 Trinidad and Tobago2.3%
🇶🇦 Qatar2.3%
🇵🇦 Panama2.2%
🇸🇦 Saudi Arabia2.2%
🇵🇪 Peru2.2%
🇨🇾 Cyprus2.2%
🇨🇿 Czech Republic2.2%
🇹🇬 Togo2.2%
🇧🇬 Bulgaria2.2%
🇦🇼 Aruba2.2%
🇨🇦 Canada2.1%
🇧🇦 Bosnia and Herzegovina2.1%
🇱🇨 St. Lucia2.1%
🇦🇩 Andorra2.0%
🇧🇫 Burkina Faso2.0%
🇨🇻 Cabo Verde2.0%
🇨🇮 Côte d'Ivoire2.0%
🇰🇷 Korea2.0%
🇲🇱 Mali2.0%
🇻🇨 St. Vincent and the Grenadines2.0%
🇨🇭 Switzerland1.9%
🇵🇷 Puerto Rico1.9%
🇨🇳 China1.9%
🇫🇮 Finland1.9%
🇫🇷 France1.9%
🇹🇼 Taiwan1.8%
🇵🇼 Palau1.8%
🇹🇭 Thailand1.8%
🇱🇺 Luxembourg1.7%
🇸🇻 El Salvador1.7%
🇲🇴 Macao SAR1.7%
🇴🇲 Oman1.7%
🇰🇲 Comoros1.6%
🇧🇳 Brunei Darussalam1.5%
🇪🇨 Ecuador1.5%
🇧🇭 Bahrain1.4%
🇧🇿 Belize1.2%
🇸🇳 Senegal0.3%

Venezuela, with the largest oil reserves globally, is projected to see inflation reach 230%—the highest overall.

Across the last decade, the country has faced hyperinflation, reaching a stunning 10 million percent in 2019. Since U.S. sanctions were lifted last year, inflation has fallen dramatically due to sharp cuts in government spending and increasing dollarization of the economy, which is bolstering the bolivar.

In America, slower economic growth coupled with a softening labor market could ease inflation, which is forecast to reach 2.6% in 2024. While the Federal Reserve has signaled that the worst is over, unexpected momentum across the economy could cloud the outcome. As of November 2023, $290 billion in excess savings were held across American households, which may continue to spur consumer demand.

Over in Europe, inflation is anticipated to average 3.3% across advanced economies. Today, sinking natural gas prices and low GDP growth are keeping inflation expectations at bay.

China, the world’s second-largest economy, is contending with falling prices due to property market trouble, which drives about a third of the country’s economic growth. Amid sluggish economic activity, a manufacturing slowdown, and low consumer confidence, inflation is forecast to reach 1.7%.

What Could Cause Inflation to Re-Accelerate?

While inflation shocks driven from the pandemic appear to be over, key risks could drive up inflation:

  • Geopolitical Pressures: Rising shipping costs due to the conflict in the Middle East and Red Sea could continue to escalate and energy prices could increase amid disrupted supply, driving inflation higher.
  • Strong Consumer Demand: Accumulated excess savings could continue to fuel economies, leading central banks to remain hawkish. Persistently high wage growth—which increased about double the pre-pandemic average across advanced nations in 2023—could boost consumption and higher prices.
  • Rising Housing Costs: Shelter makes up about a third of the Consumer Price Index, the biggest component overall. If prices accelerate, it presents key inflationary risks. As of January 2024, U.S. shelter costs increased 6% annually.

So far, the global economy has been resilient. While risk factors remain, inflation projections suggest that the path towards a 2% target is slow, but going in the right direction.


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