Connect with us


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 worldโ€™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$578.3B๐Ÿ‡บ๐Ÿ‡ธ U.S.
2Novo NordiskNVO$452.8B๐Ÿ‡ฉ๐Ÿ‡ฐ Denmark
3Johnson &
JNJ$377.7B๐Ÿ‡บ๐Ÿ‡ธ U.S.
4MerckMRK$263.9B๐Ÿ‡บ๐Ÿ‡ธ U.S.
5AbbVieABBV$261.2B๐Ÿ‡บ๐Ÿ‡ธ U.S.
6RocheROG.SW$222.4B๐Ÿ‡จ๐Ÿ‡ญ Switzerland
7AstraZenecaAZN$212.2B๐Ÿ‡ฌ๐Ÿ‡ง UK
8NovartisNVS$201.1B๐Ÿ‡จ๐Ÿ‡ญ Switzerland
9PfizerPFE$181.3B๐Ÿ‡บ๐Ÿ‡ธ U.S.
10AmgenAMGN$152.0B๐Ÿ‡บ๐Ÿ‡ธ U.S.
11SanofiSNY$138.5B๐Ÿ‡ซ๐Ÿ‡ท France
BMY$118.0B๐Ÿ‡บ๐Ÿ‡ธ U.S.
13Gilead SciencesGILD$96.8B๐Ÿ‡บ๐Ÿ‡ธ U.S.
VRTX$95.8B๐Ÿ‡บ๐Ÿ‡ธ U.S.
15CVS HealthCVS$91.9B๐Ÿ‡บ๐Ÿ‡ธ U.S.
REGN$91.1B๐Ÿ‡บ๐Ÿ‡ธ U.S.
17ZoetisZTS$80.3B๐Ÿ‡บ๐Ÿ‡ธ U.S.
18GlaxoSmithKlineGSK$76.6B๐Ÿ‡ฌ๐Ÿ‡ง UK
19CSLCSL.AX$73.3B๐Ÿ‡ฆ๐Ÿ‡บ Australia
20Merck KGaAMRK.DE$67.8B๐Ÿ‡ฉ๐Ÿ‡ช Germany
21Daiichi Sankyล4568.T$51.7B๐Ÿ‡ฏ๐Ÿ‡ต Japan
4519.T$50.8B๐Ÿ‡ฏ๐Ÿ‡ต Japan
TAK$47.2B๐Ÿ‡ฏ๐Ÿ‡ต Japan
24BayerBAYZF$45.1B๐Ÿ‡ฉ๐Ÿ‡ช Germany
25SeagenSGEN$40.2B๐Ÿ‡บ๐Ÿ‡ธ U.S.
26Jiangsu Hengrui
600276.SS$38.6B๐Ÿ‡จ๐Ÿ‡ณ China
27BiogenBIIB$38.0B๐Ÿ‡บ๐Ÿ‡ธ U.S.
28ModernaMRNA$37.4B๐Ÿ‡บ๐Ÿ‡ธ U.S.
29WuXi AppTec2359.HK$36.0B๐Ÿ‡จ๐Ÿ‡ณ China
30LonzaLONN.SW$34.2B๐Ÿ‡จ๐Ÿ‡ญ Switzerland
SUNPHARMA.NS$32.8B๐Ÿ‡ฎ๐Ÿ‡ณ India
32ArgenxARGX$29.9B๐Ÿ‡ณ๐Ÿ‡ฑ Netherlands
WST$28.4B๐Ÿ‡บ๐Ÿ‡ธ U.S.
34WuXi BiologicsWXXWY$26.7B๐Ÿ‡จ๐Ÿ‡ณ China
HZNP$26.6B๐Ÿ‡ฎ๐Ÿ‡ช Ireland
36BioNTechBNTX$24.8B๐Ÿ‡ฉ๐Ÿ‡ช Germany
37Astellas Pharma4503.T$22.9B๐Ÿ‡ฏ๐Ÿ‡ต Japan
38GenmabGMAB$21.1B๐Ÿ‡ฉ๐Ÿ‡ฐ Denmark
ALNY$21.0B๐Ÿ‡บ๐Ÿ‡ธ U.S.
40ICON plcICLR$20.3B๐Ÿ‡ฎ๐Ÿ‡ช Ireland
41Walgreens Boots
WBA$20.1B๐Ÿ‡บ๐Ÿ‡ธ U.S.
42BeiGeneBGNE$19.5B๐Ÿ‡จ๐Ÿ‡ณ China
4578.T$18.4B๐Ÿ‡ฏ๐Ÿ‡ต Japan
44LabCorpLH$17.9B๐Ÿ‡บ๐Ÿ‡ธ U.S.
45Royalty PharmaRPRX$16.8B๐Ÿ‡ฌ๐Ÿ‡ง UK
BMRN$16.2B๐Ÿ‡บ๐Ÿ‡ธ U.S.
47BaxterBAX$16.1B๐Ÿ‡บ๐Ÿ‡ธ U.S.
48UCBUCB.VI$16.0B๐Ÿ‡ง๐Ÿ‡ช Belgium
49Eisai4523.T$15.9B๐Ÿ‡ฏ๐Ÿ‡ต Japan
50Celltrion068270.KS$15.0B๐Ÿ‡ฐ๐Ÿ‡ท South Korea

Ranking in second is Denmarkโ€™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 yearโ€”up from $2,115 in 2008.

green check mark icon

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.

Click for Comments


The World’s Top Retail Companies, by Domestic Revenue

As price pressures and e-commerce reshape shopping behaviors, we show the top retail companies by domestic revenue around the world.



This circle graphic shows the world's top retail companies by domestic revenue.

The World’s Top Retail Companies, by Domestic Revenue

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.

The retail sector plays a vital role in powering economies, contributing $5.3 trillion annually to Americaโ€™s GDP alone.

Moreover, the industry is Americaโ€™s biggest private-sector employer, responsible for one of every four jobs, or 55 million employees. Yet in todayโ€™s challenging consumer environment, retailers are facing higher e-commerce penetration and inflationary pressuresโ€”across an industry notoriously known for razor-thin margins.

This graphic shows the worldโ€™s top retail companies by domestic revenue, based on data from the National Retail Federation.


To be included in the rankings, companies must engage in a goods-for-consumer resale business accessible to the public and have direct selling operations in a minimum of three countries.

The rankings include both publicly and private companies, and are based on the most recent 52-week period analyzed by the National Retail Federation between January and March 2024. All revenue figures were converted to U.S. dollars.

Ranked: The Top 10 Global Retailers by Domestic Sales

Here are the leading retailers worldwide based on domestic sales as of 2023:

RankingRetailerDomestic Retail Revenue
Share of Total Retail RevenueHeadquarters
1Walmart$532.3B85%๐Ÿ‡บ๐Ÿ‡ธ U.S.$250.0B70%๐Ÿ‡บ๐Ÿ‡ธ U.S.
3Costco$175.4B75%๐Ÿ‡บ๐Ÿ‡ธ U.S.
4The Home Depot$142.0B94%๐Ÿ‡บ๐Ÿ‡ธ U.S.
5Walgreens Boots Alliance$105.1B89%๐Ÿ‡บ๐Ÿ‡ธ U.S.
6Alibaba$91.5B97%๐Ÿ‡จ๐Ÿ‡ณ China
7Apple$70.9B87%๐Ÿ‡บ๐Ÿ‡ธ U.S.
8Aeon$64.3B93%๐Ÿ‡ฏ๐Ÿ‡ต Japan
9Schwarz Group$56.5B32%๐Ÿ‡ฉ๐Ÿ‡ช Germany
10Rewe$55.5B75%๐Ÿ‡ฉ๐Ÿ‡ช Germany

Walmart towers ahead as the worldโ€™s largest retailer with $532 billion in domestic revenueโ€”more than and Costco combined.

Known for its everyday low prices, Walmart achieves a competitive advantage through pricing goods approximately 25% cheaper than traditional retail competitors. Overall, groceries make up more than half of total sales. While its main customer base is often low and middle-income shoppers, the retail giant is seeing a surge in sales from higher-income customers as shoppers seek out lower grocery prices.

E-commerce giant, Amazon, is the second-biggest retailer globally, commanding nearly 40% of online retail sales in America. Since 2019, the number of Amazon employees has grown from 800,000 to over 1.5 million in 2023.

While the company has tried to introduce online grocery platforms to the market, it has largely fallen flat given its clunky system in a highly competitive market.

Like Amazon, Chinaโ€™s e-commerce juggernaut, Alibaba, stands as a leading global retailer. Overall, 97% of revenues were generated domestically through online marketplaces Taobao and Tmall. In recent years, the company has focused on international expansion, delivering products to 11 markets including America, in just five days.

Continue Reading
Visualizing Asia's Water Dilemma