Finance
Visualizing the World’s Biggest Pharmaceutical Companies
Who are the World’s Biggest Pharmaceutical Companies?
Some of the world’s biggest pharmaceutical companies have played a central role in the COVID-19 pandemic.
However, it’s likely no surprise that the pandemic has also been great for many healthcare businesses. In fact, in 2020 alone, the world’s 50 largest pharmaceutical companies still combined for a whopping $851 billion in revenues.
In this graphic, using data from Companies Market Cap, we list the largest pharmaceutical companies in the world by market capitalization. It’s worth noting this list also includes healthcare companies that work closely with pharmaceuticals, including biotech, pharmaceutical retailers, clinical laboratories, etc.
Editor’s Note: A previous version of this graphic was missing some key companies such as GSK and AbbVie. They were unfortunately not included in the original source and we are now working to make sure there were no other smaller omissions. Thanks to all that sent in corrections.
The Pharmaceutical Leaders
To start, here are the top five biggest pharmaceutical companies in the world at the moment by market capitalization:
1. Johnson & Johnson
The pharmaceutical and consumer goods giant is worth $428.7 billion in market cap. They developed the third vaccine authorized for use in the U.S. and were named among the TIME100 Most Influential Companies List in 2021.
2. Roche
The Swiss pharmaceutical giant is at the forefront of oncology, immunology, infectious diseases, ophthalmology, and neuroscience. In 2019, Roche’s pharma segment sales rose by a healthy 16% to $53 billion.
3. Pfizer
Despite being the leading COVID-19 vaccine manufacturer in North America, Pfizer slid in the rankings to third place. The company has recently gained momentum, especially in the past quarter, with Q2’2021 revenues of $19.0 billion, reflecting a 86% operational growth from 2020.
4. Eli Lilly
Eli Lilly has taken a significant step towards establishing itself as a pharmaceutical industry leader. Having a market cap value of $125 billion in 2019, Eli Lilly has jumped to a current value of $214.9 billion, a significant growth of 72%.
5. Novartis
The second-biggest pharmaceutical company out of Switzerland, Novartis has been the face of the pharma industry for about 25 years. The primary manufacturer for the most recognizable drugs on the market pulled in a revenue of over $48 billion in 2020, a 3% increase compared to 2019.
Here’s how all the biggest pharmaceutical companies in the world stack up against each other:
Company Rank | Company Name | Market Cap Value | Country |
---|---|---|---|
1 | Johnson & Johnson JNJ | $428.66 B | 🇺🇸 USA |
2 | Roche RHHBY | $320.41 B | 🇨🇠Switzerland |
3 | Pfizer PFE | $219.39 B | 🇺🇸 USA |
4 | Eli Lilly LLY | $208.99 B | 🇺🇸 USA |
5 | Novartis NVS | $207.70 B | 🇨🇠Switzerland |
6 | AbbVie ABBV | $202.60 B | 🇺🇸 USA |
7 | Merck MRK | $191.67 B | 🇺🇸 USA |
8 | Novo Nordisk NVO | $187.83 B | 🇩🇰 Denmark |
9 | Astrazeneca AZN | $152.28 B | 🇬🇧 UK |
10 | Bristol-Myers Squibb BMY | $145.80 B | 🇺🇸 USA |
11 | Amgen AMGN | $136.50 B | 🇺🇸 USA |
12 | Sanofi SNY | $130.37 B | 🇫🇷 France |
13 | CVS Health CVS | $110.49 B | 🇺🇸 USA |
14 | GlaxoSmithKline GSK | $104.30 B | 🇬🇧 UK |
15 | CSL CSL.AX | $103.10 B | 🇦🇺 Australia |
16 | Gilead Sciences GILD | $83.62 B | 🇺🇸 USA |
17 | Moderna MRNA | $83.25 B | 🇺🇸 USA |
18 | Merck KGaA MRK.DE | $80.61 B | 🇩🇪 Germany |
19 | Bayer BAYZF | $59.43 B | 🇩🇪 Germany |
20 | Jiangsu Hengrui Medicine 600276.SS | $58.51 B | 🇨🇳 China |
21 | Regeneron Pharmaceuticals REGN | $55.83 B | 🇺🇸 USA |
22 | Biogen BIIB | $55.00 B | 🇺🇸 USA |
23 | BioNTech BNTX | $54.23 B | 🇩🇪 Germany |
24 | Takeda Pharmaceutical TAK | $52.67 B | 🇯🇵 Japan |
25 | Lonza LONN.SW | $52.16 B | 🇨🇠Switzerland |
26 | Walgreens Boots Alliance WBA | $45.05 B | 🇺🇸 USA |
27 | Celltrion 068270.KS | $33.80 B | 🇰🇷 S. Korea |
28 | Astellas Pharma ALPMF | $33.42 B | 🇯🇵 Japan |
29 | BeiGene BGNE | $31.65 B | 🇨🇳 China |
30 | Eisai 4523.T | $31.20 B | 🇯🇵 Japan |
31 | West Pharma WST | $26.59 B | 🇺🇸 USA |
32 | Hansoh Pharma 3692.HK | $26.00 B | 🇨🇳 China |
33 | LabCorp LH | $25.97 B | 🇺🇸 USA |
34 | Otsuka Holdings 4578.T | $23.15 B | 🇯🇵 Japan |
35 | Horizon Therapeutics HZNP | $21.13 B | 🇮🇪 Ireland |
36 | Alnylam Pharmaceuticals ALNY | $20.42 B | 🇺🇸 USA |
37 | kyowa Kirin 4151.T | $18.85 B | 🇯🇵 Japan |
38 | Catalent CTLT | $18.74 B | 🇺🇸 USA |
39 | Sino Biopharmaceutical 1177.HK | $18.48 B | ðŸ‡ðŸ‡° Hong Kong |
40 | Bio-Techne TECH | $17.25 B | 🇺🇸 USA |
41 | PPD PPD | $16.26 B | 🇺🇸 USA |
42 | Argenx ARGX | $16.03 B | 🇳🇱 Netherlands |
43 | Shionogi 4507.T | $15.29 B | 🇯🇵 Japan |
44 | Dr. Reddy's RDY | $11.88 B | 🇮🇳 India |
45 | Teva Pharmaceutical Industries TEVA | $11.21 B | 🇮🇱 Israel |
46 | Ono Pharmaceutical 4528.T | $11.12 B | 🇯🇵 Japan |
47 | ICON plc ICLR | $11.09 B | 🇮🇪 Ireland |
48 | Bausch Health BHC | $10.47 B | 🇨🇦 Canada |
49 | CRISPR Therapeutics CRSP | $10.42 B | 🇨🇠Switzerland |
50 | Curevac CVAC | $10.33 B | 🇩🇪 Germany |
51 | Hualan Biological Engineering 002007.SZ | $10.31 B | 🇨🇳 China |
52 | Vifor Pharma VIFN.SW | $9.49 B | 🇨🇠Switzerland |
53 | Neurocrine Biosciences NBIX | $9.45 B | 🇺🇸 USA |
54 | Sinopharm 1099.HK | $9.42 B | 🇨🇳 China |
55 | BridgeBio Pharma BBIO | $8.89 B | 🇺🇸 USA |
56 | Cadila Healthcare CADILAHC.NS | $8.59 B | 🇮🇳 India |
57 | Sumitomo Dainippon Pharma 4506.T | $8.16 B | 🇯🇵 Japan |
58 | Tilray TLRY | $7.89 B | 🇨🇦 Canada |
59 | Ascendis Pharma ASND | $7.51 B | 🇩🇰 Denmark |
60 | Evotec EVT.F | $7.19 B | 🇩🇪 Germany |
61 | Lupin Limited LUPIN.NS | $7.04 B | 🇮🇳 India |
62 | Gland Pharma GLAND.NS | $7.01 B | 🇮🇳 India |
63 | Exelixis EXEL | $6.95 B | 🇺🇸 USA |
64 | GW Pharmaceuticals GWPH | $6.81 B | 🇬🇧 UK |
65 | KOBAYASHI Pharmaceutical 4967.T | $6.78 B | 🇯🇵 Japan |
66 | Torrent Pharmaceuticals TORNTPHARM.NS | $6.61 B | 🇮🇳 India |
67 | Biocon BIOCON.NS | $6.43 B | 🇮🇳 India |
68 | PeptiDream 4587.T | $6.32 B | 🇯🇵 Japan |
69 | Sarepta Therapeutics SRPT | $6.25 B | 🇺🇸 USA |
70 | Perrigo PRGO | $6.21 B | 🇮🇪 Ireland |
71 | Orion Corporation ORNAV.HE | $6.11 B | 🇫🇮 Finland |
72 | Lundbeck LDB.F | $6.04 B | 🇩🇰 Denmark |
73 | AbCellera ABCL | $5.87 B | 🇨🇦 Canada |
74 | Adaptive Biotechnologies ADPT | $5.69 B | 🇺🇸 USA |
75 | Intellia Therapeutics NTLA | $5.62 B | 🇺🇸 USA |
76 | Santen Pharmaceutical 4536.T | $5.49 B | 🇯🇵 Japan |
77 | Nippon Shinyaku 4516.T | $5.46 B | 🇯🇵 Japan |
78 | Beam Therapeutics BEAM | $5.43 B | 🇺🇸 USA |
79 | Reata Pharmaceuticals RETA | $5.15 B | 🇺🇸 USA |
80 | Swedish Orphan Biovitrum SOBI.ST | $5.13 B | 🇸🇪 Sweden |
81 | BB Biotech BION.SW | $5.08 B | 🇨🇠Switzerland |
82 | Alkem Laboratories ALKEM.NS | $5.00 B | 🇮🇳 India |
83 | Abbott India ABBOTINDIA.NS | $4.69 B | 🇮🇳 India |
84 | Laurus Labs LAURUSLABS.NS | $4.44 B | 🇮🇳 India |
85 | Taisho Pharmaceutical 4581.T | $4.39 B | 🇯🇵 Japan |
86 | Hanmi Pharmaceutical 008930.KS | $4.22 B | 🇰🇷 S. Korea |
87 | Alkermes ALKS | $3.87 B | 🇮🇪 Ireland |
88 | Karuna Therapeutics KRTX | $3.71 B | 🇺🇸 USA |
89 | Shinpoong Pharm 019170.KS | $3.65 B | 🇰🇷 S. Korea |
90 | NantKwest NK | $3.55 B | 🇺🇸 USA |
91 | Ipca Laboratories IPCALAB.NS | $3.41 B | 🇮🇳 India |
92 | Nektar Therapeutics NKTR | $3.02 B | 🇺🇸 USA |
93 | BioCryst Pharmaceuticals BCRX | $3.01 B | 🇺🇸 USA |
94 | Vericel VCEL | $2.96 B | 🇺🇸 USA |
95 | Dicerna Pharmaceuticals DRNA | $2.84 B | 🇺🇸 USA |
96 | Rocket Pharmaceuticals RCKT | $2.74 B | 🇺🇸 USA |
97 | Axsome Therapeutics AXSM | $2.65 B | 🇺🇸 USA |
98 | Natco Pharma NATCOPHARM.NS | $2.63 B | 🇮🇳 India |
99 | Alembic Pharmaceuticals APLLTD.NS | $2.59 B | 🇮🇳 India |
100 | Editas Medicine EDIT | $2.54 B | 🇺🇸 USA |
World’s Largest Pharmaceutical Exporters and Importers
According to the World Trade Organization (WTO), these countries exported the most number of pharmaceuticals in the year 2019:
Rank | Country | Export Value (US$B) |
---|---|---|
1 | 🇩🇪 Germany | $91.4 |
2 | 🇨🇠Switzerland | $84.8 |
3 | 🇺🇸 U.S. | $55.7 |
4 | 🇧🇪 Belgium | $55.7 |
5 | 🇮🇪 Ireland | $55.4 |
In contrast, here are the biggest importers over the same period.
Rank | Country | Import Value (US$B) |
---|---|---|
1 | 🇺🇸 U.S. | $132.4 |
2 | 🇩🇪 Germany | $59.4 |
3 | 🇧🇪 Belgium | $47.3 |
4 | 🇨🇳 China | $35.7 |
5 | 🇳🇱 Netherlands | $33.5 |
This position is hardly surprising for the U.S., where six of the world’s top 10 pharmaceutical companies are headquartered. The country also captures 45% of the global market.
The Future of Pharmaceutical Companies
If the response to the COVID-19 pandemic has taught us anything, it is that in building a patient-centered future, the pharmaceutical industry plays a key role. It has to constantly find new ways to customize medicines while researching and developing new tools and drugs.
By embracing disruptive technologies like 3D printed drugs, artificial intelligence guided therapies, and preventive medicine while working with regulatory agencies, the pharmaceutical companies will benefit from having a digital revolution.
Furthermore, emerging markets will have a more significant say in the global pharmaceutical market in the coming years. Even though ‘big pharma’ will keep raking in the massive profits they do every year, their reliance on countries like Brazil and India for research and drug production will significantly impact the years to come.
Finance
Charted: How Long Does it Take Unicorns to Exit?
There are roughly 1,400 unicorns—startups worth $1 billion or more. How many years does it take these giants to get acquired or go public?
How Long Does it Take For Unicorns to Exit?
For most unicorns—startups with a $1 billion valuation or more—it can take years to see a liquidity event.
Take Twitter, which went public seven years after its 2006 founding. Or Uber, which had an IPO after a decade of operation in 2019. After all, companies first have to succeed and build up their valuation in order to not go bankrupt or dissolve. Few are able to succeed and capitalize in a quick and tidy manner.
So when do unicorns exit, either successfully through an IPO or acquisition, or unsuccessfully through bankruptcy or liquidation? The above visualization from Ilya Strebulaev breaks down the time it took for 595 unicorns to exit from 1997 to 2022.
Unicorns: From Founding to Exit
Here’s how unicorn exits broke down over the last 25 years. Data was collected by Strebulaev at the Venture Capital Initiative in Stanford and covers exits up to October 2022:
Years (Founding to Exit) | Unicorn Example | Number of Unicorns 1997‒2022 |
---|---|---|
1 | YouTube | 10 |
2 | 31 | |
3 | Groupon | 41 |
4 | Zynga | 43 |
5 | Salesforce | 36 |
6 | Alphabet (Google) | 51 |
7 | Tesla | 35 |
8 | Zoom | 59 |
9 | Coursera | 44 |
10 | Uber Technologies | 45 |
11 | WeWork | 46 |
12 | Airbnb | 35 |
13 | Credit Karma | 18 |
14 | SimilarWeb | 19 |
15 | 23andMe | 15 |
16 | Sonos | 11 |
17 | Roblox | 12 |
18 | Squarespace | 6 |
19 | Vizio | 9 |
>20 | Cytek | 17 |
Overall, unicorns exited after a median of eight years in business.
Companies like Facebook, LinkedIn, and Indeed are among the unicorns that exited in exactly eight years, which in total made up 10% of tracked exits. Another major example is Zoom, which launched in 2011 and went public in 2019 at a $9.2 billion valuation.
There were also many earlier exits, such as YouTube’s one-year turnaround from 2005 founding to 2006 acquisition by Google. Groupon also had an early exit just three years after its founding in 2008, after turning down an even earlier acquisition exit (also through Google).
In total, unicorn exits within 11 years or less accounted for just over three-quarters of tracked exits from 1997 to 2022. Many of the companies that took longer to exit also took longer to reach unicorn status, including website company Squarespace, which was founded in 2003 but didn’t reach a billion-dollar valuation until 2017 (and listed on the NYSE in 2021).
Unicorns, by Exit Strategy
Broadly speaking, there are three main types of exits: going public through an IPO, SPAC, or direct listing, being acquired, or liquidation/bankruptcy.
The most well-known are IPOs, or initial public offerings. These are the most common types of unicorn exits in strong market conditions, with 2021 seeing 79 unicorn IPOs globally, with $83 billion in proceeds.
2021 | 2022 | % Change | |
---|---|---|---|
# Unicorn IPOs | 79 | 13 | -84% |
Proceeds | $82.9B | $5.3B | -94% |
But the number of IPOs drops drastically given weaker market performance, as seen above. At the end of 2022, an estimated 91% of unicorn IPOs listed since 2021 had share prices fall below their IPO price.
A less common unicorn exit is an SPAC (special purpose acquisition company), although they’ve been gaining momentum and were used by WeWork and BuzzFeed. With an SPAC, a shell company raises money in an IPO and merges with a private company to take it public.
Finally, while an IPO lists new shares to the public with an underwriter, a direct listing sells existing shares without an underwriter. Though it was historically seen as a cheaper IPO alternative, some well-known unicorns have used direct listings including Roblox and Coinbase.
And as valuations for unicorns (and their public listings) have grown, acquisitions have become less frequent. Additionally, many major firms have been buying back shares since 2022 to shore up investor confidence instead of engaging in acquisitions.
Slower Exit Activity
While the growth of unicorns has been exponential over the last decade, exit activity has virtually ground to a halt in 2023.
Investor caution and increased conservation of capital have contributed to the lack of unicorn exits. As of the second quarter of 2023, just eight unicorns in the U.S. exited. These include Mosaic ML, an artificial intelligence startup, and carbon recycling firm LanzaTech.
As exit activity declines, companies may halt listing plans and eventually slow expansion and cut costs. What’s uncertain is whether or not this lull in unicorn exits—and declining influx of private capital influx—is temporary or part of a long-term readjustment.
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