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Visualizing the World’s Biggest Pharmaceutical Companies

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Bubble map of the largest pharmaceutical companies in the world

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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 NameMarket Cap ValueCountry
1Johnson & Johnson
JNJ
$428.66 B🇺🇸 USA
2Roche
RHHBY
$320.41 B🇨🇭 Switzerland
3Pfizer
PFE
$219.39 B🇺🇸 USA
4Eli Lilly
LLY
$208.99 B🇺🇸 USA
5Novartis
NVS
$207.70 B🇨🇭 Switzerland
6AbbVie
ABBV
$202.60 B🇺🇸 USA
7Merck
MRK
$191.67 B🇺🇸 USA
8Novo Nordisk
NVO
$187.83 B🇩🇰 Denmark
9Astrazeneca
AZN
$152.28 B🇬🇧 UK
10Bristol-Myers Squibb
BMY
$145.80 B🇺🇸 USA
11Amgen
AMGN
$136.50 B🇺🇸 USA
12Sanofi
SNY
$130.37 B🇫🇷 France
13CVS Health
CVS
$110.49 B🇺🇸 USA
14GlaxoSmithKline
GSK
$104.30 B🇬🇧 UK
15CSL
CSL.AX
$103.10 B🇦🇺 Australia
16Gilead Sciences
GILD
$83.62 B🇺🇸 USA
17Moderna
MRNA
$83.25 B🇺🇸 USA
18Merck KGaA
MRK.DE
$80.61 B🇩🇪 Germany
19Bayer
BAYZF
$59.43 B🇩🇪 Germany
20Jiangsu Hengrui Medicine
600276.SS
$58.51 B🇨🇳 China
21Regeneron Pharmaceuticals
REGN
$55.83 B🇺🇸 USA
22Biogen
BIIB
$55.00 B🇺🇸 USA
23BioNTech
BNTX
$54.23 B🇩🇪 Germany
24Takeda Pharmaceutical
TAK
$52.67 B🇯🇵 Japan
25Lonza
LONN.SW
$52.16 B🇨🇭 Switzerland
26Walgreens Boots Alliance
WBA
$45.05 B🇺🇸 USA
27Celltrion
068270.KS
$33.80 B🇰🇷 S. Korea
28Astellas Pharma
ALPMF
$33.42 B🇯🇵 Japan
29BeiGene
BGNE
$31.65 B🇨🇳 China
30Eisai
4523.T
$31.20 B🇯🇵 Japan
31West Pharma
WST
$26.59 B🇺🇸 USA
32Hansoh Pharma
3692.HK
$26.00 B🇨🇳 China
33LabCorp
LH
$25.97 B🇺🇸 USA
34Otsuka Holdings
4578.T
$23.15 B🇯🇵 Japan
35Horizon Therapeutics
HZNP
$21.13 B🇮🇪 Ireland
36Alnylam Pharmaceuticals
ALNY
$20.42 B🇺🇸 USA
37kyowa Kirin
4151.T
$18.85 B🇯🇵 Japan
38Catalent
CTLT
$18.74 B🇺🇸 USA
39Sino Biopharmaceutical
1177.HK
$18.48 B🇭🇰 Hong Kong
40Bio-Techne
TECH
$17.25 B🇺🇸 USA
41PPD
PPD
$16.26 B🇺🇸 USA
42Argenx
ARGX
$16.03 B🇳🇱 Netherlands
43Shionogi
4507.T
$15.29 B🇯🇵 Japan
44Dr. Reddy's
RDY
$11.88 B🇮🇳 India
45Teva Pharmaceutical Industries
TEVA
$11.21 B🇮🇱 Israel
46Ono Pharmaceutical
4528.T
$11.12 B🇯🇵 Japan
47ICON plc
ICLR
$11.09 B🇮🇪 Ireland
48Bausch Health
BHC
$10.47 B🇨🇦 Canada
49CRISPR Therapeutics
CRSP
$10.42 B🇨🇭 Switzerland
50Curevac
CVAC
$10.33 B🇩🇪 Germany
51Hualan Biological Engineering
002007.SZ
$10.31 B🇨🇳 China
52Vifor Pharma
VIFN.SW
$9.49 B🇨🇭 Switzerland
53Neurocrine Biosciences
NBIX
$9.45 B🇺🇸 USA
54Sinopharm
1099.HK
$9.42 B🇨🇳 China
55BridgeBio Pharma
BBIO
$8.89 B🇺🇸 USA
56Cadila Healthcare
CADILAHC.NS
$8.59 B🇮🇳 India
57Sumitomo Dainippon Pharma
4506.T
$8.16 B🇯🇵 Japan
58Tilray
TLRY
$7.89 B🇨🇦 Canada
59Ascendis Pharma
ASND
$7.51 B🇩🇰 Denmark
60Evotec
EVT.F
$7.19 B🇩🇪 Germany
61Lupin Limited
LUPIN.NS
$7.04 B🇮🇳 India
62Gland Pharma
GLAND.NS
$7.01 B🇮🇳 India
63Exelixis
EXEL
$6.95 B🇺🇸 USA
64GW Pharmaceuticals
GWPH
$6.81 B🇬🇧 UK
65KOBAYASHI Pharmaceutical
4967.T
$6.78 B🇯🇵 Japan
66Torrent Pharmaceuticals
TORNTPHARM.NS
$6.61 B🇮🇳 India
67Biocon
BIOCON.NS
$6.43 B🇮🇳 India
68PeptiDream
4587.T
$6.32 B🇯🇵 Japan
69Sarepta Therapeutics
SRPT
$6.25 B🇺🇸 USA
70Perrigo
PRGO
$6.21 B🇮🇪 Ireland
71Orion Corporation
ORNAV.HE
$6.11 B🇫🇮 Finland
72Lundbeck
LDB.F
$6.04 B🇩🇰 Denmark
73AbCellera
ABCL
$5.87 B🇨🇦 Canada
74Adaptive Biotechnologies
ADPT
$5.69 B🇺🇸 USA
75Intellia Therapeutics
NTLA
$5.62 B🇺🇸 USA
76Santen Pharmaceutical
4536.T
$5.49 B🇯🇵 Japan
77Nippon Shinyaku
4516.T
$5.46 B🇯🇵 Japan
78Beam Therapeutics
BEAM
$5.43 B🇺🇸 USA
79Reata Pharmaceuticals
RETA
$5.15 B🇺🇸 USA
80Swedish Orphan Biovitrum
SOBI.ST
$5.13 B🇸🇪 Sweden
81BB Biotech
BION.SW
$5.08 B🇨🇭 Switzerland
82Alkem Laboratories
ALKEM.NS
$5.00 B🇮🇳 India
83Abbott India
ABBOTINDIA.NS
$4.69 B🇮🇳 India
84Laurus Labs
LAURUSLABS.NS
$4.44 B🇮🇳 India
85Taisho Pharmaceutical
4581.T
$4.39 B🇯🇵 Japan
86Hanmi Pharmaceutical
008930.KS
$4.22 B🇰🇷 S. Korea
87Alkermes
ALKS
$3.87 B🇮🇪 Ireland
88Karuna Therapeutics
KRTX
$3.71 B🇺🇸 USA
89Shinpoong Pharm
019170.KS
$3.65 B🇰🇷 S. Korea
90NantKwest
NK
$3.55 B🇺🇸 USA
91Ipca Laboratories
IPCALAB.NS
$3.41 B🇮🇳 India
92Nektar Therapeutics
NKTR
$3.02 B🇺🇸 USA
93BioCryst Pharmaceuticals
BCRX
$3.01 B🇺🇸 USA
94Vericel
VCEL
$2.96 B🇺🇸 USA
95Dicerna Pharmaceuticals
DRNA
$2.84 B🇺🇸 USA
96Rocket Pharmaceuticals
RCKT
$2.74 B🇺🇸 USA
97Axsome Therapeutics
AXSM
$2.65 B🇺🇸 USA
98Natco Pharma
NATCOPHARM.NS
$2.63 B🇮🇳 India
99Alembic Pharmaceuticals
APLLTD.NS
$2.59 B🇮🇳 India
100Editas 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:

RankCountryExport 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.

RankCountryImport 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.

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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?

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How Long For Unicorns to Exit?

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 ExampleNumber of Unicorns
1997‒2022
1YouTube10
2Instagram31
3Groupon41
4Zynga43
5Salesforce36
6Alphabet (Google)51
7Tesla35
8Zoom59
9Coursera44
10Uber Technologies45
11WeWork46
12Airbnb35
13Credit Karma18
14SimilarWeb19
1523andMe15
16Sonos11
17Roblox12
18Squarespace6
19Vizio9
>20Cytek17

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.

20212022% Change
# Unicorn IPOs7913-84%
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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