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The $5.6T Pharmaceutical Industry in One Chart

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July 31, 2025

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Julia Wendling

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The following content is sponsored by Inigo Insurance

The $5.6T Pharmaceutical Industry in One Giant Chart

Pharma giants don’t just make medicine—they shape the future of healthcare. From determining which treatments reach patients to setting costs and driving innovation, their influence extends across both health outcomes and financial markets.

This visualization, created in partnership with Inigo Insurance, ranks the largest pharmaceutical companies in the world by market capitalization, using data from companiesmarketcap.com.

The Top Dog: Eli Lilly

Eli Lilly dominates the industry with a staggering market cap of $686 billion, nearly double that of Johnson & Johnson, the second largest company, at $359 billion. Eli Lilly’s value has skyrocketed since 2020, climbing from roughly $130 billion, largely fueled by the runaway success of its weight-loss drugs, Mounjaro and Zepbound.

Rank Company Name Market Cap ($ billions)
1 Eli Lilly 686
2 Johnson & Johnson 359
3 Novo Nordisk 334
4 AbbVie 327
5 Roche 255
6 Novartis 229
7 AstraZeneca 217
8 Merck 200
9 Amgen 156
10 Pfizer 136
11 Gilead Sciences 135
12 Sanofi 116
13 Vertex Pharmaceuticals 113
14 Bristol-Myers Squibb 96
15 CVS Health 85
16 Chugai Pharmaceutical 81
17 GlaxoSmithKline 78
18 CSL 75
19 Zoetis 70
20 Merck KGaA 55

Indeed, in the first quarter of 2025, worldwide revenue increased 45% to $12.73 billion, driven by volume growth from Mounjaro and Zepbound.  

Other Pharma Heavy Hitters

There are three other companies with market caps above $300 billion: Johnson & Johnson with $359 billion, Novo Nordisk with $334 billion, and AbbVie with $327 billion

Novo Nordisk also benefited from the weight-loss drug boom, with products like Ozempic and Wegovy driving growth. However, after peaking near $640 billion in mid-2024, its valuation has since cooled.

Roche, valued at $255 billion, joins other major players alongside Novartis at $229 billion, AstraZeneca at $217 billion—one of the first companies to release a COVID-19 vaccine—and Merck at $200 billion.

Pfizer ranks 10th with a market cap of $136 billion and is best known for blockbuster drugs like Viagra. Merck KGaA holds the 20th spot with a valuation of $55 billion, carrying the distinction of being the world’s oldest pharmaceutical company, founded in Germany in 1668.

The Future of Pharma

Doctors prescribe and patients decide, but pharma giants ultimately control which drugs they develop, who gets access, and what price they charge. Understanding who dominates this $5.6 trillion industry provides critical insight into the future of healthcare.

Explore Inigo’s Hub.

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