Fourteen biotech companies with market caps exceeding $100 billion

biotech market capitalization

While the biotech industry has been facing a downturn the last couple of years, some big biotech names have been able to capitalize on their landmark products to launch new innovative projects. Faced with financial challenges, the leaders of the industry have been able to adapt to the changing dynamics of the market. At a time when the industry is set to recover, the companies in this list will play an important role in the developments of this year and beyond. Here are the fourteen biotech companies with a market capitalization above $100 billion.

Table of contents

    Bristol Myers Squibb – $102 billion

    With a market cap of $102 billion, Bristol Myers Squibb (BMS) just makes it into the biotech 100-billion club. In 2023, the company reported a total revenue of $45 billion over the year.

    BMS is actively navigating a transformative period as it approaches 2024, with a focused strategy on leveraging acquisitions to bolster its portfolio and address the imminent patent cliffs. The acquisitions of Mirati, RayzeBio, and Karuna are central to this strategy, aiming to enhance BMS’s leverage ratio and ensure the company meets or surpasses its guidance post-2025.

    BMS’s focus spans across cancer, cardiovascular, immunology, and fibrotic therapeutic projects, boasting a global presence with its products available to wholesalers, retail pharmacies, medical professionals, hospitals, and government entities. This broad operational and therapeutic focus is supported by a robust pipeline of clinical trials and marketed drugs, alongside a keen eye on regulatory milestones and sales forecasts.

    Since December 2023, BMS has announced the completion of three major acquisitions. The first on the list, Caruna Therapeutics for $14 billion. This deal enhances their neuroscience portfolio by adding KarXT, a novel treatment for schizophrenia and Alzheimer’s disease psychosis, with potential launches and trials outlined for the coming years. This strategic move aims to expand and diversify Bristol Myers Squibb’s portfolio in neuroscience.

    In January, BMS announced the completion of Mirati Therapeutics’ acquisition. This deal introduces the commercialized lung cancer medicine Krazati (adagrasib) into Bristol Myers Squibb’s offerings, along with several promising clinical assets in development. Just a month later came the completion of RayzeBio’s acquisition incorporating a leading actinium-based radiopharmaceutical platform into its oncology portfolio. This includes RYZ101, a promising treatment for solid tumors.

    Regarding its in-house pipeline, BMS received a positive Committee for Medicinal Products for Human Use (CHMP) opinion for its CAR T cell therapy, Abecma, in earlier lines of therapy for triple-class exposed relapsed and refractory multiple myeloma.

    Bristol Myers Squibb’s recent activities reflect a strong focus on enhancing its oncology portfolio, with an emphasis on innovative treatments such as radiopharmaceutical therapeutics and CAR T.

    Regeneron Pharmaceuticals – $108 billion

    Regeneron reported a revenue of $13.1 billion in 2023, marking a 7.8% increase from the previous year, although its net income saw a decrease of 8.9% within the same timeframe. With a market cap estimated at $107.8 billion​​, Regeneron joined the 100-biotech billion club in February 2024.

    Eylea, used for treating eye diseases, faced competition and legal challenges but continued to perform well financially, generating $1.45 billion in revenue in Q3 2023, despite the emergence of biosimilars from companies such as Amgen and Samsung Bioepis. Eylea HD, a newer version with extended dosing intervals, launched in the latter part of Q3 2023, shows promise for maintaining the drug’s market dominance​​.

    Dupixent, co-commercialized with Sanofi, has been a significant revenue driver for Regeneron, addressing a range of immunology indications such as atopic dermatitis and asthma. With over 750,000 patients worldwide, Dupixent’s sales reached $3.1 billion in Q3 2023, up 33% year-on-year. In January, Dupixent was granted approval from the U.S. Food and Drug Administration (FDA) for the treatment of one-year-old and older children suffering from eosinophilic esophagitis. This makes it the first treatment in this segment for children, potentially ramping up the revenue for this drug.

    Even more recently, the FDA accepted Regeneron’s linvoseltamab biologic license application (BLA) for the treatment of relapsed or refractory multiple myeloma. A decision on the regulatory approval of linvoseltamab by the FDA is anticipated in August 2024.

    Sanofi – $110 billion

    Sanofi, headquartered in Paris, France, reported sales of $46.8 billion (€43.1 billion) in 2023. The biotech company’s market cap stands at $110.4 billion.

    In October 2023, Sanofi’s shares fell 19% following the announcement of a lower profit outlook for 2024, as part of its “play to win strategy.” This lower profit outlook is attributed to increased R&D investment and the company plans to spin out its consumer care unit to focus more on drug research. The company abandoned its 2025 operating margin target, emphasizing long-term profitability. This strategic shift is part of efforts to focus on specialty medicines for cancer,  rare diseases, and diabetes. Sanofi also plans significant research and development (R&D) investment and cost savings for innovation.

    Recent developments in 2024, have seen Sanofi making efforts to expand its biotech footprint. Notably, the company invested in Graviton Bioscience, a clinical-stage biotechnology company, and secured regulatory approval from the FDA for Dupixent to treat children with eosinophilic esophagitis, which Sanofi is developing with Regeneron. Furthermore, Sanofi acquired Inhibrx and its drug development project INBRX-101 for $1.7 billion​​.

    Sanofi’s collaborations are a key aspect of its strategy, with partnerships across various fields including oncology, immunology, and digital health. The company has collaboration and license agreements with Exscientia for novel small-molecule projects, ABL Bio for treatments for alpha-synucleinopathies, Blackstone Life Sciences for clinical development programs, and Seagen Inc. for antibody-drug conjugates for cancer, among others.

    Vertex Pharmaceuticals – $112 billion

    The American biotech company reported a $9.9 billion revenue in the financial year 2023, and shows a market cap of $111.8 billion, making it the newest addition to the $100-billion club.

    2023 has been an important year for the company with the approval of Casgevy for the treatment of sickle cell disease in the U.S., the U.K., the Kingdom of Saudi Arabia, and Bahrain. This is a milestone not only for the company but for gene therapy as a whole. Indeed Casgevy is the first CRISPR-based therapy to be approved. Vertex’s drug continues its series of approvals as it was greenlighted by the European Commission in February. However, questions about the future of Casgevy remain without answers as the price tag of the treatment stands at $2.2 million per patient and the discussions about reimbursement are still ongoing.

    Vertex’s pipeline is rich with promising therapies, including VX-522, a CFTR (cystic fibrosis transmembrane conductance regulator) mRNA therapeutic for Cystic fibrosis (CF) in phase 1 trials; VX-548, a non-opioid medicine for acute and neuropathic pain in phase 3 trials which showed positive results a bit over a month ago; and Exa-cel, targeting sickle cell disease and transfusion-dependent beta-thalassemia in phase 2/3 trials. Other notable programs include VX-880 and VX-264 for type 1 diabetes in phase 1/2 trials; and VX-970 and VX-803/VX-984 for cancer in early-stage trials.

    Recent strategic moves include a collaboration with Lonza to construct a cell therapy manufacturing facility in Portsmouth, New Hampshire, to support the development and commercialization of Vertex’s type 1 diabetes cell therapy portfolio. This facility, expected to create up to 300 new jobs, signifies a significant step in advancing Vertex’s cell therapy capabilities, particularly for its VX-880 and VX-264 programs​​.

    Amgen – $148 billion

    Amgen’s total revenue in 2023, exceeded $28 billion, a 7% increase from last year, with a total value of $273 billion and a market capitalization of $148 billion. The company works in various areas such as cardiovascular disease, oncology/hematology, bone health, inflammation, nephrology, and neurological disorders.

    A recent development for Amgen has been its venture into generative artificial intelligence (AI) models for drug discovery. By collaborating with NVIDIA, Amgen aims to leverage one of the world’s largest human datasets to advance drug discovery, using NVIDIA’s DGX SuperPOD for insights into human diversity, disease-specific biomarkers, and precision medicine models. This initiative, named Freyja, will act as an atlas of human genetic variations and make diagnosis easier by identifying novel biomarkers.

    Another pivotal move for Amgen was the acquisition of Horizon Therapeutics, marking a significant expansion into rare disease medicines. This $27.8 billion acquisition brings first-in-class therapies for rare inflammatory diseases into Amgen’s portfolio, including Tepezza for thyroid eye disease, Krystexxa for chronic gout, and Uplizna for neuromyelitis optica spectrum disorder (NMOSD). 

    Amgen is joining Eli Lilly and Novo Nordisk in the battle for obesity treatment. Recently, Nature discussed AMG 133 (maridebart cafraglutide, MariTide), Amgen’s novel therapeutic that combines a GIPR antagonist with GLP-1 analogs, showing promise in reducing body weight and improving metabolic parameters. This bispecific molecule has demonstrated effectiveness in preclinical studies with obese mice and cynomolgus monkeys, and its safety, tolerability, and weight loss potential were further supported by a phase 1 clinical trial in individuals with obesity. These findings suggest AMG 133 could be a significant advancement in obesity treatment, warranting further clinical evaluation.

    Pfizer – $150 billion

    Pfizer is well known for its collaboration with BioNTech leading to their mRNA covid vaccine. It is pivoting towards a future beyond its COVID-19 portfolio, which has been a significant revenue driver in recent years. With a market cap of $150 billion the biotech company is well established in the industry.

    In 2023, Pfizer’s financial performance reflected the changing landscape of its product demand, notably with a significant decrease in revenues from its COVID-19 products, Paxlovid and Comirnaty, as they transitioned to traditional commercial market sales in the U.S. Despite these declines, Pfizer reported operational revenue growth in other areas, including U.S. revenues from Abrysvo, and global revenues from Nurtec ODT/Vydura and Oxbryta, which were acquired in the fourth quarter of 2022. This shift underscores Pfizer’s strategic pivot towards a more diversified portfolio​​.

    Pfizer’s offerings are vast, treating conditions across cardiovascular, metabolic and pain, women’s health, cancer, inflammation, immune disorders, and rare diseases.

    In a bid to fortify its growth beyond COVID-19 products, Pfizer has engaged in multi-billion-dollar deals, including the acquisition of Seagen for $43 billion to enhance its cancer therapy portfolio, Biohaven Pharmaceutical for $11.6 billion to expand its migraine treatment options, and Global Blood Therapeutics for $5.4 billion, adding the sickle cell disease treatment Oxbryta to its pipeline. These acquisitions demonstrate Pfizer’s strategy to diversify its product offerings and strengthen its position in the biopharmaceutical industry. Additionally, Pfizer’s cost-cutting program aims to achieve $4 billion in annual savings by the end of 2024​​.

    Roche – $190 billion

    Roche, headquartered in Basel, Switzerland, reported a revenue of $66.3 billion (CHF 58.7 billion), with a net income of $14 billion (CHF 12.4 billion) in 2023. The biotech company’s market capitalization stands at $190 billion.

    The company’s pharmaceutical segment is dedicated to addressing a range of diseases, including cancer, cardiovascular disorders, diseases of the central nervous system, dermatology, hepatitis B and C, HIV/AIDS, inflammatory and autoimmune diseases. Meanwhile, its diagnostics division offers a vast array of in vitro diagnostic solutions across various fields such as cardiology, hematology, infectious diseases, oncology, and more​​.

    Roche’s pharmaceutical portfolio includes several blockbuster drugs like Herceptin, Avastin, Rituxan, and Actemra, which have significantly contributed to its revenue. Herceptin, specifically targeted for breast cancer, has been a major revenue generator. Roche’s diagnostics division further strengthens its market position, providing a wide range of tools and tests for diseases including cancer and cardiovascular conditions, and employing both centralized and point-of-care testing methodologies​​.

    On January 2, Roche joined the ADC race by signing a licensing agreement with the Chinese company MediLink Therapeutics. Only two days later, the Swiss company signed another licensing deal with MOMA Therapeutic’s to gain access to its KnowledgeBase platform to identify novel drug targets involved in promoting cancer cell growth and survival.

    Due to a decline in profit in 2023, Roche is cutting 345 jobs in their product development branch, representing 6% of this area’s workforce. The decline in profit is due to a slump in the sales of their Covid products.

    AstraZeneca – $196 billion

    Headquartered in Cambridge, U.K., AstraZeneca reported a total revenue of $45.8 billion in 2023. With a market cap of $196 billion (£155 billion), AstraZeneca is the most important biopharma company in the U.K.

    AstraZeneca’s portfolio is rich and diversified, encompassing biologics, prescription pharmaceuticals, and vaccines. The company is particularly noted for its efforts in oncology, with drugs like Enhertu demonstrating significant efficacy across multiple HER2-expressing advanced solid tumors. Additionally, the firm is working on respiratory and cardiovascular diseases, among others, with over 170 pipeline drugs in various stages of development.

    Recent milestones for AstraZeneca include strategic acquisitions and regulatory approvals. Noteworthy is the acquisition of Neogene Therapeutics, aiming to bolster its capabilities in cell therapy and precision medicine. Furthermore, the European Union’s approval in 2023 of Enhertu for HER2-low metastatic breast cancer represents a significant advancement in cancer treatment, marking it as the first HER2-directed therapy for this patient group. More recently, Enhertu was granted priority review by the FDA for patients with metastatic HER2-positive solid tumors.

    Over the years, the British firm has shown great interest in China. On February 22, AstraZeneca announced the completion of the acquisition of Gracel Biotechnologies, its first acquisition in China but certainly not the last. Indeed, less than a week after Gracel’s acquisition, during the Bio-Pharmaceutical Industry International Development Conference, AstraZeneca announced the location of its fifth strategic hub would be Shangai.

    Novartis – $205 billion

    Novartis AG is a global healthcare powerhouse based in Basel, Switzerland. The biotech company has a market cap of $205 billion and reported a revenue of $45.4 billion in 2023, marking an 8% increase from the previous year, with a significant improvement in net income.

    The company’s portfolio includes treatments for cancer, cardiovascular diseases, dermatological conditions, neurological disorders, ophthalmic and respiratory diseases, hematologic diseases, solid tumors, immune disorders, and infections. 

    Novartis has expanded its portfolio and market presence through significant acquisitions and collaborations. Notably, in February 2024, Novartis announced an agreement to acquire MorphoSys AG for $2.9 billion, a move aimed at bolstering its capabilities in treating cancer and other diseases. Additionally, Novartis and Erasca entered into two clinical trial collaborations and supply agreements for the MEK inhibitor (mitogen-activated protein kinase) trametinib. Moreover, the company received FDA approval for Xolair (omalizumab) for reducing allergic reactions, including anaphylaxis, in adult and pediatric patients with IgE-mediated food allergies​​.

    AbbVie – $314 billion

    AbbVie has reported revenues of $54.3 billion for the year 2023, with a gross profit of $36.09 billion and net income of $4.86 billion. The biotech company’s total assets amount to $176 billion with a market cap of $314 billion.

    Abbvie’s strategic focus includes immunology, with leading drugs like Humira, Skyrizi, and Rinvoq, and oncology, with key treatments like Imbruvica and Venclexta. The company has recently increased its 2027 sales forecast for Skyrizi and Rinvoq to $27 billion, a significant jump that reflects the company’s optimism about the growth potential of these drugs. This adjustment comes as AbbVie seeks to offset the declining sales of Humira, its once blockbuster arthritis drug, which has faced competition from biosimilars in the U.S.

    In addition to its core areas, AbbVie has been active in strategic collaborations and acquisitions to bolster its research and development pipeline. Notably, the company announced a collaboration with Tentarix Biotherapeutics to develop conditionally active, multi-specific biologics for oncology and immunology, leveraging AbbVie’s expertise in these areas alongside Tentarix’s proprietary platform. Not long before the announcement of this collaboration, Abbvie completed the $10 billion acquisition of Immunogen and its flagship antibody-drug-conjugate for ovarian cancer, Elahere.

    Abbvie is also part of the INTREPID Alliance, formed with other pharmaceutical giants to accelerate the discovery and development of new antiviral treatments for future pandemics.

    Furthermore, AbbVie’s recent regulatory milestones include positive developments in Europe for its migraine drug, atogepant, which was approved by the European Commission in 2023.

    Merck – $322 billion

    Merck reported a revenue of $60.1 billion in 2023, marking a growth of 1.4% from the previous year. However, it experienced a significant reduction in net income but the biotech company’s market cap remains impressive with a value of $322 billion​​.

    The company’s product range addresses therapy areas including cardiovascular, cancer, immune disorders, infectious diseases, respiratory conditions, and diabetes. Merck operates globally, selling medicines to drug wholesalers, retailers, hospitals, government agencies, managed health care providers, and animal health products to veterinarians and distributors.

    Merck’s pharmaceutical segment includes well-known products like Keytruda, Bridion, Adempas, Lagevrio, Belsomra, Simponi, and Januvia, as well as vaccines such as Gardasil and Pneumovax 23.

    Merck has entered into multiple agreements to enhance its oncology portfolio and advance cancer treatment. Notably, in January 2024, the company signed an agreement with LAVA Therapeutics to assess KEYTRUDA in combination with LAVA-1207 for therapy-refractory metastatic castration-resistant prostate cancer. Furthermore, Merck announced a collaboration with Unnatural Products to leverage their technology for creating macrocyclic candidates against an oncology therapeutic target.

    As of 2024, Merck is set to acquire Harpoon Therapeutics for approximately $680 million, aiming to further bolster its oncology portfolio with advanced immunotherapies. This move is part of Merck’s strategy to diversify its revenue sources as Keytruda, its blockbuster immunotherapy, approaches patent expiration.

    Johnson & Johnson – $389 billion

    Johnson & Johnson (J&J) reported a revenue of $85.2 billion in 2023, indicating a 6.5% increase from the previous year, with a significant market capitalization of $389 billion.

    The pharmaceutical segment of Johnson & Johnson provides treatments for a variety of conditions including immune diseases, cancer, neurological disorders, infectious diseases, cardiovascular, and metabolic diseases. Its consumer products span oral care, baby care, beauty, over-the-counter medicines, women’s health, and wound care categories. The medical devices sector covers cardiovascular, orthopedic, neurovascular care, general surgery, vision care, and more.

    J&J’s collaboration with Pharmacyclics led to FDA approval for Imbruvica, a Bruton’s tyrosine kinase inhibitor, and the inclusion of an oral suspension formulation in February, 2024. Additionally, J&J received FDA breakthrough therapy designation for nipocalimab for the treatment of alloimmunized pregnant individuals at high risk of severe hemolytic disease.​​

    Last week, J&J’s rybrevant in combination with chemotherapy was granted FDA approval as first-line treatment of patients with non-small cell lung cancer (NSCLC). This approval is based on the phase 3 PAPILLON study results, which demonstrated a significant reduction in the risk of disease progression or death compared to chemotherapy alone. This marks a significant advancement in the treatment options available for patients with this specific type of lung cancer mutation.

    Novo Nordisk – $561 billion

    Novo Nordisk A/S, headquartered in Bagsvaerd, Denmark, is a leading biotechnology and healthcare company with a focus on two main segments: diabetes and obesity care, and rare diseases. Financially, Novo Nordisk has shown robust performance, with a revenue of $33.7 billion in 2023, marking a significant increase from the previous year. This financial growth of the biotech giant is complemented by an expansive market cap of $561 billion.

    2023 has been a big year for GLP-1 drug, and Novo Nordisk shares the spotlight with Eli Lilly. The demand is high for Novo Nordisk’s Wegovy and Ozempic. However, these drugs arrived earlier on the market than Eli Lilly’s counterparts. Novo Nordisk has also managed to get a strategic edge over its competitors regarding supply shortage with the acquisition of three Catalent fill-finish sites to ramp up the production of its GLP-1 drugs.

    This move could inspire similar moves in the industry even though the situation remains uncommon with GLP-1 drugs facing unprecedented demand. This might not be the only move in this direction by Novo either.

    Eli Lilly – $717 billion

    Financially, Eli Lilly has shown robust performance with a reported revenue of $9.3 billion in 2023’s fourth quarter, marking a significant growth of 28% from Q4 2022. The biotech company’s market cap stands at an impressive $716.9 billion, the highest among biopharma companies.

    A key highlight of Eli Lilly’s product portfolio includes its significant contributions to diabetes care, with products such as Basaglar, Humalog, and Trulicity. The company has also made strides in obesity treatment with Zepbound, and in oncology, offering treatments like Alimta and Verzenio. Beyond these, Eli Lilly has developed treatments for conditions ranging from rheumatoid arthritis with Olumiant, to migraine prevention with Emgality, showcasing a diverse range of pharmaceuticals​​​​.

    Eli Lilly has established several strategic collaborations with companies such as Incyte Corporation, Boehringer Ingelheim Pharmaceuticals, and Roche, among others. In 2024, the company entered an agreement with Isomorphic Labs to identify small molecule therapeutics for various targets, to enhance its capability in drug discovery.

    Looking ahead, Eli Lilly will need to find a solution to respond to the GLP-1 agonist drugs hype and ramp up the production of Zepbound which is coming short in supply. While it is in a good spot in this segment of the market, competition is fierce in this area as Eli Lilly’s solution is faced with Novo Nordisk’s Ozempic and Wegovy and potentially Amgen’s MariTide in the future.

    Market shifts propel M&A surge for biotech giants in the $100-Billion market cap Club

    Although these biotech giants show impressive financial robustness and are able to put out life-changing treatments, some of them are faced with a downturn due to a slump in the demand for their blockbuster drugs. 

    In 2024, the trend will see merger and acquisition (M&A) activity take place, and the number of deals should be at least equivalent to 2023 levels. The beginning of the year has already had its share of M&A activity with deals making an impression in the industry, like Novo Holdings’s acquisition of Catalent. With financial stability allowing them to accomplish their vision, the companies in the biotech $100-billion market cap Club list are set to ink new deals in the coming months. 

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