The Largest Healthcare Companies by Market Cap in May 2025

Eli Lilly (NYSE:LLY) is the most valuable healthcare company, with Johnson & Johnson (NYSE:JNJ) and UnitedHealth Group (NYSE:UNH) rounding out the top three. Pharmaceutical companies dominate this market sector, making up more than half of the largest healthcare companies.

Largest healthcare companies

Largest companies by market cap in the healthcare sector

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1. Eli Lilly

• Market cap: $780.78 billion (as of May 5)
• Revenue (TTM): $49.0 billion
• Gross profit (TTM): $40.0 billion
• Five-year annualized return: 41.58%
• Year founded: 1876

Pharmaceutical giant Eli Lilly is the world's most valuable drug company. A chemist and veteran of the Union Army founded the company in 1876, and it later became the first to mass-produce insulin and the polio vaccine.

Some of its top products are antidepressants, including Prozac, diabetes medication, weight loss drugs, and obesity treatments. In 2024, Eli Lilly partnered with Amazon (NASDAQ:AMZN) to offer home delivery of select medications.

2. Johnson & Johnson

• Market cap: $376.23 billion (as of May 5)
• Revenue (TTM): $89.3 billion
• Gross profit (TTM): $61.0 billion
• Five-year annualized return: 3.91%
• Year founded: 1886

Johnson & Johnson is a pharmaceutical and medical device company. Its two primary business segments are Innovative Medicine, which develops and markets prescription drugs, and MedTech, which manufactures medical devices, including ACUVUE contact lenses.

Until 2023, Johnson & Johnson also had a robust consumer healthcare division that produced Tylenol, Band-Aid, and many other household names. It spun off that division into a new business, Kenvue (NYSE:KVUE), which focuses on pharmaceuticals.

3. UnitedHealth Group

• Market cap: $364.02 billion (as of May 5)
• Revenue (TTM): $407.4 billion
• Gross profit (TTM): $87.5 billion
• Five-year annualized return: 8.62%
• Year founded: 1977

UnitedHealth Group provides health insurance and healthcare. It sells health insurance products through its UnitedHealthcare division and offers healthcare services through its Optum division.

Although UnitedHealth Group is one of the largest healthcare companies, it has faced reputational issues in recent years. A subsidiary, Change Healthcare, was responsible for the largest reported healthcare data breach in history last year.

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4. AbbVie

• Market cap: $351.09 billion (as of May 5)
• Revenue (TTM): $57.4 billion
• Gross profit (TTM): $44.4 billion
• Five-year annualized return: 24.04%
• Year founded: 2012

AbbVie is a biotechnology company that develops treatments for serious diseases. It has produced therapies for illnesses including autoimmune diseases, plaque psoriasis, blood cancers, and advanced Parkinson's disease.

This is a relatively new company that started as a spinoff of Abbott Laboratories. It's now one of the better dividend stocks in the healthcare sector. It has regularly raised its dividend payout, so it has a high dividend yield.

5. Novo Nordisk

• Market cap: $232.90 billion (as of May 5)
• Revenue (TTM): $44.0 billion*
• Gross profit (TTM): $37.2 billion*
• Five-year annualized return: 18.81%
• Year founded: 1923

*Converted from Danish kroner.

Based in Denmark, Novo Nordisk is a leading pharmaceutical company that develops medications for diabetes, weight loss, and rare diseases. It's the maker of Ozempic, a treatment for diabetes, and Wegovy, a weight loss drug.

Novo Nordisk has a market presence in 170 countries. It's one of the biggest companies in Europe, and at one point, its market cap surpassed Denmark's gross domestic product (GDP).

6. Abbott Laboratories

• Market cap: $230.35 billion (as of May 5)
• Revenue (TTM): $42.3 billion
• Gross profit (TTM): $23.7 billion
• Five-year annualized return: 10.05%
• Year founded: 1888

Abbott Laboratories manufactures healthcare products and medical equipment. It has four main business segments: established pharmaceutical products, diagnostic products, nutritional products, and medical devices.

Like its spinoff AbbVie, Abbott Laboratories is popular among dividend investors. It has raised its dividend for more than 50 consecutive years, putting it on the list of Dividend Kings.

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7. AstraZeneca

• Market cap: $224.65 billion (as of May 5)
• Revenue (TTM): $55.0 billion
• Gross profit (TTM): $44.8 billion
• Five-year annualized return: 9.39%
• Year founded: 1913 (Astra AB), Zeneca (1993), 1999 (merger of Astra AB and Zeneca)

AstraZeneca is a multinational biotech company that was formed through the 1999 merger of Astra AB, a Swiss company, and Zeneca, a British company. Its headquarters are in Cambridge, England.

This company makes prescription medication for many major diseases, including cardiovascular disease, metabolic disorders, renal disease, and rare diseases. It has 11 research and development (R&D) centers, 28 manufacturing sites, and a market presence in more than 130 countries.

8. Novartis

• Market cap: $216.87 billion (as of May 5)
• Revenue (TTM): $52.9 billion
• Gross profit (TTM): $39.9 billion
• Five-year annualized return: 11.93%
• Year founded: 1886 (Sandoz), 1970 (Ciba-Geigy), 1996 (merger of Ciba-Geigy and Sandoz)

Novartis is a Swiss pharmaceutical company. It manufactures prescription drugs for various types of diseases. Some of its bestselling products include Entresto, a medication for use in heart failure, Cosentyx, a psoriasis treatment, and Kesimpta, a treatment for certain forms of multiple sclerosis (MS).

9. Merck & Co.

• Market cap: $209.31 billion (as of May 5)
• Revenue (TTM): $63.9 billion
• Gross profit (TTM): $52.4 billion
• Five-year annualized return: 5.53%
• Year founded: 1891

Merck & Co. is a pharmaceutical company known for its impressive oncology portfolio. That includes its leading drug, Keytruda, which is also the bestselling drug worldwide. Merck also makes diabetes medications, an HPV vaccine, and a chickenpox vaccine.

This company has made several major acquisitions recently. In 2024 alone, it acquired Harpoon Therapeutics, Abceutics, EyeBio, and Modifi Biosciences.

10. Intuitive Surgical

• Market cap: $189.75 billion (as of May 5)
• Revenue (TTM): $8.7 billion
• Gross profit (TTM): $5.8 billion
• Five-year annualized return: 26.03%
• Year founded: 1995

Intuitive Surgical is a biotechnology company that manufactures robotic surgical systems. Its most notable product is the da Vinci system, which is used for minimally invasive surgery in more than 70 countries.

This company is in the process of expanding its European operations. In January 2025, it announced plans to establish a direct presence in Italy, Spain, and Portugal.

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Takeaways for investors

Healthcare sector takeaways for investors

Investing in healthcare stocks can be challenging. Among the 10 largest healthcare companies, only four have outperformed the S&P 500 over the last five years. The sector also has some unique risks. The development of new products often requires a lengthy regulatory process, particularly for pharmaceutical companies. And if a company's product may have caused harm to a consumer, there's the possibility of a lawsuit.

Like most businesses, healthcare companies are affected by the Trump administration's import tariffs. Tariffs could increase the cost of medical devices and lead to pharmaceutical shortages.

However, there are also plenty of reasons why healthcare is an attractive sector for investors. Some of the top healthcare companies pay high dividends, which is great for those looking to build passive income. Healthcare stocks also tend to be resistant to market downturns. After all, no matter how the economy is doing, people always need healthcare.