Eli Lilly (LLY -0.41%) is the most valuable healthcare company, with Johnson & Johnson (JNJ -0.27%) and AbbVie (ABBV -1.09%) rounding out the top three. Pharmaceutical companies dominate this market sector, comprising half of the largest healthcare companies by market cap.
Largest companies by market cap in the healthcare sector
(Editor's note: Rankings are as of Dec. 2, 2025.)
| Name and ticker | Market cap | Current price | Industry |
|---|---|---|---|
| Eli Lilly (NYSE:LLY) | $955.1 billion | $1,010.31 | Pharmaceuticals |
| Johnson & Johnson (NYSE:JNJ) | $486.5 billion | $201.93 | Pharmaceuticals |
| AbbVie (NYSE:ABBV) | $399.6 billion | $226.21 | Biotechnology |
| UnitedHealth Group (NYSE:UNH) | $299.8 billion | $330.91 | Healthcare Providers and Services |
| AstraZeneca Plc (NASDAQ:AZN) | $279.6 billion | $90.18 | Pharmaceuticals |
| Novartis (NYSE:NVS) | $250.8 billion | $132.16 | Pharmaceuticals |
| Merck (NYSE:MRK) | $247.5 billion | $99.72 | Pharmaceuticals |
| Abbott Laboratories (NYSE:ABT) | $217.5 billion | $125.08 | Healthcare Equipment and Supplies |
| Thermo Fisher Scientific (NYSE:TMO) | $215.2 billion | $572.77 | Life Sciences Tools and Services |
| Intuitive Surgical (NASDAQ:ISRG) | $204.0 billion | $575.34 | Healthcare Equipment and Supplies |
1. Eli Lilly
NYSE: LLY
Key Data Points
- Market cap: $937.80 billion (as of Dec. 2)
- Revenue (TTM): $59.4 billion
- Gross profit (TTM): $49.3 billion
- Five-year annualized return: 50.34%
- 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 diabetes medications, weight loss drugs, obesity treatments, and antidepressants such as Prozac. In 2024, Eli Lilly partnered with Amazon (AMZN +0.16%) to offer home delivery of select medications. In November 2025, it agreed to a deal with the Trump administration to offer reduced pricing on some of its drugs, including weight-loss blockbuster Zepbound.
2. Johnson & Johnson
NYSE: JNJ
Key Data Points
- Market cap: $494.92 billion (as of Dec. 2)
- Revenue (TTM): $92.1 billion
- Gross profit (TTM): $62.7 billion
- Five-year annualized return: 9.82%
- 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 (KVUE -0.35%), which agreed in late 2025 to be purchased by consumer goods giant Kimberly-Clark (KMB -0.69%) in a $48.7 billion deal.
3. AbbVie
NYSE: ABBV
Key Data Points
- Market cap: $396.55 billion (as of Dec. 2)
- Revenue (TTM): $59.6 billion
- Gross profit (TTM): $41.6 billion
- Five-year annualized return: 21.11%
- 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. It also acquired Capstan Therapeutics, a cell and gene therapy company, for $2.1 billion in mid-2025.
AbbVie 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, resulting in a high dividend yield.
4. UnitedHealth Group
NYSE: UNH
Key Data Points
- Market cap: $293.98 billion (as of Dec. 2)
- Revenue (TTM): $435.2 billion
- Gross profit (TTM): $85.7 billion
- Five-year annualized return: 0.12%
- Year founded: 1977
UnitedHealth Group provides health insurance and healthcare services. 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 a number of high-profile issues. A subsidiary, Change Healthcare, was responsible for the largest reported healthcare data breach in history in 2024. CEO Andrew Witty abruptly resigned in May 2025 for personal reasons, and the company replaced its CFO in July. Also in July 2025, UnitedHealth disclosed that it's facing a criminal and civil investigation by the Department of Justice.
5. AstraZeneca
NASDAQ: AZN
Key Data Points
- Market cap: $279.58 billion (as of Dec. 2)
- Revenue (TTM): $58.1 billion
- Gross profit (TTM): $47.9 billion
- Five-year annualized return: 13.70%
- Year founded: 1913 (Astra AB), Zeneca (1993), 1999 (merger of Astra AB and Zeneca)
AstraZeneca is a multinational biotech company formed through the 1999 merger of Astra, a Swiss company, and Zeneca, a British company. Its headquarters are in Cambridge, U.K.
This company manufactures prescription medications 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.
6. Novartis
NYSE: NVS
Key Data Points
- Market cap: $253.82 billion (as of Dec. 2)
- Revenue (TTM): $56.4 billion
- Gross profit (TTM): $43.0 billion
- Five-year annualized return: 13.47%
- 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 diseases. Some of its bestselling products include Entresto, a medication used to treat heart failure; Cosentyx, a treatment for psoriasis; and Kesimpta, a treatment for certain forms of multiple sclerosis (MS).
This Swiss company is incorporating artificial intelligence (AI) technology into its business. Novartis has partnered with Viz.ai to provide AI-powered care for cancer patients. It also agreed to acquire Avidity Biosciences (RNA +0.13%) in a $12 billion deal to improve its late-stage neuroscience pipeline.
7. Merck
NYSE: MRK
Key Data Points
- Market cap: $252.35 billion (as of Dec. 2)
- Revenue (TTM): $64.2 billion
- Gross profit (TTM): $49.6 billion
- Five-year annualized return: 10.14%
- Year founded: 1891
Merck is a pharmaceutical company known for its impressive oncology portfolio. That includes its leading drug, Keytruda, which is also the best-selling 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. In 2025, it acquired SpringWorks Therapeutics for $3.4 billion. Merck is also going through a leadership transition; CEO Belen Garijo will step down at the end of April 2026. Her successor will be Kai Beckmann, head of the company's Electronics business.
8. Abbott Laboratories
NYSE: ABT
Key Data Points
- Market cap: $219.86 billion (as of Dec. 2)
- Revenue (TTM): $43.8 billion
- Gross profit (TTM): $24.5 billion
- Five-year annualized return: 5.31%
- 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. In November 2025, this healthcare company announced an agreement to buy Exact Sciences (EXAS -0.07%), a company that specializes in the detection of early-stage cancers, for approximately $21 billion.
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.
9. Thermo Fisher Scientific
NYSE: TMO
Key Data Points
- Market cap: $218.05 billion (as of Dec. 2)
- Revenue (TTM): $43.7 billion
- Gross profit (TTM): $18.1 billion
- Five-year annualized return: 4.36%
- Year founded: 1902 (Fisher Scientific), 1956 (Thermo Electron), 2006 (merged into Thermo Fisher Scientific)
Thermo Fisher Scientific is a life science and research company. It has a large, diverse portfolio of products that includes analytical equipment, diagnostic kits and instruments, and life science products used in medical research and diagnostics.
This Massachusetts-based company has a global presence with operations around the world. It also employs approximately 125,000 people. In September 2025, Thermo Fisher expanded its Life Sciences Solutions segment by acquiring the purification and filtration business of Solventum (SOLV +0.20%) for $4 billion. In October, it agreed to acquire life sciences company Clario for $9 billion.
10. Intuitive Surgical
NASDAQ: ISRG
Key Data Points
- Market cap: $203.51 billion (as of Dec. 2)
- Revenue (TTM): $9.6 billion
- Gross profit (TTM): $6.4 billion
- Five-year annualized return: 17.77%
- 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.
The company is currently expanding its European operations. In January 2025, it announced plans to establish a direct presence in Italy, Spain, and Portugal. Intuitive also went through a recent leadership change, promoting its president, Dave Rosa, to CEO in July 2025.
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Healthcare sector takeaways for investors
Investing in healthcare stocks can be challenging. Among the 10 largest healthcare companies, five 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 have been affected by the Trump administration's import tariffs. Tariffs could increase the cost of medical devices and lead to pharmaceutical shortages if they remain in place. Although a federal court has ruled that the tariffs are illegal, the Trump administration has appealed the ruling. Regardless, Eli Lilly, Johnson & Johnson, and AstraZeneca are all investing heavily to expand their U.S. manufacturing to reduce the potential impact of tariffs.
Even with those risks, 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.
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