June 25, 2024

Holistic Pulse

Healthcare is more important

Is Eli Lilly and Company the Largest Publicly Traded Healthcare Company?

3 min read

In this article, we will be taking a look at is Eli Lilly and Company the largest publicly traded healthcare company? If you wish to learn about more companies, head straight to the Top 20 Largest Publicly Traded Healthcare Companies.

Major Players Driving the U.S. Healthcare Industry’s Growth and Innovation

The global healthcare industry is a massive and rapidly growing sector, valued at around $7.975 trillion as of 2023. According to the World Health Organization (WHO), at least half of the world’s population lacks access to essential health services. The U.S. healthcare industry is one of the largest and most complex in the world, accounting for nearly 20% of the country’s GDP. In 2021, the U.S. healthcare industry was worth $808 billion, with 65% of the revenue coming from patient care. However, the COVID-19 pandemic caused a significant drop in revenue, with the U.S. healthcare system’s revenue declining by around 50% in 2020.

Several healthcare companies play an important role in the US health industry. These companies include CVS Health Corporation (NYSE:CVS), Johnson & Johnson (NYSE:JNJ), and Pfizer, among others.

CVS Health Corporation (NYSE:CVS) is a leading healthcare company in the United States, with over 9,000 retail locations across the United States. CVS Health’s PBM business helps manage prescription drug costs for millions of Americans, making medications more affordable and accessible. CVS Health Corporation (NYSE:CVS)’s total revenues increased 11.9% to $93.8 billion in Q4,2023 and the total revenues increased 10.9% to $357.8 billion for the full year.

Similarly, Johnson & Johnson (NYSE:JNJ) also play an important role in US healthcare. It is one of the largest healthcare stocks in the US. Johnson & Johnson (NYSE:JNJ) developed the first single-dose COVID-19 vaccine (Janssen COVID-19 Vaccine) in 2020. A large priority R&D pipeline with 64 projects, including 19 late-stage candidates targeting priority diseases like HIV/AIDS, tuberculosis, and viral hepatitis. All 19 late-stage candidates have access plans in place for low- and middle-income countries (LMICs). Commitment to supporting the control of soil-transmitted helminthiasis through mebendazole (Vermox) donations until 2025 in 51 countries. Johnson & Johnson (NYSE:JNJ)’s Q1 2024 reported sales grew 2.3% to $21.4 billion, with operational growth of 3.9% and adjusted operational growth of 4.0%. In the U.S., sales surged 7.8% to $11.6 billion in the same period.

The Booming Telemedicine Market and Rising Healthcare Costs: Global and U.S. Perspectives

One of the innovations that is most revolutionizing the field of digital health is telemedicine. With a predicted CAGR of 17.2% between 2023 and 2030, the global telemedicine market, which was valued at $87.41 billion in 2022, is projected to grow to $286.22 billion by 2030. With China aiming to build 20,000 hospitals in the next ten years to improve access to healthcare, global healthcare spending outside the US is predicted to expand more quickly than within the US. Considerable investment opportunities arise from rising medical inflation in the private sector in Brazil, where 75% of the population is covered by universal health care.

The expense of healthcare has been rapidly rising in the US. Everything increased in price by almost 81% between June 2023 and 2000, while healthcare expenditures increased by 114%. The COVID-19 epidemic has exacerbated the situation. COVID is becoming more and more like the flu, but treating and preventing it still comes with a high price tag. According to estimates from McKinsey, the US will pay an additional $200 billion annually on healthcare linked to COVID-19.

Is Eli Lilly and Company the Largest Publicly Traded Healthcare Company?Is Eli Lilly and Company the Largest Publicly Traded Healthcare Company?

Is Eli Lilly and Company the Largest Publicly Traded Healthcare Company?

A robotic arm picking up a product assembly line, displaying the company’s consumer healthcare and wellness offerings.

Our Methodology  

For our methodology, we have ranked the top largest publicly traded healthcare companies based on their current market caps. For the accuracy of data, we relied on Yahoo Finance.

The largest publicly traded healthcare company is Eli Lilly and Company (NYSE:LLY).

1. Eli Lilly and Company (NYSE:LLY)

Market Cap: $763.33 Billion 

Eli Lilly and Company ranks first on our list for being the largest publicly traded healthcare company. In Q1 2024, Their worldwide revenue was $8.77 billion, up 26% from Q1 2023, driven by 16% volume growth and 10% higher realized prices. The revenue growth was mainly led by strong sales of Mounjaro, Zepbound, Verzenio, and Jardiance.

You can take a look at the rest of the rankings here.

You can also check out the 20 Most Valuable Healthcare Companies in the World. 

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