Looking at the 20 top pharma companies by market cap reveals some clear trends, yet others are more subtle:
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While Eli Lilly and Novo Nordisk have long been in the top 20, only in the last ~2 years have they broken into the top tier, thanks to their GLP-1s. Lilly is now amongst the 10 most valuable companies in the world, across all industries.
While weight loss drugs have gotten the headlines, others delivered impressive gains over the last 3 years as well:
AstraZeneca increased its value by ~50%, largely thanks to its strong oncology portfolio, with blockbusters like Tagrisso that delivered ~$6B in sales in FY2023.
Meanwhile, Regeneron and Vertex almost doubled their value, driven by Dupixent/Eylea and Trikafta respectively.
One of the most surprising results is from AbbVie, which increased its market cap from ~$200B to ~$300B in the last 3 years, despite the fact its best-seller Humira began to face competition during that time.
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