Top 10 Healthcare Companies by Revenue in 2025

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Here are the top 10 healthcare companies by revenue as of 2024-2025, primarily based on trailing twelve-month (TTM) and fiscal year 2024 revenue data from multiple sources:
Top 10 Healthcare Companies by Revenue

1. UnitedHealth Group Inc.
  • Revenue: Approximately $400 billion
  • Description: A leading health insurance company providing data analytics, consulting, and pharmacy care services.
  • Market Capitalisation: $275.8 billion (as of July 2025)
  • Market: NYSE, USA (1, 2, 4)
2. CVS Health Corp.
  • Revenue: Around $361 billion to $373 billion
  • Description: A major pharmacy benefits manager and health services provider.
  • Market Capitalisation: $81.9 billion (as of July 2025)
  • Market: NYSE, USA (1, 2, 4)
3. McKesson Corp.
  • Revenue: About $309 billion to $359 billion
  • Description: A global pharmaceutical distribution and healthcare services company.
  • Market: NYSE, USA (1, 2, 4)
4. Cencora (formerly AmerisourceBergen)
  • Revenue: Approximately $294 billion to $310 billion
  • Description: A pharmaceutical sourcing and distribution services company.
  • Market: NYSE, USA (2, 4)
5. Cardinal Health Inc.
  • Revenue: Around $220 billion to $227 billion
  • Description: Manufacturer and distributor of medical and laboratory products serving hospitals and clinics.
  • Market: NYSE, USA (1, 4)
6. Cigna Group
  • Revenue: About $204 billion to $247 billion
  • Description: Global health services company with clinics and healthcare facilities in over 30 countries.
  • Market: NYSE, USA (1, 4)
7. Elevance Health (formerly Anthem)
  • Revenue: Approximately $172 billion to $177 billion
  • Description: Offers health plans and clinical, behavioral, pharmacy, and complex-care products.
  • Market: NYSE, USA (1, 4)
8. Johnson & Johnson
  • 2024 revenue: $88.8 billion
  • 2025 First-Quarter reported sales growth of 2.4% to $21.9 Billion
  • Market Capitalisation: $377.5 billion (as of July 2025)
  • Headquarters: New Brunswick, New Jersey
  • Johnson & Johnson has seen significant change in recent years, first with its consumer healthcare separation in the summer of 2023 and more recently with Stelara’s loss of exclusivity at the start of 2025. Through these developments—and even more now in the wake of them—the company has remained focused on its innovative drug business. Thanks to new approvals and future label expansions, the company has projected that its innovative medicines business can deliver annual growth of 5% to 7% from 2025 to 2030. Of J&J’s $88.8 billion in global sales last year, its innovative medicines group delivered annual sales of nearly $57 billion. Its medtech division, meanwhile, pulled down nearly $32 billion. Both groups delivered sales growth of 4% to 5% compared with 2023.
Related: Top 10 drugs losing US exclusivity in 2025

9. Roche Holding
  • 2024 revenue: USD $73.6 billion (60.5 billion Swiss francs)
  • 2025 First-Quarter reported sales growth of 6% to USD $18.7 Billion (CHF 15.4 billion)
  • Market Capitalisation: $258.7 billion (as of July 2025)
  • Headquarters: Basel, Switzerland
  • If one were to name 2024’s star pharmaceutical products beyond the GLP-1s, Roche’s eye injection Vabysmo would likely be on the list. First approved by the FDA in January 2022 as a competitor to Bayer and Regeneron’s Eylea, Vabysmo already reached 3.86 billion Swiss francs (about $4.5 billion) of sales in 2024. The rise of Vabysmo pushed the checkpoint inhibitor Tecentriq off Roche’s top three medicines list by sales.
10. Sinopharm Group
  • 2024 revenue: USD $80 billion.
  • 2025 First-Quarter reported sales: USD $19 billion (CNY $141 B)
  • Market Cap: $7.37 billion (USD)
  • Price-to-Sales (P/S) ratio: 7.37/73.9 = 0.1*
  • Sinopharm reported 2024 revenue of approximately $80 billion USD, ranking it second among the top pharmaceutical companies by revenue. However, its market capitalization stands at only about $7.37 billion USD, classifying it as a relatively small-cap company and indicating it is significantly undervalued based on its Price-to-Sales (P/S) ratio of roughly 0.1. This discrepancy suggests that Sinopharm’s stock price does not fully reflect its revenue-generating capacity, potentially due to market perceptions, regional factors, or other risks affecting investor confidence.
  • Full Name: Sinopharm Group Co., Ltd.
  • Listed on the Hong Kong Stock Exchange (HKEX) - Stock Code: 1099.HK
Market Capitalisation

As of July 2025, Eli Lilly’s market capitalization stands at approximately $749 billion, making it the largest healthcare company by market cap globally. Novo Nordisk’s market capitalization is about $317 billion, ranking it fourth among the top healthcare companies by market capitalization.

Related: Top 10 Healthcare Companies by Market Capitalisation

Price to Sales Ratio*

Eli Lilly
  • Price-to-Sales (P/S) ratio: 749/45 = 16.6
Novo Nordisk
  • Price-to-Sales (P/S) ratio: 317/42 = 7.5
Johnson & Johnson
  • Price-to-Sales (P/S) ratio: 377/89 = 4.2
UnitedHealth Group
  • Price-to-Sales (P/S) ratio: 276/400 = 0.7
*The result of dividing a company's market capitalization by its revenue is known as the Price-to-Sales (P/S) ratio or sales multiple. It indicates how much investors are willing to pay for each dollar of a company's sales. A lower P/S ratio may suggest a stock is undervalued, while a higher ratio could indicate overvaluation, though this depends on industry standards.

Disclaimer

The information presented in this article, "Top 10 Healthcare Companies by Revenue in 2025," is intended for general informational purposes only and should not be construed as professional financial, investment, or medical advice. The revenue figures, company rankings, and projections are based on publicly available data, company reports, and industry estimates as of 2025. All currency conversions, where applicable, are based on annual average exchange rates, and revenues outside the health sciences sector have been excluded for consistency (1).

While efforts have been made to ensure the accuracy and timeliness of the information, One Day Advisor and the article’s authors do not guarantee the completeness, reliability, or suitability of the content for any particular purpose. Readers are encouraged to verify details independently and consult qualified professionals before making any business, investment, or healthcare decisions based on the information provided.

The article may reference ongoing developments, regulatory actions, or market events that are subject to change. One Day Advisor is not responsible for any losses or damages arising from the use of this information.


Related:


Top 10 Pharmaceutical Companies by Revenue in 2025

Top 10 Drugs by Worldwide Sales in 2025

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