Top 10 Healthcare Companies by Revenue in 2025

By Editorial Team -
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 $379.5 billion to $410 billion
  • Description: A leading health insurance company providing data analytics, consulting, and pharmacy care services.
  • Market: NYSE, USA124
2. CVS Health Corp.
  • Revenue: Around $361 billion to $373 billion
  • Description: A major pharmacy benefits manager and health services provider.
  • Market: NYSE, USA124
3. McKesson Corp.
  • Revenue: About $309 billion to $359 billion
  • Description: A global pharmaceutical distribution and healthcare services company.
  • Market: NYSE, USA124
4. Cencora (formerly AmerisourceBergen)
  • Revenue: Approximately $294 billion to $310 billion
  • Description: A pharmaceutical sourcing and distribution services company.
  • Market: NYSE, USA24
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, USA14
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, USA14
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, USA14
8. Johnson & Johnson
  • 2024 revenue: $88.8 billion
  • 2025 First-Quarter reported sales growth of 2.4% to $21.9 Billion
  • 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
  • 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)
  • 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 . Merck
  • 2024 revenue: $64.2 billion
  • 2025 First-Quarter reported sales growth of -2% (compared to the same period in 2024) to USD $15.5 Billion
  • R&D Spending 2024: $17.9 billion
  • Headquarters: Rahway, New Jersey
  • Even as Merck sets a course to navigate the eventual downfall of PD-1 king Keytruda, the company is contending with uncertain vaccine demand in China. That issue, rather than the Keytruda situation, has hit the company particularly hard in recent months. During its fourth-quarter earnings report in February, Merck said it was halting Gardasil shipments to China as the company and its local distribution partner, Zhifei, had been experiencing lower-than-expected demand in the key market. The company further pulled its $11 billion long-term sales target for the HPV shot, its second-biggest product by revenue behind Keytruda.
The exact rankings can vary slightly depending on the source and the inclusion criteria (e.g., healthcare providers vs. pharmaceutical companies). The top companies are predominantly U.S.-based and cover a range of healthcare sectors including insurance, pharmaceutical distribution, medical devices, and health services1245.

In summary, the top 10 healthcare companies by revenue are dominated by UnitedHealth Group, CVS Health, McKesson, Cencora, Cardinal Health, Cigna, and Elevance Health, with pharmaceutical giants like Roche, Johnson & Johnson, and Merck also featuring prominently within the broader healthcare sector.


Related:

Top 10 Pharmaceutical Companies by Revenue in 2025

Top 10 Drugs by Worldwide Sales in 2025

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