Sector analysis · US
Health Care: which companies drove growth
The 20 largest Health Care companies by market cap at the end of Q1 2025 (31 Mar 2025), compared with Q4 2024.
The top 20 at Q1 2025
Q1 2025 vs Q4 2024: combined net profit $47.7B (+20%), median EPS +8% (12 of 20 up), market-cap-weighted price +7%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Eli Lilly and Company | 17.1% | 4.88 → 3.06 | −37% | −4.2 pp | +7% |
| 2 | UnitedHealth Group Incorporated | 11.0% | 5.98 → 6.85 | +15% | +1.9 pp | +4% |
| 3 | Johnson & Johnson | 9.2% | 1.41 → 4.54 | +222% | +19.1 pp | +15% |
| 4 | AbbVie Inc. | 8.6% | −0.02 → 0.72 | turned profitable | +3.3 pp | +18% |
| 5 | Abbott Laboratories | 5.3% | 5.27 → 0.76 | −86% | −19.9 pp | +17% |
| 6 | Merck & Co., Inc. | 5.2% | 1.48 → 2.01 | +36% | +3.4 pp | −10% |
| 7 | Thermo Fisher Scientific Inc. | 4.3% | 4.78 → 3.98 | −17% | −0.8 pp | −3% |
| 8 | Intuitive Surgical, Inc. | 4.1% | 1.88 → 1.92 | +2% | 0.0 pp | −5% |
| 9 | Amgen Inc. | 3.9% | 1.16 → 3.20 | +176% | +2.8 pp | +20% |
| 10 | Boston Scientific Corporation | 3.4% | 0.38 → 0.45 | +19% | +0.3 pp | +13% |
| 11 | Danaher Corporation | 3.4% | 1.49 → 1.32 | −11% | −0.3 pp | −9% |
| 12 | Pfizer Inc. | 3.3% | 0.07 → 0.52 | +623% | +6.5 pp | −4% |
| 13 | Stryker Corporation | 3.3% | 1.41 → 1.69 | +20% | +0.3 pp | +3% |
| 14 | Gilead Sciences, Inc. | 3.2% | 1.42 → 1.04 | −27% | −1.2 pp | +21% |
| 15 | Vertex Pharmaceuticals Incorporated | 2.9% | 3.50 → 2.49 | −29% | −0.7 pp | +21% |
| 16 | Bristol-Myers Squibb Company | 2.9% | 0.04 → 1.20 | +3,299% | +6.0 pp | +8% |
| 17 | Medtronic plc | 2.7% | 1.01 → 0.82 | −19% | −0.6 pp | +12% |
| 18 | Elevance Health Inc. | 2.3% | 1.81 → 9.61 | +431% | +4.4 pp | +20% |
| 19 | Cigna Corporation | 2.0% | 5.13 → 4.85 | −5% | −0.3 pp | +11% |
| 20 | CVS Health Corp. | 2.0% | 1.30 → 1.41 | +8% | +0.3 pp | +51% |
| Sector earnings growth | 100% | +20.3 pp |
Who joined and who left
1 joined and 1 left the top 20 since Q4 2024, as market caps moved.
Joined the top 20 since Q4 2024
Left the top 20 since Q4 2024
- Regeneron Pharmaceuticals, Inc.
EPS growth by company, Q3 2023 to Q2 2026
Each company's EPS growth quarter on quarter, every quarter it was in the top 20.
| Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| LLY | to loss | turned profitable | +2% | +32% | −67% | +356% | −37% | +106% | −1% | +19% | +12% | −4% |
| UNH | +7% | −7% | to loss | turned profitable | +43% | −8% | +15% | −45% | −31% | −100% | +62,627% | −12% |
| JNJ | +421% | −84% | −20% | +44% | −42% | +27% | +222% | −50% | −7% | −1% | +2% | +6% |
| ABBV | −12% | −54% | +67% | 0% | +14% | to loss | turned profitable | −26% | −81% | +927% | −62% | +423% |
| ABT | +5% | +11% | −23% | +6% | +27% | +461% | −86% | +33% | −7% | +9% | −39% | −15% |
| MRK | turned profitable | to loss | turned profitable | +14% | −42% | +19% | +36% | −12% | +32% | −49% | to loss | loss, smaller |
| TMO | +26% | −5% | −18% | +17% | +5% | +13% | −17% | +8% | 0% | +22% | −15% | +6% |
| ISRG | −2% | +46% | −11% | −3% | +7% | +21% | +2% | −6% | +8% | +13% | +3% | +3% |
| AMGN | +25% | −56% | to loss | turned profitable | +278% | −78% | +176% | −17% | +124% | −59% | +36% | +31% |
| BSX | outside | outside | −2% | −35% | +44% | +20% | +19% | +17% | −6% | −10% | +100% | outside |
| DHR | +1% | −4% | 0% | −16% | −8% | +33% | −11% | −42% | +65% | +32% | −14% | −15% |
| PFE | to loss | loss, bigger | turned profitable | −99% | +18,567% | −91% | +623% | −2% | +22% | to loss | turned profitable | to loss |
| SYK | −6% | +66% | −31% | +4% | +1% | −35% | +20% | +36% | −3% | −1% | −12% | +71% |
| GILD | +108% | −34% | outside | turned profitable | −22% | +42% | −27% | +50% | +56% | −28% | −7% | to loss |
| VRTX | +13% | −7% | +13% | to loss | turned profitable | −13% | −29% | +60% | +5% | +11% | −14% | +7% |
| BMY | −6% | −6% | to loss | outside | −28% | −94% | +3,299% | −47% | +69% | −51% | +147% | +24% |
| MDT | +15% | +46% | −51% | +63% | +24% | +2% | −19% | −1% | +32% | −17% | +8% | +19% |
| ELV | −30% | −33% | +164% | +3% | −56% | −58% | +431% | outside | outside | outside | outside | −16% |
| CI | −4% | outside | to loss | turned profitable | outside | +95% | −5% | +18% | outside | outside | outside | outside |
| CVS | +18% | −9% | −45% | outside | outside | outside | +8% | outside | to loss | turned profitable | 0% | 0% |