Sector analysis · US
Health Care: which companies drove growth
The 20 largest Health Care companies by market cap at the end of Q3 2023 (30 Sep 2023), compared with Q3 2022.
The top 20 at Q3 2023
Q3 2023 vs Q3 2022: combined net profit $55.1B (+27%), median EPS +1% (11 of 20 up), market-cap-weighted price +6%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Eli Lilly and Company | 13.7% | 1.61 → −0.06 | to loss | −3.1 pp | +58% |
| 2 | UnitedHealth Group Incorporated | 12.5% | 5.55 → 6.24 | +12% | +1.2 pp | 0% |
| 3 | Johnson & Johnson | 10.5% | 1.68 → 10.21 | +508% | +44.4 pp | −4% |
| 4 | AbbVie Inc. | 7.1% | 2.22 → 1.00 | −55% | −4.5 pp | +11% |
| 5 | Merck & Co., Inc. | 7.0% | 1.28 → 1.86 | +45% | +3.1 pp | +19% |
| 6 | Thermo Fisher Scientific Inc. | 5.2% | 3.78 → 4.42 | +17% | +0.5 pp | 0% |
| 7 | Pfizer Inc. | 5.0% | 1.51 → −0.42 | to loss | −22.7 pp | −23% |
| 8 | Abbott Laboratories | 4.5% | 0.81 → 0.82 | +1% | 0.0 pp | +1% |
| 9 | Danaher Corporation | 4.4% | 2.10 → 1.51 | −28% | −0.9 pp | −4% |
| 10 | Amgen Inc. | 3.9% | 3.98 → 3.22 | −19% | −0.8 pp | +19% |
| 11 | Bristol-Myers Squibb Company | 3.2% | 0.75 → 0.93 | +24% | +0.7 pp | −17% |
| 12 | Medtronic plc | 2.8% | 0.32 → 0.68 | +113% | +1.0 pp | −3% |
| 13 | Stryker Corporation | 2.8% | 2.14 → 1.80 | −16% | −0.3 pp | +35% |
| 14 | Intuitive Surgical, Inc. | 2.8% | 0.90 → 1.16 | +29% | +0.2 pp | +57% |
| 15 | Elevance Health Inc. | 2.7% | 6.62 → 5.45 | −18% | −0.6 pp | −3% |
| 16 | Gilead Sciences, Inc. | 2.5% | 1.42 → 1.73 | +22% | +0.8 pp | +21% |
| 17 | CVS Health Corp. | 2.4% | −2.59 → 1.75 | turned profitable | +11.7 pp | −27% |
| 18 | Vertex Pharmaceuticals Incorporated | 2.4% | 3.59 → 3.97 | +11% | +0.2 pp | +20% |
| 19 | Regeneron Pharmaceuticals, Inc. | 2.3% | 11.66 → 8.89 | −24% | −0.6 pp | +18% |
| 20 | Cigna Corporation | 2.3% | 8.97 → 4.74 | −47% | −2.8 pp | +3% |
| Sector earnings growth | 100% | +27.3 pp |
Who joined and who left
0 joined and 0 left the top 20 since the previous quarter, as market caps moved.
Joined the top 20 since the previous quarter
Left the top 20 since the previous quarter
EPS growth by company, Q3 2023 to Q2 2026
Each company's EPS growth year on year, 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 | +19% | +75% | +76% | turned profitable | +102% | +23% | +92% | +480% | +51% | +170% | +26% |
| UNH | +12% | +16% | to loss | −22% | +4% | +3% | turned profitable | −18% | −60% | −100% | +1% | +62% |
| JNJ | +508% | +26% | turned profitable | −2% | −89% | −16% | +239% | +19% | +91% | +49% | −53% | −1% |
| ABBV | −55% | −67% | +492% | −32% | −12% | to loss | −6% | −31% | −89% | turned profitable | −46% | +285% |
| MRK | +45% | to loss | +68% | turned profitable | −33% | turned profitable | +7% | −18% | +87% | −20% | to loss | to loss |
| TMO | +17% | +5% | +4% | +15% | −4% | +14% | +15% | +6% | +1% | +9% | +11% | +9% |
| PFE | to loss | to loss | −43% | −99% | turned profitable | turned profitable | −5% | +12,043% | −21% | to loss | −10% | to loss |
| ABT | +1% | +54% | −7% | −5% | +15% | +479% | +8% | +36% | 0% | −81% | −18% | −48% |
| DHR | −28% | −51% | −25% | −18% | −26% | +3% | −9% | −37% | +13% | +13% | +10% | +60% |
| AMGN | −19% | −53% | to loss | −46% | +62% | −18% | turned profitable | +92% | +14% | +111% | +4% | +65% |
| BMY | +24% | −8% | to loss | outside | −35% | −96% | turned profitable | −23% | +80% | +1,401% | +9% | +153% |
| MDT | +113% | +8% | −44% | +36% | +46% | +2% | +67% | +1% | +8% | −12% | +17% | +41% |
| SYK | −16% | +103% | +33% | +11% | +20% | −53% | −18% | +7% | +3% | +56% | +14% | +44% |
| ISRG | +29% | +86% | +51% | +24% | +34% | +11% | +27% | +24% | +25% | +18% | +19% | +30% |
| ELV | −18% | +1% | +16% | +26% | −20% | −50% | 0% | outside | outside | outside | outside | −13% |
| GILD | +22% | −12% | outside | +55% | −42% | +25% | turned profitable | +21% | +143% | +23% | +55% | to loss |
| CVS | turned profitable | −10% | −47% | outside | outside | outside | +60% | outside | to loss | +77% | +63% | +189% |
| VRTX | +11% | +18% | +57% | to loss | +1% | −6% | −41% | turned profitable | +5% | +33% | +61% | +8% |
| REGN | −24% | −3% | −13% | +46% | +30% | −21% | outside | outside | outside | outside | outside | outside |
| CI | −47% | outside | to loss | +11% | outside | +47% | turned profitable | +5% | outside | outside | outside | outside |