Sector analysis · US
Health Care: which companies drove growth
The 20 largest Health Care companies by market cap at the end of Q4 2023 (31 Dec 2023), compared with Q4 2022.
The top 20 at Q4 2023
Q4 2023 vs Q4 2022: combined net profit $24.8B (−36%), median EPS +3% (11 of 20 up), market-cap-weighted price +1%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Eli Lilly and Company | 13.5% | 2.04 → 2.42 | +19% | +0.7 pp | +59% |
| 2 | UnitedHealth Group Incorporated | 12.6% | 5.03 → 5.83 | +16% | +1.8 pp | −1% |
| 3 | Johnson & Johnson | 9.7% | 1.33 → 1.67 | +26% | +1.4 pp | −10% |
| 4 | Merck & Co., Inc. | 7.2% | 1.18 → −0.48 | to loss | −11.0 pp | −1% |
| 5 | AbbVie Inc. | 7.1% | 1.39 → 0.46 | −67% | −4.3 pp | −4% |
| 6 | Thermo Fisher Scientific Inc. | 5.3% | 4.01 → 4.20 | +5% | +0.1 pp | −3% |
| 7 | Abbott Laboratories | 4.9% | 0.59 → 0.91 | +54% | +1.5 pp | 0% |
| 8 | Danaher Corporation | 4.4% | 2.96 → 1.45 | −51% | −3.0 pp | 0% |
| 9 | Pfizer Inc. | 4.2% | 0.87 → −0.60 | to loss | −21.6 pp | −43% |
| 10 | Amgen Inc. | 4.0% | 3.00 → 1.42 | −53% | −2.2 pp | +9% |
| 11 | Intuitive Surgical, Inc. | 3.1% | 0.91 → 1.69 | +86% | +0.7 pp | +27% |
| 12 | Stryker Corporation | 2.9% | 1.47 → 2.98 | +103% | +1.5 pp | +22% |
| 13 | Elevance Health Inc. | 2.8% | 3.59 → 3.63 | +1% | 0.0 pp | −8% |
| 14 | Medtronic plc | 2.8% | 0.92 → 0.99 | +8% | +0.3 pp | +6% |
| 15 | Vertex Pharmaceuticals Incorporated | 2.7% | 3.15 → 3.71 | +18% | +0.4 pp | +41% |
| 16 | Bristol-Myers Squibb Company | 2.7% | 0.95 → 0.87 | −8% | −0.7 pp | −28% |
| 17 | CVS Health Corp. | 2.6% | 1.77 → 1.59 | −10% | −0.7 pp | −15% |
| 18 | Gilead Sciences, Inc. | 2.6% | 1.30 → 1.14 | −12% | −0.5 pp | −5% |
| 19 | Regeneron Pharmaceuticals, Inc. | 2.4% | 10.50 → 10.19 | −3% | −0.1 pp | +21% |
| 20 | Zoetis Inc. | 2.3% | 0.99 → 1.14 | +15% | +0.2 pp | +35% |
| Sector earnings growth | 100% | −35.6 pp |
Who joined and who left
1 joined and 1 left the top 20 since Q3 2023, as market caps moved.
Joined the top 20 since Q3 2023
Left the top 20 since Q3 2023
- Cigna Corporation
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% |
| MRK | +45% | to loss | +68% | turned profitable | −33% | turned profitable | +7% | −18% | +87% | −20% | to loss | to loss |
| ABBV | −55% | −67% | +492% | −32% | −12% | to loss | −6% | −31% | −89% | turned profitable | −46% | +285% |
| TMO | +17% | +5% | +4% | +15% | −4% | +14% | +15% | +6% | +1% | +9% | +11% | +9% |
| 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% |
| PFE | to loss | to loss | −43% | −99% | turned profitable | turned profitable | −5% | +12,043% | −21% | to loss | −10% | to loss |
| AMGN | −19% | −53% | to loss | −46% | +62% | −18% | turned profitable | +92% | +14% | +111% | +4% | +65% |
| ISRG | +29% | +86% | +51% | +24% | +34% | +11% | +27% | +24% | +25% | +18% | +19% | +30% |
| SYK | −16% | +103% | +33% | +11% | +20% | −53% | −18% | +7% | +3% | +56% | +14% | +44% |
| ELV | −18% | +1% | +16% | +26% | −20% | −50% | 0% | outside | outside | outside | outside | −13% |
| MDT | +113% | +8% | −44% | +36% | +46% | +2% | +67% | +1% | +8% | −12% | +17% | +41% |
| VRTX | +11% | +18% | +57% | to loss | +1% | −6% | −41% | turned profitable | +5% | +33% | +61% | +8% |
| BMY | +24% | −8% | to loss | outside | −35% | −96% | turned profitable | −23% | +80% | +1,401% | +9% | +153% |
| CVS | turned profitable | −10% | −47% | outside | outside | outside | +60% | outside | to loss | +77% | +63% | +189% |
| GILD | +22% | −12% | outside | +55% | −42% | +25% | turned profitable | +21% | +143% | +23% | +55% | to loss |
| REGN | −24% | −3% | −13% | +46% | +30% | −21% | outside | outside | outside | outside | outside | outside |
| ZTS | outside | +15% | outside | outside | outside | outside | outside | outside | outside | outside | outside | outside |