Sector analysis · US
Health Care: which companies drove growth
The 20 largest Health Care companies by market cap at the end of Q2 2025 (30 Jun 2025), compared with Q2 2024.
The top 20 at Q2 2025
Q2 2025 vs Q2 2024: combined net profit $39.9B (+28%), median EPS +7% (14 of 20 up), market-cap-weighted price −8%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Eli Lilly and Company | 17.8% | 3.28 → 6.29 | +92% | +7.3 pp | −14% |
| 2 | Johnson & Johnson | 9.4% | 1.93 → 2.29 | +19% | +2.3 pp | +6% |
| 3 | AbbVie Inc. | 8.4% | 0.77 → 0.53 | −31% | −1.2 pp | +8% |
| 4 | UnitedHealth Group Incorporated | 7.2% | 4.54 → 3.74 | −18% | −2.2 pp | −38% |
| 5 | Abbott Laboratories | 6.0% | 0.74 → 1.01 | +36% | +1.3 pp | +32% |
| 6 | Merck & Co., Inc. | 5.0% | 2.14 → 1.76 | −18% | −2.8 pp | −36% |
| 7 | Intuitive Surgical, Inc. | 4.9% | 1.46 → 1.81 | +24% | +0.4 pp | +22% |
| 8 | Boston Scientific Corporation | 4.0% | 0.22 → 0.53 | +143% | +1.3 pp | +40% |
| 9 | Thermo Fisher Scientific Inc. | 3.9% | 4.04 → 4.28 | +6% | +0.2 pp | −26% |
| 10 | Stryker Corporation | 3.8% | 2.14 → 2.29 | +7% | +0.2 pp | +16% |
| 11 | Amgen Inc. | 3.8% | 1.38 → 2.65 | +92% | +1.9 pp | −10% |
| 12 | Danaher Corporation | 3.6% | 1.22 → 0.77 | −37% | −1.0 pp | −20% |
| 13 | Gilead Sciences, Inc. | 3.5% | 1.29 → 1.56 | +21% | +0.9 pp | +61% |
| 14 | Pfizer Inc. | 3.5% | 0.00 → 0.51 | +12,043% | +7.9 pp | −13% |
| 15 | Vertex Pharmaceuticals Incorporated | 2.9% | −13.92 → 3.99 | turned profitable | +12.6 pp | −6% |
| 16 | Medtronic plc | 2.8% | 0.80 → 0.81 | +1% | 0.0 pp | +11% |
| 17 | Bristol-Myers Squibb Company | 2.4% | 0.83 → 0.64 | −23% | −1.0 pp | +12% |
| 18 | HCA Healthcare, Inc. | 2.4% | 5.53 → 6.83 | +24% | +0.5 pp | +20% |
| 19 | McKesson Corporation | 2.3% | 7.00 → 6.25 | −11% | −0.4 pp | +25% |
| 20 | Cigna Corporation | 2.2% | 5.45 → 5.71 | +5% | 0.0 pp | 0% |
| Sector earnings growth | 100% | +28.2 pp |
Who joined and who left
2 joined and 2 left the top 20 since Q1 2025, as market caps moved.
Joined the top 20 since Q1 2025
Left the top 20 since Q1 2025
- Elevance Health Inc.
- CVS Health Corp.
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% |
| 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% |
| UNH | +12% | +16% | to loss | −22% | +4% | +3% | turned profitable | −18% | −60% | −100% | +1% | +62% |
| ABT | +1% | +54% | −7% | −5% | +15% | +479% | +8% | +36% | 0% | −81% | −18% | −48% |
| MRK | +45% | to loss | +68% | turned profitable | −33% | turned profitable | +7% | −18% | +87% | −20% | to loss | to loss |
| ISRG | +29% | +86% | +51% | +24% | +34% | +11% | +27% | +24% | +25% | +18% | +19% | +30% |
| BSX | outside | outside | +61% | +22% | −8% | +11% | +35% | +143% | +59% | +18% | +99% | outside |
| TMO | +17% | +5% | +4% | +15% | −4% | +14% | +15% | +6% | +1% | +9% | +11% | +9% |
| SYK | −16% | +103% | +33% | +11% | +20% | −53% | −18% | +7% | +3% | +56% | +14% | +44% |
| AMGN | −19% | −53% | to loss | −46% | +62% | −18% | turned profitable | +92% | +14% | +111% | +4% | +65% |
| DHR | −28% | −51% | −25% | −18% | −26% | +3% | −9% | −37% | +13% | +13% | +10% | +60% |
| GILD | +22% | −12% | outside | +55% | −42% | +25% | turned profitable | +21% | +143% | +23% | +55% | to loss |
| PFE | to loss | to loss | −43% | −99% | turned profitable | turned profitable | −5% | +12,043% | −21% | to loss | −10% | to loss |
| VRTX | +11% | +18% | +57% | to loss | +1% | −6% | −41% | turned profitable | +5% | +33% | +61% | +8% |
| MDT | +113% | +8% | −44% | +36% | +46% | +2% | +67% | +1% | +8% | −12% | +17% | +41% |
| BMY | +24% | −8% | to loss | outside | −35% | −96% | turned profitable | −23% | +80% | +1,401% | +9% | +153% |
| HCA | outside | outside | outside | +29% | +26% | outside | outside | +24% | +42% | +45% | +11% | +12% |
| MCK | outside | outside | outside | outside | outside | outside | outside | −11% | +380% | +38% | +37% | −18% |
| CI | −47% | outside | to loss | +11% | outside | +47% | turned profitable | +5% | outside | outside | outside | outside |