Sector analysis · US
Health Care: which companies drove growth
The 20 largest Health Care companies by market cap at the end of Q3 2025 (30 Sep 2025), compared with Q3 2024.
The top 20 at Q3 2025
Q3 2025 vs Q3 2024: combined net profit $38.8B (+14%), median EPS +13% (15 of 20 up), market-cap-weighted price −10%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Eli Lilly and Company | 16.7% | 1.07 → 6.21 | +480% | +13.5 pp | −13% |
| 2 | Johnson & Johnson | 11.0% | 1.11 → 2.12 | +91% | +7.2 pp | +15% |
| 3 | AbbVie Inc. | 10.0% | 0.88 → 0.10 | −89% | −4.0 pp | +18% |
| 4 | UnitedHealth Group Incorporated | 7.6% | 6.51 → 2.59 | −60% | −10.9 pp | −41% |
| 5 | Abbott Laboratories | 5.7% | 0.94 → 0.94 | 0% | 0.0 pp | +18% |
| 6 | Merck & Co., Inc. | 5.1% | 1.24 → 2.32 | +87% | +7.7 pp | −27% |
| 7 | Thermo Fisher Scientific Inc. | 4.4% | 4.24 → 4.27 | +1% | 0.0 pp | −22% |
| 8 | Intuitive Surgical, Inc. | 3.9% | 1.56 → 1.95 | +25% | +0.4 pp | −9% |
| 9 | Amgen Inc. | 3.7% | 5.22 → 5.93 | +14% | +1.1 pp | −13% |
| 10 | Pfizer Inc. | 3.5% | 0.78 → 0.62 | −21% | −2.7 pp | −12% |
| 11 | Boston Scientific Corporation | 3.5% | 0.32 → 0.50 | +59% | +0.8 pp | +17% |
| 12 | Stryker Corporation | 3.4% | 2.16 → 2.22 | +3% | +0.1 pp | +2% |
| 13 | Danaher Corporation | 3.4% | 1.12 → 1.27 | +13% | +0.3 pp | −29% |
| 14 | Gilead Sciences, Inc. | 3.4% | 1.00 → 2.43 | +143% | +5.3 pp | +32% |
| 15 | Medtronic plc | 3.0% | 0.99 → 1.07 | +8% | +0.3 pp | +6% |
| 16 | Vertex Pharmaceuticals Incorporated | 2.4% | 4.01 → 4.20 | +5% | +0.1 pp | −16% |
| 17 | HCA Healthcare, Inc. | 2.4% | 4.89 → 6.96 | +42% | +1.1 pp | +3% |
| 18 | CVS Health Corp. | 2.3% | 0.07 → −3.13 | to loss | −11.9 pp | +20% |
| 19 | McKesson Corporation | 2.3% | 1.86 → 8.92 | +380% | +2.5 pp | +59% |
| 20 | Bristol-Myers Squibb Company | 2.2% | 0.60 → 1.08 | +80% | +2.9 pp | −13% |
| Sector earnings growth | 100% | +13.8 pp |
Who joined and who left
1 joined and 1 left the top 20 since Q2 2025, as market caps moved.
Joined the top 20 since Q2 2025
Left the top 20 since Q2 2025
- 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% |
| 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 |
| TMO | +17% | +5% | +4% | +15% | −4% | +14% | +15% | +6% | +1% | +9% | +11% | +9% |
| ISRG | +29% | +86% | +51% | +24% | +34% | +11% | +27% | +24% | +25% | +18% | +19% | +30% |
| AMGN | −19% | −53% | to loss | −46% | +62% | −18% | turned profitable | +92% | +14% | +111% | +4% | +65% |
| PFE | to loss | to loss | −43% | −99% | turned profitable | turned profitable | −5% | +12,043% | −21% | to loss | −10% | to loss |
| BSX | outside | outside | +61% | +22% | −8% | +11% | +35% | +143% | +59% | +18% | +99% | outside |
| SYK | −16% | +103% | +33% | +11% | +20% | −53% | −18% | +7% | +3% | +56% | +14% | +44% |
| 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 |
| 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% |
| HCA | outside | outside | outside | +29% | +26% | outside | outside | +24% | +42% | +45% | +11% | +12% |
| CVS | turned profitable | −10% | −47% | outside | outside | outside | +60% | outside | to loss | +77% | +63% | +189% |
| MCK | outside | outside | outside | outside | outside | outside | outside | −11% | +380% | +38% | +37% | −18% |
| BMY | +24% | −8% | to loss | outside | −35% | −96% | turned profitable | −23% | +80% | +1,401% | +9% | +153% |