Sector analysis · US
Health Care: which companies drove growth
The 20 largest Health Care companies by market cap at the end of Q4 2025 (31 Dec 2025), compared with Q4 2024.
The top 20 at Q4 2025
Q4 2025 vs Q4 2024: combined net profit $35.1B (−12%), median EPS +23% (15 of 20 up), market-cap-weighted price +13%. 20 of 20 reported.
| # | Company | Weight | EPS $, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Eli Lilly and Company | 20.7% | 4.88 → 7.39 | +51% | +5.5 pp | +39% |
| 2 | Johnson & Johnson | 10.9% | 1.41 → 2.10 | +49% | +4.2 pp | +45% |
| 3 | AbbVie Inc. | 8.7% | −0.02 → 1.02 | turned profitable | +4.6 pp | +29% |
| 4 | UnitedHealth Group Incorporated | 6.5% | 5.98 → 0.01 | −100% | −13.8 pp | −34% |
| 5 | Merck & Co., Inc. | 5.6% | 1.48 → 1.19 | −20% | −1.9 pp | +6% |
| 6 | Abbott Laboratories | 4.7% | 5.27 → 1.02 | −81% | −18.6 pp | +11% |
| 7 | Thermo Fisher Scientific Inc. | 4.7% | 4.78 → 5.21 | +9% | +0.4 pp | +11% |
| 8 | Intuitive Surgical, Inc. | 4.3% | 1.88 → 2.21 | +18% | +0.3 pp | +9% |
| 9 | Amgen Inc. | 3.8% | 1.16 → 2.45 | +111% | +1.8 pp | +26% |
| 10 | Danaher Corporation | 3.5% | 1.49 → 1.68 | +13% | +0.3 pp | +2% |
| 11 | Gilead Sciences, Inc. | 3.3% | 1.42 → 1.74 | +23% | +1.0 pp | +33% |
| 12 | Pfizer Inc. | 3.1% | 0.07 → −0.29 | to loss | −5.1 pp | −6% |
| 13 | Boston Scientific Corporation | 3.1% | 0.38 → 0.45 | +18% | +0.3 pp | +7% |
| 14 | Stryker Corporation | 2.9% | 1.41 → 2.20 | +56% | +0.8 pp | −2% |
| 15 | Medtronic plc | 2.7% | 1.01 → 0.89 | −12% | −0.4 pp | +20% |
| 16 | Vertex Pharmaceuticals Incorporated | 2.5% | 3.50 → 4.65 | +33% | +0.7 pp | +13% |
| 17 | Bristol-Myers Squibb Company | 2.4% | 0.04 → 0.53 | +1,401% | +2.5 pp | −4% |
| 18 | HCA Healthcare, Inc. | 2.3% | 5.63 → 8.14 | +45% | +1.1 pp | +56% |
| 19 | CVS Health Corp. | 2.2% | 1.30 → 2.30 | +77% | +3.2 pp | +76% |
| 20 | McKesson Corporation | 2.2% | 6.94 → 9.59 | +38% | +0.8 pp | +44% |
| Sector earnings growth | 100% | −12.5 pp |
Who joined and who left
0 joined and 0 left the top 20 since Q3 2025, as market caps moved.
Joined the top 20 since Q3 2025
Left the top 20 since Q3 2025
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% |
| MRK | +45% | to loss | +68% | turned profitable | −33% | turned profitable | +7% | −18% | +87% | −20% | to loss | to loss |
| ABT | +1% | +54% | −7% | −5% | +15% | +479% | +8% | +36% | 0% | −81% | −18% | −48% |
| 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% |
| 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 |
| 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% |
| 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% |
| 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% |