Inve US β–Ύ

Sector analysis Β· US

Health Care: which companies drove growth

The 20 largest Health Care companies by market cap at the end of Q2 2026 (30 Jun 2026), compared with Q2 2025.

The top 20 at Q2 2026

Q2 2026 vs Q2 2025: combined net profit $30.3B (βˆ’25%), median EPS +19% (13 of 20 up), market-cap-weighted price +21%. 20 of 20 reported.

Quarter
Q3 2023Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
Compared with
YoYQoQ

Weight is each company's share of the 20 companies' combined market cap. Contribution is the change in its owners' profit divided by their combined base profit, in percentage points, so the column adds up to the sector's earnings growth. EPS cannot be added across companies, which is why contributions use profit.

#CompanyWeightEPS $, base β†’ nowEPS growthContributionPrice
1Eli Lilly and CompanyLLY22.3%6.29 β†’ 7.94+26% +3.6 pp+55%
2Johnson & JohnsonJNJ12.9%2.29 β†’ 2.27βˆ’1% 0.0 pp+66%
3AbbVie Inc.ABBV9.3%0.53 β†’ 2.04+285% +6.6 pp+36%
4UnitedHealth Group IncorporatedUNH7.9%3.74 β†’ 6.05+62% +5.2 pp+34%
5Merck & Co., Inc.MRK6.6%1.76 β†’ βˆ’0.54to loss βˆ’14.3 pp+64%
6Amgen Inc.AMGN4.1%2.65 β†’ 4.37+65% +2.3 pp+29%
7Thermo Fisher Scientific Inc.TMO3.9%4.28 β†’ 4.68+9% +0.3 pp+24%
8Abbott LaboratoriesABT3.3%1.01 β†’ 0.53βˆ’48% one source βˆ’2.1 ppβˆ’33%
9Gilead Sciences, Inc.GILD3.3%1.56 β†’ βˆ’8.45to loss βˆ’30.9 pp+15%
10Intuitive Surgical, Inc.ISRG2.9%1.81 β†’ 2.35+30% +0.4 ppβˆ’26%
11Pfizer Inc.PFE2.8%0.51 β†’ βˆ’0.04to loss βˆ’7.8 pp0%
12Danaher CorporationDHR2.8%0.77 β†’ 1.23+60% +0.8 ppβˆ’2%
13CVS Health Corp.CVS2.7%0.80 β†’ 2.31+189% +4.9 pp+49%
14Vertex Pharmaceuticals IncorporatedVRTX2.6%3.99 β†’ 4.31+8% +0.2 pp+12%
15Stryker CorporationSYK2.5%2.29 β†’ 3.30+44% +1.0 ppβˆ’20%
16Bristol-Myers Squibb CompanyBMY2.4%0.64 β†’ 1.62+153% +5.0 pp+24%
17Medtronic plcMDT2.1%0.81 β†’ 1.14+41% +1.1 ppβˆ’10%
18McKesson CorporationMCK1.9%6.25 β†’ 5.15βˆ’18% βˆ’0.4 pp+7%
19HCA Healthcare, Inc.HCA1.8%6.83 β†’ 7.62+12% one source +0.1 pp+3%
20Elevance Health Inc.ELV1.8%7.72 β†’ 6.71βˆ’13% βˆ’0.7 pp+1%
Sector earnings growth100%βˆ’24.9 pp

Who joined and who left

1 joined and 1 left the top 20 since Q1 2026, as market caps moved.

Joined the top 20 since Q1 2026 1

Left the top 20 since Q1 2026 1

  • was #19 Boston Scientific Corporation BSX

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.

≀ βˆ’40%βˆ’20%0+20%β‰₯ +40% Blue is growth, red is decline, grey is about zero; the colour stops deepening at Β±40%.
  • turned profitableto loss crossed zero, so there is no growth rate to print
  • loss, smallerloss, bigger a loss in both quarters
  • outside not in the sector's top 20 that quarter
EPS growth of each company in the sector's top 20, by quarter
CompanyQ3 2023Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
LLYto loss+19%+75%+76%turned profitable+102%+23%+92%+480%+51%+170%+26%
JNJ+508%+26%turned profitableβˆ’2%βˆ’89%βˆ’16%+239%+19%+91%+49%βˆ’53%βˆ’1%
ABBVβˆ’55%βˆ’67%+492%βˆ’32%βˆ’12%to lossβˆ’6%βˆ’31%βˆ’89%turned profitableβˆ’46%+285%
UNH+12%+16%to lossβˆ’22%+4%+3%turned profitableβˆ’18%βˆ’60%βˆ’100%+1%+62%
MRK+45%to loss+68%turned profitableβˆ’33%turned profitable+7%βˆ’18%+87%βˆ’20%to lossto loss
AMGNβˆ’19%βˆ’53%to lossβˆ’46%+62%βˆ’18%turned profitable+92%+14%+111%+4%+65%
TMO+17%+5%+4%+15%βˆ’4%+14%+15%+6%+1%+9%+11%+9%
ABT+1%+54%βˆ’7%βˆ’5%+15%+479%+8%+36%0%βˆ’81%βˆ’18%βˆ’48%
GILD+22%βˆ’12%outside+55%βˆ’42%+25%turned profitable+21%+143%+23%+55%to loss
ISRG+29%+86%+51%+24%+34%+11%+27%+24%+25%+18%+19%+30%
PFEto lossto lossβˆ’43%βˆ’99%turned profitableturned profitableβˆ’5%+12,043%βˆ’21%to lossβˆ’10%to loss
DHRβˆ’28%βˆ’51%βˆ’25%βˆ’18%βˆ’26%+3%βˆ’9%βˆ’37%+13%+13%+10%+60%
CVSturned profitableβˆ’10%βˆ’47%outsideoutsideoutside+60%outsideto loss+77%+63%+189%
VRTX+11%+18%+57%to loss+1%βˆ’6%βˆ’41%turned profitable+5%+33%+61%+8%
SYKβˆ’16%+103%+33%+11%+20%βˆ’53%βˆ’18%+7%+3%+56%+14%+44%
BMY+24%βˆ’8%to lossoutsideβˆ’35%βˆ’96%turned profitableβˆ’23%+80%+1,401%+9%+153%
MDT+113%+8%βˆ’44%+36%+46%+2%+67%+1%+8%βˆ’12%+17%+41%
MCKoutsideoutsideoutsideoutsideoutsideoutsideoutsideβˆ’11%+380%+38%+37%βˆ’18%
HCAoutsideoutsideoutside+29%+26%outsideoutside+24%+42%+45%+11%+12%
ELVβˆ’18%+1%+16%+26%βˆ’20%βˆ’50%0%outsideoutsideoutsideoutsideβˆ’13%