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With so many companies trying to be a part of ‘crème de la crème’ in the American pharmaceutical industry, it got us wondering, “Which are the largest pharmaceutical companies in the USA?”. Therefore, we have compiled a list of the largest pharmaceutical companies in 2023 to save you that hassle.
The same study also found that the FDA only approves about 12% of drugs submitted for clinical testing, which can account for up to 38 drugs annually.
As per the report by GlobeNewswire, the USA pharmaceutical industry is estimated to reach US$685.45 billion by the end of 2023.
Johnson & Johnson was first founded in 1886 by Robert Wood Johnson. The company now has 250 subsidiaries in 60 different countries and employs more than 144,500 employees worldwide. Besides that, Johnson & Johnson is among the largest and most successful on the list of top pharma companies in the USA, as it sells its pharmaceutical products in over 175 countries. It is known for its advancements in medical technology, consumer healthcare, and pharmaceuticals. The prostate cancer medicine Erleada and the schizophrenia drugs are other growth contributors within the pharma group.
Johnson & Johnson is also known for its baby products, Neutrogena skin products, and Clean & Clear product range. Wall Street estimates the company will generate US$96.9 billion to US$97.9 billion by the end of 2023. The company is now known for its quality in pharmaceutical products, medical devices, and other consumer packaged goods like Band-Aid bandages and Acuvue contact lenses. The pharmaceutical giant is now a part of the Fortune 500 companies and one of the world’s most valuable companies in terms of revenue.
Furthermore, FDA’s authorization for its COVID-19 vaccine in late 2020 propelled its revenue from US$41.651 billion in 2020 to US$81.29 billion in 2021. However, the annual revenue will decrease 30% from US$67 billion to $71 billion, as its covid vaccine and Paxlovid pill are forecasted to fall roughly 60% to US$21.5 billion in 2023.
Richard A. Gonzalez
Not being as old as the other companies in the pharmaceutical industry, it has grown to become one of the drug companies in the USA to develop and market numerous biopharmaceuticals. It holds one of the top positions in the list of top pharma companies in the USA by revenue, with its annual revenue for 2022 being US$58.054 billion, a 3.3% increase from 2021. In 2022, AbbVie said that its immunology, hematologic oncology, aesthetics, eye care, and neurosciences franchises have helped the company get a year-over-year sales growth of 22.6%. In a recent survey by Evaluate Pharma, AbbVie’s sales are forecasted to reach US$65.7 billion in 2028.
Robert M. Davis
Over the years, Merck has produced multiple successful drugs, including cancer immunotherapy, anti-diabetic medication, and vaccines for diseases such as HPV and chickenpox. Some of its best-selling drugs are Keytruda, used to treat melanoma, the HPV vaccine Gardasil, and Varivax, a vaccine used to protect against chickenpox. The company anticipates full-year 2023 revenue to be between US$57.2 billion to US$58.7 billion. Its many acquisitions, including Prognostics Poultry and Acceleron Pharma, have made it among the top American pharmaceutical companies.
Robert B. Ford
David A. Ricks
However, its primary revenue drivers are the diabetes drugs that include Humalog and Trulicity. It has remained a part of the fortune 500 list since 2008 and gained recognition as the largest charitable benefactor in Indiana. It is now a part of many esteemed organizations, including Pharmaceutical Research and Manufacturers of America (PhRMA) and The European Federation of Pharmaceutical Industries and Associations (EFPIA). The company estimated that its revenues are expected to land between US$30.3 billion to US$30.8 billion in 2023.
Robert A. Bradway
This pharmaceutical giant was founded by George Rathmann and is now among the largest independent companies in the world. The company focuses on molecular biology and biochemistry, while its mission is to provide a healthcare business based on recombinant DNA technology.
The COVID-19 pandemic has taught us why it is vital to building a patient-centered future and why the pharmaceutical industry plays a key role. As the pharma landscape continues to evolve, more companies will join the list of top pharmaceutical companies in the USA in the coming years. The industry is already embracing disruptive technologies such as 3D-printed drugs and artificial intelligence-guided therapies, which will digitally revolutionize the industry. With the treasure trove of information in this blog, we hope that this helps you build connections with decision-makers in the pharmaceutical industry or even collaborate with them.
The top 10 pharmaceutical companies in the USA are:
The list of top pharma companies in the USA by revenue includes:
The top innovative pharma companies are:
Pfizer became the biggest pharma company in the USA as the sales of its COVID-19 vaccine skyrocketed to almost US$37.8 billion in 2021.
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