The top 10 pharma companies on the 2022 Fortune 500 list

The latest Fortune 500 list is out and Pharma IQ looks at the 10 most profitable pharmaceutical companies

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Leila Hawkins
05/27/2022

The Fortune 500 list has been released, compiled based on the total revenue businesses made in 2021. It demonstrates that this was a very profitable year for the pharma sector, particularly for manufacturers of Covid-19 vaccines. Moderna made its debut on the list at number 195 and Gilead had incredible growth of almost 5,000 percent up compared to 2020.

#195 Moderna

Revenue: US$18,5mn

Growth: N/A

Moderna makes its Fortune 500 debut this year, thanks to its mRNA Covid-19 vaccine which has made more than US$18 bn in sales. The company has also just begun testing possible vaccines against monkeypox in pre-clinical trials.

#140 Amgen

Revenue: US$25,9mn

Growth: -18.9 percent

Amgen has formed several strong partnerships including with AstraZeneca, to work on a drug for colorectal cancer; it has also been investing in artificial intelligence through its partnership with Owkin, particularly in the areas of cardiology, hematology and oncology. It is also regularly ranked as one of Fortune’s best 100 workplaces.

#129 Gilead Sciences

Revenue: US$27,3mn

Growth: 4,961 percent

Gilead has arguably had the best year out of all the pharmaceutical companies on the list, with an incredible increase in profits of nearly 5,000 percent. Gilead Sciences’ portfolio includes antiviral drugs for HIV/AIDS, hepatitis B, hepatitis C, influenza and Covid-19. Among them features remdesivir, an injectable used to treat hepatitis C, Ebola and more recently Covid-19.

Earlier this year Gilead Sciences along with US law enforcement, stopped a criminal network had made it possible for counterfeit HIV medication to reach patients in the US.

#122 Eli Lilly

Revenue: US$28,3mn

Growth: -9.9 percent

Eli Lilly’s overall revenue grew in 2021 despite a drop in profits. Its highly anticipated tirzepatide recently gained FDA approval leading to a rise in shares. It has also embarked on a development spree, investing more than US$3bn in manufacturing sites in the US states of Indiana and North Carolina.

#86 Abbott Laboratories

Revenue: US$43,1mn

Growth: 57.3 percent

Abbott Laboratories’ work in Covid-19 testing, conducting decentralized clinical trials and sales of medical devices have contributed to its revenue growth in 2021.

More recently, the company has become embroiled in shortages of baby formula in the US, due to a recall of powdered formula manufactured at its Michigan plant which had to be shut down.

#82 Bristol Myers Squibb

Revenue: US$42,5mn

Growth: -362.1 percent

Although Bristol Myers Squibb saw its profits decline in 2021, it has jumped an impressive 209 places on Fortune’s list, thanks to sales generated from its acquisition of Celgene, a manufacturer of cancer and immunology drugs. It also won 13 approvals in the US, European Union and Japan last year.

#71 Merck

Revenue: US$51,2mn

Growth: 84.6 percent

Merck’s oral antiviral treatment for Covid-19, molnupiravir, received emergency use authorization from the US Food and Drugs Administration (FDA) in 2021, garnering almost US$1bn in sales.

The company also registered substantial sales for its HPV vaccine Gardasil and cancer drug Keytruda.

#63 AbbVie

Revenue: US$56,2mn

Growth: 150 percent

AbbVie’s revenue grew by almost 23 percent in 2021, thanks to sales of plaque psoriasis treatment Skyrizi and rheumatoid arthritis drug Rinvoq. It is also ranked among Fortune’s 100 best places to work for in the US, thanks to its flexible working schemes, pension and profit-sharing programs.

#43 Pfizer

Revenue: US$81.3mn

Growth: 128.6 percent

Thanks to its two Covid-19 treatments – the vaccine it co-produced with BioNTech and its oral antiviral pill Paxlovid, Pfizer has jumped 34 places on this year’s list.

Its revenue has almost doubled since 2020 and its success is set to continue as the US government is purchasing a further 20 million treatment courses of Paxlovid in 2022.

#37 Johnson & Johnson

Revenue: US$93,8mn

Growth: 41.9 percent

It was a mixed year for Johnson & Johnson. While it tops the Fortune 500 list and grew by 41.9 percent in 2021, its Covid-19 vaccine struggled compared to those produced by Pfizer-BioNTech and Moderna. Additionally, the company had to pay out almost US$5bn in settlement towards states and local governments impacted by the opioid crisis.

On the flipside, Fortune also ranked the company as a Top 50 All-Star on its World's Most Admired Companies list

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