10 Biggest Biotechnology Companies

The biotechnology industry is composed of hundreds of companies that fuse biology and technology to develop drugs and related products for the treatment of diseases and medical conditions. Today's biotechnology industry includes companies that make medical devices and diagnostics, biofuels, biomaterials, pollution controls, and more.

Among the largest companies in the industry are pharmaceutical companies like Novo Nordisk and Moderna. These companies generally focus on creating and testing new drug compounds for medical use and must go through lengthy trial and approval processes for their products. This means investors often must wait months or even years before knowing whether a potential drug therapy is usable or profitable.

Despite the many challenges facing biotechnology companies, several enterprises have risen to the top of the list. Below, we look at the 10 biggest as measured by 12-month trailing (TTM) revenue. This list is limited to publicly traded companies in the U.S. or Canada, either directly or through ADRs. Some foreign companies may report semiannually and may have longer lag times. Current as of the first quarter of 2023, the figures are likely to change with markets and conditions.

#1 Novo Nordisk A/S (NVO)

• Revenue (TTM): $24.31 billion
• Net Income (TTM): $7.68 billion
• Market Cap: $293.94 billion
• 1-Year Trailing Total Return: 23.38%
• Exchange: New York Stock Exchange

Novo Nordisk is a multinational biotech company headquartered in Denmark with production facilities in seven countries and affiliates or offices in 16 countries. The company's primary focus is diabetes care, hemophilia care, growth hormone therapy, and hormone replacement therapy. The company makes several drugs under various brand names, including Levemir, NovoLog, Novolin R, NovoSeven, NovoEight, and Victoza.

#2 Moderna Inc. (MRNA)

• Revenue (TTM): $20.68 billion
• Net Income (TTM): $11.76 billion
• Market Cap: $72.95 billion
• 1-Year Trailing Total Return: -35.59%
• Exchange: Nasdaq

Moderna is headquartered in Cambridge, MA. It became incorporated in 2010, making it one of the youngest biotech firms on the list. The company develops medicines based on messenger ribonucleic acids (mRNA), a single-strand molecule that makes life-sustaining proteins. Moderna made headlines after developing an mRNA-based COVID-19 vaccine in 2020.

Moderna focuses its mRNA medicines on autoimmune disorders, rare and infectious diseases, and immuno-oncology.

#3 BioNTech SE (BNTX)

• Revenue (TTM): $20.37 billion
• Net Income (TTM): $11.35 billion
• Market Cap: $40.91 billion
• 1-Year Trailing Total Return: -40.54%
• Exchange: Nasdaq

BioNTech is headquartered in Mainz, Germany. It was founded in 2008 by Ugur Sahin and Ozlem Turci, a husband and wife team who desired to tailor cancer treatments for individual patients. In 2020, it partnered with Pfizer to develop the first COVID-19 vaccine.

#4 Regeneron Pharmaceuticals Inc. (REGN)

• Revenue (TTM): $13.71 billion
• Net Income (TTM): $5.37 billion
• Market Cap: $78.53 billion
• 1-Year Trailing Total Return: 16.44%
• Exchange: Nasdaq

Biopharmaceutical company Regeneron develops and markets drug treatments for patients with eye disease, cancer, cardiovascular diseases, allergic and inflammatory issues, and infectious diseases. The company aims to conduct one of the largest gene sequencing operations worldwide through its Regeneron Genetics Center.

#5 Vertex Pharmaceuticals Inc. (VRTX)

• Revenue (TTM): $8.7 billion
• Net Income (TTM): $3.27 billion
• Market Cap: $74.85 billion
• 1-Year Trailing Total Return: 35.91%
• Exchange: Nasdaq

Biopharmaceutical company Vertex focuses on creating and marketing drug treatments for patients with cancer, cystic fibrosis, autoimmune diseases, neurological disorders, and others.

#6 Jazz Pharmaceuticals PLC (JAZZ)

• Revenue (TTM): $3.58 billion
• Net Income (TTM): -$18.69 million
• Market Cap: $9.85 billion
• 1-Year Trailing Total Return: 24.81%
• Exchange: Nasdaq

Irish biopharmaceutical company Jazz Pharmaceuticals creates and commercializes drug products designed to address issues related to narcolepsy, psychiatry, pain management, and oncology.

#7 Incyte Corp. (INCY)

• Revenue (TTM): $3.33 billion
• Net Income (TTM): $876.05 million
• Market Cap: $17.93 billion
• 1-Year Trailing Total Return: 10.56%
• Exchange: Nasdaq

Focusing primarily on small molecule drugs for use in oncology, Incyte is a biopharmaceutical company responsible for discovering, developing, and marketing drug therapies. The company is best known for its drug Jakafi, a treatment for myelofibrosis.

#8 Novavax, Inc. (NVAX)

• Revenue (TTM): $2.39 billion
• Net Income (TTM): -$1.32 billion
• Market Cap: $810.16 million
• 1-Year Trailing Total Return: -95.25%
• Exchange: Nasdaq

Novavax is headquartered in Gaithersburg, MD, and was founded in 1987. It is a biotech company solely focused on developing vaccines to fight infectious diseases while championing access to life-saving vaccines worldwide.

#9 Vir Biotech Inc. (VIR)

• Revenue (TTM): $2.37 billion
• Net Income (TTM): $1.14 billion
• Market Cap: $3.34 billion
• 1-Year Trailing Total Return: -53.32%
• Exchange: Nasdaq

Concentrating on developing treatments for infectious diseases, Vir has one treatment for COVID-19, Sotrovimab, and ten other therapies in its development pipeline.

#10 BioMarin Pharmaceutical Inc. (BRMN)

• Revenue (TTM): $2.01 billion
• Net Income (TTM): $83.91 million
• Market Cap: $19.81 billion
• 1-Year Trailing Total Return: 23.28%
• Exchange: Nasdaq

Founded in 1997, BioMarin is headquartered in San Rafael, CA. It has 3,000 employees and focuses on developing treatments for genetic disorders such as phenylketonuria (PKU), CLN2 disease, MPS (IVA, VA, I), and achondroplasia.

The Bottom Line

Biotech companies are responsible for using technology to enhance biological studies and developments to enrich our lives. You see the results of their efforts in medicines, vaccines, agricultural products, medical devices, and many other products that improve how we live and treat the planet.