10 Biggest Healthcare Companies

The healthcare sector includes companies that produce medical goods, such as drugs and medical devices, and companies that furnish medical services, such as health insurance or hospital administration.

Here are the 10 biggest companies in the healthcare field based on trailing 12-month (TTM) revenue as of June 20, 2024. This list is limited to companies that are publicly traded in the U.S. or Canada. All data is from TradingView.

Key Takeaways

UnitedHealth Group Incorporated (UNH), CVS Health Corp. (CVS), and McKesson Corp. (MCK) rank among the largest healthcare companies by TTM revenue.

The healthcare sector includes companies that produce medical devices and offer medical services, including health insurance.
CVS Health is among the largest pharmacy benefits management (PBM) companies.

UnitedHealth is a health insurance company that also provides data analytics and consulting services to healthcare providers, as well as pharmacy care services. Its principal divisions include UnitedHealthcare, OptumHealth, OptumInsight, and OptumRx.

Revenue (TTM): $361.4 billionNet income (TTM): $7.3 billionMarket cap: $76.6 billionOne-year trailing total return: -6.2%Exchange: NYSE

The parent company of a leading drugstore chain, CVS Health is also among the biggest pharmacy benefits management (PBM) firms. The company’s strategy includes healthcare teams that address the “whole” patient’s physical and emotional needs through the CVS HealthHUB and MinuteClinic locations.

Revenue (TTM): $309.0 billionNet income (TTM): $3.0 billionMarket cap: $78.4 billionOne-year trailing total return: 49.0%Exchange: NYSE

McKesson is a distributor of pharmaceuticals and other medical products in the U.S., Canada, and Europe. Working with biopharma companies, care providers, pharmacies, manufacturers, and governments, McKesson employs around 51,000 people worldwide.

Revenue (TTM): $276.5 billionNet income (TTM): $1.9 billionMarket cap: $46.7 billionOne-year trailing total return: 29.5%Exchange: NYSE

Cencora, formerly known as AmerisourceBergen, is a distributor of medications and medical supplies. The company partners with manufacturers to bring products to market.

Revenue (TTM): $220.6 billionNet income (TTM): $552 millionMarket cap: $25.4 billionOne-year trailing total return: 11.5%Exchange: NYSE

Cardinal Health is a global manufacturer and distributor of medical and laboratory products and a provider of products and services for healthcare facilities. Through services like ambulatory surgery centers, home care, and long-term care, Cardinal Health serves 90% of all U.S. hospitals and 10,000 specialty physician offices and clinics.

Revenue (TTM): $204.1 billionNet income (TTM): $3.6 billionMarket cap: $95.1 billionOne-year trailing total return: 22.1%Exchange: NYSE

Cigna is a global health services company with healthcare providers, clinics, and facilities serving customers and patients in more than 30 countries.

Revenue (TTM): $171.8 billionNet income (TTM): $6.2 billionMarket cap: $122.6 billionOne-year trailing total return: 17.5%Exchange: NYSE

Elevance Health supports health at every life stage, offering health plans and clinical, behavioral, pharmacy, and complex-care products and services that promote whole health. Through its affiliates Anthem and Wellpoint, Elevance Health offers commercial, Medicare, and Medicaid plans for employers, individuals, families, and communities.

Revenue (TTM): $155.6 billionNet income (TTM): $2.7 billionMarket cap: $35.4 billionOne-year trailing total return: 2.5%Exchange: NYSE

Centene is a managed healthcare company focused on administering government-sponsored programs. With its acquisition of WellCare Health Plans Inc., Centene increased its market share in Medicaid, Medicare Advantage, and Medicare Prescription Drug Plans across 50 states.

Revenue (TTM): $144.6 billion
Net income (TTM): -$6.0 billion
Market cap: $13.9 billion
One-year trailing total return: -51.9%
Exchange: Nasdaq

Walgreens Boots Alliance operates drugstores in the U.S. under the Walgreens and Duane Reade names, as well as Boots drugstores globally.

Revenue (TTM): $109.2 billionNet income (TTM): $2.0 billionMarket cap: $42.1 billionOne-year trailing total return: -21.3%Exchange: NYSE

Humana is a health insurance provider that also provides healthcare services through the CenterWell brand.

Which Countries Spend the Most on Healthcare Per Capita?

The U.S. has long outranked other large, high-income countries in per capita spending on healthcare. In 2022, the last year for which worldwide data is available, the U.S. spent almost double the average amount spent on health per person in comparable countries, according to the Peterson-KFF Health System Tracker. That year, the U.S. spent about $12,600 per person, with Switzerland and Germany in second and third place at just over $8,000 per capita each. Meanwhile, comparable countries spent $6,651 per person on average. But greater spending didn’t necessarily provide better health outcomes; the U.S. average life expectancy is about 4.5 years less than its peers.

Which Countries Spend the Most on Pharmaceuticals?

The answer again is the U.S., which spends about $1,432 per person, followed by Germany and Malta, which each spend over a third less per capita. However, as a percentage of healthcare dollars spent, Bulgaria and Greece are ahead of the U.S., with Bulgaria spending more than 30% of its healthcare funding on medications.

Where Do Healthcare Company Revenues Come From?

Pharmaceutical companies earn revenue through the sale of prescription drugs, over-the-counter medications, and vaccines. Medical device companies generate income from selling medical instruments, diagnostic equipment, and surgical tools. Hospitals and healthcare providers derive revenue from patient services, including inpatient and outpatient care, surgeries, and consultations. In addition, the companies above receive funding from government programs, insurance reimbursements, and research grants, contributing to their overall revenue streams. They are also usually diversified among pharmaceuticals, medical devices, and healthcare for their revenue streams.

The Bottom Line

The healthcare sector is vast and includes companies that produce medical devices, provide medical services, and offer health insurance. Among the top healthcare companies by TTM revenue are UnitedHealth Group, CVS Health, and McKesson, each having a significant role in the health and lives of Americans.

UnitedHealth Group primarily generates revenue through its health insurance plans and healthcare services, while CVS Health earns revenue from its extensive retail pharmacy network, PBM services, and healthcare clinics. Other firms among the top 10 derive revenue from pharmaceutical distribution and are seeing growth in various ancillary services, such as health and wellness programs, specialty pharmacy services, and medical consulting.