Top 20 Fast-Growing Biotech Companies in the US: In this article, we will examine the twenty biotechnology companies with the most rapid growth in the United States. If you have no interest in the biotech industry landscape, proceed directly to the list of the five fastest-growing biotech companies in the United States.
The United States biotechnology industry is currently experiencing a notable upswing in innovation and expansion, as a multitude of companies are making substantial advancements across diverse domains. Prominent biotechnology corporations in the United States, including Johnson & Johnson and Eli Lilly and Company, are at the vanguard of scientific progress, developing agricultural solutions and innovating medical technologies. By pushing the limits of what is possible in biotechnology, these businesses are transforming healthcare, agriculture, environmental sustainability, and more.
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Medical Advancement Propelled by the Biotechnology and Pharmaceutical Sectors
The worldwide biotechnology market has experienced substantial expansion, attaining a valuation of USD 1.55 trillion in 2023. Projections for the period from 2024 to 2030 reveal a compound annual growth rate (CAGR) of 13.96%. Technological advancements, regional developments, and application developments are the driving forces behind this expansion. Major corporations like Johnson & Johnson Services, Inc., F. Hoffmann-La Roche Ltd., Pfizer, Merck & Co., Abbott, Amgen, and Sanofi are driving innovation. Government initiatives that provide support, declining sequencing expenses, and an increasing need for synthetic biology solutions are significant growth drivers.
The United States biotechnology sector has exhibited consistent expansion, with an average annual growth rate of 1.5% between 2018 and 2023. Particularly regarding the United States, North America is a critical biotechnology region that substantially contributes to the market’s expansion. Aside from health applications, the food & agriculture, natural resources & environment, industrial processing, and bioinformatics sectors hold significant market shares. Projections anticipate the market reaching a value of around US$3.44 trillion by 2030. The United States and North America will continue to be the main drivers of this growth, as will significant investments, strong government policies, and rising demand for biotech medications. With a significant patient population in countries such as India and China, the Asia-Pacific region is positioned to emerge as a prominent influencer in determining the future course of the biotechnology industry.
The pharmaceutical industry drives medical advancement through new therapies and biologics. Eli Lilly and Company demonstrates a strong commitment to pharmaceutical and biologic innovation through their impressive financial performance. These companies strive to enhance patient outcomes and address unmet medical needs by expanding medical knowledge.
Research shows that the average pre-tax cost of creating a new medication or biologic is $1.39 billion, with capitalized costs rising 8.5% above typical price inflation. The large financial outlay highlights the resources needed to launch new drugs onto the market and the financial challenges of pharmaceutical research and development.
The European Federation of Pharmaceutical Industries and Associations (EFPIA) estimated that producing a unique chemical or biological entity would cost $2.5 billion in 2013. Economic data from major industry players like Teva Pharmaceutical Industries shows the sector’s considerable research and activities in new and generic medications.
Financial disclosures demonstrate the variety of strategies used by pharmaceutical companies to address global health challenges and adapt to evolving healthcare environments. Despite its high costs and complexity, the pioneering pharmaceutical sector drives medical progress and the global economy.
Evolutionary Constraints of Genetic Engineering in the Healthcare Sector
Innovations in genetic engineering, specifically in the field of gene editing, are transforming healthcare by introducing novel therapeutic modalities such as cell therapy and gene editing, which have the potential to offer near-cures for a wide range of diseases. It is anticipated that the value of the genomic therapeutics sector will increase from $5 billion in 2022 to $50 billion by 2028. Genome sequencing technology has already brought about a paradigm shift in the healthcare sector by offering an extensive array of genomic diagnostics and remedies. It is anticipated that the cost per genome will decline to $100 by the year 2025.
Under conservative assumptions, the annual expenditure on gene therapies in the United States is estimated to be around $20.4 billion. Gene therapy has the potential to cure and treat diseases that were previously incurable, but the high cost of extant gene therapies raises concerns about their affordability. The estimated yearly financial impact of gene therapy on the U.S. market is substantial, as expenditures on authorized gene therapies are projected to amount to $25.3 billion by 2026. The healthcare sector is presently the preeminent generator of data globally, and its capacity to sequence DNA has surpassed its capability to decipher the data it comprises.
The genomic revolution is driving innovation across all healthcare industry subsegments. By providing innovative blood-based diagnostic tests for cancer and Alzheimer’s, revolutionary preventative medications, and enhanced wearable technology to aid in the diagnosis and monitoring of illnesses, it has the potential to revolutionize the industry. Under conservative assumptions, the annual financial impact of gene therapy in the United States is projected to be approximately $20.4 billion.
By December 2034, the cumulative discount expenditure on the treatment of patients with approved gene therapy products will reach $241 billion. By employing simulation methods, inherent risks and uncertainty in costs, revenues, and other parameters of this novel therapeutic class can be captured. Despite the revolutionary results they produce, gene therapies are extremely expensive.
The Methodology We Employ
We have categorized the most rapidly expanding biotechnology firms in the United States according to their annual revenue growth rates for the most recent fiscal years, as per our methodology. The data regarding year-on-year growth rates was acquired from Seeking Alpha.
The following is a list of the twenty biotechnology corporations with the most rapid growth in the United States.
20. Merrily Holdings, Inc. (NYSE: MRK)
Annual expansion rate: 1.40%
By acquiring Prometheus Biosciences ($10.8 billion) and Harpoon Therapeutics ($680 million), Merck & Co., Inc. (NYSE: MRK) has bolstered its immunology pipeline and improved its capacity to treat immune-mediated diseases such as ulcerative colitis and cancer. Through its emphasis on innovation and precision medicine, Merck & Co., Inc. (NYSE: MRK) demonstrates its dedication to meeting medical requirements through the product Keytruda.
19. (NYSE: BAX) Baxter International Inc.
Annual expansion rate: 2.12%
Prominent medtech company Baxter International Inc. (NYSE: BAX) is currently implementing strategic initiatives aimed at enhancing operational efficiency and fostering innovation. It is selling BioPharma Solutions for $4.25 billion to concentrate on its primary operations. Baxter, whose German facility is renowned for sanitary contract manufacturing, has invested $100 million in the enterprise. The divestiture could have a $0.10 per share impact on earnings in the fourth quarter of 2023. To improve patient care and foster innovation, Baxter International Inc. (NYSE: BAX) is refining its operating model and investigating potential alternatives for BPS.
18. Sanofi (SNY: NASDAQ)
Year-over-year expansion: 2.32%
Sanofi (NASDAQ: SNY), a biotechnology company experiencing rapid growth in the United States, is augmenting its biotechnology footprint using acquisitions such as Translate Bio. While emphasizing immunology, vaccines, and oncology, this field is concurrently tackling neglected tropical diseases. It generated $50.26 billion in revenue and maintained an employee count of approximately 91,573. Sanofi (NASDAQ: SNY) prioritizes social impact initiatives while concurrently fostering diversity, equity, and inclusion. Although not the most rapidly expanding biotechnology company, its dedication to innovation fortifies its standing within the pharmaceutical and biotechnology industries.
17. ASTRA ZENN PLC (NASDAQ) is a PLC.
Year-over-year expansion: 3.29%
One of the largest biotechnology companies in the United States, AstraZeneca PLC (NASDAQ: AZN) specializes in oncology, rare diseases, and biopharmaceuticals, with a particular emphasis on the cardiovascular and respiratory systems. It is renowned for advancing cancer research innovation and endeavors to develop complete cures for all forms of cancer. Acquiring Gracell Biotechnologies Inc. for advancements in cell therapy and establishing Evinova, a health technology company, are recent highlights. Positive trial outcomes and Priority Review grants in the United States indicate financial expansion. AstraZeneca PLC (NASDAQ: AZN) fortifies its biopharmaceutical industry standing through its commitment to research and development, strategic acquisitions, and health-tech initiatives.
16. GILD: Gilead Sciences, Inc. market capitalization
Growth year over year: 3.42%
A reputable biopharmaceutical company, Gilead Sciences, Inc. (NASDAQ: GILD) is renowned for its dedication to responsible corporate conduct. It was recognized as one of the Most Just Companies in America due to its efforts to promote global health. With the acquisition of CymaBay Therapeutics and the addition of seladelpar for the treatment of primary biliary cholangitis, Gilead augmented its liver portfolio. It specializes in the development of antiviral medications for COVID-19, HIV/AIDS, hepatitis B and C, and influenza. Financially, the company disclosed a 2.7% augmentation in its dividend for the first quarter of 2024. The forthcoming developments by Gilead Sciences, Inc. (NASDAQ: GILD) in the fields of HIV and cancer treatment exemplify the company’s commitment to addressing worldwide health issues.
15. NYSE:TAK: Takeda Pharmaceutical Company Limited
Year-over-year expansion: 5.69%
A global biopharmaceutical corporation, Takeda Pharmaceutical Corporation Limited (NYSE: TAK) specializes in the fields of neuroscience, oncology, and rare diseases. One of the recent accomplishments is the Gammagard Liquid for Chronic Inflammatory Demyelinating Polyneuropathy receiving FDA approval. Strategic focus is placed by Takeda Pharmaceutical Company Limited (NYSE: TAK) on pioneering remedies and vast R&D initiatives. It announced Phase 3 trials for TAK-861 in Type 1 narcolepsy in February 2024. Proximate trends for the organization revolve around developments in the fields of oncology, rare diseases, and neuroscience treatments. From a financial standpoint, Takeda’s fiscal year 2023 resulted in $29.79 billion in revenue, further strengthening its standing within the pharmaceutical sector.
14. The NYSE: JNJ is Johnson & Johnson.
Annual expansion rate: 6.46%
Johnson & Johnson (NYSE: JNJ) has made significant contributions to healthcare, developing innovative remedies for conditions like atrial fibrillation and HDFN, as well as advancing genomics. The company is one of the most rapidly expanding biotechnology companies in the United States. We are dedicated to fighting disease and Alzheimer’s. Johnson & Johnson (NYSE: JNJ) recently announced strong financial results for 2023 and received recognition as the most admired company in the world for the 22nd consecutive year. Its acquisition of Ambrx Biopharma, Inc. demonstrated its dedication to portfolio expansion. An illustration of J&J’s ongoing commitment to health innovation and investment in nanotechnology is its recent acquisition of Nanobiotix.
13. PFE: Pfizer Inc. (NYSE)
Year-over-year expansion: 7.00%
As a market leader in biopharmaceuticals, Pfizer Inc. (NYSE: PFE) is committed to advancing healthcare innovation by addressing health disparities, promoting environmental sustainability, and developing groundbreaking medicines. Its forthcoming developments consist of a dedication to annually affect one billion lives by 2027 and a focus on oncology research. Pfizer Inc. (NYSE: PFE) projects fiscal year 2024 revenues ranging from $58.5 billion to $61.5 billion, of which $8 billion is attributable to COVID-19 products and Seagen acquisition contributions. It is anticipated that operational revenue will increase by 8% to 10% in 2024, exclusive of Comirnaty and Paxlovid revenues.
12. AMGN is the NASDAQ symbol for Amgen Inc.
Year-over-year expansion: 7.09%
Founded in 1980, Amgen Inc. (NASDAQ: AMGN) is a biotechnology pioneer that specializes in developing novel therapeutics to combat severe maladies. Its contributions include, among others, effective treatments for osteoporosis and cardiovascular disease. The subsidiary deCODE Genetics assists in the identification of disease targets. Recently, the FDA set tarlatan as a priority for Amgen’s treatment of advanced small-cell lung cancer. The purpose of the partnerships between PostEra and Q32 Bio is to advance drug discovery. Future trends for Amgen Inc. (NASDAQ: AMGN) include advancing disease understanding and achieving carbon neutrality by 2027 as sustainability objectives. It conducts over 1,800 clinical trials worldwide and sells its products primarily via pharmaceutical distributors.
11. NVS: Novartis AG (NYSE)
Year-over-year expansion: 7.36%
Globally, Novartis AG (NYSE: NVS), a prominent biotechnology company based in the United States, contributes significantly to healthcare. The Water Neutrality Project in India and the Partnership Against Epilepsy in Cameroon demonstrate its commitment. Novartis, which purchased MorphoSys for $3 billion with DTx Pharma to improve its oncology pipeline and neuroscience portfolio, supports breast cancer survivors. Novartis AG (NYSE: NVS) reported strong 2023 results, including a 10% increase in net revenue and an 18% increase in core operating income.
10. NASDAQ:REGN: Regeneron Pharmaceuticals, Inc.
Year-over-year expansion: 7.76%
As the biotechnology company with the quickest growth in the United States, Regeneron Pharmaceuticals, Inc. Renowned for its life-changing medications, (NASDAQ: REGN) stands out in the pharmaceutical industry. Its ‘homegrown’ pipeline focuses on leveraging biology and technology to combat a multitude of severe diseases. A priority review by the FDA for Linvoseltamab in relapsed/refractory multiple myeloma and the approval of Dupixen for chronic spontaneous urticaria by Japan are recent developments of note. The acquisition that led to the establishment of Regeneron Cell Medicines exemplifies the dedication of Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) to innovation.
9. NASDAQ:VRTX: Vertex Pharmaceuticals Incorporated
Annual expansion: 10.51%
Since 1989, Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) has been a prominent biotechnology company in the United States, recognized for its groundbreaking treatments of genetic disorders and cystic fibrosis (CF). Expanding collaborations and investigating gene-editing technologies outside of CF are efforts by Vertex to expedite the development of therapies. By emphasizing personalized medicine and rare maladies, the organization endeavors to cater to a wide range of patient requirements. In anticipation of the future, Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) will persist in its efforts to promote gene therapy and editing by capitalizing on strategic alliances and oncology research to further influence the landscape of global healthcare.
8. NASDAQ:BMRN: BioMarin Pharmaceutical Inc.
Annual expansion: 15.00%
BioMarin Pharmaceutical Inc., established in 1997 (NASDAQ: BMRN), is a leading biopharmaceutical company based in San Rafael, California. BioMarin develops novel treatments for rare genetic illnesses such as mucopolysaccharides type I (MPS I) and phenylketonuria. Roctavian gene therapy reimbursement and Elliott Investment Management’s large investment are recent developments. BioMarin Pharmaceutical Inc., expected to generate US$2.4 billion in revenue in 2023, leads genetic innovation by pursuing a diverse pipeline of early-stage product candidates and improving corporate governance and shareholder value. Notable early-stage product candidates include VOXZOGO and ROCTAVIAN.
7. FOLD is the NASDAQ symbol for Amicus Therapeutics, Inc.
Year-over-year expansion: 15.18%
A leading biotechnology corporation in the United States, Amicus Therapeutics, Inc. (NASDAQ: FOLD) specializes in innovative treatments for rare diseases. They maintain compassionate care while prioritizing access to medications through the implementation of a patient-centered approach. At this time, Amicus Therapeutics, Inc. (NASDAQ: FOLD) is placing significant emphasis on patient involvement in decision-making processes while advancing multiple pipeline projects for rare diseases. The organization will persist in its emphasis on uncommon diseases, primarily by employing pharmacological chaperones and enzyme replacement therapy, in addition to allocating resources towards pioneering genetic disorder research and technology.
6. Eli Lilly and Company (LLY: NYSE).
Annual expansion: 19.56%
In the third quarter of 2023, Eli Lilly and Company (NYSE: LLY), sixth on the US biotechnology fast-growing list, saw revenue jump 37%. Product success with Mounjaro, Verzenio, and Jardiance fueled this growth. Along with FDA-approved new pharmaceuticals, the company purchased POINT Biopharma Global Inc.
Revenue rose 28% and dividends rose 15% for the sixth year in a row in Q4 2023. Leadership changed after Johna Norton retired. In 2024, Eli Lilly and Company (NYSE: LLY) generated $9.35 billion in sales and $2.19 billion in net income in the fourth quarter of 2023 by innovating throughout global healthcare.
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