Global Pharma Market Cap TOP50: 11 Chinese Firms Make the List; Hengrui Jumps to #18, Baili Tianheng Debuts, Hansoh and BeiGene Surge
Hengrui Pharma
Innovative and High-Quality Pharmaceutical Developer
Biokin
Pharmaceutical R&D Developer
BeOne
Developer of Molecular Targeted and Immune Anti-Tumor Drugs
Hansoh Pharma
Pharmaceutical Research, Production, and Sales
Over the past year, although the number of Chinese pharmaceutical companies ranked among the top 50 global pharmaceutical enterprises by market value has decreased compared to the previous two years, there are still highlights: "Big Brother" Hengrui Pharma's ranking rose again, the star Biotech company Biokin made its debut on the list for the first time, and Summit, which is "linked" with Akeso Biopharma, emerged as a standout newcomer.
Writing | Qsher
Market value, although unable to fully reveal the intrinsic value of a pharmaceutical company, often reflects the market's comprehensive expectations for its future development.
E Pharm Executives released the "Top 50 Global Pharmaceutical Companies by Market Value" again based on Choice data statistics.(Data as of the close on December 4, 2024), to analyze the performance and development trends of pharmaceutical companies at home and abroad in 2024 from this comprehensive perspective, as well as the position of Chinese pharmaceutical companies in the global pharmaceutical industry.
From the ranking, we can intuitively see,Compared with the previous year, the ranking of the top ten global pharmaceutical companies by market value remained stable without any changes.However, Eli Lilly's market value has seen an astonishing overall increase. Although it will not reach a trillion-dollar valuation this year, it still firmly holds the top position, further widening the gap with second-place Novo Nordisk and creating a clear divide. Following closely behind are Johnson & Johnson, AbbVie, Merck, Roche, AstraZeneca, Novartis, Abbott, and Amgen. Meanwhile, Pfizer and Sanofi have yet to "return" to the top ten since dropping out last year.
By contrast, the list of Chinese pharmaceutical companies and their rankings have changed significantly.Hengrui Pharma Rises Again, Ranking 18th, rising two places; often on the listBeOne Medicines and Hansoh Pharma showed significant increases, ranking 24th and 31st respectively.; At the same time,The list also features a new face — Biokin.Since last year's authorization deal with BMS exceeding 60 billion, which refreshed the record for the largest single outbound transaction for innovative drugs from China at that time, its market value has almost steadily increased this year, even directly breaking into the top 40 global pharmaceutical companies by market value.
However, some Chinese pharmaceutical companies have dropped in the rankings. For instance, Zhifei Biological has fallen more than 10 places compared to last year, narrowly missing a spot in the top 50. Meanwhile, companies like CSPC Pharmaceutical Group and Tong Ren Tang, which had made the list for two consecutive years, unfortunately did not make the cut this time.
Hengrui Remains in the Top 20; BeOne and Hansoh Rankings Soar
Two Years LaterHengrui's market value has once again surged back above 300 billion yuan.
This is also reflected in the changes in the global pharmaceutical company rankings.Following its entry into the top 20 last year, Hengrui Pharma has once again risen two places to reach 18th place.To a certain extent, it shows that Hengrui's adherence to innovation and internationalization over the past year has gained market recognition.
First, focus on "innovation" to see.Previously, the question that the industry was most concerned about regarding Hengrui was undoubtedly the persistent inquiry of "when will the revenue from innovative drugs exceed half?" The performance in the first half of this year has provided a strong answer to this question.
After experiencing consecutive declines in performance in 2021 and 2022, Hengrui Pharma returned to positive growth in 2023. The first half of 2024 marked another key milestone, with innovative drug revenue (tax-inclusive, excluding external licensing revenue) reaching 6.612 billion yuan, and external licensing revenue amounting to 160 million euros. By estimation,The combined revenue from the two innovative sources already accounts for more than half of the total revenue.In terms of innovative achievements, the first innovative drug in its autoimmune disease field—Funaqizumab Injection—has been successfully approved for marketing. Just recently, Hengrui Pharma's Nectin-4 ADC innovative drug SHR-A2102, indicated for urothelial carcinoma, was included in the公示for proposed breakthrough therapies.
Secondly,Focus on "Internationalization"Hengrui not only successfully "ignited" a new strategy for Chinese innovative pharmaceutical companies to expand overseas — the Newco model, but also rumored to be considering going public in Hong Kong next year, aiming to raise at least 2 billion US dollars to advance its "internationalization strategy." Meanwhile, it has hired Jens Bitsch-Norhave, a veteran of Johnson & Johnson's business development, as the "Head of Global Development Affairs" ...This series of initiatives has been seen by the outside world as another significant move by Hengrui in the global market.
In terms of overall strength, Hengrui Pharma has been ranked among the top 50 global pharmaceutical companies for six consecutive years. It has also become one of the top 25 pharmaceutical companies in terms of pipeline scale for the third time, with its ranking rising to eighth place. Additionally, it holds over 10 external licenses and has significantly accelerated the progress of overseas clinical trials compared to five years ago...
In fact, Hengrui Pharma regaining market favor also reflects that China's innovative drug industry is gradually recovering.
Among Chinese pharmaceutical companies ranked in the global top 50 by market value, Hengrui Pharma leads the way.BeOne Medicines followed closely, leaping from 31st place last year to 24th place, followed by Pien Tze Huang and Hansoh Pharma.
As the "leading innovator in China's pharmaceuticals industry," BeOne Medicines delivered results in line with expectations: achieving a total operating revenue of 19.136 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 48.6%.Exceeding the total revenue of 2023, and the third-quarter revenue surpassing the one-billion-dollar mark for the first timeMore crucially, BeOne Medicines has made significant strides in its international journey. For instance, the global sales of BTK inhibitor zanubrutinib reached 4.914 billion yuan in the third quarter, marking a 91.1% year-on-year increase. Additionally, the PD-1 inhibitor tislelizumab has officially been commercially launched in the United States, and the company also announced the start of a new phase of global transformation.
Looking at Hansoh Pharma in the global pharmaceutical company market value ranking list,From 39 in 2022 to 38 in 2023, and then to 31 this time, the growth has been relatively rapid.. Behind its steady development, there is no lack of relevance; it has almost achieved Biotech's growth rate with the scale of a Pharma company, as can be seen from its progression: In 2023, revenue exceeded 10 billion yuan for the first time, with innovative products contributing over 65% of revenue; in the first half of 2024, both revenue and net profit continued to grow efficiently, with revenue from innovative drugs and collaborative products increasing by 80.6% year-on-year, accounting for more than 70% of total revenue.
However,For the two shortlisted Chinese vaccine companies, the situation is a mixed blessing.The positive side is that Zhifei Biological and Wantai Biological are still in the top 50. However, Zhifei Biological was in the top 30 last year, but this year it has slipped to over 40th place, nearly falling off the list. Wantai Biological has basically maintained its ranking, but its market value has also fallen below 100 billion yuan. Of course, overall, the change in the market value of vaccine companies is closely related to the cliff-like decline in performance. Coupled with the ongoing price war among vaccine companies, most vaccine companies have had a tough year.
RecommendationReading
Biokin Makes Its Debut, A Group of Biotech Companies Shine Brightly
Throughout the "Top 50 Global Pharmaceutical Companies by Market Value" list, one significant trend is,"Killed" their way into many Biotech companies, among which is a star player from China — Biokin.。
Many industry insiders may still remember that in December last year, Biokin reached a licensing deal totaling over 60 billion yuan with BMS, which once broke the record for the largest single outbound transaction of China's innovative drugs at that time. The BL-B01D1, subject of their collaboration, is a globally pioneering and unique...The first ADC with a bispecific antibody targeting EGFR×HER3 to enter clinical stage.
Since the authorization cooperation was reached, Biokin's stock price has once climbed, and its market value has gradually increased. Note that,On January 6, 2023, Biokin was listed on the STAR Market with a market value of only 9.9 billion yuan.Now its market value has nearly increased 9 times.In the global ranking of pharmaceutical companies by market value,Biokin, which last year was still lingering outside the top 50, this year made a remarkable leap to 37th place, becoming the "biggest dark horse" among Chinese pharmaceutical companies on the list.
Of course, since the authorized cooperation, there have been quite a few milestone events surrounding Biokin this year: in March,The upfront payment from the collaboration with BMS has been fully received.; In July, Biokin's HKEX IPO application was accepted by the Hong Kong Stock Exchange, aiming to further expand Biokin's international development; In September,Biokin's BL-B01D1 combination therapy program has received FDA approval for Phase 1/2a clinical trials., used to treat advanced solid tumors. In addition, BMS is closely collaborating with SystImmune, a wholly-owned subsidiary of Biokin, planning to initiate global registration clinical trials for BL-B01D1 in treating solid tumors by 2025, further expanding its international application... A series of events have undoubtedly driven up its performance in the capital market.
Not long ago, at the 2024 Qisi Conference organized by E-Yao Manager, Zhu Yi, Chairman of Biokin, also announced the long-term goal for the next decade — to take root in China, go global, and become an MNC.
In fact,Biokin is a typical representative of this kind of Biotech., although previously unknown, but with new drug data or significant collaborations, once gaining market favor and continuously supported by strong data, can quickly receive positive feedback in the capital markets.
Summit, which collaborates with Akeso Biopharma, is another typical example.Since 2By the end of 2022, after reaching a cooperation agreement with Akeso Biopharma, Summit's market value skyrocketed. In June this year, the two parties joined hands again and signed a supplementary licensing agreement to expand the licensed market scope of Eftokimab (Ivonescimab), a PD-1/VEGF bispecific antibody, under their original collaboration and licensing agreement.Especially in 9Month,Akeso's Ivonescimab Achieves Positive Results in Phase III Study Challenging K Drug, Becoming the World’s First Drug to Demonstrate Significantly Superior Efficacy in a Head-to-Head Phase III Monotherapy Clinical Trial Compared to K Drug, Directly Driving Another Wave of High Market Expectations, Now Breaking into the Top 40.。
The significance of this matter for the industry is still on the rise.Directly making PD-L1/VEGF bispecific antibody the "hot commodity" of the moment.Following Kangfang Biologics' $5 billion licensing of its PD-1/VEGF bispecific antibody to Summit, Pumi Biologics' PD-L1/VEGF bispecific antibody was also licensed to BioNTech for over $1 billion. Subsequently, the company was acquired by BioNTech for $950 million. Additionally, Limin Pharmaceuticals recently licensed its PD-1/VEGF bispecific antibody to Merck for $3.3 billion...
Besides,A closer look at the other new faces on the list, such as Insmed, Revolution,VaxcyteSuch is the case with Biotech as well.Revolution can be said to be obsessively targeting the RAS pathway, and with promising data emerging, its stock price has surged this year, making it one of the small- to mid-cap stocks considered a potential acquisition target in 2024. Vaxcyte, on the other hand, is challenging Pfizer's Prevnar 20 dominance with its Phase 1/2 data for the pneumococcal vaccine VAX-31, which has also led to a significant rise in its market value.
In the future, such stories may continue to unfold.
Top 10 Global Pharmaceutical Companies by Market Value, Stable Landscape
After a fierce round of adjustments last year, the top 10 global pharmaceutical companies by market value underwent significant changes.
First, Johnson & Johnson, the long-time market capitalization leader, encountered two formidable rivals in 2023—Eli Lilly and Novo Nordisk. These companies surged ahead by leveraging GLP-1 in the diabetes and weight-loss fields, overtaking Johnson & Johnson in market value and claiming the top spots, thereby forcingJohnson & Johnson Can Only Step Back to the Third PlaceSecondly,Pfizer and Sanofi Drop Out of the Top Ten Global Pharmaceutical Companies by Market Value。
This year, the story of a counteroffensive has not arrived, and the pattern from last year continues, with no change in the rankings.
With High Growth, Eli Lilly's Market Value Remains the Undisputed First, previously even reaching over 900 billion USD, everyone was looking forward to the emergence of a global pharmaceutical company with a market value of one trillion USD. However, this wish can only be put on hold temporarily, as the current market value has fallen back from its highest point this year.Maintained at over 700 billion US dollars.In line with Eli Lilly's market performance, it finally broke into the global top 10 pharmaceutical revenue rankings with a revenue of $31.5 billion in the first three quarters.
Novo Nordisk remained firmly in second place, after reaching a market value of over $600 billion in June this year.Now it has also fallen back to just over 400 billion US dollars, with little change from the end of last year, but the gap with Eli Lilly's market value has widened.。
Just yesterday,In the head-to-head competition between Tirzepatide and Novo Nordisk's weight-loss products, Tirzepatide has a slight edge. Data shows that by 72 weeks, participants using the weight-loss version of Tirzepatide, Zepbound, had lost 50.3 pounds.(22.8 kilograms), while participants using Novo Nordisk's weight-loss version of semaglutide, Wegovy, lost 33.1 pounds (15 kilograms). Compared to Wegovy, Zepbound’s weight-loss effect was 47% higher. ThisWhich means that, in this head-to-head trial, Eli Lilly's tirzepatide has defeated Novo Nordisk's semaglutide.
Notably, in July this year, Evaluate released its latest report providing an updated forecast for the global pharmaceutical market in 2030: Unless a major unforeseen event occurs, Novo Nordisk and Eli Lilly are expected to remain at the top of the industry over the next decade. The reason is clear – driven by the immense popularity of GLP-1 agonists, both Eli Lilly and Novo Nordisk have not only seen their market values soar to the pinnacle of the pharmaceutical world but have also continuously broken sales records. The product sales of both companies are projected to grow at an annual rate of over 12%, far outpacing a host of competitors with growth rates below 5%.
Evaluate also selected the top ten R&D projects with the most investment value in the future, with expected sales reaching nearly $65 billion by 2030. Among them,The top three spots are still dominated by GLP-1 drugs, including Novo Nordisk's CagriSema, Eli Lilly's oral GLP-1 product Orforglipron, and Retatrutide.In addition, Evaluate also focused on the central nervous system of endocrinology and recovery, and Donanemab, an Alzheimer's treatment drug from Eli Lilly, made the list.
Among the TOP10 market value rankings, the market value of the other familiar names has not changed much. AbbVie has seen a relatively noticeable increase, but its ranking remains unchanged. As for when this pattern will see new changes, it is still worth paying attention to.
First Trial | Huang Jia
Second Review | Li Fangchen
Third Review | Li Jingzhi
Featured Recommendations
