Top Healthcare Stocks by Gross Margin
Top healthcare companies ranked by gross margin, latest annual filings.
What Gross Margin Means for Healthcare Companies
Gross margin in healthcare spans a wider range than almost any other sector, because the category mixes branded pharmaceutical makers, generic manufacturers, medical device firms, biotech labs, hospitals, insurers, and distributors, each with very different cost bases. Branded drug developers tend to show high gross margins thanks to patent-protected pricing, while generic producers and healthcare distributors work on much thinner gross economics dominated by volume.
Why It Matters in Healthcare
In branded pharma and specialty devices, a durable gross margin often reflects regulatory moats, patent protection, or clinical differentiation that lets the firm set price rather than take it. In generics, distribution, and services, gross margin is compressed and the business competes on throughput. It is worth noting that payer mix, rebates, and contract structures can move reported gross margin period to period in ways that obscure the underlying economics, especially around list-to-net adjustments.
What to Read Alongside
Pair gross margin with Revenue to frame the commercial scale behind the margin, Operating Margin to account for research spend that weighs heavily on drug developers, and Net Margin for the bottom-line view.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | EXEL | Exelixis, Inc. | Healthcare | 96.39% | $14.82B |
| 2 | NVAX | Novavax, Inc. | Healthcare | 93.50% | $2.09B |
| 3 | INCY | Incyte Corporation | Healthcare | 92.76% | $22.57B |
| 4 | UTHR | United Therapeutics Corporation | Healthcare | 87.92% | $23.59B |
| 5 | ALKS | Alkermes plc | Healthcare | 86.69% | $6.75B |
| 6 | VRTX | Vertex Pharmaceuticals Incorporated | Healthcare | 86.24% | $128.50B |
| 7 | HALO | Halozyme Therapeutics, Inc. | Healthcare | 83.62% | $12.61B |
| 8 | LLY | Eli Lilly and Company | Healthcare | 83.04% | $1054.14B |
| 9 | ALNY | Alnylam Pharmaceuticals, Inc. | Healthcare | 81.77% | $30.38B |
| 10 | INDV | Indivior Pharmaceuticals, Inc. | Healthcare | 80.23% | $4.26B |
| 11 | GILD | Gilead Sciences, Inc. | Healthcare | 78.83% | $186.53B |
| 12 | EW | Edwards Lifesciences Corporation | Healthcare | 78.01% | $49.80B |
| 13 | BMRN | BioMarin Pharmaceutical Inc. | Healthcare | 77.73% | $10.72B |
| 14 | BIIB | Biogen Inc. | Healthcare | 75.69% | $33.90B |
| 15 | VEEV | Veeva Systems Inc. | Healthcare | 75.53% | $47.90B |
| 16 | MRK | Merck & Co., Inc. | Healthcare | 74.80% | $358.85B |
| 17 | PFE | Pfizer Inc. | Healthcare | 74.33% | $161.87B |
| 18 | HIMS | Hims & Hers Health, Inc. | Healthcare | 73.84% | $7.15B |
| 19 | ZTS | Zoetis Inc. | Healthcare | 71.84% | $31.26B |
| 20 | PODD | Insulet Corporation | Healthcare | 71.63% | $9.70B |
| 21 | BMY | Bristol-Myers Squibb Company | Healthcare | 71.08% | $117.62B |
| 22 | ABBV | AbbVie Inc. | Healthcare | 70.24% | $496.77B |
| 23 | ZBH | Zimmer Biomet Holdings, Inc. | Healthcare | 69.71% | $17.58B |
| 24 | HQY | HealthEquity, Inc. | Healthcare | 69.52% | $7.61B |
| 25 | BSX | Boston Scientific Corporation | Healthcare | 69.01% | $63.53B |
| 26 | WAY | Waystar Holding Corp. | Healthcare | 68.33% | $5.11B |
| 27 | JNJ | Johnson & Johnson | Healthcare | 67.88% | $635.56B |
| 28 | LIVN | LivaNova PLC | Healthcare | 67.71% | $4.26B |
| 29 | GMED | Globus Medical, Inc. | Healthcare | 67.41% | $10.24B |
| 30 | AMGN | Amgen Inc. | Healthcare | 67.25% | $225.75B |
| 31 | ALGN | Align Technology, Inc. | Healthcare | 67.19% | $9.98B |
| 32 | PEN | Penumbra, Inc. | Healthcare | 67.14% | $12.64B |
| 33 | ILMN | Illumina, Inc. | Healthcare | 66.08% | $41.78B |
| 34 | ISRG | Intuitive Surgical, Inc. | Healthcare | 66.00% | $151.08B |
| 35 | TECH | Bio-Techne Corporation | Healthcare | 65.77% | $11.38B |
| 36 | COO | The Cooper Companies, Inc. | Healthcare | 65.54% | $10.56B |
| 37 | MDT | Medtronic plc | Healthcare | 65.02% | $117.59B |
| 38 | SYK | Stryker Corporation | Healthcare | 63.96% | $108.40B |
| 39 | EMBC | Embecta Corp. | Healthcare | 62.64% | $0.34B |
| 40 | QGEN | Qiagen N.V. | Healthcare | 62.18% | $9.36B |
| 41 | MASI | Masimo Corporation | Healthcare | 61.90% | $9.42B |
| 42 | IDXX | IDEXX Laboratories, Inc. | Healthcare | 61.80% | $41.28B |
| 43 | LNTH | Lantheus Holdings, Inc. | Healthcare | 61.10% | $6.54B |
| 44 | RMD | ResMed Inc. | Healthcare | 61.06% | $32.99B |
| 45 | TRLV | Trulieve Cannabis Corp. | Healthcare | 60.21% | $2.00B |
| 46 | DXCM | DexCom, Inc. | Healthcare | 60.10% | $32.42B |
| 47 | MTD | Mettler-Toledo International Inc. | Healthcare | 59.37% | $31.32B |
| 48 | WAT | Waters Corporation | Healthcare | 59.28% | $42.45B |
| 49 | DHR | Danaher Corporation | Healthcare | 59.11% | $155.50B |
| 50 | HAE | Haemonetics Corporation | Healthcare | 59.04% | $5.55B |
| 51 | ABT | Abbott Laboratories | Healthcare | 56.42% | $176.19B |
| 52 | TFX | Teleflex Incorporated | Healthcare | 56.24% | $5.33B |
| 53 | SHC | Sotera Health Company | Healthcare | 55.48% | $5.18B |
| 54 | ELAN | Elanco Animal Health Incorporated | Healthcare | 54.99% | $11.27B |
| 55 | PBH | Prestige Consumer Healthcare Inc. | Healthcare | 54.71% | $2.32B |
| 56 | NVST | Envista Holdings Corporation | Healthcare | 54.67% | $3.65B |
| 57 | CNMD | CONMED Corporation | Healthcare | 54.59% | $1.36B |
| 58 | MMED | MiniMed Group, Inc. | Healthcare | 54.16% | $5.29B |
| 59 | SOLV | Solventum Corporation | Healthcare | 53.47% | $14.52B |
| 60 | OGN | Organon & Co. | Healthcare | 53.30% | $3.62B |
| 61 | A | Agilent Technologies, Inc. | Healthcare | 52.43% | $48.30B |
No companies match this search.
How this ranking is built
Companies are ranked by gross margin as reported in their most recent annual filing with the SEC. Figures shown are in US dollars (or percent, as noted), rounded to two decimals.
- Source: annual 10-K / 20-F filings from companies trading on US exchanges (NYSE, Nasdaq, AMEX).
- Fiscal year: whichever annual period the company has most recently filed. Fiscal years don't always align with the calendar year, so the "as of FY" stamp above reflects the most common year across the table.
- Filtered out: warrants, preferred shares, and duplicate listings that share a parent company's financials.
- Size floor: A company qualifies at $1 billion in annual revenue or above, so a small filer with a freak ratio cannot top the list.
- Value range: Only figures above 0% and up to 100% qualify.
- Cost-classification check: A company whose gross margin runs more than 70 points above its operating margin is left out, because at that gap the split between cost of sales and operating cost is a reporting convention rather than a margin.
- Update cadence: refreshed as companies file new annual reports (typically within 60–90 days of fiscal year end).
Not financial advice. This is a research tool, not a recommendation.