Top Healthcare Stocks by Net Margin
Top healthcare companies ranked by net margin, latest annual filings.
What Net Margin Means for Healthcare Companies
Net margin inside healthcare spans one of the widest ranges of any sector because it houses both mature branded pharmaceutical franchises with heavy bottom-line profitability and pre-commercial biotechs running deep losses while their candidate molecules work through clinical trials. Hospitals, medical devices, payers, distributors, and life-science tools each sit in their own sub-economy, with net margins shaped by regulation, payer mix, and the relative weight of research spend inside the income statement.
Why It Matters in Healthcare
For mature pharma and profitable device makers, net margin reflects patent-protected pricing and disciplined research reinvestment, and a consistently strong figure across years usually points to a deep commercial franchise. For biotech, a negative net margin is the expected state rather than a warning. It is worth noting that one-time items such as trial milestones, acquired in-process research charges, and litigation settlements can move healthcare net margin meaningfully in any single reporting period.
What to Read Alongside
Pair net margin with Gross Margin for the top of the margin stack, Operating Margin which captures research intensity, and Return on Equity for how efficiently the capital base translates profit into shareholder return.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | UTHR | United Therapeutics Corporation | Healthcare | 41.94% | $23.94B |
| 2 | PTCT | PTC Therapeutics, Inc. | Healthcare | 39.44% | $5.47B |
| 3 | NVAX | Novavax, Inc. | Healthcare | 39.19% | $1.78B |
| 4 | ACAD | Acadia Pharmaceuticals Inc. | Healthcare | 36.49% | $3.67B |
| 5 | EXEL | Exelixis, Inc. | Healthcare | 33.73% | $16.98B |
| 6 | NVO | Novo Nordisk A/S | Healthcare | 33.14% | $177.74B |
| 7 | VRTX | Vertex Pharmaceuticals Incorporated | Healthcare | 32.94% | $138.71B |
| 8 | RPRX | Royalty Pharma plc | Healthcare | 32.42% | $38.60B |
| 9 | LLY | Eli Lilly and Company | Healthcare | 31.67% | $1.21T |
| 10 | REGN | Regeneron Pharmaceuticals, Inc. | Healthcare | 31.41% | $93.55B |
| 11 | ARGX | argenx SE | Healthcare | 30.41% | $58.31B |
| 12 | BIO | Bio-Rad Laboratories, Inc. | Healthcare | 29.42% | $10.26B |
| 13 | GILD | Gilead Sciences, Inc. | Healthcare | 28.90% | $207.00B |
| 14 | LKFT | Lakefront Biotherapeutics NV | Healthcare | 28.85% | $2.20B |
| 15 | JNJ | Johnson & Johnson | Healthcare | 28.46% | $664.95B |
| 16 | VEEV | Veeva Systems Inc. | Healthcare | 28.44% | $49.18B |
| 17 | ISRG | Intuitive Surgical, Inc. | Healthcare | 28.38% | $159.96B |
| 18 | ZTS | Zoetis Inc. | Healthcare | 28.23% | $32.26B |
| 19 | MRK | Merck & Co., Inc. | Healthcare | 28.08% | $361.73B |
| 20 | RMD | ResMed Inc. | Healthcare | 26.94% | $33.10B |
| 21 | GMAB | Genmab A/S | Healthcare | 25.89% | $32.98B |
| 22 | INCY | Incyte Corporation | Healthcare | 25.03% | $24.39B |
| 23 | NVS | Novartis AG | Healthcare | 24.67% | $307.00B |
| 24 | IDXX | IDEXX Laboratories, Inc. | Healthcare | 24.62% | $53.26B |
| 25 | HALO | Halozyme Therapeutics, Inc. | Healthcare | 22.69% | $11.81B |
| 26 | MTD | Mettler-Toledo International Inc. | Healthcare | 21.59% | $34.51B |
| 27 | AMGN | Amgen Inc. | Healthcare | 20.98% | $249.05B |
| 28 | QGEN | Qiagen N.V. | Healthcare | 20.33% | $10.39B |
| 29 | WAT | Waters Corporation | Healthcare | 20.30% | $44.96B |
| 30 | ILMN | Illumina, Inc. | Healthcare | 19.57% | $32.23B |
| 31 | A | Agilent Technologies, Inc. | Healthcare | 18.75% | $49.26B |
| 32 | SOLV | Solventum Corporation | Healthcare | 18.69% | $15.36B |
| 33 | GMED | Globus Medical, Inc. | Healthcare | 18.30% | $9.43B |
| 34 | DXCM | DexCom, Inc. | Healthcare | 17.94% | $29.62B |
| 35 | MEDP | Medpace Holdings, Inc. | Healthcare | 17.83% | $18.27B |
| 36 | EW | Edwards Lifesciences Corporation | Healthcare | 17.69% | $58.73B |
| 37 | GSK | GSK plc | Healthcare | 17.50% | $100.88B |
| 38 | PBH | Prestige Consumer Healthcare Inc. | Healthcare | 17.48% | $2.04B |
| 39 | AZN | AstraZeneca PLC | Healthcare | 17.41% | $289.14B |
| 40 | INDV | Indivior Pharmaceuticals, Inc. | Healthcare | 16.95% | $4.28B |
| 41 | SUPN | Supernus, Inc. | Healthcare | 16.95% | $1.52B |
| 42 | NBIX | Neurocrine Biosciences, Inc. | Healthcare | 16.73% | $16.66B |
| 43 | SNY | Sanofi | Healthcare | 16.72% | $112.71B |
| 44 | HQY | HealthEquity, Inc. | Healthcare | 16.38% | $8.57B |
| 45 | ALKS | Alkermes plc | Healthcare | 16.37% | $7.71B |
| 46 | WST | West Pharmaceutical Services, Inc. | Healthcare | 16.06% | $27.85B |
| 47 | LNTH | Lantheus Holdings, Inc. | Healthcare | 15.15% | $6.58B |
| 48 | HLN | Haleon plc | Healthcare | 15.11% | $40.17B |
| 49 | TMO | Thermo Fisher Scientific Inc. | Healthcare | 15.05% | $257.42B |
| 50 | TECH | Bio-Techne Corporation | Healthcare | 14.97% | $11.43B |
| 51 | ABT | Abbott Laboratories | Healthcare | 14.72% | $190.43B |
| 52 | DHR | Danaher Corporation | Healthcare | 14.71% | $161.89B |
| 53 | BMY | Bristol-Myers Squibb Company | Healthcare | 14.64% | $127.02B |
| 54 | BSX | Boston Scientific Corporation | Healthcare | 14.44% | $61.96B |
| 55 | MDT | Medtronic plc | Healthcare | 13.20% | $130.22B |
| 56 | STE | STERIS plc | Healthcare | 13.18% | $24.50B |
| 57 | BIIB | Biogen Inc. | Healthcare | 13.07% | $36.71B |
| 58 | SYK | Stryker Corporation | Healthcare | 12.92% | $124.06B |
| 59 | RDY | Dr. Reddy's Laboratories Limited | Healthcare | 12.76% | $12.43B |
| 60 | PEN | Penumbra, Inc. | Healthcare | 12.66% | $12.58B |
| 61 | PFE | Pfizer Inc. | Healthcare | 12.42% | $167.52B |
| 62 | STVN | Stevanato Group S.p.A. | Healthcare | 11.79% | $3.71B |
| 63 | BMRN | BioMarin Pharmaceutical Inc. | Healthcare | 10.83% | $10.85B |
| 64 | CHE | Chemed Corporation | Healthcare | 10.48% | $6.84B |
| 65 | ATR | AptarGroup, Inc. | Healthcare | 10.40% | $9.03B |
| 66 | WAY | Waystar Holding Corp. | Healthcare | 10.20% | $5.45B |
| 67 | ALGN | Align Technology, Inc. | Healthcare | 10.17% | $11.70B |
| 68 | SNN | Smith & Nephew plc | Healthcare | 10.14% | $13.04B |
| 69 | GEHC | GE HealthCare Technologies Inc. | Healthcare | 10.10% | $37.25B |
| 70 | EHC | Encompass Health Corporation | Healthcare | 9.54% | $13.50B |
| 71 | ALC | Alcon Inc. | Healthcare | 9.42% | $36.23B |
| 72 | AVAH | Aveanna Healthcare Holdings Inc. | Healthcare | 9.25% | $2.89B |
| 73 | COO | The Cooper Companies, Inc. | Healthcare | 9.16% | $11.86B |
| 74 | PODD | Insulet Corporation | Healthcare | 9.12% | $10.16B |
| 75 | DGX | Quest Diagnostics Incorporated | Healthcare | 8.99% | $28.21B |
| 76 | HCA | HCA Healthcare, Inc. | Healthcare | 8.97% | $103.40B |
| 77 | EMBC | Embecta Corp. | Healthcare | 8.83% | $350.72M |
| 78 | MD | Pediatrix Medical Group, Inc. | Healthcare | 8.64% | $2.44B |
| 79 | UHS | Universal Health Services, Inc. | Healthcare | 8.57% | $11.52B |
| 80 | ZBH | Zimmer Biomet Holdings, Inc. | Healthcare | 8.57% | $19.98B |
| 81 | MMSI | Merit Medical Systems, Inc. | Healthcare | 8.48% | $5.23B |
| 82 | ALNY | Alnylam Pharmaceuticals, Inc. | Healthcare | 8.45% | $20.89B |
| 83 | RVTY | Revvity, Inc. | Healthcare | 8.45% | $17.31B |
| 84 | IQV | IQVIA Holdings Inc. | Healthcare | 8.34% | $44.80B |
| 85 | TEVA | Teva Pharmaceutical Industries Limited | Healthcare | 8.17% | $49.72B |
| 86 | NHC | National HealthCare Corporation | Healthcare | 7.91% | $3.27B |
| 87 | CON | Concentra Group Holdings Parent, Inc. | Healthcare | 7.69% | $5.34B |
| 88 | BDX | Becton, Dickinson and Company | Healthcare | 7.68% | $57.71B |
| 89 | HAE | Haemonetics Corporation | Healthcare | 7.29% | $5.46B |
| 90 | ABBV | AbbVie Inc. | Healthcare | 6.91% | $514.78B |
| 91 | ENSG | The Ensign Group, Inc. | Healthcare | 6.80% | $10.56B |
| 92 | ADUS | Addus HomeCare Corporation | Healthcare | 6.74% | $2.32B |
| 93 | SHC | Sotera Health Company | Healthcare | 6.70% | $4.57B |
| 94 | THC | Tenet Healthcare Corporation | Healthcare | 6.60% | $22.55B |
| 95 | PAHC | Phibro Animal Health Corporation | Healthcare | 6.57% | $1.34B |
| 96 | LH | Labcorp Holdings Inc. | Healthcare | 6.28% | $29.77B |
| 97 | ITGR | Integer Holdings Corporation | Healthcare | 5.55% | $4.30B |
| 98 | DVA | DaVita Inc. | Healthcare | 5.47% | $12.04B |
| 99 | HIMS | Hims & Hers Health, Inc. | Healthcare | 5.47% | $6.07B |
| 100 | ONC | BeOne Medicines AG | Healthcare | 5.37% | $46.49B |
No companies match this search.
Net margin is GAAP net income divided by revenue, so one-time gains and tax benefits count in full: a company near the top can show a net margin well above its operating margin for that year.
How this ranking is built
Companies are ranked by net 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.
- Market cap: stated at each company's latest close, which is newer than the annual figure ranked here.
- 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.
Frequently asked questions
Why does healthcare net margin vary so much between sub-industries?
Branded pharmaceutical makers and some medical device firms enjoy regulatory and patent-driven pricing power that produces strong bottom-line profitability once a drug or device is commercialized. Hospitals and payers work on volume-driven margin structures that are structurally thinner. Pre-commercial biotechs have no meaningful product revenue yet and their reported net margins can run deeply negative for years as they finance research against future milestone and royalty income. All of these businesses sit inside the same sector label even though their economics differ fundamentally.
Why is it wise to be cautious with single-year healthcare net margins?
Healthcare income statements are frequently disrupted by one-time items: upfront payments on licensing deals, charges for acquired in-process research, pension adjustments, or settlements with government or plaintiff parties. Any of these can move a single year's net margin by a large amount without changing the underlying business economics. Rolling multi-year averages or adjusted figures the company publishes alongside GAAP results often give a more stable read on the structural profitability of the franchise than any single year in isolation.