Top Healthcare Stocks by Operating Margin
Top healthcare companies ranked by operating margin, latest annual filings.
What Operating Margin Means for Healthcare Companies
Operating margin in healthcare spans one of the widest ranges of any sector. Mature pharmaceutical franchises with patented products tend to post some of the fattest operating margins in the listed universe, medical device makers sit comfortably in between, and clinical-stage biotechs typically post deeply negative operating margins as research spend dwarfs any early revenue. Hospital operators, managed-care payers, and distributors live at the thin end, where scale and throughput matter more than molecule economics.
Why It Matters in Healthcare
For branded drug franchises, operating margin captures the effect of patent protection translating directly into pricing power, while research spend remains the biggest variable cost of sustaining the pipeline. For devices, margin reflects manufacturing scale and installed-base pull-through. Still, patent cliff risk means today's margin can evaporate at a known calendar date, and acquisition-related amortization and one-time charges for litigation or recalls frequently distort a single year's read across the sector.
What to Read Alongside
Pair operating margin with Gross Margin to isolate drug or device unit economics from research and sales spend, R&D Spending to size pipeline investment, and Net Margin for the after-tax picture once milestone payments flow through.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | RPRX | Royalty Pharma plc | Healthcare | 65.58% | $38.60B |
| 2 | PTCT | PTC Therapeutics, Inc. | Healthcare | 50.09% | $5.47B |
| 3 | UTHR | United Therapeutics Corporation | Healthcare | 46.89% | $23.94B |
| 4 | NVO | Novo Nordisk A/S | Healthcare | 41.30% | $177.74B |
| 5 | NVAX | Novavax, Inc. | Healthcare | 40.30% | $1.78B |
| 6 | EXEL | Exelixis, Inc. | Healthcare | 37.59% | $16.98B |
| 7 | VRTX | Vertex Pharmaceuticals Incorporated | Healthcare | 34.77% | $138.71B |
| 8 | GILD | Gilead Sciences, Inc. | Healthcare | 34.04% | $207.00B |
| 9 | HALO | Halozyme Therapeutics, Inc. | Healthcare | 33.58% | $11.81B |
| 10 | RMD | ResMed Inc. | Healthcare | 33.37% | $33.10B |
| 11 | IDXX | IDEXX Laboratories, Inc. | Healthcare | 31.60% | $53.26B |
| 12 | NVS | Novartis AG | Healthcare | 31.13% | $307.00B |
| 13 | INCY | Incyte Corporation | Healthcare | 29.46% | $24.39B |
| 14 | ISRG | Intuitive Surgical, Inc. | Healthcare | 29.27% | $159.96B |
| 15 | VEEV | Veeva Systems Inc. | Healthcare | 28.68% | $49.18B |
| 16 | GMAB | Genmab A/S | Healthcare | 28.63% | $32.98B |
| 17 | PBH | Prestige Consumer Healthcare Inc. | Healthcare | 28.42% | $2.04B |
| 18 | LKFT | Lakefront Biotherapeutics NV | Healthcare | 26.53% | $2.20B |
| 19 | SOLV | Solventum Corporation | Healthcare | 26.20% | $15.36B |
| 20 | WAT | Waters Corporation | Healthcare | 25.36% | $44.96B |
| 21 | REGN | Regeneron Pharmaceuticals, Inc. | Healthcare | 24.95% | $93.55B |
| 22 | ARGX | argenx SE | Healthcare | 24.81% | $58.31B |
| 23 | AMGN | Amgen Inc. | Healthcare | 24.71% | $249.05B |
| 24 | ABBV | AbbVie Inc. | Healthcare | 24.65% | $514.78B |
| 25 | HQY | HealthEquity, Inc. | Healthcare | 24.55% | $8.57B |
| 26 | GSK | GSK plc | Healthcare | 24.28% | $100.88B |
| 27 | AZN | AstraZeneca PLC | Healthcare | 23.40% | $289.14B |
| 28 | WAY | Waystar Holding Corp. | Healthcare | 22.68% | $5.45B |
| 29 | EMBC | Embecta Corp. | Healthcare | 22.41% | $350.72M |
| 30 | QGEN | Qiagen N.V. | Healthcare | 22.29% | $10.39B |
| 31 | HLN | Haleon plc | Healthcare | 21.87% | $40.17B |
| 32 | NBIX | Neurocrine Biosciences, Inc. | Healthcare | 21.64% | $16.66B |
| 33 | A | Agilent Technologies, Inc. | Healthcare | 21.29% | $49.26B |
| 34 | INDV | Indivior Pharmaceuticals, Inc. | Healthcare | 21.15% | $4.28B |
| 35 | SUPN | Supernus, Inc. | Healthcare | 21.15% | $1.52B |
| 36 | MEDP | Medpace Holdings, Inc. | Healthcare | 21.14% | $18.27B |
| 37 | EW | Edwards Lifesciences Corporation | Healthcare | 20.84% | $58.73B |
| 38 | TECH | Bio-Techne Corporation | Healthcare | 20.73% | $11.43B |
| 39 | LNTH | Lantheus Holdings, Inc. | Healthcare | 20.16% | $6.58B |
| 40 | DXCM | DexCom, Inc. | Healthcare | 19.56% | $29.62B |
| 41 | SYK | Stryker Corporation | Healthcare | 19.47% | $124.06B |
| 42 | DHR | Danaher Corporation | Healthcare | 19.09% | $161.89B |
| 43 | WST | West Pharmaceutical Services, Inc. | Healthcare | 19.03% | $27.85B |
| 44 | ILMN | Illumina, Inc. | Healthcare | 18.58% | $32.23B |
| 45 | STE | STERIS plc | Healthcare | 18.56% | $24.50B |
| 46 | ABT | Abbott Laboratories | Healthcare | 18.17% | $190.43B |
| 47 | BSX | Boston Scientific Corporation | Healthcare | 18.00% | $61.96B |
| 48 | MDT | Medtronic plc | Healthcare | 17.78% | $130.22B |
| 49 | BHC | Bausch Health Companies Inc. | Healthcare | 17.66% | $3.06B |
| 50 | PODD | Insulet Corporation | Healthcare | 17.50% | $10.16B |
| 51 | TMO | Thermo Fisher Scientific Inc. | Healthcare | 17.38% | $257.42B |
| 52 | ALKS | Alkermes plc | Healthcare | 17.21% | $7.71B |
| 53 | STVN | Stevanato Group S.p.A. | Healthcare | 16.76% | $3.71B |
| 54 | COO | The Cooper Companies, Inc. | Healthcare | 16.69% | $11.86B |
| 55 | GRFS | Grifols, S.A. | Healthcare | 16.52% | $5.74B |
| 56 | THC | Tenet Healthcare Corporation | Healthcare | 16.46% | $22.55B |
| 57 | GMED | Globus Medical, Inc. | Healthcare | 16.33% | $9.43B |
| 58 | CON | Concentra Group Holdings Parent, Inc. | Healthcare | 15.44% | $5.34B |
| 59 | RDY | Dr. Reddy's Laboratories Limited | Healthcare | 15.05% | $12.43B |
| 60 | DVA | DaVita Inc. | Healthcare | 14.98% | $12.04B |
| 61 | LIVN | LivaNova PLC | Healthcare | 14.36% | $4.96B |
| 62 | AUNA | Auna S.A. | Healthcare | 14.26% | $346.58M |
| 63 | DGX | Quest Diagnostics Incorporated | Healthcare | 14.10% | $28.21B |
| 64 | SNY | Sanofi | Healthcare | 13.58% | $112.71B |
| 65 | ALGN | Align Technology, Inc. | Healthcare | 13.53% | $11.70B |
| 66 | ALNY | Alnylam Pharmaceuticals, Inc. | Healthcare | 13.51% | $20.89B |
| 67 | PEN | Penumbra, Inc. | Healthcare | 13.48% | $12.58B |
| 68 | GEHC | GE HealthCare Technologies Inc. | Healthcare | 13.40% | $37.25B |
| 69 | IQV | IQVIA Holdings Inc. | Healthcare | 13.38% | $44.80B |
| 70 | CHE | Chemed Corporation | Healthcare | 13.37% | $6.84B |
| 71 | ZBH | Zimmer Biomet Holdings, Inc. | Healthcare | 13.34% | $19.98B |
| 72 | ATR | AptarGroup, Inc. | Healthcare | 13.26% | $9.03B |
| 73 | ALC | Alcon Inc. | Healthcare | 13.08% | $36.23B |
| 74 | AMRX | Amneal Pharmaceuticals, Inc. | Healthcare | 13.05% | $7.01B |
| 75 | SNN | Smith & Nephew plc | Healthcare | 12.88% | $13.04B |
| 76 | PAHC | Phibro Animal Health Corporation | Healthcare | 12.81% | $1.34B |
| 77 | BMRN | BioMarin Pharmaceutical Inc. | Healthcare | 12.71% | $10.85B |
| 78 | TEVA | Teva Pharmaceutical Industries Limited | Healthcare | 12.50% | $49.72B |
| 79 | RVTY | Revvity, Inc. | Healthcare | 12.49% | $17.31B |
| 80 | MMSI | Merit Medical Systems, Inc. | Healthcare | 12.19% | $5.23B |
| 81 | TRLV | Trulieve Cannabis Corp. | Healthcare | 12.15% | $1.97B |
| 82 | ITGR | Integer Holdings Corporation | Healthcare | 11.94% | $4.30B |
| 83 | CYH | Community Health Systems, Inc. | Healthcare | 11.92% | $311.67M |
| 84 | BDX | Becton, Dickinson and Company | Healthcare | 11.81% | $57.71B |
| 85 | SGRY | Surgery Partners, Inc. | Healthcare | 11.77% | $2.99B |
| 86 | HAE | Haemonetics Corporation | Healthcare | 11.75% | $5.46B |
| 87 | UHS | Universal Health Services, Inc. | Healthcare | 11.48% | $11.52B |
| 88 | MD | Pediatrix Medical Group, Inc. | Healthcare | 10.91% | $2.44B |
| 89 | AVAH | Aveanna Healthcare Holdings Inc. | Healthcare | 10.54% | $2.89B |
| 90 | LH | Labcorp Holdings Inc. | Healthcare | 9.92% | $29.77B |
| 91 | ACAD | Acadia Pharmaceuticals Inc. | Healthcare | 9.78% | $3.67B |
| 92 | ADUS | Addus HomeCare Corporation | Healthcare | 9.74% | $2.32B |
| 93 | FMS | Fresenius Medical Care AG | Healthcare | 9.31% | $12.15B |
| 94 | NHC | National HealthCare Corporation | Healthcare | 8.46% | $3.27B |
| 95 | ENSG | The Ensign Group, Inc. | Healthcare | 8.41% | $10.56B |
| 96 | ONC | BeOne Medicines AG | Healthcare | 8.37% | $46.49B |
| 97 | PHG | Koninklijke Philips N.V. | Healthcare | 7.98% | $29.67B |
| 98 | NVST | Envista Holdings Corporation | Healthcare | 7.95% | $4.04B |
| 99 | MDLN | Medline Inc. | Healthcare | 7.78% | $52.12B |
| 100 | CNMD | CONMED Corporation | Healthcare | 7.46% | $1.53B |
No companies match this search.
How this ranking is built
Companies are ranked by operating 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 do pharma operating margins look so much higher than hospital or payer margins?
A patented drug is priced well above its marginal manufacturing cost for the life of the patent, which creates an unusually wide gap between revenue and cost of goods. Most of the remaining cost sits in research and sales force spend, which, while large, typically still leaves healthy operating margin. Hospitals and payers, by contrast, operate in a reimbursement system where prices are negotiated hard against payer rate sheets and labor is the dominant cost, which compresses operating margin structurally.
How should I read the operating margin of a pre-revenue biotech?
A clinical-stage biotech typically shows a deeply negative operating margin because research spend is large and product revenue is zero or trivial. The ratio itself is not a useful efficiency signal at that stage; the more meaningful question is whether the firm has enough cash on the balance sheet to fund the research program through the next value-creating readout. Operating margin becomes interpretable only once a product is commercialized at scale.