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](/financials/top-gross-margin-stocks/healthcare/) to isolate drug or device unit economics from research and sales spend, [R&D Spending](/financials/top-rd-spending-stocks/healthcare/) to size pipeline investment, and [Net Margin](/financials/top-net-margin-stocks/healthcare/) for the after-tax picture once milestone payments flow through.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | NNNN | Anbio Biotechnology | Healthcare | 66.70% | $0.74B |
| 2 | RPRX | Royalty Pharma plc | Healthcare | 65.58% | $24.06B |
| 3 | PTCT | PTC Therapeutics, Inc. | Healthcare | 50.09% | $6.37B |
| 4 | CRMD | CorMedix Inc. | Healthcare | 48.17% | $0.67B |
| 5 | UTHR | United Therapeutics Corporation | Healthcare | 46.89% | $23.33B |
| 6 | CPRX | Catalyst Pharmaceuticals, Inc. | Healthcare | 43.77% | $3.84B |
| 7 | CGEN | Compugen Ltd. | Healthcare | 43.05% | $0.19B |
| 8 | RIGL | Rigel Pharmaceuticals, Inc. | Healthcare | 42.63% | $0.62B |
| 9 | KRYS | Krystal Biotech, Inc. | Healthcare | 41.45% | $9.57B |
| 10 | NVAX | Novavax, Inc. | Healthcare | 40.30% | $1.51B |
| 11 | INVA | Innoviva, Inc. | Healthcare | 39.81% | $1.65B |
| 12 | BCRX | BioCryst Pharmaceuticals, Inc. | Healthcare | 38.98% | $2.30B |
| 13 | EXEL | Exelixis, Inc. | Healthcare | 37.59% | $13.32B |
| 14 | ADMA | ADMA Biologics, Inc. | Healthcare | 37.53% | $1.97B |
| 15 | SMLR | Semler Scientific, Inc. | Healthcare | 37.19% | $0.31B |
| 16 | AUPH | Aurinia Pharmaceuticals Inc. | Healthcare | 37.06% | $2.06B |
| 17 | VRTX | Vertex Pharmaceuticals Incorporated | Healthcare | 34.77% | $114.33B |
| 18 | GILD | Gilead Sciences, Inc. | Healthcare | 34.04% | $154.33B |
| 19 | HALO | Halozyme Therapeutics, Inc. | Healthcare | 33.58% | $8.45B |
| 20 | DOCS | Doximity, Inc. | Healthcare | 33.33% | $3.78B |
| 21 | IRWD | Ironwood Pharmaceuticals, Inc. | Healthcare | 33.26% | $0.61B |
| 22 | RMD | ResMed Inc. | Healthcare | 32.75% | $27.96B |
| 23 | IDXX | IDEXX Laboratories, Inc. | Healthcare | 31.60% | $44.96B |
| 24 | NUTX | Nutex Health Inc. | Healthcare | 31.49% | $1.01B |
| 25 | QTTB | Q32 Bio Inc. | Healthcare | 31.45% | $0.22B |
| 26 | IRMD | IRADIMED CORPORATION | Healthcare | 31.20% | $1.16B |
| 27 | ATRA | Atara Biotherapeutics, Inc. | Healthcare | 29.69% | $0.09B |
| 28 | UTMD | Utah Medical Products, Inc. | Healthcare | 29.60% | $0.22B |
| 29 | INCY | Incyte Corporation | Healthcare | 29.46% | $20.37B |
| 30 | ISRG | Intuitive Surgical, Inc. | Healthcare | 29.27% | $147.53B |
| 31 | VEEV | Veeva Systems Inc. | Healthcare | 28.68% | $26.34B |
| 32 | PBH | Prestige Consumer Healthcare Inc. | Healthcare | 28.42% | $2.21B |
| 33 | KROS | Keros Therapeutics, Inc. | Healthcare | 27.71% | $0.20B |
| 34 | LMAT | LeMaitre Vascular, Inc. | Healthcare | 27.21% | $2.10B |
| 35 | SOLV | Solventum Corporation | Healthcare | 26.20% | $13.32B |
| 36 | WAT | Waters Corporation | Healthcare | 25.36% | $35.13B |
| 37 | SIGA | SIGA Technologies, Inc. | Healthcare | 25.06% | $0.31B |
| 38 | REGN | Regeneron Pharmaceuticals, Inc. | Healthcare | 24.95% | $64.47B |
| 39 | AMGN | Amgen Inc. | Healthcare | 24.71% | $189.18B |
| 40 | ABBV | AbbVie Inc. | Healthcare | 24.65% | $391.50B |
| 41 | HQY | HealthEquity, Inc. | Healthcare | 24.55% | $7.27B |
| 42 | HRMY | Harmony Biosciences Holdings, Inc. | Healthcare | 24.00% | $1.98B |
| 43 | INMD | InMode Ltd. | Healthcare | 23.05% | $0.86B |
| 44 | COLL | Collegium Pharmaceutical, Inc. | Healthcare | 23.01% | $1.11B |
| 45 | WAY | Waystar Holding Corp. | Healthcare | 22.68% | $3.56B |
| 46 | EMBC | Embecta Corp. | Healthcare | 22.41% | $0.19B |
| 47 | QGEN | Qiagen N.V. | Healthcare | 22.29% | $7.63B |
| 48 | XOMAO | XOMA Royalty Corporation | Healthcare | 21.83% | – |
| 49 | NBIX | Neurocrine Biosciences, Inc. | Healthcare | 21.64% | $16.04B |
| 50 | INDV | Indivior Pharmaceuticals, Inc. | Healthcare | 21.15% | $4.54B |
| 51 | MEDP | Medpace Holdings, Inc. | Healthcare | 21.14% | $13.35B |
| 52 | EW | Edwards Lifesciences Corporation | Healthcare | 20.84% | $49.68B |
| 53 | ANAB | AnaptysBio, Inc. | Healthcare | 20.42% | $1.73B |
| 54 | MASI | Masimo Corporation | Healthcare | 20.30% | $9.42B |
| 55 | LNTH | Lantheus Holdings, Inc. | Healthcare | 20.16% | $6.81B |
| 56 | TGTX | TG Therapeutics, Inc. | Healthcare | 20.01% | $7.70B |
| 57 | DXCM | DexCom, Inc. | Healthcare | 19.56% | $28.64B |
| 58 | AMPH | Amphastar Pharmaceuticals, Inc. | Healthcare | 19.50% | $0.87B |
| 59 | SYK | Stryker Corporation | Healthcare | 19.47% | $118.05B |
| 60 | DHR | Danaher Corporation | Healthcare | 19.09% | $128.18B |
| 61 | WST | West Pharmaceutical Services, Inc. | Healthcare | 19.03% | $23.41B |
| 62 | ILMN | Illumina, Inc. | Healthcare | 18.58% | $25.25B |
| 63 | STE | STERIS plc | Healthcare | 18.56% | $20.07B |
| 64 | BTMD | biote Corp. | Healthcare | 18.50% | $0.07B |
| 65 | ABT | Abbott Laboratories | Healthcare | 18.17% | $154.45B |
| 66 | BSX | Boston Scientific Corporation | Healthcare | 18.00% | $69.50B |
| 67 | TMDX | TransMedics Group, Inc. | Healthcare | 17.93% | $2.61B |
| 68 | BDTX | Black Diamond Therapeutics, Inc. | Healthcare | 17.89% | $0.10B |
| 69 | MDT | Medtronic plc | Healthcare | 17.76% | $103.20B |
| 70 | BHC | Bausch Health Companies Inc. | Healthcare | 17.66% | $1.86B |
| 71 | PODD | Insulet Corporation | Healthcare | 17.50% | $10.26B |
| 72 | HOLX | Hologic, Inc. | Healthcare | 17.42% | $16.97B |
| 73 | TMO | Thermo Fisher Scientific Inc. | Healthcare | 17.38% | $176.04B |
| 74 | ALKS | Alkermes plc | Healthcare | 17.21% | $7.39B |
| 75 | COO | The Cooper Companies, Inc. | Healthcare | 16.69% | $13.22B |
| 76 | THC | Tenet Healthcare Corporation | Healthcare | 16.46% | $15.43B |
| 77 | NRC | NRC Health | Healthcare | 16.44% | $0.41B |
| 78 | GMED | Globus Medical, Inc. | Healthcare | 16.33% | $10.50B |
| 79 | PBYI | Puma Biotechnology, Inc. | Healthcare | 16.33% | $0.36B |
| 80 | PDEX | Pro-Dex, Inc. | Healthcare | 16.05% | $0.20B |
| 81 | CON | Concentra Group Holdings Parent, Inc. | Healthcare | 15.44% | $3.60B |
| 82 | UFPT | UFP Technologies, Inc. | Healthcare | 15.32% | $1.81B |
| 83 | LGND | Ligand Pharmaceuticals Incorporated | Healthcare | 15.29% | $5.08B |
| 84 | MDXG | MiMedx Group, Inc. | Healthcare | 15.26% | $0.55B |
| 85 | ELMD | Electromed, Inc. | Healthcare | 15.09% | $0.31B |
| 86 | DVA | DaVita Inc. | Healthcare | 14.98% | $13.46B |
| 87 | ESPR | Esperion Therapeutics, Inc. | Healthcare | 14.95% | $0.81B |
| 88 | LIVN | LivaNova PLC | Healthcare | 14.36% | $4.38B |
| 89 | SPOK | Spok Holdings, Inc. | Healthcare | 14.11% | $0.22B |
| 90 | DGX | Quest Diagnostics Incorporated | Healthcare | 14.10% | $22.38B |
| 91 | ALGN | Align Technology, Inc. | Healthcare | 13.53% | $12.77B |
| 92 | ALNY | Alnylam Pharmaceuticals, Inc. | Healthcare | 13.51% | $38.42B |
| 93 | PEN | Penumbra, Inc. | Healthcare | 13.48% | $12.52B |
| 94 | EBS | Emergent BioSolutions Inc. | Healthcare | 13.47% | $0.43B |
| 95 | MHUA | Meihua International Medical Technologies Co., Ltd. | Healthcare | 13.41% | $0.43B |
| 96 | GEHC | GE HealthCare Technologies Inc. | Healthcare | 13.40% | $29.46B |
| 97 | IQV | IQVIA Holdings Inc. | Healthcare | 13.38% | $29.77B |
| 98 | CHE | Chemed Corporation | Healthcare | 13.37% | $5.62B |
| 99 | ZBH | Zimmer Biomet Holdings, Inc. | Healthcare | 13.34% | $17.07B |
| 100 | ATR | AptarGroup, Inc. | Healthcare | 13.26% | $7.54B |
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.
- 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.