Eli Lilly's surge: Revenue up 44.70% on Mounjaro and Zepbound moved the company from No. 6 to No. 2 in the category.
- Category performance: Pharmaceutical and biotechnology manufacturers on the 2026 IW 500 grew sales 7.4% to $559 billion in fiscal 2025.
- Johnson & Johnson holds No. 1: Revenue topped $94 billion, up 6.05%, with the top two manufacturers each growing net income more than 90%.
- Biggest gainer and decliner: Alnylam Pharmaceuticals Inc. grew revenue 65% on FDA approval of Amvuttra; Moderna fell nearly 40% as Covid-19 vaccine demand faded.
- Diverging fortunes: Aggregate growth of 7.44% conceals wide spreads, from Arrowhead Pharmaceuticals, Inc.'s 23258.15% revenue gain to Viatris Inc.'s -454.23% net income change.
Pharmaceutical and biotechnology manufacturers delivered a strong showing on the 2026 IW U.S. 500, IndustryWeek's ranking of the largest publicly traded U.S. manufacturing companies based on 2025 revenues.
"Most of the pharmaceutical and biotechnology manufacturing companies on the 2026 IW 500 list enjoyed revenue growth in fiscal 2025."
"Sales for the category grew 7.4% to $559 billion."
GLP-1 Momentum Reshuffles the Top
The headline story is Eli Lilly. Revenue climbed 44.70% and net income jumped 94.90%, propelling the company from No. 6 to No. 2 among pharma and biotech firms on the list.
"The big story in pharmaceuticals and biotechnology manufacturers in the 2026 IW 500 belongs to Eli Lilly, whose revenue and net income soared on the strength of two medicines—Mounjaro and Zepbound."
Both are GLP-1 medications targeting type 2 diabetes and weight loss, respectively.
Johnson & Johnson, meanwhile, held its ground.
"Revenue for the top revenue performer in the 2026 IW 500, Johnson & Johnson, was slightly more than $94 billion, an increase of 6.05% over the previous year."
The company maintained its No. 1 position in both the 2025 and 2026 lists, with net income up 90.56%. Together, the top two revenue-producing manufacturers grew net income by more than 90%.
Rounding out the leaders, Merck & Co., Inc. posted 1.31% revenue growth, Pfizer Inc. saw revenue decline 1.65%, AbbVie Inc. grew 8.57%, Bristol-Myers Squibb Company slipped 0.22% on revenue while net income rose 178.83%, Amgen Inc. gained 9.95%, and Gilead Sciences, Inc. grew revenue 2.40% with net income up 1672.92%.
The Outliers Tell the Real Story
Not every manufacturer rode the wave.
"Moderna saw the biggest revenue decline, down nearly 40% as Covid-19 vaccine demand fizzled."
Moderna's revenue fell 39.93%.
On the other end of the spectrum:
"Alnylam Pharmaceuticals Inc. enjoyed the biggest revenue gain, growing 65%, due largely to FDA approval of Amvuttra for ATTR amyloidosis with cardiomyopathy."
Alnylam's revenue rose 65.19% and net income climbed 212.79%. Elsewhere on the list, Vertex Pharmaceuticals Incorporated grew revenue 8.90% with net income up 838.09%, while Viatris Inc. posted a 2.98% revenue decline and a net income swing of -454.23%. Novavax, Inc. grew revenue 64.69%, and ANI Pharmaceuticals, Inc. gained 43.78%.
What the Numbers Signal
The category's aggregate 7.44% revenue growth masks significant divergence. Demand for GLP-1 therapies and newly approved treatments is concentrating growth among a handful of manufacturers, while companies tied to pandemic-era products face steep pullbacks. For manufacturing professionals, the lesson is familiar: product mix and pipeline timing now drive capacity decisions across the sector.
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