IW 500: Pharma and Biotech Revenue Climbs 7.4% as Eli Lilly Jumps to No. 2

The annual list ranks 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."

The Leaderboard Holds Steady

Johnson & Johnson maintained its No. 1 position among pharma and biotech manufacturers. Revenue for the company came in slightly above $94 billion, a 6.05% increase over the previous year.

The full Top 10 by 2025 revenue (figures in thousands):

Eli Lilly's Breakout Year

The biggest movement in the category came from Eli Lilly, which climbed from No. 6 to No. 2.

"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."

The company's 44.70% revenue growth and 94.90% net income growth made it one of the standouts on the entire list. Notably, the top two revenue-producing manufacturers, Johnson & Johnson and Eli Lilly, each grew net income by more than 90%.

Gainers and Decliners

Elsewhere in the rankings, the spread between winners and losers was wide.

"Moderna saw the biggest revenue decline, down nearly 40% as Covid-19 vaccine demand fizzled."

Moderna's revenue fell 39.93% to $1,944,000 (in thousands), with a net loss of $2,822,000.

"Alnylam Pharmaceuticals Inc. enjoyed the biggest revenue gain, growing 65%, due largely to FDA approval of Amvuttra for ATTR amyloidosis with cardiomyopathy."

Other notable movers included Arrowhead Pharmaceuticals, Inc., which posted revenue growth of 23258.15% on $829,448 (in thousands), and Indivior Pharmaceuticals, Inc., which grew net income 2900.00%. Vertex Pharmaceuticals Incorporated recorded net income growth of 838.09%, while Gilead Sciences, Inc. posted a 1672.92% net income increase.

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