The biotechnology industry is expected to rise from over $500 billion in 2020 to over $950 billion in 2027. This expansion will be fueled by a number of variables, including an increase in the prevalence of chronic diseases brought on by chemical ubiquity. In 2020, a record 95 biotech companies will have their initial public offerings (IPOs) on stock exchanges. Since its yearly high in August 2021, the Nasdaq Biotechnology Index has dropped 23%. The biotech sector, which was pushed up with capital, is seeing a correction, according to analysts. In 2021, Pfizer forecasted $36 billion in vaccine sales. With its first commercial offering, the Spikevax Covid vaccine, Moderna, Inc. struck gold. However, investor enthusiasm has waned for some companies that still have a lot to prove.
Insider Monkey selected the biotech companies with the highest profitability. CVS Health Corporation reported annual revenue of $292.11 billion in 2021, up 8.71 percent from the previous year. A CVS pharmacy is within a 10-mile radius of 85 percent of the US population. Regeneron Pharmaceuticals, Inc. is a pharmaceutical company that develops drugs for a variety of conditions, including infectious diseases, ocular diseases, cardiovascular, allergy, and inflammatory diseases, and cancer. The Regeneron Genetics Centre, which is the entity behind the world’s largest genome research initiative, is the parent corporation of Firm. AbbVie Inc. was formed in 2013 after Abbot Laboratories was separated into two companies. The company works on a variety of therapeutics in oncology, neuroscience, immunology, and virology. In March, Citi analyst Andrew Baum raised his price objective to $170 from $155. Moderna, Inc. is the biotech company behind the widely used SpikeVax Covid vaccination. Infectious disorders, immuno-oncology, cardiovascular, and auto-immune diseases are all treated with messenger RNA-based vaccines and therapeutics. Merck & Co. was created in 1891 as a Merck Group subsidiary in the United States. In 2020, the company will have six blockbuster pharmaceuticals with a combined revenue of more than $1 billion. Outside of the United States, the company is known as Merck Sharp & Dohme (MSD). For more details, click 10 Most Profitable Biotech Companies In The World.