Patented branded drugs
Most revenue and profit come from medicines protected by patents and regulatory exclusivity, priced well above manufacturing cost.
Pharmaceutical stocks
Pharmaceutical companies discover, develop, manufacture and sell prescription medicines and vaccines. They earn high margins on patented drugs, so their value depends on how long current products keep exclusivity and whether the pipeline can replace revenue lost when patents expire.
How pharmaceutical companies make money
Pipeline and licensing
Companies spend heavily on research and buy or license late-stage assets, paying upfront, milestone and royalty amounts.
Generics and animal health
Some group members, such as Viatris in generics and Zoetis in animal health, earn lower-margin or different-cycle revenue.
What drives pharmaceutical stocks
- ◆Sales growth of the largest products
- ◆Clinical trial results and regulatory approvals
- ◆Patent expirations and generic or biosimilar competition
- ◆Drug-pricing policy, including U.S. Medicare negotiation
- ◆Acquisitions that add pipeline assets
Key risks
- ◆Revenue cliffs when major patents expire
- ◆Trial failures or safety issues
- ◆Government price controls and rebates
- ◆Litigation over products and patents
KPIs to track
- Revenue by product
- Concentration in a few drugs magnifies patent-expiry risk.
- R&D as a share of revenue
- The ongoing cost of replacing expiring products.
- Loss-of-exclusivity schedule
- 10-K filings list key patent and exclusivity dates.
- Late-stage pipeline
- Phase 3 programs and pending approvals that could add revenue.
Fiscal calendars in this group
Most large pharmaceutical companies report on a calendar year, which makes annual comparisons straightforward; acquired-research charges can still distort single-year net income.
| Fiscal year end (SEC) | Companies |
|---|---|
| December 31 | ABBV, ABT, LLY, MRK, PFE, REGN, VRTX, VTRS, ZTS |
| January 3 | JNJ |
Pharmaceutical stocks: company profiles and annual filings
Eli Lilly and Company (LLY)
Company research page
Eli Lilly is a pharmaceutical company whose GLP-1 diabetes and obesity treatments have become blockbuster franchises. It also develops therapies in oncology, immunology, and neuroscience.
- Fiscal year end in SEC snapshot
- December 31
- Annual report period end
- 2025-12-31
Abbott Laboratories (ABT)
Abbott operates across medical devices, diagnostics, nutrition, and established pharmaceuticals. Its continuous glucose-monitoring franchise has become a significant growth engine within medical devices.
- Fiscal year end in SEC snapshot
- December 31
- Annual report period end
- 2025-12-31
AbbVie Inc. (ABBV)
AbbVie is a biopharmaceutical company known for immunology drugs, aesthetics, and neuroscience treatments. It has worked to replace revenue from its Humira franchise with newer immunology therapies.
- Fiscal year end in SEC snapshot
- December 31
- Annual report period end
- 2025-12-31
Johnson & Johnson (JNJ)
Johnson & Johnson develops prescription pharmaceuticals and medical devices following the spin-off of its consumer-health business. Its diversified drug and device pipeline supports a long record of dividend increases.
- Fiscal year end in SEC snapshot
- January 3
- Annual report period end
- 2025-12-28
Merck & Co., Inc. (MRK)
Merck is a research-driven pharmaceutical company whose Keytruda immunotherapy is one of the world's top-selling cancer drugs. It also maintains major vaccine and animal-health businesses.
- Fiscal year end in SEC snapshot
- December 31
- Annual report period end
- 2025-12-31
Pfizer Inc. (PFE)
Pfizer is a global pharmaceutical company with a broad portfolio spanning vaccines, oncology, and internal medicine. After its pandemic-era surge, it has leaned on acquisitions to rebuild its long-term pipeline.
- Fiscal year end in SEC snapshot
- December 31
- Annual report period end
- 2025-12-31
Regeneron Pharmaceuticals, Inc. (REGN)
Regeneron develops biologic medicines including the eye treatment Eylea and the immunology drug Dupixent.
- Fiscal year end in SEC snapshot
- December 31
- Annual report period end
- 2025-12-31
Vertex Pharmaceuticals Incorporated (VRTX)
Vertex Pharmaceuticals develops therapies for cystic fibrosis and other serious diseases including gene-based treatments.
- Fiscal year end in SEC snapshot
- December 31
- Annual report period end
- 2025-12-31
Viatris Inc. (VTRS)
Viatris makes generic and branded medicines distributed across global markets.
- Fiscal year end in SEC snapshot
- December 31
- Annual report period end
- 2025-12-31
Zoetis Inc. (ZTS)
Zoetis develops medicines and vaccines for livestock and companion animals.
- Fiscal year end in SEC snapshot
- December 31
- Annual report period end
- 2025-12-31
Compare companies in this industry
ABBV vs LLY
Compare AbbVie Inc. and Eli Lilly and Company: business context, fiscal calendars and official filings.
ABT vs LLY
Compare Abbott Laboratories and Eli Lilly and Company: business context, fiscal calendars and official filings.
JNJ vs LLY
Compare Johnson & Johnson and Eli Lilly and Company: business context, fiscal calendars and official filings.
LLY vs MRK
Compare Eli Lilly and Company and Merck & Co., Inc.: business context, fiscal calendars and official filings.
LLY vs PFE
Compare Eli Lilly and Company and Pfizer Inc.: business context, fiscal calendars and official filings.
LLY vs REGN
Compare Eli Lilly and Company and Regeneron Pharmaceuticals, Inc.: business context, fiscal calendars and official filings.
LLY vs VRTX
Compare Eli Lilly and Company and Vertex Pharmaceuticals Incorporated: business context, fiscal calendars and official filings.
LLY vs ZTS
Compare Eli Lilly and Company and Zoetis Inc.: business context, fiscal calendars and official filings.
Sources and method
Industry codes and annual filing references come from the SEC submissions snapshot linked to each issuer in our company catalog (snapshot ; newer filings may exist). Only groups with at least three distinct issuers, business descriptions and annual filing links are included. Multiple share classes of one issuer count as one company. This is a coverage directory, not a complete industry census or a ranking of investments.
The industry explanation above is editorial and general; it is not drawn from any single company's filing. Company-specific figures are on each stock page with a link to the filing they come from.
SEC Standard Industrial Classification code list explains the classification system. Read our research methodology or browse all industry directories.
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