Market cap: US$772.11 billion

Founded in 1876, Eli Lilly and Company employs approximately 10,000 individuals for research and development in seven countries and has products marketed in 110 countries, including therapies for diabetes, cancer, immune system diseases and a wide range of mental health conditions. The company also has drugs in development for various medical conditions, such as skin ailments, cancers, Crohn's disease, diabetes, obesity and Alzheimer's disease.

Eli Lilly's Alzheimer's disease drug donanemab completed its Phase 3 trial in May 2023, with test results showing a "significant" slowing of cognitive and functional decline for people with early symptoms of the disease. The drug, sold under the name Kisunla, was approved by the US Food and Drug Administration on July 2, 2024.

Market cap: US$484.11 billion

Danish company Novo Nordisk has demonstrated a commitment to addressing various health conditions, such as type I and II diabetes, obesity, hemophilia and growth disorders, and markets its therapies in 170 countries. The company's main product is the diabetes drug Ozempic, which is also marketed for obesity under the name Wegovy

It has been conducting research into a new obesity treatment called amycretin, which targets both GLP-1 and amylin receptors. Phase 2 trials are ongoing, but early-stage results show that volunteers taking amycretin have lost up to 13.1 percent of their body weight after 12 weeks, compared to 6 percent seen in patients taking Wegovy, which only targets GLP-1, according to the company.

Novo Nordisk has a working partnership with Microsoft (NYSE:MSFT) through which it uses the tech giant's artificial intelligence (AI), cloud and computational services to facilitate the discovery of new drugs and treatments. The firm announced in March it will work with AI heavyweight NVIDIA (NASDAQ:NVDA) to build the Danish Center for AI Innovation, which will host an NVIDIA supercomputer and will run on 100 percent renewable energy.

Market cap: US$366.83 billion

Johnson & Johnson operates on a massive scale and encompasses various segments through its subsidiaries. Its primary pharmaceutical subsidiary is Janssen Pharmaceuticals, which focuses on cardiovascular disease and metabolism, infectious diseases and vaccines, neuroscience, oncology, immunology and pulmonary hypertension.

Johnson & Johnson acquired a clinical-stage biopharmaceutical company called Ambrx Biopharma on July 3, which will allow the company to further develop antibody-drug conjugates, expanding its offering of targeted oncology therapies.

Following positive data from a Phase III study, on January 30 the company submitted its drug Darzalex Faspro to the FDA for the treatment of newly diagnosed multiple myeloma in patients who are eligible to receive a transplant. The agency approved the treatment on July 30. Johnson & Johnson submitted the same request to the European Medicines Agency on March 4, but it has not received approval there at the time of this writing.

On November 8 the company submitted the drug to both agencies for approval as a treatment for a new indication, high-risk smoldering multiple myeloma, which is an asymptomatic condition that is a precursor to multiple myeloma.

Market cap: US$320.74 billion

AbbVie is a global biopharmaceutical company that discovers and delivers innovative medicines and solutions to address complex health issues. The company has identified five areas of focus where it believes it can make a significant impact in improving treatments for patients: immunology, oncology, neuroscience, eye care and aesthetics.

Its biggest performer was Humira, a therapy for autoimmune conditions such as rheumatoid arthritis and Crohn's disease, but its exclusivity ended in 2023 and biosimilars have now entered the market.

On February 28, AbbVie announced a strategic partnership with OSE Immunotherapeutics (LSE:0RAD,EPA:OSE), a clinical-stage immunotherapy company, to develop a monoclonal antibody to treat chronic and severe inflammation.

"This collaboration underscores our commitment to expanding our immunology portfolio with the ultimate goal of improving the standard of care for patients living with inflammatory diseases globally," said Jonathon Sedgwick, PhD, senior vice president and global head of discovery research at AbbVie.

The firm cemented that point with the March 25 news that it has entered a definitive agreement to acquire Landos Biopharma (NASDAQ:LABP), a clinical-stage biopharma company that develops oral therapeutics for autoimmune diseases.

On October 31, the company entered into a collaboration agreement with biotech company EvolveImmune Therapeutics to develop biological cancer therapies using EvolveImmune's proprietary EVOLVE T-cell engager platform.

Market cap: US$257.64 billion

Merck & Company has an extensive portfolio of products, including treatments for conditions such as diabetes and cancer, as well as vaccines for a variety of diseases.

Merck has a robust research and development pipeline, with over 80 programs currently in Phase II trials, over 30 in Phase III trials and more than 10 under review. The company is actively pursuing treatments for a range of conditions, including HIV, Ebola, hepatitis C, cardio-metabolic disease and antibiotic-resistant infections.

On March 13, Merck revealed plans to develop a new version of its human papillomavirus (HPV) vaccine Gardasil; it will be a multi-valent vaccine that will protect against more strains of HPV. The company also plans to run a separate trial to evaluate the results of a single dose of Gardasil 9, its current vaccine, compared to the previous three-dose regimen. Merck intends to begin the two trials in the fourth quarter of 2024.

On September 18, the FDA approved Merck's cancer drug Keytruda for the treatment of unresectable advanced or metastatic malignant pleural mesothelioma (MPM) in adult patients, in combination with pemetrexed and platinum chemotherapy.

The company received a second nod of approval from the FDA on December 3 when the agency granted breakthrough therapy status to Merck's investigational drug sacituzumab tirumotecan for the treatment of patients with treatment-resistant advanced or metastatic nonsquamous non-small cell lung cancer, as well as epidermal growth factor receptor mutations.