# Drug Manufacturers - General — company-by-company sector analysis

> Drug Manufacturers - General: Johnson & Johnson owns the largest revenue base; Eli Lilly and Company has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Drug Manufacturers - General has outperformed S&P 500 by 10% over 52 weeks and 5.7% over 13 weeks. 10 of 16 covered companies beat the S&P 500 on Mansfield relative strength, while 8 of 16 beat the sector itself. Johnson & Johnson leads with revenue of $97,929 million, based on 16 of 16 comparable companies through Jun 2026.

### Is the Drug Manufacturers - General sector outperforming S&P 500?

Drug Manufacturers - General has outperformed S&P 500 by 10% over 52 weeks and 5.7% over 13 weeks. 10 of 16 covered companies beat the S&P 500 on Mansfield relative strength, while 8 of 16 beat the sector itself.

### Which Drug Manufacturers - General company is largest by revenue?

Johnson & Johnson leads with revenue of $97,929 million, based on 16 of 16 comparable companies through Jun 2026.

### Which Drug Manufacturers - General company is growing fastest?

Eli Lilly and Company has the fastest current revenue growth at 47.4%, across 16 of 16 comparable companies.

### Which Drug Manufacturers - General company has the strongest 4-Factor Sector Score?

Eli Lilly and Company ranks first at 70.1/100 with 82% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Drug Manufacturers - General company reports the most CAPEX?

Eli Lilly and Company reports the largest latest CAPEX at $2,326 million, with 16 of 16 companies comparable.

### Which Drug Manufacturers - General company has the least gross debt?

Amarin Corporation plc has the lowest comparable gross debt at $6 million. AbbVie Inc. has the highest at $72,858 million.

### Which Drug Manufacturers - General company has the lowest comparable PEG?

Organon & Co. has the lowest comparable Guarded PEG at 0.17, among 11 of 16 companies that pass the metric’s comparability rules.

### How much history does this Drug Manufacturers - General comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Drug Manufacturers - General has outperformed S&P 500 by 10% over the last 52 weeks. Over 13 weeks the gap is a lead of 5.7%. 10 of 16 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Organon & Co. is the strongest against the sector itself at +23.8%.

13-week sector return versus NIFTY 500: 5.7%
52-week sector return versus NIFTY 500: 10%
Stocks leading NIFTY: 10/16
Stocks leading sector: 8/16

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 16
Combined market value: ₹40.0 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Eli Lilly and Company (LLY): 70/100 — Favorable setup; evidence 82%
   - Growth & earnings 31.1/35 | Capital efficiency 15.6/25 | Valuation 4.3/20 | Relative strength 19.1/20
   - Exact sum: 31.1 + 15.6 + 4.3 + 19.1 = 70.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Amgen Inc. (AMGN): 66/100 — Favorable setup; evidence 82%
   - Growth & earnings 26.5/35 | Capital efficiency 10.2/25 | Valuation 12.6/20 | Relative strength 16.2/20
   - Exact sum: 26.5 + 10.2 + 12.6 + 16.2 = 65.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Johnson & Johnson (JNJ): 65/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 20.7/35 | Capital efficiency 17.1/25 | Valuation 10.3/20 | Relative strength 16.6/20
   - Exact sum: 20.7 + 17.1 + 10.3 + 16.6 = 64.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Gilead Sciences, Inc. (GILD): 59/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 24.1/35 | Capital efficiency 14.8/25 | Valuation 15.1/20 | Relative strength 4.5/20
   - Exact sum: 24.1 + 14.8 + 15.1 + 4.5 = 58.5
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -7.5% and the one-year return is 18.7%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
5. Bristol-Myers Squibb Company (BMY): 58/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 16.9/35 | Capital efficiency 10.9/25 | Valuation 14.5/20 | Relative strength 15.2/20
   - Exact sum: 16.9 + 10.9 + 14.5 + 15.2 = 57.5
   - Decision use: Price leads the evidence: RS versus the benchmark is 10%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
6. GSK plc (GSK): 53/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 21.8/35 | Capital efficiency 14.6/25 | Valuation 10.9/20 | Relative strength 6.0/20
   - Exact sum: 21.8 + 14.6 + 10.9 + 6 = 53.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. AbbVie Inc. (ABBV): 50/100 — Mixed-negative evidence; evidence 72%
   - Growth & earnings 15.5/35 | Capital efficiency 9.4/25 | Valuation 8.7/20 | Relative strength 16.1/20
   - Exact sum: 15.5 + 9.4 + 8.7 + 16.1 = 49.7
   - Decision use: Price leads the evidence: RS versus the benchmark is 9.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
8. Organon & Co. (OGN): 49/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 10.5/35 | Capital efficiency 8.3/25 | Valuation 16.3/20 | Relative strength 14.3/20
   - Exact sum: 10.5 + 8.3 + 16.3 + 14.3 = 49.4
   - Decision use: Price leads the evidence: RS versus the benchmark is 30.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
9. Biogen Inc. (BIIB): 48/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 11.5/35 | Capital efficiency 10.6/25 | Valuation 14.5/20 | Relative strength 10.9/20
   - Exact sum: 11.5 + 10.6 + 14.5 + 10.9 = 47.5
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
10. AstraZeneca PLC (AZN): 45/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 22.9/35 | Capital efficiency 13.4/25 | Valuation 7.9/20 | Relative strength 1.2/20
   - Exact sum: 22.9 + 13.4 + 7.9 + 1.2 = 45.4
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -14.9% and the one-year return is 16.9%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
11. Novartis AG (NVS): 44/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 11.5/35 | Capital efficiency 15.0/25 | Valuation 6.6/20 | Relative strength 10.4/20
   - Exact sum: 11.5 + 15 + 6.6 + 10.4 = 43.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Sanofi (SNY): 41/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 9.0/35 | Capital efficiency 12.6/25 | Valuation 14.5/20 | Relative strength 4.6/20
   - Exact sum: 9 + 12.6 + 14.5 + 4.6 = 40.7
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
13. Pfizer Inc. (PFE): 40/100 — Mixed-negative evidence; evidence 72%
   - Growth & earnings 15.8/35 | Capital efficiency 11.0/25 | Valuation 10.1/20 | Relative strength 3.0/20
   - Exact sum: 15.8 + 11 + 10.1 + 3 = 39.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Amarin Corporation plc (AMRN): 39/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 18.8/35 | Capital efficiency 8.6/25 | Valuation 8.5/20 | Relative strength 3.0/20
   - Exact sum: 18.8 + 8.6 + 8.5 + 3 = 38.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
15. Merck & Co., Inc. (MRK): 39/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 6.8/35 | Capital efficiency 6.5/25 | Valuation 7.7/20 | Relative strength 17.5/20
   - Exact sum: 6.8 + 6.5 + 7.7 + 17.5 = 38.5
   - Decision use: Price leads the evidence: RS versus the benchmark is 15.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
16. Grifols, S.A. (GRFS): 30/100 — Adverse evidence; evidence 72%
   - Growth & earnings 8.4/35 | Capital efficiency 6.8/25 | Valuation 11.5/20 | Relative strength 2.9/20
   - Exact sum: 8.4 + 6.8 + 11.5 + 2.9 = 29.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Johnson & Johnson is the scale leader at $97,929 million, 35.5% ahead of Eli Lilly and Company. Eli Lilly and Company's growth is 47.4% from a $72,250 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Johnson & Johnson is the scale benchmark; Eli Lilly and Company is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Johnson & Johnson's growth falls below Eli Lilly and Company's for two consecutive comparable reports while operating margin also compresses.

Evidence: Johnson & Johnson · $97,929 million | 35.5% versus #2 · Eli Lilly and Company | 8/8 recent comparable periods | 16/16 companies · 304 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Johnson & Johnson (JNJ): ₹97.9K Cr
2. Eli Lilly and Company (LLY): ₹72.3K Cr
3. Merck & Co., Inc. (MRK): ₹65.8K Cr
4. Pfizer Inc. (PFE): ₹63.3K Cr
5. AbbVie Inc. (ABBV): ₹62.8K Cr

### Revenue growth — fastest growers
1. Eli Lilly and Company (LLY): 47%
2. AstraZeneca PLC (AZN): 9.9%
3. AbbVie Inc. (ABBV): 9.5%
4. Amgen Inc. (AMGN): 9.1%
5. Johnson & Johnson (JNJ): 8.1%

### 20-quarter Revenue history
- LLY: Sep 2021 ₹6.8K Cr | Dec 2021 ₹8.0K Cr | Mar 2022 ₹7.8K Cr | Jun 2022 ₹6.5K Cr | Sep 2022 ₹6.9K Cr | Dec 2022 ₹7.3K Cr | Mar 2023 ₹7.0K Cr | Jun 2023 ₹8.3K Cr | Sep 2023 ₹9.5K Cr | Dec 2023 ₹9.4K Cr | Mar 2024 ₹8.8K Cr | Jun 2024 ₹11.3K Cr | Sep 2024 ₹11.4K Cr | Dec 2024 ₹13.5K Cr | Mar 2025 ₹12.7K Cr | Jun 2025 ₹15.6K Cr | Sep 2025 ₹17.6K Cr | Dec 2025 ₹19.3K Cr | Mar 2026 ₹19.8K Cr | Jun 2026 —
- JNJ: Sep 2021 ₹23.3K Cr | Dec 2021 ₹23.3K Cr | Mar 2022 ₹24.8K Cr | Jun 2022 ₹23.4K Cr | Sep 2022 ₹24.0K Cr | Dec 2022 ₹20.0K Cr | Mar 2023 ₹19.9K Cr | Jun 2023 ₹20.9K Cr | Sep 2023 ₹21.5K Cr | Dec 2023 ₹21.4K Cr | Mar 2024 ₹21.4K Cr | Jun 2024 ₹22.4K Cr | Sep 2024 ₹22.5K Cr | Dec 2024 ₹22.5K Cr | Mar 2025 ₹21.9K Cr | Jun 2025 ₹23.7K Cr | Sep 2025 ₹24.0K Cr | Dec 2025 ₹24.6K Cr | Mar 2026 ₹24.1K Cr | Jun 2026 ₹25.3K Cr
- ABBV: Sep 2021 ₹14.3K Cr | Dec 2021 ₹14.9K Cr | Mar 2022 ₹13.5K Cr | Jun 2022 ₹14.6K Cr | Sep 2022 ₹14.8K Cr | Dec 2022 ₹15.1K Cr | Mar 2023 ₹12.2K Cr | Jun 2023 ₹13.9K Cr | Sep 2023 ₹13.9K Cr | Dec 2023 ₹14.3K Cr | Mar 2024 ₹12.3K Cr | Jun 2024 ₹14.5K Cr | Sep 2024 ₹14.5K Cr | Dec 2024 ₹15.1K Cr | Mar 2025 ₹13.3K Cr | Jun 2025 ₹15.4K Cr | Sep 2025 ₹15.8K Cr | Dec 2025 ₹16.6K Cr | Mar 2026 ₹15.0K Cr | Jun 2026 —
- MRK: Sep 2021 ₹13.2K Cr | Dec 2021 ₹13.5K Cr | Mar 2022 ₹15.9K Cr | Jun 2022 ₹14.6K Cr | Sep 2022 ₹15.0K Cr | Dec 2022 ₹13.8K Cr | Mar 2023 ₹14.5K Cr | Jun 2023 ₹15.0K Cr | Sep 2023 ₹16.0K Cr | Dec 2023 ₹14.6K Cr | Mar 2024 ₹15.8K Cr | Jun 2024 ₹16.1K Cr | Sep 2024 ₹16.7K Cr | Dec 2024 ₹15.6K Cr | Mar 2025 ₹15.5K Cr | Jun 2025 ₹15.8K Cr | Sep 2025 ₹17.3K Cr | Dec 2025 ₹16.4K Cr | Mar 2026 ₹16.3K Cr | Jun 2026 —
- NVS: Sep 2021 ₹13.4K Cr | Dec 2021 ₹13.5K Cr | Mar 2022 ₹12.8K Cr | Jun 2022 ₹13.1K Cr | Sep 2022 ₹10.8K Cr | Dec 2022 ₹11.0K Cr | Mar 2023 ₹11.0K Cr | Jun 2023 ₹11.7K Cr | Sep 2023 ₹12.1K Cr | Dec 2023 ₹11.8K Cr | Mar 2024 ₹12.1K Cr | Jun 2024 ₹12.9K Cr | Sep 2024 ₹13.2K Cr | Dec 2024 ₹13.6K Cr | Mar 2025 ₹13.6K Cr | Jun 2025 ₹14.8K Cr | Sep 2025 ₹14.4K Cr | Dec 2025 ₹13.9K Cr | Mar 2026 ₹13.5K Cr | Jun 2026 ₹15.0K Cr
- AZN: Sep 2021 ₹9.9K Cr | Dec 2021 ₹12.0K Cr | Mar 2022 ₹11.4K Cr | Jun 2022 ₹10.8K Cr | Sep 2022 ₹11.0K Cr | Dec 2022 ₹11.2K Cr | Mar 2023 ₹10.9K Cr | Jun 2023 ₹11.4K Cr | Sep 2023 ₹11.5K Cr | Dec 2023 ₹12.0K Cr | Mar 2024 ₹12.7K Cr | Jun 2024 ₹12.9K Cr | Sep 2024 ₹13.6K Cr | Dec 2024 ₹14.9K Cr | Mar 2025 ₹13.6K Cr | Jun 2025 ₹14.5K Cr | Sep 2025 ₹15.2K Cr | Dec 2025 ₹15.5K Cr | Mar 2026 ₹15.3K Cr | Jun 2026 —
- AMGN: Sep 2021 ₹6.7K Cr | Dec 2021 ₹6.8K Cr | Mar 2022 ₹6.2K Cr | Jun 2022 ₹6.6K Cr | Sep 2022 ₹6.7K Cr | Dec 2022 ₹6.8K Cr | Mar 2023 ₹6.1K Cr | Jun 2023 ₹7.0K Cr | Sep 2023 ₹6.9K Cr | Dec 2023 ₹8.2K Cr | Mar 2024 ₹7.4K Cr | Jun 2024 ₹8.4K Cr | Sep 2024 ₹8.5K Cr | Dec 2024 ₹9.1K Cr | Mar 2025 ₹8.1K Cr | Jun 2025 ₹9.2K Cr | Sep 2025 ₹9.6K Cr | Dec 2025 ₹9.9K Cr | Mar 2026 ₹8.6K Cr | Jun 2026 —
- GILD: Sep 2021 ₹7.4K Cr | Dec 2021 ₹7.2K Cr | Mar 2022 ₹6.6K Cr | Jun 2022 ₹6.3K Cr | Sep 2022 ₹7.0K Cr | Dec 2022 ₹7.4K Cr | Mar 2023 ₹6.4K Cr | Jun 2023 ₹6.6K Cr | Sep 2023 ₹7.1K Cr | Dec 2023 ₹7.1K Cr | Mar 2024 ₹6.7K Cr | Jun 2024 ₹7.0K Cr | Sep 2024 ₹7.5K Cr | Dec 2024 ₹7.6K Cr | Mar 2025 ₹6.7K Cr | Jun 2025 ₹7.1K Cr | Sep 2025 ₹7.8K Cr | Dec 2025 ₹7.9K Cr | Mar 2026 ₹7.0K Cr | Jun 2026 —
- PFE: Sep 2021 ₹18.9K Cr | Dec 2021 ₹24.0K Cr | Mar 2022 — | Jun 2022 ₹25.7K Cr | Sep 2022 ₹27.7K Cr | Dec 2022 ₹22.6K Cr | Mar 2023 — | Jun 2023 ₹18.5K Cr | Sep 2023 ₹13.0K Cr | Dec 2023 ₹13.5K Cr | Mar 2024 ₹14.9K Cr | Jun 2024 ₹13.3K Cr | Sep 2024 ₹17.7K Cr | Dec 2024 ₹17.8K Cr | Mar 2025 ₹13.7K Cr | Jun 2025 ₹14.7K Cr | Sep 2025 ₹16.7K Cr | Dec 2025 ₹17.6K Cr | Mar 2026 ₹14.5K Cr | Jun 2026 —
- BMY: Sep 2021 ₹11.6K Cr | Dec 2021 ₹12.0K Cr | Mar 2022 ₹11.6K Cr | Jun 2022 ₹11.9K Cr | Sep 2022 ₹11.2K Cr | Dec 2022 ₹11.4K Cr | Mar 2023 ₹11.3K Cr | Jun 2023 ₹11.2K Cr | Sep 2023 ₹11.0K Cr | Dec 2023 ₹11.5K Cr | Mar 2024 ₹11.9K Cr | Jun 2024 ₹12.2K Cr | Sep 2024 ₹11.9K Cr | Dec 2024 ₹12.3K Cr | Mar 2025 ₹11.2K Cr | Jun 2025 ₹12.3K Cr | Sep 2025 ₹12.2K Cr | Dec 2025 ₹12.5K Cr | Mar 2026 ₹11.5K Cr | Jun 2026 —
- SNY: Sep 2021 ₹10.8K Cr | Dec 2021 ₹10.4K Cr | Mar 2022 ₹10.1K Cr | Jun 2022 ₹10.7K Cr | Sep 2022 ₹13.1K Cr | Dec 2022 ₹11.5K Cr | Mar 2023 ₹9.5K Cr | Jun 2023 ₹10.7K Cr | Sep 2023 ₹11.5K Cr | Dec 2023 ₹12.2K Cr | Mar 2024 ₹9.7K Cr | Jun 2024 ₹11.4K Cr | Sep 2024 ₹13.0K Cr | Dec 2024 ₹11.4K Cr | Mar 2025 ₹10.6K Cr | Jun 2025 ₹10.7K Cr | Sep 2025 ₹13.2K Cr | Dec 2025 ₹12.2K Cr | Mar 2026 ₹11.2K Cr | Jun 2026 —
- GSK: Sep 2021 ₹6.6K Cr | Dec 2021 ₹7.1K Cr | Mar 2022 ₹7.2K Cr | Jun 2022 ₹6.9K Cr | Sep 2022 ₹7.8K Cr | Dec 2022 ₹7.4K Cr | Mar 2023 ₹7.0K Cr | Jun 2023 ₹7.2K Cr | Sep 2023 ₹8.1K Cr | Dec 2023 ₹8.1K Cr | Mar 2024 ₹7.4K Cr | Jun 2024 ₹7.9K Cr | Sep 2024 ₹8.0K Cr | Dec 2024 ₹8.1K Cr | Mar 2025 ₹7.5K Cr | Jun 2025 ₹8.0K Cr | Sep 2025 ₹8.5K Cr | Dec 2025 ₹8.6K Cr | Mar 2026 ₹7.6K Cr | Jun 2026 —
- BIIB: Sep 2021 ₹2.8K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —
- GRFS: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.9K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- OGN: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- AMRN: Sep 2021 ₹142 Cr | Dec 2021 ₹144 Cr | Mar 2022 ₹95 Cr | Jun 2022 ₹94 Cr | Sep 2022 ₹90 Cr | Dec 2022 ₹90 Cr | Mar 2023 ₹86 Cr | Jun 2023 ₹80 Cr | Sep 2023 ₹66 Cr | Dec 2023 ₹75 Cr | Mar 2024 ₹57 Cr | Jun 2024 ₹67 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹62 Cr | Mar 2025 ₹42 Cr | Jun 2025 ₹73 Cr | Sep 2025 ₹50 Cr | Dec 2025 ₹49 Cr | Mar 2026 ₹45 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- LLY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.7% | Sep 2022 2.5% | Dec 2022 -8.7% | Mar 2023 -11% | Jun 2023 28% | Sep 2023 37% | Dec 2023 28% | Mar 2024 26% | Jun 2024 36% | Sep 2024 20% | Dec 2024 45% | Mar 2025 45% | Jun 2025 38% | Sep 2025 54% | Dec 2025 43% | Mar 2026 56% | Jun 2026 —
- JNJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 3.0% | Dec 2022 -14% | Mar 2023 -20% | Jun 2023 -11% | Sep 2023 -10% | Dec 2023 6.8% | Mar 2024 7.2% | Jun 2024 7.4% | Sep 2024 4.4% | Dec 2024 5.5% | Mar 2025 2.4% | Jun 2025 5.8% | Sep 2025 6.8% | Dec 2025 9.1% | Mar 2026 9.9% | Jun 2026 6.6%
- ABBV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.5% | Sep 2022 3.3% | Dec 2022 1.6% | Mar 2023 -9.7% | Jun 2023 -4.9% | Sep 2023 -6.0% | Dec 2023 -5.4% | Mar 2024 0.7% | Jun 2024 4.3% | Sep 2024 3.8% | Dec 2024 5.6% | Mar 2025 8.4% | Jun 2025 6.7% | Sep 2025 9.1% | Dec 2025 10% | Mar 2026 12% | Jun 2026 —
- MRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 28% | Sep 2022 14% | Dec 2022 2.3% | Mar 2023 -8.9% | Jun 2023 3.0% | Sep 2023 6.7% | Dec 2023 5.8% | Mar 2024 8.9% | Jun 2024 7.2% | Sep 2024 4.4% | Dec 2024 6.8% | Mar 2025 -1.6% | Jun 2025 -1.9% | Sep 2025 3.7% | Dec 2025 5.0% | Mar 2026 4.9% | Jun 2026 —
- NVS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.6% | Sep 2022 -19% | Dec 2022 -19% | Mar 2023 -14% | Jun 2023 -10% | Sep 2023 12% | Dec 2023 7.4% | Mar 2024 9.7% | Jun 2024 9.6% | Sep 2024 8.9% | Dec 2024 15% | Mar 2025 12% | Jun 2025 15% | Sep 2025 9.0% | Dec 2025 2.2% | Mar 2026 -0.7% | Jun 2026 0.8%
- AZN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 31% | Sep 2022 11% | Dec 2022 -6.7% | Mar 2023 -4.5% | Jun 2023 6.0% | Sep 2023 4.6% | Dec 2023 7.3% | Mar 2024 17% | Jun 2024 13% | Sep 2024 18% | Dec 2024 24% | Mar 2025 7.2% | Jun 2025 12% | Sep 2025 12% | Dec 2025 4.1% | Mar 2026 13% | Jun 2026 —
- AMGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.0% | Sep 2022 -0.8% | Dec 2022 -0.1% | Mar 2023 -2.1% | Jun 2023 5.9% | Sep 2023 3.8% | Dec 2023 20% | Mar 2024 22% | Jun 2024 20% | Sep 2024 23% | Dec 2024 11% | Mar 2025 9.4% | Jun 2025 9.4% | Sep 2025 12% | Dec 2025 8.6% | Mar 2026 5.8% | Jun 2026 —
- GILD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.7% | Sep 2022 -5.1% | Dec 2022 2.0% | Mar 2023 -3.6% | Jun 2023 5.4% | Sep 2023 0.1% | Dec 2023 -3.7% | Mar 2024 5.3% | Jun 2024 5.4% | Sep 2024 7.0% | Dec 2024 6.4% | Mar 2025 -0.3% | Jun 2025 1.8% | Sep 2025 3.0% | Dec 2025 4.7% | Mar 2026 4.4% | Jun 2026 —
- PFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 47% | Dec 2022 -5.8% | Mar 2023 — | Jun 2023 -28% | Sep 2023 -53% | Dec 2023 -40% | Mar 2024 — | Jun 2024 -28% | Sep 2024 36% | Dec 2024 32% | Mar 2025 -7.8% | Jun 2025 10% | Sep 2025 -5.9% | Dec 2025 -1.2% | Mar 2026 5.4% | Jun 2026 —
- BMY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.6% | Sep 2022 -3.5% | Dec 2022 -4.8% | Mar 2023 -2.7% | Jun 2023 -5.6% | Sep 2023 -2.3% | Dec 2023 0.6% | Mar 2024 4.7% | Jun 2024 8.7% | Sep 2024 8.4% | Dec 2024 7.5% | Mar 2025 -5.6% | Jun 2025 0.6% | Sep 2025 2.8% | Dec 2025 1.3% | Mar 2026 2.6% | Jun 2026 —
- SNY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 21% | Dec 2022 10% | Mar 2023 -5.8% | Jun 2023 -0.6% | Sep 2023 -12% | Dec 2023 6.5% | Mar 2024 2.7% | Jun 2024 6.5% | Sep 2024 12% | Dec 2024 -6.4% | Mar 2025 9.1% | Jun 2025 -5.7% | Sep 2025 1.5% | Dec 2025 6.9% | Mar 2026 6.0% | Jun 2026 —
- GSK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 18% | Dec 2022 4.2% | Mar 2023 -3.3% | Jun 2023 3.6% | Sep 2023 4.1% | Dec 2023 9.2% | Mar 2024 5.9% | Jun 2024 9.8% | Sep 2024 -1.7% | Dec 2024 0.8% | Mar 2025 2.1% | Jun 2025 1.3% | Sep 2025 6.7% | Dec 2025 6.2% | Mar 2026 1.5% | Jun 2026 —
- BIIB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -6.7% | Sep 2022 -9.7% | Dec 2022 -7.0% | Mar 2023 -2.7% | Jun 2023 -5.1% | Sep 2023 0.8% | Dec 2023 -6.2% | Mar 2024 -7.0% | Jun 2024 0.4% | Sep 2024 -2.5% | Dec 2024 2.9% | Mar 2025 6.1% | Jun 2025 7.3% | Sep 2025 2.8% | Dec 2025 -7.2% | Mar 2026 1.9% | Jun 2026 —
- GRFS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 29% | Dec 2022 52% | Mar 2023 23% | Jun 2023 7.8% | Sep 2023 3.6% | Dec 2023 -2.8% | Mar 2024 4.2% | Jun 2024 9.3% | Sep 2024 12% | Dec 2024 12% | Mar 2025 9.8% | Jun 2025 4.0% | Sep 2025 4.0% | Dec 2025 0.3% | Mar 2026 -4.8% | Jun 2026 —
- OGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -0.6% | Sep 2022 -3.9% | Dec 2022 -7.4% | Mar 2023 -1.9% | Jun 2023 1.5% | Sep 2023 -1.2% | Dec 2023 7.6% | Mar 2024 5.5% | Jun 2024 -0.1% | Sep 2024 4.2% | Dec 2024 -0.4% | Mar 2025 -6.7% | Jun 2025 -0.8% | Sep 2025 1.3% | Dec 2025 -5.3% | Mar 2026 -3.5% | Jun 2026 —
- AMRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -39% | Sep 2022 -37% | Dec 2022 -38% | Mar 2023 -9.5% | Jun 2023 -15% | Sep 2023 -27% | Dec 2023 -17% | Mar 2024 -34% | Jun 2024 -16% | Sep 2024 -36% | Dec 2024 -17% | Mar 2025 -26% | Jun 2025 9.0% | Sep 2025 19% | Dec 2025 -21% | Mar 2026 7.1% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Eli Lilly and Company leads opm at 45%; Amgen Inc. leads margin change at +16.4 percentage points.

Investor read: Eli Lilly and Company sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Eli Lilly and Company · 45% | 21% versus #2 · Gilead Sciences, Inc. | 8/8 recent comparable periods | 16/16 companies · 304 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Eli Lilly and Company (LLY): 45%
2. Gilead Sciences, Inc. (GILD): 37%
3. Novartis AG (NVS): 32%
4. Amgen Inc. (AMGN): 31%
5. GSK plc (GSK): 30%

### Margin change — fastest expanders
1. Amgen Inc. (AMGN): +16.4 pp
2. Eli Lilly and Company (LLY): +16.0 pp
3. Amarin Corporation plc (AMRN): +14.8 pp
4. Gilead Sciences, Inc. (GILD): +3.6 pp
5. Pfizer Inc. (PFE): +1.6 pp

### 20-quarter OPM history
- LLY: Sep 2021 28% | Dec 2021 24% | Mar 2022 31% | Jun 2022 19% | Sep 2022 24% | Dec 2022 25% | Mar 2023 22% | Jun 2023 26% | Sep 2023 4.7% | Dec 2023 26% | Mar 2024 29% | Jun 2024 33% | Sep 2024 13% | Dec 2024 38% | Mar 2025 29% | Jun 2025 44% | Sep 2025 42% | Dec 2025 43% | Mar 2026 45% | Jun 2026 —
- JNJ: Sep 2021 27% | Dec 2021 25% | Mar 2022 22% | Jun 2022 25% | Sep 2022 26% | Dec 2022 27% | Mar 2023 23% | Jun 2023 28% | Sep 2023 28% | Dec 2023 27% | Mar 2024 28% | Jun 2024 28% | Sep 2024 23% | Dec 2024 16% | Mar 2025 28% | Jun 2025 28% | Sep 2025 30% | Dec 2025 22% | Mar 2026 26% | Jun 2026 28%
- ABBV: Sep 2021 30% | Dec 2021 34% | Mar 2022 35% | Jun 2022 23% | Sep 2022 31% | Dec 2022 36% | Mar 2023 23% | Jun 2023 33% | Sep 2023 16% | Dec 2023 22% | Mar 2024 23% | Jun 2024 28% | Sep 2024 27% | Dec 2024 -9.9% | Mar 2025 28% | Jun 2025 32% | Sep 2025 12% | Dec 2025 27% | Mar 2026 27% | Jun 2026 —
- MRK: Sep 2021 37% | Dec 2021 26% | Mar 2022 35% | Jun 2022 34% | Sep 2022 27% | Dec 2022 25% | Mar 2023 26% | Jun 2023 -34% | Sep 2023 36% | Dec 2023 -14% | Mar 2024 36% | Jun 2024 38% | Sep 2024 24% | Dec 2024 28% | Mar 2025 38% | Jun 2025 32% | Sep 2025 38% | Dec 2025 24% | Mar 2026 -21% | Jun 2026 —
- NVS: Sep 2021 24% | Dec 2021 19% | Mar 2022 22% | Jun 2022 17% | Sep 2022 17% | Dec 2022 16% | Mar 2023 24% | Jun 2023 24% | Sep 2023 15% | Dec 2023 22% | Mar 2024 28% | Jun 2024 31% | Sep 2024 28% | Dec 2024 26% | Mar 2025 34% | Jun 2025 33% | Sep 2025 31% | Dec 2025 26% | Mar 2026 31% | Jun 2026 32%
- AZN: Sep 2021 -17% | Dec 2021 -2.4% | Mar 2022 7.7% | Jun 2022 5.0% | Sep 2022 11% | Dec 2022 9.8% | Mar 2023 23% | Jun 2023 22% | Sep 2023 17% | Dec 2023 10% | Mar 2024 25% | Jun 2024 21% | Sep 2024 16% | Dec 2024 14% | Mar 2025 27% | Jun 2025 24% | Sep 2025 24% | Dec 2025 19% | Mar 2026 28% | Jun 2026 —
- AMGN: Sep 2021 36% | Dec 2021 34% | Mar 2022 40% | Jun 2022 33% | Sep 2022 40% | Dec 2022 33% | Mar 2023 32% | Jun 2023 38% | Sep 2023 29% | Dec 2023 16% | Mar 2024 13% | Jun 2024 23% | Sep 2024 24% | Dec 2024 25% | Mar 2025 15% | Jun 2025 29% | Sep 2025 26% | Dec 2025 28% | Mar 2026 31% | Jun 2026 —
- GILD: Sep 2021 52% | Dec 2021 13% | Mar 2022 3.0% | Jun 2022 32% | Sep 2022 40% | Dec 2022 31% | Mar 2023 27% | Jun 2023 25% | Sep 2023 37% | Dec 2023 23% | Mar 2024 -65% | Jun 2024 38% | Sep 2024 12% | Dec 2024 32% | Mar 2025 34% | Jun 2025 35% | Sep 2025 43% | Dec 2025 25% | Mar 2026 37% | Jun 2026 —
- PFE: Sep 2021 37% | Dec 2021 33% | Mar 2022 — | Jun 2022 35% | Sep 2022 41% | Dec 2022 40% | Mar 2023 — | Jun 2023 34% | Sep 2023 17% | Dec 2023 -25% | Mar 2024 23% | Jun 2024 -0.8% | Sep 2024 27% | Dec 2024 -0.1% | Mar 2025 20% | Jun 2025 21% | Sep 2025 20% | Dec 2025 -9.4% | Mar 2026 22% | Jun 2026 —
- BMY: Sep 2021 15% | Dec 2021 19% | Mar 2022 20% | Jun 2022 19% | Sep 2022 18% | Dec 2022 14% | Mar 2023 21% | Jun 2023 16% | Sep 2023 17% | Dec 2023 11% | Mar 2024 -96% | Jun 2024 13% | Sep 2024 16% | Dec 2024 3.9% | Mar 2025 30% | Jun 2025 19% | Sep 2025 25% | Dec 2025 11% | Mar 2026 29% | Jun 2026 —
- SNY: Sep 2021 28% | Dec 2021 14% | Mar 2022 24% | Jun 2022 13% | Sep 2022 21% | Dec 2022 36% | Mar 2023 22% | Jun 2023 17% | Sep 2023 26% | Dec 2023 2.8% | Mar 2024 13% | Jun 2024 14% | Sep 2024 27% | Dec 2024 8.3% | Mar 2025 22% | Jun 2025 14% | Sep 2025 28% | Dec 2025 -8.5% | Mar 2026 19% | Jun 2026 —
- GSK: Sep 2021 21% | Dec 2021 7.0% | Mar 2022 32% | Jun 2022 16% | Sep 2022 15% | Dec 2022 25% | Mar 2023 30% | Jun 2023 30% | Sep 2023 24% | Dec 2023 7.1% | Mar 2024 20% | Jun 2024 21% | Sep 2024 2.4% | Dec 2024 8.6% | Mar 2025 30% | Jun 2025 25% | Sep 2025 30% | Dec 2025 13% | Mar 2026 30% | Jun 2026 —
- BIIB: Sep 2021 29% | Dec 2021 22% | Mar 2022 24% | Jun 2022 33% | Sep 2022 32% | Dec 2022 28% | Mar 2023 21% | Jun 2023 24% | Sep 2023 6.3% | Dec 2023 16% | Mar 2024 24% | Jun 2024 32% | Sep 2024 19% | Dec 2024 17% | Mar 2025 16% | Jun 2025 30% | Sep 2025 23% | Dec 2025 6.6% | Mar 2026 16% | Jun 2026 —
- GRFS: Sep 2021 5.5% | Dec 2021 5.5% | Mar 2022 13% | Jun 2022 17% | Sep 2022 13% | Dec 2022 7.9% | Mar 2023 3.2% | Jun 2023 14% | Sep 2023 16% | Dec 2023 15% | Mar 2024 13% | Jun 2024 17% | Sep 2024 18% | Dec 2024 -41% | Mar 2025 15% | Jun 2025 18% | Sep 2025 19% | Dec 2025 14% | Mar 2026 15% | Jun 2026 —
- OGN: Sep 2021 31% | Dec 2021 21% | Mar 2022 34% | Jun 2022 23% | Sep 2022 26% | Dec 2022 18% | Mar 2023 25% | Jun 2023 24% | Sep 2023 15% | Dec 2023 16% | Mar 2024 23% | Jun 2024 23% | Sep 2024 21% | Dec 2024 18% | Mar 2025 15% | Jun 2025 20% | Sep 2025 22% | Dec 2025 14% | Mar 2026 16% | Jun 2026 —
- AMRN: Sep 2021 -9.2% | Dec 2021 11% | Mar 2022 -30% | Jun 2022 -67% | Sep 2022 -5.7% | Dec 2022 -11% | Mar 2023 -20% | Jun 2023 -30% | Sep 2023 -33% | Dec 2023 -6.5% | Mar 2024 -24% | Jun 2024 -0.8% | Sep 2024 -60% | Dec 2024 -84% | Mar 2025 -40% | Jun 2025 -22% | Sep 2025 -22% | Dec 2025 -13% | Mar 2026 -25% | Jun 2026 —

### 20-quarter Margin change history
- LLY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.1 pp | Sep 2022 −3.6 pp | Dec 2022 +1.1 pp | Mar 2023 −9.3 pp | Jun 2023 +6.9 pp | Sep 2023 −19.5 pp | Dec 2023 +0.4 pp | Mar 2024 +7.1 pp | Jun 2024 +7.3 pp | Sep 2024 +8.6 pp | Dec 2024 +12.5 pp | Mar 2025 +0.4 pp | Jun 2025 +11.2 pp | Sep 2025 +28.5 pp | Dec 2025 +5.4 pp | Mar 2026 +16.0 pp | Jun 2026 —
- JNJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.9 pp | Dec 2022 +2.1 pp | Mar 2023 +1.4 pp | Jun 2023 +2.9 pp | Sep 2023 +2.0 pp | Dec 2023 −0.1 pp | Mar 2024 +5.2 pp | Jun 2024 +0.2 pp | Sep 2024 −5.1 pp | Dec 2024 −10.6 pp | Mar 2025 −0.1 pp | Jun 2025 +0.4 pp | Sep 2025 +7.0 pp | Dec 2025 +6.3 pp | Mar 2026 −1.9 pp | Jun 2026 0.0 pp
- ABBV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −9.2 pp | Sep 2022 +1.1 pp | Dec 2022 +2.3 pp | Mar 2023 −12.2 pp | Jun 2023 +9.9 pp | Sep 2023 −14.7 pp | Dec 2023 −14.1 pp | Mar 2024 +0.1 pp | Jun 2024 −4.9 pp | Sep 2024 +10.1 pp | Dec 2024 −32.2 pp | Mar 2025 +5.3 pp | Jun 2025 +4.1 pp | Sep 2025 −14.4 pp | Dec 2025 +37.2 pp | Mar 2026 −1.4 pp | Jun 2026 —
- MRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +19.5 pp | Sep 2022 −9.8 pp | Dec 2022 −1.5 pp | Mar 2023 −9.2 pp | Jun 2023 −68.0 pp | Sep 2023 +9.2 pp | Dec 2023 −38.4 pp | Mar 2024 +9.9 pp | Jun 2024 +71.8 pp | Sep 2024 −12.4 pp | Dec 2024 +41.0 pp | Mar 2025 +2.1 pp | Jun 2025 −5.9 pp | Sep 2025 +14.1 pp | Dec 2025 −4.0 pp | Mar 2026 −58.7 pp | Jun 2026 —
- NVS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −9.2 pp | Sep 2022 −7.3 pp | Dec 2022 −2.9 pp | Mar 2023 +1.4 pp | Jun 2023 +6.9 pp | Sep 2023 −2.3 pp | Dec 2023 +5.9 pp | Mar 2024 +4.1 pp | Jun 2024 +7.3 pp | Sep 2024 +12.9 pp | Dec 2024 +4.1 pp | Mar 2025 +6.4 pp | Jun 2025 +1.6 pp | Sep 2025 +3.8 pp | Dec 2025 +0.1 pp | Mar 2026 −2.9 pp | Jun 2026 −1.0 pp
- AZN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −8.7 pp | Sep 2022 +28.3 pp | Dec 2022 +12.2 pp | Mar 2023 +15.7 pp | Jun 2023 +16.5 pp | Sep 2023 +5.7 pp | Dec 2023 +0.5 pp | Mar 2024 +1.2 pp | Jun 2024 −0.3 pp | Sep 2024 −1.5 pp | Dec 2024 +3.4 pp | Mar 2025 +2.4 pp | Jun 2025 +3.1 pp | Sep 2025 +8.1 pp | Dec 2025 +5.5 pp | Mar 2026 +0.8 pp | Jun 2026 —
- AMGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +20.3 pp | Sep 2022 +4.5 pp | Dec 2022 −1.1 pp | Mar 2023 −8.6 pp | Jun 2023 +5.4 pp | Sep 2023 −10.7 pp | Dec 2023 −17.1 pp | Mar 2024 −18.2 pp | Jun 2024 −15.6 pp | Sep 2024 −5.2 pp | Dec 2024 +9.9 pp | Mar 2025 +1.2 pp | Jun 2025 +6.1 pp | Sep 2025 +2.3 pp | Dec 2025 +2.2 pp | Mar 2026 +16.4 pp | Jun 2026 —
- GILD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.7 pp | Sep 2022 −11.5 pp | Dec 2022 +17.7 pp | Mar 2023 +23.8 pp | Jun 2023 −7.2 pp | Sep 2023 −3.1 pp | Dec 2023 −8.0 pp | Mar 2024 −91.4 pp | Jun 2024 +12.8 pp | Sep 2024 −25.4 pp | Dec 2024 +9.7 pp | Mar 2025 +98.2 pp | Jun 2025 −3.1 pp | Sep 2025 +31.0 pp | Dec 2025 −7.4 pp | Mar 2026 +3.6 pp | Jun 2026 —
- PFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.5 pp | Dec 2022 +7.2 pp | Mar 2023 — | Jun 2023 −1.4 pp | Sep 2023 −23.9 pp | Dec 2023 −64.6 pp | Mar 2024 — | Jun 2024 −34.7 pp | Sep 2024 +9.2 pp | Dec 2024 +24.7 pp | Mar 2025 −2.7 pp | Jun 2025 +21.6 pp | Sep 2025 −6.6 pp | Dec 2025 −9.3 pp | Mar 2026 +1.6 pp | Jun 2026 —
- BMY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +5.6 pp | Sep 2022 +3.4 pp | Dec 2022 −4.4 pp | Mar 2023 +0.7 pp | Jun 2023 −3.4 pp | Sep 2023 −1.3 pp | Dec 2023 −3.0 pp | Mar 2024 −117.2 pp | Jun 2024 −2.7 pp | Sep 2024 −1.0 pp | Dec 2024 −7.5 pp | Mar 2025 +125.9 pp | Jun 2025 +5.7 pp | Sep 2025 +8.5 pp | Dec 2025 +7.5 pp | Mar 2026 −1.0 pp | Jun 2026 —
- SNY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.9 pp | Sep 2022 −7.4 pp | Dec 2022 +21.6 pp | Mar 2023 −1.9 pp | Jun 2023 +4.1 pp | Sep 2023 +5.6 pp | Dec 2023 −33.0 pp | Mar 2024 −9.2 pp | Jun 2024 −3.4 pp | Sep 2024 +1.0 pp | Dec 2024 +5.5 pp | Mar 2025 +8.8 pp | Jun 2025 −0.3 pp | Sep 2025 +0.2 pp | Dec 2025 −16.8 pp | Mar 2026 −2.6 pp | Jun 2026 —
- GSK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −6.2 pp | Sep 2022 −5.6 pp | Dec 2022 +18.3 pp | Mar 2023 −1.9 pp | Jun 2023 +14.2 pp | Sep 2023 +8.7 pp | Dec 2023 −18.2 pp | Mar 2024 −9.8 pp | Jun 2024 −8.9 pp | Sep 2024 −21.5 pp | Dec 2024 +1.5 pp | Mar 2025 +9.3 pp | Jun 2025 +4.4 pp | Sep 2025 +27.9 pp | Dec 2025 +4.2 pp | Mar 2026 +0.6 pp | Jun 2026 —
- BIIB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +15.0 pp | Sep 2022 +3.7 pp | Dec 2022 +6.7 pp | Mar 2023 −3.5 pp | Jun 2023 −8.6 pp | Sep 2023 −26.0 pp | Dec 2023 −12.5 pp | Mar 2024 +3.8 pp | Jun 2024 +7.9 pp | Sep 2024 +12.6 pp | Dec 2024 +1.5 pp | Mar 2025 −8.8 pp | Jun 2025 −1.8 pp | Sep 2025 +4.4 pp | Dec 2025 −10.6 pp | Mar 2026 +0.4 pp | Jun 2026 —
- GRFS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.3 pp | Sep 2022 +7.6 pp | Dec 2022 +2.4 pp | Mar 2023 −9.6 pp | Jun 2023 −3.4 pp | Sep 2023 +2.4 pp | Dec 2023 +7.5 pp | Mar 2024 +9.3 pp | Jun 2024 +2.7 pp | Sep 2024 +2.2 pp | Dec 2024 −56.8 pp | Mar 2025 +2.6 pp | Jun 2025 +1.9 pp | Sep 2025 +1.3 pp | Dec 2025 +55.1 pp | Mar 2026 −0.3 pp | Jun 2026 —
- OGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −9.1 pp | Sep 2022 −4.8 pp | Dec 2022 −3.2 pp | Mar 2023 −9.6 pp | Jun 2023 +0.8 pp | Sep 2023 −10.6 pp | Dec 2023 −1.7 pp | Mar 2024 −1.6 pp | Jun 2024 −1.1 pp | Sep 2024 +6.1 pp | Dec 2024 +2.2 pp | Mar 2025 −7.8 pp | Jun 2025 −2.8 pp | Sep 2025 +0.9 pp | Dec 2025 −4.2 pp | Mar 2026 +0.7 pp | Jun 2026 —
- AMRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −72.2 pp | Sep 2022 +3.5 pp | Dec 2022 −21.8 pp | Mar 2023 +9.7 pp | Jun 2023 +36.6 pp | Sep 2023 −26.8 pp | Dec 2023 +4.1 pp | Mar 2024 −3.8 pp | Jun 2024 +29.1 pp | Sep 2024 −27.0 pp | Dec 2024 −77.8 pp | Mar 2025 −15.9 pp | Jun 2025 −21.2 pp | Sep 2025 +37.1 pp | Dec 2025 +71.4 pp | Mar 2026 +14.8 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Eli Lilly and Company leads with $25,278 million of TTM profit, 20.2% above Johnson & Johnson. Eli Lilly and Company shows ≥100% on the scoring scale (127.6% uncapped) growth from a $25,278 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Eli Lilly and Company sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Eli Lilly and Company · $25,278 million | 20.2% versus #2 · Johnson & Johnson | 8/8 recent comparable periods | 16/16 companies · 304 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Eli Lilly and Company (LLY): ₹25.3K Cr
2. Johnson & Johnson (JNJ): ₹21.0K Cr
3. Novartis AG (NVS): ₹12.7K Cr
4. AstraZeneca PLC (AZN): ₹10.4K Cr
5. Gilead Sciences, Inc. (GILD): ₹9.2K Cr

### Profit growth — fastest growers
1. Eli Lilly and Company (LLY): 100%
2. GSK plc (GSK): 75%
3. Gilead Sciences, Inc. (GILD): 55%
4. Bristol-Myers Squibb Company (BMY): 34%
5. AstraZeneca PLC (AZN): 34%

### 20-quarter Net profit history
- LLY: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹953 Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹-57 Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹970 Cr | Dec 2024 ₹4.4K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹5.7K Cr | Sep 2025 ₹5.6K Cr | Dec 2025 ₹6.6K Cr | Mar 2026 ₹7.4K Cr | Jun 2026 —
- JNJ: Sep 2021 ₹6.3K Cr | Dec 2021 ₹3.7K Cr | Mar 2022 ₹4.7K Cr | Jun 2022 ₹5.1K Cr | Sep 2022 ₹4.8K Cr | Dec 2022 ₹4.3K Cr | Mar 2023 ₹3.2K Cr | Jun 2023 ₹-491 Cr | Sep 2023 ₹5.4K Cr | Dec 2023 ₹4.3K Cr | Mar 2024 ₹3.3K Cr | Jun 2024 ₹4.7K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹11.0K Cr | Jun 2025 ₹5.5K Cr | Sep 2025 ₹5.2K Cr | Dec 2025 ₹5.1K Cr | Mar 2026 ₹5.2K Cr | Jun 2026 ₹5.5K Cr
- ABBV: Sep 2021 ₹3.2K Cr | Dec 2021 ₹4.0K Cr | Mar 2022 ₹4.5K Cr | Jun 2022 ₹928 Cr | Sep 2022 ₹4.0K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹241 Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹824 Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹-23 Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹941 Cr | Sep 2025 ₹188 Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹697 Cr | Jun 2026 —
- MRK: Sep 2021 ₹4.6K Cr | Dec 2021 ₹3.8K Cr | Mar 2022 ₹4.3K Cr | Jun 2022 ₹3.9K Cr | Sep 2022 ₹3.3K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹-6.0K Cr | Sep 2023 ₹4.8K Cr | Dec 2023 ₹-1.2K Cr | Mar 2024 ₹4.8K Cr | Jun 2024 ₹5.5K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹3.7K Cr | Mar 2025 ₹5.1K Cr | Jun 2025 ₹4.4K Cr | Sep 2025 ₹5.8K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹-4.2K Cr | Jun 2026 —
- NVS: Sep 2021 ₹2.8K Cr | Dec 2021 ₹16.3K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹2.2K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹3.6K Cr | Jun 2025 ₹4.0K Cr | Sep 2025 ₹3.9K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 ₹3.3K Cr
- AZN: Sep 2021 ₹-1.7K Cr | Dec 2021 ₹-346 Cr | Mar 2022 ₹388 Cr | Jun 2022 ₹360 Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹902 Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹959 Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 —
- AMGN: Sep 2021 ₹1.9K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹767 Cr | Mar 2024 ₹-113 Cr | Jun 2024 ₹746 Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹627 Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- GILD: Sep 2021 ₹2.6K Cr | Dec 2021 ₹376 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹985 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹-4.2K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- PFE: Sep 2021 ₹5.8K Cr | Dec 2021 ₹8.2K Cr | Mar 2022 — | Jun 2022 ₹7.9K Cr | Sep 2022 ₹9.9K Cr | Dec 2022 ₹8.6K Cr | Mar 2023 — | Jun 2023 ₹5.6K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹-2.4K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹4.5K Cr | Dec 2024 ₹411 Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹2.9K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 ₹-1.6K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 —
- BMY: Sep 2021 ₹1.6K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹-11.9K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹76 Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 —
- SNY: Sep 2021 ₹2.3K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹-430 Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹680 Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹-569 Cr | Mar 2026 ₹1.6K Cr | Jun 2026 —
- GSK: Sep 2021 ₹946 Cr | Dec 2021 ₹420 Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹746 Cr | Sep 2022 ₹779 Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹398 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹65 Cr | Dec 2024 ₹501 Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹727 Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- BIIB: Sep 2021 ₹318 Cr | Dec 2021 ₹-21 Cr | Mar 2022 ₹219 Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹550 Cr | Mar 2023 ₹388 Cr | Jun 2023 ₹593 Cr | Sep 2023 ₹-68 Cr | Dec 2023 ₹249 Cr | Mar 2024 ₹393 Cr | Jun 2024 ₹584 Cr | Sep 2024 ₹389 Cr | Dec 2024 ₹267 Cr | Mar 2025 ₹241 Cr | Jun 2025 ₹635 Cr | Sep 2025 ₹467 Cr | Dec 2025 ₹-49 Cr | Mar 2026 ₹320 Cr | Jun 2026 —
- GRFS: Sep 2021 ₹-19 Cr | Dec 2021 ₹-19 Cr | Mar 2022 ₹62 Cr | Jun 2022 ₹115 Cr | Sep 2022 ₹75 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹-81 Cr | Jun 2023 ₹76 Cr | Sep 2023 ₹90 Cr | Dec 2023 ₹95 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹82 Cr | Dec 2024 ₹-129 Cr | Mar 2025 ₹92 Cr | Jun 2025 ₹138 Cr | Sep 2025 ₹143 Cr | Dec 2025 ₹-374 Cr | Mar 2026 ₹88 Cr | Jun 2026 —
- OGN: Sep 2021 ₹323 Cr | Dec 2021 ₹202 Cr | Mar 2022 ₹348 Cr | Jun 2022 ₹234 Cr | Sep 2022 ₹227 Cr | Dec 2022 ₹108 Cr | Mar 2023 ₹177 Cr | Jun 2023 ₹242 Cr | Sep 2023 ₹58 Cr | Dec 2023 ₹546 Cr | Mar 2024 ₹201 Cr | Jun 2024 ₹195 Cr | Sep 2024 ₹359 Cr | Dec 2024 ₹109 Cr | Mar 2025 ₹87 Cr | Jun 2025 ₹145 Cr | Sep 2025 ₹160 Cr | Dec 2025 ₹-205 Cr | Mar 2026 ₹146 Cr | Jun 2026 —
- AMRN: Sep 2021 ₹-13 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹-32 Cr | Jun 2022 ₹-70 Cr | Sep 2022 ₹-5 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹-16 Cr | Jun 2023 ₹-18 Cr | Sep 2023 ₹-19 Cr | Dec 2023 ₹-6 Cr | Mar 2024 ₹-10 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹-25 Cr | Dec 2024 ₹-49 Cr | Mar 2025 ₹-16 Cr | Jun 2025 ₹-14 Cr | Sep 2025 ₹-8 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹-11 Cr | Jun 2026 —

### 20-quarter Profit growth history
- LLY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -31% | Sep 2022 31% | Dec 2022 12% | Mar 2023 -29% | Jun 2023 85% | Sep 2023 -104% | Dec 2023 13% | Mar 2024 67% | Jun 2024 68% | Sep 2024 — | Dec 2024 101% | Mar 2025 23% | Jun 2025 91% | Sep 2025 476% | Dec 2025 51% | Mar 2026 168% | Jun 2026 —
- JNJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -23% | Dec 2022 18% | Mar 2023 -32% | Jun 2023 -110% | Sep 2023 12% | Dec 2023 -0.0% | Mar 2024 0.9% | Jun 2024 — | Sep 2024 -50% | Dec 2024 -20% | Mar 2025 238% | Jun 2025 18% | Sep 2025 91% | Dec 2025 49% | Mar 2026 -52% | Jun 2026 -0.1%
- ABBV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 24% | Dec 2022 -39% | Mar 2023 -95% | Jun 2023 118% | Sep 2023 -55% | Dec 2023 -67% | Mar 2024 469% | Jun 2024 -32% | Sep 2024 -12% | Dec 2024 -103% | Mar 2025 -6.1% | Jun 2025 -31% | Sep 2025 -88% | Dec 2025 — | Mar 2026 -46% | Jun 2026 —
- MRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 225% | Sep 2022 -29% | Dec 2022 -21% | Mar 2023 -34% | Jun 2023 -251% | Sep 2023 46% | Dec 2023 -141% | Mar 2024 69% | Jun 2024 — | Sep 2024 -33% | Dec 2024 — | Mar 2025 6.7% | Jun 2025 -19% | Sep 2025 83% | Dec 2025 -21% | Mar 2026 -183% | Jun 2026 —
- NVS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -41% | Sep 2022 -52% | Dec 2022 -92% | Mar 2023 -3.1% | Jun 2023 34% | Sep 2023 14% | Dec 2023 101% | Mar 2024 25% | Jun 2024 43% | Sep 2024 111% | Dec 2024 6.9% | Mar 2025 34% | Jun 2025 24% | Sep 2025 23% | Dec 2025 -15% | Mar 2026 -13% | Jun 2026 -19%
- AZN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -35% | Sep 2022 — | Dec 2022 — | Mar 2023 365% | Jun 2023 406% | Sep 2023 -16% | Dec 2023 6.3% | Mar 2024 21% | Jun 2024 5.9% | Sep 2024 4.0% | Dec 2024 56% | Mar 2025 34% | Jun 2025 27% | Sep 2025 77% | Dec 2025 55% | Mar 2026 5.5% | Jun 2026 —
- AMGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 184% | Sep 2022 14% | Dec 2022 -15% | Mar 2023 92% | Jun 2023 4.7% | Sep 2023 -19% | Dec 2023 -53% | Mar 2024 -104% | Jun 2024 -46% | Sep 2024 64% | Dec 2024 -18% | Mar 2025 — | Jun 2025 92% | Sep 2025 14% | Dec 2025 113% | Mar 2026 5.1% | Jun 2026 —
- GILD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -25% | Sep 2022 -31% | Dec 2022 334% | Mar 2023 8,108% | Jun 2023 -8.5% | Sep 2023 22% | Dec 2023 -13% | Mar 2024 -523% | Jun 2024 55% | Sep 2024 -42% | Dec 2024 26% | Mar 2025 — | Jun 2025 21% | Sep 2025 144% | Dec 2025 22% | Mar 2026 54% | Jun 2026 —
- PFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 70% | Dec 2022 5.8% | Mar 2023 — | Jun 2023 -29% | Sep 2023 -76% | Dec 2023 -128% | Mar 2024 — | Jun 2024 -99% | Sep 2024 92% | Dec 2024 — | Mar 2025 -5.0% | Jun 2025 9,265% | Sep 2025 -21% | Dec 2025 -499% | Mar 2026 -8.9% | Jun 2026 —
- BMY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 35% | Sep 2022 3.6% | Dec 2022 -15% | Mar 2023 77% | Jun 2023 45% | Sep 2023 20% | Dec 2023 -13% | Mar 2024 -625% | Jun 2024 -19% | Sep 2024 -37% | Dec 2024 -96% | Mar 2025 — | Jun 2025 -22% | Sep 2025 81% | Dec 2025 1,328% | Mar 2026 8.8% | Jun 2026 —
- SNY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -0.8% | Sep 2022 -12% | Dec 2022 182% | Mar 2023 -11% | Jun 2023 27% | Sep 2023 10% | Dec 2023 -114% | Mar 2024 -41% | Jun 2024 -28% | Sep 2024 20% | Dec 2024 — | Mar 2025 63% | Jun 2025 9.2% | Sep 2025 3.6% | Dec 2025 -184% | Mar 2026 -5.6% | Jun 2026 —
- GSK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -41% | Sep 2022 -18% | Dec 2022 287% | Mar 2023 -7.9% | Jun 2023 134% | Sep 2023 97% | Dec 2023 -76% | Mar 2024 -34% | Jun 2024 -25% | Sep 2024 -96% | Dec 2024 26% | Mar 2025 64% | Jun 2025 26% | Sep 2025 3,198% | Dec 2025 45% | Mar 2026 3.8% | Jun 2026 —
- BIIB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.2% | Sep 2022 257% | Dec 2022 — | Mar 2023 77% | Jun 2023 -44% | Sep 2023 -106% | Dec 2023 -55% | Mar 2024 1.3% | Jun 2024 -1.5% | Sep 2024 — | Dec 2024 7.2% | Mar 2025 -39% | Jun 2025 8.7% | Sep 2025 20% | Dec 2025 -118% | Mar 2026 33% | Jun 2026 —
- GRFS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -24% | Sep 2022 — | Dec 2022 — | Mar 2023 -231% | Jun 2023 -34% | Sep 2023 20% | Dec 2023 375% | Mar 2024 — | Jun 2024 -67% | Sep 2024 -8.9% | Dec 2024 -236% | Mar 2025 318% | Jun 2025 452% | Sep 2025 74% | Dec 2025 — | Mar 2026 -4.4% | Jun 2026 —
- OGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -46% | Sep 2022 -30% | Dec 2022 -47% | Mar 2023 -49% | Jun 2023 3.4% | Sep 2023 -74% | Dec 2023 406% | Mar 2024 14% | Jun 2024 -19% | Sep 2024 519% | Dec 2024 -80% | Mar 2025 -57% | Jun 2025 -26% | Sep 2025 -55% | Dec 2025 -288% | Mar 2026 68% | Jun 2026 —
- AMRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -975% | Sep 2022 — | Dec 2022 -93% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -700% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -800% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Eli Lilly and Company reports $2,326 million of CAPEX; Eli Lilly and Company has the highest covered intensity at 11.7%. Coverage is only 16 of 16 companies and 276 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Eli Lilly and Company · $2,326 million | 119.6% versus #2 · Sanofi | 8/8 recent comparable periods | 16/16 companies · 276 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Eli Lilly and Company (LLY): ₹2.3K Cr
2. Sanofi (SNY): ₹1.1K Cr
3. Johnson & Johnson (JNJ): ₹1.0K Cr
4. Merck & Co., Inc. (MRK): ₹991 Cr
5. Amgen Inc. (AMGN): ₹712 Cr

### CAPEX intensity — highest reinvestment intensity
1. Eli Lilly and Company (LLY): 12%
2. Sanofi (SNY): 8.7%
3. Amgen Inc. (AMGN): 8.3%
4. Merck & Co., Inc. (MRK): 6.1%
5. Johnson & Johnson (JNJ): 4.4%

### 20-quarter CAPEX history
- LLY: Sep 2021 ₹337 Cr | Dec 2021 — | Mar 2022 ₹365 Cr | Jun 2022 ₹371 Cr | Sep 2022 ₹617 Cr | Dec 2022 ₹501 Cr | Mar 2023 ₹669 Cr | Jun 2023 ₹738 Cr | Sep 2023 ₹970 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹986 Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 —
- JNJ: Sep 2021 ₹813 Cr | Dec 2021 ₹747 Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹607 Cr | Sep 2022 ₹863 Cr | Dec 2022 ₹952 Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹863 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹967 Cr | Mar 2024 ₹807 Cr | Jun 2024 ₹976 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹795 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- ABBV: Sep 2021 ₹217 Cr | Dec 2021 ₹187 Cr | Mar 2022 ₹162 Cr | Jun 2022 ₹143 Cr | Sep 2022 ₹177 Cr | Dec 2022 ₹213 Cr | Mar 2023 ₹175 Cr | Jun 2023 ₹178 Cr | Sep 2023 ₹219 Cr | Dec 2023 ₹205 Cr | Mar 2024 ₹193 Cr | Jun 2024 ₹241 Cr | Sep 2024 ₹249 Cr | Dec 2024 ₹291 Cr | Mar 2025 ₹235 Cr | Jun 2025 ₹269 Cr | Sep 2025 ₹381 Cr | Dec 2025 ₹329 Cr | Mar 2026 ₹265 Cr | Jun 2026 —
- MRK: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹984 Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹965 Cr | Sep 2023 ₹902 Cr | Dec 2023 ₹989 Cr | Mar 2024 ₹861 Cr | Jun 2024 ₹791 Cr | Sep 2024 ₹783 Cr | Dec 2024 ₹937 Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹764 Cr | Sep 2025 ₹987 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹991 Cr | Jun 2026 —
- NVS: Sep 2021 ₹351 Cr | Dec 2021 ₹460 Cr | Mar 2022 ₹257 Cr | Jun 2022 ₹257 Cr | Sep 2022 ₹221 Cr | Dec 2022 ₹306 Cr | Mar 2023 ₹237 Cr | Jun 2023 ₹225 Cr | Sep 2023 ₹261 Cr | Dec 2023 ₹406 Cr | Mar 2024 ₹227 Cr | Jun 2024 ₹260 Cr | Sep 2024 ₹321 Cr | Dec 2024 ₹558 Cr | Mar 2025 ₹254 Cr | Jun 2025 ₹331 Cr | Sep 2025 ₹354 Cr | Dec 2025 ₹609 Cr | Mar 2026 ₹346 Cr | Jun 2026 ₹321 Cr
- AZN: Sep 2021 ₹260 Cr | Dec 2021 ₹323 Cr | Mar 2022 ₹219 Cr | Jun 2022 ₹253 Cr | Sep 2022 ₹247 Cr | Dec 2022 ₹372 Cr | Mar 2023 ₹247 Cr | Jun 2023 ₹270 Cr | Sep 2023 ₹319 Cr | Dec 2023 ₹525 Cr | Mar 2024 ₹417 Cr | Jun 2024 ₹382 Cr | Sep 2024 ₹417 Cr | Dec 2024 ₹708 Cr | Mar 2025 ₹429 Cr | Jun 2025 ₹659 Cr | Sep 2025 ₹686 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹547 Cr | Jun 2026 —
- AMGN: Sep 2021 ₹242 Cr | Dec 2021 ₹287 Cr | Mar 2022 ₹190 Cr | Jun 2022 ₹246 Cr | Sep 2022 ₹160 Cr | Dec 2022 ₹340 Cr | Mar 2023 ₹344 Cr | Jun 2023 ₹271 Cr | Sep 2023 ₹248 Cr | Dec 2023 ₹249 Cr | Mar 2024 ₹230 Cr | Jun 2024 ₹238 Cr | Sep 2024 ₹257 Cr | Dec 2024 ₹371 Cr | Mar 2025 ₹411 Cr | Jun 2025 ₹369 Cr | Sep 2025 ₹436 Cr | Dec 2025 ₹642 Cr | Mar 2026 ₹712 Cr | Jun 2026 —
- GILD: Sep 2021 ₹139 Cr | Dec 2021 ₹156 Cr | Mar 2022 ₹247 Cr | Jun 2022 ₹143 Cr | Sep 2022 ₹157 Cr | Dec 2022 ₹181 Cr | Mar 2023 ₹109 Cr | Jun 2023 ₹139 Cr | Sep 2023 ₹122 Cr | Dec 2023 ₹215 Cr | Mar 2024 ₹105 Cr | Jun 2024 ₹130 Cr | Sep 2024 ₹141 Cr | Dec 2024 ₹147 Cr | Mar 2025 ₹104 Cr | Jun 2025 ₹107 Cr | Sep 2025 ₹147 Cr | Dec 2025 ₹205 Cr | Mar 2026 ₹117 Cr | Jun 2026 —
- PFE: Sep 2021 ₹537 Cr | Dec 2021 ₹618 Cr | Mar 2022 — | Jun 2022 ₹643 Cr | Sep 2022 ₹751 Cr | Dec 2022 ₹841 Cr | Mar 2023 — | Jun 2023 ₹1.1K Cr | Sep 2023 ₹914 Cr | Dec 2023 ₹810 Cr | Mar 2024 ₹704 Cr | Jun 2024 ₹637 Cr | Sep 2024 ₹651 Cr | Dec 2024 ₹917 Cr | Mar 2025 ₹564 Cr | Jun 2025 ₹618 Cr | Sep 2025 ₹602 Cr | Dec 2025 ₹845 Cr | Mar 2026 ₹436 Cr | Jun 2026 —
- BMY: Sep 2021 ₹270 Cr | Dec 2021 ₹320 Cr | Mar 2022 ₹253 Cr | Jun 2022 ₹272 Cr | Sep 2022 ₹247 Cr | Dec 2022 ₹346 Cr | Mar 2023 ₹278 Cr | Jun 2023 ₹259 Cr | Sep 2023 ₹342 Cr | Dec 2023 ₹330 Cr | Mar 2024 ₹284 Cr | Jun 2024 ₹262 Cr | Sep 2024 ₹324 Cr | Dec 2024 ₹378 Cr | Mar 2025 ₹260 Cr | Jun 2025 ₹361 Cr | Sep 2025 ₹320 Cr | Dec 2025 ₹370 Cr | Mar 2026 ₹347 Cr | Jun 2026 —
- SNY: Sep 2021 ₹526 Cr | Dec 2021 ₹526 Cr | Mar 2022 ₹487 Cr | Jun 2022 ₹487 Cr | Sep 2022 ₹614 Cr | Dec 2022 ₹614 Cr | Mar 2023 ₹465 Cr | Jun 2023 ₹465 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹524 Cr | Dec 2024 ₹1.9K Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 — | Jun 2026 —
- GSK: Sep 2021 ₹224 Cr | Dec 2021 ₹596 Cr | Mar 2022 ₹193 Cr | Jun 2022 ₹237 Cr | Sep 2022 ₹275 Cr | Dec 2022 ₹438 Cr | Mar 2023 ₹233 Cr | Jun 2023 ₹296 Cr | Sep 2023 ₹299 Cr | Dec 2023 ₹486 Cr | Mar 2024 ₹248 Cr | Jun 2024 ₹302 Cr | Sep 2024 ₹305 Cr | Dec 2024 ₹544 Cr | Mar 2025 ₹208 Cr | Jun 2025 ₹256 Cr | Sep 2025 ₹311 Cr | Dec 2025 ₹573 Cr | Mar 2026 ₹221 Cr | Jun 2026 —
- BIIB: Sep 2021 ₹42 Cr | Dec 2021 ₹52 Cr | Mar 2022 ₹58 Cr | Jun 2022 ₹37 Cr | Sep 2022 ₹59 Cr | Dec 2022 ₹86 Cr | Mar 2023 ₹67 Cr | Jun 2023 ₹71 Cr | Sep 2023 ₹74 Cr | Dec 2023 ₹65 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹39 Cr | Mar 2025 ₹37 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹44 Cr | Mar 2026 ₹51 Cr | Jun 2026 —
- GRFS: Sep 2021 ₹72 Cr | Dec 2021 ₹72 Cr | Mar 2022 ₹56 Cr | Jun 2022 ₹56 Cr | Sep 2022 ₹80 Cr | Dec 2022 — | Mar 2023 ₹43 Cr | Jun 2023 ₹45 Cr | Sep 2023 ₹57 Cr | Dec 2023 — | Mar 2024 ₹38 Cr | Jun 2024 ₹43 Cr | Sep 2024 ₹51 Cr | Dec 2024 — | Mar 2025 ₹49 Cr | Jun 2025 — | Sep 2025 ₹70 Cr | Dec 2025 — | Mar 2026 ₹52 Cr | Jun 2026 —
- OGN: Sep 2021 ₹36 Cr | Dec 2021 ₹59 Cr | Mar 2022 ₹33 Cr | Jun 2022 ₹45 Cr | Sep 2022 ₹55 Cr | Dec 2022 ₹63 Cr | Mar 2023 ₹46 Cr | Jun 2023 ₹71 Cr | Sep 2023 ₹55 Cr | Dec 2023 ₹79 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹55 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹45 Cr | Mar 2026 ₹37 Cr | Jun 2026 —
- AMRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- LLY: Sep 2021 5.0% | Dec 2021 — | Mar 2022 4.7% | Jun 2022 5.7% | Sep 2022 8.9% | Dec 2022 6.9% | Mar 2023 9.6% | Jun 2023 8.9% | Sep 2023 10% | Dec 2023 12% | Mar 2024 11% | Jun 2024 11% | Sep 2024 12% | Dec 2024 11% | Mar 2025 12% | Jun 2025 11% | Sep 2025 12% | Dec 2025 13% | Mar 2026 12% | Jun 2026 —
- JNJ: Sep 2021 3.5% | Dec 2021 3.2% | Mar 2022 5.7% | Jun 2022 2.6% | Sep 2022 3.6% | Dec 2022 4.8% | Mar 2023 8.0% | Jun 2023 4.1% | Sep 2023 5.2% | Dec 2023 4.5% | Mar 2024 3.8% | Jun 2024 4.3% | Sep 2024 4.6% | Dec 2024 7.2% | Mar 2025 3.6% | Jun 2025 4.4% | Sep 2025 4.8% | Dec 2025 7.5% | Mar 2026 4.4% | Jun 2026 —
- ABBV: Sep 2021 1.5% | Dec 2021 1.3% | Mar 2022 1.2% | Jun 2022 1.0% | Sep 2022 1.2% | Dec 2022 1.4% | Mar 2023 1.4% | Jun 2023 1.3% | Sep 2023 1.6% | Dec 2023 1.4% | Mar 2024 1.6% | Jun 2024 1.7% | Sep 2024 1.7% | Dec 2024 1.9% | Mar 2025 1.8% | Jun 2025 1.7% | Sep 2025 2.4% | Dec 2025 2.0% | Mar 2026 1.8% | Jun 2026 —
- MRK: Sep 2021 8.9% | Dec 2021 8.9% | Mar 2022 6.2% | Jun 2022 7.7% | Sep 2022 7.5% | Dec 2022 8.3% | Mar 2023 7.0% | Jun 2023 6.4% | Sep 2023 5.7% | Dec 2023 6.8% | Mar 2024 5.5% | Jun 2024 4.9% | Sep 2024 4.7% | Dec 2024 6.0% | Mar 2025 8.6% | Jun 2025 4.8% | Sep 2025 5.7% | Dec 2025 6.3% | Mar 2026 6.1% | Jun 2026 —
- NVS: Sep 2021 2.6% | Dec 2021 3.4% | Mar 2022 2.0% | Jun 2022 2.0% | Sep 2022 2.0% | Dec 2022 2.8% | Mar 2023 2.1% | Jun 2023 1.9% | Sep 2023 2.2% | Dec 2023 3.4% | Mar 2024 1.9% | Jun 2024 2.0% | Sep 2024 2.4% | Dec 2024 4.1% | Mar 2025 1.9% | Jun 2025 2.2% | Sep 2025 2.5% | Dec 2025 4.4% | Mar 2026 2.6% | Jun 2026 2.1%
- AZN: Sep 2021 2.6% | Dec 2021 2.7% | Mar 2022 1.9% | Jun 2022 2.3% | Sep 2022 2.2% | Dec 2022 3.3% | Mar 2023 2.3% | Jun 2023 2.4% | Sep 2023 2.8% | Dec 2023 4.4% | Mar 2024 3.3% | Jun 2024 3.0% | Sep 2024 3.1% | Dec 2024 4.8% | Mar 2025 3.2% | Jun 2025 4.6% | Sep 2025 4.5% | Dec 2025 6.7% | Mar 2026 3.6% | Jun 2026 —
- AMGN: Sep 2021 3.6% | Dec 2021 4.2% | Mar 2022 3.0% | Jun 2022 3.7% | Sep 2022 2.4% | Dec 2022 5.0% | Mar 2023 5.6% | Jun 2023 3.9% | Sep 2023 3.6% | Dec 2023 3.0% | Mar 2024 3.1% | Jun 2024 2.8% | Sep 2024 3.0% | Dec 2024 4.1% | Mar 2025 5.0% | Jun 2025 4.0% | Sep 2025 4.6% | Dec 2025 6.5% | Mar 2026 8.3% | Jun 2026 —
- GILD: Sep 2021 1.9% | Dec 2021 2.2% | Mar 2022 3.7% | Jun 2022 2.3% | Sep 2022 2.2% | Dec 2022 2.4% | Mar 2023 1.7% | Jun 2023 2.1% | Sep 2023 1.7% | Dec 2023 3.0% | Mar 2024 1.6% | Jun 2024 1.9% | Sep 2024 1.9% | Dec 2024 1.9% | Mar 2025 1.6% | Jun 2025 1.5% | Sep 2025 1.9% | Dec 2025 2.6% | Mar 2026 1.7% | Jun 2026 —
- PFE: Sep 2021 2.8% | Dec 2021 2.6% | Mar 2022 — | Jun 2022 2.5% | Sep 2022 2.7% | Dec 2022 3.7% | Mar 2023 — | Jun 2023 6.2% | Sep 2023 7.0% | Dec 2023 6.0% | Mar 2024 4.7% | Jun 2024 4.8% | Sep 2024 3.7% | Dec 2024 5.2% | Mar 2025 4.1% | Jun 2025 4.2% | Sep 2025 3.6% | Dec 2025 4.8% | Mar 2026 3.0% | Jun 2026 —
- BMY: Sep 2021 2.3% | Dec 2021 2.7% | Mar 2022 2.2% | Jun 2022 2.3% | Sep 2022 2.2% | Dec 2022 3.0% | Mar 2023 2.5% | Jun 2023 2.3% | Sep 2023 3.1% | Dec 2023 2.9% | Mar 2024 2.4% | Jun 2024 2.1% | Sep 2024 2.7% | Dec 2024 3.1% | Mar 2025 2.3% | Jun 2025 2.9% | Sep 2025 2.6% | Dec 2025 3.0% | Mar 2026 3.0% | Jun 2026 —
- SNY: Sep 2021 4.9% | Dec 2021 5.1% | Mar 2022 4.8% | Jun 2022 4.5% | Sep 2022 4.7% | Dec 2022 5.4% | Mar 2023 4.9% | Jun 2023 4.4% | Sep 2023 9.1% | Dec 2023 8.6% | Mar 2024 — | Jun 2024 — | Sep 2024 4.0% | Dec 2024 17% | Mar 2025 — | Jun 2025 — | Sep 2025 8.0% | Dec 2025 8.7% | Mar 2026 — | Jun 2026 —
- GSK: Sep 2021 3.4% | Dec 2021 8.4% | Mar 2022 2.7% | Jun 2022 3.4% | Sep 2022 3.5% | Dec 2022 5.9% | Mar 2023 3.4% | Jun 2023 4.1% | Sep 2023 3.7% | Dec 2023 6.0% | Mar 2024 3.4% | Jun 2024 3.8% | Sep 2024 3.8% | Dec 2024 6.7% | Mar 2025 2.8% | Jun 2025 3.2% | Sep 2025 3.6% | Dec 2025 6.6% | Mar 2026 2.9% | Jun 2026 —
- BIIB: Sep 2021 1.5% | Dec 2021 1.9% | Mar 2022 2.3% | Jun 2022 1.4% | Sep 2022 2.4% | Dec 2022 3.4% | Mar 2023 2.7% | Jun 2023 2.9% | Sep 2023 2.9% | Dec 2023 2.7% | Mar 2024 2.0% | Jun 2024 1.4% | Sep 2024 1.4% | Dec 2024 1.6% | Mar 2025 1.5% | Jun 2025 1.0% | Sep 2025 1.8% | Dec 2025 1.9% | Mar 2026 2.1% | Jun 2026 —
- GRFS: Sep 2021 6.0% | Dec 2021 6.0% | Mar 2022 4.4% | Jun 2022 3.6% | Sep 2022 5.2% | Dec 2022 — | Mar 2023 2.8% | Jun 2023 2.7% | Sep 2023 3.6% | Dec 2023 — | Mar 2024 2.3% | Jun 2024 2.4% | Sep 2024 2.8% | Dec 2024 — | Mar 2025 2.7% | Jun 2025 — | Sep 2025 3.8% | Dec 2025 — | Mar 2026 3.1% | Jun 2026 —
- OGN: Sep 2021 2.3% | Dec 2021 3.7% | Mar 2022 2.1% | Jun 2022 2.8% | Sep 2022 3.6% | Dec 2022 4.2% | Mar 2023 3.0% | Jun 2023 4.4% | Sep 2023 3.6% | Dec 2023 4.9% | Mar 2024 2.8% | Jun 2024 2.0% | Sep 2024 2.7% | Dec 2024 3.5% | Mar 2025 2.1% | Jun 2025 2.4% | Sep 2025 2.9% | Dec 2025 3.0% | Mar 2026 2.5% | Jun 2026 —
- AMRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Amarin Corporation plc has the clearest covered balance-sheet capacity with $302 million net cash and gross debt of $6 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Amarin Corporation plc · $6 million | 99.9% versus #2 · Biogen Inc. | 8/8 recent comparable periods | 16/16 companies · 303 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Amarin Corporation plc (AMRN): ₹6 Cr
2. Biogen Inc. (BIIB): ₹6.6K Cr
3. Organon & Co. (OGN): ₹8.6K Cr
4. Grifols, S.A. (GRFS): ₹9.7K Cr
5. GSK plc (GSK): ₹19.1K Cr

### Net debt — lowest net debt
1. Amarin Corporation plc (AMRN): ₹-302 Cr
2. Biogen Inc. (BIIB): ₹1.8K Cr
3. Organon & Co. (OGN): ₹7.5K Cr
4. Grifols, S.A. (GRFS): ₹8.9K Cr
5. Sanofi (SNY): ₹14.5K Cr

### 20-quarter Gross debt history
- LLY: Sep 2021 ₹17.1K Cr | Dec 2021 ₹16.9K Cr | Mar 2022 ₹16.5K Cr | Jun 2022 ₹16.8K Cr | Sep 2022 ₹15.9K Cr | Dec 2022 ₹16.2K Cr | Mar 2023 ₹18.9K Cr | Jun 2023 ₹18.8K Cr | Sep 2023 ₹20.2K Cr | Dec 2023 ₹25.2K Cr | Mar 2024 ₹26.2K Cr | Jun 2024 ₹28.9K Cr | Sep 2024 ₹31.1K Cr | Dec 2024 ₹33.6K Cr | Mar 2025 ₹38.5K Cr | Jun 2025 ₹39.9K Cr | Sep 2025 ₹42.5K Cr | Dec 2025 ₹42.5K Cr | Mar 2026 ₹43.4K Cr | Jun 2026 —
- JNJ: Sep 2021 ₹33.5K Cr | Dec 2021 ₹33.9K Cr | Mar 2022 ₹33.8K Cr | Jun 2022 ₹33.1K Cr | Sep 2022 ₹32.6K Cr | Dec 2022 ₹32.0K Cr | Mar 2023 ₹39.6K Cr | Jun 2023 ₹52.9K Cr | Sep 2023 ₹45.6K Cr | Dec 2023 ₹29.9K Cr | Mar 2024 ₹33.6K Cr | Jun 2024 ₹41.5K Cr | Sep 2024 ₹35.8K Cr | Dec 2024 ₹36.6K Cr | Mar 2025 ₹52.3K Cr | Jun 2025 ₹50.8K Cr | Sep 2025 ₹45.8K Cr | Dec 2025 ₹47.9K Cr | Mar 2026 ₹55.0K Cr | Jun 2026 —
- ABBV: Sep 2021 ₹80.7K Cr | Dec 2021 ₹76.7K Cr | Mar 2022 ₹73.5K Cr | Jun 2022 ₹72.9K Cr | Sep 2022 ₹69.6K Cr | Dec 2022 ₹63.3K Cr | Mar 2023 ₹62.1K Cr | Jun 2023 ₹61.0K Cr | Sep 2023 ₹60.7K Cr | Dec 2023 ₹59.4K Cr | Mar 2024 ₹74.0K Cr | Jun 2024 ₹70.6K Cr | Sep 2024 ₹71.1K Cr | Dec 2024 ₹67.1K Cr | Mar 2025 ₹69.9K Cr | Jun 2025 ₹70.5K Cr | Sep 2025 ₹68.7K Cr | Dec 2025 ₹67.5K Cr | Mar 2026 ₹72.9K Cr | Jun 2026 —
- MRK: Sep 2021 ₹26.4K Cr | Dec 2021 ₹33.1K Cr | Mar 2022 ₹31.8K Cr | Jun 2022 ₹31.7K Cr | Sep 2022 ₹30.4K Cr | Dec 2022 ₹30.7K Cr | Mar 2023 ₹30.7K Cr | Jun 2023 ₹36.9K Cr | Sep 2023 ₹34.9K Cr | Dec 2023 ₹35.1K Cr | Mar 2024 ₹34.2K Cr | Jun 2024 ₹37.8K Cr | Sep 2024 ₹38.1K Cr | Dec 2024 ₹37.1K Cr | Mar 2025 ₹34.8K Cr | Jun 2025 ₹35.4K Cr | Sep 2025 ₹41.4K Cr | Dec 2025 ₹49.3K Cr | Mar 2026 ₹49.1K Cr | Jun 2026 —
- NVS: Sep 2021 ₹34.3K Cr | Dec 2021 ₹31.1K Cr | Mar 2022 ₹31.3K Cr | Jun 2022 ₹31.1K Cr | Sep 2022 ₹28.5K Cr | Dec 2022 ₹28.0K Cr | Mar 2023 ₹29.2K Cr | Jun 2023 ₹28.3K Cr | Sep 2023 ₹25.2K Cr | Dec 2023 ₹26.4K Cr | Mar 2024 ₹27.3K Cr | Jun 2024 ₹29.0K Cr | Sep 2024 ₹32.2K Cr | Dec 2024 ₹31.4K Cr | Mar 2025 ₹31.3K Cr | Jun 2025 ₹32.6K Cr | Sep 2025 ₹32.0K Cr | Dec 2025 ₹35.5K Cr | Mar 2026 ₹47.0K Cr | Jun 2026 ₹49.0K Cr
- AZN: Sep 2021 ₹31.9K Cr | Dec 2021 ₹30.8K Cr | Mar 2022 ₹31.1K Cr | Jun 2022 ₹29.5K Cr | Sep 2022 ₹29.3K Cr | Dec 2022 ₹29.2K Cr | Mar 2023 ₹31.5K Cr | Jun 2023 ₹29.8K Cr | Sep 2023 ₹28.6K Cr | Dec 2023 ₹28.6K Cr | Mar 2024 ₹34.6K Cr | Jun 2024 ₹33.5K Cr | Sep 2024 ₹31.6K Cr | Dec 2024 ₹30.3K Cr | Mar 2025 ₹31.6K Cr | Jun 2025 ₹32.8K Cr | Sep 2025 ₹32.6K Cr | Dec 2025 ₹29.6K Cr | Mar 2026 ₹33.9K Cr | Jun 2026 —
- AMGN: Sep 2021 ₹37.6K Cr | Dec 2021 ₹33.3K Cr | Mar 2022 ₹36.9K Cr | Jun 2022 ₹36.5K Cr | Sep 2022 ₹38.7K Cr | Dec 2022 ₹38.9K Cr | Mar 2023 ₹61.6K Cr | Jun 2023 ₹61.5K Cr | Sep 2023 ₹60.5K Cr | Dec 2023 ₹64.6K Cr | Mar 2024 ₹64.0K Cr | Jun 2024 ₹62.6K Cr | Sep 2024 ₹60.4K Cr | Dec 2024 ₹60.1K Cr | Mar 2025 ₹57.4K Cr | Jun 2025 ₹56.2K Cr | Sep 2025 ₹54.6K Cr | Dec 2025 ₹54.6K Cr | Mar 2026 ₹57.3K Cr | Jun 2026 —
- GILD: Sep 2021 ₹27.7K Cr | Dec 2021 ₹26.7K Cr | Mar 2022 ₹26.2K Cr | Jun 2022 ₹26.2K Cr | Sep 2022 ₹25.2K Cr | Dec 2022 ₹25.2K Cr | Mar 2023 ₹25.2K Cr | Jun 2023 ₹25.2K Cr | Sep 2023 ₹25.0K Cr | Dec 2023 ₹25.0K Cr | Mar 2024 ₹25.2K Cr | Jun 2024 ₹23.4K Cr | Sep 2024 ₹23.2K Cr | Dec 2024 ₹26.7K Cr | Mar 2025 ₹25.0K Cr | Jun 2025 ₹24.9K Cr | Sep 2025 ₹24.9K Cr | Dec 2025 ₹24.9K Cr | Mar 2026 ₹22.2K Cr | Jun 2026 —
- PFE: Sep 2021 ₹39.2K Cr | Dec 2021 ₹39.9K Cr | Mar 2022 — | Jun 2022 ₹36.3K Cr | Sep 2022 ₹40.3K Cr | Dec 2022 ₹36.7K Cr | Mar 2023 — | Jun 2023 ₹35.9K Cr | Sep 2023 ₹65.3K Cr | Dec 2023 ₹63.6K Cr | Mar 2024 ₹69.5K Cr | Jun 2024 ₹69.5K Cr | Sep 2024 ₹67.7K Cr | Dec 2024 ₹64.4K Cr | Mar 2025 ₹62.1K Cr | Jun 2025 ₹61.8K Cr | Sep 2025 ₹61.7K Cr | Dec 2025 ₹64.8K Cr | Mar 2026 ₹64.5K Cr | Jun 2026 —
- BMY: Sep 2021 ₹44.7K Cr | Dec 2021 ₹44.6K Cr | Mar 2022 ₹45.0K Cr | Jun 2022 ₹42.1K Cr | Sep 2022 ₹39.1K Cr | Dec 2022 ₹39.3K Cr | Mar 2023 ₹37.8K Cr | Jun 2023 ₹37.7K Cr | Sep 2023 ₹37.6K Cr | Dec 2023 ₹39.8K Cr | Mar 2024 ₹55.7K Cr | Jun 2024 ₹52.4K Cr | Sep 2024 ₹49.8K Cr | Dec 2024 ₹49.6K Cr | Mar 2025 ₹49.7K Cr | Jun 2025 ₹49.2K Cr | Sep 2025 ₹49.0K Cr | Dec 2025 ₹45.1K Cr | Mar 2026 ₹44.5K Cr | Jun 2026 —
- SNY: Sep 2021 ₹22.4K Cr | Dec 2021 ₹22.4K Cr | Mar 2022 ₹21.2K Cr | Jun 2022 ₹21.2K Cr | Sep 2022 ₹21.2K Cr | Dec 2022 ₹21.2K Cr | Mar 2023 ₹21.0K Cr | Jun 2023 ₹21.0K Cr | Sep 2023 ₹18.4K Cr | Dec 2023 ₹18.4K Cr | Mar 2024 ₹23.8K Cr | Jun 2024 ₹23.8K Cr | Sep 2024 ₹17.9K Cr | Dec 2024 ₹17.9K Cr | Mar 2025 ₹21.0K Cr | Jun 2025 ₹22.3K Cr | Sep 2025 ₹21.8K Cr | Dec 2025 ₹20.3K Cr | Mar 2026 ₹20.0K Cr | Jun 2026 —
- GSK: Sep 2021 ₹25.6K Cr | Dec 2021 ₹24.2K Cr | Mar 2022 ₹33.3K Cr | Jun 2022 ₹22.1K Cr | Sep 2022 ₹22.1K Cr | Dec 2022 ₹21.0K Cr | Mar 2023 ₹20.9K Cr | Jun 2023 ₹21.5K Cr | Sep 2023 ₹20.8K Cr | Dec 2023 ₹18.0K Cr | Mar 2024 ₹17.8K Cr | Jun 2024 ₹16.9K Cr | Sep 2024 ₹16.1K Cr | Dec 2024 ₹17.0K Cr | Mar 2025 ₹18.4K Cr | Jun 2025 ₹17.4K Cr | Sep 2025 ₹17.8K Cr | Dec 2025 ₹17.7K Cr | Mar 2026 ₹19.1K Cr | Jun 2026 —
- BIIB: Sep 2021 ₹7.6K Cr | Dec 2021 ₹7.6K Cr | Mar 2022 ₹7.6K Cr | Jun 2022 ₹7.6K Cr | Sep 2022 ₹6.6K Cr | Dec 2022 ₹6.6K Cr | Mar 2023 ₹6.6K Cr | Jun 2023 ₹6.6K Cr | Sep 2023 ₹7.7K Cr | Dec 2023 ₹7.3K Cr | Mar 2024 ₹6.9K Cr | Jun 2024 ₹6.7K Cr | Sep 2024 ₹6.7K Cr | Dec 2024 ₹6.6K Cr | Mar 2025 ₹6.6K Cr | Jun 2025 ₹6.6K Cr | Sep 2025 ₹6.6K Cr | Dec 2025 ₹6.6K Cr | Mar 2026 ₹6.6K Cr | Jun 2026 —
- GRFS: Sep 2021 ₹10.2K Cr | Dec 2021 ₹10.2K Cr | Mar 2022 ₹10.6K Cr | Jun 2022 ₹10.6K Cr | Sep 2022 ₹10.8K Cr | Dec 2022 ₹10.8K Cr | Mar 2023 ₹10.9K Cr | Jun 2023 ₹10.9K Cr | Sep 2023 ₹11.1K Cr | Dec 2023 ₹11.1K Cr | Mar 2024 ₹11.4K Cr | Jun 2024 ₹11.5K Cr | Sep 2024 ₹9.9K Cr | Dec 2024 ₹10.2K Cr | Mar 2025 ₹10.0K Cr | Jun 2025 ₹9.6K Cr | Sep 2025 ₹9.7K Cr | Dec 2025 ₹9.6K Cr | Mar 2026 ₹9.7K Cr | Jun 2026 —
- OGN: Sep 2021 ₹9.3K Cr | Dec 2021 ₹9.1K Cr | Mar 2022 ₹9.1K Cr | Jun 2022 ₹8.9K Cr | Sep 2022 ₹8.7K Cr | Dec 2022 ₹8.9K Cr | Mar 2023 ₹8.7K Cr | Jun 2023 ₹8.7K Cr | Sep 2023 ₹8.7K Cr | Dec 2023 ₹8.8K Cr | Mar 2024 ₹8.7K Cr | Jun 2024 ₹8.7K Cr | Sep 2024 ₹8.7K Cr | Dec 2024 ₹8.9K Cr | Mar 2025 ₹9.0K Cr | Jun 2025 ₹8.9K Cr | Sep 2025 ₹8.8K Cr | Dec 2025 ₹8.6K Cr | Mar 2026 ₹8.6K Cr | Jun 2026 —
- AMRN: Sep 2021 ₹9 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹6 Cr | Jun 2026 —

### 20-quarter Net debt history
- LLY: Sep 2021 ₹13.3K Cr | Dec 2021 ₹13.0K Cr | Mar 2022 ₹13.9K Cr | Jun 2022 ₹14.1K Cr | Sep 2022 ₹13.1K Cr | Dec 2022 ₹14.0K Cr | Mar 2023 ₹15.2K Cr | Jun 2023 ₹16.0K Cr | Sep 2023 ₹17.7K Cr | Dec 2023 ₹22.3K Cr | Mar 2024 ₹23.6K Cr | Jun 2024 ₹25.5K Cr | Sep 2024 ₹27.6K Cr | Dec 2024 ₹30.4K Cr | Mar 2025 ₹35.3K Cr | Jun 2025 ₹36.4K Cr | Sep 2025 ₹32.6K Cr | Dec 2025 ₹35.2K Cr | Mar 2026 ₹38.1K Cr | Jun 2026 —
- JNJ: Sep 2021 ₹8.2K Cr | Dec 2021 ₹2.9K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹29 Cr | Dec 2022 ₹-2.1K Cr | Mar 2023 ₹17.4K Cr | Jun 2023 ₹28.3K Cr | Sep 2023 ₹17.1K Cr | Dec 2023 ₹6.4K Cr | Mar 2024 ₹7.4K Cr | Jun 2024 ₹16.0K Cr | Sep 2024 ₹15.5K Cr | Dec 2024 ₹12.1K Cr | Mar 2025 ₹13.5K Cr | Jun 2025 ₹31.9K Cr | Sep 2025 ₹27.2K Cr | Dec 2025 ₹27.8K Cr | Mar 2026 ₹32.9K Cr | Jun 2026 —
- ABBV: Sep 2021 ₹68.5K Cr | Dec 2021 ₹66.9K Cr | Mar 2022 ₹65.9K Cr | Jun 2022 ₹63.0K Cr | Sep 2022 ₹57.7K Cr | Dec 2022 ₹54.0K Cr | Mar 2023 ₹55.4K Cr | Jun 2023 ₹52.2K Cr | Sep 2023 ₹47.5K Cr | Dec 2023 ₹46.6K Cr | Mar 2024 ₹55.9K Cr | Jun 2024 ₹57.5K Cr | Sep 2024 ₹63.8K Cr | Dec 2024 ₹61.6K Cr | Mar 2025 ₹64.7K Cr | Jun 2025 ₹64.0K Cr | Sep 2025 ₹63.1K Cr | Dec 2025 ₹62.2K Cr | Mar 2026 ₹63.5K Cr | Jun 2026 —
- MRK: Sep 2021 ₹16.4K Cr | Dec 2021 ₹25.0K Cr | Mar 2022 ₹22.9K Cr | Jun 2022 ₹21.5K Cr | Sep 2022 ₹19.2K Cr | Dec 2022 ₹17.5K Cr | Mar 2023 ₹20.4K Cr | Jun 2023 ₹30.5K Cr | Sep 2023 ₹26.1K Cr | Dec 2023 ₹28.0K Cr | Mar 2024 ₹28.6K Cr | Jun 2024 ₹26.4K Cr | Sep 2024 ₹23.5K Cr | Dec 2024 ₹23.4K Cr | Mar 2025 ₹25.6K Cr | Jun 2025 ₹26.8K Cr | Sep 2025 ₹23.2K Cr | Dec 2025 ₹34.8K Cr | Mar 2026 ₹43.4K Cr | Jun 2026 —
- NVS: Sep 2021 ₹26.2K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 ₹12.5K Cr | Jun 2022 ₹11.3K Cr | Sep 2022 ₹9.4K Cr | Dec 2022 ₹9.0K Cr | Mar 2023 ₹16.9K Cr | Jun 2023 ₹17.2K Cr | Sep 2023 ₹12.5K Cr | Dec 2023 ₹12.0K Cr | Mar 2024 ₹17.6K Cr | Jun 2024 ₹20.6K Cr | Sep 2024 ₹18.1K Cr | Dec 2024 ₹17.9K Cr | Mar 2025 ₹24.1K Cr | Jun 2025 ₹25.6K Cr | Sep 2025 ₹22.3K Cr | Dec 2025 ₹23.9K Cr | Mar 2026 ₹40.0K Cr | Jun 2026 ₹41.3K Cr
- AZN: Sep 2021 ₹24.8K Cr | Dec 2021 ₹24.4K Cr | Mar 2022 ₹25.3K Cr | Jun 2022 ₹24.6K Cr | Sep 2022 ₹24.4K Cr | Dec 2022 ₹22.8K Cr | Mar 2023 ₹25.0K Cr | Jun 2023 ₹24.0K Cr | Sep 2023 ₹23.5K Cr | Dec 2023 ₹22.7K Cr | Mar 2024 ₹26.5K Cr | Jun 2024 ₹26.5K Cr | Sep 2024 ₹26.6K Cr | Dec 2024 ₹24.6K Cr | Mar 2025 ₹26.3K Cr | Jun 2025 ₹25.7K Cr | Sep 2025 ₹24.5K Cr | Dec 2025 ₹23.9K Cr | Mar 2026 ₹26.2K Cr | Jun 2026 —
- AMGN: Sep 2021 ₹24.7K Cr | Dec 2021 ₹25.3K Cr | Mar 2022 ₹30.3K Cr | Jun 2022 ₹29.3K Cr | Sep 2022 ₹27.2K Cr | Dec 2022 ₹29.6K Cr | Mar 2023 ₹30.0K Cr | Jun 2023 ₹27.3K Cr | Sep 2023 ₹25.7K Cr | Dec 2023 ₹53.7K Cr | Mar 2024 ₹54.3K Cr | Jun 2024 ₹53.3K Cr | Sep 2024 ₹51.4K Cr | Dec 2024 ₹48.1K Cr | Mar 2025 ₹48.6K Cr | Jun 2025 ₹48.2K Cr | Sep 2025 ₹45.1K Cr | Dec 2025 ₹45.5K Cr | Mar 2026 ₹45.3K Cr | Jun 2026 —
- GILD: Sep 2021 ₹21.9K Cr | Dec 2021 ₹20.2K Cr | Mar 2022 ₹20.9K Cr | Jun 2022 ₹20.6K Cr | Sep 2022 ₹19.6K Cr | Dec 2022 ₹18.8K Cr | Mar 2023 ₹19.4K Cr | Jun 2023 ₹18.6K Cr | Sep 2023 ₹18.1K Cr | Dec 2023 ₹17.7K Cr | Mar 2024 ₹20.5K Cr | Jun 2024 ₹20.6K Cr | Sep 2024 ₹18.2K Cr | Dec 2024 ₹16.7K Cr | Mar 2025 ₹17.0K Cr | Jun 2025 ₹19.7K Cr | Sep 2025 ₹17.6K Cr | Dec 2025 ₹17.3K Cr | Mar 2026 ₹14.5K Cr | Jun 2026 —
- PFE: Sep 2021 ₹17.5K Cr | Dec 2021 ₹10.2K Cr | Mar 2022 — | Jun 2022 ₹12.4K Cr | Sep 2022 ₹7.0K Cr | Dec 2022 ₹546 Cr | Mar 2023 — | Jun 2023 ₹15.9K Cr | Sep 2023 ₹20.6K Cr | Dec 2023 ₹19.4K Cr | Mar 2024 ₹57.6K Cr | Jun 2024 ₹62.4K Cr | Sep 2024 ₹57.7K Cr | Dec 2024 ₹43.9K Cr | Mar 2025 ₹44.8K Cr | Jun 2025 ₹48.5K Cr | Sep 2025 ₹46.7K Cr | Dec 2025 ₹51.2K Cr | Mar 2026 ₹51.4K Cr | Jun 2026 —
- BMY: Sep 2021 ₹29.1K Cr | Dec 2021 ₹27.6K Cr | Mar 2022 ₹30.0K Cr | Jun 2022 ₹28.8K Cr | Sep 2022 ₹30.1K Cr | Dec 2022 ₹30.1K Cr | Mar 2023 ₹28.6K Cr | Jun 2023 ₹28.9K Cr | Sep 2023 ₹29.9K Cr | Dec 2023 ₹27.5K Cr | Mar 2024 ₹46.0K Cr | Jun 2024 ₹45.7K Cr | Sep 2024 ₹41.7K Cr | Dec 2024 ₹38.8K Cr | Mar 2025 ₹37.9K Cr | Jun 2025 ₹35.6K Cr | Sep 2025 ₹32.5K Cr | Dec 2025 ₹34.4K Cr | Mar 2026 ₹34.0K Cr | Jun 2026 —
- SNY: Sep 2021 ₹12.3K Cr | Dec 2021 ₹12.3K Cr | Mar 2022 ₹14.3K Cr | Jun 2022 ₹14.3K Cr | Sep 2022 ₹8.5K Cr | Dec 2022 ₹8.5K Cr | Mar 2023 ₹13.0K Cr | Jun 2023 ₹13.0K Cr | Sep 2023 ₹9.7K Cr | Dec 2023 ₹9.7K Cr | Mar 2024 ₹17.0K Cr | Jun 2024 ₹17.0K Cr | Sep 2024 ₹10.5K Cr | Dec 2024 ₹10.5K Cr | Mar 2025 ₹13.1K Cr | Jun 2025 ₹6.9K Cr | Sep 2025 ₹12.8K Cr | Dec 2025 ₹12.7K Cr | Mar 2026 ₹14.5K Cr | Jun 2026 —
- GSK: Sep 2021 ₹22.1K Cr | Dec 2021 ₹19.8K Cr | Mar 2022 ₹19.4K Cr | Jun 2022 ₹15.6K Cr | Sep 2022 ₹15.0K Cr | Dec 2022 ₹13.1K Cr | Mar 2023 ₹13.9K Cr | Jun 2023 ₹15.0K Cr | Sep 2023 ₹14.2K Cr | Dec 2023 ₹12.8K Cr | Mar 2024 ₹13.7K Cr | Jun 2024 ₹14.0K Cr | Sep 2024 ₹12.8K Cr | Dec 2024 ₹13.1K Cr | Mar 2025 ₹13.9K Cr | Jun 2025 ₹13.7K Cr | Sep 2025 ₹14.4K Cr | Dec 2025 ₹14.3K Cr | Mar 2026 ₹15.6K Cr | Jun 2026 —
- BIIB: Sep 2021 ₹4.7K Cr | Dec 2021 ₹3.8K Cr | Mar 2022 ₹3.8K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹511 Cr | Sep 2023 ₹5.4K Cr | Dec 2023 ₹6.3K Cr | Mar 2024 ₹5.9K Cr | Jun 2024 ₹4.8K Cr | Sep 2024 ₹5.0K Cr | Dec 2024 ₹4.3K Cr | Mar 2025 ₹4.0K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- GRFS: Sep 2021 ₹7.5K Cr | Dec 2021 ₹7.5K Cr | Mar 2022 ₹10.0K Cr | Jun 2022 ₹10.0K Cr | Sep 2022 ₹10.2K Cr | Dec 2022 ₹10.2K Cr | Mar 2023 ₹10.4K Cr | Jun 2023 ₹10.4K Cr | Sep 2023 ₹10.5K Cr | Dec 2023 ₹10.4K Cr | Mar 2024 ₹10.8K Cr | Jun 2024 ₹9.2K Cr | Sep 2024 ₹9.0K Cr | Dec 2024 ₹8.9K Cr | Mar 2025 ₹9.0K Cr | Jun 2025 ₹8.8K Cr | Sep 2025 ₹8.9K Cr | Dec 2025 ₹8.8K Cr | Mar 2026 ₹8.9K Cr | Jun 2026 —
- OGN: Sep 2021 ₹8.3K Cr | Dec 2021 ₹8.4K Cr | Mar 2022 ₹8.4K Cr | Jun 2022 ₹8.3K Cr | Sep 2022 ₹8.2K Cr | Dec 2022 ₹8.2K Cr | Mar 2023 ₹8.3K Cr | Jun 2023 ₹8.4K Cr | Sep 2023 ₹8.2K Cr | Dec 2023 ₹8.1K Cr | Mar 2024 ₹8.1K Cr | Jun 2024 ₹8.0K Cr | Sep 2024 ₹8.0K Cr | Dec 2024 ₹8.2K Cr | Mar 2025 ₹8.4K Cr | Jun 2025 ₹8.3K Cr | Sep 2025 ₹8.2K Cr | Dec 2025 ₹8.1K Cr | Mar 2026 ₹7.5K Cr | Jun 2026 —
- AMRN: Sep 2021 ₹-470 Cr | Dec 2021 ₹-449 Cr | Mar 2022 ₹-353 Cr | Jun 2022 ₹-303 Cr | Sep 2022 ₹-294 Cr | Dec 2022 ₹-300 Cr | Mar 2023 ₹-294 Cr | Jun 2023 ₹-304 Cr | Sep 2023 ₹-312 Cr | Dec 2023 ₹-312 Cr | Mar 2024 ₹-300 Cr | Jun 2024 ₹-299 Cr | Sep 2024 ₹-298 Cr | Dec 2024 ₹-287 Cr | Mar 2025 ₹-274 Cr | Jun 2025 ₹-292 Cr | Sep 2025 ₹-280 Cr | Dec 2025 ₹-297 Cr | Mar 2026 ₹-302 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Eli Lilly and Company leads ROCE at 12.8%, 2.5 percentage points above Johnson & Johnson. Eli Lilly and Company has the strongest latest improvement at +5.7 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Eli Lilly and Company sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Eli Lilly and Company · 12.8% | 24.3% versus #2 · Johnson & Johnson | 8/8 recent comparable periods | 16/16 companies · 302 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Eli Lilly and Company (LLY): 13%
2. Johnson & Johnson (JNJ): 10%
3. Novartis AG (NVS): 5.8%
4. Gilead Sciences, Inc. (GILD): 5.7%
5. GSK plc (GSK): 5.7%

### ROCE change — fastest improvers
1. Eli Lilly and Company (LLY): +5.7 pp
2. Johnson & Johnson (JNJ): +5.3 pp
3. Amgen Inc. (AMGN): +2.3 pp
4. Amarin Corporation plc (AMRN): +0.8 pp
5. Gilead Sciences, Inc. (GILD): +0.6 pp

### 20-quarter ROCE history
- LLY: Sep 2021 5.7% | Dec 2021 5.6% | Mar 2022 7.0% | Jun 2022 3.8% | Sep 2022 5.1% | Dec 2022 5.6% | Mar 2023 4.2% | Jun 2023 6.3% | Sep 2023 1.3% | Dec 2023 6.9% | Mar 2024 6.1% | Jun 2024 9.2% | Sep 2024 3.5% | Dec 2024 12% | Mar 2025 7.1% | Jun 2025 13% | Sep 2025 12% | Dec 2025 13% | Mar 2026 13% | Jun 2026 —
- JNJ: Sep 2021 — | Dec 2021 4.3% | Mar 2022 4.0% | Jun 2022 4.4% | Sep 2022 4.6% | Dec 2022 4.1% | Mar 2023 3.5% | Jun 2023 4.3% | Sep 2023 4.4% | Dec 2023 4.5% | Mar 2024 4.7% | Jun 2024 4.7% | Sep 2024 4.1% | Dec 2024 2.9% | Mar 2025 4.8% | Jun 2025 5.0% | Sep 2025 5.3% | Dec 2025 4.0% | Mar 2026 4.5% | Jun 2026 10%
- ABBV: Sep 2021 3.5% | Dec 2021 4.4% | Mar 2022 4.1% | Jun 2022 2.9% | Sep 2022 4.0% | Dec 2022 5.0% | Mar 2023 2.5% | Jun 2023 4.3% | Sep 2023 2.2% | Dec 2023 3.1% | Mar 2024 2.6% | Jun 2024 3.9% | Sep 2024 3.8% | Dec 2024 -1.5% | Mar 2025 3.6% | Jun 2025 5.0% | Sep 2025 2.0% | Dec 2025 4.9% | Mar 2026 4.1% | Jun 2026 —
- MRK: Sep 2021 6.9% | Dec 2021 4.9% | Mar 2022 7.5% | Jun 2022 6.5% | Sep 2022 5.2% | Dec 2022 4.1% | Mar 2023 4.4% | Jun 2023 -6.3% | Sep 2023 6.9% | Dec 2023 -2.4% | Mar 2024 6.8% | Jun 2024 7.2% | Sep 2024 4.6% | Dec 2024 5.1% | Mar 2025 6.9% | Jun 2025 5.6% | Sep 2025 6.9% | Dec 2025 3.9% | Mar 2026 -3.5% | Jun 2026 —
- NVS: Sep 2021 3.4% | Dec 2021 2.6% | Mar 2022 3.1% | Jun 2022 2.3% | Sep 2022 2.0% | Dec 2022 1.8% | Mar 2023 3.0% | Jun 2023 3.2% | Sep 2023 2.3% | Dec 2023 3.2% | Mar 2024 4.6% | Jun 2024 5.4% | Sep 2024 5.2% | Dec 2024 4.8% | Mar 2025 7.0% | Jun 2025 6.8% | Sep 2025 6.0% | Dec 2025 4.6% | Mar 2026 5.4% | Jun 2026 5.8%
- AZN: Sep 2021 -2.6% | Dec 2021 -0.5% | Mar 2022 1.5% | Jun 2022 0.9% | Sep 2022 1.6% | Dec 2022 1.4% | Mar 2023 3.4% | Jun 2023 3.4% | Sep 2023 2.9% | Dec 2023 1.8% | Mar 2024 4.3% | Jun 2024 3.8% | Sep 2024 2.9% | Dec 2024 2.8% | Mar 2025 4.9% | Jun 2025 4.5% | Sep 2025 4.5% | Dec 2025 3.7% | Mar 2026 5.4% | Jun 2026 —
- AMGN: Sep 2021 4.5% | Dec 2021 4.6% | Mar 2022 5.2% | Jun 2022 4.7% | Sep 2022 5.3% | Dec 2022 4.5% | Mar 2023 3.2% | Jun 2023 4.5% | Sep 2023 3.3% | Dec 2023 2.0% | Mar 2024 1.3% | Jun 2024 2.7% | Sep 2024 2.8% | Dec 2024 3.1% | Mar 2025 1.7% | Jun 2025 3.9% | Sep 2025 3.6% | Dec 2025 4.1% | Mar 2026 4.0% | Jun 2026 —
- GILD: Sep 2021 7.1% | Dec 2021 1.7% | Mar 2022 0.4% | Jun 2022 3.6% | Sep 2022 5.2% | Dec 2022 4.2% | Mar 2023 3.2% | Jun 2023 3.3% | Sep 2023 5.1% | Dec 2023 3.1% | Mar 2024 -9.1% | Jun 2024 5.8% | Sep 2024 1.9% | Dec 2024 5.0% | Mar 2025 5.1% | Jun 2025 5.7% | Sep 2025 7.5% | Dec 2025 4.2% | Mar 2026 5.7% | Jun 2026 —
- PFE: Sep 2021 — | Dec 2021 5.6% | Mar 2022 — | Jun 2022 6.5% | Sep 2022 8.1% | Dec 2022 6.2% | Mar 2023 — | Jun 2023 4.1% | Sep 2023 1.4% | Dec 2023 -2.0% | Mar 2024 2.0% | Jun 2024 -0.1% | Sep 2024 2.6% | Dec 2024 0.0% | Mar 2025 1.6% | Jun 2025 1.8% | Sep 2025 1.9% | Dec 2025 -1.0% | Mar 2026 1.8% | Jun 2026 —
- BMY: Sep 2021 1.8% | Dec 2021 2.4% | Mar 2022 2.7% | Jun 2022 2.6% | Sep 2022 2.5% | Dec 2022 2.0% | Mar 2023 3.0% | Jun 2023 2.3% | Sep 2023 2.6% | Dec 2023 1.8% | Mar 2024 -15% | Jun 2024 2.2% | Sep 2024 2.8% | Dec 2024 0.7% | Mar 2025 4.7% | Jun 2025 3.3% | Sep 2025 4.3% | Dec 2025 2.1% | Mar 2026 4.8% | Jun 2026 —
- SNY: Sep 2021 3.1% | Dec 2021 1.5% | Mar 2022 2.5% | Jun 2022 1.5% | Sep 2022 2.7% | Dec 2022 4.1% | Mar 2023 2.1% | Jun 2023 1.9% | Sep 2023 3.0% | Dec 2023 0.3% | Mar 2024 1.2% | Jun 2024 1.6% | Sep 2024 3.4% | Dec 2024 0.9% | Mar 2025 2.3% | Jun 2025 1.5% | Sep 2025 3.6% | Dec 2025 -1.0% | Mar 2026 2.1% | Jun 2026 —
- GSK: Sep 2021 2.4% | Dec 2021 0.9% | Mar 2022 3.7% | Jun 2022 2.0% | Sep 2022 2.5% | Dec 2022 4.0% | Mar 2023 4.0% | Jun 2023 4.8% | Sep 2023 5.0% | Dec 2023 1.5% | Mar 2024 3.9% | Jun 2024 4.4% | Sep 2024 0.5% | Dec 2024 1.8% | Mar 2025 5.6% | Jun 2025 5.3% | Sep 2025 6.8% | Dec 2025 2.8% | Mar 2026 5.7% | Jun 2026 —
- BIIB: Sep 2021 3.9% | Dec 2021 2.9% | Mar 2022 3.0% | Jun 2022 4.1% | Sep 2022 4.0% | Dec 2022 3.5% | Mar 2023 2.5% | Jun 2023 2.8% | Sep 2023 0.7% | Dec 2023 1.7% | Mar 2024 2.5% | Jun 2024 3.4% | Sep 2024 2.0% | Dec 2024 1.8% | Mar 2025 1.6% | Jun 2025 3.2% | Sep 2025 2.4% | Dec 2025 0.6% | Mar 2026 1.6% | Jun 2026 —
- GRFS: Sep 2021 0.4% | Dec 2021 0.4% | Mar 2022 1.0% | Jun 2022 1.6% | Sep 2022 1.1% | Dec 2022 0.8% | Mar 2023 0.3% | Jun 2023 1.2% | Sep 2023 1.2% | Dec 2023 4,178% | Mar 2024 1.1% | Jun 2024 1.6% | Sep 2024 1.7% | Dec 2024 2.0% | Mar 2025 1.4% | Jun 2025 1.9% | Sep 2025 2.0% | Dec 2025 1.5% | Mar 2026 1.4% | Jun 2026 —
- OGN: Sep 2021 6.3% | Dec 2021 4.3% | Mar 2022 7.2% | Jun 2022 4.6% | Sep 2022 4.9% | Dec 2022 3.2% | Mar 2023 4.6% | Jun 2023 4.6% | Sep 2023 2.8% | Dec 2023 2.9% | Mar 2024 4.2% | Jun 2024 4.1% | Sep 2024 3.7% | Dec 2024 3.0% | Mar 2025 2.3% | Jun 2025 3.2% | Sep 2025 3.4% | Dec 2025 2.0% | Mar 2026 2.2% | Jun 2026 —
- AMRN: Sep 2021 -2.0% | Dec 2021 2.4% | Mar 2022 -4.2% | Jun 2022 -9.8% | Sep 2022 -0.8% | Dec 2022 -1.4% | Mar 2023 -2.7% | Jun 2023 -4.0% | Sep 2023 -3.6% | Dec 2023 -0.8% | Mar 2024 -2.3% | Jun 2024 -0.1% | Sep 2024 -4.5% | Dec 2024 -9.8% | Mar 2025 -3.2% | Jun 2025 -3.0% | Sep 2025 -2.2% | Dec 2025 -1.3% | Mar 2026 -2.4% | Jun 2026 —

### 20-quarter ROCE change history
- LLY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 0.0 pp | Mar 2023 −2.8 pp | Jun 2023 +2.5 pp | Sep 2023 −3.8 pp | Dec 2023 +1.3 pp | Mar 2024 +1.9 pp | Jun 2024 +2.9 pp | Sep 2024 +2.2 pp | Dec 2024 +4.9 pp | Mar 2025 +1.0 pp | Jun 2025 +3.7 pp | Sep 2025 +8.2 pp | Dec 2025 +1.3 pp | Mar 2026 +5.7 pp | Jun 2026 —
- JNJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.2 pp | Mar 2023 −0.5 pp | Jun 2023 −0.1 pp | Sep 2023 −0.2 pp | Dec 2023 +0.4 pp | Mar 2024 +1.2 pp | Jun 2024 +0.4 pp | Sep 2024 −0.3 pp | Dec 2024 −1.6 pp | Mar 2025 +0.1 pp | Jun 2025 +0.3 pp | Sep 2025 +1.2 pp | Dec 2025 +1.1 pp | Mar 2026 −0.3 pp | Jun 2026 +5.3 pp
- ABBV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 +0.6 pp | Mar 2023 −1.6 pp | Jun 2023 +1.4 pp | Sep 2023 −1.8 pp | Dec 2023 −1.9 pp | Mar 2024 +0.1 pp | Jun 2024 −0.4 pp | Sep 2024 +1.6 pp | Dec 2024 −4.6 pp | Mar 2025 +1.0 pp | Jun 2025 +1.1 pp | Sep 2025 −1.8 pp | Dec 2025 +6.4 pp | Mar 2026 +0.5 pp | Jun 2026 —
- MRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.7 pp | Dec 2022 −0.8 pp | Mar 2023 −3.1 pp | Jun 2023 −12.8 pp | Sep 2023 +1.7 pp | Dec 2023 −6.5 pp | Mar 2024 +2.4 pp | Jun 2024 +13.5 pp | Sep 2024 −2.3 pp | Dec 2024 +7.5 pp | Mar 2025 +0.1 pp | Jun 2025 −1.6 pp | Sep 2025 +2.3 pp | Dec 2025 −1.2 pp | Mar 2026 −10.4 pp | Jun 2026 —
- NVS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.4 pp | Dec 2022 −0.8 pp | Mar 2023 −0.1 pp | Jun 2023 +0.9 pp | Sep 2023 +0.3 pp | Dec 2023 +1.4 pp | Mar 2024 +1.6 pp | Jun 2024 +2.2 pp | Sep 2024 +2.9 pp | Dec 2024 +1.6 pp | Mar 2025 +2.4 pp | Jun 2025 +1.4 pp | Sep 2025 +0.8 pp | Dec 2025 −0.2 pp | Mar 2026 −1.6 pp | Jun 2026 −1.0 pp
- AZN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.2 pp | Dec 2022 +1.9 pp | Mar 2023 +1.9 pp | Jun 2023 +2.5 pp | Sep 2023 +1.3 pp | Dec 2023 +0.4 pp | Mar 2024 +0.9 pp | Jun 2024 +0.4 pp | Sep 2024 0.0 pp | Dec 2024 +1.0 pp | Mar 2025 +0.6 pp | Jun 2025 +0.7 pp | Sep 2025 +1.6 pp | Dec 2025 +0.9 pp | Mar 2026 +0.5 pp | Jun 2026 —
- AMGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.8 pp | Dec 2022 −0.1 pp | Mar 2023 −2.0 pp | Jun 2023 −0.2 pp | Sep 2023 −2.0 pp | Dec 2023 −2.5 pp | Mar 2024 −1.9 pp | Jun 2024 −1.8 pp | Sep 2024 −0.5 pp | Dec 2024 +1.1 pp | Mar 2025 +0.4 pp | Jun 2025 +1.2 pp | Sep 2025 +0.8 pp | Dec 2025 +1.0 pp | Mar 2026 +2.3 pp | Jun 2026 —
- GILD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.9 pp | Dec 2022 +2.5 pp | Mar 2023 +2.8 pp | Jun 2023 −0.3 pp | Sep 2023 −0.1 pp | Dec 2023 −1.1 pp | Mar 2024 −12.3 pp | Jun 2024 +2.5 pp | Sep 2024 −3.2 pp | Dec 2024 +1.9 pp | Mar 2025 +14.2 pp | Jun 2025 −0.1 pp | Sep 2025 +5.6 pp | Dec 2025 −0.8 pp | Mar 2026 +0.6 pp | Jun 2026 —
- PFE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.6 pp | Mar 2023 — | Jun 2023 −2.4 pp | Sep 2023 −6.7 pp | Dec 2023 −8.2 pp | Mar 2024 — | Jun 2024 −4.2 pp | Sep 2024 +1.2 pp | Dec 2024 +2.0 pp | Mar 2025 −0.4 pp | Jun 2025 +1.9 pp | Sep 2025 −0.7 pp | Dec 2025 −1.0 pp | Mar 2026 +0.2 pp | Jun 2026 —
- BMY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 −0.4 pp | Mar 2023 +0.3 pp | Jun 2023 −0.3 pp | Sep 2023 +0.1 pp | Dec 2023 −0.2 pp | Mar 2024 −18.4 pp | Jun 2024 −0.1 pp | Sep 2024 +0.2 pp | Dec 2024 −1.1 pp | Mar 2025 +20.1 pp | Jun 2025 +1.1 pp | Sep 2025 +1.5 pp | Dec 2025 +1.4 pp | Mar 2026 +0.1 pp | Jun 2026 —
- SNY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 +2.6 pp | Mar 2023 −0.4 pp | Jun 2023 +0.4 pp | Sep 2023 +0.3 pp | Dec 2023 −3.8 pp | Mar 2024 −0.9 pp | Jun 2024 −0.3 pp | Sep 2024 +0.4 pp | Dec 2024 +0.6 pp | Mar 2025 +1.1 pp | Jun 2025 −0.1 pp | Sep 2025 +0.2 pp | Dec 2025 −1.9 pp | Mar 2026 −0.2 pp | Jun 2026 —
- GSK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +3.1 pp | Mar 2023 +0.3 pp | Jun 2023 +2.8 pp | Sep 2023 +2.5 pp | Dec 2023 −2.5 pp | Mar 2024 −0.1 pp | Jun 2024 −0.4 pp | Sep 2024 −4.5 pp | Dec 2024 +0.3 pp | Mar 2025 +1.7 pp | Jun 2025 +0.9 pp | Sep 2025 +6.3 pp | Dec 2025 +1.0 pp | Mar 2026 +0.1 pp | Jun 2026 —
- BIIB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +0.6 pp | Mar 2023 −0.5 pp | Jun 2023 −1.3 pp | Sep 2023 −3.3 pp | Dec 2023 −1.8 pp | Mar 2024 0.0 pp | Jun 2024 +0.6 pp | Sep 2024 +1.3 pp | Dec 2024 +0.1 pp | Mar 2025 −0.9 pp | Jun 2025 −0.2 pp | Sep 2025 +0.4 pp | Dec 2025 −1.2 pp | Mar 2026 0.0 pp | Jun 2026 —
- GRFS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 +0.4 pp | Mar 2023 −0.7 pp | Jun 2023 −0.4 pp | Sep 2023 +0.1 pp | Dec 2023 +4,176.9 pp | Mar 2024 +0.8 pp | Jun 2024 +0.4 pp | Sep 2024 +0.5 pp | Dec 2024 −4,175.7 pp | Mar 2025 +0.3 pp | Jun 2025 +0.3 pp | Sep 2025 +0.3 pp | Dec 2025 −0.5 pp | Mar 2026 0.0 pp | Jun 2026 —
- OGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.4 pp | Dec 2022 −1.1 pp | Mar 2023 −2.6 pp | Jun 2023 0.0 pp | Sep 2023 −2.1 pp | Dec 2023 −0.3 pp | Mar 2024 −0.4 pp | Jun 2024 −0.5 pp | Sep 2024 +0.9 pp | Dec 2024 +0.1 pp | Mar 2025 −1.9 pp | Jun 2025 −0.9 pp | Sep 2025 −0.3 pp | Dec 2025 −1.0 pp | Mar 2026 −0.1 pp | Jun 2026 —
- AMRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 −3.8 pp | Mar 2023 +1.5 pp | Jun 2023 +5.8 pp | Sep 2023 −2.8 pp | Dec 2023 +0.6 pp | Mar 2024 +0.4 pp | Jun 2024 +3.9 pp | Sep 2024 −0.9 pp | Dec 2024 −9.0 pp | Mar 2025 −0.9 pp | Jun 2025 −2.9 pp | Sep 2025 +2.3 pp | Dec 2025 +8.5 pp | Mar 2026 +0.8 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Organon & Co. has the lowest comparable Guarded PEG at 0.17×, 51.4% below Gilead Sciences, Inc.. Only 11 of 16 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Organon & Co. · 0.17× | 51.4% versus #2 · Gilead Sciences, Inc. | 0/8 recent comparable periods | 11/16 companies · 44 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Organon & Co. (OGN): 0.2
2. Gilead Sciences, Inc. (GILD): 0.4
3. Biogen Inc. (BIIB): 0.4
4. Bristol-Myers Squibb Company (BMY): 0.5
5. Sanofi (SNY): 0.6

### P/E — lowest P/E
1. Grifols, S.A. (GRFS): 6.2
2. Organon & Co. (OGN): 6.4
3. Sanofi (SNY): 13.4
4. GSK plc (GSK): 14.6
5. Bristol-Myers Squibb Company (BMY): 17.0

### 20-quarter Guarded PEG history
- LLY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 4.5 | Sep 2023 — | Dec 2023 — | Mar 2024 14.4 | Jun 2024 8.6 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MRK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.6 | Sep 2025 0.2 | Dec 2025 1.8 | Mar 2026 — | Jun 2026 —
- NVS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.9 | Mar 2026 2.4 | Jun 2026 —
- AZN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.9 | Jun 2024 — | Sep 2024 7.4 | Dec 2024 3.4 | Mar 2025 2.7 | Jun 2025 1.9 | Sep 2025 1.1 | Dec 2025 1.2 | Mar 2026 1.8 | Jun 2026 —
- AMGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.4 | Jun 2023 0.6 | Sep 2023 1.5 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.5 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.8 | Jun 2026 —
- GILD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.8 | Jun 2023 0.5 | Sep 2023 — | Dec 2023 0.8 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.4 | Jun 2026 —
- BMY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.9 | Jun 2023 0.7 | Sep 2023 0.5 | Dec 2023 0.4 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.5 | Jun 2026 —
- SNY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.6 | Jun 2023 0.5 | Sep 2023 0.3 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.5 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.6 | Jun 2026 —
- BIIB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.5 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.7 | Dec 2024 0.3 | Mar 2025 0.5 | Jun 2025 0.4 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GRFS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.7 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- OGN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.3 | Mar 2024 0.1 | Jun 2024 0.2 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- LLY: Sep 2021 35.2 | Dec 2021 45.1 | Mar 2022 42.4 | Jun 2022 51.7 | Sep 2022 48.6 | Dec 2022 53.0 | Mar 2023 54.6 | Jun 2023 65.2 | Sep 2023 97.3 | Dec 2023 100.5 | Mar 2024 114.6 | Jun 2024 111.5 | Sep 2024 95.8 | Dec 2024 65.9 | Mar 2025 67.2 | Jun 2025 51.0 | Sep 2025 37.3 | Dec 2025 46.8 | Mar 2026 32.7 | Jun 2026 —
- JNJ: Sep 2021 — | Dec 2021 24.0 | Mar 2022 21.9 | Jun 2022 24.0 | Sep 2022 26.1 | Dec 2022 22.8 | Mar 2023 26.3 | Jun 2023 33.2 | Sep 2023 34.3 | Dec 2023 11.7 | Mar 2024 10.4 | Jun 2024 9.6 | Sep 2024 26.6 | Dec 2024 24.8 | Mar 2025 18.3 | Jun 2025 16.2 | Sep 2025 17.2 | Dec 2025 18.8 | Mar 2026 28.3 | Jun 2026 29.4
- ABBV: Sep 2021 25.7 | Dec 2021 21.0 | Mar 2022 23.3 | Jun 2022 21.7 | Sep 2022 17.9 | Dec 2022 24.4 | Mar 2023 37.7 | Jun 2023 27.7 | Sep 2023 40.8 | Dec 2023 57.0 | Mar 2024 54.0 | Jun 2024 57.2 | Sep 2024 68.6 | Dec 2024 74.4 | Mar 2025 89.2 | Jun 2025 88.4 | Sep 2025 175.4 | Dec 2025 96.8 | Mar 2026 107.1 | Jun 2026 —
- MRK: Sep 2021 28.6 | Dec 2021 15.8 | Mar 2022 14.6 | Jun 2022 13.9 | Sep 2022 14.3 | Dec 2022 19.4 | Mar 2023 20.8 | Jun 2023 94.6 | Sep 2023 57.2 | Dec 2023 778.7 | Mar 2024 146.6 | Jun 2024 23.0 | Sep 2024 23.8 | Dec 2024 14.8 | Mar 2025 13.1 | Jun 2025 12.2 | Sep 2025 11.1 | Dec 2025 14.5 | Mar 2026 33.9 | Jun 2026 —
- NVS: Sep 2021 17.9 | Dec 2021 7.8 | Mar 2022 7.7 | Jun 2022 7.8 | Sep 2022 7.4 | Dec 2022 27.1 | Mar 2023 26.8 | Jun 2023 26.6 | Sep 2023 25.9 | Dec 2023 14.2 | Mar 2024 13.1 | Jun 2024 13.5 | Sep 2024 13.4 | Dec 2024 16.6 | Mar 2025 17.5 | Jun 2025 17.6 | Sep 2025 17.5 | Dec 2025 19.3 | Mar 2026 21.9 | Jun 2026 23.6
- AZN: Sep 2021 190.0 | Dec 2021 2,896.3 | Mar 2022 — | Jun 2022 — | Sep 2022 163.5 | Dec 2022 129.1 | Mar 2023 92.8 | Jun 2023 72.7 | Sep 2023 71.3 | Dec 2023 70.6 | Mar 2024 67.3 | Jun 2024 75.5 | Sep 2024 74.7 | Dec 2024 57.8 | Mar 2025 59.2 | Jun 2025 52.6 | Sep 2025 49.7 | Dec 2025 53.7 | Mar 2026 59.3 | Jun 2026 —
- AMGN: Sep 2021 21.9 | Dec 2021 21.9 | Mar 2022 23.8 | Jun 2022 20.6 | Sep 2022 18.1 | Dec 2022 21.7 | Mar 2023 16.4 | Jun 2023 15.0 | Sep 2023 19.1 | Dec 2023 23.1 | Mar 2024 40.6 | Jun 2024 53.8 | Sep 2024 41.3 | Dec 2024 34.5 | Mar 2025 28.4 | Jun 2025 22.8 | Sep 2025 21.8 | Dec 2025 23.0 | Mar 2026 24.5 | Jun 2026 —
- GILD: Sep 2021 11.9 | Dec 2021 14.7 | Mar 2022 16.6 | Jun 2022 18.8 | Sep 2022 23.3 | Dec 2022 23.6 | Mar 2023 18.7 | Jun 2023 17.7 | Sep 2023 16.1 | Dec 2023 18.0 | Mar 2024 203.5 | Jun 2024 83.7 | Sep 2024 931.6 | Dec 2024 243.1 | Mar 2025 23.6 | Jun 2025 22.1 | Sep 2025 17.2 | Dec 2025 18.1 | Mar 2026 19.0 | Jun 2026 —
- PFE: Sep 2021 — | Dec 2021 12.4 | Mar 2022 — | Jun 2022 11.7 | Sep 2022 10.2 | Dec 2022 8.4 | Mar 2023 — | Jun 2023 8.0 | Sep 2023 9.8 | Dec 2023 18.1 | Mar 2024 — | Jun 2024 — | Sep 2024 39.3 | Dec 2024 18.8 | Mar 2025 18.3 | Jun 2025 12.9 | Sep 2025 13.8 | Dec 2025 18.3 | Mar 2026 20.6 | Jun 2026 —
- BMY: Sep 2021 — | Dec 2021 20.0 | Mar 2022 25.9 | Jun 2022 25.6 | Sep 2022 23.2 | Dec 2022 24.4 | Mar 2023 20.2 | Jun 2023 17.0 | Sep 2023 14.7 | Dec 2023 13.3 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 22.8 | Jun 2025 18.7 | Sep 2025 15.2 | Dec 2025 15.6 | Mar 2026 17.0 | Jun 2026 —
- SNY: Sep 2021 16.9 | Dec 2021 17.8 | Mar 2022 17.4 | Jun 2022 18.0 | Sep 2022 15.2 | Dec 2022 13.6 | Mar 2023 15.0 | Jun 2023 14.3 | Sep 2023 14.0 | Dec 2023 20.9 | Mar 2024 24.8 | Jun 2024 26.9 | Sep 2024 28.7 | Dec 2024 20.9 | Mar 2025 20.3 | Jun 2025 11.1 | Sep 2025 10.8 | Dec 2025 13.0 | Mar 2026 13.4 | Jun 2026 —
- GSK: Sep 2021 13.3 | Dec 2021 15.1 | Mar 2022 13.1 | Jun 2022 15.9 | Sep 2022 3.9 | Dec 2022 4.0 | Mar 2023 4.2 | Jun 2023 3.9 | Sep 2023 10.0 | Dec 2023 12.1 | Mar 2024 15.6 | Jun 2024 15.5 | Sep 2024 25.1 | Dec 2024 21.7 | Mar 2025 19.6 | Jun 2025 16.9 | Sep 2025 12.0 | Dec 2025 13.1 | Mar 2026 14.6 | Jun 2026 —
- BIIB: Sep 2021 27.7 | Dec 2021 23.1 | Mar 2022 21.6 | Jun 2022 14.6 | Sep 2022 13.6 | Dec 2022 13.3 | Mar 2023 12.9 | Jun 2023 15.5 | Sep 2023 25.6 | Dec 2023 32.5 | Mar 2024 26.9 | Jun 2024 29.2 | Sep 2024 17.5 | Dec 2024 13.7 | Mar 2025 13.5 | Jun 2025 12.0 | Sep 2025 12.8 | Dec 2025 20.0 | Mar 2026 19.7 | Jun 2026 —
- GRFS: Sep 2021 12.0 | Dec 2021 17.6 | Mar 2022 44.1 | Jun 2022 80.9 | Sep 2022 12.6 | Dec 2022 14.7 | Mar 2023 24.7 | Jun 2023 29.8 | Sep 2023 24.2 | Dec 2023 87.2 | Mar 2024 0.0 | Jun 2024 0.0 | Sep 2024 0.0 | Dec 2024 15.5 | Mar 2025 9.0 | Jun 2025 7.9 | Sep 2025 7.9 | Dec 2025 6.8 | Mar 2026 6.2 | Jun 2026 —
- OGN: Sep 2021 5.5 | Dec 2021 5.7 | Mar 2022 6.9 | Jun 2022 7.8 | Sep 2022 5.9 | Dec 2022 7.8 | Mar 2023 8.1 | Jun 2023 7.1 | Sep 2023 7.6 | Dec 2023 3.6 | Mar 2024 4.6 | Jun 2024 5.3 | Sep 2024 3.8 | Dec 2024 4.5 | Mar 2025 5.2 | Jun 2025 3.6 | Sep 2025 5.6 | Dec 2025 10.0 | Mar 2026 6.4 | Jun 2026 —
- AMRN: Sep 2021 — | Dec 2021 168.5 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Amarin Corporation plc leads ev/ebitda at 0.13×; Grifols, S.A. leads p/bv at 0.6×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Amarin Corporation plc · 0.13× | 97.9% versus #2 · Organon & Co. | 0/8 recent comparable periods | 16/16 companies · 288 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Amarin Corporation plc (AMRN): 0.1
2. Organon & Co. (OGN): 6.1
3. Grifols, S.A. (GRFS): 8.8
4. Biogen Inc. (BIIB): 10.6
5. Bristol-Myers Squibb Company (BMY): 11.6

### P/BV — lowest P/BV
1. Grifols, S.A. (GRFS): 0.6
2. Amarin Corporation plc (AMRN): 0.7
3. Sanofi (SNY): 1.4
4. Biogen Inc. (BIIB): 1.5
5. Pfizer Inc. (PFE): 1.7

### 20-quarter EV/EBITDA history
- LLY: Sep 2021 27.8 | Dec 2021 33.2 | Mar 2022 29.1 | Jun 2022 33.5 | Sep 2022 34.6 | Dec 2022 39.7 | Mar 2023 41.0 | Jun 2023 49.5 | Sep 2023 67.4 | Dec 2023 68.5 | Mar 2024 80.1 | Jun 2024 78.8 | Sep 2024 69.9 | Dec 2024 49.3 | Mar 2025 48.8 | Jun 2025 38.5 | Sep 2025 28.7 | Dec 2025 35.2 | Mar 2026 25.6 | Jun 2026 —
- JNJ: Sep 2021 — | Dec 2021 14.2 | Mar 2022 16.5 | Jun 2022 15.4 | Sep 2022 15.6 | Dec 2022 14.3 | Mar 2023 17.6 | Jun 2023 14.8 | Sep 2023 15.5 | Dec 2023 12.9 | Mar 2024 13.1 | Jun 2024 12.3 | Sep 2024 14.0 | Dec 2024 12.7 | Mar 2025 14.5 | Jun 2025 13.7 | Sep 2025 14.8 | Dec 2025 15.9 | Mar 2026 18.6 | Jun 2026 23.4
- ABBV: Sep 2021 10.3 | Dec 2021 11.6 | Mar 2022 13.1 | Jun 2022 13.0 | Sep 2022 11.4 | Dec 2022 12.8 | Mar 2023 13.6 | Jun 2023 11.1 | Sep 2023 13.0 | Dec 2023 14.9 | Mar 2024 17.6 | Jun 2024 17.3 | Sep 2024 18.6 | Dec 2024 21.4 | Mar 2025 23.6 | Jun 2025 20.4 | Sep 2025 27.3 | Dec 2025 20.1 | Mar 2026 19.2 | Jun 2026 —
- MRK: Sep 2021 33.5 | Dec 2021 13.9 | Mar 2022 12.1 | Jun 2022 11.2 | Sep 2022 10.8 | Dec 2022 13.7 | Mar 2023 14.6 | Jun 2023 33.1 | Sep 2023 24.8 | Dec 2023 48.8 | Mar 2024 44.7 | Jun 2024 17.4 | Sep 2024 17.4 | Dec 2024 11.3 | Mar 2025 10.2 | Jun 2025 9.5 | Sep 2025 8.8 | Dec 2025 10.9 | Mar 2026 18.7 | Jun 2026 —
- NVS: Sep 2021 11.2 | Dec 2021 12.0 | Mar 2022 16.2 | Jun 2022 17.1 | Sep 2022 10.2 | Dec 2022 12.8 | Mar 2023 23.7 | Jun 2023 23.8 | Sep 2023 23.6 | Dec 2023 12.0 | Mar 2024 20.4 | Jun 2024 20.1 | Sep 2024 12.6 | Dec 2024 10.2 | Mar 2025 11.3 | Jun 2025 11.6 | Sep 2025 11.7 | Dec 2025 12.5 | Mar 2026 14.8 | Jun 2026 15.1
- AZN: Sep 2021 50.4 | Dec 2021 50.5 | Mar 2022 62.5 | Jun 2022 59.8 | Sep 2022 41.6 | Dec 2022 48.2 | Mar 2023 41.4 | Jun 2023 36.3 | Sep 2023 32.5 | Dec 2023 32.4 | Mar 2024 32.5 | Jun 2024 36.0 | Sep 2024 34.3 | Dec 2024 25.6 | Mar 2025 28.0 | Jun 2025 25.3 | Sep 2025 25.2 | Dec 2025 29.2 | Mar 2026 31.7 | Jun 2026 —
- AMGN: Sep 2021 13.5 | Dec 2021 13.7 | Mar 2022 14.0 | Jun 2022 12.5 | Sep 2022 11.4 | Dec 2022 13.1 | Mar 2023 12.8 | Jun 2023 11.2 | Sep 2023 13.6 | Dec 2023 17.4 | Mar 2024 17.9 | Jun 2024 19.6 | Sep 2024 19.0 | Dec 2024 14.6 | Mar 2025 16.6 | Jun 2025 14.5 | Sep 2025 14.0 | Dec 2025 15.6 | Mar 2026 15.2 | Jun 2026 —
- GILD: Sep 2021 8.1 | Dec 2021 9.3 | Mar 2022 10.2 | Jun 2022 10.8 | Sep 2022 11.9 | Dec 2022 13.3 | Mar 2023 11.1 | Jun 2023 10.6 | Sep 2023 10.3 | Dec 2023 11.5 | Mar 2024 25.8 | Jun 2024 20.0 | Sep 2024 34.2 | Dec 2024 29.7 | Mar 2025 14.2 | Jun 2025 14.5 | Sep 2025 11.7 | Dec 2025 13.3 | Mar 2026 14.3 | Jun 2026 —
- PFE: Sep 2021 — | Dec 2021 9.2 | Mar 2022 — | Jun 2022 9.3 | Sep 2022 8.1 | Dec 2022 6.5 | Mar 2023 — | Jun 2023 6.5 | Sep 2023 7.8 | Dec 2023 11.9 | Mar 2024 45.3 | Jun 2024 87.3 | Sep 2024 20.6 | Dec 2024 12.9 | Mar 2025 13.2 | Jun 2025 10.8 | Sep 2025 11.5 | Dec 2025 13.7 | Mar 2026 14.2 | Jun 2026 —
- BMY: Sep 2021 9.9 | Dec 2021 9.0 | Mar 2022 10.0 | Jun 2022 10.2 | Sep 2022 9.4 | Dec 2022 9.8 | Mar 2023 9.4 | Jun 2023 9.2 | Sep 2023 8.5 | Dec 2023 7.7 | Mar 2024 46.5 | Jun 2024 39.0 | Sep 2024 41.7 | Dec 2024 72.7 | Mar 2025 10.6 | Jun 2025 9.0 | Sep 2025 8.9 | Dec 2025 10.3 | Mar 2026 11.7 | Jun 2026 —
- SNY: Sep 2021 10.2 | Dec 2021 10.7 | Mar 2022 11.0 | Jun 2022 11.4 | Sep 2022 9.2 | Dec 2022 9.2 | Mar 2023 10.1 | Jun 2023 9.7 | Sep 2023 9.0 | Dec 2023 10.8 | Mar 2024 20.1 | Jun 2024 21.0 | Sep 2024 15.0 | Dec 2024 11.7 | Mar 2025 17.0 | Jun 2025 13.1 | Sep 2025 7.7 | Dec 2025 9.5 | Mar 2026 18.8 | Jun 2026 —
- GSK: Sep 2021 17.3 | Dec 2021 13.9 | Mar 2022 17.1 | Jun 2022 17.9 | Sep 2022 13.5 | Dec 2022 8.8 | Mar 2023 11.5 | Jun 2023 9.8 | Sep 2023 9.2 | Dec 2023 7.9 | Mar 2024 13.4 | Jun 2024 13.3 | Sep 2024 19.2 | Dec 2024 10.3 | Mar 2025 15.7 | Jun 2025 13.8 | Sep 2025 10.5 | Dec 2025 8.5 | Mar 2026 12.4 | Jun 2026 —
- BIIB: Sep 2021 19.2 | Dec 2021 26.8 | Mar 2022 11.4 | Jun 2022 9.3 | Sep 2022 11.5 | Dec 2022 10.4 | Mar 2023 13.2 | Jun 2023 14.4 | Sep 2023 17.5 | Dec 2023 20.8 | Mar 2024 16.8 | Jun 2024 16.2 | Sep 2024 11.9 | Dec 2024 9.1 | Mar 2025 9.0 | Jun 2025 7.9 | Sep 2025 7.9 | Dec 2025 10.8 | Mar 2026 10.6 | Jun 2026 —
- GRFS: Sep 2021 12.5 | Dec 2021 14.6 | Mar 2022 18.6 | Jun 2022 18.5 | Sep 2022 14.1 | Dec 2022 13.6 | Mar 2023 14.4 | Jun 2023 15.5 | Sep 2023 15.1 | Dec 2023 14.2 | Mar 2024 0.0 | Jun 2024 0.0 | Sep 2024 0.0 | Dec 2024 9.2 | Mar 2025 8.7 | Jun 2025 8.5 | Sep 2025 8.6 | Dec 2025 8.8 | Mar 2026 8.8 | Jun 2026 —
- OGN: Sep 2021 7.6 | Dec 2021 8.1 | Mar 2022 8.3 | Jun 2022 8.7 | Sep 2022 7.6 | Dec 2022 8.6 | Mar 2023 8.7 | Jun 2023 8.3 | Sep 2023 8.5 | Dec 2023 7.9 | Mar 2024 8.7 | Jun 2024 8.9 | Sep 2024 8.1 | Dec 2024 7.3 | Mar 2025 8.0 | Jun 2025 7.2 | Sep 2025 7.1 | Dec 2025 8.4 | Mar 2026 6.1 | Jun 2026 —
- AMRN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.4 | Sep 2024 1.0 | Dec 2024 1.0 | Mar 2025 1.0 | Jun 2025 — | Sep 2025 — | Dec 2025 0.1 | Mar 2026 — | Jun 2026 —

### 20-quarter P/BV history
- LLY: Sep 2021 27.0 | Dec 2021 27.8 | Mar 2022 27.6 | Jun 2022 34.2 | Sep 2022 28.9 | Dec 2022 30.9 | Mar 2023 27.6 | Jun 2023 38.1 | Sep 2023 43.0 | Dec 2023 48.7 | Mar 2024 54.7 | Jun 2024 60.1 | Sep 2024 56.0 | Dec 2024 48.6 | Mar 2025 47.0 | Jun 2025 38.3 | Sep 2025 28.7 | Dec 2025 36.2 | Mar 2026 26.3 | Jun 2026 —
- JNJ: Sep 2021 — | Dec 2021 6.0 | Mar 2022 6.1 | Jun 2022 6.3 | Sep 2022 6.2 | Dec 2022 5.7 | Mar 2023 6.0 | Jun 2023 5.7 | Sep 2023 5.8 | Dec 2023 5.3 | Mar 2024 5.4 | Jun 2024 4.9 | Sep 2024 5.5 | Dec 2024 4.9 | Mar 2025 5.1 | Jun 2025 4.7 | Sep 2025 5.5 | Dec 2025 6.1 | Mar 2026 7.3 | Jun 2026 —
- ABBV: Sep 2021 14.1 | Dec 2021 15.5 | Mar 2022 17.6 | Jun 2022 18.5 | Sep 2022 14.8 | Dec 2022 16.6 | Mar 2023 21.2 | Jun 2023 18.5 | Sep 2023 21.8 | Dec 2023 26.4 | Mar 2024 40.2 | Jun 2024 44.7 | Sep 2024 57.9 | Dec 2024 94.3 | Mar 2025 260.6 | Jun 2025 -1,791.3 | Sep 2025 -154.9 | Dec 2025 -123.5 | Mar 2026 -57.7 | Jun 2026 —
- MRK: Sep 2021 5.3 | Dec 2021 5.1 | Mar 2022 5.1 | Jun 2022 5.3 | Sep 2022 4.9 | Dec 2022 6.1 | Mar 2023 5.8 | Jun 2023 7.6 | Sep 2023 6.3 | Dec 2023 7.3 | Mar 2024 8.3 | Jun 2024 7.2 | Sep 2024 6.5 | Dec 2024 5.4 | Mar 2025 4.7 | Jun 2025 4.0 | Sep 2025 4.0 | Dec 2025 5.0 | Mar 2026 6.5 | Jun 2026 —
- NVS: Sep 2021 3.1 | Dec 2021 2.7 | Mar 2022 3.0 | Jun 2022 2.8 | Sep 2022 2.5 | Dec 2022 3.1 | Mar 2023 3.5 | Jun 2023 3.8 | Sep 2023 5.2 | Dec 2023 4.4 | Mar 2024 5.0 | Jun 2024 5.2 | Sep 2024 5.3 | Dec 2024 4.4 | Mar 2025 5.7 | Jun 2025 5.6 | Sep 2025 5.6 | Dec 2025 5.7 | Mar 2026 7.6 | Jun 2026 7.2
- AZN: Sep 2021 9.5 | Dec 2021 9.1 | Mar 2022 11.5 | Jun 2022 11.1 | Sep 2022 9.5 | Dec 2022 11.4 | Mar 2023 12.1 | Jun 2023 11.9 | Sep 2023 11.3 | Dec 2023 10.7 | Mar 2024 11.3 | Jun 2024 12.3 | Sep 2024 11.9 | Dec 2024 9.9 | Mar 2025 11.1 | Jun 2025 9.7 | Sep 2025 10.1 | Dec 2025 11.2 | Mar 2026 12.9 | Jun 2026 —
- AMGN: Sep 2021 14.6 | Dec 2021 18.8 | Mar 2022 141.0 | Jun 2022 53.8 | Sep 2022 32.9 | Dec 2022 38.3 | Mar 2023 24.2 | Jun 2023 17.5 | Sep 2023 18.8 | Dec 2023 24.7 | Mar 2024 30.4 | Jun 2024 28.3 | Sep 2024 23.0 | Dec 2024 23.8 | Mar 2025 27.0 | Jun 2025 20.2 | Sep 2025 15.8 | Dec 2025 20.4 | Mar 2026 20.7 | Jun 2026 —
- GILD: Sep 2021 4.1 | Dec 2021 4.3 | Mar 2022 3.7 | Jun 2022 3.8 | Sep 2022 3.7 | Dec 2022 5.0 | Mar 2023 4.9 | Jun 2023 4.5 | Sep 2023 4.2 | Dec 2023 4.4 | Mar 2024 5.2 | Jun 2024 4.7 | Sep 2024 5.7 | Dec 2024 6.0 | Mar 2025 7.3 | Jun 2025 7.0 | Sep 2025 6.4 | Dec 2025 6.7 | Mar 2026 7.4 | Jun 2026 —
- PFE: Sep 2021 — | Dec 2021 3.2 | Mar 2022 — | Jun 2022 3.5 | Sep 2022 3.4 | Dec 2022 2.7 | Mar 2023 — | Jun 2023 2.3 | Sep 2023 2.1 | Dec 2023 1.9 | Mar 2024 1.7 | Jun 2024 1.8 | Sep 2024 1.8 | Dec 2024 1.7 | Mar 2025 1.6 | Jun 2025 1.6 | Sep 2025 1.5 | Dec 2025 1.6 | Mar 2026 1.7 | Jun 2026 —
- BMY: Sep 2021 3.5 | Dec 2021 3.8 | Mar 2022 4.9 | Jun 2022 5.0 | Sep 2022 4.6 | Dec 2022 4.9 | Mar 2023 4.6 | Jun 2023 4.2 | Sep 2023 4.1 | Dec 2023 3.5 | Mar 2024 6.7 | Jun 2024 5.0 | Sep 2024 6.1 | Dec 2024 7.0 | Mar 2025 7.1 | Jun 2025 5.4 | Sep 2025 5.0 | Dec 2025 5.9 | Mar 2026 6.2 | Jun 2026 —
- SNY: Sep 2021 1.5 | Dec 2021 1.6 | Mar 2022 1.6 | Jun 2022 1.7 | Sep 2022 1.3 | Dec 2022 1.5 | Mar 2023 1.7 | Jun 2023 1.7 | Sep 2023 1.7 | Dec 2023 1.5 | Mar 2024 1.6 | Jun 2024 1.6 | Sep 2024 1.7 | Dec 2024 1.5 | Mar 2025 1.7 | Jun 2025 1.4 | Sep 2025 1.4 | Dec 2025 1.4 | Mar 2026 1.4 | Jun 2026 —
- GSK: Sep 2021 3.7 | Dec 2021 — | Mar 2022 4.2 | Jun 2022 4.4 | Sep 2022 5.9 | Dec 2022 5.9 | Mar 2023 4.9 | Jun 2023 4.5 | Sep 2023 4.6 | Dec 2023 4.4 | Mar 2024 5.0 | Jun 2024 4.3 | Sep 2024 4.5 | Dec 2024 4.0 | Mar 2025 4.3 | Jun 2025 3.9 | Sep 2025 4.0 | Dec 2025 4.5 | Mar 2026 4.7 | Jun 2026 —
- BIIB: Sep 2021 4.0 | Dec 2021 3.2 | Mar 2022 2.8 | Jun 2022 2.5 | Sep 2022 3.0 | Dec 2022 3.0 | Mar 2023 2.9 | Jun 2023 2.9 | Sep 2023 2.6 | Dec 2023 2.5 | Mar 2024 2.1 | Jun 2024 2.1 | Sep 2024 1.7 | Dec 2024 1.3 | Mar 2025 1.2 | Jun 2025 1.0 | Sep 2025 1.1 | Dec 2025 1.4 | Mar 2026 1.5 | Jun 2026 —
- GRFS: Sep 2021 1.1 | Dec 2021 0.8 | Mar 2022 0.8 | Jun 2022 0.8 | Sep 2022 0.5 | Dec 2022 0.6 | Mar 2023 0.5 | Jun 2023 0.7 | Sep 2023 0.7 | Dec 2023 0.9 | Mar 2024 0.5 | Jun 2024 0.5 | Sep 2024 0.7 | Dec 2024 0.6 | Mar 2025 0.6 | Jun 2025 0.7 | Sep 2025 0.8 | Dec 2025 0.7 | Mar 2026 0.6 | Jun 2026 —
- OGN: Sep 2021 -5.1 | Dec 2021 -5.1 | Mar 2022 -7.1 | Jun 2022 -7.6 | Sep 2022 -5.6 | Dec 2022 -8.0 | Mar 2023 -8.1 | Jun 2023 -9.6 | Sep 2023 -7.5 | Dec 2023 -52.7 | Mar 2024 100.2 | Jun 2024 37.0 | Sep 2024 10.0 | Dec 2024 8.2 | Mar 2025 7.1 | Jun 2025 3.4 | Sep 2025 3.1 | Dec 2025 2.5 | Mar 2026 1.7 | Jun 2026 —
- AMRN: Sep 2021 3.1 | Dec 2021 1.0 | Mar 2022 2.0 | Jun 2022 1.0 | Sep 2022 0.8 | Dec 2022 0.4 | Mar 2023 1.0 | Jun 2023 0.9 | Sep 2023 0.7 | Dec 2023 0.3 | Mar 2024 0.7 | Jun 2024 0.5 | Sep 2024 0.5 | Dec 2024 0.2 | Mar 2025 0.4 | Jun 2025 0.7 | Sep 2025 0.7 | Dec 2025 0.6 | Mar 2026 0.7 | Jun 2026 —

## Market action

Merck & Co., Inc. has the strongest one-year price move in Drug Manufacturers - General at +66.3%. Organon & Co. leads on Mansfield relative strength against the S&P 500 at +30.8%. 10 of 16 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Merck & Co., Inc. (MRK): 66%
2. Eli Lilly and Company (LLY): 60%
3. Johnson & Johnson (JNJ): 59%
4. Biogen Inc. (BIIB): 56%
5. Bristol-Myers Squibb Company (BMY): 44%

### Strongest relative strength versus NIFTY 500
1. Organon & Co. (OGN): 31%
2. Eli Lilly and Company (LLY): 17%
3. Merck & Co., Inc. (MRK): 15%
4. Johnson & Johnson (JNJ): 14%
5. Bristol-Myers Squibb Company (BMY): 10.0%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

## Every company
- Eli Lilly and Company (LLY) — market value ₹10.9 L Cr; latest fundamentals Mar 2026
- Johnson & Johnson (JNJ) — market value ₹6.4 L Cr; latest fundamentals Jun 2026
- AbbVie Inc. (ABBV) — market value ₹4.7 L Cr; latest fundamentals Mar 2026
- Merck & Co., Inc. (MRK) — market value ₹3.3 L Cr; latest fundamentals Mar 2026
- Novartis AG (NVS) — market value ₹3.0 L Cr; latest fundamentals Jun 2026
- AstraZeneca PLC (AZN) — market value ₹2.7 L Cr; latest fundamentals Mar 2026
- Amgen Inc. (AMGN) — market value ₹2.1 L Cr; latest fundamentals Mar 2026
- Gilead Sciences, Inc. (GILD) — market value ₹1.7 L Cr; latest fundamentals Mar 2026
- Pfizer Inc. (PFE) — market value ₹1.4 L Cr; latest fundamentals Mar 2026
- Bristol-Myers Squibb Company (BMY) — market value ₹1.3 L Cr; latest fundamentals Mar 2026
- Sanofi (SNY) — market value ₹1.1 L Cr; latest fundamentals Mar 2026
- GSK plc (GSK) — market value ₹1.1 L Cr; latest fundamentals Mar 2026
- Biogen Inc. (BIIB) — market value ₹30.4K Cr; latest fundamentals Mar 2026
- Grifols, S.A. (GRFS) — market value ₹6.9K Cr; latest fundamentals Mar 2026
- Organon & Co. (OGN) — market value ₹3.6K Cr; latest fundamentals Mar 2026
- Amarin Corporation plc (AMRN) — market value ₹293 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Drug Manufacturers - General company is the biggest?

Johnson & Johnson is the largest, with trailing-twelve-month revenue of $97,929 million, ahead of Eli Lilly and Company at $72,250 million. That covers 16 of 16 companies with comparable reporting through Jun 2026.

### Which Drug Manufacturers - General company is growing fastest?

Eli Lilly and Company has the fastest revenue growth at 47.4% year on year, across 16 of 16 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Drug Manufacturers - General company has the best profit margins?

Eli Lilly and Company has the highest operating margin at 45%, from 16 of 16 comparable companies. Amgen Inc. shows the biggest recent improvement, at +16.4 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Drug Manufacturers - General company makes the most profit?

Eli Lilly and Company earns the most, at $25,278 million of trailing-twelve-month net profit, from 16 of 16 comparable companies. Eli Lilly and Company has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Drug Manufacturers - General company earns the highest return on capital?

Eli Lilly and Company leads on return on capital employed at 12.8%, across 16 of 16 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Drug Manufacturers - General stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Organon & Co. screens cheapest at 0.17×. Only 11 of 16 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Drug Manufacturers - General company has the strongest balance sheet?

Amarin Corporation plc carries the lowest comparable gross debt at $6 million, from 16 of 16 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Drug Manufacturers - General company is investing most in new capacity?

Eli Lilly and Company reports the largest capital spending at $2,326 million, across 16 of 16 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Drug Manufacturers - General sector beating the market?

Drug Manufacturers - General has outperformed S&P 500 by 10% over the last 52 weeks and 5.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 10 of 16 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Drug Manufacturers - General stock has the strongest price momentum?

Organon & Co. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Drug Manufacturers - General company scores highest for research priority?

Eli Lilly and Company scores 70.1 out of 100 with 82% evidence confidence, from 31.1 points on growth and earnings, 15.6 on capital efficiency, 4.3 on valuation and 19.1 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Drug Manufacturers - General companies does this comparison cover, and over what period?

It compares 16 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Drug Manufacturers - General sector?

The 16 Drug Manufacturers - General companies on this page carry $4,002,206 million of combined market value. Eli Lilly and Company is the largest at $1,088,513 million, about 27% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Drug Manufacturers - General sector's P/E ratio?

The median price-to-earnings ratio across the 16 Drug Manufacturers - General companies on this page is 23.6×, measured on the 16 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Drug Manufacturers - General sector performing?

10 of the 16 covered Drug Manufacturers - General companies are beating S&P 500 on Mansfield relative strength. The sector itself is 10% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Drug Manufacturers - General stocks are listed in the US?

This comparison covers 16 listed Drug Manufacturers - General companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/drug-manufacturers-general