These 3 Healthcare Companies Had the Top-Selling Drugs Last Year
You might think that if a drugmaker has a top-selling drug, it would be a lock to be a top-performing stock and a no-brainer buy. That may be true in some cases. In others, it can be a source of risk as investors grow concerned about what a company's growth opportunities will look like after the relevant patent expires, especially when the drug accounts for a significant chunk of the company's sales.
The three top-selling drugs in 2023 came from (NYSE: MRK), AbbVie (NYSE: ABBV), and Novo Nordisk (NYSE: NVO). Here's a closer look at those blockbusters, how much revenue they brought in, what their growth prospects look like, and whether these stocks make for good investments today.
At a whopping $25 billion in sales in 2023, Keytruda was far and away Merck's top-selling drug last year. It accounted for just under 42% of the company's revenue. The cancer drug has been extremely successful in helping to extend the life of patients, and the Food and Drug Administration has approved it for many different indications. Keytruda's sales grew by 21% last year when you exclude the impact of foreign exchange. Analysts believe that its sales could still rise higher, topping $33 billion in 2027, before biosimilars begin to enter the market.
Source Fool.com
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