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Pharmaceutical Powerhouse: Johnson & Johnson is once again the world's most valuable and strongest pharma brand

17 June 2024
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New data from Brand Finance reveals impact of restructuring and M&A activity on brand values across the Healthcare Sector

  • Johnson & Johnson is the world's most valuable pharma brand for the 6th consecutive year
  • Pioneering innovation for Novo Nordisk and Lilly leads to impressive brand value growth, brand values up 64% and 53%, respectively
  • Fresenius ends Medtronic’s 3-year reign as the most valuable medical devices brand
  • UnitedHealthcare tops sector for brand value and brand strength

LONDON, 18th June 2024 - Once again, Johnson & Johnson has claimed the title of the world's most valuable and strongest pharmaceutical brand, according to a new report by Brand Finance, the world’s leading brand valuation consultancy. Johnson & Johnson has maintained its top-ranking position for brand value for the sixth consecutive year and recorded a 5% increase in brand value to USD 13.4 billion this year. 

In a strategic move that marked the largest restructuring in its nearly 140-year history, Johnson & Johnson completed the spinoff of its consumer business, under the new parent company Kenvue, which includes brands like Band-Aid, Tylenol, Neutrogena, and Clean & Clear.

Johnson & Johnson's restructuring mirrors a broader trend among industry leaders. Pfizer (brand value down 1% to USD 6.1 billion) and GSK (brand value up 6% to USD 3.8 billion) demerged its consumer health joint venture to create Haleon, known for products like Sensodyne toothpaste, while Novartis (brand value 10% to USD 3.3 billion) spun off its Generics and Biosimilars business, Sandoz. Sanofi (brand value up 7% to USD 4.4 billion) is also in the process of separating its consumer healthcare division.

Novo Nordisk (brand value USD 5.1 billion) and Lilly (brand value USD 5.9 billion) are the two fastest-growing pharma brands this year, up 64% and 53%, respectively.

Novo Nordisk and Lilly exemplify success through adaptation. Their proactive strategies, particularly in the successful introduction of weight-loss drugs, have propelled them up the Brand Finance Pharma 25 ranking. Following skyrocketing demand for semaglutide under the brand names Wegovy and Ozempic, Novo Nordisk's has become Europe's most valuable company by market cap, overtaking LVMH. These brands have not only experienced substantial growth in their financial forecasts but have also garnered significant public exposure as a result of the massive possible impact of a “cure for obesity” upon modern humanity.

Both brands have embarked on their own M&A endeavours, with Lilly's acquisition of Akouos and Novo Nordisk's finalisation of the Forma Therapeutics acquisition, both occurring at the close of 2022.

The intense demand for weight-loss drugs such as Ozempic and Wegovy are the latest wave driving the growth of the pharmaceutical industry, continuing an upward trajectory that dates back to the introduction of vaccines in response to COVID-19. In this dynamic and increasingly competitive environment, a brand's ability to build trust among the public, regulators, and investors is a powerful asset for pharmaceutical companies. Pharmaceutical brands must balance their ability to rapidly meet demand for new products against their reputation as a safe, reliable provider of quality goods."

Hugo Hensley, Valuation Director, Brand Finance

Four Chinese brands feature in the Brand Finance Pharma 25 2024 ranking, recording mixed performances. Guangzhou Pharmaceutical has shown the strongest performance among Chinese brands, recording an 11% increase in brand value to USD 2.5 billion. This growth is attributed to rising demand for popular brands within its portfolio, alongside expanded sales channels.

Sinopharm, the highest-ranked Chinese brand in 13th position, saw a 6% decline in brand value to USD 3.6 billion. This decline was driven by weaker brand strength and long-term growth rates, despite strong revenue growth.

Shanghai Pharmaceuticals Holding experienced a slight decline in brand value, down 1%, but has seen high demand for its Chinese medicine products. Yunnan Baiyao secures 25th spot in the ranking with a brand value of USD 822 million.

Fresenius has overtaken Medtronic to secure its position as the world's most valuable medical devices brand, following a 6% increase in brand value to USD 7.7 billion.

Increased demand for plasma-derived therapies and autotransfusion treatments has contributed to Fresenius’s expanding market presence. Additionally, Fresenius highlights that its surge in revenue is driven by rising admissions as individuals resume pre-COVID healthcare patterns.

Conversely, Medtronic has experienced an 11% decrease in brand value to USD 7.2 billion, ending its three-year reign at the top of the Brand Finance Medical Devices 25 ranking. The company aims to divest its patient monitoring and respiratory interventions businesses in the first half of fiscal year 2025, following the successful divestment of its renal care solutions business to Mozarc Medical.

UnitedHealthcare retains its position as the world's most valuable healthcare services brand, boasting a 28% increase in brand value, standing at USD 47.6 billion at 1 January 2024. While subsequently embroiled in a massive brand crisis related to cybersecurity, at the time of this valuation, UnitedHealthcare was in a highly regarded position. For the first time in Medicare’s history, more than half of eligible people with Medicare are now enrolled in private Medicare Advantage plans, and UnitedHealthcare is the largest provider of these. This expansion of the government segment has bolstered revenue streams for healthcare brands like UnitedHealthcare.

Elevance Health (brand value up 28% to USD 25.5 billion) and Humana (brand value up 27% to USD 30.0 billion) are also both poised for a bigger resurgence as they also capitalise on the expansion through Medicare Advantage offerings.

“The most valuable healthcare services brands have experienced a 16% year-on-year increase in total value. This growth is indicative of a thriving sector driven by several factors. The heightened significance of healthcare-related issues post-pandemic, coupled with continuous technological advancements, has bolstered sector efficiency and reduced production costs. Additionally, the ageing population has contributed to a surge in demand for healthcare services, further fuelling market expansion.”

Hugo Hensley, Valuation Director, Brand Finance, commented

Note to Editors

Every year, leading brand valuation consultancy Brand Finance puts 6,000 of the biggest brands to the test and publishes over 100 reports, ranking brands across all sectors and countries. The world’s top 25 most valuable and strongest pharma brands, 25 most valuable and strongest medical devices brands and 10 most valuable and strongest healthcare services brands are included in the Brand Finance Healthcare 2024 report.

Brand value is understood as the net economic benefit that a brand owner would achieve by licensing the brand in the open market. Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors.

The full ranking, additional insights, charts, more information about the methodology and definitions of key terms are available in the Brand Finance Healthcare 2024 report.

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Penny Erricker
Communications Executive
Brand Finance

About Brand Finance

Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance for more than 25 years, Brand Finance evaluates the strength of brands and quantifies their financial value to help organizations of all kinds make strategic decisions.

Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.

Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on over 5,000 brands, surveying more than 150,000 respondents across 38 countries and 31 industry sectors. Combining perceptual data from the Global Brand Equity Monitor with data from its valuation database enables Brand Finance to arm brand leaders with the data and analytics they need to enhance brand and business value.

Brand Finance is a regulated accountancy firm, leading the standardization of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.

Definition of Brand

Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.

Brand Strength

Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.

Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.

Brand Valuation Approach

Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.

The steps in this process are as follows:

1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.

2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.

3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.

4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.

5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.

6 Apply the royalty rate to the forecast revenues to derive brand revenues.

7 Discount post-tax brand revenues to a net present value which equals the brand value.


Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.

The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.

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