Large U.S.-Listed Drugmakers Index

## What this measures

A price index of 20 large U.S.-listed drugmakers and biotechs, weighted by market value and chained daily, 100 on January 4, 2021. Members: Eli Lilly, Johnson & Johnson, AbbVie, Merck, Amgen, Gilead, Pfizer, Vertex, Bristol Myers Squibb, Moderna, Regeneron, Revolution Medicines, Biogen, Royalty Pharma, Zoetis, Alnylam, Roivant, United Therapeutics, Insmed and Viatris. They are the companies with SEC industry code 2834 (pharmaceutical preparations) or 2836 (biological products) worth more than $20 billion when the basket was set in October 2026.

## Why it matters

Drug stocks are where the market prices patent cliffs, drug-pricing policy and the obesity-drug boom. A basket shows the industry's direction, not one company's news.

## How to read it

Read the line against itself and against the S&P 500 (equities.pharma_vs_sp500). Lilly is by far the largest member, so its moves carry the index.

## What it does not say

Novo Nordisk, AstraZeneca, Novartis, Sanofi and GSK are not included: they do not file share counts with the SEC. The list is fixed, so companies that grew past the threshold later are not added, and each company's weight uses its current share count, so earlier readings ignore buybacks and new shares. Price only; dividends are not reinvested.

## Source

Daily closes through a licensed market data provider; share counts from SEC filings. Calculated by Palanor.