Healthcare
Healthcare
Healthcare at a glance
Four theses on one page: medtech, life-science tools, leftover pharma and biotech, and US providers. GLP-1 and Vaccines stay on their own pages.
- •CMS says US health spending was $5.3 trillion in 2024, or $15,474 per person and 18.0 percent of GDP. Hospital care was $1,634.7 billion. Retail prescription drugs were $467.0 billion.
- •UnitedHealth 2025 revenue was $447.6 billion and CVS Health was $402.1 billion. HCA, the hospital operator, was $75.6 billion. Payers are not hospitals.
- •Johnson & Johnson 2025 sales were $94.2 billion: Innovative Medicine $60.4 billion and MedTech $33.8 billion. STELARA was an approximate 1,040 basis-point drag on IM operational growth.
- •Intuitive reported about 3.15 million da Vinci procedures in 2025. Instruments and accessories were $6.02 billion. Systems were $2.47 billion. Group revenue was $10.07 billion.
- •Thermo Fisher 2025 revenue was $44.56 billion. Danaher was $24.57 billion, with Life Sciences core sales down 1.5 percent. IQVIA was $16.31 billion.
- •Gilead HIV was $20.8 billion in 2025, including Biktarvy $14.3 billion. Vertex was $12.0 billion, still mostly cystic fibrosis. Those are leftover-pharma prints, not GLP-1 or vaccine prints.
- •GLP-1 and Vaccines stay on their own pages. Dual-home mega-caps stay on this Companies tab so the S&P 500 gap is closed.
Headline numbers
Eight sourced snapshot figures. CMS NHE is calendar 2024. Company figures are the latest reported fiscal year. UNH and CVS are not hospital operators.
US NHE 2024
$5.3T
Grew 7.2 percent. $15,474 per person. 18.0 percent of GDP. Latest CMS historical year, not a 2025 actual.
CMS NHE fact sheet
Hospital care 2024
$1.635T
Grew 8.9 percent to $1,634.7 billion. Physician and clinical services were $1,109.7 billion. Retail Rx was $467.0 billion.
CMS NHE fact sheet
UnitedHealth 2025
$447.6B
Consolidated revenue $447.567 billion, +12 percent. UnitedHealthcare $344.9 billion. Optum $270.6 billion. Dual-homed from Insurance.
UNH 2025 results / 10-K
Johnson & Johnson 2025
$94.2B
Worldwide sales $94.193 billion, +6.0 percent. Innovative Medicine $60.401 billion. MedTech $33.792 billion.
JNJ FY2025 results
HCA 2025
$75.6B
Revenue $75.600 billion. Admissions 2,297,065. Equivalent admissions 4,107,152. Revenue per equivalent admission $18,407.
HCA 10-K / FY2025 results
Thermo Fisher 2025
$44.56B
Revenue $44.556 billion, +4 percent reported and +2 percent organic. Laboratory Products and Biopharma Services $23.984 billion.
TMO FY2025 8-K
da Vinci procedures 2025
3.15M
About 3,153,000 da Vinci procedures, +18 percent. Ion procedures +51 percent. Intuitive revenue $10.065 billion.
ISRG FY2025 earnings
Gilead HIV 2025
$20.8B
HIV product sales $20.752 billion, +6 percent. Biktarvy $14.334 billion. Group revenue $29.443 billion. Not a GLP-1 or vaccine print.
GILD FY2025 results
Where the US health dollar went in 2024
CMS hospital care $1.635 trillion, physician and clinical $1.110 trillion, retail prescription drugs $467 billion. These three lines do not sum to total NHE of $5.3 trillion.
Who paid in 2024
Private health insurance $1.645 trillion, Medicare $1.118 trillion, Medicaid $932 billion, out of pocket $557 billion. CMS projects Medicare to be the fastest major payer through 2034 at 7.7 percent a year.
Four theses, plus two dual-home piles
Payers and PBMs (UNH plus CVS) are an order of magnitude larger than leftover pharma, medtech, tools, HCA, or the national labs. These are sourced company sums, not TAM figures.
The roster
46 public companies. Dual-homes stay. GLP-1 and vaccine product economics stay off this page.
| Company | Ticker | Archetype | HQ | Latest sourced year | What to watch |
|---|---|---|---|---|---|
| Abbott | ABT | Medtech | Abbott Park, US | CY2025 | Medical Devices vs Diagnostics COVID hangover |
| Medtronic | MDT | Medtech | Dublin, IE / Minneapolis, US | FY26 | Cardiovascular vs Diabetes carve-out |
| Stryker | SYK | Medtech | Portage, US | CY2025 | MedSurg and Neuro vs Orthopaedics |
| Boston Scientific | BSX | Medtech | Marlborough, US | CY2025 | Cardiovascular vs MedSurg |
| GE HealthCare | GEHC | Medtech | Chicago, US | CY2025 | Imaging vs PDx |
| Intuitive Surgical | ISRG | Medtech | Sunnyvale, US | CY2025 | da Vinci procedures vs system placements |
| Edwards Lifesciences | EW | Medtech | Irvine, US | CY2025 | TAVR vs TMTT after Critical Care sale |
| Thermo Fisher | TMO | Tools (dual-home) | Waltham, US | CY2025 | LPBS scale vs Life Sciences Solutions margin |
| Danaher | DHR | Tools | Washington, US | CY2025 | Biotechnology vs Life Sciences core decline |
| IQVIA | IQV | Tools | Durham, US | CY2025 | R&DS backlog vs Commercial Solutions |
| Johnson & Johnson | JNJ | Pharma | New Brunswick, US | CY2025 | STELARA LOE vs Oncology and MedTech |
| Bristol Myers Squibb | BMY | Pharma | Princeton, US | CY2025 | Growth Portfolio vs Legacy (Eliquis, Revlimid) |
| Gilead | GILD | Pharma / biotech | Foster City, US | CY2025 | Biktarvy vs Oncology |
| Vertex | VRTX | Pharma / biotech | Boston, US | CY2025 | CF franchise vs CASGEVY and JOURNAVX |
| UnitedHealth | UNH | Providers (dual-home) | Minnetonka, US | CY2025 | Medical care ratio and Optum mix. Insurance page owns the MA thesis. |
| CVS Health | CVS | Providers (dual-home) | Woonsocket, US | CY2025 | Aetna benefits vs Health Services vs retail pharmacy |
| HCA Healthcare | HCA | Providers | Nashville, US | CY2025 | Admissions and managed-care mix |
| Labcorp | LH | Providers | Burlington, US | CY2025 | Diagnostics Labs vs Biopharma Laboratory Services |
| Quest Diagnostics | DGX | Providers | Secaucus, US | CY2025 | Diagnostic information services growth |
