Top 20 biopharma firms see market cap rise as UCB and Alnylam lead the way

The top 20 global biopharmaceutical companies saw their combined market capitalization rise 4% in the third quarter of 2025 to $3.8 trillion, according to GlobalData. The growth reflected mixed performances, with strong pipeline progress lifting several players while others faced pricing and policy headwinds.

Belgium’s UCB (Euronext: UCB) was the quarter’s standout, with its market capitalization surging 40.9% to $59.8 billion. First-half 2025 revenue climbed 25% to 3.49 billion euros ($3.79 billion), driven by biologic growth drivers including Bimzelx (bimekizumab). The drug’s momentum strengthened further after rival Moonlake Immunotherapeutics’ sonelokimab failed its VELA-2 trial, reinforcing Bimzelx’ position in hidradenitis suppurativa.

Alnylam Pharmaceuticals (Nasdaq: ALNY) followed with a 40.6% jump, supported by accelerating uptake of Amvuttra (vutrisiran), its RNAi therapy for transthyretin amyloidosis. Global sales rose 59% quarter-on-quarter to $492 million in Q2 2025, bolstered by EU approval in June.