16 segments · 45 companies
Healthcare Value Chain
+6.1%chain · 1M
From research tools, drugs and devices to distributors, hospitals and insurers: medical costs cut both ways between payers and providers, and pricing policy reaches every link.
- The Healthcare Value Chain covers 16 segments and 45 companies, 0 of them chokepoints.
- Over the past month the chain's median listed company returned +6.1%, against 0.0% for the S&P 500.
- The strongest segment is Drug distribution (+13.9%) and the weakest Diagnostics, monitoring & imaging (−3.1%), a 17.0-point spread.
The chain, stage by stage
Upstream on the left, end demand on the right. Figures are 1-month returns; the segment shows its median.
PharmaMedTech
Tools & research
Clinical research outsourcing+8.0%
Drugs & devices
Obesity & metabolic (GLP-1)+3.8%
LLY+8.6%NVO−0.9%
Biotech+0.4%
Diagnostics, monitoring & imaging−3.1%
Generics & established medicines+7.4%
Distribution & PBMs
Providers
Hospitals & care delivery+8.4%
HCA+4.9%UNH+11.8%
Demand & policy
Government programs & policy
Patients, employers & pet owners
Which segments are leading
Median price return of the listed companies in each segment.
Key numbers
Lilly Q2 revenue growth (tirzepatide-led)+48%Eli Lilly · 2026 Q2 财报（SEC 8-K 附件）
Intuitive Q2 procedure growth~+16%Intuitive Surgical · 2026 Q2 财报（SEC 8-K 附件）
UnitedHealth Q2 medical care ratio86.7%UnitedHealth · 2026 Q2 财报（SEC 8-K 附件）
IQVIA R&DS contracted backlog$34.2BIQVIA · 2026 Q2 财报（SEC 8-K 附件）
Thermo Fisher Q2 organic growth+5%Thermo Fisher · 2026 Q2 财报（SEC 8-K 附件）
Sources
- Eli Lilly · 2026 Q2 财报（SEC 8-K 附件） 2026-08-05
- Intuitive Surgical · 2026 Q2 财报（SEC 8-K 附件） 2026-07-16
- UnitedHealth · 2026 Q2 财报（SEC 8-K 附件） 2026-07-16
- IQVIA · 2026 Q2 财报（SEC 8-K 附件） 2026-07-28
- Thermo Fisher · 2026 Q2 财报（SEC 8-K 附件） 2026-07-23
- Biogen · Company 2026-10-07（查阅）
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