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1、Healthcare2025 The annual report on the most valuable and strongest Pharma,Medical Devices and Healthcare Services brandsOur teams have experience across a wide range of disciplines from marketing and market research,to brand strategy and visual identity,to tax and accounting.Unique combination of e

2、xpertiseBrand Finance,a chartered accountancy firm regulated by the Institute of Chartered Accountants in England and Wales,is the first brand valuation consultancy to join the International Valuation Standards Council.Our experts crafted standards(ISO 10668 and ISO 20671)and our methodology,certifi

3、ed by Austrian Standards,is officially approved by the Marketing Accountability Standards Board.Priding ourselves on technical credibilityWe put thousands of the worlds biggest brands to the test every year.Ranking brands across all sectors and countries,we publish over 100 reports annually.Quantify

4、ing the financial value of brandsBrand Finance was set up in 1996 with the aim of bridging the gap between marketing and finance.For more than 25 years,we have helped companies and organisations of all types to connect their brands to the bottom line.Bridging the gap between Marketing and FinanceAbo

5、ut Brand FinanceThe worlds leading brand valuation consultancyFor business enquiries,please contact:For media enquiries,please contact:+44 207 389 Brand Finance H 3 2025 All rights reserved.Brand Finance Plc.ContentsForeword 5David Haigh,Chairman&CEO,Brand Finance Sector Overview 6Valuation Analysis

6、 8Most Valuable Pharma Brands 2025 9Most Valuable Brand:Johnson&Johnson 10Fastest Growing Brand Value:Lilly 11Brand Strength Analysis 12Medical Devices 15Healthcare Services 17Global Top 250 Hospitals 19Brand Guardianship Index 21Sustainability Analysis 23Pharma:Brand Value Ranking(USDm)25Medical De

7、vices:Brand Value Ranking(USDm)26Healthcare Services:Brand Value Ranking(USDm)27Methodology 28Our Services 36+USD15.5 billion:Johnson&Johnson is the most valuable and strongest pharmaceutical brand+108%growth:Lillys brand value has more than doubled since it entered the weight loss market in 2023+Me

8、dtronic is now the most valuable medical devices brand,overtaking Fresenius+9 out of 10 healthcare services brands drop in brand value:UnitedHealthcare is the only brand in the sector to increase in valueWeight loss drugs drive pharma brand value growth,but Johnson&Johnson remains on top ForewordBra

9、nd Finance H 5David Haigh Chairman&CEO,Brand FinanceThe global business landscape is constantly evolving,shaped by economic shifts,technological advancements,and changing customer expectations.In this dynamic environment,strong brands continue to stand as key drivers of business success,enabling org

10、anisations to differentiate themselves,attract loyal customers,and build resilience in an increasingly competitive world.The enduring importance of brand strength is supported by Brand Finances extensive research.A well-managed brand delivers measurable value beyond customer attraction and retention

11、 it enhances talent acquisition,investor confidence,and organisational agility.In todays marketplace,a strong brand is not just an asset but a strategic imperative.Brand Finance has deepened its investment in understanding customer perceptions like never before.This year,the Brand Strength Index has

12、 evolved to include metrics based on familiarity and perceptions of both functional credibility and emotional appeal versus competitors.This updated model is designed to be predictive of growth,capturing the drivers of value such as increased demand,higher willingness to pay,and stronger customer ad

13、vocacy.The insights gathered from over 170,000 respondents across 41 sectors and 31 countries in this years Global 500 report highlight the importance of these factors in shaping the worlds strongest and most valuable brands.A persistent challenge is the assumption that Chief Financial Officers (CFO

14、s)are opposed to investing in brands,but we believe this is a misconception.Ambitious CFOs understand that a strong brand supports business success but many are reluctant to allocate resources toward long-term brand-building without data supporting this approach,often resulting in a prioritisation o

15、f short-term performance marketing.The findings from this years report underscore the importance of data in aligning the priorities of corporate leaders.Brand valuation empowers CFOs to invest in brand with confidence,resulting in business decisions focused on growing and enduring brand value and st

16、rength.Whether you are aiming to strengthen your brand or quantify its contribution to your businesss success,the Brand Finance team is here to support you with brand valuations that align marketing and finance to accelerate growth.We invite you to explore the insights within this report and collabo

17、rate with us in shaping a more profitable and sustainable future for your brand.Sector OverviewBrand Finance H 7The pharmaceutical industry has remained relatively stable over the past year,with the collective brand value of the worlds top 25 most valuable pharma brands rising marginally by 1%in 202

18、5.The US is the nation with the largest contribution,home to 10 of the top 25 brands,accounting for almost half of the total brand value.Consolidation through mergers and acquisitions continues to shape the sector,underscored by past deals such as Amgens acquisition of Horizon Therapeutics and Lilly

19、s acquisition of Akouos.These deals reflect the industrys ongoing efforts to expand drug portfolios,enhance market positioning,and ensure long-term growth and profitability.Innovation remains a driving force in the pharmaceutical sector.Brands that have successfully launched breakthrough drugs,such

20、as Novo Nordisks Wegovy and Ozempic,have obtained substantial increases in brand value.Novo Nordisks brand value has more than doubled since 2022,and it is now among Europes most valuable companies by market capitalisation its growth has been so strong that it constitutes a note in Denmarks GDP numb

21、ers.Along similar lines,Lillys entry into the weight loss market in 2023 led to a doubling in brand value over two years.The medical devices industry is expanding,with the aggregate brand value of the top 25 most valuable brands rising by 5%in 2025.Advancements in AI-driven diagnostics,minimally inv

22、asive surgical tools,and wearable health devices are transforming healthcare and enhancing patient outcomes worldwide.In contrast,the US healthcare services sector is under pressure,with nine of the ten most valuable brands suffering a decline in value,resulting in an 11%collective drop.All top ten

23、brands are US-based.The US healthcare market is unique,where consumers have little choice but to engage with major private care providers.Brand Finance research has identified a fall in public sentiment towards these brands,with the reputations of healthcare services brands suffering under increased

24、 scrutiny.President Trumps push for pricing transparency is further pressuring providers.This tension was underscored by the unprovoked murder of Brian Thompson,CEO of UnitedHealthcares insurance arm,in December 2024.In subsequent public debate,some public commentators raised concerns about the indu

25、strys role,practices,and future direction.Sector OverviewValuation AnalysisBrand Finance H 9Johnson&Johnson has solidified its position as the worlds most valuable pharmaceutical brand,achieving a 16%increase in brand value to USD15.5 billion.The companys growth continues to be fuelled by strong sal

26、es of Darzalex(for multiple myeloma)and Erleada(for prostate cancer),as well as other leading drugs,alongside its investment in innovation and research.Johnson&Johnsons brand strength a key factor in brand valuationhas also contributed to its overall value surge.Lilly(brand value up 36%to USD8 billi

27、on)has climbed three positions to become the second most valuable pharmaceutical brand.This growth is primarily attributed to its highly successful weight-loss drugs,which continue to drive revenue and optimistic future forecasts.The company also expanded through strategic acquisitions,notably purch

28、asing Akouos for USD610 million,reinforcing its position in the biotech sector.Bayer has moved up in the rankings,now the fifth most valuable pharma brand,with a 13%rise in brand value to USD6.2 billion.This growth is primarily driven by an increase in brand strength,reflecting improved consumer tru

29、st and product performance.Novo Nordisk(brand value up 7%to USD5.5 billion)continues its ascent,largely thanks to the massive success of its weight loss and diabetes treatments.The company also bolstered its pipeline by acquiring Forma Therapeutics for USD1.1 billion,gaining key assets like Etavopiv

30、at,Outasidenib,FT-7051,and FT-3171.This acquisition is set to accelerate Novo Nordisks presence in hemoglobinopathies,strengthening its position in rare blood disorders.Novartis(brand value up 6%to USD3.5 billion)has made significant investments in brand building,notably through a Super Bowl campaig

31、n aimed at raising breast cancer awareness.Unlike typical U.S.pharma advertising,which often focuses on specific products,this campaign prioritised education and early screening for women under 40.Beyond raising awareness of the disease,it also sought to enhance trust,strengthen perceptions of commu

32、nity support,and build an emotional connection with the brand.By recognising the value of emotional brand building,Novartis is positioning itself for sustained growth in brand value in the future.Most Valuable Pharma Brands 2025Top 10 Most ValuablePharma Brands 2025 Brand Finance Plc.2025$15.5 bnJoh

33、nson&Johnson+16%#1$8.1 bnLilly+36%#2$7.3 bnRoche-17%#3$6.2 bnPfizer+2%#4$6.2 bnBayer+13%#5$5.5 bnNovo Nordisk+7%#6$5.4 bnMerck&Co-11%#7$4.8 bnAstraZeneca-16%#8$4.7 bnSanofi+7%#9#10$3.8 bnGSK+1%Brand Finance H 10Johnson&Johnson retains its position as the worlds most valuable pharma brand,following a

34、 16%increase in brand value to USD15.5 billion.This makes it nearly twice as valuable as its closest competitor,Lilly.Since Johnson&Johnsons spin-off of its consumer healthcare division into Kenvue in 2023,the brand has shifted its focus exclusively to the business-to-business(B2B)medical and pharma

35、ceutical sectors.This strategic realignment has strengthened J&Js position in cutting-edge healthcare solutions,distancing itself from consumer products.The strong sales of key drugs,such as Darzalex and Erleada,have been major drivers of the companys robust financial performance,fueling its brand v

36、alue growth.This momentum is further reinforced by J&Js ongoing commitment to research,biotechnology,and medical advancements.The company has announced plans to invest over USD55 billion in the United States over the next four years,focusing on the construction of state-of-the-art manufacturing faci

37、lities and the expansion of its research infrastructure.This represents a 25%increase compared to its investment in the previous four-year period,underscoring J&Js strategic push for growth and innovation.Such a significant commitment could further enhance the brands market position,strengthen inves

38、tor confidence,and drive an upward trajectory in brand value.Johnson&Johnson Brand Value Trend Line|2007-2025(USDm)Brand Finance Plc.2025Most Valuable BrandJohnson&Johnson18,00014,00010,0006,0002010201120122013201420152016201720182019202020212022202320242025Brand Finance H 11Lillys brand value has r

39、isen 36%to USD8 billion.This makes it the fastest-growing pharma brand among the global top 25 and means it has climbed three positions to become the second most valuable pharmaceutical brand.The brands growth is primarily driven by the success of its weight-loss drugs,such as Zepbound,which have bo

40、osted revenue and strengthened future projections.Expanding its global footprint,the company is aggressively rolling out its weight-loss treatments in new markets.For instance,in March 2025,Lilly launched Mounjaro,a new anti-obesity and diabetes drug,in India.Brand Finances research assesses the val

41、ue driven by corporate brands,but the huge public exposure surrounding the weight loss drug market has transformed many of these named drugs into powerful brands in their own right,a phenomenon not seen at this scale since the introduction of drugs such as Viagra.This is of enormous benefit to compa

42、nies,as these strong brands can maintain continued consumer demand when patents expire and competing generic versions of drugs become available.The brand is not solely focused on weight loss and diabetes treatments but is actively diversifying its portfolio.A key move in this strategy was Lillys USD

43、610 million acquisition of Akouos,expanding its efforts in genetic medicines.This acquisition adds to Akouoss portfolio of adeno-associated viral gene therapies,which target inner ear conditions such as sensorineural hearing loss,to Lillys growing pipeline.2024 Brand ValueMacroeconomicBrand Strength

44、2025 Brand ValueFinancial300060009000Lilly Drivers of Change Brand Finance Plc.2025Fastest Growing Brand ValueLillyBrand Strength AnalysisBrand Finance H 13Global Top 10 Strongest Pharma Brands 2025 Brand Finance Plc.2025#1Johnson&Johnson83.5#2Bayer82.2#3Pfizer76.3#4Sinopharm74.4#5Guangzhou Pharmace

45、utical71.6#6Lilly67.2#7Bristol Myers Squibb66.2#8Roche65.2#9GSK 63.7#10SPH63.2The pharma industry is primarily a B2B sector;however,the strongest brands tend to be those with a history of large consumer-facing segments.This consumer exposure boosts brand familiarity beyond the pharma industry,contri

46、buting to stronger brand equity.For instance,Johnson&Johnson stands as the worlds strongest pharmaceutical brand,with aBrand Strength Index(BSI)score of 83.5 out of 100,reflecting a slight year-on-year increase.Brand Strength AnalysisLOCAL LEADERS:Brand Strength is calculated within brands addressab

47、le markets.Some brands focus on their local markets whereas some are international.When averaging brand strength,international brands strength will often become lower than single market brands because maintaining a leadership position can be difficult across multiple markets.Johnson&Johnson Brand St

48、rength Attributes Heat Map Brand Finance Plc.2025Weaker performanceStronger performanceFactorUnited KingdomUnited StatesIndiaBrand PerceptionsKnowledgeAssuranceAppealCustomer BehavioursChoice PropensityAdvocacyPrice AcceptanceBrand Finance H 14Previously,J&J held an extensive consumer health divisio

49、n,which it spun off as Kenvue in 2023.Despite this shift,the legacy of its consumer health business continues to influence the brands strength,maintaining high levels of familiarity across key marketsan essential factor in driving brand power.Bayer ranks as the second strongest pharmaceutical brand,

50、with a BSI score of 82/100.The companys consumer health products,like Aspirin,Rennie,Berocca,and Claritin,which prominently feature the Bayer logo,have likely played a role in boosting the brands familiarity and strength over time.Brand Strength AnalysisAccording to Brand Finance research,Bayer obta

51、ined modest growth in familiarity across most markets.However,the brand saw particular improvements in markets such as India and China,where recognition continues to grow,further bolstering its global brand position.Pfizer(BSI of 76.25/100)is the third strongest brand.This is primarily attributed to

52、 the lasting impact of its role in the COVID-19 pandemic.The brands strength reached its peak in 2022,driven by its pivotal role in vaccine development.While there has been a decline since then,Pfizers brand strength has remained high,reflecting sustained recognition and trust.Medical DevicesBrand V

53、alue&Brand Strength AnalysisBrand Finance H 16Medtronic is the most valuable medical devices brand,following a 2%brand value increase to USD7.4 billion.This marks a shift at the top of the ranking.Fresenius,which held the top spot in 2024,saw its brand value decline by 5%to USD7 billion,dropping to

54、the second spot.Medtronics growth is primarily driven by a recovery in volume,improvements in supply chains,and the introduction of new products that have boosted revenues and forecast expectations.Terumo has shown the highest growth in the medical devices sector,with a 52%increase in brand value,re

55、aching USD2.3 billion.This surge is attributed to strong international sales growth,particularly in their interventional systems(catheter)division and blood centres business.GE HealthCare,a new entrant with a brand value of USD3.1 billion,ranks ninth.Spun off from General Electric,its emergence refl

56、ects the broader trend of brands,separating divisions into standalone companies while leveraging their established reputations.Retaining the GE name underscores the significant brand equity and trust associated with it,providing a strong foundation for growth.In terms of brand strength,the trend obs

57、erved in the pharmaceutical sector is also evident in the medical devices industry.Philips leads with a Brand Strength Index(BSI)of 87.84/100,largely due to the brands continued licensing to the consumer-facing electronics business,which drives higher levels of familiarity and brand recognition.Medi

58、cal DevicesBrand Value and Brand Strength AnalysisLOCAL LEADERS:Brand Strength is calculated within brands addressable markets.Some brands focus on their local markets whereas some are international.When averaging brand strength,international brands strength will often become lower than single marke

59、t brands because maintaining a leadership position can be difficult across multiple markets.Top 10 Most ValuableMedical Devices Brands 2025 Brand Finance Plc.2025#1Medtronic$7.4 bn+2%#2Fresenius$7.3 bn-5%#3Abbott$5.8 bn+6%#4Philips$5.5 bn+24%#5Stryker$5.2 bn+22%#6Siemens Healthineers$5.2 bn+17%#7BD$

60、3.3 bn-5%#8Boston Scientific$3.2 bn+12%#9GE HealthCare$3.1 bn-#10Thermo Fisher Scientific$3.0 bn-26%Global Top 10 Strongest Medical Devices Brands 2025 Brand Finance Plc.2025#1Philips87.8#2Quest Diagnostics76.6#3Stryker70.0#4Siemens Healthineers68.4#5Terumo67.1#6GE HealthCare65.2#7Baxter63.5#8Abbott

61、63.1#9sonova61.7#10Fresenius59.7Healthcare ServicesBrand Value&Brand Strength AnalysisBrand Finance H 18UnitedHealthcare remains the most valuable and strongest healthcare services brand,with a 14%increase in brand value,reaching USD54.2 billion,and a Brand Strength Index(BSI)of 84.76/100.It has als

62、o climbed to the 22nd position in the Brand Finance Global 500 2025,the ranking of the worlds top 500 most valuable brands across all sectors.UnitedHealthcare is the only brand in the Healthcare Services 10 2025 ranking to achieve growth in brand value,while the other nine healthcare brands on the l

63、ist saw declines.This growth was primarily driven by the companys revenue increase,which was fueled by higher patient volumes across its Medicare Advantage and Medicaid offerings,while its commercial offerings also rose.The murder of Brian Thompson,CEO of UnitedHealthcares insurance arm,occurred aft

64、er Brand Finances research was completed,so it has not impacted this years results.The long-term effects of this tragic event on the brands value and reputation remain uncertain.Public sentiment toward healthcare services brands is generally declining,with reputations under greater scrutiny,which co

65、uld pose challenges for UHC in the future.Only time will reveal the full impact of these developments on the brands standing.Healthcare ServicesBrand Value and Brand Strength AnalysisTop 10 Most ValuableHealthcare Service Brands 2025 Brand Finance Plc.2025#1UnitedHealthcare$54.2 bn+14%#2Elevance Hea

66、lth$21.3 bn-34%#3Optum$19.8 bn-25%#4Humana$13.9 bn-17%#5Aetna$8.0 bn-37%#6McKesson$7.9 bn0%#7Cigna$6.5 bn-3%#8Cencora$6.0 bn-33%#9Evernorth$5.5 bn-10%#10Cardinal Health$4.7 bn-37%Global Top 10 Strongest Healthcare Service Brands 2025 Brand Finance Plc.2025#1UnitedHealthcare84.8#2Humana69.8#3Aetna62.

67、7#4Elevance Health54.5#5Cigna53.6#6Cencora53.1#7Optum51.7#8Evernorth49.2#9McKesson49.0#10Cardinal Health45.9LOCAL LEADERS:Brand Strength is calculated within brands addressable markets.Some brands focus on their local markets whereas some are international.When averaging brand strength,international

68、 brands strength will often become lower than single market brands because maintaining a leadership position can be difficult across multiple markets.Brand Finance H 19Global Top 250 HospitalsIn January 2025,Brand Finance released the second iteration of its Global Top 250 Hospitals report,a compreh

69、ensive study of the worlds most reputable Academic Medical Centres(AMCs).The report highlights the most highly regarded AMCs in the world,as identified by healthcare professionals,and identifies the leading Top 10 StrongestAMC Healthcare 2025 Brand Finance Plc.202582.7Johns Hopkins Hospital+5.3#182.

70、2Oxford University Hospitals NHS Foundation Trust+7.4#281.8Mayo Clinic Health System-5.1#381.0Mass General Brigham-2.5#480.9Stanford University Medical Center+2.7#580.7University Health Network+5.3#680.0All India Institute of Medical Sciences(AIIMS)+0.8#778.6Cleveland Clinic+2.5#878.3Tata Memorial C

71、entre+3.0#9#1078.3Dana-Farber Cancer Institute+2.1The global hospital sector is fiercely competitive,with top institutions vying for talent,patients,and research partnerships.For 2025,our research highlights what drives healthcare professionals to work at and recommend Academic Medical Centres,empha

72、sising the crucial need for a balanced and integrated approach across care,research,and training.Understanding the attributes most critical for attracting talent and earning endorsements helps hospitals focus on their goals.A strong brand is more than a badge of honourits a powerful tool that drives

73、 consideration,builds relationships,and cements a hospitals reputation as a global leader in healthcare.Hugo Hensley Valuation Director,Brand FinanceBrand Finance H 20Global Top 250 HospitalsTop Hospitals in Three Main Assessment Categories Brand Finance Plc.2025Patient TreatmentResearchEducationins

74、titutions in patient care,research,and education.It provides key insights into how hospitals establish and sustain strong global reputations.Key findingsNew leading hospital:Johns Hopkins is recognised as the worlds strongest hospital brand,surpassing Mayo Clinic.+Fourteen-position leap:Oxford Unive

75、rsity Hospitals NHS Foundation Trust climbs to 2nd.+Leaders in research pillars:University Health Network,Charit,and Groote Schuur Hospital excel globally in Care,Research,and Teaching,respectively.+U.S.leadership:25 U.S.hospitals secure spots in the top 100.For the first time,the study highlights w

76、hat makes a hospital attractive for employment and what drives healthcare professionals to recommend a hospital for patient care,research,or education.Brand Guardianship IndexBrand Finance H 22Brand Guardianship IndexThe Brand Guardianship Index assesses the effectiveness of chief executives in mana

77、ging and enhancing their companies brands,while promoting long-term value creation.The ranking is derived from insights gathered through a global survey of nearly 5,000 respondents,including equity analysts,journalists,and other industry experts.This thorough assessment underscores the strong correl

78、ation between effective brand leadership and corporate growth,highlighting the critical role of strategic foresight and commercial acumen.The Index integrates both perceptual factors,reflecting stakeholder sentiment,and performance metrics,which measure concrete business outcomes.The Healthcare Bran

79、d Guardianship Index includes the top ten CEOs from the industry who were researched as part of the Brand Finance Brand Guardianship Index 2025.Bernd Montag,CEO of Siemens Healthineers,ranks as the top healthcare brand guardian in 2025.He joined the company in 1995 and held several senior positions

80、before becoming CEO in February 2015 more than a decade ago.Under Montags leadership,Siemens Healthineers has undergone a significant transformation,rebranding from “Siemens Healthcare”in 2016 to position itself as a leader in healthcare solutions,rather than just a provider of medical equipment.Mor

81、eover,he has driven advancements in AI,digital healthcare,and precision medicine for the brand,and played a key role in the brands development and supply of COVID-19 diagnostic solutions during the pandemic.Roy Jakobs,the second-ranked healthcare brand guardian,has led Philips since 2022.Having join

82、ed the company in 2010,he has held various positions,including Chief Marketing Officer of Philips Lighting,Market Leader for Philips in the Middle East and Turkey,and Business Leader for the Domestic Appliances division,based in Shanghai.Perceptions of his brand guardianship may have benefited from

83、Philips presence in consumer tech,through brands like Philips Sonicare,which puts it at the forefront of stakeholders minds by providing widely recognised oral healthcare solutions,such as electric toothbrushes.Furthermore,as CEO,Jakobs has driven significant restructuring of the company,with a stro

84、ng focus on strengthening its healthcare segment.Sustainability AnalysisBrand Finance H 24Sustainability is an important driver of consumer choice and reputation in the healthcare and pharma sectors,where sustainability drives 5%of consideration.Stakeholders increasingly expect brands in these secto

85、rs to prioritise ethical practices,sustainable manufacturing,and equitable access to medicine,viewing these commitments as indicators of corporate integrity.In the healthcare market,strong environment,social,and governance(ESG)performance enhances trust by demonstrating transparency,patient safety,a

86、nd social responsibility.Good governance,strong compliance measures,ethical decision-making,and clear accountability also play an important role in shaping brand reputation and building consumer confidence.Brand Finance research shows that Lilly is perceived strongly across ESG metrics,particularly

87、in social sustainability and governance.The brands weight-loss drugs,which help to tackle the global obesity challenge,have raised the profile of the brand and may have impacted its ESG scores.Improving access and affordability for these treatments could further reinforce Lillys reputation as a soci

88、ally responsible and well-governed company.The 2025 Sustainability Perceptions Index will be released later this year.Valuing Sustainability Perceptions Brand Finance Plc.2025ISO10668XX=High ImportanceLow Importance%Sustainability Driver(%)Contribution of sustainability to brand value determined usi

89、ng drivers analysis.Sustainability Perceptions ScorePerceptions of the brands commitment to sustainability are transformed into scores that modify the final value.$Sustainability Perceptions ValueThe proportion of brand value that is attributable to sustainability perceptions.Group Brand ValueBrand

90、Value is calculated for the brand in accordance with ISO10668.$Sustainability Analysis2025 Rank2024 RankBrandCountry2025 Brand ValueBrand Value Change2024 Brand Value2025 Brand Rating110Johnson&JohnsonUnited States$15,531+16.2%$13,361AAA-252LillyUnited States$8,047+36.0%$5,916AA-321RocheSwitzerland$

91、7,288-17.0%$8,783AA-431PfizerUnited States$6,236+1.8%$6,123AA+572BayerGermany$6,215+13.3%$5,485AAA-682Novo NordiskDenmark$5,451+7.1%$5,088A+741Merck&CoUnited States$5,417-11.3%$6,107A+861AstraZenecaUnited Kingdom$4,803-16.2%$5,731A+990SanofiFrance$4,736+7.4%$4,408A+10122GSKUnited Kingdom$3,784+0.9%$

92、3,750A+11132SinopharmChina12111AbbVieUnited States13142NovartisSwitzerland14101Bristol Myers SquibbUnited States15162Guangzhou PharmaceuticalChina16182TakedaJapan17170Gilead SciencesUnited States18151AmgenUnited States19202SPHChina20191Merck KGaAGermany21210CSLAustralia22232TevaIsrael23221RegeneronU

93、nited States24262Astellas PharmaJapan25241BiogenUnited StatesBrand Finance H 25PharmaBrand Value Ranking(USDm)Top 25 most valuable Pharma brands 1-252025 Rank2024 RankBrandCountry2025 Brand ValueBrand Value Change2024 Brand Value2025 Brand Rating122MedtronicUnited States$7,362+1.7%$7,239A211Freseniu

94、sGermany$7,338-4.5%$7,684A+330AbbottUnited States$5,841+5.6%$5,532A+452PhilipsNetherlands$5,454+23.6%$4,413AAA562StrykerUnited States$5,199+21.8%$4,269AA641Siemens HealthineersGermany$5,168+16.7%$4,430AA-782BDUnited States$3,302-4.5%$3,459A8102Boston ScientificUnited States$3,230+12.2%$2,880A9-3GE H

95、ealthCareUnited States$3,097-AA-1071Thermo Fisher ScientificUnited States$2,992-25.7%$4,029A-1191DanaherUnited States12182TerumoJapan13121Quest DiagnosticsUnited States14111Unity Lab ServiceUnited States15141BaxterUnited States16131AlconUnited States17170Smith&NephewUnited Kingdom18161Intuitive Surg

96、icalUnited States19212alignUnited States20282sonovaSwitzerland21191Zimmer BiometUnited States22242CoopersUnited States23201ResMedUnited States24252ColoplastDenmark25272Applied BiosystemsUnited StatesBrand Finance H 26Top 25 most valuable Medical Device brands 1-25Medical DevicesBrand Value Ranking(U

97、SDm)2025 Rank2024 RankBrandCountry2025 Brand ValueBrand Value Change2024 Brand Value2025 Brand Rating110UnitedHealthcareUnited States230HumanaUnited States352AetnaUnited States421Elevance HealthUnited States560CignaUnited States6102CencoraUnited States741OptumUnited States882EvernorthUnited States97

98、1McKessonUnited States1091Cardinal HealthUnited StatesBrand Finance H 27Top 10 most valuable Healthcare Service brands 1-10Healthcare ServicesBrand Value Ranking(USDm)MethodologyDefinitionsEnterprise ValueBranded Business ValueBrand ValueMeta+Enterprise ValueThe value of the entire enterprise,made u

99、p of multiple branded businesses.Where a company has a purely monobranded architecture,the enterprise value is the same as branded business value.Facebook+Branded Business Value The value of a single branded business operating under the subject brand.A brand should be viewed in the context of the bu

100、siness in which it operates.Brand Finance always conducts a branded business valuation as part of any brand valuation.We evaluate the full brand value chain in order to understand the links between marketing investment,brand-tracking data,and stakeholder behaviour.Facebook+Brand ValueThe value of th

101、e trademark and associated marketing IP within the branded business.Brand Finance helped to craft the internationally recognised standard on Brand Valuation ISO 10668.It defines brand as a marketing-related intangible asset including,but not limited to,names,terms,signs,symbols,logos,and designs,int

102、ended to identify goods,services or entities,creating distinctive images and associations in the minds of stakeholders,thereby generating economic benefits.Brand ValueBrand Finance H 29What is Brand Value?Brand value refers to the present value of earnings specifically related to brand reputation.Or

103、ganisations own and control these earnings by owning trademark rights.All brand valuation methodologies are essentially trying to identify this,although the approach and assumptions differ.As a result,published brand values can be different.These differences are similar to the way equity analysts pr

104、ovide business valuations that are different to one another.The only way you find out the“real”value is by looking at what people really pay.As a result,Brand Finance always incorporates a review of what users of brands actually pay for the use of brands in the form of brand royalty agreements,which

105、 are found in more or less every sector in the world.This is sometimes known as the“Royalty Relief”methodology and is by far the most widely used approach for brand valuations since it is grounded in reality.It is the basis for a public ranking but we always augment it with a real understanding of p

106、eoples perceptions and their effects on demand from our database of market research on over 6,000 brands in over 41 markets.Disclaimer Brand Finance has produced this study with an independent and unbiased analysis.The values derived and opinions produced in this study are based only on publicly ava

107、ilable 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 financia

108、l analysis expressed in the report are not to be construed as providing investment or business advice.Brand Finance does not intend the report to be relied upon for any reason and excludes all liability to anybody,government or organisation.Brand is defined as a bundle of trademarks and associated I

109、P which can be used to take advantage of the perceptions of all stakeholders to provide a variety of economic benefits to the entity.Brand Valuation MethodologyBrand Finance H 301.Brand ImpactWe review what brands already pay in royalty agreements.This is augmented by an analysis of how brands impac

110、t profitability in the sector versus generic brands.This results in a range of possible royalties that could be charged in the sector for brands(for example a range of 0%to 2%of revenue).2.Brand StrengthThe BSI score is applied to the royalty range to arrive at a royalty rate.For example,if the roya

111、lty 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%3.Brand Impact x Brand StrengthWe determine brand-specific revenues as a proportion of parent company revenues attributable to the brand

112、in question and forecast those revenues by analysing historic revenues,equity analyst forecasts,and economic growth rates.We then apply the royalty rate to the forecast revenues to derive brand revenues and apply the relevant valuation assumptions to arrive at a discounted,post-tax present value whi

113、ch equals the brand value.4.Forecast Brand Value CalculationBrand Valuation MethodologyWe adjust the rate higher or lower for brands by analysing Brand Strength.This Brand Strength analysis is based on two core pillars:“Brand Perceptions”which relate to the level of brand familiarity and the views s

114、takeholders have of a brands offer;and“Customer Behaviours”which are the impacts that those perceptions have on demand,price,and advocacy.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 corres

115、ponding Brand Rating up to AAA+in a format similar to a credit rating.Brand Finance H 31Brand Strength MethodologyAnalytical rigour and transparency are at the heart of our approach to brand measurement at Brand Finance.Therefore,in order to adequately understand the strength of brands we conduct a

116、structured,quantitative review of data that reflect the Brand Value Chain of brand-building activities,leading to brand awareness,perceptions and onwards to brand-influenced customer behaviour.To manage the Brand Value Chain process effectively we create and use the“Brand Strength Index”(BSI).This i

117、ndex is essentially a modified Balanced Scorecard split between the Brand Perceptions and Customer Behaviours as measured through our Global Brand Equity Monitor research.This Brand Strength Index is subsequently explained through an analysis of diagnostic attributes known as“Brand Inputs”which high

118、light the actions marketers can take to build core brand strength.Brand Strength IndexBrand Perceptions Perceptions of the brand among those familiar with them as well as the overall familiarity itself,given its role as multiplying the effects of strong perceptions.Customer Behaviours Metrics repres

119、enting the success of the brand in achieving higher consideration,price acceptance and customer advocacy.Brand Strength IndexBrand Finance H 321.Attribute Selection and WeightingWe follow a general structure incorporating the brand perceptions and the outcomes that they cause on customer behaviours.

120、This covers the core brand metrics which matter most and have been analysed for their impact on market share and revenue growth.These attributes are weighted according to their importance in driving the following pillar:Brand Perceptions in driving Customer Behaviours;and finally,the importance of C

121、ustomer Behaviours metrics in driving market share,revenue,and ultimately,business value.To convert raw data into scores out of 10 that are comparable between attributes within the scorecard,we then must benchmark each attribute.We do this by reviewing the distribution of the underlying data and cre

122、ating a floor and ceiling based on that distribution.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 rating up to AAA+in a format similar to a credit rating.Analysing the three b

123、rand strength measures helps inform managers of a brands potential for future success.3.Benchmarking and Final ScoringBrands ability to influence purchase depends primarily on peoples perceptions.Therefore,the majority of the Brand Strength Index is derived from Brand Finances proprietary Global Bra

124、nd Equity Research Monitor research,a quantitative study of a sample of more than 175,000 people from the general public on their perceptions of over 6,000 brands in over 31 sectors and 41 countries.Over a period of 3 months towards the end of each calendar year,we collect all this data across all t

125、he brands in our study in order to accurately measure their comparative strength.2.Data CollectionBrand Strength MethodologyBrand Finance H 33Brand Guardianship Index MethodologyAwareness&Recognition-10%+FamiliarityReputation-40%+ReputationPerceptions(50%)+Has a strong strategy and vision+Focuses on

126、 long-term value+Commercially shrewd+Understands the importance of brand and reputation+Trustworthy+Genuinely cares about employees+Understands customer needs+Inspires positive change+Champions sustainabilityCEO Image Statements-15%+Technology-forward and AI-readyTechnology-10%+Committed to diversit

127、yDiversity Reputation-10%Promotion(35%)Performance(15%)Brand Value Growth-15%+Brand Value GrowthPerformance15%Promotion35%Perceptions50%Brand Finance H 34Brand Guardianship Index MethodologyKey Survey QuestionsC.Image Statement+To what extent do you agree that the following descriptions apply to thi

128、s CEO?B.Reputation+For each CEO below,considering everything you know about them,out of 10,how would you rate them as CEO?+Thinking about each CEO,how ready are they,in your opinion,in terms of their delivery and adoption of new AI technologies?+Thinking about the company this CEO leads,how committe

129、d is it to:Promoting gender diversity in senior leadership and executive roles.A.Familiarity+The following is a list of CEOs,please go through it carefully and check which ones you have heard of and know which company they run.How familiar are you with each CEO?D.List of Image Statements+Has a stron

130、g strategy and vision+Focuses on long-term value+Commercially shrewd+Understands the importance of brand and reputation+Trustworthy+Genuinely cares about employees+Understands customer needs+Inspires positive change+Champions sustainabilityMethodology UpdatesSince 2019,Brand Finance has evaluated CE

131、O performance as custodians of brand and reputation.Early iterations of the Brand Guardianship Index(BGI)mirrored our corporate brand strength assessments,utilising a tripartite structureInputs,Intermediate Measures,and Outputswith weightings of 25%,50%,and 25%,respectively.As CEO perceptions have e

132、volved,so too have our methodologies,as we continue to use the best-in-class measurement methods.As those methods have improved,so have we.Our current BGI methodology aligns with our refreshed Brand Strength Index(BSI),which is entirely underpinned by Brand Finances proprietary research and is compl

133、iant with ISO-10668.We have identified nine key image statements that drive CEO familiarity and reputation,applying statistical regression to determine their relative impact and assigning weights accordingly.Our analysis highlights the critical role of Technology&AI Vision,alongside other leadership

134、 attributes,with such explanatory variables accounting for 35%of our index.Intermediate measures of familiarity and reputation contribute 50%,and brand value growth comprises the remaining 15%.This approach delivers actionable insights for CEOs and strategic advisers.It can be used to enhance the in

135、termediate measures of their performance rather than focusing solely on brand value growth.Although nonfinancial measures such as staff morale are important,their inconsistent measurement has led us to exclude them from the current index to ensure reproducibility and maintain intellectual rigour.Bra

136、nd Finance H 35Our ServicesConsulting ServicesBrand StrategyBrand management based on dataUnderstanding the value of your brand transforms it into a powerful tool you can use to determine the business impacts of strategic branding decisions.All stakeholders must understand how investing in brand gro

137、wth impacts the bottom line.Brand growth is accelerated when strategies use valuation to align marketing and finance.+Brand Positioning+Brand Architecture+Franchising&Licensing+Brand Transition+Marketing Mix Modelling+Brand Identity&Experience+Which brand positioning do customers value most?+Am I li

138、censing my brand effectively?+Have I fully optimised my brand portfolio?+Am I carrying dead weight?+Should I transfer my brand immediately?+Is a Masterbrand strategy the right choice for my business?Place BrandingSports&SponsorshipBrand SustainabilityEmployer BrandingBrand Analytics&InsightsThe meas

139、ures that matterThe only way to effectively manage a brand is to measure it.Brand evaluations are essential to understand the strength of your brand and how it compares to your competitors.Measuring your brand helps identify what drives value and how to prevent losing marketing share,resulting in ef

140、fective,data-driven strategies to grow your brand.+Brand Audits+Qualitative&Quantitative Research+Syndicated Studies+Brand Tracking+Brand Drivers&Conjoint Analysis+B2B&B2C Research+Are we building our brand strength effectively?+How do I track and develop my brand equity?+How strong are my competito

141、rs brands?+Are there any holes in my existing brand tracker?+What do different stakeholders think of my brand?+What is most important to my customers?Brand ValuationMake the business case for your brandBrand valuation is the language marketers use to ensure finance teams understand the value of thei

142、r brand.Valuation data empowers CFOs to invest in brand with confidence,resulting in business decisions focused on enduring,growing brand value and strength.Valuations also help investors and those selling,to ensure that the full value of the business is accounted for in a transaction.+Brand Impact

143、Analysis+Tax&Transfer Pricing+Litigation Support+M&A Due Diligence+Fair Value Exercises+Return on Investment +How much is my brand worth?+How much should I invest in marketing?+How much damage does brand misuse cause?+Am I tax compliant with the latest transfer pricing?+How do I unlock value in a brand acquisition?+Can I quantify how important my brand is to the board?Brand Finance H 37Contact usT:+44(0)20 7389 9400E:W: