Zoom meetings are being used to conduct everything from birthday parties to therapy sessions (pictured) during the Covid-19 pandemic, all of which has seen the company’s revenues soar. (Photo by Hannah McKay/POOL/AFP via Getty Images)

As the world faces a number of crises due to the Covid-19 pandemic, many businesses have struggled to stay afloat. Lockdown measures and extreme uncertainty in global stock markets have devastated the tourism, hospitality, and energy industries. However, some companies have seen revenues not only increase but skyrocket amid these conditions. Investment Monitor looks at the leading companies by revenue growth.

Using information from the Monitor Network’s multinational companies database, we ranked the top companies by revenue growth between 2019 and 2020. Companies that recorded 2020 revenues of $500m or more were taken into consideration. Of the top 20 companies, seven were in the technology, communications and electronics industry, three were in financial services, two were in pharmaceuticals and healthcare, and two were in medical equipment. In addition, more than half of the companies that ranked in the top 20 were headquartered in the US.

1. Blueprint Medicines

  • Massachusetts-based Blueprint Medicines, a global precision therapy company that develops medicines for people with cancer and hematologic disorders, saw the largest increase in revenue of all companies analysed.
  • Its revenue skyrocketed from $66.5m in 2019 to $793.7m in 2020: an increase of more than 1,000%.
  • This is largely due to a 1,060% rise in collaboration revenues from $66.5m to $771.6m in 2020.
  • In July 2020, the company entered into a global collaboration with Swiss pharmaceutical giant Roche and Genentech, a member of the Roche Group, to develop and commercialise a medication for the treatment of RET-altered cancers.

2. Quidel

  • California-based Quidel, a major manufacturer of diagnostic healthcare products, witnessed a 211% increase in revenue between 2019 and 2020 from $534.9m to $1.7bn.
  • Sales of the company’s Covid-19 products accounted for 70% of its total 2020 revenue.
  • In May 2020, Quidel’s Sofia 2 Sars Antigen FIA became the first Covid-19 antigen test to be granted an emergency use authorisation by the US Food and Drug Administration.
  • The increase in revenue was driven by its rapid immunoassay and molecular diagnostics solutions business segments, which rose by 497% and 927%, respectively.

3. PennyMac Financial Services

  • California-based residential mortgage company PennyMac Financial Services grew its revenue by 151% between 2019 and 2020 from $1.5bn to $3.7bn.
  • There was a significant revenue increase in both loan production (184%) and loan servicing (91%), but a drop in investment management (-7%).
  • This jump can largely be attributed to favourable business conditions due to the low interest rates implemented by the US federal government in a bid to offset the economic impact of the pandemic.

4. Plus500

  • Israel-based Plus500, a provider of online trading services, saw its revenues rise by 146% from $354.5m in 2019 to $872.5m in 2020.
  • The company experienced a surge in trading activity due to the uncertainty and volatility across global markets following the onset of Covid-19. As a result, the number of new Plus500 customers more than tripled to approximately 300,000 compared with 2019.
  • The company also benefitted from a pandemic-induced demand for technology-based operators. In 2020, more than 79% of Plus500’s revenue was generated from mobile or tablet devices and more than 74% of all customer trades took place on mobile or tablet devices.

5. Yinson

  • Malaysia-based Yinson, a provider of purpose-built assets for the energy industry, boosted its revenue by 140% from RM1.0bn in 2019 to RM2.5bn in 2020.
  • Its offshore and marine segment, which comprises provision of vessels and marine-related services, grew by 146%.
  • Other operations, involving investment, management services and treasury services, fell by 9%.
  • The group’s floating production storage and offloading unit leasing businesses operating in Ghana, Nigeria and Malaysia accounted for more than 90% of reported revenue for 2020.

6. Seagen

  • Washington-based biotechnology company Seagen recorded a revenue of $2.2bn in 2020, a 137% increase from $917m in 2019.
  • Collaboration and licence agreement revenues grew significantly (598%) and net product sales rose by 59%, while royalty revenues declined by 8%.
  • More than $975m in licence revenue in 2020 was related to the company’s collaborations with New Jersey-based pharmaceutical giant MSD.
  • The companies announced plans to partner on two new oncology projects in September 2020.

7. Masan Group

  • Vietnam-based Masan Group, a consumer packaged goods company, saw revenues shoot up by 107% between 2019 and 2020, to VND77.2trn from VND37.4trn.
  • Revenue increased across all the company’s business segments, including branded consumer products (27%), its MeatLife brand (17%) and high-tech materials (58%).
  • Masan Group’s newly acquired consumer retail segment represented approximately 40% of its 2020 revenue.
  • In December 2019, the company acquired a controlling stake in VinGroup’s retail division VinCommerce.

8. Peloton Interactive

  • New York-based Peloton Interactive, an exercise equipment and media company, experienced 100% revenue growth from $915m in 2019 to $1.8bn in 2020.
  • The company’s connected fitness products surged in popularity during lockdown as consumers looked for alternative ways to exercise while gyms were closed.
  • Revenue in connected fitness products increased by 99% and subscriptions by 101%.
  • North America continues to be the business’s primary market, accounting for more than 95% of revenue in 2020.
  • However, revenue in Germany and the UK is on the rise, soaring by 381% in 2020.

9. WorleyParsons

  • Australia-based WorleyParsons, an engineering company that provides project delivery and consulting services to the resources and energy sectors, has grown by 89% between 2019 to 2020, to A$13bn from A$6.9bn.
  • Aggregated revenue increased across all main lines of business performance: mining, minerals and metals (314%); energy and chemical services (74%); major projects and integrated solutions (65%); and its global consulting firm Advisian (3%).
  • This strong performance can be attributed to income from the first full year of integration of the energy, chemicals and resources division of Jacobs, which WorleyParsons acquired in April 2019.
  • The company also acquired UK-based offshore wind energy business 3sun and founded Veckta, a software company for the energy sector and joint venture with US-based Xendee.

10. Zoom Video Communications

  • California-based Zoom Video Communications increased its revenue by 88% from $331m in 2019 to $623m in 2020.
  • The Americas remain the company’s leading region, accounting for 81% of its revenue in 2020.
  • However, revenues grew across all geographic segments in 2020 with 117% growth in Europe, the Middle East and Africa, 85% in the Americas and 85% in Asia-Pacific.
  • Revenues have since increased by 326% to $2.6bn in 2021.
  • The company’s success is credited to the unprecedent surge in usage of video conferencing services amid lockdown, with Zoom becoming one of the most popular options available when working remotely, homeschooling and socialising.

In terms of nominal increases in revenue, Amazon saw the highest growth by far. The company’s revenue increased by $105.5bn between 2019 and 2020 due to a surge in online shopping. As the bricks-and-mortar stores quickly sold out of essential items due to panic buying and non-essential retailers were forced to close, more people looked to Amazon to meet their needs.

The economic impact from the Covid-19 pandemic has caused some companies to close down while bringing others to a standstill. The business conditions amid the pandemic have allowed some industries to prosper, as pharmaceutical companies rush to develop vaccines and testing kits, technology companies capitalise on the large number of people still working from home and e-commerce companies benefit from the growing number of online shoppers. On the other hand, companies in industries unable to adapt to the new business climate, such as tourism, hospitality and in-store retail, will take longer to recover, with many in these fields being left with little option other than to cease operations.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.