Eli Lilly, Novo Nordisk, UnitedHealth Group and Intuitive Surgical are four healthcare companies investors can put on a long-term research list—not a verified ranking of the four best stocks to buy. The available evidence supports different starting points for examining their businesses, but it does not establish comparable current valuations or prove that any one is worth owning at today’s price.
A decade-long holding period does not guarantee a gain. Treat each company as a separate investment case, check its latest filings and competitive position, and decide whether the share price offers an acceptable return for the risks.
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What makes a healthcare stock a decade-long candidate?
A promising business is not automatically a promising stock. For a long-term holding, examine how the company earns money, what could protect those earnings, what could interrupt them, and how much of that future success is already reflected in the share price.
- Durable revenue: Identify whether sales depend on medicines, medical devices and procedures, insurance, or services—and whether revenue is recurring or tied to new products and growth.
- Competitive staying power: Look for evidence in a company’s portfolio, pipeline, installed base, customer relationships or scale. A general claim that healthcare demand will grow is not enough to establish that a particular company will capture that demand.
- Earnings and financial resilience: Review comparable periods in annual and quarterly filings, including cash generation, debt and reinvestment needs. Consider company-specific risks such as product setbacks, competition, patent or exclusivity changes, regulation, reimbursement and medical costs.
- Price versus value: Estimate what the business may be worth using a consistent method and dated inputs. Morningstar’s 2026 healthcare coverage points to drug manufacturing and diagnostics and research as long-term opportunity areas, while emphasizing that investors should consider a share price relative to fair value. That is a valuation framework, not a buy signal.
The four names below are illustrative research candidates. The available support is uneven: company filings offer a starting point for some, while the evidence collected for Intuitive Surgical is not enough for a detailed stock thesis. None is presented as an individualized recommendation.
#1 Best Overall
Four healthcare stocks to investigate
Eli Lilly (LLY): examine product concentration and execution
Lilly’s investor-relations site lists its 2025 annual report and SEC filing. Those filings are the place to assess revenue drivers, dependence on particular products, pipeline progress, manufacturing capacity, competition, patent exposure and stated risks. The listing alone does not establish the company’s current valuation or support a forecast of decade-long returns.
For a long-term case, test whether the company can sustain growth while managing those exposures. Check the latest filing and updates rather than treating a strong product story or a broad pharmaceutical-sector outlook as proof that the shares are attractively priced.
Rank #2
Novo Nordisk (NVO): separate strategic ambitions from financial guidance
Novo Nordisk’s 2025 annual report describes a pivotal period for the company and a dynamic healthcare landscape. Its September 21, 2026 capital-markets update sets out ambitions for 2030 from a 2026 baseline. The company says those ambitions are inherently uncertain and are not financial outlook or guidance.
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Repair Windows errors before they cause bigger problemsFix Now →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →That distinction matters to a shareholder: an ambition is not a forecast investors should treat as assured. Assess the company’s competitive position and ability to execute, then compare the risks and expected results with what the share price implies. The stated ambitions do not by themselves establish likely returns.
Rank #3
UnitedHealth Group (UNH): do not assume the earnings are defensive
UnitedHealth combines insurance and healthcare services, so its results should be assessed with attention to medical costs, business mix and operational changes—not just the idea that healthcare is a necessary service. Its 2025 Form 10-K reports earnings from operations of $19.0 billion in 2025, compared with $32.3 billion in 2024.
The company attributed the decline to factors including elevated medical cost trend, restructuring and other actions, portfolio changes, and reduced impacts related to the Change Healthcare cyberattack. This is a company-reported year-over-year comparison, not a forecast. It illustrates why investors should review the drivers of earnings volatility before treating an insurer as a stable long-term holding.
Intuitive Surgical (ISRG): verify the procedure and installed-base case
Secondary coverage has discussed Intuitive Surgical’s installed base and procedure growth, but that is a lead for further investigation, not enough evidence to establish a detailed investment thesis. Before assessing the stock, consult the company’s filings for procedure volume, recurring instrument and service revenue, system placements, competition, regulatory risks and valuation.
For a decade-long investor, the key question is whether the business can sustain its economics as its installed base and procedures evolve—and whether the current price compensates for the risks. The available evidence does not settle either question.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How the four candidates differ
| Company | Business lens | Evidence available here | What to verify before investing |
|---|---|---|---|
| Eli Lilly (LLY) | Pharmaceuticals | Investor-relations listing for the 2025 annual report and SEC filing. | Product concentration, pipeline, manufacturing, competition, patent exposure, risks and valuation in current filings. |
| Novo Nordisk (NVO) | Pharmaceuticals | 2025 annual report and September 21, 2026 capital-markets update; 2030 ambitions are explicitly uncertain and not financial guidance. | Competitive position, execution, latest financial results and valuation. |
| UnitedHealth Group (UNH) | Insurance and healthcare services | 2025 Form 10-K reports operating earnings of $19.0 billion in 2025 versus $32.3 billion in 2024, with multiple factors affecting the decline. | Medical-cost trends, effects of restructuring and portfolio changes, earnings trajectory and valuation. |
| Intuitive Surgical (ISRG) | Surgical robotics and procedure exposure | Secondary coverage surfaced installed-base and procedure-growth discussion; the available evidence is not sufficient to verify a detailed thesis. | Company filings on procedure volume, recurring revenue, placements, competition, regulatory risks and valuation. |
These are different business models, not four interchangeable ways to make the same bet. A company-level comparison should use financial periods and valuation inputs that are consistent across the candidates. The evidence cited here does not provide comparable current valuations for all four.
A practical checklist before buying any of them
- Read the latest filings. Start with each company’s most recent annual and quarterly reports, and use them to confirm revenue sources, financial trends, material risks and any changes since the periods described above.
- Test the business case. Identify what must go right for earnings to grow over your holding period and what company-specific event could weaken that case.
- Build a valuation using one dated method. Apply a consistent approach across the companies, record the date and assumptions, and compare your estimate with the market price. Do not substitute a company’s growth ambitions or business quality for a valuation.
- Decide how much company risk you want. Consider whether holding one stock fits your goals and risk tolerance, or whether broader exposure through a diversified investment is more suitable. Neither route guarantees a return.
- Set a review trigger. Revisit the thesis when filings show a material change in earnings, competition, regulation, product outlook or capital needs—not simply because a share price moves.
What this shortlist can—and cannot—tell you
These four names provide starting points across pharmaceuticals, insurance and services, and surgical robotics. The available evidence gives a concrete earnings warning for UnitedHealth and useful qualifications around Novo Nordisk’s ambitions, but it does not establish a complete, equally sourced case for all four. In particular, it does not provide current comparable valuation work, and the Intuitive Surgical discussion needs confirmation in primary filings.
Use the names to structure further analysis, not as a ready-made portfolio or a promise of long-term performance. A stock earns a place in a decade-long portfolio only if its business prospects, risks, price and role in the investor’s overall plan make sense together.
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