The worldwide pharmaceutical industry has summarized its financial results for 2025. As reported by FiercePharma, despite patent cliffs, pricing pressures, and geopolitical instability, 16 of the 20 largest Big Pharma companies worldwide demonstrated revenue growth. The main sensation of the year was the unprecedented surge by the American corporation Eli Lilly, which, thanks to its weight-loss drugs, skyrocketed six positions in the ranking. Here is a detailed breakdown of the 2025 performance of the top twenty leaders.
The Top Three: An Unreachable Giant and the Triumph of Obesity Drugs
1. Johnson & Johnson ($94.2B | Growth: +6.1%). The company firmly retains its status as the world’s largest pharmaceutical corporation. In 2025, it increased sales by relying on multiple myeloma treatments, the Spravato nasal spray, and the anticoagulant Xarelto. It is expected that in 2026, the manufacturer will surpass the historic milestone of $100 billion in revenue.
2. Roche ($74B | Growth: +1.7%). The Swiss company confidently holds the second position, although its growth rates appear more modest. The era of its legendary oncology trio has passed, and now the driving force is the ophthalmology drug Vabysmo ($5.2B). The company is actively striving to enter the top three in the obesity treatment market.
3. Eli Lilly ($65.2B | Growth: +45%). The absolute triumph of the year. Sales jumped by an incredible 45%, allowing the company to rise from 9th to 3rd place. The secret to its success lies in the incretin drugs Mounjaro and Zepbound: their combined sales reached $36.5 billion. The active ingredient tirzepatide became the best-selling medicine in the world.
Chasing the Leaders: From Patent Cliffs to Massive Acquisitions
4. Merck ($65B | Growth: +1%). Growth slowed significantly due to a 39% collapse in sales of the HPV vaccine Gardasil. The flagship oncology drug Keytruda brought in $31.7 billion, but it faces a loss of patent protection in 2028.
5. Pfizer ($62.6B | Drop: -1.6%). The post-pandemic transformation continues. Sales of the Comirnaty vaccine fell by 18%, and the Paxlovid drug plummeted by 59%. However, the company’s base operational revenue grew by 6%.
6. AbbVie ($61.2B | Growth: +8.3%). A brilliant recovery from the crisis following the loss of exclusivity for the blockbuster Humira. The new immunology pair of Skyrizi and Rinvoq more than compensated for the losses.
7. AstraZeneca ($58.7B | Growth: +8.6%). The company continues its steady movement towards the goal of $80 billion in revenue by 2030. The oncology portfolio plays a crucial role, particularly the drug Enhertu.
8. Novartis ($56.7B | Growth: +9.6%). Despite the loss of patent protection for the cardiology drug Entresto, the losses were offset by the successes of Kisqali, Kesimpta, and Pluvicto.
9. Sanofi ($52.2B | Growth: +10.3%). The French giant moved up the ranks thanks to the immunology superstar drug Dupixent, whose sales jumped to $18.7 billion.
10. Bristol Myers Squibb ($48.2B | Drop: -0.2%). The decline is driven by a sharp 16% drop in sales of aging blockbusters Revlimid and Sprycel.
Transformations, Executive Changes, and Challenges in the Second Ten
11. Novo Nordisk ($46.7B | Growth: +6.4%). For the first time in a decade, the Danish company’s growth did not exceed double digits due to fierce competition with Eli Lilly.
12. GSK ($43.1B | Growth: +4.1%). The company faced a drop in vaccine sales, but its HIV treatment business showed excellent results.
13. Amgen ($36.8B | Growth: +10%). Double-digit growth was largely secured by the $27.8 billion acquisition of Horizon Therapeutics.
14. Takeda ($29.8B | Drop: -2.5%). The Japanese giant experienced a revenue decline due to the loss of exclusivity in the US for its blockbuster Vyvanse.
15. Boehringer Ingelheim ($31.4B | Growth: +4%). The only private company in the top 20 is growing steadily on sales of Jardiance and Ofev.
16. Gilead ($29.4B | Growth: +2.4%). Success is based on dominance in the HIV therapy segment (the launch of Yeztugo and sales of Biktarvy).
17. Bayer ($26.7B | Drop: -1%). For the third consecutive year, the pharmaceutical division has suffered losses amid patent cliffs for Xarelto/Eylea and Roundup litigation.
18. Merck KGaA ($19.8B | Growth: +1.3%). The German company managed to show growth despite challenges, driven by its Life Sciences division and orphan drugs.
19. Teva ($17.3B | Growth: +4.4%). The Israeli company demonstrates growth: while it previously relied on generics, today revenue is driven by innovative drugs (Austedo, Ajovy, Uzedy).
20. CSL ($15.4B | Growth: +5.1%). The Australian company rounds out the top twenty. The year was difficult: H2 profits collapsed, and the CEO resigned.
The Big Pharma market enters 2026 in a state of profound transformation. As financial results show, the future belongs to companies capable of not only creating innovative solutions but also reacting in a timely manner to the inevitable loss of patent protection for their aging blockbusters.
