Q1 2024 Global Top 10 MNC Pharma Financial Report Summary and Key Product Highlights

May 13, 2024 18:01 CST Updated 18:01

Johnson & Johnson

Healthcare Product Manufacturers, Health Service Providers

Roche

Oncology Drug Research, Development, and Manufacturing

MSD

Pharmaceutical R&D and Manufacturer

Pfizer

Pharmaceutical R&D Developer

AstraZeneca

Biopharmaceutical Manufacturer

AbbVie

Innovative Drug Developer

Bristol-Myers Squibb

Biopharmaceutical and Nutritional Product R&D and Sales

Novartis

Drug Development and Manufacturing

Sanofi

Pharmaceutical R&D Developer

Novo Nordisk

Insulin Developer and Manufacturer

As global pharmaceutical companies have successively disclosed their Q1 2024 financial reports, there have been some changes in revenue compared to 2023.

Ranked by the total revenue of pharmaceutical companies, currentlyTop 10 Q1 Revenue Earners Are: Johnson & Johnson, Roche, MSD, Pfizer, AstraZeneca, AbbVie, Bristol-Myers Squibb (BMS), Novartis, Sanofi, Novo Nordisk.

Notably, thanks to the significant increase in sales of the weight-loss injectable version of semaglutide,Novo Nordisk Surpasses GSK and Lilly for the First Time, securing a spot on the list. Additionally, Bayer released its annual financial report in March 2024, with total revenue reaching 47.637 billion euros, ranking approximately 6th in total revenue. However, its pharmaceutical revenue was only 18.081 billion euros. Due to the timing of the disclosure, the ranking does not include Bayer's Q1 2024 financial data.

(Exchange rate conversion and total market value are based on May 6th.)

Johnson & Johnson

On April 16, Johnson & Johnson released its Q1 2024 financial report, with total revenue of $21.383 billion, a year-over-year increase of 2.3%; R&D investment reached $3.542 billion, a year-over-year increase of 2.5%. In the innovative pharmaceuticals segment, Johnson & Johnson focuses on areas such as autoimmune diseases, oncology, neuroscience, infectious diseases, pulmonary arterial hypertension, cardiovascular and metabolic diseases, generating Q1 revenue of $13.562 billion, a year-over-year increase of 1.1%. In the medical technology segment, Johnson & Johnson is committed to fields such as surgery, orthopedics, ophthalmology, and interventional solutions, with Q1 revenue of $7.821 billion, a year-over-year increase of 4.5%. By therapeutic area, autoimmune disease revenue in Q1 was $4.247 billion, a year-over-year increase of 3.3%, mainly driven by Stelara (ustekinumab, Q1 revenue $2.451 billion, +0.3%) and Tremfya (guselkumab, Q1 revenue $808 million, +26.3%). As Stelara's U.S. patent expired in September 2023, it remains to be seen whether Tremfya can take over as the company’s key product in the autoimmune space. In oncology, Q1 revenue was $4.814 billion, a year-over-year increase of 17.1%; key drug Darzalex (daratumumab) generated Q1 revenue of $2.692 billion, a year-over-year increase of 18.9%; Carvykti (ciltacabtagene autoleucel) brought in Q1 revenue of $157 million, an increase of 118% compared to the same period last year. In the future, Erleada (apalutamide) and Tecvayli (teclistamab) are also expected to drive continued sales growth in the oncology segment. Neuroscience Q1 revenue was $1.803 billion, flat compared to last year; pulmonary arterial hypertension performed well, with Opsumit (macitentan) and Uptravi generating Q1 revenues of $524 million and $468 million respectively, representing year-over-year increases of 19.1% and 29.2%. Finally, Johnson & Johnson expects full-year 2024 sales to grow by 5.5%-6% ($88.7-89.1 billion), higher than the previous forecast of 5%-6% ($88.2-89.0 billion).

Roche

On April 24, Roche released its Q1 financial report for 2024, with total revenue of CHF 14.399 billion, a year-on-year increase of 2% (at constant exchange rates, CER). Excluding products related to COVID-19, sales grew by 7%. Pharmaceutical business revenue reached CHF 10.921 billion, a year-on-year increase of 7%, while diagnostic business revenue was CHF 3.840 billion, a year-on-year increase of 8%. In the pharmaceutical sector, Vabysmo, a bispecific antibody in ophthalmology, achieved Q1 sales of approximately CHF 847 million, an increase of 108% year-on-year. The drug has already secured three indications, including treatment of macular edema secondary to retinal vein occlusion (RVO), diabetic macular edema (DME), and wet age-related macular degeneration (wAMD). Additionally, in the second half of this year, Roche aims to pursue diabetic retinopathy as the fourth indication for Vabysmo. In the oncology field, Polivy (polatuzumab vedotin) and Phesgo (pertuzumab) also contributed significantly to sales growth, reaching CHF 387 million (+70%) and CHF 249 million (+80%), respectively. In the autoimmune segment, Ocrevus (ocrelizumab) achieved Q1 sales of about CHF 1.66 billion, a year-on-year increase of 8%. With the approval of injectable Ocrevus, future sales of the drug are expected to grow substantially beyond $2 billion. Additionally, Hemlibra, a drug for hemophilia A, achieved Q1 sales of approximately CHF 1.04 billion, a year-on-year increase of 8%. In this earnings release, the company also announced the discontinuation of several early-stage assets, including: RAF kinase inhibitor belvarafenib (RG6185), Raf kinase inhibitor camonsertinib (RG6526), CD3/LY66D-targeting bispecific antibody RG6286, LepB inhibitor RG6319, RG6163, and IL-6 monoclonal antibody Enspryng (RG6168) for phase III clinical trials in the treatment of myasthenia gravis.

MSD

On April 25, Merck & Co., Inc. released its Q1 2024 financial report, with total revenue of $15.8 billion, a year-over-year increase of 9%; net profit was $4.762 billion, a year-over-year increase of 69%. Leveraging the strengths of its oncology and vaccine products, the company raised its full-year 2024 revenue guidance to $63.1 billion-$64.3 billion, an increase of 5-7% compared to the previous forecast of $62.7 billion-$64.2 billion. In the oncology sector, PD-1 inhibitor Keytruda achieved approximately $6.9 billion in sales in Q1 2024, representing a year-over-year growth of 20%; in January 2024, Keytruda received FDA approval for use in combination with chemoradiotherapy (CRT) to treat patients with stage III-IVA cervical cancer, marking its 39th approved indication in the United States; in China, in February 2023, Keytruda received approval for first-line treatment in combination with gemcitabine and cisplatin for patients with locally advanced or metastatic biliary tract cancer (BTC), which is its 13th approved indication in China. In the vaccines sector, Gardasil/Gardasil 9 achieved approximately $2.25 billion in sales in Q1 2024, a year-over-year increase of 14%; the main driver of growth was attributed to strong demand in the Chinese market. In March 2024, the company acquired cancer drug manufacturer Harpoon Therapeutics to strengthen its oncology pipeline; additionally, later that month, the FDA approved Winrevair, a new drug for pulmonary arterial hypertension, priced at $14,000 per vial, with projected sales reaching $5 billion by 2030.

Pfizer

On May 1, Pfizer released its financial report for the first quarter of 2024, with total revenue of $14.879 billion, a year-on-year decrease of 20%; net profit was $3.115 billion, a year-on-year decrease of 44%. The company's performance had experienced strong growth during the COVID-19 pandemic, and excluding sales of COVID-19 products, it increased by 8%. In this quarter, the oncology business was one of the company's main sources of income, with sales of $3.549 billion in Q1 2024, a year-on-year increase of 19%. Tumor drugs represented by enfortumab vedotin (Padcev), enzalutamide (Xtandi), and lorlatinib (Lorbrena) contributed significantly. During this quarter, there was frequent positive news about ADC drugs acquired from Seagen. Brentuximab vedotin (Adcetris), targeting CD30, combined with rituximab and lenalidomide for the treatment of relapsed/refractory diffuse large B-cell lymphoma, achieved the primary endpoint in the Phase III ECHELON-3 study, and the company will submit a supplemental Biologics License Application (sBLA) to the FDA; additionally, tisotumab vedotin (Tivdak) received full FDA approval for second-line treatment of cervical cancer. In the field of rare diseases, Vyndaqel (tafamidis meglumine), developed for transthyretin amyloidosis, had sales of $1.137 billion in Q1 2024, a year-on-year increase of 66%. Furthermore, the RSV vaccine Abrysvo had sales of $145 million in Q1 2024. Its expanded population study (ages 18-59) yielded positive results, and an application for expanded indications is currently being submitted to regulatory authorities.

AstraZeneca

On April 25, AstraZeneca released its Q1 2024 financial report, with total revenue of $12.679 billion, a year-on-year increase of 19% (at constant exchange rates). The company's business is mainly concentrated in four major areas: oncology, cardiovascular, renal and metabolism (CVRM), respiratory and immunology (R&I), and rare diseases. In the field of oncology, Tagrisso (osimertinib), Imfinzi (durvalumab), Imjudo (tremelimumab), Lynparza (olaparib), Calquence (acalabrutinib), and Enhertu (trastuzumab deruxtecan) all showed varying degrees of growth; recently, the FDA granted accelerated approval for Enhertu to treat HER2-positive solid tumors with a "tumor-agnostic" indication, providing a new treatment option for HER2-positive cancer patients worldwide; additionally, PD-L1 antibody durvalumab achieved approximately $1.113 billion in sales in Q1, representing a year-on-year increase of 33%; key phase III clinical trial data for Imfinzi in limited-stage small cell lung cancer (LS-SCLC) suggests it could become the first IO therapy for LS-SCLC. In the cardiovascular, renal and metabolism (CVRM) field, dapagliflozin achieved $1.892 billion in sales in Q1 2024, a year-on-year increase of 45%. In the rare disease area, Ultomiris also showed impressive growth, with a new indication for neuromyelitis optica receiving FDA approval.

AbbVie

On April 26, AbbVie released its Q1 2024 financial report, with total revenue of $12.3 billion, a year-over-year increase of 1.6%. The company's business focuses primarily on immunology, oncology, neuroscience, and ophthalmology. Product revenue was mainly driven by the immunology and oncology portfolios. In the immunology sector, Rinvoq and Skyrizi performed strongly, generating sales of $1.093 billion and $2.008 billion respectively, marking year-over-year growth of 59.3% and 47.6%. Humira, affected by biosimilar erosion, reported sales of $2.27 billion, showing a decline of 35.9% compared to the previous year. In oncology, Venclexta achieved sales of approximately $614 million, up 14% year-over-year. Elahere, the first folate receptor alpha (FRα)-targeted ADC drug, received full FDA approval in March 2024 for treating adult patients with FRα-positive, platinum-resistant epithelial ovarian, fallopian tube, or primary peritoneal cancer who had previously undergone up to three systemic therapies. Additionally, in ophthalmology, Ozurdex, an anti-inflammatory product for the posterior segment of the eye, generated sales of $131 million, representing a year-over-year growth of 13.7%, continuing its double-digit growth trend. In the neurology sector, the star product Botox achieved sales of approximately $748 million, up 4.1% year-over-year. Furthermore, Vraylar, Ubrelvy, and Qulipta also demonstrated double-digit growth.

Bristol-Myers Squibb

On April 25, Bristol-Myers Squibb ("BMS") released its Q1 2024 financial report, showing total revenue of $11.9 billion, a year-over-year increase of 5%; net loss of $11.9 billion, compared to a net profit of $2.262 billion in the same period last year. The company announced a downward revision of its earnings forecast for the year, expecting full-year adjusted earnings per share to be between $0.40 and $0.70, significantly lower than the previous forecast of $7.10 to $7.40. The top three best-selling drugs of the company are Eliquis, Opdivo, and Revlimid, with revenues in Q1 2024 reaching $3.72 billion (+9%), $2.078 billion (-6%), and $1.669 billion (-5%), respectively. The core patents for Eliquis, the company’s leading product, are set to expire between 2027 and 2029; Opdivo, as the world's first approved PD-1 inhibitor, will see its patent expire in 2028; however, Revlimid is already facing competition from generic drugs. To address losses brought by patent expirations, over the past six months, BMS has acquired companies including Karuna (focused on psychiatric and neurological disease medications, at $14 billion), RayzeBio (specializing in radiopharmaceuticals, at $4.1 billion), and Mirati (dedicated to oncology product development, at $4.8 billion). To further pay down debt incurred from these acquisitions, the company announced plans to cut $1.5 billion in costs by 2025, including eliminating 12 R&D pipelines such as CTLA-4 antibody projects, SIRPα antagonists, and BET inhibitors, along with laying off 2,200 employees.

Novartis

On April 23, Novartis released its Q1 2024 financial report, showing total revenue of $11.83 billion, a year-over-year increase of 11% (at constant exchange rates), surpassing the expected $11.49 billion; adjusted operating profit reached $4.54 billion, growing 16% year-over-year, exceeding expectations of $4.3 billion. Notably, revenue from the China region hit $1 billion, marking a 31% year-over-year growth. The company forecasts full-year 2024 sales to grow in the high single-digit to low double-digit percentage range, higher than the previous mid-single-digit estimate; core operating profit is projected to grow between the low double-digit and 15%, surpassing the earlier high single-digit growth forecast. The revenue growth was primarily driven by significant sales increases in products such as Entresto (sacubitril/valsartan), Kesimpta (ofatumumab), Cosentyx (secukinumab), Kisqali (ribociclib), Pluvicto, Leqvio (inclisiran), and Scemblix. Among these, Pluvicto, the star radiopharmaceutical product, generated approximately $310 million in sales in Q1 2024. Recently, positive data from its Phase III PSMAfore study for treating PSMA-positive metastatic castration-resistant prostate cancer (mCRPC) were announced, with a new indication submission expected in the second half of the year. Additionally, in January 2024, secukinumab (Chinese trade name: Cosentyx) received NMPA approval for a new indication to treat adult patients with active psoriatic arthritis, marking its third approved indication in China after moderate-to-severe plaque psoriasis and ankylosing spondylitis. In the same quarter, Novartis also announced the full acquisition of Sinovant Sciences to strengthen its presence in the renal disease sector.

Sanofi

On April 25, Sanofi released its Q1 2024 financial report, with total revenue of €10.464 billion, a year-on-year increase of 6.7% (at constant exchange rates); R&D expenditure was approximately €1.719 billion, a year-on-year increase of 11.8%. Of this, pharmaceutical business revenue was €7.762 billion, a year-on-year increase of 6.4%; vaccine business revenue was €1.177 billion, a year-on-year increase of 5.6%; consumer healthcare business revenue was €1.525 billion, a year-on-year increase of 9.0%. In the pharmaceutical field, Dupixent (dupilumab), an autoimmune drug, achieved sales of €2.835 billion in Q1 2024, a year-on-year increase of 24.9%, showing strong momentum; in February 2024, its new indication for treating chronic spontaneous urticaria (CSU) patients aged 12 years and above whose condition is inadequately controlled by existing therapies was approved by Japan's Ministry of Health, Labour and Welfare (HLW); additionally, the FDA has accepted dupilumab as an add-on maintenance treatment for certain uncontrolled chronic obstructive pulmonary disease (COPD) adult patients, granting it priority review, with a PDUFA date of June 27, 2024. Moreover, the company’s other three high-potential innovative autoimmune drugs have also made positive progress, including OX40L antibody Amlitelimab, CD40L antibody Frexalimab, and BTK inhibitor Rilzabrutinib.

Novo Nordisk

On May 2, Novo Nordisk released its Q1 2024 financial report, with total revenue of 65.349 billion Danish kroner, a year-on-year increase of 24% at constant exchange rates; revenue in China reached 4.506 billion Danish kroner, up 7% year-on-year. Operating profit was 31.846 billion Danish kroner, a year-on-year increase of 30%. Three Semaglutide products with different indications and formulations maintained double-digit growth or higher. Among them, the sales volume of the weight-loss injection Wegovy was approximately 9.377 billion Danish kroner, a year-on-year increase of 106%; the sales volume of the diabetes injection Ozempic was approximately 27.810 billion Danish kroner, a year-on-year increase of 43%; the sales volume of the oral diabetes drug Rybelsus was approximately 5.013 billion Danish kroner, a year-on-year increase of 17%. The combined revenue of the three drugs reached 42.2 billion Danish kroner, accounting for about 65% of total revenue. The company expects that Wegovy will be launched in China this year. According to predictions by analysts from the China Business Industry Research Institute, the market size of Semaglutide in China is expected to reach 8 billion yuan in 2024.

GlaxoSmithKline

On May 1, GlaxoSmithKline ("GSK") released its Q1 2024 financial report, with total revenue of £7.367 billion, a year-on-year increase of 10%. Excluding the impact of COVID-19 products, the growth was 13% year-on-year. The company’s four core therapeutic areas are infectious diseases, HIV, respiratory and immunology, and oncology. Among them, the vaccine business has become the core driver of performance growth. Sales of the RSV vaccine Arexvy reached £182 million, a year-on-year increase of 22%; sales of the shingles vaccine Shingrix reached £945 million, a year-on-year increase of 18%. Last month, the company submitted a Biologics License Application to the FDA for its pentavalent meningococcal ABCWY vaccine candidate, which was accepted, with a decision expected by February 14, 2025.

Eli Lilly and Company

On April 30, Eli Lilly released its Q1 2024 financial report, with total revenue reaching $8.77 billion, a year-on-year increase of 26%. The company raised its full-year 2024 revenue guidance to $42.4 billion - $43.6 billion. The strong growth in revenue was primarily driven by the sales of drugs such as Mounjaro, Zepbound, Verzenio, and Jardiance. In the metabolic field, Mounjaro achieved sales of $1.81 billion in Q1, more than tripling compared to the same period last year; Zepbound, which was approved in November last year, reached $517 million in sales in Q1 and is expected to become the highest-selling drug in history. Recently, the company announced positive results from the Phase III SURMOUNT-OSA clinical trial of tirzepatide for the treatment of moderate to severe obstructive sleep apnea (OSA) combined with obesity. The trial showed that injections of 10mg or 15mg of tirzepatide significantly reduced the Apnea-Hypopnea Index (AHI) in participants, achieving the primary endpoint. This indication has the potential to tap into the multi-billion-dollar OSA market.

References

1. Official Websites of Various Companies

2. PharmaCube, Insight Database, PharmResearch Network, PharmaTime, Financial World, Biopharma Era, PharmaNotes, CPhI China

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