Johnson & Johnson Regains Top Spot in Global Pharma Revenue Rankings
Johnson & Johnson
Medical Device R&D and Manufacturer
Based on 2023 revenue as the benchmark, the industry media Fierce Pharma recently released the ranking of the top 20 global pharmaceutical companies. Due to the decline in sales of COVID-19 related products, there were significant changes in last year’s annual revenue rankings of the top 20 pharmaceutical companies by Fierce Pharma, with adjustments seen from top to bottom.
2023Annual Revenue: $85.16 billion
2022Annual Revenue: $799.9 billion
Change: +6.5%
Johnson & Johnson Regains Top Spot in Pharmaceutical Company Revenue in 2023Annual sales reached 85.16 billion US dollars, with a sales growth of 6.5%. In May 2023, Johnson & Johnson spun off its consumer health business unit to focus on the two major businesses of medical devices and pharmaceuticals.
In 2023, pharmaceutical sales reached $54.76 billion, and medical device sales were $30.40 billion. Sales of the immunology drug Stelara reached $10.86 billion but will face biosimilar competition. Sales of Tremfya, used to treat psoriasis, grew by 18% to reach $3.15 billion.
Roche
2023Annual Revenue: 58.72 billion Swiss francs (65.32 billion US dollars)
2022Annual Revenue: 63.28 billion Swiss francs (66.26 billion US dollars)
Change: -7.2%
In Thomas Schinecker's first year as CEO of Roche, the company's revenue grew by 1% despite a decline in income related to COVID-19 products.Roche's pharmaceutical business has seen significant growth, particularly with the ophthalmology drug Vabysmo, which achieved sales of 2.4 billion Swiss francs in its second year on the market.Competition from biosimilars has led to a decrease in sales of Roche's three cancer drugs: Rituxan, Herceptin, and Avastin.Ocrevus, a treatment for multiple sclerosis, becomes Roche's best-selling product, while the sales of Hemlibra, a drug for hemophilia, also increased by 16%.
Merck
2023Annual Revenue: $60.1 billion
2022Annual Revenue: $59.3 billion
Change: +1.4%
Merck's anticancer drug Keytruda contributed 41% of the company's revenue last year and is expected to have its patent expire in 2028., the company will face significant patent cliff pressure. Nevertheless,Keytruda Becomes the World's Best-Selling Drug with $25 Billion in Sales Last Year, increasing by 19% compared to the previous year, surpassing Pfizer's COVID-19 vaccine Comirnaty, Paxlovid, and AbbVie's Humira.
Pfizer
2023Annual Revenue: $58.5 billion
2022Annual Revenue: $100.3 billion
Change: -41%
Pfizer achieved tremendous success during the pandemic with its vaccine Comirnaty and antiviral drug Paxlovid, butSales dropped by more than 40% in 2023, reflecting a year of回归现实. Despite this,Excluding COVID-19 products, the company's sales actually increased by 7%.The sales of Comirnaty and Paxlovid dropped by 70% and 92%, respectively.
However, Pfizer's other key drugs and vaccines, such as the RSV vaccine Abrysvo, Nurtec ODT acquired from Biohaven, and the rare heart disease drugs Vyndaqel and Vyndamax, all achieved significant growth. Notably, revenue from Nurtec ODT increased more than fourfold, while sales of Vyndaqel and Vyndamax rose by 36% to reach $3.3 billion.
AbbVie
2023Annual Revenue: $54.3 billion
2022Annual Revenue: $58.1 billion
Change: -6%
AbbVie was founded in 2013,Became one of the top five pharmaceutical giants globally within a decade. Its success is mainly attributed to Humira, a drug for arthritis treatment, which was once the world's best-selling medication.However, in 2023, Humira faced biosimilar competition in the United States, resulting in a 32% decline in its annual sales and a 41% drop in the fourth quarter. AbbVie has extended Humira's patent protection by signing settlement agreements with multiple companies, allowing ample time to address biosimilar competition.
Sanofi
2023Annual Revenue: €43.1 billion ($46.6 billion)
2022Annual Revenue: €43 billion ($45.2 billion)
Change: +0.2%
Although Sanofi's position in the pharmaceutical company rankings is enviable,Also faces the challenge of relying on a single drug. Sanofi's anti-inflammatory drug Dupixent is its main source of income, with sales reaching 10.7 billion euros last year, accounting for 25% of the company's total revenue.Since its initial approval in 2017, Dupixent has maintained strong commercial momentum and is expected to grow further in 2024 due to the approval of a new indication for chronic obstructive pulmonary disease.
Despite facing competition from generic drugs, Sanofi's other drugs such as Fabrazyme and the hemophilia drug Altuviiio have shown robust performance. The Beyfortus vaccine, developed in collaboration with AstraZeneca, achieved sales of 547 million euros last year. Overall, Sanofi's biopharmaceutical division achieved global sales of 37.89 billion euros, representing a 5% year-over-year increase.
AstraZeneca
2023Annual Revenue: $45.81 billion
2022Annual Revenue: 44.35 billion USD
Change: +3.3%
AstraZeneca Achieved Its 2023 Revenue Target, with Total Revenue Reaching $45.8 BillionOncology Product Sales Increase by 20%, Reaching $17.1 BillionThe global sales of Enhertu, a HER2 drug co-developed with Daiichi Sankyo, doubled to nearly $2.6 billion. Datopotamab Deruxtecan (Dato-DXd), also in collaboration with Daiichi Sankyo, achieved positive results in Phase 3 trials for non-small cell lung cancer (NSCLC), but the regulatory submission was made only for non-squamous NSCLC.
Moreover, the sales of AstraZeneca's Imjudo/Imfinzi combination for liver cancer reached $4.2 billion, a year-on-year increase of 55%. Imfinzi also achieved positive results in early-stage non-small cell lung cancer trials, although they were not yet sufficient to support an FDA application.
Novartis
2023Annual Revenue (Continuing Operations): $45.44 billion
2022Annual Revenue (Continuing Operations): $42.21 billion
Change (Continuous Operations): +7.7%
Novartis focuses on innovative drug development after spinning off its generic drug business. Although the spin-off led to a decline in sales, Novartis's continuing business revenue grew by 10% last year, reaching $45.4 billion. The heart disease drug Entresto and the multiple sclerosis drug Kesimpta contributed to most of the revenue growth, butRadiation therapy Pluvicto and CDK4/6 inhibitor Kisqali have attracted more attention from investors.
Pluvicto Shows Negative Trend in Overall Survival Endpoint in Early Prostate Cancer Trial, Leading to Delayed Filing and Facing Capacity Shortages. Kisqali Demonstrates Positive Results in Early Breast Cancer Treatment, Boosting Novartis' Stock Price Significantly in March Last Year. Novartis Has High Hopes for Kisqali, Projecting Sales to Exceed $4 Billion in Metastatic Disease and Over $3 Billion in Adjuvant Therapy. In 2023, Kisqali’s Sales Grew by 75%, Reaching $2.1 Billion.
Bristol-Myers Squibb Company
2023Annual Revenue: $45 billion
2022Annual Revenue: $46.2 billion
Change: -2%
In 2023, under the leadership of a new CEO, Bristol Myers Squibb began addressing the challenges posed by the patent cliff and the Inflation Reduction Act (IRA). Despite a 4% increase in global sales of the anticoagulant Eliquis, reaching $12.2 billion, its growth may be constrained as it becomes subject to Medicare price negotiations under the IRA. The new IRA pricing will take effect in 2026, with Eliquis's significant growth expected to conclude by 2025.
Used for the treatment of multiple myelomaRevlimid Remains a Major Sales Contributor Despite Losing Patent Exclusivity and a 39% Drop in Sales to $6 BillionPD-1 inhibitor Opdivo's sales reached $9 billion, adding the $1 billion reported by its partner Ono Pharmaceutical, totaling over $10 billion. However, the company's CAR-T therapy Abecma sales continued to decline, dropping 20% in the fourth quarter to $100 million, with total annual sales at $472 million.
GSK (GlaxoSmithKline)
2023Annual Revenue: £30.33 billion (£38.4 billion)
2022Annual Revenue: £29.32 billion (£36.1 billion)
Change: +3.4%
GSK's global sales increased by 5% last year, reaching £30.3 billion, with its underlying business growing by 14%.Shingrix, the herpes zoster vaccine, made a significant contribution, with revenue increasing by 17% to reach £3.4 billion.
RSV Vaccine Arexvy Receives FDA Approval, Becoming the First RSV Vaccine for Adults Aged 60 and Above; First-Year Sales Reach £1.2 Billion, with Peak Sales Expected to Reach £3 Billion. GSK Also Gained Approvals for Jesduvroq, an Oral Treatment for Anemia in Chronic Kidney Disease, and Ojjaara, a JAK Inhibitor, Which Generated £33 Million in Sales Last Year; GSK Anticipates It to Become a "Blockbuster" Drug.
Eli Lilly and Company
2023Annual Revenue: $34.1 billion
2022Annual Revenue: $28.5 billion
Change: +20%
Eli Lilly Achieves Double-Digit Revenue Growth in 2023, Ranks 11th Globally in Pharmaceutical RevenueEli Lilly achieved nearly 20% revenue growth in 2023, reaching $34.12 billion, and ranked 11th among global pharmaceutical companies in terms of revenue. Despite facing challenges such as rejections of some drugs, the company looks forward to strengthening its best-selling drug portfolio with new launches, including Donanemab for Alzheimer's disease and Lebrikizumab for atopic dermatitis, among four anticipated drugs.
Novo Nordisk
2023Annual Revenue: 232 billion Danish kroner (33.7 billion US dollars)
2022Annual Revenue: 176.5 billion Danish kroner (25 billion US dollars)
Change: +31.5%
Novo Nordisk, as a popular GLP-1 class drugSemaglutide (Used for Diabetes and Obesity)The manufacturer achieved remarkable results in 2023,Sales increased by 31.5%, reaching 232 billion Danish kroner (approximately 33.7 billion US dollars), jumping from 17th to 12th place in the Fierce Pharma annual revenue ranking.
Amgen Inc.
2023Annual Revenue: $28.2 billion
2022Annual Revenue: $26.3 billion
Change: +7%
Amgen Begins to Benefit from Acquisition of Rare Disease Drug Maker Horizon Therapeutics; Sales of Horizon’s Thyroid Eye Disease Drug Tepezza Grow Quarter-over-Quarter but Decline Year-over-Year. Amgen Outlines Plan to Boost Tepezza Sales, with Rare Disease Head Vikram Karnani Citing Positive Market Signals for the Drug.Tepezza, as the first and only FDA-approved drug for the treatment of thyroid eye disease, has a potential market of about 100,000 patients with moderate to severe disease in the United States.
Boehringer Ingelheim
2023Annual Revenue: 25.6 billion euros (27.7 billion US dollars)
2022Annual Revenue: €24.1 billion ($25.3 billion)
Change: +6.2%
Thanks to the strong performance of the type 2 diabetes treatment drug JardianceIn 2023, Boehringer Ingelheim achieved a 6% sales growth, with sales increasing from 1.8 billion euros in 2018 to 7.4 billion euros in 2023. The indication for Jardiance has been expanded to include chronic kidney disease and heart failure, making it applicable to a population of over 1 billion.
Despite the upcoming patent expiration for the anti-fibrotic drug Ofev next year, its sales still grew to 3.5 billion euros. The human pharmaceuticals division of Boehringer Ingelheim saw its revenue increase to 20.8 billion euros, partly due to the inclusion of CDMO business income. However, the market performance of the biosimilar Cyltezo fell short of expectations, prompting the company to plan reductions in parts of its U.S. sales force and shift focus towards its late-stage product pipeline.It is expected that up to 25 new products will be launched by 2030.
Takeda Pharmaceutical
2023Annual Revenue: 4.166 Trillion Yen (27 Billion USD)
2022Annual Revenue: 3.944 Trillion Yen (30 Billion USD)
Change: +5.6%
In 2023, Takeda Pharmaceutical faced the challenge of the patent expiration for the ADHD drug Vyvanse. Despite this,The company relies on Entyvio and the new drug Qdenga to maintain stability amid generic drug competition.Vyvanse Sales Drop 12.1% to 312.9 Billion Yen, but Show Strong Growth from April to August Before Patent Expiration. Since August, nine generic versions of Vyvanse have entered the market, but their impact has been minimal due to supply constraints. Vyvanse itself is facing supply issues caused by production delays and rising demand, while generics from other manufacturers are also affected by government-imposed production restrictions.
Gilead Sciences
2023Annual Revenue: $26.9 billion
2022Annual Revenue: $27 billion
Change: -0.2%
Although Gilead Sciences has a long way to go before becoming a major player in the field of cancer treatment,Its focus on CAR-T therapy has paved the way for future earnings.The company's chief financial officer stated,Gilead Pursues Long-Term Sustainable Growth Rather Than Short-Term Profit.In 2023, its oncology products, including the cell therapies Yescarta and Tecartus, as well as the antibody-drug conjugate (ADC) Trodelvy, all achieved significant sales growth.
Bayer
2023Annual Revenue: €24.1 billion ($26.1 billion)
2022Annual Revenue: 25.3 billion euros (26.6 billion US dollars)
Change: -4.7%
Since 2017, Bayer's revenue ranking has dropped eight places, partly due to a series of challenges following its $63 billion acquisition of Monsanto in 2018.Although this acquisition aimed to boost Bayer's Crop Science division, the catastrophic deal, along with the subsequent flood of lawsuits over the herbicide Roundup, negatively impacted the company’s other divisions, leading investors to demand a breakup of the company.
CEO Bill Anderson stated that while a spin-off is possible, it will not happen for at least two years, as litigation, debt, and bureaucratic issues need to be resolved first. Bayer has reduced the number of leaders in its pharmaceuticals division and is committed to strengthening its product pipeline.Two of the best-selling products, the anticoagulant Xarelto and the macular degeneration drug Eylea, are losing patent protection in different regions around the world.
Merck Group
2023Annual Revenue: 17.3 billion euros (18.8 billion US dollars)
2022Annual Revenue: €18.2 billion ($19.2 billion)
Change: -5%
Merck Group Experienced a 5% Sales Decline in 2023, Attributed to Market Challenges, Particularly Reduced Demand for COVID-Related Products. Sales in Merck's Process Solutions Business Dropped by 14%, and Life Science Business Fell by 15%. The Electronics Technology Division Saw a 9% Sales Decline. Despite the Drop in COVID Product Sales, Merck's Healthcare Business Achieved a 3% Sales Growth, Reaching 8.05 Billion Euros.
Teva Pharmaceutical Industries
2023Annual Revenue: $15.8 billion
2022Annual Revenue: $14.9 billion
Change: +6%
Teva returned to growth in 2023, ending five consecutive years of revenue decline.Revenue recovered from $22.4 billion in 2017 to $15.8 billion in 2023. The "pivot to growth" strategy by new CEO Richard Francis helped the company reduce its reliance on generic drugs.
In 2023, the company's revenue achieved approximately 6% growth, including a $500 million collaboration payment from Sanofi. Teva expects its revenue to slightly increase to between $15.7 billion and $16.3 billion in 2024 and plans to sell its small molecule active pharmaceutical ingredients business.Teva's revenue growth in 2023 was mainly driven by Austedo, a drug for Huntington's disease, with its sales reaching $1.2 billion, an increase of 28%.
Viatris
2023Annual Revenue: $15.4 billion
2022Annual Revenue: $16.3 billion
Change: -5.5%
Viatris in 2023Return to the 20th Position in Pharmaceutical Company Revenue Rankings, revenue has been declining since reaching $17.9 billion in 2021, primarily due to asset divestitures, including the sale of its biosimilar business to Biocon for $3.3 billion.
Currently, the company is transitioning, focusing on new drug development and reducing the production of generic drugs.Viatris' revenue decline narrowed quarter by quarter in 2023. Focused on three core therapeutic areas—dermatology, ophthalmology, and gastroenterology—the company expects growth to resume soon. Viatris CEO Scott Smith stated that the company will pursue growth through commercial development in these areas and beyond, including a $350 million investment to secure global exclusive development and commercialization rights for two Phase 3 drugs, selatogrel and cenerimod.
References:
[1]www.fiercepharma.com/pharma/top-20-pharma-companies-2023-revenue
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