Top 20 Global Pharmaceutical Companies by 2023 Revenue: Strong Growth from Lilly and Novo Nordisk Amid Market Shifts

Apr 17, 2024 10:35 CST Updated 10:35

Johnson & Johnson

Healthcare Product Manufacturers, Health Service Providers

MSD

Pharmaceutical R&D and Manufacturer

AstraZeneca

Biopharmaceutical Manufacturer

Novartis

Drug Development and Manufacturing

GSK

Pharmaceutical R&D Manufacturer

Amgen

Developer of Treatment Drugs for Serious Diseases

Teva

Drug Developer

Eli Lilly

Global Pharmaceutical R&D and Production Company

Boehringer Ingelheim

Developer of Innovative Drugs and Therapies

Sanofi

Pharmaceutical R&D Developer

Takeda

Biopharmaceutical Manufacturer

Novo Nordisk

Insulin Developer and Manufacturer

On April 15, 2024, the well-known industry media Fierce Pharma reviewedTop 20 Pharmaceutical Companies by Revenue in 2023In this ranking, revenues from outside the health sciences sector were excluded, such as Bayer's Crop Science division and Merck’s electronics business, which were not included in the revenue calculations. Additionally, for companies reporting in foreign currencies, conversion to U.S. dollars was based on the annual average exchange rate. Compared with previous years, this year's ranking has seen some new changes.

In 2023, among the top 20 pharmaceutical companies by revenue,Revenue declined for eight companies.. In addition,Sanofi and Takeda's sales growth was very small, less than 1%.；Johnson & Johnson, MSD, AstraZeneca, Novartis, GSK, Amgen, and Teva showed single-digit growth.Boehringer Ingelheim also forecasts single-digit growth;Eli Lilly and Novo Nordisk achieved double-digit growth.。

The following are brief introductions of some of the companies, for more details please refer to the table at the end of the article:

Last yearJohnson & JohnsonRegained the "top spot"In this position, its sales increased by 6.5%, reaching 85.2 billion U.S. dollars. For Johnson & Johnson, this is a familiar position, as it had been the revenue leader in the industry for ten consecutive years from 2012 to 2021. Notably, in 2022, Johnson & Johnson spun off its health division, Kenvue, which reported sales of 15.4 billion U.S. dollars in 2023. If this division’s revenue were included, Johnson & Johnson would become the second pharmaceutical company in the industry's history to achieve annual sales exceeding 100 billion U.S. dollars.

The second highest revenue isRocheIn 2023, Roche's sales reached 58.7 billion Swiss francs (65.3 billion U.S. dollars).，A 7% year-on-year decrease. Pharmaceutical sector sales reached 44.6 billion Swiss francs (49.6 billion US dollars). Excluding Ronapreve, the COVID antibody drug developed in collaboration with Regeneron, sales grew by a fixed currency rate.ThenIncrease by 9%.

Ranking third isMSDIts Keytruda reached the $25 billion mark last year, surpassing Pfizer's superstar COVID-19 vaccine Comirnaty, Pfizer's antiviral drug Paxlovid, and AbbVie's long-time blockbuster Humira. Edward Jones healthcare analyst John Boylan predicts that the drug’s sales will reach $30 billion by 2025.

AndPfizer, its revenue plummeted 41% from a record $100.3 billion in 2022 to $58.5 billion in 2023, ranking fourth. This difference is directly attributed to the decline in sales of the COVID-19 vaccine Comirnaty and the antiviral drug Paxlovid, which together generated $56.7 billion in sales in 2022 but fell to $12.5 billion in 2023. Pfizer expects sales of its COVID-related products to drop again this year to $8 billion, but total revenue will see a slight increase, reaching $58.5 billion to $61.5 billion.

In 2023,Novo NordiskOzempic andEli LillyMounjaro and other injectable weight-loss drugs have hit the headlines, boosting the company's revenue as a result.Increased by 31% and 20%, respectively. At the same time, these two are also on the TOP 20 list.One of only two pharmaceutical companies in China to report double-digit revenue growth, indicating the significant impact of weight-loss drugs on the market.

After ranking 17th for four consecutive years,Novo NordiskFinally, it surpassed Takeda, Amgen, Boehringer Ingelheim, Gilead, and Bayer last year, successfully ranking 12th. Among these companies that were overtaken, except for Amgen, all the other companies experienced a decline in sales in 2023.

Notably, in 2023,Novo NordiskThe highest year-on-year growth among the top 20 pharmaceutical manufacturers was 31%, with revenue surging from DKK 177 billion (USD 25.1 billion) to DKK 232.3 billion (USD 33.7 billion). This growth was driven by a 60% increase in Ozempic sales, reaching DKK 95.7 billion (USD 13.9 billion), and Wegovy achieving DKK 9.6 billion (USD 4.5 billion) in its second year on the market.

Eli Lilly also achieved similar growth, mainly due to its diabetes and weight-loss drugs Mounjaro and Zepbound, with combined sales exceeding $5.3 billion, driving the company's revenue to increase by 20% from $28.5 billion to $34.1 billion.

In addition,Replacing Moderna and BioNTech in the top 20 are generic drug giants Teva and Viatris.The former's sales last year were $15.8 billion, while the latter's sales were $15.4 billion.

Among them,ViatrisIt is in a transitional phase, focusing more on new drugs while no longer mass-producing generic drugs. It has opted for a more selective approach to handle complex generic drugs that are not widely competitive. One reflection of this shift in focus is the 22% increase in R&D spending in 2023.

Viatris Focuses on Three Core Therapeutic Areas—Dermatology, Ophthalmology, and Gastroenterology—Expected to Enter Growth Mode Soon. The company forecasts that new drug launches this year will generate $550 million in sales revenue. Additionally, Viatris plans to launch several new generic drugs this year, including Novartis' Sandostatin LAR and CSL's Venofer.

In addition to the companies on the list,Ranked outside the top 20 are CSL and Regeneron., with their revenues reaching $14.2 billion and $13.1 billion respectively in 2023. As the sales of both companies grow, they have the potential to rank among the top 20 in the future.

References:The top 20 pharma companies by 2023 revenue.Fierce Pharma.By Kevin Dunleavy.Apr 15, 2024 03:00am.

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