Global Top 20 Pharmaceutical Companies by Revenue in 2025: Lilly's GLP-1 Surge Reshapes Industry Landscape

1. Johnson & Johnson

• Revenue in 2025: $94.2 billion

  
  

• Revenue in 2024: 88.8 billion USD

  
  

• Growth Rate: +6.1%

For years, Johnson & Johnson has firmly held the top position—except for a brief fluctuation in 2022 due to the COVID-19 pandemic. Even the spin-off of its consumer health business did not shake its dominance. The pharmaceutical and medical technology segments contributed $94.2 billion in sales, marking a 6.1% year-over-year increase. Growth was driven by treatments for multiple myeloma, the antidepressant nasal spray Spravato, and the anticoagulant Xarelto, among others. Additionally, following the acquisition of Intra-Cellular Therapies, the schizophrenia drug Caplyta generated $700 million in revenue last year.

2. Roche

• Revenue in 2025: 61.5 billion Swiss francs (approximately 74 billion US dollars)

  
  

• Revenue in 2024: 60.5 billion Swiss francs (approximately 68.7 billion US dollars)

  
  

• Growth Rate: +1.7%

The former "Big Three" cancer drugs (Herceptin, Avastin, and Rituxan) are no longer the primary sales drivers. Vabysmo, an ophthalmology drug, has become the new pillar, with sales reaching 4.1 billion Swiss francs (approximately $5.2 billion) in 2025, but signs of market contraction emerged in the fourth quarter. Tecentriq, an oncology product, achieved sales of 3.6 billion Swiss francs, representing only a 3% year-over-year increase, with low single-digit growth expected to continue through 2026.

3. Eli Lilly

• Revenue in 2025: $65.2 billion

  
  

• Revenue in 2024: 45 billion USD

  
  

• Growth Rate: +45%

Eli Lilly Rises Strongly with Diabetes and Obesity Drugs Mounjaro and Zepbound, Combined Sales Reach $36.5 Billion, Accounting for 56% of Total Revenue, Surpassing Novo Nordisk's Semaglutide Portfolio. Meanwhile, Tirzepatide Becomes the Best-Selling Drug Globally in 2025, Even Outpacing Merck's Keytruda. The Company Predicts Higher Growth from Oral GLP-1 Drugs by 2026.

4. Merck

• Revenue in 2025: $65 billion

  
  

• Revenue in 2024: $64.2 billion

  
  

• Growth Rate: +1%

HPV Vaccine Gardasil Sees Collapse: Sales Plummet from $86 Billion to $52 Billion (-39%), Mainly Impacted by Declining Demand in China and Japan; U.S. CDC’s Adjustment to Vaccination Protocol to Further Pressure Sales. Meanwhile, Keytruda’s Growth Slows to 7% (Sales of $317 Billion). The Company Forecasts Revenue of $655-$670 Billion in 2026, with Approximately 2% Growth.

5. Pfizer

• Revenue in 2025: $62.6 billion

  
  

• Revenue in 2024: $63.6 billion

  
  

• Growth Rate: -1.6%

Continued Decline in COVID-19 Products: Comirnaty Sales Drop 18%, Paxlovid Plummets 59%. Non-COVID Portfolio Sees Operational Growth of 6%; Anticoagulant Eliquis (in collaboration with BMS) Grows 8% to Nearly $8 Billion, RSV Vaccine Abyrsvo Exceeds $1 Billion, ADC Drug Padcev Nears $20 Billion. By 2026, the Company Forecasts an Additional $17 Billion Reduction in COVID Revenue and Faces Pressure from Loss of Exclusivity.

6. AbbVie

• Revenue in 2025: $61.2 billion

  
  

• Revenue in 2024: $56.3 billion

  
  

• Growth Rate: +8.3%

Despite losing approximately $16 billion due to biosimilars, Humira's shortfall was fully offset by the new immunology powerhouses Skyrizi ($17.6 billion) and Rinvoq ($8.3 billion). Total immunology revenue reached $30.4 billion, driving AbbVie to a record $61.2 billion, surpassing initial guidance by more than $2 billion.

7. AstraZeneca

• Revenue in 2025: $58.7 billion

  
  

• Revenue in 2024: $54.1 billion

  
  

• Growth Rate: +8.6%

Although it did not replicate the 18% growth of 2024, an 8.6% increase still leads among large pharmaceutical companies. The company reaffirmed its revenue target of $80 billion by 2030 and emphasized the critical importance of multiple Phase III data reads in 2026. In 2025, the company achieved 16 positive Phase III results and 43 major market approvals.

8. Novartis

• Revenue in 2025: $56.7 billion

  
  

• Revenue in 2024: $51.7 billion

  
  

• Growth Rate: +9.6%

Entresto, a heart failure drug, will lose its U.S. exclusivity in July 2025. Its sales revenue dropped by 20% and 33% quarter-on-quarter in Q3 and Q4 respectively, and is expected to decline further after the European patent expires in November 2026. Meanwhile, Tasigna for leukemia and Promacta for platelet therapy are also facing competition from generic drugs.

9. Sanofi

• Revenue in 2025: 46.2 billion euros (approximately 52.2 billion US dollars)

  
  

• Revenue in 2024: 43.9 billion euros (approximately 47.6 billion US dollars)

  
  

• Growth Rate: +10.3%
  

Sanofi Acquires Blueprint Medicines for $9.5 Billion, Gains Oral Treatment Ayvakit for Systemic Mastocytosis (Potential Peak $2 Billion). Hemophilia A Drug Altuviiio Breaks $1 Billion Mark (€1.16 Billion), Mainly Driven by Patient Switches from Older Treatments.

10. Bristol Myers Squibb

• Revenue in 2025: $48.2 billion

  
  

• Revenue in 2024: $48.3 billion

  
  

• Growth Rate: -0.2%

Old product portfolio (Eliquis, Revlimid, Pomalyst) declined 16% to $21.7 billion. Although new products like Opdualag and Breyanzi grew over 30%, Opdivo barely managed to support with $10 billion in sales. Eliquis is expected to experience a "rapid and sharp decline" by 2027 as the U.S. patent cliff approaches in 2028.

11. Novo Nordisk

• Revenue in 2025: 309 billion Danish kroner (approximately 46.7 billion US dollars)

  
  

• Revenue in 2024: 290.4 billion Danish kroner (approximately 42.1 billion US dollars)

  
  

• Growth Rate: +6.4%

Semaglutide Combination (Ozempic + Wegovy) Achieves Total Sales of 206 Billion Danish Kroner (Approx. $31.1 Billion), Surpassed by Eli Lilly's Tirzepatide for the First Time. Company Shares Continue to Decline; New CEO Takes Office and Initiates Cost-Saving Plan. Sales Projected to Drop 5%-13% by 2026, Attributed to "Unprecedented Pricing Pressure" and U.S. Most Favored Nation Pricing Agreement.

12. GlaxoSmithKline (GSK)

• Revenue in 2025: 32.7 billion pounds (approximately 43.1 billion US dollars)

  
  

• 2024 Revenue: £31.4 billion (approximately $40.1 billion)

  
  

• Growth Rate: +4.1%

Former CEO Emma Walmsley stepped down after achieving strong results, succeeded by Luke Miels. Annual revenue grew 7% to £32.7 billion, with share prices reaching a decade-high. However, the US vaccine market was a significant drag: sales of the shingles vaccine Shingrix in the US declined by 17%, and the RSV vaccine Arexvy also saw a drop in the US market.

13. Amgen

• Revenue in 2025: $36.8 billion

  
  

• Revenue in 2024: $33.4 billion

  
  

• Growth Rate: +10%

14 products achieved blockbuster sales. However, Prolia, a drug for osteoporosis, faces competition from biosimilars, with the company warning of "accelerated sales erosion." Enbrel, used for anti-inflammatory purposes, dropped by 33%, and Otezla, a psoriasis drug, showed weak growth. Revenue is expected to grow by only about 2% (midpoint) in 2026.

14. Takeda

• Revenue in 2025: 4.46 trillion yen (approximately 298 billion USD)

  
  

• Revenue in 2024: 4.57 trillion yen (approximately 30.2 billion US dollars)

  
  

• Growth Rate: -2.5%

ADHD Drug Vyvanse Sees Overall Sales Decline Due to Generic Competition; Gastrointestinal Drug Entyvio (9-month revenue of 744.5 billion yen, approximately $4.9 billion) Performs Strongly. Entyvio may also face biosimilar competition in the coming years.

15. Boehringer Ingelheim

• Revenue in 2025: 27.8 billion euros (approximately 31.4 billion US dollars)

  
  

• Revenue in 2024: 26.8 billion euros (approximately 29 billion US dollars)

  
  

• Growth Rate: +4%

Jardiance (empagliflozin) sales reached 8.8 billion euros, while Ofev sales amounted to 3.8 billion euros. Newly launched Jascayd (new mechanism for IPF) and Hernexeos (lung cancer), with Jascayd’s market performance surpassing that of Ofev in its initial launch year. Future sales of Ofev are expected to decline as Jascayd gains market share.

16. Gilead Sciences

• Revenue in 2025: $29.4 billion

  
  

• Revenue in 2024: $28.8 billion

  
  

• Growth Rate: +2.4%

Long-acting PrEP drug Yeztugo (injected once every six months) launched in June, generating $150 million in sales within six months. Sales of oral PrEP drug Descovy grew 31% to $2.5 billion. The company aims for Yeztugo to become the leader in the HIV prevention market.

17. Bayer

• Revenue in 2025: 23.6 billion euros (approximately 26.7 billion US dollars)

  
  

• Revenue in 2024: 24 billion euros (approximately 26 billion US dollars)

  
  

• Growth Rate: -1%

Since ranking 8th in 2017, it has dropped to 17th. Two major blockbuster drugs, Xarelto (in collaboration with Johnson & Johnson) and Eylea (in collaboration with Regeneron), have significantly declined due to patent expiration: Xarelto decreased by 33%, with an expected further decline of 35%-40% by 2026; Eylea decreased by 6%, with an expected decline of 20%-25% by 2026.

18. Merck (Merck KGaA, Germany)

• Revenue in 2025: 17.6 billion euros (approximately 19.8 billion US dollars)

  
  

• Revenue in 2024: 17.4 billion euros (approximately 18.8 billion US dollars)

  
  

• Growth Rate: +1.3%

Geopolitical and exchange rate fluctuations brought negative impacts (foreign exchange losses of 3.7%). The Process Solutions business in the Life Sciences sector performed outstandingly, achieving approximately 10% growth for four consecutive quarters. Total annual Life Sciences sales reached 9 billion euros.

19. Teva

• Revenue in 2025: $17.3 billion

  
  

• Revenue in 2024: 16.5 billion USD

  
  

• Growth Rate: +4.4%

Under CEO Richard Francis's "pivot to growth" strategy, a three-year recovery has been achieved. Austedo for tardive dyskinesia, Ajovy for migraine, and Uzedy for long-acting schizophrenia have become growth engines, with the trio surpassing $1 billion in combined sales for the first time in Q4. Full-year 2025 revenue reached $17.3 billion, exceeding expectations.

20. CSL

• Revenue in 2025: $15.4 billion

  
  

• Revenue in 2024: 14.8 billion USD

  
  

• Growth Rate: +5.1%

CSL Ranked Last on the List. In February 2026, CEO Paul McKenzie suddenly retired, and the company's stock price plummeted since last August. In the second half of 2025, net profit dropped sharply from $2 billion to $384 million, with sales declining by 4% to $8.3 billion. The company had planned to spin off its vaccine division, Seqirus, but postponed the move due to uncertainties in the U.S. market.

Conclusion

In 2025, Eli Lilly rises unexpectedly with its weight-loss drug, while Novo Nordisk faces dual pressures of pricing and competition; Johnson & Johnson continues to lead, but the patent cliff is eroding the foundations of many veteran giants. By 2026, with the launch of more oral GLP-1 drugs, the impact of biosimilars, and the push for Medicare price cuts in the U.S., the global pharmaceutical landscape may undergo another round of reshuffling.