As global pharmaceutical companies successively disclose their Q2 2025 financial reports, the H1 revenue situations of various enterprises have come to light.

H1 Revenue Ranking: Johnson & Johnson, Roche, Merck & Co., Inc.AbbVie,Pfizer, Eli Lilly,AstraZeneca, Novartis,Bayer, BMS.

Overall, Johnson & Johnson leads MNCs with $45.636 billion in revenue, while Eli Lilly achieved significant success with weight loss.Product Tirzepatide Achieves PerformanceGrowth41%, a leap into the rankings at 6th place. Outside the TOP10, Novo Nordisk, Sanofi, and GSK followed closely. Overall, the performance of MNCs in the first half of 2025 roughly outlines the intense competition and diverse landscape of the current pharmaceutical industry.

July 16, Johnson & JohnsonAnnounce 2025 First-Half Financial Results, with a revenue of USD 45.636 billion in the first half of the year, representing a year-on-year increase of 4.1%. The revenue from the innovative drug and medical technology segments reached USD 29.075 billion (+3.6%) and USD 16.561 billion (+5.0%), respectively.

In the innovative drug sector, the oncology business performed remarkably, with sales reaching $11.99 billion in the first half of the year, a year-on-year increase of 21.1%, primarily driven by products such as Darzalex (daratumumab) and Carvykti (ciltacabtagene autoleucel). Darzalex's sales in the first half of the year amounted to $6.776 billion (+21.7%), while Carvykti's sales reached $808 million, showing rapid growth. In the field of immunology,Tremfya's sales performance of $2.142 billion (+25%) remains impressive, offsetting a portion of...Impact of Stelara's Sales Decline. In the field of neurology, Spravato (esketamine nasal spray) achieved sales of $734 million (+48.1%) in the first half of the year, showing strong performance.

Bispecific Antibody Drugs Gain Momentum at Multiple Points: Tecvayli (Teclistamab) Achieves $317 Million in Sales for the First Half of the Year (+18.2%), Talvey (TaqiutumabReaching 192 million USD (+52%), Rybrevant (Amivantamab) and Lazcluze (Lazertinib) jointly achieved 320 million USD in sales.

In terms of transactions, Caplyta, under Intra-Cellular Therapies which Johnson & Johnson acquired for $14.6 billion at the beginning of the year, achieved sales of $211 million in the first half of the year, indicating significant commercial potential in the future. Looking ahead to the second half of the year, the innovative drug business is expected to continue its growth.Midpoint of Full-Year Sales Forecast Raised to $93.4 Billion, the expansion of indications for multiple products and the R&D progress are highly anticipated, with sufficient long-term growth momentum.

On July 29, MSDAnnounced 2025 First-Half Financial Results: Total Revenue of $31.338 Billion, Down 2% Year-on-Year; Pharmaceutical Business at $27.688 Billion, Down 3%. Among them, the core products...Keytruda (Pembrolizumab)Sales revenue of $7.956 billion, a year-on-year increase of 7%;Lynparza (Olaparib) and Lenvima (Lenvatinib) generated revenues of $682 million and $523 million respectively for MSD.. But Gardasil (HPV vaccine) series sales$2.453 billion, a year-on-year decrease of 48%, mainly due to declining demand in China and international market competition pressure.

Pipeline aspects,Compared with the first quarter, Merck & Co., Inc. terminated multiple Phase II and Phase III clinical pipelines, including the Phase II study of MK-1308 (CTLA-4 monoclonal antibody) for non-small cell lung cancer, the Phase II study of MK-6194 (IL-2 fusion protein) for lupus erythematosus and vitiligo, the Phase III study of MK-1022 (HER3-ADC) for non-small cell lung cancer, and the Phase III study of MK-7902 (lenvatinib) for esophageal cancer.

In terms of the full-year outlook, global sales for 2025 are expected to narrow to $64.3-$65.3 billion. Additionally,MSD also announced the launch of a new multi-year optimization plan, hoping to achieve the transformation of its portfolio by saving an estimated $3 billion annually through productivity initiatives.

July 31, AbbVieAnnouncement of 2025 First-Half Financial Results, with a total revenue of 28.766 billion US dollars, increasing by 8% year-on-year.

In each business segment, the global net revenue in the immunology field reached $13.895 billion in the first half of the year, representing a year-on-year increase of 12.6%. Among them, Skyrizi (risankizumab) generated revenue of $7.848 billion (+65.8%), while Rinvoq (upadacitinib) brought in $3.746 billion (+48.5%). Due to patent issues, Humira's sales continued to decline, dropping to $2.301 billion (-54.7%). The revenues of Skyrizi and Rinvoq have far surpassed that of Humira and are still experiencing rapid growth.

Net revenue in the oncology sector reached $3.309 billion in the first half of the year, representing a year-over-year increase of 4.2%. Revenue from the BTK inhibitor Imbruvica (ibrutinib) was $1.492 billion (-10.7%), while revenue from the Bcl-2 inhibitor Venclexta (venetoclax) amounted to $1.356 billion (+8.4%).

NeurologyFieldNet revenue in the first half of the year was US$4.965 billion, representing a year-on-year increase of 20.3%. Revenue from the antipsychotic drug Vraylar (cariprazine) reached US$1.665 billion (+13.5%), while revenue from the migraine drugs Ubrelvy and Qulipta amounted to US$578 million (+33.3%) and US$460 million (+63.6%), respectively.

ADC Drug Elahere (Mirvetuximab Soravtansine) Generated $338 Million in Revenue in the First Half of the Year, a 75.5% Increase Year-over-Year.The bispecific antibody drug Epkinly (Epcoritamab) generated $121 million in revenue in the first half of the year, representing a 92.1% year-over-year increase.

On August 5, Pfizer announcedPerformance in the First Half of 2025, with total revenue of 28.367 billion US dollars, increasing 1% year-on-year.

From the perspective of business segments, the oncology business performed remarkably, with revenue reaching $8.145 billion, a year-on-year increase of 9%. Among them, Ibrance (Palbociclib, CDK4/6 inhibitor), a key drug for breast cancer, faced fierce competition and saw a decline in sales, but still contributed $2.026 billion in performance in the first half of the year. The sales of Lorbrena (Lorlatinib), a third-generation ALK inhibitor, reached $473 million, with an impressive increase of 42%. PARP inhibitor Talzenna (Talazoparib) also achieved a 42% growth, with revenue of 0.86 billion USD. In 2023, the CD3/BCMA bispecific antibody Elrexfio was approved for the treatment of multiple myeloma (Enatuzumab), bringing in $145 million in revenue in the first half of the year.

Pfizer's products acquired from Seagen in late 2023 continued to gain momentum, generating approximately $1.752 billion in revenue in the first half of the year, of which ADC products accounted for about $1.518 billion. Padcev (enfortumab vedotin), the world’s first Nectin-4 ADC drug, achieved $967 million in revenue in the first half, representing a 32% year-over-year increase; Tivdak, the world’s first tissue factor (TF) ADC drug, reported revenue of $79 million, marking a 31% growth.

Revenue from the primary care segment was $11.236 billion, a year-on-year decrease of 8%. The long-standing anticoagulant Eliquis performed notably, contributing $3.926 billion, a year-on-year increase of 1%. The RSV vaccine Abrysvo achieved a 36% growth, reaching $274 million. Revenue from the specialty care segment was $8.364 billion, a year-on-year increase of 6%. Among this, the rare disease drug Vyndaqel family (chlorbenzoxamine class) excelled, generating $3.101 billion in revenue, a year-on-year increase of 26%.

Pipeline: Pfizer has abandoned the development of the oral GLP-1R agonist PF-06954522. This is the third GLP-1 product that Pfizer has given up on, following Danuglipron and Lotiglipron. In addition, there are seven more.A clinical project was terminated.

Based on strong performance, Pfizer maintains its 2025 revenue guidance in the range of $61 billion to $64 billion.

Core products include Mounjaro.（Hypoglycemic VersionTirzepatideRevenue in the first half of the year was $9.041 billion, an 85% increase year-over-year, with Q2 reaching a record high of $5.199 billion; Zepbound (weight lossEditionTirzepatide generated revenue of $5.693 billion in the first half of the year, with $3.381 billion in Q2, marking a 172% year-over-year increase. In the oncology sector, Verzenio...(Abemaciclib)Revenue in the first half of the year was $2.648 billion, an increase of 11% year-on-year.

Pipeline Progress: Oral GLP-1 drug Orforglipron achieves positive results in Phase III obesity trial, with regulatory submission planned by the end of the year; Mounjaro's SURPASS-CVOT trial head-to-head beats dulaglutide; Jaypirca(Pitozumab)InBRUIN CLL-314 Study Head-to-Head Victory Over Ibrutinib

In terms of transactions, Eli Lilly completed the acquisitions of SiteOne Therapeutics and Verve Therapeutics in the first half of the year, strengthening its pipelines in pain and cardiovascular diseases.

Based on the outstanding performance in the first half of the year, Eli LillyThe midpoint of the full-year 2025 revenue guidance is raised by $1.5 billion to the range of $60 billion-$62 billion.

July 29, AstraZenecaAnnouncement of 2025 First-Half Financial Results, maintaining a strong growth momentum, with total revenue reaching $28.045 billion, a year-on-year increase of 11%. Among this, product sales revenue was $26.67 billion, a year-on-year increase of 10%.

From the treatment segment, oncology revenue in the first half of the year reached $11.954 billion (+16%). Key products such as Tagrisso (osimertinib) ($3.488 billion, +10%), Imfinzi (durvalumab) ($2.716 billion, +21%), Calquence (acalabrutinib) ($1.634 billion, +9%), Lynparza (olaparib) ($1.564 billion, +9%), and Enhertu (trastuzumab deruxtecan) ($1.262 billion, +38%, excluding Daiichi Sankyo's sales) continued to lead the market.

ADC Enhertu in the first half of the yearWith Daiichi Sankyo's financial report revenue reaching approximately $2.289 billion, growth remains rapid.; The TROP2 ADC drug Datroway achieved sales of $140 million in the first half of the year, with two additional ADCs entering Phase III trials. In terms of bispecific antibodies, multiple drugs such as rilvegostomig (PD-1/TIGIT) and volrustomig (PD-1/CTLA-4) are in Phase III, covering various cancer types. AstraZeneca maintains its full-year high single-digit growth forecast.

On July 17, NovartisAnnouncement of 2025 First-Half Financial Results, with net sales of US$27.287 billion, a year-on-year increase of 12%. Income in China was US$2.2 billion, an increase of 8% year on year.

Four Core Areas: Oncology, Cardiovascular-Renal-Metabolic, Immunology, and Neuroscience contributed $8.199 billion (+21%), $5.173 billion (+26%), $4.958 billion (+13%), and $2.759 billion (+24%), respectively, in the first half of the year.

Top 3 Best-Selling Drugs: Entresto (Sacubitril/Valsartan), Cosentyx (Secukinumab), and Kisqali (Ribociclib), achieved sales of $4.618 billion (+22%), $3.163 billion (+11%), and $2.133 billion (+59%), respectively. Star nuclear medicinePluvicto's sales in the first half of the year reached $825 million (+26%).

Based on the outstanding performance in the first half of the year, Novartis has raised its full-year performance forecast for 2025. Net sales are expected to achieve high single-digit growth.

July 31, BayerAnnounce 2025 First-Half Results，Total sales of 24.477 billion euros (approximatelyUSD 27.101 billion), a year-on-year decrease of 1.7%.Pharmaceuticals segment sales reached €9.018 billion (approximately $9.985 billion), representing a year-over-year increase of 0.6%.

Star ProductNubeqa, a prostate cancer drug, achieved sales of €1.061 billion (approximately $1.175 billion, +60%).Heart FailureDrugKerendia generated revenue of 3.44 billion euros (approximately 3.81 billion US dollars, +72%),OphthalmologyDrugEylea revenue was 1.677 billion euros (1.857 billion USD, +3.2%);AnticoagulantXarelto's sales dropped by 29.9% to 1.283 billion euros (approximately 1.421 billion US dollars) due to patent expiration.

July 31, BMSAnnouncement of 2025 First-Half Financial Results，Total revenue of $23.47 billion, a year-on-year decrease of 2%, mainly due to the decline in revenue in the U.S. region.

In the oncology field, Opdivo (Nivolumab) generated revenue of $4.824 billion in the first half of the year, representing an 8% year-over-year increase. This growth was primarily driven by its pivotal role in immuno-oncology treatments, particularly its strong performance in combination therapies. Revenue from its subcutaneous injection formulation reached $38 million, with a particularly notable growth trend in the second quarter. Krazati (Adagrasib), a KRAS G12C inhibitor, reported revenue of $96 million (+81%). Opdualag (Nivolumab + Relatlimab) achieved revenue of $537 million (+22%).

BloodFieldRevlimid (Lenalidomide) (USD 1.774 billion, -41%And Pomalyst (Pomalidomide)（USD 1.366 billion, -25%)Revenue Declines. The New Generation Product CD19 CAR-T Therapy Breyanzi Revenue Surges 134%, Reaching $607 Million.

In the cardiovascular field, Eliquis (apixaban) generated revenue of $7.245 billion, representing a 2% year-over-year increase. Camzyos (mavacamten) revenue surged 88% to reach $419 million.

In terms of transactions, BMS signed a global co-development and commercialization agreement with BioNTech to focus on the development of the PD-L1/VEGF bispecific antibody BNT327 (from Promab). Based on the outstanding performance of its growth products, BMS has raised its full-year revenue guidance to $46.5-$47.5 billion.

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