Top 10 Global Pharmaceutical Companies by H1 2025 Revenue: GLP-1 Blockbusters Reshape Industry Rankings

It is currently the earnings season for the first half of 2025. Recently, major multinational pharmaceutical companies have successively released their H1 report cards. Compared with the 2024 annual rankings,The top three revenue earners remain Johnson & Johnson, Roche, and Merck & Co., Inc.The revenue of the companies ranked 4th to 8th is not much different.

GLP-1 Dual Power Rankings Both Improve:RiteCome byThe phenomenal product Tirzepatide saw its revenue surge by 41% year-on-year, with its ranking jumping from 9th last year to 6th; Novo Nordisk, propelled by the outstanding performance of Semaglutide, surpassed Sanofi to break into the top ten list. AlthoughTirzepatide's Revenue in the First Half of the Year was Lower ThanSemaglutide，But itsQ2 single-quarter revenue has exceededSemaglutide, following this growth trend, is very likely to become the top-selling drug of the year.。

Johnson & Johnson

In the first half of the year, Johnson & Johnson's total revenue was $45.636 billion, an increase of 4.1%.The pharmaceuticals business is Johnson & Johnson's pillar sector.Generated revenue of $29.075 billion in the first half of the year（+3.6%）。

TumorIt is the largest source of Johnson & Johnson's innovative drug revenue.First Half of the YearRevenue of $11.99 billion, increased by 21.1%. Among them,Daratumumab(CD38 Monoclonal Antibody)Generated revenue of $6.776 billion, increased by 21.7%; Cilta-cel（BCMA CAR-T）Revenue of $808 million, increased by 136%; Apalutamide(Second-generation nonsteroidal AR inhibitor)Revenue of $1.679 billion, increased by 17.8%.Johnson & Johnson CEO stated on the earnings call,Increase Oncology Business Sales to $50 Billion by 2030。

In other pharmaceutical segments, immunology revenue reached $7.7 billion.（-14.1%）Neuroscience revenue of $3.698 billion（+3.2%）, Pulmonary Hypertension Product Revenue of $2.138 Billion（+2.4%）、Anti-infective product revenue of $1.605 billion（-10.1%）、Cardiovascular and Metabolic（CVM）Revenue from other fields such as 1.943 billion USD（+12.9%）。

Roche

In the first half of the year, Roche's total revenue was approximately US$37.276 billion, representing a year-on-year increase of 7%.Pharmaceutical business revenue was approximately US$28.072 billion, representing a year-on-year increase of 10%.Revenue in China grew by 9%, reaching approximately USD 1.992 billion.

From the perspective of therapeutic areas: OncologyTotal revenue approximately USD 9.161 billion（+2%）; Hematology business revenue was approximately US$5.056 billion, a year-on-year increase of 19%; total neuroscience business revenue was approximately US$5.702 billion., a year-on-year increase of 10%; immunology business revenue was approximately US$3.887 billion, SameAn increase of 14%;Ophthalmology Business Is Expanding Rapidly, with a 17% Increase。Click the linkView more details of Roche's 2025 H1 financial report.

MSD

In the first half of the year, MSD's total revenue was US$31.335 billion, a year-on-year decrease of 1.7%. Among them,Pharmaceutical Business Revenue: $27.688 Billion, a year-on-year decrease of 2.6%. In terms of regions, the United States contributed the most, generating revenue of $16.254 billion, a year-on-year increase of 13.4%. This was affected by factors such as poor sales of the HPV vaccine.Pharmaceutical business revenue in China plummeted nearly 70% year-over-year, dropping to US$1.075 billion.。

Tumors are the main source of revenue for MSD's pharmaceutical business, generating $16.892 billion in the first half of the year, a year-on-year increase of 7.5%. The revenue from the tumor business mainly comes from PD-1 inhibitors. Keytruda(Pembrolizumab), generating revenue of $15.161 billion（+7%）`, contributing more than half of the pharmaceutical business`IncomeHowever, the core patent of Keytruda will expire in 2028, and Evaluate predicts that its sales in 2030 will be lower than in 2024.($29.5 billion)Down nearly half.

In the vaccine sector, due to the continued decline in demand for HPV vaccines in the Chinese market, the global sales of Gardasil/Gardasil 9 plummeted by 48% in the first half of the year, dropping to $2.453 billion. This also led to a 31% year-on-year decrease in the entire vaccine business's revenue for the first half of the year, which was only $4.724 billion. Merck & Co., Inc. stated during its earnings call,Gardasil's inventory in China remains high, and its suspension of supply to China will be extended for at least until the end of 2025.。

Facing the challenge of declining performance, MSD has also initiated a cost-cutting and efficiency-enhancing plan. In its Q2 financial report, the company disclosed the launch of a comprehensive cost-reduction program aimed at saving $3 billion annually by the end of 2027 to facilitate the transformation of its product portfolio. Additionally, MSD will lay off approximately 8% of its workforce in certain regions globally, which amounts to around 6,000 employees.

AbbVie

In the first half of the year, AbbVieTotal revenue of $28.766 billion, a year-on-year increase of 7.4%Among them, the U.S. region generated the highest revenue of $21.741 billion, representing a year-over-year increase of 7.9%; the total international market revenue was $7.025 billion, marking a year-over-year growth of 6%.

In terms of business segments: Immunology products remain AbbVie's mainstay,Generated revenue of $13.895 billion（+12.6%）`, contributing 48.3% of AbbVie's revenue`; Neuroscience products ranked 2nd in revenue, generating $4.965 billion, with a year-on-year increase of 20.3%; Oncology products ranked 3rd, with revenue of $3.309 billion, growing by 4.2% year-on-year. Aesthetic products and ophthalmic products performed poorly, with revenues of $2.381 billion respectively.（-9.8%）、USD 1.02 billion（-4.8%）。

The main growth drivers of AbbVie include:

• In the Field of Immunology, IL-23 Monoclonal AntibodyLisheng Qizhu Monoclonal Antibody（Skyrizi）Revenue of $7.848 billion, with an increase of up to 65.8%; JAK1 inhibitorUpadacitinib（Rinvoq）Revenue of $3.746 billion, with an increase of up to 48.5%.

• Several products in the field of neuroscience have also performed well, including Cariprazine.（Vraylar）Revenue of $1.665 billion（+13.5%）、Botulinum Toxin (Botox Therapeutic) Revenue of $1.794 billion（+ 14.9%）, Ubrelvy, a migraine drug, generated $578 million in revenue（+33.3%）Migraine Drug Qulipta Revenue $460 Million（+63.6%）Parkinson's disease drug Vyalev revenue of $161 million（+＞100%）。

• In the oncology field, Elahere, the world's first FRα ADC product acquired through the acquisition of ImmunoGen, generated revenue of $338 million, representing a significant increase of 75.5%. Epkinly, the CD20×CD3 bispecific antibody approved in 2023, achieved a revenue growth of 92.1% to reach $121 million.

  
  

Pfizer

In the first half of the year, Pfizer's total revenue was US$28.367 billion, a slight increase of 1% year-on-year. Of this, product revenue was US$23.248 billion and alliance revenue was US$4.386 billion.（+3%）Royalty income of USD 734 million（+21%）。

In terms of business segments, primary care（Primary Care）Revenue of $11.236 billion, down 8% year-on-year; Special Care（Specialty Care）Revenue of $8.364 billion, a year-on-year increase of 6%; oncology business revenue of $8.145 billion, a year-on-year increase of 9%.

Pfizer's blockbuster products with revenue exceeding $1 billion include: anticoagulant drugsApixaban(Developed in collaboration with BMS), generating revenue of $3.926 billion（+1%）；Pneumonia Vaccine Prevnar Family, generating revenue of $3.043 billion, which is similar to the same period last year; rare disease drug Chlorbenzazole Vyndaqel family Generated revenue of $3.101 billion, a year-over-year increase of 26%; CDK 4/6 inhibitorPalbociclibRevenue of $2.026 billion, a year-on-year decrease of 7%; androgen receptor inhibitorEnzalutamideRevenue of $1.023 billion, a year-on-year increase of 12%.

Notably, due to poor data and changes in the competitive market landscape, Pfizer has discontinued the development of the oral GLP-1R agonist PF-06954522. This marks the third GLP-1 product that Pfizer has abandoned following Danuglipron and Lotiglipron, and also the last GLP-1 product in its pipeline.

Eli Lilly

In the first half of the year, Eli Lilly's total revenueFor 282.86USD billion, a year-on-year increase of 41%(CER, hereinafter the same)In terms of regions, the United States generated the highest revenue, reaching $19.304 billion, representing a year-on-year increase of 43%.Revenue in China reached $9.17 billion, representing a 20% increase year-over-year.

Screenshot source: Eli Lilly earnings PPT

Star ProductTirzepatide Sales Reach $14.734 Billion. Among them,TirzepatideRevenue of the Hypoglycemic Version of Mounjaro$9.041 billion, an increase of 85% year-over-year;Tirzepatide for Weight LossEditionZepbound Revenue$5.693 billion. Notably,Tirzepatide Q2 quarterly revenue was $8.58 billion, already surpassingSemaglutide(Q2 8.4 billion), according to this growth trend, it is very likely to become the best-selling drug in China this year.

In other products:CDK4/6 InhibitionDoseAbemaciclib（Verzenio）Revenue 26.48US dollars, increased by 11%;BTK InhibitorPreparationPitobTinib（Jaypirca）Generate revenue of $215 million;IL-13 Antibody Lekinzu Monoclonal Antibody（Ebglyss）Income147 millionUSD; Alzheimer's Disease DrugDonanemab（Kisunla）Revenue of 70 millionUSD.

AstraZeneca

In the first half of the year, AstraZenecaTotal revenue of $28.045 billion, a year-on-year increase of 11%, including product sales revenue of $26.67 billion（+10%）In terms of regions, the United States remains AstraZeneca's primary market, with revenue reaching $11.97 billion in the first half of the year, representing a 12% increase.Revenue in China reached $3.515 billion, growing by 5%.。

From the product perspective,Farxiga(Dapagliflozin)In$4.209 billion (+13%)Tagrisso continues to be AstraZeneca's best-selling drug.(Osimertinib)and Imfinzi(Durvalumab)Have respectively won$3.488 billion (+10%)、$2.716 billion (+21%), ranking second and third.

In addition, the blockbuster ADC product Enhertu(Trastuzumab Deruxtecan)First Half of the YearTotal sales amounted to $2.289 billion., growing rapidly.Click the linkPossibleViewMore Details on AstraZeneca's 2025 H1 Earnings Report。

Novartis

In the first half of the year,Novartis net sales were $27.287 billion, an increase of 12% year-on-year.NovartisFocus onCardiovascular, Renal and Metabolic Diseases, Immunology, Neuroscience, and OncologyThe four core therapeutic areas generated revenues of $5.173 billion, $4.958 billion, $2.759 billion, and $8.199 billion respectively in the first half of the year.

In the first half of the year, Novartis was the most popular.Sales of drugs areEntresto、Cosentyx andKisqali achieved sales of $4.618 billion (+22%), $3.163 billion (+11%), and $2.133 billion (+59%), respectively. According to this growth trend.Nuclear MedicinePluvicto's Sales in the First Half of the Year Reached $825 Million（+26%）。Click the linkPossibleViewMore Details on Novartis 2025 H1 Earnings Report。

BMS

In the first half of the year, BMS's total revenue was US$23.47 billion, a year-on-year decrease of 2.5%. Among them,Product Revenue: $22.794 Billion, alliance and other revenues of USD 676 million. In terms of regions, revenue in the United States was USD 16.392 billion, a year-on-year decrease of 5%; revenue in other regions was USD 7.078 billion, a year-on-year increase of 4%.BMS Raises 2025 Revenue Guidance to Approximately $46.5 Billion to $47.5 Billion。

BMS categorizes its products into growth products.（Growth Products）And mature products（Legacy Products）Two major sectors. In the first half of the year,Growth products generated revenue of $12.159 billion, a year-on-year increase of 17%.Among them, the blockbuster drugs with revenue exceeding 1 billion US dollars include: PD-1 inhibitorsNivolumab, generating revenue of 4.824 billion US dollars（+8%）；Abatacept（Orencia）Revenue of $1.733 billion（-1%）；CTLA-4 AntibodyIpilimumab, Revenue of $1.351 billion（+11%）; The world's first erythropoiesis agentLuspatercept, with revenue of $10.46 billion（+34%）。

Mature products have overall entered a period of revenue decline, generating $11.31 billion in the first half of the year, a year-on-year decrease of 17%. Among them, the top three revenue-generating products are: Apixaban, with revenue of $7.245 billion.（+2%）; Lenalidomide, revenue 17.74（-41%）; Pomalidomide, revenue 13.66（-25%）。

Screenshot source: BMS financial report

Novo Nordisk

In the first half of the year, Novo Nordisk's revenueApprox.$22.854 billion, a year-on-year increase of 18%.Revenue in China reached $1.462 billion, representing a 6% year-over-year increase.Novo Nordisk Lowers Its 2025 Performance ForecastIntroductionRevenue is expected to grow 8%-14%.

ItsIn China,Sales of Semaglutide Three Versions in the First Half of the Year Approximately $16.632 Billion, accounting for 73% of Novo Nordisk's total revenue。Specifically:

• Ozempic Injection for Blood Sugar ReductionSales were 645.20Million Danish Kroner($9.517 billion)）, an increase of 15% year-on-year, with sales in China reaching 2.762 billion Danish kroner($407 million, -5%)。

• Rybelsus Oral Tablet for Blood Sugar ControlSales were 113.48Million Danish Kroner($1.674 billion)）, an increase of 5% year-on-year, with sales in China reaching 116 million Danish kroner($170 million, +7%)。

• Weight-Loss Version of WegovySales were368.88Million Danish Kroner($5.441 billion)）, an increase of 78% year-on-year, with sales in China reaching 842 million Danish kroner($124 million)。

Cover image source: Visual China

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