Multinational Pharma Giants Report H1 2025 Results: AbbVie, AstraZeneca, and J&J Show Resilience Amid Industry Divergence

　　【Pharmaceutical Network Industry Dynamics] In the first half of 2025, the performance results of the global pharmaceutical leaders showed a clear trend of differentiation. So far, among the more than four multinational pharmaceutical companies that have disclosed their "report cards," companies such as AbbVie, AstraZeneca, and Johnson & Johnson have achieved steady growth through product iteration and market cultivation, while Merck faces transformation pain due to the slowdown in core product growth and setbacks in regional markets.
 

　　New and Old Alternation: AbbVie's "Post-Humira Era" Comeback
 

AbbVie's H1 Revenue Surges 8% to $28.766 Billion, Driven by Explosive Growth of Immunology Powerhouses Skyrizi and Rinvoq
 

In contrast, the decline of "King of Drugs" Humira is evident, with its sales plummeting 54.7% year-on-year, underscoring the harsh impact of biosimilars following patent expiration. However, AbbVie’s proactive strategy has successfully transformed its R&D investment (USD 28.766 billion, up 7.4% year-on-year) into a competitive product pipeline—highlighted by a 20.3% growth in neuroscience (USD 4.965 billion) and a 4.2% increase in oncology (USD 3.309 billion), further solidifying its diversified moat.
 

　　Regional Cultivation: AstraZeneca's Balanced Growth Code
 

AstraZeneca Demonstrates Strong Global Resilience with 11% Revenue Growth ($28.045 billion). Its U.S. market revenue reached $11.97 billion (+12%), European market $5.825 billion (+8%), while emerging markets, growing at 12% ($7.697 billion), became a key growth driver. China contributed $3.515 billion (+5%), accounting for 13% of total revenue. This balanced layout allows the company to maintain high single-digit growth expectations despite a global pharmaceutical market slowdown to 6%-8%.
 

From the perspective of business structure, AstraZeneca's growth momentum comes not only from its continued leadership in the oncology field (accounting for over 40%) but also benefits from the steady output of mature pipelines such as respiratory and cardiovascular. This "innovation + cornerstone" dual-wheel model allows it to maintain risk resistance amid industry fluctuations. Notably, its operating profit growth rate (24%) far exceeds revenue growth, demonstrating a dual improvement in cost control and product premium capabilities.
 

　　Ice and Fire: Johnson & Johnson's Oncology Breakthrough and Autoimmune Dilemma
 

Johnson & Johnson reported robust performance with total revenue of $45.6 billion (+4.1%), but its internal business divisions showed significant divergence. The oncology segment stood out with a growth rate of 21.1%: Revenue from the CD38 monoclonal antibody daratumumab reached $6.8 billion, sales of the CAR-T therapy Carvykti surged 135% to $808 million, on track to hit the annual target of $2 billion; combined, the bispecific antibodies Tecvayli and Talvey contributed $509 million, demonstrating the company's comprehensive pipeline advantage in hematological malignancies.
 

However, the downturn in the autoimmune sector cannot be ignored. Impacted by biosimilars, revenue in this segment dropped by 14%, and sales of the once-star product ustekinumab shrank by nearly 40%, leaving only $3.278 billion. In response, Johnson & Johnson acquired the FcRn blocker Imaavy for $6.5 billion, accelerating the construction of a new generation of autoimmune product portfolio, attempting to replicate the successful path in the oncology field. The 5% growth (to $16.561 billion) in medical technology business provided a performance cushion. This "pharmaceuticals + devices" dual-engine model has become the key to navigating through industry cycles.
 

　　Transformation Pains: Merck's Dilemma in China and Dependence on K Drug
 

Merck was one of the most notable "losers" in the first half of the year, with total revenue declining by 2% year-on-year (to $31.335 billion). Its performance in China was particularly striking — revenue plummeted 70% year-on-year to $1.075 billion, accounting for just 3.9% of its pharmaceutical business.
 

The lackluster growth of its core products has added more pressure: "Cancer King" Keytruda (K药) reported H1 revenue of $15.161 billion (+7%), but the growth rate significantly slowed compared to 18% in the same period of 2024; HPV vaccine Gardasil sales plummeted 48% to $2.453 billion, likely due to market saturation and competition. In response to these challenges, Merck has initiated a three-year optimization plan, aiming to save $3 billion annually through measures such as layoffs and property reduction, while reallocating resources toward strategic areas like oncology and vaccines. However, whether its annual R&D investment of $17.865 billion (third globally) can translate into the next "Keytruda" remains uncertain.
 

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