Q1 2025 Financial Results from Merck, Roche, Sanofi, and BMS Highlight Innovation and Market Shifts

Pharmaceutical Giants Release 2025 Q1 Financial Reports. Facing pressures from patent expirations, market competition, and policy environments, multinational companies (MNCs) continue to seek growth opportunities through innovative products and global market expansion. This article summarizes the first-quarter performance of Merck & Co., Inc. (MSD), Roche, Sanofi, and Bristol-Myers Squibb, providing insights into the year-opening results of these industry giants.

MSD Announces2025First Quarter Performance, Total Revenue155.29Billion USD, a year-on-year decrease2%, including pharmaceutical business revenue136.38Billion USD, a year-on-year decrease3%Revenue in China declined year-over-year.62%To6.68billion USD, accounting for MSD's global pharmaceutical business4.9%The share. R&D investment is36.21Billion USD, a year-on-year decrease9%。 

2025YearQ1，Keytruda(Pembrolizumab) continues to strongly support MSD's revenue foundation, with4%Revenue growth rate72.05billion dollars, accounting for approximately MSD'sQ1Total Revenue46%。

KThe growth of the drug is mainlyThanks to global efforts in early indications (including triple-negative breast cancer, renal cell carcinoma, and non-small cell lung cancer)，And metastatic indications（Including bladder cancer, endometrial cancer, andMSI-HCancer）The sustained strong demand。In addition, MSD has successfully developedKThe subcutaneous injection formulation of the drug significantly shortens the administration time, with an average of only2minutes. Currently, the marketing application for this formulation is under review by regulatory authorities in the United States and Europe, with the U.S.PDUFADate set forTodayYear9Month23Day.

MSD's other oncology products also performed well. World's firstHIF-2α-InhibitorWeliregObtain1.37USD billion in sales, year-on-year growth62%。Co-developed productsLynparza(Olaparib),Lenvima(Lenvatinib),Reblozyl(Roxadustat) has brought respectively to MSD3.21、2.58、1.19Billion USD in revenue.

HPVVaccineGardasil/Gardasil 9InQ1The sales volume is13.27Billion USD, a year-on-year decrease41%, which mainlyThe following is due to ChinaRegionDemand Decline, inventory remains high.Except for China,ItsSales Growth14%。Not long ago,Gardasil 9Approved for a new indication in China, applicable to16-26Year-old male vaccination.

Cardiovascular Field, Pulmonary Hypertension (PAH) New DrugWinrevairIncome2.8billion dollars, this drug is the first to be approved for treatingPAHThe activin signal inhibitor therapy requires only every3Once subcutaneously injected per week.IIIPeriodZENITHIn the study, compared with placebo,WinrevairWillPAHThe comprehensive risk of all-cause mortality, lung transplantation, and hospitalization was reduced.76%，Due to the overwhelming efficacy in the interim analysis,ResearchEarly termination.

MSD also introducedHengruiTheOnePaymentOralLp(a)InhibitorHRS-5346, toExpansion and SupplementIts cardiovascular metabolic product pipeline, the upfront payment for the deal is2Billion US dollars,Milestone payments can reach up to17.7Billion US dollars。

MSDExpected2025Total annual sales will be in641Billion USD to656Between billion US dollars, this outlook includes the impact of tariffs imposed by the U.S. government on imports from other countries so far, as well as tariffs levied by foreign governments on the U.S., with the most significant tariffs being related to China. MSD estimates that the tariffs will lead to approximately2The incremental cost of hundreds of millions of dollars will negatively impact the gross margin.

Roche

2025In the first quarter of the year, Roche's total revenue154.40Hundred MillionSwiss Franc (approximately172.40Billion US dollars, according to2025Annual average exchange rate conversion,1Swiss Franc=1.1166USD, same below), year-on-year growth6%(Calculated at fixed exchange rates), including pharmaceutical business revenue119.49CHF billion (approximately133.42Billion US dollars,+8%), Diagnostic Business Revenue34.91CHF billion (approximately38.98billion dollars, compared to last yearQ1Remained flat). In addition, the pharmaceutical business in China achieved strong growth (+14%）。

In the first quarter of this year, Roche had a total of3The sales of this innovative drug exceed one billion US dollars, among whichPhesgo(Pertuzumab Trastuzumab Subcutaneous Injection),Vabysmo(Faricimab),Xolair(Mabaloxavir)AndHemlibra(Emicizumab) stands out, respectively earning5.93CHF billion (approximately6.62Billion US dollars,+52%）、10.18CHF billion (approximately11.37Billion US dollars,+18%）、6.45CHF billion (approximately7.20Billion US dollars,+26%) and11.65Million Swiss Francs (approximately13.01Billion US dollars,+11%）。

Pipeline Progress: Roche Reveals Plans to Launch This YearAβBispecific AntibodyTrontinemabFor the treatment of Alzheimer's diseaseIIIThe plan for the upcoming research, and disclosed3An excluded item, including: ①TGF-β3 Monoclonal AntibodyRG6315Treating FibrosisIPhase Research②Muc1 CAR TCell TherapyP-MUC1C-ALLO1For the treatment of solid tumorsIPhase Research③TIGITMonoclonal AntibodytiragolumabCombined with Atezolizumab for the Treatment of Locally Advanced Esophageal CancerIIIPhase Research.

 Sanofi

2025In the first quarter of the year, Sanofi's total revenue98.95EUR billion (approximately104.57Billion USD, according to2025Annual average exchange rate conversion,1Euro=1.0568USD, same below), year-on-year growth9..7%(Calculated at fixed exchange rates, the same below); R&D investment18.08Billion euros (approximately19.11Billion US dollars,+6.9%), accounting for18.3%。

In terms of geographical distribution, revenue from the U.S. market46.57EUR billion (approximately49.22Billion US dollars,+15.4%), Revenue from the European market20.43EUR billion (approximately21.59Billion US dollars,+0.5%), Revenue in China7.01100 million euros (approximately7.41Billion US dollars,-1.7%），

In terms of business segments, Sanofi's six major segments—immunology, rare diseases, neurology, oncology, vaccines, and others—generated revenue respectively.35.91Billion euros (approximately37.95billion US dollars),15.66100 million euros (approximately16.55Billion US dollars),0.65100 million euros (approximately0.69USD billion),2.55100 million euros (approximately2.69Billion US dollars),13.27Billion euros (approximately14.02Billion USD) and30.92Billion euros (approximately32.68(Billion USD).

In addition to financial performance, Sanofi also revealed in its earnings report the key milestone events expected to be achieved this year:

• Dupilumab for the Treatment of Pemphigus (BP) The marketing application will be submitted in6Month20Welcome by the dayFDAApproval Decision

• The marketing application for the subcutaneous formulation of isatuximab will be submitted in the United States in the second quarter.

• TL1A monoclonal antibody to be launched in the second half of 2025DuvakitugThe firstIIIPhase Clinical Trial

•  2025Will be announced in the second half of the yearIL-33Monoclonal Antibody
  ItepekimabTreatmentCOPDTheIIIPhase research data, and submit its marketing application in Europe and the United States

• 2025Will be announced in the second half of the yearTNFR1InhibitorbalinatunfibTreatment of Rheumatoid ArthritisIIPhase Research Data

• CD3Tildrakizumab Monoclonal Antibody for Delaying1The marketing application for the onset of type diabetes will be in2025The second half of the year will see the approval decision from China's National Medical Products Administration.

• 2025Will be announced in the second half of the yearRSV mRNAVaccineSP0256TheIIPhase Research Data

• HemophiliaRNAiTherapyfitusiranThe marketing application will be in2025The second half of the year will see the approval decision from China's National Medical Products Administration.

• BTKInhibitorRilzabrutinibThe marketing application for the treatment of immune thrombocytopenia will be in8Month29Welcome by the dayFDAApproval Decision

• BTKInhibitorTolebrutinibThe marketing application for the treatment of non-relapsing secondary progressive multiple sclerosis will be9Month28Welcome by the dayFDAApproval Decision

• 2025Will be announced in the second half of the yearBTKInhibitorTolebrutinibTreatmentPrimary ProgressiveMultiple SclerosisIIIPhase Research Data

• 2025Nuclear medicine to be announced in the second half of the yearSAR447873Treatment of Gastroenteropancreatic Neuroendocrine Tumors: The FinalIIExpected Data

  
  

Bristol-Myers Squibb

2025The first quarter of the year,BMSTotal RevenueFor112Billion US dollars (-6%）, of which the revenue in the United States is79Billion US dollars (-7%）, Revenue from other regions is33Billion USD (-2%）。 

BMSDivide the products into growth products (Growth Products) and mature products (Legacy Products), products with growth in the first quarterRevenue is56Billion US dollars (+16%), mainly byOpdivo、Breyanzi、Reblozyl 、CamzyosAndCobenfyAnd other product-driven. In view of this growth,BMSWill2025Annual revenue guidance raised to458Hundred Million~468Billion USD.

FromBMSFrom the key products in the five major business segments of oncology, hematology, cardiovascular, immunology, and neuroscience, the following significant changes can be observed:

Oncology ProductsOpdivo(Nivolumab) andOpdualag(Nivolumab+RelatlimabNo Revenue Generation22.65Billion US dollars and6.24Billion USD (+9%，+7%），Abraxane(Albumin Paclitaxel) Revenue Plummets (-52%) to1.05billion dollars, globally ranked2PaymentKRAS G12CInhibitorKrazati(Adagrasib) Q1 Revenue4800Million USD (+125%）；

In the cardiovascular field, the world's first myocardial myosinProtein InhibitorCamzyos(Mavacamten)Revenue increased significantly (+89%), Global Revenue in the First Quarter1.59billion dollars. Currently,CamzyosThe approved indication is obstructive hypertrophic cardiomyopathy, for the treatment of non-obstructive hypertrophic cardiomyopathy.IIIThe study did not meet its primary endpoint.. The number of patients worldwide has now reached1.110,000 people,FDARecently, the drug label has been updated to reduce the requirements for echocardiogram monitoring in maintenance phase and contraindicated patients, which is expected to further expand the patient population.

Hematology Section,Revlimid(Lenalidomide) andPomalyst(Pomalidomide) revenue declined.CD19 CAR-TTherapyBreyanziSales continue to grow significantly (+146%), Single Quarter Revenue Generation2.63Billion US dollars;

Immune Block ProductsSotyktuIncome5500Million USD (+27%), the product was launched in2025Year1Starting from the month, the improvement in U.S. market access conditions drove sales growth; in the field of neuroscience,CobenfyStill in the early stage of market expansion, first quarter revenue2700Million USD.

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