Top 20 Oncology Companies of 2024

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With more than 50 percent of ongoing clinical trials, Oncology remains one of the most explored therapy areas in healthcare
In 2023, the global oncology market was valued at $222.36B and is envisioned to grow to $521.6B by 2033, registering a CAGR of 8.9% from 2024 to 2033. With $27.6B registered oncology revenue, Merck ranks first in our list, followed by Bristol-Myers Squibb and Roche
PharmaShots brings a concise report on the Top 20 Oncology companies of 2024 based on their oncology segment revenue of last year

Rank	Companies	Revenue (2022 $B)	Revenue (2023 $B)	Percent Change (%)
1	Merck & Co.	23.21	27.6	18.87
2	Bristol-Myers Squibb	27.61	24.83	10.05
3	Roche	21.62	22.68	4.88
4	Johnson & Johnson	15.98	17.66	10.49
5	AstraZeneca	14.63	17.14	17.18
6	Novartis	11.17	13.59	21.59
7	Pfizer	12.13	11.62	4.16
8	Amgen	7.36	7.44	1.11
9	Eli Lilly	5.66	6.65	17.5
10	AbbVie	6.57	5.91	10.06
11	Astellas Pharma	5.87	5.49	6.44
12	Incyte	2.96	3.21	8.36
13	Takeda	3.47	3.12	10.05
14	Gilead Sciences	2.13	2.93	37.07
15	Sanofi	1.02	2.58	152.81
16	BeiGene	1.25	2.18	74.54
17	Daiichi Sankyo	1.1	2.08	88.06
18	Bayer	1.44	1.53	6.37
19	GSK	0.72	0.93	27.75
20	Teva Pharmaceuticals	0.31	0.24	23.73

Note: Columns 1 and 2 represent ranks and companies, while Columns 3, 4, and 5 showcase the total Oncology revenue of 2022, the total revenue of 2023, and the percentage change.

20. Teva Pharmaceuticals

Oncology Segment Revenue: $0.24B

Founded Year: 1944

Market Cap: $20.86B

Total Employees: ~37,900

Headquarters: Israel

Stock Exchange: NYSE

A multinational pharmaceutical company based in Israel, Teva develops and commercializes specialty medicine, OTC, biopharma, and generic products
In cancer care, the company owns products like Bendeka and Treanda, Granix, Trisenox, and more. In 2023, Teva reported a decline of 23.73% in its oncology revenue as compared to 2022 due to low sales of Bendeka and Treanda
In Dec’23, Teva and Biolojic Design signed an exclusive license agreement for therapeutic antibody development in atopic dermatitis and asthma

19. GSK

Oncology Segment Revenue: $0.93B

Founded Year: 2000

Market Cap: $90.65B

Total Employees: ~70,200

Headquarters: London, United Kingdom

Stock Exchange: LON

GSK is a British multinational biopharma company that researches, discovers, manufactures, and commercializes therapies for infectious diseases, HIV, immunology, respiratory, and cancer
GSK's oncology segment comprises Zejula, Blenrep, Jemperli, and Ojjaara. In 2023, the company reported 27.75% more sales as compared to 2022, due to strong sales of Jemperli and Zejula
In Dec’23, GSK’s Jemperli + CT approved as immuno-oncology treatment in the EU for dMMR/MSI-H primary advanced or recurrent endometrial cancer

18. Bayer

Oncology Segment Revenue: $1.53B

Founded Year: 1863

Market Cap: $30.24B

Total Employees: ~99,700

Headquarters: Leverkusen, Germany

Stock Exchange: ETR

Bayer is a global healthcare and nutrition company. Crop science, pharmaceuticals, and consumer health are the company's business segments. Bayer focuses on cardiology, gynecology, diabetes, oncology, and ophthalmology
Bayer's oncology portfolio comprises Nexavar, Nubeqa, Xofigo, Stivarga, Aliqopa, and Vitrakvi. In 2023, the oncology segment reported 6.37% more revenue vs. 2022, owing to the higher sales of Nubeqa
In Nov’23, Bayer and Recursion collaborate for research in oncology

17. Daiichi Sankyo

Oncology Segment Revenue: $2.08B

Founded Year: 1899

Market Cap: $82.62B

Total Employees: ~17,400

Headquarters: Tokyo, Japan

Stock Exchange: TYO

A global Japan-based pharmaceutical company, Daiichi Sankyo develops and markets both innovative and generic medicines by leveraging new-age drug discovery and delivery solution
In oncology, Daiichi’s key performing products are Enhertu, Turalio, and Vanflyta. In 2023, the revenue generated from the company’s oncology products registered a spike of 88.06% owing to the increased sales of Enhertu in the US and Europe
In Aug’23, Daiichi Sankyo’s Vanflyta was launched in the US as a first-line treatment for patients with AML

16. BeiGene

Oncology Segment Revenue: $2.18B

Founded Year: 2010

Market Cap: $21.71B

Total Employees: 10,600

Headquarters: Massachusetts, United States

Stock Exchange: NASDAQ

A global oncology-based company, BeiGene discovers and develops treatment solutions for cancer patients. The company focuses on hematology and solid tumors
Brukinsa, Tislelizumab, Revlimid, Xgeva, Pobevcy, Blincyto, Vidaza, Kyprolis, and Pamiparib, are BeiGene’s notable products for several types of cancers. In 2023, the company registered a spike in revenue of cancer products by 74.54% due to an increased sales volume of Brukinsa in the US, Europe, and China and increased sales of Tislelizumab in China
In Sep’23, BeiGene and Novartis terminated deal a 2021 signed deal to codevelop tislelizumab

15. Sanofi

Oncology Segment Revenue: $2.58B

Founded Year: 1973

Market Cap: $142.08B

Total Employees: ~86,100

Headquarters: Paris, France

Stock Exchange: NASDAQ

Sanofi is a research-based global French pharmaceutical and healthcare company that develops, manufactures, and markets innovative therapeutic options. Key focus areas are Immunology & Inflammation, neurology, oncology, rare diseases, and vaccines
Sanofi owns products Jevtana, Sarclisa, Fasturtec, Altuviiio, Eloctate, Alprolix, Cablivi, and Enjaymo under its oncology portfolio. In 2023, the company reported an increase of 152.81% in its oncology revenue vs. 2022. The high sales are attributed to the increased revenue of Sarclisa, Alprolix, Cablivi, and Enjaymo
In Apr’23, Sanofi and Gustave Roussy reported strategic collaboration in oncology research

14. Gilead Sciences

Oncology Segment Revenue: $2.93B

Founded Year: 1987

Market Cap: $97.81B

Total Employees: 18,000

Headquarters: California, United States

Stock Exchange: NASDAQ

A research-based biopharma company, Gilead Sciences discovers, develops, and delivers medicines for life-threatening diseases such as HIV, viral hepatitis, coronavirus disease, and cancers
Gilead oncology products include Tecartus, Trodelvy, and Yescarta. In 2023, the company reported a 37.07% increase in revenue compared to 2022 due to increased sales of Tecartus, Trodelvy, Yescarta
In Dec’23, Ideaya and Gilead Sciences collaborated for a clinical study to evaluate Trodelvy and IDE397 combination in MTAP-Deletion Bladder Cancer

13. Takeda

Oncology Segment Revenue: $3.12B

Founded Year: 1781

Market Cap: $47.88B

Total Employees: ~49,300

Headquarters: Tokyo, Japan

Stock Exchange: TYO

Takeda is a multinational pharmaceutical company with a key focus on gastrointestinal, rare diseases, immunology, oncology, and neuroscience
Leuplin, Ninlaro, Adcetris, Iclusig, Velcade, Alunbrig, and Exkivity among others are the company's oncology products. In 2023, Takeda registered a decline of 10.05% in its oncology revenue as compared to 2022 owing to low sales of Velcade
In Nov’23, Takeda’s Fruzaqla received U.S. FDA's approval for Previously Treated Metastatic Colorectal Cancer

12. Incyte

Oncology Segment Revenue: $3.21B

Founded Year: 2002

Market Cap: $12.64B

Total Employees: ~2,300

Headquarters: Delaware, United States

Stock Exchange: NASDAQ

A global biopharma company, Incyte discovers, develops, and commercializes proprietary medicines. hematology/oncology and inflammation & autoimmune are the key therapy areas that the company focuses
Jakafi, Iclusig, Pemazyre, Monjuvi, and Zynyz are the company’s key products in Oncology. In 2023, Incyte’s oncology revenue increased by 8.36% as compared to 2022, owing to increased volume sales of Jakafi globally
In Mar’23, Incyte’s Zynyz received accelerated approval from the US FDA for the treatment of patients with Merkel Cell Carcinoma

11. Astellas Pharma

Oncology Segment Revenue: $5.49B

Founded Year: 1923

Market Cap: $22.9B

Total Employees: ~14,500

Headquarters: Tokyo, Japan

Stock Exchange: TYO

Astellas is a multinational pharmaceutical company that focuses on genetic regulation, immuno-oncology, blindness & regeneration, and targeted protein degradation
In immuno-oncology, the company’s key products are Xtandi, Padcev, and Xospata. The company’s immuno-oncology revenue declined by 6.44% in 2023 as compared to 2022, owing to low reported sales volumes of its immuno-oncology products globally
In Nov’23, Astellas’ Xtandi received the US FDA’s approval to treat patients with nmCSPC

10. AbbVie

Oncology Segment Revenue: $5.91B

Founded Year: 2013

Market Cap: $345.14B

Total Employees: 50,000

Headquarters: Illinois, United States

Stock Exchange: NYSE

AbbVie discovers, manufactures, and commercializes products in oncology, immunology, neuroscience, eye care, aesthetics, and other chronic and complex diseases
Imbruvica, Venclexta, and Epkinly are three assets that come under its oncology portfolio. In 2023, the company reported a loss of 10.06% in its oncology revenue as compared to 2022 due to the lower sales of Imbruvica
In Nov’23, AbbVie proposed the acquisition of ImmunoGen, which was completed in Feb’24

09. Eli Lilly

Oncology Segment Revenue: $6.65B

Founded Year: 1876

Market Cap: $901.9B

Total Employees: 43,000

Headquarters: Indiana, United States

Stock Exchange: NYSE

Eli Lilly is an American pharmaceutical company that specializes in bone and joint disease, cancer, cardiovascular disease, diabetes, endocrine illness, immunology, neurodegeneration, neurology, and pain management
Lilly's oncology portfolio comprises Verzenio, Cyramza, Alimta, Erbitux, and Tyvyt, among others. In 2023, the company registered an increase of 17.50% in its oncology revenue as compared to 2022 due to high sales of Verzenio
In Dec’23, Lilly completed the acquisition of POINT Biopharma. The acquisition aimed to expand its oncology capabilities into next-generation radioligand therapies

08. Amgen

Oncology Segment Revenue: $7.44B

Founded Year: 1980

Market Cap: $177.04B

Total Employees: 26,700

Headquarters: California, United States

Stock Exchange: NASDAQ

Amgen is a global biotech company that discovers, develops, manufactures, and delivers innovative therapies. The company focuses on cardiovascular diseases, oncology, bone health, neuroscience, nephrology, and inflammation
Kyprolis, Blincyto, Vectibix, Kanjinti, Mvasi, Xgeva, Neulasta, Neupogen, Lumakras & Sensipar are the products in Amgen's oncology portfolio. In 2023, Amgen reported an increase of 1.11% in its oncology revenue as compared to 2022 owing to an increased sale of Kyprolis, Blncyto, and Xgeva globally
In Dec’23, the FDA granted a priority review for Amgen's application of Tarlatamab to treat advanced SCLC

07. Pfizer

Oncology Segment Revenue: $11.62B

Founded Year: 1849

Market Cap: $162.92B

Total Employees: 88,000

Headquarters: New York, United States

Stock Exchange: NYSE

Pfizer is an American multinational company that develops, manufactures, and markets medicines and vaccines. The company operates in three main segments: Primary care, specialties, and oncology
Pfizer's oncology segment comprises Ibrance, Xtandi, Inlyta, Zirabev, and Xalkori. In 2023, the company's oncology revenue decreased by 4.16% as compared to 2022 due to low demand for Ibrance
In Mar’23, Pfizer entered into a definitive merger agreement to acquire Seagen to advance cancer care

06. Novartis

Oncology Segment Revenue: $13.59B

Founded Year: 1996

Market Cap: $262.33B

Total Employees: ~19,600

Headquarters: Basel, Switzerland

Stock Exchange: SWX

An innovative medicines company, Novartis discovers, develops, and sells products in cardiovascular, renal, metabolic (CRM), immunology, neuroscience, and oncology
Promacta/Revolade, Kisqali, Tafinlar, Mekinist, Tasigna, Jakavi, Pluvicto, Lutathera, Scemblix, and Fabhalta are the key oncology products of Novartis. In 2023, the total oncology revenue increased by 21.59% as compared to 2022, mainly due to the sales growth of Kisqali, Pluvicto, Scemblix, and Promacta/Revolade
In Nov’23, Legend Biotech secured an exclusive global license agreement with Novartis Pharma AG for specific CAR-T therapies targeting DLL3, including its autologous candidate LB2102

05. AstraZeneca

Oncology Segment Revenue: $17.14B

Founded Year: 1999

Market Cap: $291.99B

Total Employees: 89,900

Headquarters: Cambridge, United Kingdom

Stock Exchange: LON

AstraZeneca discovers and develops medicines in oncology, cardiovascular, renal, metabolic, respiratory, and immunology, vaccines and immune therapies, and rare diseases
Tagrisso, Imfinzi, Lynparza, Calquence, Enhertu, Orpathys, Zoladex, Faslodex, Iressa, Arimidex, and Casodex are the company’s oncology assets. In 2023, the oncology revenue registered a spike of 17.18% vs. 2022 due to continued growth in sales of its oncology products
In Jul’24, Tagrisso plus chemotherapy got approval in the EU to treat patients with EGFR-mutated advanced lung cancer

04. Johnson & Johnson

Oncology Segment Revenue: $17.66B

Founded Year: 1886

Market Cap: $394.60B

Total Employees: 131,900

Headquarters: New Jersey, United States

Stock Exchange: NYSE

An American multinational company, JNJ focuses on delivering innovative medicines and MedTech solutions in oncology, immunology, neuroscience, cardiovascular, pulmonary hypertension, and ophthalmology
Darzalex, Erleada, Imbruvica, and Zytiga are among the company’s oncology assets. In 2023, J&J’s oncology sales reported an increase of 10.49% as compared to 2022, owing to an increased sale of Darzalex, Erleada, Carvykti, Tecvayli, and Talvey
In Dec’23, Johnson & Johnson submitted the sBLA to the US FDA for Rybrevant plus Lazertinib to treat adult patients with locally advanced or metastatic NSCLC

03. Roche

Oncology Segment Revenue: $22.68B

Founded Year: 1896

Market Cap: $275.16B

Total Employees: 100,000

Headquarters: Basel, Switzerland

Stock Exchange: SWX

Roche is a global multinational healthcare company that discovers, develops, and commercializes therapies and diagnostic products. The company operates in two business segments: Pharmaceuticals and Diagnostics
Perjeta, Tecentriq, Herceptin, Avastin, Kadcyla, Alecensa, Phesgo, Gazyva/Gazyvaro, Polivy, and Erivedge are Roche's key products in Oncology. In 2023, the company reported a 4.88% increase in its revenue as compared to 2022 due to increased sales of Tecentriq, Kadcyla, and Perjeta
In Dec’23, Roche reported positive P-III results for Inavolisib in combination therapy for patients with advanced hormone receptor-positive, HER2-negative breast cancer-bearing a PIK3CA mutation

02. Bristol-Myers Squibb

Oncology Segment Revenue: $24.83B

Founded Year: 1887

Market Cap: $99.46B

Total Employees: 34,100

Headquarters: New Jersey, United States

Stock Exchange: NYSE

A global biopharma company, Bristol-Myers Squib discovers, develops, and delivers innovative therapies to meet unmet healthcare needs. The company focuses on oncology, hematology, immunology, cardiovascular, and neuroscience
Revlimid, Opdivo, Pomalyst, Sprycel, Yervoy, Abraxane, Empliciti, Abecma, Breyanzi, Inrebic, and Onureg are among the assets in the company’s oncology portfolio. In 2023, BMS registered a sharp decline in its oncology revenue by 10.05 % vs. 2022 owing to decreased sales of Revlimid in the US and ROW and Abraxane in the US
In Nov’23, the US FDA approved BMS’ Augtyro for the treatment of patients with locally advanced or metastatic ROS1-positive NSCLC

01. Merck & Co.

Oncology Segment Revenue: $27.6B

Founded Year: 1891

Market Cap: $297.59B

Total Employees: 69,000

Headquarters: New Jersey, United States

Stock Exchange: NYSE

Merck provides innovative therapeutic solutions by developing and producing medicines, vaccines, biological treatments, and health products for animals and humans. The company works in two business segments: pharmaceutical and animal health
Keytruda, Lynparza, Lenvima, Reblozyl, and Welireg are the key products of Merck's oncology portfolio. In 2023, the company’s oncology revenue showed an increase of 18.87% as compared to 2022, majorly due to the high sales volume of Keytruda
In Dec’23, the FDA Approved Merck’s WELIREG for the treatment of patients with advanced Renal Cell Carcinoma (RCC) after PD-1 or PD-L1 inhibitor and VEGF-TKI therapy

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