Shots:
- Driven by innovation and a steadfast commitment to advancing cutting-edge therapies, the biopharma industry experienced robust growth in 2024, marked by significant revenue milestones
- With a projected compound annual growth rate (CAGR) of 12.87%, the global biopharma market is expected to reach $1.41 trillion by 2032. In 2024, Pfizer led the industry with total revenue of $62.4B, closely followed by Merck & Co. at $57.4B and Johnson & Johnson at $56.96B
- PharmaShots presents its report on the Top 20 Biopharma Companies of 2025, ranked by their 2024 revenue. This concise overview highlights the companies that have demonstrated strong financial performance, strategic execution, and leadership across therapeutic areas
| Rank | Companies | Revenue (2023 $B) | Revenue (2024 $B) | Percent Change (%) |
| 1 | Pfizer | 58.23 | 62.4 | 7.14 |
| 2 | Merck & Co. | 53.58 | 57.4 | 7.12 |
| 3 | Johnson & Johnson | 54.75 | 56.96 | 4.02 |
| 4 | AbbVie | 54.31 | 56.33 | 3.71 |
| 5 | AstraZeneca | 45.81 | 54.07 | 18.03 |
| 6 | Roche | 52.58 | 51.11 | -2.79 |
| 7 | Novartis | 45.44 | 50.31 | 10.73 |
| 8 | Bristol-Myers Squibb | 45 | 48.3 | 7.31 |
| 9 | Eli Lilly | 34.12 | 45.04 | 31.99 |
| 10 | Sanofi | 41.73 | 42.78 | 2.52 |
| 11 | Novo Nordisk | 34.38 | 40.55 | 17.93 |
| 12 | GSK | 38.6 | 39.42 | 2.11 |
| 13 | Amgen | 28.19 | 33.42 | 18.56 |
| 14 | Takeda | 29.55 | 29.07 | -1.6 |
| 15 | Gilead Sciences | 27.11 | 28.75 | 6.04 |
| 16 | Boehringer Ingelheim | 22.92 | 22.83 | -0.38 |
| 17 | Bayer | 19.95 | 18.88 | -5.36 |
| 18 | Teva Pharmaceuticals | 15.84 | 16.54 | 4.4 |
| 19 | CSL | 14.17 | 15.23 | 7.41 |
| 20 | Regeneron Pharmaceuticals | 13.11 | 14.2 | 8.27 |
Note: The Columns 3, 4, & 5 above showcase the Total revenue of 2023, the Total revenue of 2024, and the Percentage Change respectively
20. Regeneron Pharmaceuticals
Total Revenue: $14.20B
Founded Year: 1988
Total Employees: 15,106
Headquarters: New York, United States
Market Cap: $64.27B
Stock Exchange: NASDAQ
- Regeneron Pharmaceuticals is a biotechnology company dedicated to the discovery, development, manufacturing, and commercialization of innovative medicines, primarily in the fields of immunology, oncology, ophthalmology, and rare diseases
- In 2024, the company reported a total revenue increase of 8.27% compared to 2023, largely driven by strong sales across its product portfolio. The top revenue contributors were EYLEA and EYLEA HD, generating $5.96B, and Libtayo, contributing $1.21B
- Additionally, in November 2024, the US FDA accepted a supplemental Biologics License Application (sBLA) for Dupixent (dupilumab) for the treatment of chronic spontaneous urticaria, signaling continued momentum in Regeneron’s immunology pipeline
19. CSL
Total Revenue: $15.23B
Founded Year: 1916
Total Employees: 32,698
Headquarters: Melbourne, Australia
Market Cap: $116.59B
Stock Exchange: ASX
- CSL is a global, research-driven biotechnology company engaged in the development, manufacturing, and marketing of therapies for serious and rare diseases. The company operates through three key divisions: CSL Behring, CSL Plasma, and CSL Vifor
- In 2024, CSL Behring remained the primary revenue driver, contributing the most to the company’s overall performance. CSL’s total revenue increased by 7.41% compared to 2023, attributed to steady growth across all three divisions
- In December 2024, CSL Behring’s Andembry (garadacimab) received a positive opinion from the Committee for Medicinal Products for Human Use (CHMP) for the treatment of Hereditary Angioedema (HAE), a key milestone in expanding its rare disease portfolio
18. Teva Pharmaceuticals
Total Revenue: $16.54B
Founded Year: 1944
Total Employees: 37,000
Headquarters: Israel
Market Cap: $16.40B
Stock Exchange: TLV
- Teva Pharmaceuticals is a global pharmaceutical company engaged in the development, manufacturing, and commercialization of both generic and innovative medicines
- In 2024, Austedo ($1.64B) and Copaxone ($0.24B) continued to be the company’s top revenue-generating products. Teva reported a 4.4% year-over-year revenue increase, primarily driven by the robust sales performance of Austedo
- In February 2024, Teva, in partnership with Alvotech, launched Selarsdi (ustekinumab-aekn) in the US. Selarsdi (biosimilar of Stelara), approved for the treatment of psoriatic arthritis, plaque psoriasis, Crohn’s disease, ulcerative colitis, pediatric plaque psoriasis, and pediatric psoriatic arthritis
17. Bayer
Total Revenue: $18.88B
Founded Year: 1863
Total Employees: 92,815
Headquarters: Leverkusen, Germany
Market Cap: $24.65B
Stock Exchange: ETR
- Bayer is a global life sciences company engaged in developing therapies across cardiology, gynecology, diabetes, oncology, and ophthalmology
- In 2024, Bayer reported a 5.36% year-over-year decline in revenue when measured in USD, despite showing growth in euros. The company’s top-performing products were Xarelto, generating $3.62B, and Eylea, contributing $3.44B in revenue
- In regulatory news, Bayer announced in November 2024 that the US FDA accepted a supplemental New Drug Application (sNDA) for Nubeqa (darolutamide) for the treatment of metastatic hormone-sensitive prostate cancer
16. Boehringer Ingelheim (BI)
Total Revenue: $22.83B
Founded Year: 1885
Total Employees: 54,500
Headquarters: Ingelheim, Germany
Market Cap: N/A
Stock Exchange: N/A
- Boehringer Ingelheim (BI) is a research-driven, multinational private pharmaceutical company dedicated to the discovery, development, and manufacture of innovative healthcare products
- In 2024, Boehringer’s flagship product remained Jardiance. The company reported a slight revenue decline of 0.38% compared to 2023. While revenue increased in euros (€), it reflected a decrease when converted to US dollars (US$), largely due to currency fluctuations
- In July 2024, Boehringer Ingelheim acquired Nerio Therapeutics in a deal valued at $1.3B, aimed at enhancing its pipeline in neuroscience and reinforcing its long-term innovation strategy
15. Gilead Sciences
Total Revenue: $28.75B
Founded Year: 1987
Total Employees: 17,600
Headquarters: California, United States
Market Cap: $132.62B
Stock Exchange: NASDAQ
- Gilead Sciences focuses on discovering, developing, and commercializing innovative therapies to address unmet medical needs, particularly in the areas of HIV, COVID-19, viral hepatitis, and oncology
- In 2024, Gilead’s total revenue increased by 6.04% compared to 2023, primarily driven by higher sales in its HIV and oncology portfolios. Key contributors to this growth included Biktarvy ($13.42B), Descovy ($2.11B), and Genvoya ($1.76B)
- In March 2024, Gilead completed the acquisition of CymaBay Therapeutics for approximately $4.3B, strengthening its liver disease portfolio with the addition of seladelpar, a treatment for primary biliary cholangitis (PBC)
14. Takeda
Total Revenue: $29.07B
Founded Year: 1781
Total Employees: 49,281
Headquarters: Osaka, Japan
Market Cap: $48.09B
Stock Exchange: TYO
- Takeda is a global pharmaceutical company focused on five core therapeutic areas: Gastroenterology, Rare Diseases, Plasma-Derived Therapies (PDT) Immunology, Oncology, and Neuroscience
- In 2024, Entyvio, Takhzyro, and Fruzaqla remained the primary contributors to Takeda’s total revenue. However, the company reported a 1.6% decline in revenue compared to 2023
- In August 2024, the European Commission approved Adzynma for the treatment of congenital thrombotic thrombocytopenic purpura (cTTP), marking a key regulatory milestone for the company
13. Amgen
Total Revenue: $33.42B
Founded Year: 1980
Total Employees: 28,000
Headquarters: California, United States
Market Cap: $149.41B
Stock Exchange: NASDAQ
- Amgen is a global biotechnology company focused on discovering and developing therapies across key therapeutic areas including cardiovascular diseases, oncology, bone health, neuroscience, nephrology, and inflammation
- In 2024, the company reported a revenue increase of 18.56% compared to 2023, primarily driven by strong sales of Prolia and Tepezza. Key revenue-contributing products included Prolia ($4.37B), Enbrel ($3.31B), and Xgeva ($2.22B)
- In June 2024, Amgen’s Blincyto (blinatumomab) received US FDA approval for the treatment of B-cell precursor acute lymphoblastic leukemia (B-ALL), further strengthening its oncology portfolio
12. GSK
Total Revenue: $39.42B
Founded Year: 2000
Total Employees: 68,629
Headquarters: London, United Kingdom
Market Cap: $75.80B
Stock Exchange: LON
- GSK is a British multinational biopharmaceutical company focused on developing therapies across infectious diseases, HIV, immunology/respiratory, and oncology
- In 2024, GSK reported a 2.11% year-over-year increase in total revenue, driven by strong performance in its HIV and oncology segments. The company’s top revenue-generating products were Shingrix ($4.27B), Trelegy Ellipta ($3.39B), and Dovato ($2.76B)
- In December 2024, GSK’s investigational therapy GSK’227 received the European Medicines Agency’s (EMA) Priority Medicines (PRIME) designation for the treatment of extensive-stage small-cell lung cancer
11. Novo Nordisk
Total Revenue: $40.55B
Founded Year: 1923
Total Employees: 77,349
Headquarters: Bagsvaerd, Denmark
Market Cap: $208.65B
Stock Exchange: CPH
- Novo Nordisk is a Danish multinational biopharmaceutical company specializing in the discovery, development, manufacturing, and commercialization of therapies for diabetes, obesity, and rare diseases
- In 2024, Novo Nordisk reported a 17.93% increase in revenue, primarily driven by robust sales of Ozempic ($16.8B). Other key contributors included Wegovy ($8.12B) and Rybelsus ($3.25B)
- In December 2024, the US FDA approved Alhemo as a prophylactic treatment for hemophilia A or B with inhibitors, further expanding the company’s rare disease portfolio
10. Sanofi
Total Revenue: $42.78B
Founded Year: 1956
Total Employees: 82,878
Headquarters: Paris, France
Market Cap: $132.40B
Stock Exchange: EPA
- Sanofi is a multinational pharmaceutical and healthcare company headquartered in France, focused on the development, manufacturing, and marketing of therapies across key areas including immunology and inflammation, neurology, oncology, rare blood disorders, rare diseases, and vaccines
- In 2024, Sanofi reported a 2.52% year-over-year revenue growth, primarily driven by strong sales of Dupixent ($13.61B), Altuviiio, and Lantus ($1.69B). Dupixent and Lantus were major contributors to the company’s total revenue during the year
- In November 2024, Sanofi and Regeneron received approval from the European Commission for Dupixent (dupilumab) for the treatment of young children with eosinophilic esophagitis (EoE), further expanding the drug’s therapeutic reach
9. Eli Lilly
Total Revenue: $45.04B
Founded Year: 1876
Total Employees: 47,000
Headquarters: Indiana, United States
Market Cap: $786.28B
Stock Exchange: NYSE
- Eli Lilly is a U.S.-based pharmaceutical company with a therapeutic focus spanning bone and joint disorders, cancer, cardiovascular conditions, diabetes, endocrine diseases, immunology, neurodegeneration, neuroscience, and pain management
- In 2024, the company reported a 31.99% year-over-year increase in total revenue, primarily driven by higher US sales. Its key revenue-generating products included Mounjaro ($11.54B), Verzenio ($5.3B), and Trulicity ($5.25B)
- In December 2024, the company received a positive opinion from the Committee for Medicinal Products for Human Use (CHMP) for Omvoh (mirikizumab) as a treatment for moderate to severe active Crohn’s disease
8. Bristol-Myers Squibb (BMS)
Total Revenue: $48.3B
Founded Year: 1887
Total Employees: 34,100
Headquarters: New Jersey, United States
Market Cap: $98.75B
Stock Exchange: NYSE
- Bristol Myers Squibb (BMS) is a global biopharmaceutical company dedicated to the discovery, development, and delivery of innovative therapies addressing unmet medical needs. The company primarily focuses on therapeutic areas including oncology, hematology, immunology, cardiovascular diseases, and neuroscience
- In 2024, BMS reported a 7.31% year-over-year revenue growth, largely driven by increased sales of Eliquis ($13.33B) and Opdivo ($9.3B). Revlimid also made a notable contribution, generating $5.77B in revenue
- In regulatory developments, BMS received a positive opinion from the Committee for Medicinal Products for Human Use (CHMP) in November 2024 for the combination therapy of Opdivo and Yervoy as a first-line treatment for metastatic colorectal cancer
7. Novartis
Total Revenue: $50.31B
Founded Year: 1996
Total Employees: 75,883
Headquarters: Basel, Switzerland
Market Cap: $235.48
Stock Exchange: SWX
- Novartis is a global healthcare company engaged in the discovery and development of therapies across cardiovascular, renal, metabolic (CRM), immunology, neuroscience, and oncology areas
- In 2024, the company reported a 10.73% year-over-year revenue increase, primarily driven by strong sales in its cardiovascular, renal, and metabolic portfolio. Key revenue contributors included Entresto ($7.82B), Cosentyx ($6.14B), and Kesimpta ($3.22B)
- Novartis made strategic acquisitions to strengthen its pipeline. Notably, in May 2024, it acquired Mariana Oncology in a deal valued at $1.75B to bolster its radioligand therapy (RLT) capabilities. Additionally, in November 2024, Novartis announced the acquisition of Kate Therapeutics for approximately $1.1B, further expanding its gene therapy platform
6. Roche
Total Revenue: $51.11B
Founded Year: 1896
Total Employees: 91,685
Headquarters: Basel, Switzerland
Market Cap: $292.59
Stock Exchange: SWX
- Roche is a multinational healthcare company focused on developing innovative solutions across a wide range of therapy areas through medicines and diagnostic solutions. The company focuses on ophthalmology, oncology, neuroscience, and women’s health
- Ocrevus ($7.46B), Hemlibra ($4.98B), and Vabysmo ($4.27B) remained the major contributors to total revenue. In 2024, Roche registered a decrease of 2.79% in its total revenue compared to 2023; overall, the company showed an increased revenue in CHF but showed a decline in USD
- In October 2024, Roche collaborated with Dyno Therapeutics to develop AAV gene therapy vectors for neurological diseases
5. AstraZeneca
Total Revenue: $54.07B
Founded Year: 1999
Total Employees: 94,300
Headquarters: Cambridge, United Kingdom
Market Cap: $211.54B
Stock Exchange: LON
- AstraZeneca is a global biopharmaceutical company engaged in the discovery and development of medicines across multiple therapeutic areas, including oncology; cardiovascular, renal, and metabolic diseases; respiratory and immunology; vaccines and immune therapies; and rare diseases
- In 2024, the company reported an 18.03% year-over-year increase in total revenue, primarily driven by robust sales across all segments. The leading contributors to revenue were Tagrisso ($6.58B), Imfinzi ($4.71B), and Calquence ($3.12B)
- In December 2024, the European Commission approved Tagrisso (osimertinib) for the treatment of unresectable EGFR-mutated lung cancer, further strengthening AstraZeneca’s oncology portfolio
4. AbbVie
Total Revenue: $56.33B
Founded Year: 2013
Total Employees: 55,000
Headquarters: Illinois, United States
Market Cap: $313.20B
Stock Exchange: NYSE
- AbbVie is a global biopharmaceutical company focused on developing and commercializing advanced therapies in key therapeutic areas, including immunology, oncology, neuroscience, and virology
- In 2024, AbbVie’s leading products by revenue were Skyrizi ($11.71B), Humira ($8.99B), and Rinvoq ($5.97B). The company’s total revenue for the year grew by 3.71% compared to 2023, primarily driven by increased sales of Skyrizi and Rinvoq
- In October 2024, AbbVie announced the US FDA approval of Vyalev (foscarbidopa and foslevodopa) for the treatment of advanced Parkinson’s disease
3. Johnson & Johnson
Total Revenue: $56.96B
Founded Year: 1886
Total Employees: 138,100
Headquarters: New Jersey, United States
Market Cap: $374.44B
Stock Exchange: NYSE
- Johnson & Johnson (J&J) is a multinational healthcare company engaged in the research, development, manufacturing, and commercialization of a broad range of healthcare products. The company operates through two primary business segments: Innovative Medicine and MedTech
- In 2024, Darzalex ($11.67B), Stelara ($10.36B), and Invega Sustenna ($4.22B) were the leading revenue-generating products for J&J. The company reported a 4.02% year-over-year increase in total revenue, primarily driven by the strong performance of its oncology portfolio
- Additionally, in November 2024, J&J submitted a supplemental Biologics License Application (sBLA) to the US FDA for a subcutaneous induction regimen of Tremfya (guselkumab) for the treatment of ulcerative colitis
2. Merck & Co.
Total Revenue: $57.4B
Founded Year: 1891
Total Employees: 75,000
Headquarters: New Jersey, United States
Market Cap: $198.14B
Stock Exchange: NYSE
- Merck & Co. is a research-driven pharmaceutical company offering innovative therapies across human health, vaccines, biologics, and animal health. The company operates through two primary segments: Pharmaceutical and Animal Health
- In 2024, Merck reported a 7.12% increase in total revenue compared to 2023, driven primarily by the strong performance of its oncology and vaccine portfolios. Key contributors to revenue included Keytruda ($29.48B), Gardasil/Gardasil 9 ($8.58B), and the combined pediatric vaccines ProQuad/M-M-R II/Varivax ($2.48B)
- In December 2024, Merck announced that China’s National Medical Products Administration (NMPA) approved Keytruda in combination with chemotherapy as a neoadjuvant treatment for non-small cell lung cancer (NSCLC)
1. Pfizer
Total Revenue: $62.4B
Founded Year: 1849
Total Employees: 81,000
Headquarters: New York, United States
Market Cap: $126.98B
Stock Exchange: NYSE
- Pfizer is an American multinational pharmaceutical company engaged in the discovery, development, manufacturing, and marketing of medicines and vaccines. It operates through three segments: Biopharma, PC1, and Pfizer Ignite
- In 2024, Eliquis ($7.36B), the Prevnar family ($6.41B), and Paxlovid ($5.71B) were the primary contributors to Pfizer’s total revenue. The company’s total revenue increased by 7.14% compared to 2023, driven primarily by higher sales reported in the US
- In December 2024, the US FDA approved Pfizer’s Braftovi (encorafenib) combination regimen as a first-line treatment for BRAF V600E-mutant metastatic colorectal cancer
Criteria: We have taken public companies, and the companies are ranked based on their biopharma/pharma segment revenue
Sources:
- Annual Reports
- Quarterly Reports
- Press Releases
- Company Websites
- Press releases
- OANDA
- Google Finance
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