Shots:
- Merck & Co., Bristol-Myers Squibb, and Johnson & Johnson led the oncology market in 2025, generating $35.86B, $26.58B, and $25.38B, respectively. Growth was supported by strong demand for established therapies, newer product launches, and broader use across indications
- The global oncology market is projected to grow from $279.73B in 2026 to $732.45B by 2035, at a CAGR of 11.31%. Rising cancer prevalence, targeted therapies, immunotherapies, advanced diagnostics, and AI-driven precision oncology continue to fuel growth. North America led the market in 2025, while Asia Pacific is expected to see strong expansion
- The Top 20 Oncology Companies of 2026 ranks companies based on FY2025 oncology revenues and highlights their key products, revenue growth, major drivers, regulatory approvals, clinical developments, pipeline progress, and strategic collaborations
20. Eisai
Oncology Segment Revenue: $2.26B
Founded Year: 1941
Market Cap: $9.14B
Total Employees: 10,500
Headquarters: Tokyo, Japan
Stock Exchange: TYO
- Eisai is a Japan-based pharmaceutical company with a strong focus on human health care, with oncology representing one of its core therapeutic areas. Its cancer portfolio spans multiple solid tumors and hematologic malignancies
- Oncology revenue declined from $2.28B in 2024 to $2.26B in 2025, representing a 0.96% decrease, mainly reflecting stable performance across its established oncology portfolio. Key products included Lenvima/Kisplyx, Halaven, and Fycompa
- In April 2026, Eisai and Merck reported data from the Phase 3 LITESPARK-012 study evaluating first-line combination treatments for patients with advanced renal cell carcinoma
19. Merck KGaA
Oncology Segment Revenue: $2.41B
Founded Year: 1668
Market Cap: $19.87B
Total Employees: 62,100
Headquarters: Darmstadt, Germany
Stock Exchange: ETR
- Merck KGaA is a Germany-based science and technology company with a diversified healthcare business, with its pharmaceutical portfolio spanning oncology, neurology and immunology. Its oncology franchise is anchored by targeted therapies and immuno-oncology treatments
- Oncology revenue increased from $2.38B in 2024 to $2.41B in 2025, representing a 1.20% increase, supported by steady demand for its established cancer medicines. Erbitux remained the largest contributor at $1.58B, followed by Bavencio at $0.82B
- In May 2026, Merck KGaA announced that the first patient had been dosed in a Phase 3 study of an investigational antibody-drug conjugate for colorectal cancer, advancing its next-generation oncology pipeline
18. GSK
Oncology Segment Revenue: $2.68B
Founded Year: 2000
Market Cap: $134.44B
Total Employees: 68,800
Headquarters: London, United Kingdom
Stock Exchange: LON
- GSK is a UK-based global biopharmaceutical company focused on developing medicines and vaccines, with its portfolio spanning respiratory, infectious diseases, HIV and specialty medicines, including oncology
- Oncology revenue climbed from $1.9B in 2024 to $2.68B in 2025, representing a 40.57% increase, driven by continued growth across Zejula, Jemperli, and Ojjaara, while Blenrep added further momentum as its commercial opportunity expanded
- In 2026, GSK announced an agreement to acquire a potential T-cell engager from Chimagen Biosciences for multiple myeloma, broadening its next-generation oncology pipeline
17. Bayer
Oncology Segment Revenue: $3.2B
Founded Year: 1863
Market Cap: $56.02B
Total Employees: 92,815
Headquarters: Leverkusen, Germany
Stock Exchange: ETR
- Bayer is a Germany-based life sciences company focused on healthcare and agriculture, with its pharmaceutical business spanning prescription medicines across several therapeutic areas, including a growing oncology portfolio
- Oncology revenue surged from $2.06B in 2024 to $3.2B in 2025, representing a 54.85% increase, driven largely by the continued growth of Nubeqa, which generated $2.8B, alongside contributions from Stivarga, Xofigo, and Vitrakvi
- In September 2026, the US FDA granted accelerated approval to Hyrnuo (sevabertinib) as a first-line targeted therapy for patients with HER2-mutated non-small-cell lung cancer, adding a new precision-oncology asset to Bayer’s portfolio
16. Gilead Sciences
Oncology Segment Revenue: $3.23B
Founded Year: 1987
Market Cap: $185.61B
Total Employees: 17,000
Headquarters: California, United States
Stock Exchange: NASDAQ
- Gilead Sciences is a US-based biopharmaceutical company focused on developing innovative medicines, with a broad portfolio spanning antiviral therapies, oncology, cell therapy and other specialty treatments
- Oncology revenue declined from $3.28B in 2024 to $3.23B in 2025, representing a 1.61% decrease, with Yescarta ($1.49B) and Trodelvy ($1.39B) remaining the largest contributors to the franchise, alongside Tecartus
- In July 2026, the EC CHMP recommended Trodelvy plus Keytruda for first-line treatment of PD-L1-positive metastatic triple-negative breast cancer, potentially expanding Trodelvy’s role in breast cancer
15. Takeda
Oncology Segment Revenue: $3.64B
Founded Year: 1781
Market Cap: $60.29B
Total Employees: 49,281
Headquarters: Tokyo, Japan
Stock Exchange: TYO
- Takeda is a Japan-based global pharmaceutical company focused on innovative medicines, with a broad portfolio spanning oncology, gastroenterology, rare diseases, neuroscience and vaccines
- Oncology revenue increased from $3.43B in 2024 to $3.64B in 2025, representing a 5.93% increase, supported by continued contributions from its established cancer portfolio. Key products included Leuplin/Enantone, Ninlaro, Adcetris, Velcade, and Alunbrig
- In 2026, Takeda’s Fruzaqla (fruquintinib) continued to expand its commercial reach, with reimbursement announced in Ontario for patients with metastatic colorectal cancer
14. Daiichi Sankyo
Oncology Segment Revenue: $3.78B
Founded Year: 1899
Market Cap: $34.62B
Total Employees: 19,765
Headquarters: Tokyo, Japan
Stock Exchange: TYO
- Daiichi Sankyo is a Japan-based global pharmaceutical company focused on innovative medicines, with oncology representing a core growth area. Its portfolio increasingly centers on antibody-drug conjugates targeting a range of solid tumors and hematologic malignancies
- Oncology revenue jumped from $2.89B in 2024 to $3.78B in 2025, representing a 30.54% increase, driven by strong momentum across its ADC portfolio, particularly Enhertu, along with the launch of Datroway and continued contributions from Vanflyta
- In August 2026, Daiichi Sankyo advanced DS-1025 into clinical development for patients with advanced solid tumors, adding a novel CD25-directed antibody-drug conjugate to its expanding oncology pipeline
13. Incyte
Oncology Segment Revenue: $4B
Founded Year: 2002
Market Cap: $25.22B
Total Employees: 2,840
Headquarters: Delaware, United States
Stock Exchange: NASDAQ
- Incyte is a US-based biopharmaceutical company focused on discovering and developing medicines for serious diseases, with a specialized portfolio spanning oncology, inflammation and autoimmune conditions. Its cancer business is particularly focused on hematologic malignancies and selected solid tumors
- Oncology revenue increased from $3.55B in 2024 to $4B in 2025, representing a 12.85% increase, led by Jakafi, which generated $3.09B, alongside royalties from Jakavi and contributions from Iclusig, Pemazyre, Monjuvi/Minjuvi, and Zynyz
- In 2026, Incyte continued to streamline its development portfolio, prioritizing next-generation oncology programs and focusing resources on selected high-potential assets
12. BeOne Medicines Ltd.
Oncology Segment Revenue: $5.19B
Founded Year: 2010
Market Cap: $44.28B
Total Employees: 12,000
Headquarters: Basel, Switzerland
Stock Exchange: NASDAQ
- BeOne Medicines, is a global biopharmaceutical company focused on developing and commercializing innovative cancer medicines, with a growing presence across hematologic malignancies and solid tumors
- Revenue surged from $3.77B in 2024 to $5.19B in 2025, representing a 37.53% increase, driven primarily by Brukinsa, which generated $3.92B, while Tevimbra provided additional momentum across the company’s oncology portfolio
- In July 2026, BeOne announced an expansion of its US manufacturing footprint with a total investment of more than $1B, supporting the production of its innovative cancer medicines
11. AbbVie
Oncology Segment Revenue: $6.62B
Founded Year: 2012
Market Cap: $468.50B
Total Employees: 57,000
Headquarters: Illinois, United States
Stock Exchange: NYSE
- AbbVie is a US-based biopharmaceutical company focused on developing innovative medicines across immunology, oncology, neuroscience and other specialty areas, with its cancer portfolio spanning hematologic malignancies and solid tumors
- Oncology revenue edged up from $6.55B in 2024 to $6.62B in 2025, representing a 1.02% increase. Imbruvica and Venclexta remained the largest contributors, while Epkinly and Elahere added momentum from newer oncology opportunities
- In 2026, AbbVie expanded access to Elahere (mirvetuximab soravtansine) in Singapore for patients with platinum-resistant ovarian cancer, extending the reach of its antibody-drug conjugate
10. Amgen
Oncology Segment Revenue: $7.99B
Founded Year: 1980
Market Cap: $219.52B
Total Employees: 31,500
Headquarters: California, United States
Stock Exchange: NASDAQ
- Amgen is a US-based biopharmaceutical company focused on developing innovative medicines for serious diseases, with a broad oncology portfolio spanning hematologic malignancies and solid tumors
- Oncology revenue rose from $7.18B in 2024 to $7.99B in 2025, representing an 11.28% increase, supported by strong contributions from Xgeva, Blincyto, Kyprolis, and Vectibix, alongside growing sales of newer oncology medicines such as Imdelltra and Lumakras
- In September 2026, the US FDA approved reduced monitoring time for the first two doses of Imdelltra (tarlatamab-dlle), potentially simplifying treatment administration for patients with small-cell lung cancer
9. Astellas Pharma
Oncology Segment Revenue: $8.14B
Founded Year: 1923
Market Cap: $27.47B
Total Employees: 14,754
Headquarters: Tokyo, Japan
Stock Exchange: TYO
- Astellas Pharma is a Japan-based pharmaceutical company focused on developing innovative medicines across oncology, immunology, urology and other specialty areas, with oncology representing a key part of its global portfolio
- Oncology revenue climbed from $7.03B in 2024 to $8.14B in 2025, representing a 15.90% increase, supported by continued demand for established brands and growth from newer therapies. Key products included Xtandi, Padcev, Xospata, and Vyloy
- In 2026, Astellas dosed the first patient in a Phase 3 study of setidegrasib in previously treated patients with KRAS G12D-mutated advanced non-small-cell lung cancer, advancing its precision-oncology pipeline
8. Eli Lilly
Oncology Segment Revenue: $9.37B
Founded Year: 1876
Market Cap: $1.11T
Total Employees: 47,000
Headquarters: Indiana, United States
Stock Exchange: NYSE
- Eli Lilly is a US-based pharmaceutical company focused on developing medicines across oncology, diabetes, obesity, neuroscience and immunology, with cancer therapies forming an important part of its specialty medicines portfolio
- Oncology revenue increased from $8.75B in 2024 to $9.37B in 2025, representing a 7.12% increase, supported by continued demand for its established cancer medicines. Verzenio remained a central contributor, alongside Cyramza and Alimta
- In 2026, the US FDA approved Inluriyo (imlunestrant) in combination with Verzenio (abemaciclib) for adults with ER-positive, HER2-negative, ESR1-mutated advanced or metastatic breast cancer, expanding Lilly’s breast cancer portfolio
7. Novartis
Oncology Segment Revenue: $16.83B
Founded Year: 1996
Market Cap: $292.72B
Total Employees: 75,300
Headquarters: Basel, Switzerland
Stock Exchange: SWX
- Novartis is a Switzerland-based pharmaceutical company focused on innovative medicines across oncology, immunology, cardiovascular-renal-metabolic diseases and neuroscience, with precision medicine and radioligand therapies forming key pillars of its cancer portfolio
- Oncology revenue advanced from $14.29B in 2024 to $16.83B in 2025, representing a 17.72% increase, reflecting strong momentum across newer oncology assets and continued demand for established targeted therapies. Key products included Kisqali, Pluvicto, Scemblix, Tafinlar + Mekinist, and Jakavi
- In June 2026, Novartis entered a new agreement with Antares Therapeutics to discover, develop and commercialize potential first-in-class cancer therapies, strengthening its external innovation strategy in oncology
6. Pfizer
Oncology Segment Revenue: $16.83B
Founded Year: 1849
Market Cap: $161.93B
Total Employees: 75,000
Headquarters: New York, United States
Stock Exchange: NYSE
- Pfizer is a US-based pharmaceutical company focused on developing and commercializing innovative medicines and vaccines, with oncology forming a major part of its portfolio through targeted therapies and strategic acquisitions
- Oncology revenue grew from $15.61B in 2024 to $16.83B in 2025, representing a 7.83% increase, supported by continued demand across its established cancer medicines and contributions from its expanded portfolio. Key products included Ibrance, Xtandi, Padcev, Inlyta, and Lorbrena
- In May 2026, Pfizer and Innovent Biologics entered a global strategic collaboration to accelerate the development of innovative oncology medicines, expanding Pfizer’s external innovation efforts in cancer
5. Roche
Oncology Segment Revenue: $19.39B
Founded Year: 1896
Market Cap: $359.18B
Total Employees: 113,000
Headquarters: Basel, Switzerland
Stock Exchange: SWX
- Roche is a Switzerland-based healthcare company that combines pharmaceuticals and diagnostics, with a strong focus on oncology and personalized healthcare. Its cancer portfolio spans breast, lung and other solid tumors through targeted therapies and immuno-oncology medicines
- Oncology revenue rose from $17.53B in 2024 to $19.39B in 2025, representing a 10.61% increase, reflecting continued demand across its established cancer portfolio and growth from newer treatments. Key products included Herceptin, Perjeta, Tecentriq, Kadcyla, and Alecensa
- In 2026, Roche received FDA approval for companion diagnostic tests to identify patients with HER2-positive metastatic gastroesophageal adenocarcinoma who may be eligible for Ziihera, strengthening its precision-oncology approach
4. AstraZeneca
Oncology Segment Revenue: $23.69B
Founded Year: 1999
Market Cap: $340.07B
Total Employees: 96,100
Headquarters: Cambridge, United Kingdom
Stock Exchange: LON
- AstraZeneca is a UK-based biopharmaceutical company focused on innovative medicines across oncology, biopharmaceuticals and rare diseases, with cancer therapies forming the centerpiece of its pharmaceutical portfolio
- Oncology revenue increased from $20.27B in 2024 to $23.69B in 2025, representing a 16.88% increase, supported by broad-based growth across its oncology portfolio and continued demand for major targeted and immuno-oncology medicines. Key products included Tagrisso, Imfinzi, Lynparza, Calquence, and Enhertu
- In 2026, AstraZeneca received US approval for Datroway as a first-line treatment for metastatic triple-negative breast cancer in patients who are not eligible for PD-1/PD-L1 inhibitors
3. Johnson & Johnson
Oncology Segment Revenue: $25.38B
Founded Year: 1886
Market Cap: $652.31B
Total Employees: 138,100
Headquarters: New Jersey, United States
Stock Exchange: NYSE
- Johnson & Johnson is a US-based global healthcare company with a diversified portfolio spanning pharmaceuticals and medical technology, with oncology representing a major growth area within its Innovative Medicine business
- Oncology sales rose from $20.78B in 2024 to $25.38B in 2025, representing a 22.13% increase. Growth was supported by strong demand for Darzalex and Erleada, expanded manufacturing capacity for Carvykti, and continued uptake of Tecvayli, Talvey, and Rybrevant/Lazcluze
- In September 2026, J&J reported positive Phase 2b COPERNICUS results for Rybrevant FASPRO plus Lazcluze, supporting continued development of the combination in oncology
2. Bristol-Myers Squibb
Oncology Segment Revenue: $26.57B
Founded Year: 1887
Market Cap: $125.63B
Total Employees: 32,500
Headquarters: New York, United States
Stock Exchange: NYSE
- Bristol Myers Squibb (BMS) is a US-based biopharmaceutical company focused on innovative medicines across oncology, hematology, immunology and other serious diseases, with cancer therapies forming a major part of its portfolio
- Oncology revenue declined from $28.6B in 2024 to $26.57B in 2025, representing a 7.09% decrease, reflecting portfolio and product-mix pressures despite continued contributions from newer medicines. Key products included Opdivo, Yervoy, Breyanzi, Abecma, Revlimid, and Pomalyst
- In 2026, BMS received US FDA accelerated approval for Zenbexus, its first CELMoD therapy, in combination with daratumumab/hyaluronidase and dexamethasone for patients with multiple myeloma as early as first relapse
1. Merck & Co.
Oncology Segment Revenue: $35.86B
Founded Year: 1891
Market Cap: $365.09B
Total Employees: 74,000
Headquarters: New Jersey, United States
Stock Exchange: NYSE
- Merck & Co. is a US-based global pharmaceutical company focused on innovative medicines and vaccines, with oncology at the heart of its pharmaceutical portfolio and a broad presence across solid tumors and hematologic malignancies
- Oncology revenue increased from $32.85B in 2024 to $35.86M in 2025, representing a 9.15% increase, driven primarily by higher Keytruda/Keytruda Qlex sales, alongside stronger contributions from Welireg, Lynparza, and Reblozyl. Keytruda/Keytruda Qlex alone generated $31.68B, up 7% year over year
- In September 2026, Merck continued to expand the oncology potential of Welireg, building on its $710.0M in 2025 sales, which increased 41% year over year
Criteria:
- The report is based on oncology segment revenues or revenues from oncology products reported for fiscal year 2025, encompassing established and next-generation cancer therapies to provide a comprehensive ranking of the world’s leading oncology companies.
- For companies with non-December fiscal year-ends, revenues have been calculated for the January-December 2025 period using quarterly and annual financial filings. Where oncology-specific sales were not separately disclosed, estimates were derived from publicly available company reports and credible secondary sources.
- Market capitalisation is considered as of 24 Sep 2026. Revenues reported in different currencies have been converted into US dollars using exchange rates as of 31 December 2025 to ensure consistency across all rankings.
Source:
- Company Websites
- Press Releases
- Annual Reports
- Quarterly Reports
- Google Finance
- OANDA
