Shots:
- ADCs, cell therapies, and radioligand therapies are reshaping oncology, while biopharma companies focus on smarter trials, patient-first approaches, and faster access to bridge unmet needs in cancer care
- In 2024, the global oncology market was valued at $225.01B and is projected to reach $668.26B by 2034, reflecting a strong CAGR of 11.5% from 2025 to 2034. With $32.68B oncology revenue, Merck secured the top position, followed by Bristol-Myers Squibb ($28.29B) and AstraZeneca ($22.35B)
- PharmaShots brings a concise report on the Top 20 Oncology companies of 2025 based on their oncology segment revenue of last year
| Rank | Companies | Oncology Revenue (2023 $B) | Oncology Revenue (2024 $B) | Percent Change (%) |
| 1 | Merck & Co. | 27.6 | 32.68 | 18.39 |
| 2 | Bristol-Myers Squibb | 28.42 | 28.29 | -0.42 |
| 3 | AstraZeneca | 18.45 | 22.35 | 21.17 |
| 4 | Johnson & Johnson | 17.66 | 20.78 | 17.68 |
| 5 | Roche | 17.76 | 16.49 | -7.16 |
| 6 | Pfizer | 12.45 | 15.61 | 25.4 |
| 7 | Novartis | 12.85 | 14.74 | 14.73 |
| 8 | Eli Lilly | 6.66 | 8.75 | 31.44 |
| 9 | Amgen | 7.29 | 7.49 | 2.88 |
| 10 | Astellas Pharma | 5.87 | 7.03 | 19.75 |
| 11 | AbbVie | 5.92 | 6.55 | 10.81 |
| 12 | BeOne Medicines | 2.19 | 3.77 | 72.6 |
| 13 | Incyte | 3.2 | 3.53 | 10.34 |
| 14 | Takeda | 3.12 | 3.43 | 10.26 |
| 15 | Gilead Sciences | 2.93 | 3.28 | 12.29 |
| 16 | Daiichi Sankyo | 2.08 | 2.89 | 39.42 |
| 17 | Bayer | 1.54 | 2.06 | 34.63 |
| 18 | GSK | 0.93 | 1.77 | 90.54 |
| 19 | Sanofi | 0.96 | 0.98 | 2.08 |
| 20 | Biogen | 0.41 | 0.39 | -4.16 |
Note: Columns 1 and 2 represent ranks and companies, while Columns 3, 4, and 5 showcase the total oncology revenue of 2023, the total revenue of 2024, and the percentage change.
20. Biogen
Oncology Segment Revenue: $0.39B
Founded Year: 1978
Market Cap: $20.47B
Total Employees: ~7,600
Headquarters: Massachusetts, United States
Stock Exchange: NASDAQ
- Biogen is a research-based biotech company focused on the discovery and development of therapies with unmet healthcare needs in neurology, hematology, and immunology
- Biogen earns royalties in the USA for biosimilars to Rituxan, Gazyva, and Lunsumio. In 2024, Biogen’s oncology tax profits decreased by 4.25% compared to 2023, owing to reduced sales in the US
- In November 2024, Samsung Bioepis and Biogen reported the EC’s Approval of Opuviz (Biosimilar, Eylea)
19. Sanofi
Oncology Segment Revenue: $0.98B
Founded Year: 1973
Market Cap: $121.66B
Total Employees: ~82,900
Headquarters: Paris, France
Stock Exchange: NASDAQ
- Sanofi is a research-driven global French pharmaceutical and healthcare company that develops, manufactures, and markets innovative therapies with a focus on Immunology & Inflammation, neurology, oncology, rare diseases, and vaccines
- Sanofi owns products like Sarclisa, Jevtana, and Fasturtec under its oncology portfolio. In 2024, the company reported an increase of 2.08% in its oncology revenue vs. 2023 due to higher sales of all oncology products
- In April 2024, COTA collaborated with Sanofi to leverage real-world data and AI to accelerate cancer study
18. GSK
Oncology Segment Revenue: $1.77B
Founded Year: 2000
Market Cap: $79.67B
Total Employees: ~68,600
Headquarters: London, United Kingdom
Stock Exchange: LON
- GSK is a British multinational biopharmaceutical company focused on developing therapies across infectious diseases, HIV, immunology/respiratory, and oncology
- GSK’s oncology portfolio comprises Zejula, Blenrep, Jemperli, and Ojjaara. In 2024, the company reported 90.38% more sales as compared to 2023, due to increased demands for Zejula, Jemperli, and Ojjaara
- In August 2024, GSK received the US FDA’s BTD for its B7-H3-targeted Ab-drug conjugate in relapsed or refractory extensive-stage SCLC
17. Bayer
Oncology Segment Revenue: $2.06B
Founded Year: 1863
Market Cap: $32.09B
Total Employees: ~92,800
Headquarters: Leverkusen, Germany
Stock Exchange: ETR
- Bayer is a global life sciences company engaged in developing therapies across cardiology, gynecology, diabetes, oncology, and ophthalmology
- Bayer’s oncology portfolio comprises Nexavar, Nubeqa, Xofigo, Stivarga, Aliqopa, and Vitrakvi. In 2024, the oncology segment reported 34.64% more revenue vs. 2023, owing to the higher sales of Nubeqa
- In March 2024, Bayer and Aignostics GmbH collaborated on AI for precision oncology drug R&D
16. Daiichi Sankyo
Oncology Segment Revenue: $2.89B
Founded Year: 1899
Market Cap: $44.94B
Total Employees: ~19,800
Headquarters: Tokyo, Japan
Stock Exchange: TYO
- Daiichi Sankyo is a global Japan-based pharmaceutical company that develops and markets both innovative and generic medicines by leveraging new-age drug discovery and delivery solutions
- In oncology, Daiichi’s key performing products are Enhertu, Datroway, and Vanflyta. In 2024, the revenue generated from the company’s oncology products registered a spike of 39.26% owing to the increased sales of Enhertu
- In September 2024, Daiichi Sankyo’s HERTHENA-Lung02 study evaluating Patritumab Deruxtecan showed improved PFS vs. chemotherapy in EGFR-mutated NSCLC
15. Gilead Sciences
Oncology Segment Revenue: $3.28B
Founded Year: 1987
Market Cap: $139.85B
Total Employees: ~17,600
Headquarters: California, United States
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
- Gilead’s oncology portfolio include Tecartus, Trodelvy, and Yescarta. In 2024, the company reported a 12.17% increase in revenue compared to 2023 due to increased sales of Tecartus, Trodelvy, and Yescarta
- In September 2024, Marengo Therapeutics collaborates with Gilead Sciences to conduct a clinical study of Invikafusp alfa Plus Trodelvy for metastatic TNBC and breast cancers
14. Takeda
Oncology Segment Revenue: $3.43B
Founded Year: 1781
Market Cap: $47.77B
Total Employees: ~49,300
Headquarters: Tokyo, Japan
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
- Leuplin, Ninlaro, Adcetris, Iclusig, Velcade, Alunbrig, and Exkivity, among others, are the company’s oncology products. In 2024, Takeda’s oncology revenue increased by 10.09% compared to 2023, owing to higher sales of oncology products
- In December 2024, HUTCHMED secured $10M milestone payment from Takeda following the first reimbursement of Fruzaqla in Europe
13. Incyte
Oncology Segment Revenue: $3.53B
Founded Year: 2002
Market Cap: $16.79B
Total Employees: ~2,600
Headquarters: Delaware, United States
Stock Exchange: NASDAQ
- Incyte is a global biopharma company that discovers, develops, and commercializes proprietary medicines. The company focuses mainly on therapy areas like hematology/oncology and inflammation & autoimmune
- Jakafi, Iclusig, Pemazyre, Monjuvi, and Zynyz are the company’s key products in Oncology. In 2024, Incyte’s oncology revenue increased by 10.47% as compared to 2023, owing to increased volume sales of Jakafi globally
- In December 2024, Incyte highlighted the P-III (inMIND) study data of Monjuvi (Tafasitamab) to treat R/R follicular lymphoma at ASH’24
12. BeOne Medicines
Oncology Segment Revenue: $3.77B
Founded Year: 2010
Market Cap: $38.16B
Total Employees: 11,000
Headquarters: Massachusetts, United States
Stock Exchange: NASDAQ
- BeOne Medicines is a global oncology-based company that 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 2024, the company registered a spike in revenue of cancer products by 72.59% primarily due to increased sales of Brukinsa globally
- In December 2024, BeOne Medicines’ Tevimbra plus chemotherapy secured the US FDA’s approval as a 1L treatment of G/GEJ cancers
11. AbbVie
Oncology Segment Revenue: $6.55B
Founded Year: 2013
Market Cap: $374.37B
Total Employees: 55,000
Headquarters: Illinois, United States
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
- Imbruvica, Venclexta, Elahere, and Epkinly comprise AbbVie’s oncology portfolio. In 2024, the company reported an increase of 10.81% in its oncology revenue as compared to 2023 due to increased revenue of Venclexta, Elahere, and Epkinly
- In December 2024, AbbVie and Genmab highlighted the P-I/II (EPCORE NHL-2) study data of Epcoritamab to treat R/R follicular lymphoma at ASH’24
10. Astellas Pharma
Oncology Segment Revenue: $7.03B
Founded Year: 1923
Market Cap: $20.04B
Total Employees: ~14,800
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 oncology, the company’s key products are Xtandi, Padcev, and Xospata. The company’s oncology revenue increased by 19.84% in 2024 as compared to 2023, owing to higher sales volumes of its oncology products globally
- In October 2024, Astellas reported the US FDA’s approval of Vyloy (Zolbetuximab-clzb) to treat advanced G/GEJ cancer
09. Amgen
Oncology Segment Revenue: $7.49B
Founded Year: 1980
Market Cap: $154.47B
Total Employees: ~82,900
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 are the products in Amgen’s oncology portfolio. In 2024, Amgen reported an increase of 2.86% in its oncology revenue as compared to 2023, primarily due to the increased sales of Kyprolis and Blincyto
- In December 2024, Amgen reported data from its P-III study evaluating Blincyto in pediatric B-ALL improves survival when added to chemotherapy
08. Eli Lilly
Oncology Segment Revenue: $8.75B
Founded Year: 1876
Market Cap: $695.83B
Total Employees: ~47,000
Headquarters: Indiana, United States
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
- Lilly’s oncology portfolio comprises Verzenio, Cyramza, Alimta, Erbitux, and Tyvyt, among others. In 2024, the company registered an increase of 31.45% in its oncology revenue as compared to 2023, mainly due to high sales of Verzenio
- In December 2024, Eli Lilly highlighted the P-III (BRUIN CLL-321) study data of Jaypirca (Pirtobrutinib) for chronic lymphocytic leukemia or small lymphocytic lymphoma at ASH’24
07. Novartis
Oncology Segment Revenue: $14.74B
Founded Year: 1996
Market Cap: $267.61B
Total Employees: ~75,900
Headquarters: Basel, Switzerland
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
- Promacta/Revolade, Kisqali, Tafinlar, Mekinist, Tasigna, Jakavi, Pluvicto, Lutathera, Scemblix, and Fabhalta are the key oncology products of Novartis. In 2024, the total oncology revenue increased by 14.69% as compared to 2023, mainly due to the sales growth of Kisqali, Pluvicto, Scemblix, and Jakavi
- In December 2024, Novartis reported longer-term results from the P-III (NATALEE) study of Kisqali (Ribociclib) to treat early breast cancer
06. Pfizer
Oncology Segment Revenue: $15.61B
Founded Year: 1849
Market Cap: $142.03B
Total Employees: 81,000
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 2024, the company’s oncology revenue increased by 25.39% as compared to 2023, driven by higher sales of Xtandi, Padcev, and Adcetris
- In December 2024, Pfizer’s Braftovi (Encorafenib) secured the US FDA’s accelerated approval as a 1L treatment of BRAF V600E-mutant metastatic colorectal cancer
05. Roche
Oncology Segment Revenue: $16.49B
Founded Year: 1896
Market Cap: $270.29B
Total Employees: ~91,700
Headquarters: Basel, Switzerland
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
- Perjeta, Tecentriq, Herceptin, Avastin, Kadcyla, Alecensa, Phesgo, Gazyva/Gazyvaro, Polivy, and Erivedge are Roche’s key products in Oncology. In 2024, the company reported a 7.13% decrease in its revenue as compared to 2023, mainly due to lower sales of Tecentriq and Perjeta
- In November 2024, Flare Therapeutics collaborates with Roche to develop small molecules targeting undrugged transcription factors in oncology
04. Johnson & Johnson (JNJ)
Oncology Segment Revenue: $20.78B
Founded Year: 1886
Market Cap: $428.83B
Total Employees: ~138,100
Headquarters: New Jersey, United States
Stock Exchange: NYSE
- JNJ is an American multinational company that 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 2024, J&J’s oncology sales reported an increase of 17.66% as compared to 2023, owing to the increased sales of Darzalex, Erleada, and Carvykti
- In December 2024, Johnson & Johnson reported the EC’s approval of Rybrevant (Amivantamab) plus Lazcluze (Lazertinib) as a 1L treatment of EGFRm NSCLC
03. AstraZeneca
Oncology Segment Revenue: $22.35B
Founded Year: 1999
Market Cap: $250.57B
Total Employees: ~94,300
Headquarters: Cambridge, United Kingdom
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
- Tagrisso, Imfinzi, Lynparza, Calquence, Enhertu, Orpathys, Zoladex, Iressa, Arimidex, and Casodex are the company’s oncology assets. In 2024, the oncology revenue registered an increase of 21.17% vs. 2023, driven by increased sales of Tagrisso, Lynparza, Calquence, Imfinzi, and Enhertu
- In December 2024, AstraZeneca’s Tagrisso (Osimertinib) secured the EC’s approval to treat unresectable EGFR-mutated lung cancer
02. Bristol-Myers Squibb (BMS)
Oncology Segment Revenue: $28.29B
Founded Year: 1887
Market Cap: $96.5B
Total Employees: 34,100
Headquarters: New Jersey, United States
Stock Exchange: NYSE
- BMS is a global biopharma company that 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 2024, BMS oncology revenue declined by 0.43% as compared to 2023, mainly owing to decreased sales of Revlimid in the US and ROW
- In December 2024, BMS’ Opdivo Qvantig SC Injection secured the US FDA’s approval for solid tumor Opdivo indications
01. Merck & Co.
Oncology Segment Revenue: $32.68B
Founded Year: 1891
Market Cap: $213.51B
Total Employees: 75,000
Headquarters: New Jersey, United States
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
- Keytruda, Lynparza, Lenvima, Reblozyl, and Welireg are the key products of Merck’s oncology portfolio. In 2024, the company’s oncology revenue showed an increase of 18.41% as compared to 2023, majorly due to the high sales volume of Keytruda
- In December 2024, Merck reported the CHMP’s positive opinion of Welireg (Belzutifan) for von hippel-lindau (VHL) disease-associated tumors and previously treated renal cell carcinoma
Sources:
- Annual reports
- SEC Filings
- Press releases
- Company websites
Currency Conversion: Oanda (£1 – $1.25, €1 – $1.04, kr.1 – 0.13, CHF 1 – 1.1; Dec 31, 2024)
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