Top 20 R&D Spending Biopharma Companies of 2026
Shots:
- Merck & Co., Roche, and Johnson & Johnson emerged as the leading pharmaceutical companies by R&D expenditure in 2025, investing $15.78B, $15.49B, and $14.66B, respectively. Continued investments in late-stage clinical programs, pipeline expansion, advanced technologies, and strategic business development reinforced their commitment to driving pharmaceutical innovation
- Global biopharmaceutical R&D investment continues to accelerate as companies expand research across oncology, immunology, obesity, rare diseases, neuroscience, cardiovascular diseases, and next-generation modalities. Increased spending on clinical development, artificial intelligence, precision medicine, biologics, cell and gene therapies, and advanced manufacturing is shaping the future of drug discovery and development
- The report ranks the world’s leading pharmaceutical companies based on their research and development expenditure reported during fiscal year 2025. It highlights the strategic investments supporting innovative therapies across multiple therapeutic areas while showcasing key pipeline advancements, regulatory milestones, clinical trial achievements, research collaborations, licensing agreements, and acquisitions that are driving the next generation of healthcare innovation
20. Moderna
R&D Expenditure: $3.13B
Market Cap: $22.98B
Founded Year: 2010
Total Employees: 4700
Headquarters: Massachusetts, United States
Stock Exchange: NASDAQ
- Moderna has revolutionized mRNA-based medicine by developing innovative vaccines and therapeutics across infectious diseases, oncology, autoimmune disorders, rare diseases, and latent viruses
- Moderna’s R&D expenditure declined to $3.13B in 2025 from $4.54B in 2024, representing a 31.1% decrease. The reduction was primarily driven by lower clinical study and manufacturing expenses following the wind-down of large P-III respiratory programs, reduced preclinical research and consulting costs due to portfolio prioritization, and the absence of prior-year expenses related to the purchase of two priority review vouchers, partially offset by increased investment in its norovirus vaccine and oncology programs
- In April 2026, the EC approved mCOMBRIAX for the prevention of influenza and COVID-19, marking another milestone in Moderna’s mRNA vaccine portfolio
19. Vertex Pharmaceuticals
R&D Expenditure: $3.9B
Market Cap: $122.26B
Founded Year: 1989
Total Employees: 6400
Headquarters: Massachusetts, United States
Stock Exchange: NASDAQ
- Vertex Pharmaceuticals is renowned for developing transformative therapies for serious diseases, expanding beyond its leadership in cystic fibrosis into sickle cell disease, acute pain, kidney diseases, and type 1 diabetes
- Vertex Pharmaceuticals increased its R&D expenditure to $3.90B in 2025 from $3.63B in 2024, recording a 7.4% increase. The additional investment was primarily directed toward advancing multiple mid- and late-stage clinical development programs across its expanding pipeline
- In July 2026, AbCellera and Vertex Pharmaceuticals entered into a collaboration to develop next-generation T-cell engagers
18. Takeda
R&D Expenditure: $4.455B
Market Cap: $55.57B
Founded Year: 1781
Total Employees: 47000
Headquarters: Tokyo, Japan
Stock Exchange: TYO
- Takeda blends more than two centuries of pharmaceutical heritage with cutting-edge research to develop innovative medicines across gastroenterology, rare diseases, oncology, neuroscience, vaccines, and plasma-derived therapies
- Takeda’s R&D expenditure totaled $4.45B in 2025, compared with $4.50B in 2024, representing a marginal 1.1% decline. The slight decrease reflected disciplined portfolio management while the company continued to invest in advancing its late-stage pipeline and core research programs
- In July 2026, Takeda reported positive P-III (LATITUDE) study data for zasocitinib in patients with plaque psoriasis
17. Gilead Sciences
R&D Expenditure: $5.79B
Market Cap: $162.99B
Founded Year: 1987
Total Employees: 17000
Headquarters: California, United States
Stock Exchange: NASDAQ
- Gilead has transformed the treatment landscape for several serious diseases while continuing to expand its research across virology, oncology, inflammation, liver diseases, and cell therapy
- Gilead reported R&D expenditure of $5.79B in 2025, compared with $5.90B in 2024, representing a 1.9% decline. The decrease was mainly attributable to lower personnel, infrastructure, and integration costs following the CymaBay acquisition in 2024, reduced restructuring expenses, and lower study-related and clinical manufacturing costs, partially offset by fair value adjustments related to MYR contingent consideration
- In December 2025, Gilead entered into an agreement to acquire Repare Therapeutics’ Polθ ATPase inhibitor RP-3467 for ~$30M, strengthening its oncology research portfolio
16. Regeneron
R&D Expenditure: $5.85B
Market Cap: $77.41B
Founded Year: 1988
Total Employees: 15300
Headquarters: New York, United States
Stock Exchange: NASDAQ
- Regeneron is recognized for its science-driven approach to developing breakthrough medicines across oncology, immunology, ophthalmology, cardiovascular diseases, infectious diseases, and rare genetic disorders
- Regeneron increased its R&D expenditure to $5.85B in 2025 from $5.13B in 2024, reflecting a 14.0% increase. The higher spending was primarily driven by the advancement of its broad late-stage clinical pipeline and continued investments in expanding its US manufacturing infrastructure
- In June 2026, CytomX Therapeutics and Regeneron expanded their collaboration in a potential ~$4B deal to develop tumour-activated bispecific cancer therapies
15. Bayer
R&D Expenditure: $6.78B
Market Cap: $47.66B
Founded Year: 1863
Total Employees: 87800
Headquarters: Leverkusen, Germany
Stock Exchange: ETR
- Bayer combines its pharmaceutical expertise with broader life science capabilities to develop innovative therapies across oncology, cardiovascular diseases, women’s health, radiology, ophthalmology, and cell and gene therapy
- Bayer reported R&D expenditure of $6.78B in 2025, compared with $6.46B in 2024, representing a 5.0% increase. The year-over-year growth was primarily attributable to favourable currency exchange effects, while R&D spending declined when measured in euros
- In June 2026, the US FDA approved Ambelvist, Bayer’s MRI contrast agent designed to enhance the detection of lesions during magnetic resonance imaging
14. Amgen
R&D Expenditure: $7.27B
Market Cap: $209.21B
Founded Year: 1980
Total Employees: 31500
Headquarters: California, United States
Stock Exchange: NASDAQ
- Amgen is a biotechnology pioneer known for translating advanced science into innovative biologic medicines across oncology, inflammation, cardiovascular diseases, nephrology, bone health, and rare diseases
- Amgen’s R&D expenditure rose to $7.27B in 2025 from $5.96B in 2024, representing a 22.0% increase. The growth was driven by greater investment in later-stage clinical programs, including MariTide, and research and early pipeline activities, together with the impact of business development initiatives, partially offset by lower spending on marketed product support
- In June 2026, Amgen received European Commission approval for Imdylltra for the treatment of extensive-stage small cell lung cancer (ES-SCLC)
13. Boehringer Ingelheim (BI)
R&D Expenditure: $7.52B
Market Cap: N/A
Founded Year: 1885
Total Employees: 54300
Headquarters: Rhein, Germany
Stock Exchange: N/A
- Boehringer is advancing innovation across both human and animal health, with research focused on oncology, cardiovascular, renal and metabolic diseases, respiratory diseases, immunology, and mental health
- Boehringer increased its R&D expenditure to $7.52B in 2025 from $6.47B in 2024, reflecting a 16.2% increase over the previous year, underscoring the company’s continued commitment to advancing its global research pipeline and accelerating the development of innovative therapies
- In June 2026, Combotope Therapeutics and Boehringer entered into a collaboration to develop next-generation cancer antibody therapies
12. Novo Nordisk
R&D Expenditure: $8.19B
Market Cap: $176.7B
Founded Year: 1923
Total Employees: 67900
Headquarters: Bagsværd, Denmark
Stock Exchange: CPH
- Novo Nordisk has established itself as a global leader in chronic disease care, driving innovation across diabetes, obesity, rare diseases, cardiovascular diseases, and other serious conditions
- Novo Nordisk invested $8.19B in research and development during 2025, up from $6.71B in 2024, marking a 22.1% increase. The higher expenditure was mainly driven by late-stage clinical studies for obesity therapies, including cagrilintide, alongside expanded early-stage research activities and continued investment in its cardiovascular pipeline
- In July 2026, Novo Nordisk presented long-term P-III (FRONTIER4) study data for Mim8 in patients with haemophilia A at the ISTH 2026 Congress
11. AbbVie
R&D Expenditure: $9.09B
Market Cap: $454.79B
Founded Year: 2013
Total Employees: 57000
Headquarters: Illinois, United States
Stock Exchange: NYSE
- AbbVie continues to expand its innovation footprint by developing therapies for some of the world’s most challenging diseases, including immunology, oncology, neuroscience, eye care, and aesthetics
- AbbVie’s R&D expenditure totaled $9.09B in 2025, compared with $12.79B in 2024, representing a 28.9% decline. The decrease was primarily due to significantly lower intangible asset impairment charges, while underlying R&D spending increased to support the advancement of pipeline assets across all stages of development
- In June 2026, AbbVie and Genmab reported positive P-III (EPCORE DLBCL-4) study results for epcoritamab in combination with lenalidomide for the treatment of relapsed/refractory diffuse large B-cell lymphoma (R/R DLBCL)
10. Sanofi
R&D Expenditure: $9.22B
Market Cap: $103.76B
Founded Year: 1973
Total Employees: 74800
Headquarters: Paris, France
Stock Exchange: EPA
- Sanofi combines scientific innovation with a diverse global portfolio to develop medicines and vaccines across immunology, rare diseases, oncology, neurology, specialty care, and general medicines
- Sanofi increased its R&D expenditure to $9.22B in 2025 from $7.70B in 2024, representing a 19.7% increase. The higher investment was driven by the strategic prioritization of key therapeutic areas, particularly immunology, rare diseases, neurology, and vaccines, together with wind-down costs related to the discontinued E. coli sepsis vaccine candidate and investments from new acquisitions and in-licensing agreements completed during the year
- In July 2026, Aqemia expanded its multi-year drug discovery collaboration with Sanofi following the nomination of a new therapeutic target, further advancing the use of physics-based generative AI to accelerate the discovery of novel small-molecule medicines
9. Bristol-Myers Squibb (BMS)
R&D Expenditure: $9.95B
Market Cap: $132.45B
Founded Year: 1887
Total Employees: 32500
Headquarters: New Jersey, United States
Stock Exchange: NYSE
- Bristol Myers Squibb is dedicated to developing transformative therapies that improve patient outcomes across oncology, hematology, immunology, cardiovascular diseases, and neuroscience
- BMS’ R&D expenditure declined to $9.95B in 2025 from $11.15B in 2024, a decrease of 10.8%. The reduction was primarily attributable to lower IPR&D impairment charges, ongoing strategic productivity initiatives that generated cost savings, and lower acquisition-related cash settlements for unvested stock awards
- In May 2026, BMS entered into a potential $15.2B partnership with Hengrui Pharma to advance 13 early-stage programs spanning oncology, hematology, and immunology
8. GSK
R&D Expenditure: $10.15B
Market Cap: $78.24B
Founded Year: 2000
Total Employees: 66800
Headquarters: London, United Kingdom
Stock Exchange: LON
- GSK is focused on preventing and treating disease through innovative medicines and vaccines, with expertise spanning respiratory diseases, immunology, oncology, HIV, infectious diseases, and specialty medicines
- GSK recorded R&D expenditure of $10.15B in 2025, up from $8.04B in 2024, marking a 26.2% increase. The growth was driven by higher core R&D investment and increased impairment charges, including a £471M charge related to the termination of the belrestotug (anti-TIGIT monoclonal antibody) development programme in the second quarter of 2025
- In July 2026, GSK reported positive P-II (AZUR-1) study data for Jemperli in patients with dMMR/MSI-H locally advanced rectal cancer
7. Pfizer
R&D Expenditure: $10.43B
Market Cap: $141.97B
Founded Year: 1849
Total Employees: 75000
Headquarters: New York, United States
Stock Exchange: NYSE
- Pfizer remains one of the world’s most influential biopharmaceutical companies, delivering innovative medicines and vaccines across oncology, immunology, inflammation, rare diseases, internal medicine, and infectious diseases
- Pfizer spent $10.82B on research and development in 2025, compared with $10.43B in 2024, representing a 3.7% increase. R&D investments were supported by pipeline-focused initiatives and portfolio optimization efforts, including the expansion of digital capabilities, despite lower compensation-related expenses and reduced spending across selected programs
- In July 2026, the US FDA granted Priority Review to Pfizer’s supplemental New Drug Application for Talzenna in combination with Xtandi for the treatment of patients with HRR-gene mutated metastatic castration-sensitive prostate cancer (mCSPC)
6. Novartis
R&D Expenditure: $11.2B
Market Cap: $320.08B
Founded Year: 1996
Total Employees: 75300
Headquarters: Basel, Switzerland
Stock Exchange: SWX
- Novartis is redefining modern healthcare by investing in innovative medicines that address major health challenges across cardiovascular, renal and metabolism, immunology, neuroscience, oncology, and rare diseases
- Novartis increased its R&D expenditure to $11.20B in 2025 from $10.02B in 2024, reflecting an 11.8% increase over the previous year. The higher spending was driven by increased investments in confirmatory development, research, and exploratory development, primarily following the addition of recently acquired assets
- In June 2026, Novartis reported positive P-III (RemIND) study data for remibrutinib in patients with chronic inducible urticaria (CIndU)
5. Eli Lilly
R&D Expenditure: $13.33B
Market Cap: $1.09T
Founded Year: 1876
Total Employees: 50000
Headquarters: Indiana, United States
Stock Exchange: NYSE
- Eli Lilly continues to shape the future of medicine through breakthrough therapies, with a growing portfolio spanning diabetes, obesity, oncology, immunology, neuroscience, and cardiovascular diseases
- Eli Lilly’s R&D expenditure rose to $13.33B in 2025 from $10.99B in 2024, representing a 21.3% increase. The growth was primarily driven by continued investments across its early- and late-stage development portfolio, supporting the advancement of multiple pipeline candidates
- In July 2026, Eli Lilly reported positive P-III (TRIUMPH-2 and TRIUMPH-3) results for retatrutide in the treatment of obesity
4. AstraZeneca
R&D Expenditure: $14.23B
Market Cap: $265.16B
Founded Year: 1999
Total Employees: 96100
Headquarters: Cambridge, United Kingdom
Stock Exchange: LON
- AstraZeneca is recognized for transforming scientific discoveries into innovative medicines, with a strong focus on oncology, rare diseases, cardiovascular, renal and metabolism, respiratory, immunology, vaccines, and infectious diseases
- AstraZeneca allocated $14.23B to research and development in 2025, up from $13.58B in 2024, marking a 4.8% increase. The higher investment reflected continued funding for advanced technology platforms, new research capabilities, and innovation initiatives aimed at strengthening its R&D organization
- In July 2026, AstraZeneca reported P-III data for Sone-Ve in patients with CLDN18.2-positive advanced gastric/gastroesophageal junction (G/GEJ) cancers
3. Johnson & Johnson
R&D Expenditure: $14.66B
Market Cap: $616.5B
Founded Year: 1886
Total Employees: 138000
Headquarters: New Jersey, United States
Stock Exchange: NYSE
- J&J is a global healthcare leader that combines pharmaceutical innovation with medical technology to address complex diseases across immunology, oncology, neuroscience, cardiovascular and metabolic disorders, pulmonary hypertension, and infectious diseases
- J&J invested $14.66B in research and development in 2025, compared with $17.23B in 2024. The 14.9% decline reflected greater investment leverage and portfolio prioritization, partly offset by acquired IPR&D expenses recorded in 2024 for the NM26 bispecific antibody, V-Wave, and a Laminar milestone
- In June 2026, J&J reported positive P-II/III (ENERGY) study data demonstrating the efficacy of Imaavy in patients with warm autoimmune hemolytic anemia (wAIHA)
2. Roche
R&D Expenditure: $15.49B
Market Cap: $316.39B
Founded Year: 1896
Total Employees: 113000
Headquarters: Basel, Switzerland
Stock Exchange: SWX
- Roche has built a global reputation for combining pharmaceuticals and diagnostics to deliver personalized healthcare, with leadership across oncology, immunology, ophthalmology, neuroscience, infectious diseases, and rare diseases
- Roche’s R&D expenditure increased to $15.49B in 2025 from $14.43B in 2024, representing a 7.3% year-over-year increase. The rise was primarily driven by favourable currency exchange effects, while R&D spending declined when measured in Swiss francs (CHF)
- In July 2026, Roche reported that the CHMP adopted a positive opinion recommending Susvimo for the treatment of neovascular age-related macular degeneration (nAMD) based on 3 studies: P-III (Archway), P-II (LADDER) & open-label LTE study (Portal)
1. Merck & Co.
R&D Expenditure: $15.78B
Market Cap: $320.56B
Founded Year: 1891
Total Employees: 74000
Headquarters: New Jersey, United States
Stock Exchange: NYSE
- Merck is one of the world’s leading research-driven pharmaceutical companies, advancing innovative medicines and vaccines across oncology, infectious diseases, immunology, cardiometabolic disorders, neuroscience, and animal health
- In 2025, Merck’s R&D expenditure decreased to $15.78B from $17.93B in 2024, representing a 12.0% decline from the previous year, primarily due to lower charges for business development activity
- In July 2026, Merck reports P-III (KEYNOTE C93) study data on Keytruda for endometrial cancer with dMMR tumours
Criteria:
- Company Websites
- Press Releases
- Annual Reports
- Quarterly Reports
- Google Finance
- OANDA
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