According to Fierce Biotech Week, published on March 30, 2026
Top 10 pharma R&D budgets in 2025
Preamble.
The top ten pharmaceutical companies with the largest research and development (R&D) budgets in 2025 remain unchanged from the previous year, with only minor shifts in their rankings. Merck continues to lead the pack, maintaining its position at the top. Roche and Johnson & Johnson also retain their places among the leading three, reflecting their ongoing commitment to extensive and sustained R&D investment.
Eli Lilly stands out as a significant exception among these firms. The company has increased its R&D expenditure by 21%, marking a substantial boost in its research efforts compared to 2024. In contrast, several other major players—namely Bristol Myers Squibb, Johnson & Johnson, Merck, Roche and Pfizer—have reduced their R&D budgets in 2025 relative to the previous year. AbbVie decreased its research spending, by 21%, which may represent a correction following its considerable 66% increase in 2024.
1. Merck & Co.
R&D budget: $15.79 billion
Change from 2024: -12%
Total 2025 revenue: $65.01 billion
R&D budget as percentage of revenue: 24.3%
2. Roche
R&D budget: 12.24 billion Swiss francs ($14.73 billion)
Change from 2024: -6%
Total 2025 revenue: 63.36 billion Swiss francs ($76.24 billion)
R&D budget as percentage of revenue: 19.3%
3. Johnson & Johnson
R&D budget: $14.66 billion
Change from 2024: -14.9%
Total 2025 revenue: $94.2 billion
R&D budget as percentage of revenue: 15.6%
4. AstraZeneca
R&D budget: $14.23 billion
Change from 2024: 5%
Total 2025 revenue: $58.74 billion
R&D budget as percentage of revenue: 24.2%
5. Eli Lilly
R&D budget: $13.34 billion
Change from 2024: 21.4%
Total 2025 revenue: $65.18 billion
R&D budget as percentage of revenue: 20.47%
6. Novartis
R&D budget: $11.2 billion
Change from 2024: 12%
Total 2025 revenue: $54.5 billion
R&D budget as percentage of revenue: 20.6%
7. Pfizer
R&D budget: $10.44 billion
Change from 2024: -4%
Total 2025 revenue: $62.57 billion
R&D budget as percentage of revenue: 16.7%
8. Bristol Myers Squibb
R&D budget: $9.95 billion
Change from 2024: -11%
Total 2025 revenue: $48.2 billion
R&D budget as percentage of revenue: 20.6%
9. AbbVie
R&D budget: $9.1 billion
Change from 2024: -28.9%
Total 2025 revenue: $61.16 billion
R&D budget as percentage of revenue: 14.88%
10. Sanofi
R&D budget: 7.84 billion euros ($8.85 billion)
Change from 2024: 6%
Total 2025 revenue: 43.6 billion euros ($38.6 billion)
R&D budget as percentage of revenue: 18%
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