The top 20 pharma companies by 2025 revenue in US $
Each year, Fierce Pharma releases a series of comprehensive reports detailing the overall performance of the Biopharmaceutical industry. This particular report focuses on the leading 20 pharmaceutical companies ranked by their 2025 revenues, reported in US dollars. Notably, the composition of the top 20 companies remained unchanged compared to the previous year, with no new entrants in 2025.
In 2025, Eli Lilly experienced substantial growth, with revenue surging by 45% from $45 billion in 2024 to $65.2 billion. This impressive increase propelled Eli Lilly from eighth to third position in the rankings. The majority of this $20.2 billion increase can be attributed to the success of its diabetes and obesity medications, Mounjaro and Zepound. It is noteworthy that no other company in the top 20 reported a sales increase exceeding 10%.
An analysis of the 2025 rankings reveals that, among the top 10 pharmaceutical companies, six are based in the United States and four in Europe. Expanding the scope to the top 20, the list comprises nine European companies, eight American, one Japanese, one Israeli, and one Australian.
The 2025 ranking for European companies is slightly biased due to a weakened US dollar against both the Euro and the Swiss Franc. Four companies : Pfizer, Bristol Myers Squibb (BMS), Takeda, and Bayer, experienced a decline in revenue during the year.
Collectively, the top 10 pharmaceutical companies generated sales totalling $632 billion in 2025, while the top 20 companies achieved a combined revenue of $928 billion.
1. Johnson & Johnson
2025 revenue: $94.2 billion
2024 revenue: $88.8 billion
Change: +6.1%
2. Roche
2025 revenue: 61.5 billion Swiss francs ($74 billion)
2024 revenue: 60.5 billion Swiss francs ($68.7 billion)
Change: +1.7%
3. Eli Lilly
2025 revenue: $65.2 billion
2024 revenue: $45 billion
Change: +45%
4. Merck
2025 revenue: $65 billion
2024 revenue: $64.2 billion
Change: +1%
5. Pfizer
2025 revenue: $62.6 billion
2024 revenue: $63.6 billion
Change: -1.6%
6. AbbVie
2025 revenue: $61.2 billion
2024 revenue: $56.3 billion
Change: +8.3%
7. AstraZeneca
2025 revenue: $58.7 billion
2024 revenue: $54.1 billion
Change: +8.6%
8. Novartis
2025 revenue: $56.7 billion
2024 revenue: $51.7 billion
Change: +9.6%
9. Sanofi
2025 revenue: 46.2 billion euros ($52.2 billion)
2024 revenue: 43.9 billion euros ($47.6 billion)
Change: +10.3%
10. Bristol Myers Squibb
2025 revenue: $48.2 billion
2024 revenue: $48.3 billion
Change: -0.2%
11. Novo Nordisk
2025 revenue: 309 billion Danish kroner ($46.7 billion)
2024 revenue: 290.4 billion Danish kroner ($42.1 billion)
Change: +6.4%
12. GSK
2025 revenue: £32.7 billion ($43.1 billion)
2024 revenue: £31.4 billion ($40.1 billion)
Change: +4.1%
13. Amgen
2025 revenue: $36.8 billion
2024 revenue: $33.4 billion
Change: +10%
14. Takeda
2025 revenue: 4.46 trillion Japanese yen ($29.8 billion)
2024 revenue: 4.57 trillion Japanese yen ($30.2 billion)
Change: -2.5%
15. Boehringer Ingelheim
2025 revenue: 27.8 billion euros ($31.4 billion)
2024 revenue: 26.8 billion euros ($29.0 billion)
Change: +4%
16. Gilead
2025 revenue: $29.4 billion
2024 revenue: $28.8 billion
Change: +2.4%
17. Bayer
2025 revenue: 23.6 billion euros ($26.7 billion)
2024 revenue: 24.0 billion euros ($26.0 billion)
Change: -1%
18. Merck KGaA
2025 revenue: 17.6 billion euros ($19.8 billion)
2024 revenue: 17.4 billion euros ($18.8 billion)
Change: +1.3%
19. Teva
2025 revenue: $17.3 billion
2024 revenue: $16.5 billion
Change: +4.4%
20. CSL
2025 revenue: $15.4 billion
2024 revenue: $14.8 billion
Change: +5.1%
The following four companies did not make the cut but were close: Regeneron (21), Viatris (22), Astellas (23) and Daiichi Sankyo (24).
The full report by By Kevin Dunleavy from Fierce Pharma on
Comments ()