The pharma sector plays an important role in healthcare worldwide. It has been helping in the development of life-saving treatments for years. The ultimate purpose of pharma firms has been to improve well-being to the brim. You might not know but the pharma sector is making continuous growth worldwide. It made a total revenue of over US $1.6 trillion in 2023. We all know the COVID-19 pandemic has caused many disturbances in the last few years. This has caused pharmaceutical firms to always remain agile. For instance, new medications and treatments are being manufactured, WHO-approved and marketed. This has increased market growth and also benefited many sectors, like biochemistry. In this article, you will walk through the world largest pharma companies by revenue. So, keep reading!
The World’s Largest Pharmaceutical Companies
The following is the checklist of the world’s largest pharma companies you should know.
- Pfizer
- F Hoffmann-La Roche Ltd
- Johnson & Johnson
- Merck & Co
- Sanofi
- Roche
- AstraZeneca
- Bristol-Myers Squibb
- GSK
- Bayer
- Moderna
- AbbVie
Pfizer
Pfizer is an American multinational pharma corporation which has always been on top. It specializes in the development of medicines in many disciplines, like neurology.
In 2023, the firm made a huge revenue of around $58.5 bn. The firm’s sales increased to 100 bn US dollars when they produced the mRNA vaccine for Comirnaty. Pfizer has created new ways for future growth. According to the CEO, the firm made a great discovery with the FDA approving 9 new molecular products. These entities would have chances to improve Pfizer’s performance in the future.
F Hoffmann-La Roche Ltd
In 2023, Roche was the pharma company with the second-highest revenues. The group sales of this firm rose by up to 1% at continual exchange rates to $66.4 bn. You would be surprised to know that this sales growth hindered the reduction in COVID-19-related sales as a result.
On top of that, F Hoffmann-La Roche Ltd has made 128 years of history in medicine. It has been at the forefront of neuroscience and infectious diseases for many years. Leading this growth were several other therapies, including eye medicine Vabysmo, and others. There have also been some key advancements during 2023 and 2024. For instance, the FDA approval of the medicine Vabysmo. The purpose of this medicine was to treat the severe eye condition.
Johnson & Johnson
Johnson & Johnson is one of the largest healthcare firms in the globe. In January 2024, the company claimed strong financial growth in Q4 2023 (the final quarter of 2023). Moreover, the reported sales rose by up to 7.3% to over $21.4 bn in contrast to the previous year 2022.
The headquarters of Johnson & Johnson are present in NJ (New Jersey). This company develops pharmaceuticals, medical devices, and consumer health goods. The revenues increased by up to 4% in 2023 for the innovative medicine division of the firm. This was because of various key performers, like Stelara, Tremfya, Teclistamab, and Darzalex. J & J has also got FDA approval for Balversa to treat metastatic urothelial carcinoma.
Merck & Co
The therapeutic areas of Merck & Co are cancer, fertility, and diabetes. Though the total revenue of this firm increased by only 1.4% in 2023, it still managed to rank higher at the 3rd position. Aside from this, Keytruda was the biggest-selling drug by this company in 2022.
With FDA approval for treating 16 types of cancer, the drug made US $25 billion across the globe. The company is famous for developing biological therapies, vaccines, and medicines. In 2022, it distributed over 203 million doses throughout the world. HPV vaccine Gardasil was the second-largest drug by Merck which increased the sales by up to 29%. Moreover, sales of its diabetes drug Januvia declined by up to 25% as its demand decreased in the market.
Sanofi
Sanofi provides effective healthcare solutions to more than 100 countries. The three main focuses of this firm are vaccines and speciality care. Over the last few years, Sanofi has grown into the leading healthcare company in the world. Not only this but it has also become the 8th largest pharma company in the world by revenue.
In 2023, the company generated up to US $46.16 billion of sales driven by eczema treatment, and Dupixent. You might not know but Sanofi is also the first global supplier of the injectable polio vaccine. The firm covers 6 major areas, including diabetes, oncology, and many others.
In 2022, the company made up to 7% growth in profit because of its dermatitis drug, Dupixent. This drug produced more than US $7.5 billion last year which was a 44% increase in the revenue from the previous year. The drug will reach more than US $10.5 billion this year.
AstraZeneca
AstraZeneca is also considered the world’s largest pharma company. It specializes in oncology, infection, pain control, and several other therapeutic areas. This British-Swedish firm has partnerships with other pharma corporations, including Ionis Pharmaceuticals. It has also paired up with Oxford University to provide massive vaccines for COVID-19.
The firm’s major product, Alexion, generated more than $7.1 billion in revenue in 2022. AstraZeneca also developed lung cancer treatment which increased its growth to the brim.
In December 2023, the company made an agreement to get Icosavax. To further strengthen their portfolio, AstraZeneca partnered with Gracell Biotechnologies as well. The purpose of this pairing was to enrich the firm’s advancements in cell therapies. As per the CEO of the company, they aim to deliver more growth in the future.
Bristol-Myers Squibb
This pharma company focuses on the areas of cardiology, immunology, oncology, and haematology. It develops medicines for the treatment of severe diseases. In November 2019, the firm launched a US $74 billion product. This increased the company’s ranking from 7th to the 9th top pharma firm. Moreover, the revenues for the firm decreased by up to 2% in 2023.
In 2024, the firm placed bets on expanding its famous drugs Opdivo and Eliquis. As per the CEO of the company, they focus on delivering strong commercial execution. The purpose of this is to enhance the company’s growth profile in 2025 and beyond. With new IRA prices in 2026, the firm expects a huge increase in sales of Eliquis which is a positive sign of its growth.
GSK
GSK ( GlaxoSmithKline) specializes in the fields of biologics, medicines, and vaccines. The major offerings of this company are diabetes, infections, cancer and asthma. GSK has products for cold sores and oral healthcare as well. In 2023, revenues for this firm grew by 3.4% from US $29.32 billion in 2022. Its FDA-approved RSV vaccine Arrexy generated a lot of revenue last year. At the end of 2023, the company completed the achievement of Bellus Health.
In February 2024, they announced the acquisition of Aiolo Bio. Adding more to this, GSK also aims to deliver tremendous growth in 2031 and beyond. The total revenue generated by this pharma company in 2024 is around US $10.20 billion.
Bayer
Bayer has its headquarters located in Germany. This is a multinational pharma came to the market in 1863. It is popular as a leader in the development of innovative medicines. The company operates in various key sectors, including consumer health and medicine.
Notable products developed by this pharma company are Mirena, Eylea, and Xarelto. Bayer is famous for its groundbreaking contributions to the development of new technologies. The company also invests in R&D to produce cutting-edge therapies, such as gene therapy. It generated more than US $48 billion in 2024. They are striving hard to make a continual development in medicines for an improved life.
Eli Lilly
Eli Lilly is currently considered a major market leader in obesity drugs. It has increased its research and development budget by up to 29% in 2023. For instance, the R&D funds of the company reached US $9.31 billion to further bolster drug development. This is backed up by up to 27% of the R&D budget to revenue ratio. Eli Lilly aims to build products that can reduce muscle loss due to incretin medications. Novo’s Wegovy is One of the best examples here.
Above all, the main focus of Eli Lilly is to manufacture next-generation obesity drugs. Many people don’t know that the firm has invested in radiopharmaceuticals as well. They made this possible by acquiring POINT Biopharma for more than US $1.4 billion late last year.
AbbVie
AbbVie was founded in 2013 and has over 50,000 employees in 70 different countries. The firm is experiencing the patent expiration of Adalimumab. Luckily, it has increased its R&D budget to US $7.7 billion in 2023. The company has made many ADC investments last year. For example, it acquired ImmunoGen for over US $10.1 billion. There was also the acquisition of Cerevel Therapeutics for US $8.7 billion.
On top of that, the company is also investing in oncology and immunology for better well-being. AbbVie even started a Phase-3 trial of Upadacitinib in hidradenitis suppurativa. It has also advanced its monoclonal antibody in Ulcerative colitis, and other indications. AbbVie’s neuroscience portfolio made a robust investment. There was up to 18.2% in global net revenues.
Despite various declines, the firm’s revenue reached over US $54.3 billion in 2024.
The Final Statement
Pharma companies are facing a new wave of innovation. For instance, there is the continual development of 3D printing and other technologies. Shortly, the potential for new and life-saving medicines is at an all-time high. China and the USA will be the major players and represent more of the medicine businesses. Over the coming years, there will be a rising demand for biosimilars and generics. This is the reason pharma companies must adapt to evolving technologies.