Ranking of Pharma MNCs based on the revenue of FY25 reflects interesting trends in global pharmaceutical market as it captures the impact of successful new launches, loss of exclusivity, changes in segment revenue, impact of exchange rate, impact on revenue due to presence in various geographies, and respective companies’ preparedness to stay relevant.

Johnson & Johnson (J&J) retained the number 1 position with a total revenue of $94.193 Bn in FY25 ($53.752 Bn from the U.S., $40.441 Bn from international markets). On YoY basis, FY25 revenue of J&J went up by 6%. Roche Group retained no. 2 position with sales of CHF 61.5 Bn ($74.4 Bn) representing a 7% increase at constant exchange rates. Sales comprised Pharma sales (CHF 47.7 Bn), and Diagnostic sales (CHF 13.8 Bn).

Eli Lilly & Co. saw a major jump, by achieving 3^rd rank in revenue in FY25 ($65.179 Bn), up from 10^th rank in FY24 when it had revenue of $45.043 Bn. 45% increase in total revenue was mainly attributed to growth in the sales of three key products namely Mounjaro with a revenue of $22.965 Bn in FY25, up from $11.540 Bn in FY24 with 99% growth, and Zepbound with a revenue of $13.542 Bn in FY25, up from $4.926 Bn in FY24 with 175% growth. Verzenio, the third major contributor had a revenue of $5.723 Bn in FY25, up from $5.307 Bn in FY24.

Worldwide sales of Merck & Co., Inc. for FY25 touched $65.0 Bn to which Keytruda contributed $31.7 Bn. Keytruda is slated for a loss of exclusivity (LOE) in 2028. Merck & Co. has two patents on Keytruda which extend through late 2029. Major contribution came from Pharma Sales ($58.14 Bn) and Animal Health products ($6.35 Bn).

Pfizer Inc. had the revenue of $62.58 Bn with 2% YoY operational decline. Contribution came from Product revenue ($51.66 Bn), Alliance revenue ($9.27 Bn), and Royalty revenue ($1.65 Bn).

AbbVie Inc. had full-year net revenue of $61.16 Bn with contribution from Immunology Portfolio ($30.406 Bn), Neuroscience Portfolio ($10.767 Bn), Oncology Portfolio ($6.655 Bn), and Aesthetics Portfolio ($4.86 Bn).

AstraZeneca reported total revenue of $58.739 Bn for FY25, out of which 43% came from the US market. Contribution to total revenue came from Oncology (44%), Cardiovascular, Renal and Metabolism (CVRM) (22%), Respiratory & Immunology (R&I) (15%), Vaccines & Immune Therapies (V&I) (2%), Biopharmaceuticals (39%), Rare Disease (16%), and Other Medicines (2%).

Novartis had Net Sales of $54.532 Bn in FY25, up from $50.317 Bn in FY24. With 9.9% increase, Sanofi had Net Sales of €43.63 Bn ($52.85 Bn) in FY25 as compared to €41.08 Bn ($47.92 Bn) in FY24.

$48.19 Bn revenues of Bristol Myers Squibb comprised Growth Portfolio revenue ($26.40 Bn) and Legacy Portfolio ($21.8 Bn). Turnover of Denmark’s Novo Nordisk for FY25 touched Danish Krone (DKK) 309,064 Mn ($46.81 Bn).

Abbott Labs’s sales of $44.33 Bn for FY25 comprised the U.S. sales ($17.13 Bn) and International Sales ($27.20 Bn). $8.45 Bn came from Nutrition, $8.45 Bn from Diagnostics, $5.54 Bn from Established Pharmaceuticals, and $21.39 Bn from Medical Devices.  GSK had revenue of £32.7 Bn (or $43.16 Bn based on CER of 1.3188) in FY25.

For FY25, total revenues of Amgen increased 10% to $36.8 Bn in comparison to FY24. Product sales grew 10%, driven by 13% volume growth, and was partially offset by 3% lower net selling price. 14 products of the company exceed $1 Bn in annual sales. 13 products of Amgen delivered at least double-digit growth for FY25.

FY25 revenue of Gilead Sciences increased 2% to $29.4 Bn out of which product sales amounted to $28.9 Bn that was primarily driven by higher sales of HIV and Liver Disease products, and $383 Mn came from royalty, contract, and other revenues.

Takeda’s revenue for FY25 (Jan-Dec. 2025) of ¥4,464.60 Bn comes to $28.47 Bn which otherwise follows FY running from April 1^st to March 31^st of the following calendar year.

With 6.3% growth, Boehringer Ingelheim, an unlisted company, had Group net sales of EUR 14,037 Mn comprising Human Pharma (EUR 11,326 Mn) and Animal Health (EUR 2,631 Mn) for first half of 2025 in addition to other revenue. The company will declare annual results of 2025 on March 25, 2026. Another German major – Bayer Group had sales of €45,575 Mn for 2025, down from €46.6 Bn in FY24. Excluding Crop Science segment, sales of Pharma and Consumer Health segment stood at €23,631 Mn (or $27.88 Bn).

Revenues of Teva Pharma in 2025 were $17,258 Mn, an increase of 4% in USD, or 3% in local currency terms, compared to 2024. Revenues from the U.S. segment in 2025 were $9,186 Mn which were 14% higher compared to 2024. Revenues from the Europe segment declined to $5,040 Mn in 2025, from $5,103 Mn in 2024.

Otsuka Holdings of Japan had turnover of ¥2,329.90 Bn in FY24 that rose to ¥2,468.89 Bn in FY25. For Australia’s CSL Limited, Annual Revenue from July 1, 2024 to June 30, 2025 stood at US $15.56 Bn (FY in Australia from July 1-June 30)

Total revenue of Viatris declined to $14,299.9 Mn in 2025, from $14,739.30 Mn in FY24. Regeneron earned revenue of $14.34 Bn for FY25 ($14.20 Bn in FY24). By the end of FY25, the company had approximately 45 product candidates in clinical development, including certain marketed products for which it was investigating additional indications. Collaboration revenue of $5.88 Bn came from Sanofi and $1.42 Bn from Bayer.

Astellas Pharma’s revenue worked out ¥2,060.62 Bn (or $13.14 Bn), and Daiichi Sankyo’s revenue for comparable period of January 1, 2025 to December 31, 2025 worked out ¥ 2,052.15 Bn (or $13.09 Bn).

Vertex Pharma’s revenue of $12.0 Bn in FY25 (YoY increase of 9.0%) was primarily driven by the continued performance of cystic fibrosis (CF) therapies. In the U.S., total revenue increased 13% to $7.55 Bn due to continued strong CF patient demand, and higher realized net prices in CF versus the prior year.

Baxter, the U.S. major, had sales of $11.24 Bn in FY25 which were 3% higher than FY24 sales ($10.6 Bn).  Product category-wise Medical Products & Therapies contributed $5,299 Mn, $3,071 came from Healthcare Systems & Technologies, contribution of Pharmaceuticals stood at $2,493 Mn, and $381 Mn came from other sources.

Table 1: Revenue of Top Pharma MNCs

Total Annual Revenue ($ Bn)

Source: Compiled from Annual Reports for 2024, 2025 and Q4 (Dec. 2025) release of respective companies

Sandoz AG had net sales of $11,086 Mn for FY25, up from $10,357 Mn for FY24. Other revenue of the company went up from $27 Mn for FY24 to $71 Mn for FY25.

Biogen Inc. revenue for FY25 touched $9.89 Bn. Multiple Sclerosis product revenue contributed $4.04 Bn to total revenue. Rare disease revenue of $2.15 Bn was the 2^nd highest contributor to total revenue.

Net Sales of Merck KGaA declined to €21.102 Bn in FY25 from €21.156 Bn in FY24, thereby registered a decline of 0.3 per cent. However, Healthcare brought just €8.6 Bn (~$9.30 Bn) in revenue that is primarily from pharma.

To conclude, ranking of global Pharma MNCs for FY25 shows continued domination of American and European pharma companies.

Dr. Anil Kumar Angrish- Associate Professor (Finance and Accounting), Department of Pharmaceutical Management,NIPER S.A.S. Nagar (Mohali), Punjab

Disclaimer: Views are personal and do not represent the views of the Institute.