To The Moon

According to Statista, the industry’s revenue first surpassed $1 trillion in 2014 and steadily grew to $1.6 trillion by 2023, with North America, especially the U.S. market, driving much of this growth.

Evaluate Pharma projects that prescription drug sales alone will hit $1.7 trillion by 2030. So, which companies are leading the charge in pharmaceutical growth and innovation?

Here’s a snapshot of the top 10 global pharmaceutical companies by revenue for 2023, based on data from Fierce Pharma:

1. $Johnson & Johnson(JNJ)$

- 2023 Revenue: $85.16 billion

Known for its R&D and sales in both pharmaceuticals and medical devices. Last year, J&J spun off its consumer health segment into a new company, Kenvue.

Its drug sales grew, with Tremfya up 18% to $3.15 billion. Stelara also saw increased sales but will face biosimilar competition soon. The company projects a 5%-7% annual growth rate from 2025 to 2030.

2. $Roche Holding Ltd(RHHBY)$

- 2023 Revenue: $65.32 billion

Headquartered in Basel, Switzerland, Roche operates in pharmaceuticals and diagnostics. Despite a 7.2% drop in total revenue due to a stronger Swiss franc, its eye drug Vabysmo has been a standout performer.

3. $Merck(MRK)$

- 2023 Revenue: $60.10 billion

Focuses on diabetes, cancer, and multiple sclerosis. Its checkpoint inhibitor Keytruda saw a 19% increase in global sales to $25 billion, making it the world’s top-selling drug.

4. $Pfizer(PFE)$

- 2023 Revenue: $58.50 billion

Revenue dropped 41% primarily due to a decline in COVID-19-related product sales. Excluding these products, drug sales grew by 7%.

5. $AbbVie(ABBV)$

- 2023 Revenue: $54.30 billion

Known for drugs targeting chronic autoimmune, neurological, and metabolic diseases. With Humira losing market exclusivity in the U.S., AbbVie’s growth now depends more on its immunology drugs Skyrizi and Rinvoq.

6. $Sanofi SA(SNY)$

- 2023 Revenue: $46.60 billion

The main revenue driver is Dupixent, which has received approvals for several indications in recent years.

7. $AstraZeneca PLC(AZN)$

- 2023 Revenue: $45.81 billion

Collaboration in various therapeutic areas boosted its revenue by 3.3%, with oncology sales rising 20% to $17.1 billion.

8. $Novartis AG(NVS)$

- 2023 Revenue: $45.44 billion

Novartis spun off its generics and biosimilars division, Sandoz, becoming a pure-play innovator. Revenue grew by 7.7%.

9. $Bristol-Myers Squibb(BMY)$

- 2023 Revenue: $45.00 billion

The company is navigating a transformation phase with patent cliffs and policy changes (the Inflation Reduction Act’s drug price negotiations will start in 2026). Future growth will depend on key drugs like Eliquis and Opdivo as Revlimid’s dominance wanes.

10. $GlaxoSmithKline PLC(GSK)$

- 2023 Revenue: $38.40 billion

The company operates in pharmaceuticals, consumer health, and vaccines. Shingrix, a shingles vaccine, is a major growth driver, with a 17% increase contributing to a 3.4% revenue growth. The newly approved RSV vaccine, Arexvy, is expected to boost growth further.