Top 10 pharmaceutical companies
The top 10 largest pharmaceutical companies in the world in 2025: the arrival of new treatments and innovative drugs is changing the game this year.
1. J&J (United States)
J&J has regained the position it held for many years. Although its sales logically fell from $100 billion to $85 billion (around €78.5 billion), this result was expected. J&J has divested its consumer products business and its well-known brands such as Neutrogena, Listerine and Nicorette, which are now united under the Kenvue banner. J&J has now simplified its business model to focus on two activities: innovative treatments and medtech. For 2024, J&J anticipates sales growth of around 5.5%, enough to consolidate its supremacy.
2. Roche (Switzerland)
Another pharmaceutical giant, Roche, had a more difficult year. Number two in the world, the Swiss laboratory experienced a drop in sales, linked in particular to the fall in sales of its Diagnostics division (-20%) and Covid-19 products. To turn the page, Roche intends to rely on its Pharmaceuticals division, which is holding up well, and on its best-seller, Ocrevus (ocrelizumab). The laboratory is forecasting growth of around 5% in 2025, in a bid to consolidate its place on the podium, well ahead of its American rivals.
3. MSD (United States)
MSD (Merck & Co in the US), the world’s third-largest pharmaceutical company, has been on a rollercoaster ride in 2023. The American laboratory has seen sales of its flagship drugs record flattering growths… or severe falls. Overall, sales just exceeded $60 billion, up 1%. One of the most satisfying products is Keytruda (pembrolizumab). MSD’s star monoclonal antibody confirms and strengthens its position as a blockbuster, with sales of over $25 billion over the past year (up 19%). For 2025, the laboratory is optimistic, forecasting sales growth of between $63.1 and $64.3 billion. This may be enough to take advantage of currency effects to catch up with Roche.
4. Pfizer (United States)
The first development, and the expected consequence of the pandemic’s decline, is that Pfizer will have been a short-lived Number 1 in the rankings. In 2024, the American laboratory will post sales down 42%. This decline is logically explained by the fall in sales of the Covid-19 vaccine, which plummet from $37.8 billion in 2022 to $11.2 billion in 2023. In spite of this, the period will have been an opportunity for the laboratory to strengthen its position in oncology and the very buoyant ADC or antibody-drug conjugate segment, a type of treatment for which agreements have been multiplying in recent months. At the end of 2024, Pfizer finalized the acquisition of Seagen for a record $43 billion. “A crucial step towards our goal of achieving world-class leadership in oncology”, says Albert Bourla, the group’s CEO.
5. AbbVie (United States)
The year was more mixed for AbbVie, which suffered from the arrival of biosimilars opposite its best-selling drug (Humira), down 32%. The company is counting on the ramp-up of Skyrizi and Rinvoq to restore growth from 2025, and offset the expected decline in Humira, which was once the world’s best-selling drug.
6. Sanofi (France)
Still stable in the top 10, Sanofi benefits from Novartis’ reorganizations to move up one place in the ranking. The French laboratory is seeing its sales increase over time, thanks to its flagship product Dupixent, which will reach sales of €12 billion this year, but also thanks to its new product Beyfortus, for the prevention of respiratory syncytial virus (RSV) in infants. Sanofi hopes to see the product become a blockbuster by 2025. The laboratory is also preparing for the spin-off of its consumer healthcare business, scheduled for the fourth quarter, which, with a shortfall in sales of over €5 billion, could push the French giant down the rankings.
7. AstraZeneca (Swedish-British)
With modest growth, AstraZeneca remains firmly in fifth place and can count on a good first quarter in 2024 (+19%) and expected double-digit growth over the year to maintain its position. In the longer term, the laboratory is forecasting continued strong growth over the decade, with a target of $80 billion in sales by 2030.
8. Novartis (Switzerland)
Like J&J, Swiss laboratory Novartis has divested part of its activities, with the separation of Sandoz (generics and biosimilars). Despite this divestment, which pushes it down the rankings, Novartis can look forward to sales growth of 8% on a like-for-like basis, reaching $45.5 billion in 2023. Now focused on cardiovascular, renal and metabolic diseases, immunology, neuroscience and oncology, Novartis entered 2025 with first-quarter growth of 10%, and hopes to achieve similar growth in 2026.
9. BMS (United States)
It was also a year of transition for BMS, which was also in decline, with sales down 2%, weighed down by the results of Revlimid, its multiple myeloma treatment which is seeing competition from generic drugs. For 2025, BMS is expected to return to growth, with first-quarter sales already up 5% on 2024.
10. GSK (United Kingdom)
After a number of difficult years, British laboratory GSK returned to growth in 2023, boosted in particular by sales of its Vaccines segment, with, unsurprisingly, Shingrix (£3.4 bn in sales), indicated against shingles, and the most recent, Arexvy, approved in spring 2024 for people over sixty, to prevent RSV infections. Sales of this product have already reached £1.2 billion. For 2025, the laboratory expects sales growth of between 5% and 7%. Despite these results, GSK is likely to be knocked out of the top 10 by 2025, with strong growth expected from Lilly and Novo Nordisk.
Ranking of the world’s pharmaceutical companies in 2025
Methodology: classification according to annual sales (2025), exchange rates at December 31, 2025 for conversions.
