Top 10 Pharma Companies by Market Cap in 2025
Here are the top 10 pharmaceutical companies by market cap as of July 2025.
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| Credit: CompaniesMarketCap.com |
Lilly—boosted by sales of its diabetes and obesity drugs Moujaro and Zepbound—projects its sales to fall between $58 billion and $61 billion. Meanwhile, Novo—which also has been powered by sales of its diabetes and obesity treatments—is projecting sales to increase by a range of between 16% and 24%.
1. Eli Lilly
- 2024 revenue: $45 billion
- 2025 first quarter revenue: $12.73 billion (increased 45% compared with Q1 2024)
- Market Cap: $698.4 billion (as of July 2025)
- Price-to-Sales (P/S) ratio: 698.4/45 = 15.52*
- Headquarters: Indianapolis
*The result of dividing a company's market capitalization by its revenue is known as the Price-to-Sales (P/S) ratio or sales multiple. It indicates how much investors are willing to pay for each dollar of a company's sales. A lower P/S ratio may suggest a stock is undervalued, while a higher ratio could indicate overvaluation, though this depends on industry standards.
Revenue in Q1 2025 increased 45% to $12.73 billion driven by volume growth from Mounjaro and Zepbound.In the eternal struggle for obesity market dominance, Indianapolis’ Eli Lilly may be gaining an upper hand over its chief metabolic medicine rival Novo Nordisk.
Last year, Lilly recorded $45 billion in total sales, good for 32% growth over the roughly $34 billion it pocketed in 2023. In the fourth quarter alone, Lilly’s sales swelled 45% to $13.53 billion, which the company credited in no uncertain terms to the 60% revenue jump its Type 2 diabetes blockbuster Mounjaro enjoyed over the last three months of the year.
Meanwhile, Mounjaro’s GLP-1 sibling Zepbound—which is approved for obesity—grew sales roughly elevenfold in 2024’s fourth quarter, taking home $1.9 billion versus just $175 million during the quarter in 2023.
Those drugs’ performance likely “dispelled suspense” among both industry watchers and investors, analysts at Citi wrote in a note to clients earlier this year. The comments followed a third-quarter sales scare for Lilly last year, during which the company’s GLP-1 duo failed to meet Wall Street expectations. Some keeping tabs on the field speculated that the lackluster sales performance could be evidence that the larger GLP-1 market had started to plateau.
Lilly executives, for their part, have pointed to the uncertainties underpinning the burgeoning GLP-1 industry.
"The scale of this business and the way it's been growing, the consumer part of it, along with the stocking dynamics, it's just been a learning [experience] for us," Lilly CEO David Ricks said at the J.P. Morgan Healthcare Conference in January, reflecting on an unpopular sales guidance cut that the helmsman attributed to an overestimation of the pace of growth for Mounjaro and Zepbound.
In January, Lilly cut its sales guidance for 2024 to about $45 billion, representing a decline from the $45.4 billion to $46 billion the company had previously projected.
But, while Lilly may have fallen short of its own expectations toward the end of 2024, the fact remains that “it’s early days on a very, very large opportunity,” Ricks said of the GLP-1 situation on a recent conference call. Further, the company thinks its still far from reaching the edge of the demand curve for obesity, Ricks added.
Looking ahead, Lilly expects to reel in 2025 sales between $58 billion and $61 billion. Mounjaro and Zepbound will contribute greatly to that haul, naturally, but a suite of new drugs like cancer med Jaypirca, atopic dermatitis treatment Ebglyss, ulcerative colitis drug Omvoh and Alzheimer’s disease therapy Kisunla are also expected to pull their weight this year, Ricks said in early February.
Meanwhile, much like Novo, the continued success of Lilly’s GLP-1 franchise hinges on manufacturing capacity and the company’s ability to meet rampant demand.
To that end, Lilly recently revealed plans to build out four new production facilities in the U.S. beginning this year. The project, which is backed by a $27 billion investment, more than doubles what Lilly has earmarked for U.S. manufacturing since 2020 and will help expand domestic capacity for both active pharmaceutical ingredients and injectable drugs.2. Johnson & Johnson
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| For 2025, Johnson & Johnson projects overall sales growth of roughly 4% to $92 billion. Johnson & Johnson |
- 2024 revenue: $88.8 billion
- 2025 First-Quarter reported sales growth of 2.4% to $21.9 Billion
- Market Cap: $374 B
- Price-to-Sales (P/S) ratio: 374/88.8 = 4.21*
- Headquarters: New Brunswick, New Jersey
Through these developments—and even more now in the wake of them—the company has remained focused on its innovative drug business. Thanks to new approvals and future label expansions, the company has projected that its innovative medicines business can deliver annual growth of 5% to 7% from 2025 to 2030.
Of J&J’s $88.8 billion in global sales last year, its innovative medicines group delivered annual sales of nearly $57 billion. Its medtech division, meanwhile, pulled down nearly $32 billion. Both groups delivered sales growth of 4% to 5% compared with 2023.
Related: The top 10 drugs losing US exclusivity in 2025
For 2025, J&J projects overall sales growth of roughly 4% to $92 billion. To get there, the company expects to fight “headwinds associated with U.S. biosimilar entries for Stelara,” CEO Joaquin Duato told analysts on an earnings call in January. California's Amgen launched the Stelara biosimilar onslaught at the start of the year, and, since then, several other copycats have entered the market. More are on the way, so J&J is bracing for sales of its megablockbuster immunology medicine to continue to decline. Last year, Stelara’s sales declined by 4.6% to about $10.4 billion.
In addition to the Stelara biosim pressure, the company is anticipating some challenges from a Medicare Part D redesign in the U.S. and macroeconomic factors in China, Duato informed analysts during the January earnings call.
On the flip side, J&J says it has 10 or more medicines that could generate more than $5 billion in peak-year sales. This list includes multiple myeloma drugs Talvey, Tecvayli and investigational oral medicine icotrokinra. Another 15 assets—or more—could generate between $1 billion and $5 billion at peak, including depression spray Spravato.
In all, J&J expects to deliver 70 new products or label expansions (or the associated regulatory filings for these expansions) by 2030, according to its Enterprise Business Review presentation (PDF) in 202
“I cannot think of any other company that would be able to deliver growth through the first year of losing exclusivity of a multibillion-dollar product,” Duato said on January’s call. “We are able to achieve these results because of the diversification of our business, the strength of our commercial assets, as well as the breadth of our pipeline, with additional launches in 2025, including Tremfya in [inflammatory bowel disease], Rybrevant and Lazcluze in lung cancer, and Varipulse and the Dual Energy Thermocool Smarttouch SF catheter in electrophysiology.”
3. AbbVie
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AbbVie's fast-growing immunology duo Skyrizi and Rinvoq
is more than making up for the company's sinking Humira
sales. AbbVie |
- 2024 revenue: $56.3 billion
- 2025 First-Quarter Revenue: US$13.3B (up 8.4% from 1Q 2024).
- Market Cap: $337.7 B
- Price-to-Sales (P/S) ratio: 337.7/56.3 = 5.99
- Headquarters: North Chicago
AbbVie’s return to top-line sales growth the year following
top-selling immunology drug Humira’s high profile loss of
exclusivity is one for the books. 2024 marked AbbVie’s first year
after Humira, which was once the world’s bestselling drug and taking
in around $21 billion in peak annual sales, dived off the patent
cliff in 2023. Competing biosimilars quickly edged in on Humira’s
market share, leaving Humira’s sales tanking to $14.4 billion as
AbbVie reported a full-year sales decline for the first time in its
company history in 2023. It was a spiral that could have toppled
other companies, but AbbVie ultimately came out on top thanks to its
powerhouse immunology duo—and Humira follow-ups—Skyrizi and
Rinvoq.
Together, Skyrizi and Rinvoq pulled in upward of
$17 billion in 2024 sales, more than making up for Humira’s 37.6%
sales dip to $8.9 billion with both Skyrizi and Rinvoq each
achieving individual sales growth of more than 50%.The drugs, which
both first hit the market in 2019, were central to AbbVie’s plan for
success in its post-Humira operations. Still, it took the pair a few
quarters to pick up enough steam to live up to Humira’s sales
dominance. After creeping up behind Humira in sales for several
quarters, Skyrizi finally eclipsed its predecessor in October,
officially snatching the top sales crown with its $3.2 billion
quarterly haul. Skyrizi holds biologic share leadership in
approximately 30 countries and boasts a “best-in-class profile” that
presents a “very high bar” for rivals, AbbVie's chief commercial
officer Jeffrey Stewart said on a company earnings call. Skyrizi
added a key ulcerative colitis indication to its belt in June,
which, together with its prior Crohn’s disease nod, allows the drug
to treat both forms of inflammatory bowel disease (IBD). Rinvoq, too
holds indications for both forms of IBD.
The duo’s showing in IBD prompted AbbVie to crank up its 2027 sales
projection for the meds to a combined $31 billion, making for a $4
billion increase to its previous guidance. Out of that $4 billion,
$2 billion goes to Skyrizi’s estimated sales in IBD and $500 million
was added to Rinvoq’s in the same indication.
The company
expects Skyrizi will bring in $20 billion in 2027 and Rinvoq’s sales
will hit $11 billion. That $31 billion total is more than Humira,
Skyrizi and Rinvoq together achieved in 2022 sales.
Outside
of immunology, the company is working on priming another blockbuster
after nabbing a long-awaited FDA approval for its
Parkinson’s disease therapy Vyalev, a follow-up to its 2015 infusion
pump Duopa. The drug could eventually achieve more than $2 billion
in peak sales, analysts at Evercore ISI previously forecast.
2025,
meanwhile, should see AbbVie grow its sales by mid-single-digit
percentages, the company forecast. With no major losses of
exclusivity in the near future, AbbVie is working with a “clear
runway to growth for at least the next eight years,” CEO Rob Michael
noted during the company’s fourth-quarter earnings call.
4. Novo Nordisk
- 2024 revenue: USD $42.1 billion (290 billion Danish kroner)
- Q1 2025 revenue: Overall revenues at Novo Nordisk — which also produces diabetes and rare disease treatments — rose 18% to USD 12.1 B (78.09 billion Danish kroner)
- Market Cap: $308 B.
- Price-to-Sales (P/S) ratio: 308/42.1 = 7.3
5. Roche
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Last year, Roche's sales grew 3% to about 60.5 billion
Swiss francs, including 46.2 billion Swiss francs from the
pharma division. trabantos/Getty Images |
- 2024 revenue: USD $73.6 billion (60.5 billion Swiss francs)
- 2025 First-Quarter reported sales growth of 6% to USD $18.7 Billion (CHF 15.4 billion)
- Market Cap: $262.9 B
- Price-to-Sales (P/S) ratio: 262.9/73.6 = 3.57
- Headquarters: Basel, Switzerland
If one were to name 2024’s star pharmaceutical products beyond the GLP-1s, Roche’s eye injection Vabysmo would likely be on the list. First approved by the FDA in January 2022 as a competitor to Bayer and Regeneron’s Eylea, Vabysmo already reached 3.86 billion Swiss francs (about $4.5 billion) of sales in 2024.
The VEGFxAng-2 bispecific antibody became even more competitive last year by offering a more convenient single-dose prefilled syringe option.
The rise of Vabysmo pushed the checkpoint inhibitor Tecentriq off Roche’s top three medicines list by sales.
Then, a few months later, Roche said the closely watched Skyscraper-01 trial of its TIGIT antibody tiragolumab failed to show an overall survival benefit when combined with Tecentriq in first-line PD-L1-high non-small cell lung cancer, despite an earlier positive signal.
Given the importance of the indication, the trial failure pushed the entire TIGIT idea—once billed as the potential next big immune checkpoint target after PD-1/L1—ever closer to its graveyard. Bristol Myers Squibb, Merck & Co. and, most recently, BeiGene, have all ditched TIGIT, although Roche still has a few ongoing phase 3 trials that are fully enrolled.
Also in cancer immunotherapy, Roche last year struck a $1.5 billion deal to purchase its then-partner Poseida Therapeutics, giving the cell therapy field a much-needed injection of confidence. The deal brought to Roche an allogeneic cell therapy platform, which includes a gene editing tool that allows for the delivery of multiple CARs in a single step.The Poseida buy also strengthened Roche’s flourishing hematology portfolio. Its hemophilia drug Hemlibra grew sales by 12% at constant exchange rates, reaching 4.5 billion Swiss francs last year. Diffuse large B-cell lymphoma (DLBCL) antibody-drug conjugate Polivy crossed the blockbuster threshold with 1.1 billion Swiss francs in 2024. Its two CD19xCD3 bispecifics, Columvi and Lunsumio, are anticipated to receive an FDA decision and a phase 3 readout, respectively, in second-line DLBCL this year.
Roche also bought a portfolio of CDK inhibitors from China’s Regor Pharmaceuticals last year for $850 million upfront. What’s more, two important phase 3 trials of the company’s oral SERD, giredestrant, could read out this year.
6. Novartis
- 2024 revenue: $50.3 billion
- 2025 First-Quarter Revenue: US$13.2B (up 12% from 1Q 2024)
- Market Cap: $245.5 B
- Price-to-Sales (P/S) ratio: 245.5/50.3 = 4.88
- Headquarters: Basel, Switzerland
As a new corporate structure and business priorities set in, Novartis is focused on growth at a compound annual rate of 6% from 2023 to 2028, or 5% from 2024 to 2029, according to a plan unveiled in November.
The Swiss pharma was off to a good start. In 2024, the first full year that Novartis operated as a pure-play innovative medicines company without Sandoz, sales were up 12% in constant currencies (11% in U.S. dollars) from continuing operations, reaching $50.3 billion.
The company’s top four brands—heart medication Entresto, immunology treatment Cosentyx, multiple sclerosis drug Kesimpta and breast-cancer-targeted Kisqali—all contributed to the growth big time, with sales rising 30%, 23%, 49% and 46%, respectively.
In a key approval last year, Kisqali expanded into the adjuvant treatment of certain early-stage HR-positive, HER2-negative breast cancers. The new label gives Kisqali an edge over Eli Lilly’s Verzenio by covering patients who don’t have cancer cells in their lymph nodes.
By Novartis’ projection, the broad adjuvant nod could lift Kisqali to more than $8 billion in peak sales, versus the $3.2 billion the CDK4/6 inhibitor generated in 2024 mainly from metastatic disease use.
While potential significant growth still lies ahead for Kisqali, the good days of Entresto may be numbered, as Novartis expects the heart failure combo medication will lose U.S. market exclusivity in the coming months. Besides, even if no generics entered this year, Entresto is subject to a price cut under the Inflation Reduction Act beginning in 2026.
Despite the looming Entresto patent cliff, Novartis still expects 2025 sales to grow by mid- to high-single-digit percentages.
From the Medicare Part D reforms, Novartis expects a “modest headwind,” with the biggest impact to come from coverage for the catastrophic phase for Cosentyx and Kisqali in 2025, CEO Vas Narasimhan said during the company’s fourth-quarter earnings call. As to the policies’ potential impact on Novartis’ midterm performance as outlined above, Narasimhan said he’s “very comfortable” with Novartis’ modeling, which takes “appropriately conservative assumptions.”
In two other major expansions for Novartis last year, the FDA granted accelerated approvals to Scemblix in newly diagnosed chronic myeloid leukemia and Fabhalta in the kidney disease immunoglobulin A nephropathy. For both drugs, Novartis has outlined peak sales potential at above $3 billion.
Another potential multibillion-dollar asset, radioligand therapy Pluvicto, also delivered good news for Novartis. With a favorable final overall survival analysis last year from a phase 3 trial, the FDA has in March 2025 approved the PSMA-targeted therapy for metastatic castration-resistant prostate cancer before chemotherapy.
Novartis last year beefed up its radiopharmaceuticals capabilities with the $1 billion upfront acquisition of Mariana Oncology. While Pluvicto uses lutetium as the active substance, Mariana was focused on actinium.
The Swiss drugmaker also acquired gene therapy specialist Kate Therapeutics in a deal potentially worth $1.1 billion. The buyout was followed by a positive readout for an intrathecal formulation of Novartis’ spinal muscular atrophy gene therapy Zolgensma in older patients.
However, one Novartis acquisition last year immediately went into trouble. Just a few months after the $2.9 billion takeover of MorphoSys, Novartis pushed back its regulatory plan for the deal’s centerpiece, BET inhibitor pelabresib, in myelofibrosis after running into a safety signal that the company now hopes to shed more light on after longer follow-ups.7. AstraZeneca
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AstraZeneca’s stock price reached an all-time high last
year. AstraZeneca |
- 2024 revenue: $54.1 billion
- 2025 First-Quarter Revenue: US$13.6B (up 10% from 1Q 2024)
- Market Cap: $220.4 B
- Price-to-Sales (P/S) ratio: 220.4/54.1 = 4.07
- Headquarters: Cambridge, U.K.
By full-year numbers, AstraZeneca had one of the best 2024 among Big Pharma companies. Its 2024 revenue of $54.1 billion marked an impressive 18% increase year over year, fueled by the likes of SGLT2 inhibitor Farxiga, Sanofi-partnered respiratory syncytial virus prevention drug Beyfortus, blood cancer drug Calquence and Daiichi Sankyo-partnered antibody-drug conjugate Enhertu. The British drugmaker’s stock price even reached an all-time high last year.
AstraZeneca stole the show at the largest cancer conference (ASCO 2025). AstraZeneca had an impressive slate of top-level plenary talks geared toward using drugs earlier on for breast, gastric, and lung cancer survival.The biggest splash was from AstraZeneca's drug Imfinzi (durvalumab), which trains a patient's body to attack a protein in their cancer. Imfinzi's already routinely used in some late-stage, recurrent and metastatic cancers (in the treatment of solid lung and liver tumors, for example), but it hasn't been a go-to treatment for earlier-stage cancers.
The results from the company's late-stage phase-3 "Matterhorn" trial (NEJM 2025) presented at the conference, Imfinzi, taken with chemo after surgery, boosted gastric cancer patients' two-year survival rates from 70% (without the immunotherapy) to nearly 76% — a significant jump.
However, investigations into the company’s Chinese operations cast a shadow over AZ’s overall performance toward the end of the year. Chinese authorities have detained AZ’s then-China president, Leon Wang, and the probes are reportedly centered on the alleged illegal importation of Enhertu and the cancer immunotherapy Imjudo from Hong Kong to the mainland as well as improper collection of patient data.
After logging double-digit quarterly sales growth in China in the first nine months of 2024, AZ instead posted a 3% decrease at constant exchange rates in the country in the fourth quarter. Rather than the ongoing investigation, AZ attributed the decline to “year-end hospital ordering dynamics” of Tagrisso and Farxiga, plus lower demand for its respiratory medicines because of a mild infection season.
Despite China’s weak contribution, AZ’s overall four-quarter revenue still jumped 25% at constant exchange rates.
AZ’s biggest product, Farxiga, saw sales up an impressive 29% last year to reach $7.7 billion. The drug is, however, slated to take a mandatory price cut under the Inflation Reduction Act (IRA) in 2026.
The EGFR inhibitor king Tagrisso also managed a 13% sales growth to $6.6 billion with two new FDA approvals last year, one in combination with chemotherapy in first-line EGFR-mutated non-small cell lung cancer and the other for stage 3 EGFR lung cancer. But the drug is facing competition from Johnson & Johnson’s cocktail of Rybrevant and Lazcluze.
While locked in a fierce competition with BeiGene’s rival BTK inhibitor Brukinsa, Calquence was included in the second round of IRA price negotiations.
Following mixed phase 3 data and an FDA resubmission, AZ and Daiichi have in January 2025 won the FDA’s go-ahead for their second ADC, TROP2-directed Datroway, in HR-positive, HER2-negative breast cancer.
In a new approval in 2024, AZ’s Alexion picked up an FDA nod for the factor D inhibitor Voydeya as an add-on therapy to treat paroxysmal nocturnal hemoglobinuria patients with extravascular hemolysis.
On the dealmaking front, AZ last year inked a $2 billion buyout of radiopharmaceuticals specialist Fusion Pharmaceuticals. AZ also paid CSPC Pharma $100 million upfront for a preclinical candidate targeting lipoprotein (a), which has also attracted the interest of Eli Lilly and Merck & Co.
For 2025, AZ doesn’t expect the same level of growth it saw in 2024, instead projecting revenue to increase by a high single-digit percentage at unchanged exchange rates. Part of that is the result of pressure from the Medicare Part D redesign that just went into effect this year, along with the U.S. loss of exclusivity of blood thinner Brilinta. With several key readouts anticipated throughout 2025, AZ believes it will have a good sense as to whether it can reach the $80 billion-by-2030 revenue target CEO Pascal Soriot outlined in 2024.
Related: Ticagrelor doubts: inaccuracies uncovered in key studies for AstraZeneca’s billion dollar drug (BMJ 2025)8 . Merck
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| In 2024, Merck generated global sales of $64.2 billion, a 7% increase from the prior year. Merck & Co. |
- 2024 revenue: $64.2 billion
- 2025 First-Quarter reported sales growth of -2% (compared to the same period in 2024) to USD $15.5 Billion
- Market Cap: $206.3 B
- Price-to-Sales (P/S) ratio: 206.3/64.2 = 3.21
- R&D Spending 2024: $17.9 billion
- Headquarters: Rahway, New Jersey
During its fourth-quarter earnings report in February, Merck said it was halting Gardasil shipments to China as the company and its local distribution partner, Zhifei, had been experiencing lower-than-expected demand in the key market. The company further pulled its $11 billion long-term sales target for the HPV shot, its second-biggest product by revenue behind Keytruda.
All told, Gardasil sales fell 3% last year to $8.6 billion.
On the flip side, sales of Merck's megablockbuster checkpoint inhibitor Keytruda climbed 18% last year to $29.48 billion.
While Merck has long enjoyed the booming success of Keytruda, including securing a 40th U.S. indication last year, the drug's trajectory will eventually change. And it’s not just generics waiting around the corner: In a recent securities filing, Merck said it expects the U.S. government to select Keytruda for Inflation Reduction Act (IRA) "government price setting" in 2026. After a two-year process, the new negotiated prices for Medicare would take effect at the start of 2028.
“As a result, U.S. sales of Keytruda will decline after that time," the company explained in its annual report.
Merck halts Gardasil shipments to China, withdraws $11B sales target as demand nosedives Besides the IRA process, Merck lists 2028 as the expiration of Keytruda’s “key patent protection.” Together, Keytruda and Gardasil were responsible for roughly 59% of Merck’s annual sales in 2024. With both products facing future uncertainties, Merck execs have been busy figuring out the company’s growth path for the years to come. On Merck’s fourth-quarter earnings conference call, CEO Robert Davis said the company has been “very focused from a business development perspective, with nearly $40 billion invested in the last 3.5 years across really a diverse set of assets that have built out the pipeline.” Some of the company’s business development deals over the last few years include its $11.5 billion purchase of Acceleron and its $10.8 billion buyout of Prometheus Biosciences. More recently, Merck last year struck a deal worth up to $3 billion to scoop up ophthalmology-focused EyeBio.
After Merck’s Acceleron buyout, one drug getting a significant amount of attention at the New Jersey drug giant is Winrevair. The pulmonary arterial hypertension therapy scored its initial FDA nod in 2024 and is carrying blockbuster expectations.
Going forward, business development deals worth up to $15 billion are in the company’s “sweet spot,” Davis added on the February conference call. The company is eyeing a range of investigational and commercial opportunities, he said.
9. Amgen
- 2024 revenue: $33.4 billion
- Market Cap: $159
- Price-to-Sales (P/S) ratio: 159/33.4 = 4.76
10. Pfizer
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| Pfizer bounced back after COVID-related fluctuations sent sales spiraling in 2023. Pfizer |
- 2024 revenue: $63.6 billion
- 2025 First-Quarter reported sales growth of -8% (compared to the same period in 2024) to USD $13.7 Billion
- Market Cap: $143
- Price-to-Sales (P/S) ratio: 143/63.6 = 2.25
- Headquarters: New York City
The past few years for Pfizer have reflected both high highs and
low lows as the company’s COVID-19 products reacted to
inconsistent demand. The company seems to have emerged from the
choppy waters on solid ground as it ended 2024 with a clutch of
new products sweetening its revenue pot.
A
significant change to Pfizer’s 2024 revenue was new
earnings from its $43 billion Seagen buyout, which wrapped up at
the end of 2023 and added four established oncology drugs and a
major pipeline upgrade. In reporting its 2024 revenue, the
company opted to retroactively add sales from the Seagen
medicines to its 2023 bottom line, reflecting a more accurate
growth rate in comparing the two years.
With Seagen’s
products and the $3.4 billion they earned included, the New
York-based drugmaker's revenues had a 7% growth spurt. Taking
out sales from COVID-19 antiviral Paxlovid and
BioNTech-partnered vaccine Comirnaty, that figure jumps to a 12%
sales increase.
It’s a welcome return to growth for Pfizer after COVID products in 2023 prompted an overall revenue decline of more than 40%. The company now finds itself firmly back on track, with revenue volatility “largely in the past” as COVID-related uncertainties have “diminished,” Pfizer declared in its earnings presentation (PDF).
In 2024, however, those uncertainties played out largely in
Pfizer’s favor with surprise revenue boosts for Comirnaty and
Paxlovid. Both pulled around $5 billion in sales, which was down
for Comirnaty compared to 2023 but a boost on Paxlovid’s end.
Usage of the antiviral is in line with COVID-19 burden and the
ebb and flow of infection rates, the company pointed out,
demonstrating the “sustainability” of the two-product COVID
portfolio.
As for the company’s other vaccines,
respiratory syncytial virus vaccine Abrysvo was negatively
impacted by narrowed vaccine recommendations from the Centers
for Disease Control and Prevention. The agency flipped on its
previous recommendation for all adults aged 60 and older to
instead recommend the vaccine for people 75 years and older and
those aged 60 to 74 with a higher risk of severe disease. A
decline in vaccination rates due to the shrunken U.S. market
played a part in Abrysvo sales falling 62% during 2024’s fourth
quarter, Pfizer said, although the shot picked up $890 million
in yearly sales.
Meanwhile, Pfizer’s long-dominant
pneumococcal vaccine franchise, Prevnar, saw relatively flat
sales over the year but could face trouble on the horizon with
Merck and its 21-serotype Capvaxive eager to edge in on
Prevnar’s turf.
Key Highlight: Sinopharm Group
- 2024 revenue: $73.9 B (USD)
- Market Cap: $7.37 B (USD)
- Price-to-Sales (P/S) ratio: 7.37/73.9 = 0.1*
For context, Eli Lilly’s P/S ratio is approximately 15.5 (market cap of $700 billion divided by $45 billion revenue), highlighting the stark valuation difference between the two companies despite Sinopharm’s substantial revenue.
This discrepancy suggests that Sinopharm’s stock price does not fully reflect its revenue-generating capacity, potentially due to market perceptions, regional factors, or other risks affecting investor confidence.
Note: Both revenue and market cap are important indicators of a pharmaceutical company's performance.
Editor's Comment: The top 10 pharmaceutical companies’ revenues are modest compared to those of the broader top 10 healthcare companies. For detailed figures, see the Top 10 Healthcare Companies by Revenue in 2025.
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