Pharma sector 2025 revenue rankings are out. Eli Lilly's growth is the most remarkable story in big pharma history

Compiled from official Q4 2025 earnings reports. Here is the full picture:

1. Johnson & Johnson: $94.2B

2. Roche: $79.3B

3. Eli Lilly: $65.2B (was $34B in 2023, nearly doubled in 2 years)

4. Pfizer: $62.6B

5. AbbVie: $61.2B

6. AstraZeneca: $58.7B

7. Merck: $58.1B (Keytruda alone: $31.7B)

8. Novartis: $54.5B

9. Sanofi: $51.6B (Dupixent: $18.5B)

10. Novo Nordisk: $49.0B (Ozempic + Wegovy drove this)

* The biggest story here is Eli Lilly adding $30B in revenue in just 2 years purely from 2 drugs. Mounjaro: $23B and Zepbound: $13.5B combined are now bigger than Novo Nordisk's entire annual revenue.
* AbbVie's Skyrizi: $17.6B proving the Humira biosimilar threat was overestimated by many analysts.
* Keytruda (Merck) remains the world's single best-selling drug at $31.7B

Source: Official company earnings reports