2024 revenue: $88.8 billion
2023 revenue: $85.2 billion
Change: +4%
Headquarters: New Brunswick, New Jersey

2024 revenue: 60.5 billion Swiss francs ($65.3 billion)
2023 revenue: 58.7 billion Swiss francs ($65.3 billion)
Change: +3%
Headquarters: Basel, Switzerland

Roche made several headlines in 2024, although not all were positive developments.

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.

Roche’s immuno-oncology business underwent some major changes in 2024. The Swiss pharma’s Genentech unit closed its cancer immunology research department and merged its function with molecular oncology research.

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.

Overall, Roche has successfully navigated the scary losses of exclusivity of its former top-selling cancer drugs—Avastin, Herceptin and Rituxan. In 2024, group sales went up 3% to about 60.5 billion Swiss francs, including 46.2 billion Swiss francs from the pharma division, which ginned up 4% year-over-year growth.

To fill in Herceptin’s shoes, Roche has put together a multi-asset plan in breast cancer. One of those assets, PI3K inhibitor Itovebi, cleared the FDA last year in certain PIK3CA-mutated HR-positive, HER2-negative breast cancer.

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.

For 2025, Roche projects group sales to rise in the mid-single-digit range, with Vabysmo still expected to be a major growth driver despite the launch of an Eylea biosimilar.

2024 revenue: $64.2 billion
2023 revenue: $60.1 billion
Change: +7%
Headquarters: Rahway, New Jersey

2024 revenue: $63.6 billion
2022 revenue: $59.6 billion
Change: +7%
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.

For 2025, the company is forecasting revenue of between $61 billion and $64 billion. It also expects to deliver overall net cost savings of about $4.5 billion by the end of 2025 thanks to the significant “cost realignment” drive it’s been running, which, along with the Seagen products, should help a return to “predictable growth,” Edward Jones healthcare analyst John Boylan pointed out in a note to clients earlier this year.

2024 revenue: $56.3 billion
2023 revenue: $54.3 billion
Change: +4%
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.

2024 was former Chief Operating Officer Michael’s first year at the helm after longtime chief Richard Gonzalez hung up the gloves after seeing Humira out. The company awarded Michael about $18.5 million in pay after he “achieved or exceeded” multiple goals over the year.

2024 revenue: $54.1 billion
2023 revenue: $45.8 billion
Change: +18%
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.

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.

2024 revenue: $50.3 billion
2023 revenue: $45.4 billion
Change: +12%
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.

2024 revenue: $48.3 billion
2023 revenue: $45 billion
Change: +7%
Headquarters: Princeton, New Jersey

Last year ushered in better-than-expected revenue growth for Bristol Myers Squibb, following a 2023 in which revenues dropped 2% year over year. Going into 2024, the drugmaker was expecting annual growth only in the low single digits; investors were therefore pleasantly surprised when BMS ended up logging an increase of more than 7% for the year.

The upward drive came even as blockbuster leukemia med Sprycel tipped over the patent cliff. Global sales for the drug totaled just under $1.29 billion, marking a 33% year-over-year drop. BMS also registered decreases for sales of two other drugs that have lost exclusivity in recent years: blood cancer drug Revlimid and multiple solid tumors treatment Abraxane, which saw sales fall 5% and 13%, respectively.

While generic erosion of Revlimid in 2023 was credited with sending that year’s total revenues downward, in 2024, BMS saw demand for its growth portfolio and at least one member of its legacy drug family, anticoagulant med Eliquis, balance out the copycat competition.

Eliquis raked in a major $13.3 billion last year, up 9% from 2023, helping the legacy portfolio stay relatively flat year over year amid the losses from Revlimid, Sprycel and Abraxane. Sales in the growth portfolio, meanwhile, grew 17%, with four separate drugs earning more than $1 billion globally in 2024—Opdivo, Orencia, Yervoy and Reblozyl—and two others, Breyanzi and Camzyos, charting more than 100% growth throughout the year.

Heading into 2025, however, BMS is anticipating another contraction. The company forecast total revenues of approximately $45.5 billion for this year, which would represent a decrease of about 5.8%.

On a February conference call, while discussing the expected revenue drop—which came in about $1 billion short of consensus expectations—CEO Chris Boerner, Ph.D., noted: “We’re seeing the increased step-down on Revlimid.”

Elsewhere in 2025, the company will be continuing a multiyear cost-cutting plan that aims to save $2 billion by the end of 2027. Boerner said on the call that about half of the savings will be accomplished by the end of this year, and, while the restructuring is expected to include layoffs, the company did not specify how many jobs would be affected.

The latest cost-cutting effort begins as BMS works on wrapping up another initiative that it introduced in early 2024, aimed at slashing $1.5 billion in costs by the end of this year and including more than 2,000 total layoffs.

Both savings drives come as the pharma prepares for both Opdivo and Eliquis to lose exclusivity before the end of the decade, when they’re set to join Revlimid in seeing their sales plummet. Eliquis sales may take a further hit in 2026, when it becomes part of the first group of drugs to see their prices negotiated down under the Inflation Reduction Act.

2024 revenue: $45 billion
2023 revenue: $34.1 billion
Change: +32%
Headquarters: Indianapolis

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.

2024 revenue: $41.1 billion euros ($44.46 billion)
2023 revenue: $37.8 billion euros ($40.1 billion)
Change: +9%
Headquarters: Paris

Although Sanofi slipped in Fierce Pharma’s 2024 rankings of the top pharma companies by sales, the change doesn’t mark any tangible setback for the drugmaker.

In fact, the move down the ladder can easily be explained by the drugmaker’s planned sale of a controlling stake in its consumer health unit Opella, which, for all intents and purposes, was treated as though it’s a done deal in Sanofi’s 2024 financials.

For all of 2024, Sanofi logged sales of 41.08 billion euros ($44.46 billion), a step down from the roughly 43 billion euros it reported in 2023 but an 8.6% increase when accounting for the subtraction of consumer health sales last year.

Word of a planned consumer health sale by Sanofi began to materialize around September, when Bloomberg reported that the French pharma had received separated offers from equity firms PAI Partners and Clayton, Dubilier & Rice for the roughly 15 billion euro over-the-counter business.

Reports of mounting interest in the unit, dubbed Opella, followed an announcement by Sanofi in October 2023 that the company was reviewing multiple separation scenarios for the business, including a potential listing or sale.

Soon after the Bloomberg report, Sanofi confirmed last October that it had entered negotiations with Clayton, Dubilier & Rice to potentially sell a 50% controlling stake in Opella, which produces well-known brands like Allegra, Icy Hot, Gold Bond and Selsun Blue. Those talks became “exclusive” several weeks later and, as of February, Sanofi said it continues to expect to close the 50% stake sale with Clayton, Dubilier & Rice in 2025’s second quarter “at the earliest.”

Looking at Sanofi’s core 2024 performance, new launches paid off well for the company, making up 11% of the drugmaker’s total sales last year. That launch momentum was led by the company’s respiratory syncytial virus antibody for infants and young children Beyfortus, which delivered nearly 1.7 billion euros ($1.84 billion) for the entire year, followed up by hemophilia med Altuviiio, Pompe disease drug Nexviazyme and Rezurock for graft-versus-host disease.

Looking ahead, Sanofi is optimistic it can continue its growth trajectory in 2025, with the expectation that it’ll grow sales by a mid- to high-single-digit percentage over the year to come.

Meanwhile, with so many launches in the hopper, Sanofi has been continuously investing in its manufacturing network, too, with many of those investments piling up toward the end of 2024.

Following the opening of a half-billion-dollar modular plant for biologics and vaccines in September, Sanofi unveiled a production expansion in France and then touted the debut of a separate modular vaccine site in Singapore. Then, in December, Sanofi rolled out its largest investment in China to date when it revealed plans to build a 1 billion euro insulin “manufacturing base” in the country.

2024 revenue: 290 billion Danish kroner ($42.1 billion)
2023 revenue: 232 billion Danish kroner ($33.9 billion)
Change: +26%
Headquarters: Bagsværd, Denmark

Despite a stellar sales run for GLP-1 blockbusters Ozempic and Wegovy in the final stretch of 2024—plus a recent FDA decision declaring the long-standing shortage of those meds over in the U.S.—Novo Nordisk has adopted a more tempered outlook for 2025.

Still, the Danish drugmaker is confident it can maintain its edge in the lucrative obesity market over the year to come. Plus, the company is playing up its rare disease bona fides as it attempts to branch out beyond its core competencies in metabolic disease.

In 2024, Novo Nordisk took home total sales of 290.4 billion Danish kroner (42.1 billion), growing revenue 26% over the sum it collected in 2023 and propelling the drugmaker up one spot in Fierce Pharma’s rankings of the world’s top pharma companies by sales.

Now at No. 11 in the rankings, Novo has enjoyed a remarkable run in recent years as its efforts to shore up supplies of Ozempic and Wegovy—approved to treat Type 2 diabetes and obesity, respectively—have paid dividends.

For the entire year, Wegovy logged total sales of 58.2 billion kroner ($8 billion) versus 31.3 billion kroner in 2023, while Ozempic generated 120 billion kroner (nearly $17 billion) over that same period.

While Novo was able to record 26% sales growth last year, the company only expects to achieve between 16% and 24% sales growth in 2025—a range analysts at ODDO BHF called “wide but reassuring” in February note to clients. Still, for any pharma company the size of Novo, a growth rate of 16% to 24% is nothing to sneeze at.

When Ozempic and Wegovy first hit the scene, the drugs quickly ran into shortage issues spurred on by their impressive weight loss capabilities, which turned Ozempic in particular into something of a cultural phenomenon.

These days, Novo appears to be in a much better spot supply-wise after the FDA in February officially determined that the shortage of the company’s semaglutide-based products had ended.

As a result, compounding pharmacies—which uncorked a lucrative business helping supply GLP-1 medicines while they were in shortage—will soon have to turn off that metabolic revenue stream.

Resolving the shortage has cost Novo billions of dollars in manufacturing investment in recent years, and the drugmaker isn’t done expanding yet.

In 2025, Novo plans to spend around 65 billion kroner ($9 billion) to create additional capacity “across the supply chain,” the company said in its 2024 annual report (PDF). Last year, Novo earmarked around 45 billion kroner ($6.2 billion) for similar manufacturing projects.

2024 revenue: 31.4 billion pounds sterling ($40.1 billion)
2023 revenue: 30.3 billion pounds sterling ($37.7 billion)
Change: +3%
Headquarters: London

GSK had a mixed 2024. On the positive side, the company’s once-withdrawn antibody-drug conjugate Blenrep looks on track to return to the multiple myeloma market after generating two phase 3 wins, including an overall survival benefit against Johnson & Johnson’s Darzalex in their respective combinations with bortezomib and dexamethasone in second- or later-line treatment. As a result, GSK has readopted a projection that the BCMA-directed agent could reach more than 3 billion pounds sterling in peak sales.

GSK’s cornerstone HIV business also logged a 13% increase in sales at constant exchange rates, reaching 7.09 billion pounds last year. The long-acting injectable Cabenuva surpassed the blockbuster threshold with sales of 1.01 billion pounds, growing 47% thanks to increased demand.

On the flip side, a narrowed age recommendation from the Centers for Disease Control and Prevention (CDC) did a number on GSK’s new respiratory syncytial virus vaccine Arexvy, which saw sales halved in 2024 versus 2023. After the CDC vaccine committee delivered the unfavorable policy in late June, Arexvy’s sales dropped 70% to just 158 million pounds in the last quarter of the year.

Compounding the trouble for GSK’s vaccines business, shingles vaccine Shingrix, once a key growth driver, posted a 2% sales decline—or just 1% growth at constant exchange rates—in 2024. Difficulty in reaching more unvaccinated people and shifting retail vaccination priorities in the U.S., as well as lackluster sales in China thanks to an overall vaccine market slowdown, contributed to Shingrix’s stagnation, according to GSK.

Although GSK has maintained its long-term views for Arexvy and Shingrix, the entire U.S. vaccines market appears under threat now that the nation’s health secretary Robert F. Kennedy Jr. is apparently advancing an anti-vaccine agenda, including by reevaluating childhood vaccination schedules and pushing out the FDA’s top vaccines regulator Peter Marks, M.D., Ph.D.

In 2024, vaccine sales represented 29.1% of GSK’s total turnover of 31.4 billion pounds, which marked a 7% increase at constant exchange rates.

In early February, GSK raised its 2031 risk-adjusted sales guidance to more than 40 billion pounds from a previous projection of 38 billion pounds. The new target does not include any potential acquisitions the company may pursue in the future.

In terms of dealmaking, GSK last year bought Aiolos Bio for $1 billion upfront to obtain a long-acting anti-TSLP antibody for asthma and other inflammatory respiratory diseases. It also doubled down on antibody-drug conjugates with a $30 million upfront deal for an option on a preclinical Duality Biologics candidate against a gastrointestinal cancer target.

For 2025, GSK has estimated its sales will grow between 3% to 5% at constant exchange rates, with an anticipated contribution from Blenrep, which awaits an FDA approval verdict by July 23. The company expects vaccine revenue to decrease at a low-single-digit percentage this year—compared with a 4% constant exchange rate drop in 2024—and that changes under the Inflation Reduction Act will cause a revenue decline of 400 million pounds to 500 million pounds.

Meanwhile, the company’s long-acting HIV prevention med Apretude, which almost doubled sales to 279 million pounds sterling last year, may face a new powerful rival in Gilead Sciences’ ultralong-acting lenacapavir, which is under FDA priority review for a target decision date of June 19.

2024 revenue: $33.4 billion
2023 revenue: $28.2 billion
Change: +19%
Headquarters: Thousand Oaks, California

Amgen’s first full year reaping the benefits of its newly bolstered rare disease portfolio proved there is more growth to come on the Horizon.

After wrapping Horizon Therapeutics’ clutch of rare disease treatments into its fold late in 2023, the company quickly got to work on building up its newly acquired thyroid eye disease (TED) med Tepezza, gout treatment Krystexxa and CD19-targeted treatment Uplizna. While there is still work to be done, the new additions helped Amgen boost its sales by 19% compared with 2023.

Of the three, blockbuster Tepezza is the standout as the only approved TED treatment in the U.S. The drug’s launch has been a bit of a rocky one, but Amgen has so far been largely successful in its efforts to put it back on an uphill trajectory and has $1.85 billion in 2024 sales to show for it. Still, there’s more work to do, especially in Europe, where Tepezza is under review.

Uplizna, meanwhile, is more of a work in progress. With only one rare disease approval to its name, the drug picked up $379 million in 2024 sales. Amgen quickly put the drug to the test in two other rare diseases, where it garnered impressive enough data to support a recent approval for immunoglobin G4-related disease and a soon-to-come filing in generalized myasthenia gravis.

Excluding the Horizon meds, Amgen’s sales were up 7% compared with 2023. Part of that is thanks to its growing portfolio of biosimilars. The company is picking up a reputation of being the first to attack popular blockbuster medicines with its own biosimilar offerings, as reflected by the first U.S. biosimilar of AbbVie’s Humira in 2023 and more recent launches of the first copycat versions of Regeneron and Bayer’s Eylea, plus Johnson & Johnson’s Stelara.

Being within the “first wave” is key to the company’s biosimilar strategy, executives noted during an earnings conference call. Amgen plans to go after additional heavy hitters in the future with biosimilars in development for Merck’s oncology superstar Keytruda and Roche’s top-selling multiple sclerosis drug Ocrevus. All told, sales from the company’s biosimilar franchise are poised to reach $4 billion by the end of the decade, Chief Financial Officer Peter Griffith noted on an earnings call.

On the flip side, Amgen is due for a taste of its own medicine when biosimilar competition comes for its bone drugs Prolia and Xgeva. Copycats from Sandoz, Celltrion and others are on the way and could hit the market as soon as this summer, no doubt itching to take a hit of Amgen’s longtime top revenue drivers. The twin drugs are still growing more than 10 years after their 2010 launch, achieving more than $6 billion together in 2024 in 8% growth for Prolia and 5% for Xgeva.

Amgen predicts to increase revenues from $33.4 billion in 2024 to a range between $34.3 billion and $35.7 billion in 2025, despite expected lower Prolia and Xgeva sales due to the biosimilar exposure.

2024 revenue: 4.58 trillion Japanese yen ($30.9 billion)
2023 revenue: 4.17 trillion Japanese yen ($27 billion)
Change: +10%
Headquarters: Tokyo

Though still grappling with attention-deficit/hyperactivity disorder blockbuster Vyvanse’s tip over the patent cliff in 2023, Takeda saw enough success across the rest of its core portfolio last year to offset the drop-off in its neuroscience business and logged about 10% growth for the calendar year.

In its most recent earnings report (PDF)—covering the first nine months of its fiscal year 2024 from April to December—Takeda calculated just under a 4% drop in its neuroscience revenues, largely due to an 8% decrease the size of 25 billion Japanese yen ($171 million) in year-over-year Vyvanse sales.

The drop-off wasn’t as steep as many other loss of exclusivity events because, as the Japanese pharma noted in the report, generic competition in the U.S. was offset by a growing market in Europe and favorable foreign exchange rates.

Meanwhile, Takeda’s five other main business areas—gastrointestinal and inflammation, rare diseases, plasma-derived therapies, oncology and vaccines—all recorded double-digit increases across the first three quarters of the fiscal year.

With that growth across most of its business, Takeda bumped up its fiscal full-year forecasts. Whereas the company previously expected to report “flat to slightly increasing” core revenues, for a total around 4.48 trillion Japanese yen ($30.3 billion), it now projects a low-single-digit percent increase, landing somewhere around 4.59 trillion Japanese yen ($31 billion).

The GI portfolio alone brought in more than 1 trillion Japanese yen ($6.8 billion) for the nine-month period as its revenues increased 11% year over year. Spearheading the growth was Takeda’s lead product Entyvio, which recently racked up U.S. approvals for its newer subcutaneous version in both ulcerative colitis and Crohn’s disease, further expanding its reach in the inflammatory bowel disease space.

Entyvio is on track to follow Vyvanse over the patent cliff in 2031. As it prepares for that fateful day, Takeda recently laid out a slate of six main pipeline candidates that, according to the drugmaker, could one day reel in a combined $10 billion to $20 billion in peak sales—filling in any gaps from generic erosion to Entyvio sales, and then some.

Half of those assets are set to deliver phase 3 results this year. These include candidates for narcolepsy type 1, psoriasis and polycythemia vera. The other three are targeting alpha-1 antitrypsin related liver disease, immune thrombocytopenia and immunoglobulin A nephropathy, and myelodysplastic syndromes.

Together, those candidates represent what Takeda’s R&D head Andy Plump, M.D., Ph.D., described to Fierce Biotech earlier this year as the “most robust late-stage pipeline” in the pharma’s history.

As part of its wide-ranging restructuring last year, the company narrowed its focus from about a dozen modalities to just four—small molecules, biologics, antibody-drug conjugates and allogeneic cell therapies—it believes offer the most potential success and capitalize on Takeda’s internal capabilities.

“That mindset shift is a really big one for our employees because you had people that were just used to getting essentially whatever they wanted or they needed to push every program in as many potential indications as fast as possible,” Plump said. “Now, we’ll be more thoughtful and selective in where we do that.”

Editor’s note: For the purposes of this report, Fierce Pharma used financial results from the calendar year 2024, not Takeda’s fiscal year, which runs April-March.

2024 revenue: 26.8 billion euros ($29.0 billion)
2023 revenue: 25.6 billion euros ($27.7 billion)
Change: +5%
Headquarters: Ingelheim, Germany

With a 4.7% sales boost in 2024, it was another strong performance for Boehringer Ingelheim, which is the only private company in the top 20 and has seen revenues increase in each of the last six years. During the run, Boehringer has surpassed Bayer as Germany’s top seller of pharmaceutical products.

The momentum is slowing for Boehringer, however, as its revenue increases have tailed off from a peak of 17% in 2022—aided by COVID sales—to 6.2% in 2023 and 4.7% last year. For 2025, the company is projecting only a “slight” sales increase, without explaining why there will be a drop-off.

The slowdown in momentum mirrors that of its top-selling product, Jardiance. The SGLT2 inhibitor rang up sales of 8.4 billion euros ($9.1 billion), which were up 15% after increases of 39% and 30% in the previous two years. The company’s second-best seller, idiopathic pulmonary fibrosis treatment Ofev, generated revenue of 3.8 billion euros ($4.1 billion) last year, which was up 9%.

Jardiance and Ofev have played a major role in the rise of Boehringer. Both were launched in 2014. In that year, the company booked a 5% decline in sales to 13.3 billion euros ($14.7 billion). Since then, the company has more than doubled its revenue. Both products are scheduled to lose their patent protection by the end of the decade. Covered under a collaboration with Eli Lilly, Jardiance is also subject to a price cut under the Inflation Reduction Act starting in 2026.

Boehringer has a plan to deal with the loss of exclusivity for Ofev in its follow-on nerandomilast, which is under review in the U.S. and Europe, with the company hoping for a launch in the second half of this year.

The company also hopes to launch zongertinib later this year. It would be the first orally administered, targeted therapy for previously treated HER2-mutated lung cancer patients.

“As our current pipeline continues to mature and more products come closer to a potential market introduction, we have entered a pivotal phase of high investments,” Chairman Hubertus von Baumbach said in an April 2 release.

Last year, Boehringer’s pharma R&D investment reached 5.7 billion euros ($6.2 billion), which was 28% of the division’s sales and is one of the highest figures in the industry as a percentage of revenue.

Boehringer is counting on its R&D engine to fuel its future growth. With a deep pipeline of late-stage candidates, the company expects to bring as many as 25 new treatments to the market through 2030.

2024 revenue: $28.6 billion
2023 revenue: $26.9 billion
Change: +6%
Headquarters: Foster City, California

Gilead Sciences’ $28 billion year provides a solid launchpad for the company’s highly anticipated mid-2025 launch of what could be a game-changing HIV pre-exposure prophylaxis (PrEP) option.

Despite not yet being a formal addition to the drugmaker’s PrEP arsenal, long-acting lenacapavir was certainly the breakout star of Gilead’s 2024. After proving unprecedented efficacy rates in two studies weighing the drug’s use in a diverse range of patients, lenacapavir quickly dominated the narrative on the company’s earnings calls.

For now, lenacapavir, currently commercialized as Sunlenca, isn’t exactly a sales driver in its marketed indication for multidrug-resistant HIV. Still, its launch as a PrEP will be crucial as Gilead prepares for the loss of market exclusivity of its top-selling HIV treatment Biktarvy in 2033.

Biktarvy is central to Gilead’s leading HIV business, which historically contributes the bulk of annual revenues. In 2024, Biktarvy on its own added $13.4 billion to the $19.4 billion that the company’s HIV products brought in. The drug dominates an over 50% share of the U.S. HIV market, according to Gilead.

The rest of the California-based drugmaker’s yearly revenue mostly derived from its liver disease therapies and a clutch of oncology treatments including cell therapies Yescarta and Tecartus. Gilead’s tunnel vision on lenacapavir represents a bit of a detour from prior years, when HIV discussions took a back seat to the company’s growing ambitions in cancer treatment.

While that sector still saw growth in 2024, swelling 6% to $3.2 billion, Gilead’s once fast-growing pair of cell therapy products are now facing sluggish demand. The company attributed the stall to “competitive headwinds” such as several new launches within the class and a “slower than targeted” uptake of cell therapies overall, Chief Commercial Officer Johanna Mercier explained on an earnings call in February.

Rounding out Gilead’s oncology portfolio is antibody-drug conjugate Trodelvy, which has been the source of a few headaches in 2024. The TROP2-targeted agent started off the year with a phase 3 trial flop in previously treated non-small cell lung cancer, prompting a 10% slide in Gilead’s stock price and later a $2.4 billion first-quarter impairment charge. Another $1.75 billion impairment charge hit in the third quarter.

Then, in October, the drugmaker withdrew Trodelvy’s accelerated FDA approval in bladder cancer after missing the endpoint in a confirmatory study meant to support a full approval.

Over 2024, Trodelvy achieved 24% growth to $1.3 billion thanks to increased demand in all regions and held onto its spot as the leading treatment for its breast cancer indication, Gilead said. It seems that the drug is “likely approaching its peak potential” in second-line triple-negative breast cancer, Leerink Partners analysts pointed out in a November note.

Gilead expects to bring in between $28.2 billion and $28.6 billion in sales in 2025, although it hasn’t yet revealed how its lenacapavir PrEP rollout will play into that total number. Besides that anticipated FDA decision in the summer of 2025, the company hopes to market seven new potential treatments through 2033, some of which use lenacapavir as a component.

2024 revenue: 24 billion euros ($26 billion)
2023 revenue: 24.1 billion euros ($26.1 billion)
Change: -0.4%
Headquarters: Leverkusen, Germany

Since 2017, Bayer has taken a big tumble on this list, from No. 8 in the rankings to its present slot at No. 17. The company remains haunted by its $63 billion acquisition of Monsanto as it works through an avalanche of personal injury lawsuits against weedkiller Roundup.

While the 2018 buyout was designed to bolster Bayer’s crop science division, the disastrous effects have taken a toll on the performance of its pharma and consumer health businesses, too, where sales have stagnated. The results have refueled longtime investor agitation for Bayer’s breakup, though CEO Bill Anderson has countered that the company must first reduce its debt, work through litigation and continue its cost-cutting, an initiative which is designed to slash $2 billion in costs through the end of 2026.

In 2024, while the pharma division achieved a slight year-over-year sales increase of 0.3%, the consumer health sector was down by 2.4%. And the slide doesn’t appear to be ending any time soon, as sales of Bayer’s top product, blood thinner Xarelto, are tumbling because of generic competition.

During Bayer’s fourth-quarter conference call, pharma division chief Stefan Oelrich said revenues are not expected to increase over the next two years.

“We will see a sales trough for either 2025 or 2026, with our next wave of growth following latest by 2027,” Oelrich said.

Xarelto sales fell 15% in 2024, from 4.1 billion euros ($4.4 billion) in 2023 to 3.5 billion euros ($3.8 billion) last year. The pace of the decline increased as the year went on, evidenced by the 19% drop in Xarelto sales in the fourth quarter.

In 2025, Bayer expects an even bigger hit to Xarelto as it faces more patent expirations as well as “additional risk from EU patent rulings and at-risk launches from generics,” said Oelrich. He added that the company is estimating Xarelto’s sales will fall by between 1 billion and 1.5 billion euros this year.

One more problem looming for the German drugmaker is the loss of patent protection for eye disease medicine Eylea, which generated sales of 3.3 billion euros ($3.6 billion) in 2024 for a 2% year-over-year increase.

Helping compensate for the shortfall will be the rising trajectories of prostate cancer treatment Nubeqa and kidney disease medicine Kerendia. Annual sales of the products were up 75% and 72%, respectively, in 2024. Bayer expects combined sales of the duo to increase from 2 billion euros ($2.1 billion) in 2024 to more than 2.5 billion euros ($2.7 billion) this year.

2024 revenue: 17.6 billion euros ($19.1 billion)
2023 revenue: 17.3 billion euros ($18.8 billion)
Change: +2%
Headquarters: Darmstadt, Germany

After logging revenue increases for six straight years, including double-digit growth in both 2021 and 2022 due largely to the success of its COVID-19 products, sales have flattened out for Merck KGaA.

Following a 5% revenue decrease in 2023, the German company rebounded somewhat in 2024 with a 2% increase. It wasn’t enough to satisfy investors, however, as the company’s share price fell by 3%, while other blue-chip counterparts in Germany were up by an average of 19%.

Considering where Merck started the year and where it ended, however, a much more positive picture emerges. In the first quarter of 2024, sales for the group—which includes its electronics unit, the results for which aren’t included in the figures above—were down 8% year over year. But, by the fourth quarter, revenue was up 15% year over year.

Most productive of Merck’s three business units was healthcare with sales of 8.5 billion euros ($9.2 billion), representing an increase of 7% year over year, led by its trio of blockbusters, each of which saw a double-digit sales increase in 2024.

Colorectal cancer treatment Erbitux generated sales of 1.16 billion euros ($1.3 billion). Multiple sclerosis therapy Mavenclad racked up 1.06 billion euros ($1.1 billion). And Type 2 diabetes medicine Glucophage achieved blockbuster status for the first time, pulling in revenue of 954 million euros ($1 billion).

The one relative disappointment was urothelial carcinoma treatment Bavencio, which saw an increase of just 5% to 735 million euros ($795 million), following a 17% bump in sales in 2023.

On the flip side was Merck’s life science business, which was down by 4%, due in large part to a 6% decline in sales for its Process Solutions (manufacturing) unit.

The unit’s decline was practically inevitable after massive growth leading up to and including the pandemic years. In 2020 and 2021, sales increased by 22% and 31%, respectively, peaking at 4.65 billion euros ($5.5 billion). Since then, sales have fallen, weighing in at 3.52 billion euros ($3.8 billion) in 2024.

Also struggling to regain its footing since the pandemic is Merck’s Life Science Services unit—its contract development manufacturing organization—which was down by 9%. After peaking with sales of 956 million euros ($1 billion) in 2022, the CDMO group’s revenue fell to 722 million euros ($781 million) last year.

Meanwhile, the Science and Lab Solutions unit, which is Merck’s medtech branch and accounts for more than half of the sales of the life science business, fared better than its siblings, with sales flat in 2024.

2024 revenue: $16.5 billion
2023 revenue: $15.8 billion
Change: +4%
Headquarters: Tel Aviv

Under CEO Richard Francis, Teva’s turnaround has been swift and pronounced, with multiple wins coming in last year across both the company’s bread-and-butter generics business and its burgeoning innovative medicines division.

Still, muted 2025 guidance that sent the Israeli-American drug giant’s stock tumbling earlier this year shows Teva still has work to do to maintain the newfound faith of its investors.

In 2024, Teva recorded total sales of $16.54 billion, signaling a 4% increase over the sum it brought home in 2023. The results mark Teva’s second consecutive year of growth since Francis’ arrival in early 2023.

Upon taking up the CEO mantle, Francis laid out his Pivot to Growth strategy to correct course at the then-ailing company. Initially focused on returning Teva to sales growth in 2023 and 2024, the overhaul is now entering its second phase in 2025, which will emphasize an acceleration of the momentum the company has built up since the CEO change.

Breaking down the numbers, Teva’s chief earner Austedo—approved in Huntington’s disease and tardive dyskinesia—grew sales 36% to $1.7 billion last year. Migraine med Ajovy increased revenues 18% to $507 million, while schizophrenia drug Uzedy generated $117 million for all of 2024.

Elsewhere, Teva’s core generics sales jumped 11% globally in 2024, which the company has credited to improved launch efficiency and better supply chain management.

As for 2025, Teva expects to generate between $16.8 billion and $17.4 billion in total sales for the year—with Austedo tipped to account for between $1.9 billion and $2.05 billion of that sum. The company is looking for its adjusted earnings per share to land between $2.35 and $2.65, a range that came in below analyst expectations when Teva announced its guidance in late January.

Teva’s stock price plunged more than 10% the morning the company unveiled its 2024 results and outlook for the coming year, though company executives were quick to explain the situation on an analyst call that same day.

Francis attributed the muted outlook to Medicare changes under the Inflation Reduction Act that started to affect both Uzedy and Austedo at the start of the year, plus lagging sales of older branded drugs, foreign exchange hits and plans for heftier investments moving forward.

“As a percentage of revenue, we are actually improving our investment in our [operating expenses], and therefore we don’t see much flow through to the [earnings],” Eli Kalif, Teva’s chief financial officer, explained during the call.

2024 revenue: $15.2 billion
2023 revenue: $14.1 billion
Change: +7%
Headquarters: Melbourne, Australia

After nine straight years of growth—and boosted by acquisitions including an $11.7 billion buyout of Vifor Pharma in 2021—CSL has broken into the top 20 on this list for the first time.

CSL replaces Viatris, which has seen three straight years of revenue declines, including a 4% drop in 2024. Since it was formed through a 2020 merger of Mylan and Pfizer generics unit Upjohn, Viatris has operated in contrast to CSL, as it has executed several divestitures. As a result, Viatris’ sales shrank from $17.9 billion in 2021 to $14.7 billion last year.

Meanwhile, since 2020, when CSL’s fiscal year revenue reached $7.7 billion, sales have nearly doubled. But the company is “working to address a number of challenges,” according to CEO Paul McKenzie, M.D., as its kidney disease and iron deficiency products are failing to live up to expectations after the acquisition of Swiss company Vifor.

CSL is split into three business units, and CSL Vifor still achieved a 6% year-over-year gain in the second half of 2024, which the company refers to as the first half of its 2025 fiscal year. CSL Behring, which is its immunology unit and accounts for more than two-thirds of the group’s revenue, had a solid half as well, with a 10% sales increase during the period.

The same can’t be said for CSL’s vaccine business, CSL Seqirus, which saw a 9% sales decline. The company chalked up the drop to a “significant decline in immunization rates in the U.S.,” McKenzie said during the fiscal first-half conference call in February of this year.

Each of CSL’s three best-selling vaccines—Fluad, Flucelvax and Afluria—were down by double-digit margins in the second half of calendar year 2024.

CSL is carried by its plasma products, which delivered in every category during the period. Sales of its immunoglobulins (Igs), which are used in drugs that primarily help the body fight infections, reached $3.2 billion, which was a 16% year-over-year increase. The top Ig performers were immune deficiency blockbusters Privigen and Hizentra, which were up 15% and 16%, respectively.

Sales of Albumin, a plasma-derived protein which is used to treat a variety of conditions, were up 9%. CSL’s hemophilia treatments, which also land under the Behring umbrella, were up 11%.

Additionally, one of the company’s most high-profile products, hemophilia B gene therapy Hemgenix, which became the most expensive drug in the world at $3.5 million when it was approved in 2022, has seen uptake “accelerating as we slowly but steadily find a way through the complexities of the U.S. healthcare system,” McKenzie said on the call.

As for the fiscal year, which concludes at the end of June, CSL is expecting an uptick in the second half, with projected revenue growth of between 5% and 7% for the year.