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The Top 20 Pharma Companies by 2024 Revenue
- G-Med Team
- May 4
- 3 min read
The global pharmaceutical industry entered 2024 with a sense of cautious optimism—and ended the year with strong, broad-based growth across nearly every major player. After a few turbulent years driven by COVID-related surges and post-pandemic slowdowns, the latest revenue rankings reflect a new phase: one of strategic focus, therapeutic specialization, and significant investment in innovation.
Fierce Pharma recently released its list of the Top 20 Pharmaceutical Companies by 2024 Revenue, and it offers a revealing snapshot of where the industry stands—and where it's headed.
A Familiar Top Five—But Under New Pressures
The top of the list features some of the most recognized names in pharma, but even the biggest players are adapting to a fast-changing market.
Johnson & Johnson – Long known for its diversified business model, J&J’s pharmaceutical arm remains a steady performer.
Roche – With a strong base in oncology and diagnostics, Roche continues to lead in precision medicine.
Merck & Co. – Keytruda’s dominance in cancer treatment has kept Merck among the top three.
Pfizer – COVID vaccine revenues may be declining, but Pfizer’s focus on oncology, vaccines, and mRNA keeps it in the conversation.
AbbVie – Humira’s patent expiration posed a challenge, but AbbVie rebounded with Rinvoq and Skyrizi driving new growth.
The Fastest Climbers: A Year Dominated by Metabolic Drugs
Perhaps the most striking story of 2024 was the continued rise of GLP-1 drugs for diabetes and obesity. Two companies, in particular, saw massive growth.
Eli Lilly – With a 32% revenue jump, driven by Mounjaro and its broader obesity portfolio, Lilly is rewriting the pharma growth playbook.
Novo Nordisk – Ozempic and Wegovy continued their global climb, fueling a 26% revenue increase that pushed Novo solidly into the top 15.
The Full Top 20 List
Here’s the complete ranking of the top 20 companies by 2024 revenue:
Johnson & Johnson
Roche
Merck & Co.
Pfizer
AbbVie
Eli Lilly
Novartis
Sanofi
Bristol Myers Squibb
AstraZeneca
GSK (GlaxoSmithKline)
Bayer
Novo Nordisk
Amgen
Takeda Pharmaceutical
Boehringer Ingelheim
Teva Pharmaceutical Industries
Astellas Pharma
Biogen
Otsuka Holdings
One Notable Trend: Nearly Everyone Grew
Only one company in the top 20 saw a year-over-year revenue decline in 2024. That’s a stark contrast to 2023, when eight companies on this list posted losses. From blockbuster biologics to next-generation vaccines, most of these firms are entering 2025 with strong momentum.
What It All Means
The 2024 rankings don’t just show who made the most money—they tell a broader story about what’s working in pharma right now. Companies with strong pipelines in oncology, metabolic disease, immunology, and rare conditions are not just surviving—they're thriving. And those who’ve invested in scalable innovation, digital infrastructure, and global market expansion are reaping the benefits.
If you’re a marketer, strategist, or investor in the healthcare space, this list offers more than bragging rights. It highlights where the real opportunities lie—and who’s best positioned to lead in the years ahead.
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