PHARMA 50

2025

Pharm Exec

50 EXECUTIVE
PHARMACEUTICAL

With a backdrop of mounting industry

disruption and transition, Pharm
Exec’s latest listing of the top global
biopharma sales producers, its 25th,
points to the importance of organizations
doubling-down on what they do best while
seizing new opportunities to innovate.

By MICHAEL CHRISTEL
®

Катерина Євтехова/ stock.adobe.com

20 JUNE 2025
 PHARMA 50

W
ELCOME TO THE SILVER ANNIVERSARY of Pharmaceutical Executive’s Pharm Exec 50.
For the last 25 years, we have ranked and documented the risers and fallers, Big Phar-
ma’s old guard vs. biotech’s fast emergers, and everyone in between, of the top 50 glob-
al biopharma manufacturers based on prescription drug sales. Chronicling the various
twists and turns and broader strategic industry influences along the way, each new
year of data and trend analysis has told its own unique story. The latest “Pharma 50,” this year an
expanded installment (see our special graphical data spread on pages 28-29), is no different.

While many support the notion that the life change as well. The newest full ledger of rankings, starting on page 24,
sciences and healthcare enterprises are perhaps once again captures most recent full-year drug revenue performance (in
entering a golden age of innovation, our silver- this case, 2024). The data, provided in collaboration with longtime
milestone report characterizes an industry now partner Evaluate Ltd, also includes each organization’s top-selling

PHARMACEUTICAL
clearly in the throes of massive operational products and R&D investment totals. Time will dictate, of course, how

EXECUTIVE
transition. A quick flip of the calendar, marked by much today’s dialed-up policy and regulatory climates, and their clinical
®
the January return of the Trump administration and commercial reverberations—good or bad—will ultimately rearrange
in the US, has provided ample evidence. the Rx fortunes of those on our list in the coming years. One apparent
For starters, there’s the specter of US tariffs likelihood, however, and echoed by industry experts, will be a greater
on pharmaceutical imports; sweeping US proliferation of the so-called unintended consequences resulting from
health agency downsizing and funding cuts; the volatility—byproducts that drugmakers will have to deftly navigate
proposed budget reductions to Medicare and in conjunction with their annual growth pursuits.
Medicaid; and executive order-fueled pricing “The reality is there’s so much patient need, even in the areas where
directives. These, too, it’s worth reminding, are there is competition,” Kevin Dondarski, a partner at Deloitte Consulting,
but a sampling of headwinds swirling outside helping spearhead the group’s annual pharma innovation ROI report
of the normal, fundamental business impacts since its inception in 2010, tells Pharm Exec. “Companies, over time,
and challenges. Those include various patent have established pretty nuanced understanding of certain disease areas
cliffs; still-shaky M&A and biotech investment and patient populations. There is a need to be bold and not just chase
footing; shifting competitive landscapes in what everyone else is doing, but continue to focus in the areas that have
chronic disease (i.e., weight loss, immunology); made you different in the past.”
and more segmented therapeutic targeting in
settings such as oncology and CNS as advances NUMBERS AND NARRATIVE
in science, technology, and artificial intelligence Dug in firmly from our previous scorecard, Johnson & Johnson and
hold promise to accelerate novel and AbbVie again secured the No. 1 and 2 positions in the Pharma 50.
specialized treatments to the market. Interestingly, however, the duo posted the smallest relative growth
Meanwhile, the complexion of our Pharma year-on-year of most of those in the top 10 (J&J prescription drug sales
50 leaderboard, particularly those lofty and rose 4.3% to $55.75 billion in 2024, while AbbVie’s increased 3.3% to
entrenched—but also quite fluid—spots from 1 $54.48 billion). That said, J&J’s star monoclonal antibody, Darzalex, for
through 10, has experienced considerable multiple myeloma, did eclipse the double-digit billion-dollar plateau

PHARMEXEC.COM 21
PHARMA 50

in 2024, with sales rising 19.8% to $11.67 billion. However, of note, some of these big products, and peak sales to
revenue from J&J’s longtime mainstay in inflammation, Stelara, fell come, even if you chopped that up, say 10 times,
slightly, by 0.5%, reflecting the drug’s increased tussling with new bi- you’ve still got a large chunk [annually].”
osimilar entrants. For its part, in efforts to fill revenue gaps, J&J trailed Rounding out the top five entrants in the
only Merck in total R&D spend in 2024, investing $17.03 billion. Pharma 50 are Roche and Pfizer, both of which
Though maintaining stable overall footing, AbbVie, too, was impacted climbed one spot from the previous year.
by biosimilar penetration. Humira, the several-year stalwart, alas, Interestingly, for Roche, long recognized in
reached its inevitable downward slope, plummeting 37.6% in sales to oncology, its top three-selling products are all
$8.99 billion. That dropped the drug from the world’s No. 2 seller in 2023 non-cancer therapies, led by multiple sclerosis
to out of the top 10. Quickly building up headway in its place, however, drug Ocrevus. The strategy of portfolio
is psoriasis power Skyrizi, which rocketed 51% in sales last year, totaling diversification over the last several years has
$11.72 billion (1Q 2025 figures reportedly jumped 71%). In tandem, begun to pay off for the Swiss drugmaker,
AbbVie’s Rinvoq continues to ascend as well, growing 50% in 2024, to which eclipsed the $50 billion Rx mark in
$5.97 billion. The JAK inhibitor is approved in nine indications, most 2024, growing 6.8% to $52.46 billion.
recently cleared by the FDA in April as the first oral drug of its class to Pfizer continued its stretch of stabilization

PHARMACEUTICAL
treat giant cell arteritis. AbbVie’s R&D pivot in recent years to oncology, following the 2023 sales dives of its COVID-19

EXECUTIVE
including a focus on targeting solid tumors with next-generation business (though Paxlovid is still delivering solid
®
antibody-drug conjugates (ADCs), is starting to bear fruit (the company’s returns, notching $5.7 billion a year ago). Braftovi,
ADC Emrelis was granted accelerated approval by the FDA in May for the company’s combination with Eli Lilly’s Erbitux,
adults with pretreated advanced non-small cell lung cancer). was given accelerated approval by the FDA last
Merck, boasting the world’s top-selling drug, Keytruda, for a second December as the first biomarker-driven therapy
straight year, inched up from fourth to third in the latest rankings. The specifically cleared for first-line treatment of
company boosted Rx sales by 6.8%, anchored by the steady growth of mutated cancer. Pfizer is eyeing full approval after
Keytruda (currently has 40 FDA approvals in cancer). The PD-1 the release this month of new survival data, and
immunotherapy will likely keep a stranglehold on top-product status also potentially strengthened its oncology stable
for at least a few more years. Evaluate projects peak sales for Keytruda after striking a lucrative licensing deal with China’s
of $33 billion before the intravenous version starts to lose patent 3SBio in May (see sidebar on page 29), part of a
protection in 2028; the company is progressing clinical trials of a wider industry trend of increasing global demand
subcutaneous formulation, which it plans to launch as early as this fall. for Chinese innovation assets. But, for now, Pfizer
Perhaps in other offsetting efforts, it was reported this month that lacks that sure-bet ultra driver or two of the past.
Merck apparently offered $3 billion earlier this year to acquire “They don’t have a big cash-cow product or
MoonLake Immunotherapeutics to bolster its late-phase pipeline. portfolio of big cash cows like some of these other
Several companies are developing potential future biosimilars to companies have,” Verdin tells Pharm Exec.
Keytruda, including Amgen, which has a version in Phase III trials. The analyst was referring to the likes of Lilly
“It’s not just pure biosimilar players [anymore]. Big companies are (rising 27.8% in Rx sales to 11th in this year’s
into biosimilars as well,” notes Paul Verdin, VP, head of consulting and Pharma 50) with GLP-1 agonists Mounjaro/
analytics, Evaluate Ltd, when asked about the prospects of these Zepbound; Novo Nordisk (cracking the top 10 as
products, one day, entering the blockbuster discussion. “The challenge many predicted, at 10th, up 24.9%) with GLP-1s
is the market ends up fairly segmented. Even though a biosimilar is not Ozempic/Wegovy; and Sanofi (holding tight to
the same as a generic, you’re still chopping up a market. ... [But] for ninth, behind a 8.42% jump) with Dupixent, its

22 JUNE 2025
 PHARMA 50

inflammation giant. The latter, developed and But as Michael Grosberg, vice president of product management,
marketed with Regeneron, posted the third- Model N, points out, pharma manufacturers—as well as med device and
highest product sales in 2024 (up 22% to $14.1 tech companies—were already unveiling such initiatives before the
billion), trailing only Keytruda and Ozempic. threat of tariffs became a real possibility.
Perhaps in an equally enviable position is “Of course, there will be an impact, but, for the most part, most
AstraZeneca. Flying “a little bit under the radar,” manufacturers report publicly that they were going to be able to mitigate
according to Verdin, the British drugmaker leapt those impacts through internal cost savings, some shedding manufacturing
from 8th to 6th and recorded the strongest growth capacity, and so forth,” Grosberg tells Pharm Exec. “Some transferred a lot
of all returning top 10 entrants on our list. It added of material in advance of tariffs and anticipation of tariffs.”
more than $7 billion in Rx revenue in 2024,
totaling $50.95 billion, an increase of 16.3%. AZ’s R&D REBOUND
top two producers, Farxiga, which treats type 2 Also likely to influence future Pharma 50 maneuvering will be favor-
diabetes, heart failure, and chronic kidney able developments of late across the clinical development landscape,
disease, and Tagrisso, a targeted therapy for non- particularly in oncology. Dondarski, citing Deloitte’s findings in its new
small cell lung cancer, experienced sales report, notes that the return on R&D investment for the “broader co-

PHARMACEUTICAL
spikes of 28.4% and 13.5%, respectively. Its hort” of companies (biopharma’s top 20 organizations) experienced an

EXECUTIVE
immunotherapy blockbuster, Imfinzi, grew 11.6% increase for the second consecutive year. He attributes the growth to
®
in the first quarter of 2025 amid accelerated two major drivers: the outsized value associated with the GLP-1 obesity
demand and new indications. Notably focused in category and the strong gains from novel and so-called “fast-follower”
recent years on internally-driven pipeline mechanisms of action.
pursuits, AZ, in April, inked a $200 million pact “Even in our circles, the term ‘innovation’ can be defined in a lot
with Tempus and Pathos AI on designing a large- of different ways,” says Dondarski. “Any new medicine that’s approved
scale multimodal deep learning model to advance can be considered innovation. Equally as important are established
cancer drug discovery. medications that are approved for either new follow-on indications or
The two other pharma giants ranked in the new patient populations. ... Typically, for at least the larger
top 10 are Novartis and Bristol Myers Squibb at organizations, it’s less a question of do we spend a lot more on R&D
7th and 8th, respectively. The former dropped or do we spend a lot less, but rather, how do we optimize that spending
from the third spot, with prescription drug in terms of exploratory early innovation versus big pivotal registrational
revenue down 4.3% as the company continues studies?” (See page 28 for more R&D-related highlights and data.)
to diversify its portfolio (it did boost net sales In oncology, though there is concern swirling around FDA, NIH, and
15% in the first quarter and raised its full-year other research-oriented entities amid federal overhauls, experts
2025 guidance). For BMS, Rx sales spiked 7.7% observed a recovery of sorts last year, reflected in the return to pre-
to $47.82 billion. On the R&D front, earlier this pandemic levels in the number of cancer drugs approved by the FDA.
month, it signed a licensing deal for BNT327, a Eric Blouin, senior vice president, oncology, at IPSOS, notes that the
PD-L1xVEGF bispecific antibody developed by total accounted for 40% of all new molecular entity approvals in 2024.
BioNTech, for $1.5 billion in upfront money. “Everyone is super excited about bispecifics and ADCs. You’ve got
In preparation for 25% tariffs on US protein degraders that are becoming a big topic of discussion. But the
pharmaceutical imports, recent announcements small molecule is still the workhorse of drug development,” Blouin tells
on US manufacturing investment by a slew of Pharm Exec. Explore more on the oncology landscape, including a selection
companies on our list have been well-documented. of biopharma companies driving advancement, on page 29. PE

PHARMEXEC.COM 23
 2025

Pharm Exec

50
2025
Pharm Exec

1
EXECUTIVE
Johnson &
Johnson
PHARMACEUTICAL

NEW BRUNSWICK, NEW JERSEY [JNJ.COM]

2024
Rx Sales*

$55.745
2024
R&D Spend*

$17.034
2024
Top-Selling Drugs*

Darzalex11.670
Stelara10.361
Tremfya3.670
®

2 AbbVie Skyrizi11.718

NORTH CHICAGO, ILLINOIS [ABBVIE.COM]

$54.484 $8.056 Humira8.993
Rinvoq5.971

3 Merck & Co. Keytruda29.482

RAHWAY, NEW JERSEY [MERCK.COM]

$54.314 $17.865 Gardasil 9 8.583
Bridion1.764

4 Roche Ocrevus7.663

BASEL, SWITZERLAND [ROCHE.COM]

$52.457 $14.818 Hemlibra4.699
Vabysmo4.390

5 Pfizer
NEW YORK, NEW YORK [PFIZER.COM]
$51.953 $10.822
Prevnar 13 6.411
Paxlovid5.716
Vyndaqel5.451
 2024 2024 2024
Rx Sales* R&D Spend* Top-Selling Drugs*

6 AstraZeneca Farxiga7.656

LONDON, ENGLAND [ASTRAZENECA.COM]

$50.946 $12.211 Tagrisso6.580
Imfinzi4.717

7 Novartis
BASEL, SWITZERLAND [NOVARTIS.COM]
$50.191 $9.302
Entresto7.822
Cosentyx SC 6.141
Kesimpta3.224

8
Bristol Myers Eliquis13.333

Squibb $47.821 $9.782 Opdivo9.304

Revlimid5.773
NEW YORK, NEW YORK [BMS.COM]

9 PHARMACEUTICAL Sanofi $44.243 $8.000

Dupixent14.143
Fluzone2.764

E
PARIS, FRANCE [SANOFI.COM] Pentacel2.328

XECUTIVE
®

10 Novo Nordisk
BAGSVAERD, DENMARK [NOVONORDISK.COM]
$42.122 $6.971
Ozempic17.456
Wegovy8.443
Rybelsus3.380

Source: EvaluatePharma May 2025, Evaluate Ltd, www.evaluate.com *USD in billions

®

How the listings were compiled: 2024 Rx Sales and R&D Spend analyses were provided by life sciences market intelligence firm Evaluate Ltd via
its EvaluatePharma service, www.evaluate.com. Pharm Exec would like to thank EvaluatePharma for assisting in the development of this year’s Pharma
®

50 listing.
PLEASE NOTE: 2024 figures represent prescription pharmaceutical sales from the named company only and exclude revenues from royalties, co-promotions,
etc., as well as sales from non-prescription pharmaceuticals. Figures in green are Evaluate Consensus Estimates and are included where actual reported sales data
was not available at the time of generation. Evaluate’s Sales and R&D Spend figures represent the fiscal year that ended in 2024. For most American and Euro-
pean companies, that means the year ending Dec. 31, 2024. For many Japanese companies, the fiscal year ending March 31, 2025, was used. Historic
averages were used in the conversion of companies’ native currency to USD.
 2024 2024 2024
Rx Sales* R&D Spend* Top-Selling Drugs*
Mounjaro11.540
11 Eli Lilly $40.716 $10.991 Verzenio5.307
INDIANAPOLIS, INDIANA [LILLY.COM] Trulicity5.254
Shingrix4.300
12 GSK $39.718 $7.698 Trelegy Ellipta 3.454
BRENTFORD, ENGLAND [GSK.COM] Dovato2.862
Prolia4.374
13 Amgen $31.748 $5.878 Enbrel3.316
THOUSAND OAKS, CALIFORNIA [AMGEN.COM] Xgeva2.225
Entyvio6.195
14 Takeda $29.782 $5.406 Gammagard Liquid 2.792
OSAKA, JAPAN [TAKEDA.COM] Vyvanse1.661
Biktarvy13.423
15 Gilead Sciences $28.028 $5.731 Descovy2.113
FOSTER CITY, CALIFORNIA [GILEAD.COM] Veklury1.799
Jardiance9.041
16 Boehringer Ingelheim $22.175 N/A Ofev4.074
INGELHEIM, GERMANY [BOEHRINGER-INGELHEIM.COM] Tradjenta1.754
Eylea3.577
17 Bayer $17.710 $6.718 Xarelto3.149
LEVERKUSEN, GERMANY [BAYER.COM] Nubeqa1.648

Privigen3.978
18 CSL $15.009 $1.499 Hizentra2.220
MELBOURNE, AUSTRALIA [CSL.COM.AU] Human albumin 1.275

Lipitor1.469

19 Viatris
PHARMACEUTICAL
CANONSBURG, PENNSYLVANIA [VIATRIS.COM]
$14.534 $788 Fluticasone Propionate; Salmeterol
Xinafoate1.192

EXECUTIVE
Norvasc673
® Austedo1.642
20 Teva Pharmaceutical Industries $13.495 $998 Ajovy507
PETAH TIKVA, ISRAEL [TEVAPHARM.COM] Copaxone503
Xtandi5.992
21 Astellas Pharma $11.816 $2.152 Myrbetriq1.116
TOYKO, JAPAN [ASTELLAS.COM] Prograf982
Trikafta10.239
22 Vertex Pharmaceuticals $11.020 $3.457 Kalydeco358
BOSTON, MASSACHUSETTS [VRTX.COM] Orkambi234
Enhertu3.631
23 Daiichi Sankyo $10.912 $2.861 Lixiana2.259
TOKYO, JAPAN [DAIICHISANKYO.COM] Venofer407
Hyrimoz878
24 Sandoz Group $10.357 $931 Omnitrope369
BASEL, SWITZERLAND [SANDOZ.COM] Rixathon295
Erbitux1.257
25 Merck KGaA $9.148 $2.466 Mavenclad1.149
DARMSTADT, GERMANY [MERCKGROUP.COM] Glucophage1.032
Rexulti1.767
26 Otsuka Holdings $8.975 $2.077 Jynarque1.594
TOKYO, JAPAN [OTSUKA.COM] Abilify Maintena 1.448
Eylea4.767
27 Regeneron Pharmaceuticals $7.629 $5.107 Libtayo1.217
TARRYTOWN, NEW YORK [REGENERON.COM] Eylea HD 1.201
Tysabri1.715
28 Biogen $7.214 $1.930 Spinraza1.573
CAMBRIDGE, MASSACHUSETTS [BIOGEN.COM] Tecfidera967
Gamunex-C2.088
29 Grifols $6.646 $415 Flebogamma1.291
BARCELONA, SPAIN [GRIFOLS.COM] Prolastin-C1.135
Nexplanon963
30 Organon $6.219 $490 Liptruzet473
JERSEY CITY, NEW JERSEY [ORGANON.COM] Singulair359
Source: EvaluatePharma May 2025, Evaluate Ltd, www.evaluate.com *USD in billions, lower numbers in millions
®
 2024 2024 2024
Rx Sales* R&D Spend* Top-Selling Drugs*
Ilumya634
31 Sun Pharmaceutical Industries $6.081 $407 Ciprofloxacin hydrochloride 210
MUMBAI, INDIA [SUNPHARMA.COM] Levulan Kerastick Topical 119

Cimzia2.169
32 UCB $6.051 $1.927 Briviact742
BRUSSELS, BELGIUM [UCB.COM] Bimzelx657

33 Yunnan Baiyao Group $5.556 $47 N/A

KUNMING, YUNNAN, CHINA [YUNNANBAIYAO.COM.CN]

Diamicron613
34 Les Laboratoires Servier $5.262 N/A Daflon 500 469
SURESNES, FRANCE [SERVIER.COM] Prestalia346

Abbott Laboratories Ademetionine27

35 ABBOTT PARK, ILLINOIS [ABBOTT.COM]
$5.166 2.704 Drospirenone; Ethinyl Estradiol
Choline Alfoscerate
26
19

Xifaxan 550 1.983

36 Bausch Health Companies $4.977 $615 Wellbutrin XL 196
LAVAL, QUEBEC [BAUSCHHEALTH.COM] Relistor187

37 Fresenius $4.810 $694 Heparin Sodium (FRES) 82

BAD HOMBURG, GERMANY [FRESENIUS-KABI.COM]

Lenvima 2.037
38 Eisai $4.536 $1.078 Dayvigo 307
TOKYO, JAPAN [EISAI.COM] Leqembi 303

Focus V 594
Sino Biopharmaceutical
39 HONG KONG [SINOBIOPHARM.COM]
PHARMACEUTICAL $4.022 $670 Tianqingganmei323
Calcitriol254

EXECUTIVE
Bystolic420
40 The Menarini Group $4.006 N/A ®
Elzonris392
FLORENCE, ITALY [MENARINI.COM] Enantyum200

41 Huadong Medicine $3.956 N/A

Ellanse54
HANGZHOU, CHINA [EASTCHINAPHARM.COM] Perfectha25

Bortezomib108
42 STADA Arzneimittel $3.930 N/A Retacrit108
BAD VILBEL, GERMANY [STADA.COM] Apokyn100

Xywav1.473
43 Jazz Pharmaceuticals $3.821 $884 Epidiolex972
DUBLIN, IRELAND [JAZZPHARMA.COM] Rylaze411

Brukinsa2.644
44 BeiGene $3.780 $1.854 Tevimbra713
BEIJING, CHINA [BEIGENE.COM] Xgeva224

Somatuline1.213
45 Ipsen $3.708 $743 Dysport746
PARIS, FRANCE [IPSEN.COM] Cabometyx644

AiRuiKa358
46 Jiangsu Hengrui Pharmaceuticals $3.632 $785 Ioversol270
SHIJIAZHUANG, CHINA [HENGRUI.COM] Butorphanol Tartrate 269

Jakafi2.792
47 Incyte $3.619 $2.607 Opzelura508
WILMINGTON, DELAWARE [INCYTE.COM] Monjuvi119

Butylphthalide1.141
48 CSPC Pharmaceutical Group $3.610 $703 Doxorubicin Hydrochloride 229
HEBEI PROVINCE, CHINA [CSPC.COM.HK] Jinyouli222

49 Dr. Reddy’s Laboratories $3.304 $321

Omeprazole356
Nimesulide122
HYDERABAD, INDIA [DRREDDYS.COM] Zoledronic Acid 76

50 Moderna $3.218 $4.665

Spikevax3.109
mRESVIA290
CAMBRIDGE, MASSACHUSETTS [[MODERNATX.COM]

Source: EvaluatePharma May 2025, Evaluate Ltd, www.evaluate.com *USD in billions, lower numbers in millions
®
 Beyond the Please enjoy this snapshot graphical spread—a metrics mashup, if
you will—spotlighting a sampling of the pivotal, underlying, and
overpowering (think GLP-1s) drivers of our yearly leaderboard.

Pharma 50 AVERAGE FORECAST PEAK SALES PER DRUG PIPELINE ASSET ($ millions)

Key Data
$3,500

$3,000

Average peak sales ($m)

Trends and
Top
performer

Third
quartile
$2,500
Mean
Median
First $2,000
quartile

Highlights
Bottom
performer
$1,500

$1,000
$573 $555
$520 $517 $463 $512 $500 $510
$500 $366 $398 $389 $353

$0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

GROWTH OF FIRST-TIME LAUNCHERS SOURCE: Deloitte, Measuring the Return from Pharmaceutical Innovation; March 2025
COMMERCIALIZING OWN PRODUCTS
New drug launches by company type

PHARMACEUTICAL AVERAGE COST TO DEVELOP A DRUG - DISCOVERY TO LAUNCH ($ millions)

EXECUTIVE
100%
9% 9% 14%
2% 5% 29% $12,000 ®
80% 8%
Cost from discovery to launch ($m)

60% 14%
89% $10,000
40% 87% 78% Top
performer
57%
20% Third
quartile $8,000
0% Mean
2000- 2006- 2012- 2018- Median
2005 2011 2017 2023 First $6,000
quartile
First-Time Launchers
Recent Launchers*
Experienced Launchers
Bottom $4,000
performer $2,364
$2,432 $2,284 $2,120 $2,229
SOURCE: CDER, CBER, Evaluate Pharma $1,824 $2,202 $1,986
$1,349 $1,513
*companies that launched their first product after 2001 $2,000 $1,296 $1,511

$0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
BIOTECH FUNDING IN 2025: SMALL
MOLECULES STILL LIVING LARGE SOURCE: Deloitte, Measuring the Return from Pharmaceutical Innovation; March 2025

$0.3 $0.3 $0.3 $0.2 $0.2

$0.3 $0.1 $0.1 Modality % of Deals
Modality % of Deals
$0.4 $0.3
Figures in
GLP-1 PRESCRIPTION RATE, 2019-2024
$0.7 $0.5 billions Small Molecules 36%
$0.8
Antibody 15%
$0.9 4.0% Any GLP-1
Other 7%
$1.2 $11.55 3.5
ADC 5%
$1.2 Protein Therapeutics 4% 3.0
$1.3 AI 4%
2.5
$1.4 Bispecific 4%
Auto Cell Therapy 4% 2.0 Ozempic
$1.4
$1.5 Other Genetic Meds 4%
$2.3 $4.7 1.5
Rest of the Modalities 17%
1.0 Mounjaro
Small Molecules Antibody Other ADC
Saxenda,
Protein Therapeutic AI Bispecific Auto Cell Therapy 0.5 Wegovy,
Other Genetic Medicines DNA/RNA Editing Radiopharma AAV Gene Therapy Zepbound
Other Cell Therapy Delivery Platform In-Vivo Cell Vaccine 0.0
siRNA Multispecific
Therapy
Allo Cell Therapy 2019 2020 2021 2022 2023 2024
Protein Degrader
ASO Psychedelics
LV Gene Therapy The percentage of US adult patients prescribed a GLP-1 drug by brand name.
SOURCE: Evercore SOURCE: Fair Health
An Active Oncology Landscape CHINA’S R&D SURGE
TOTAL PIPELINE ASSETS DEDICATED TO ONCOLOGY (BY %)

50%

40% 36%
39%
Innovation Riser
The recent $6.05 billion licensing agreement
30% between Pfizer and Chinese biotech 3SBio
18% marks a significant milestone, demonstrating
20%
that China is shifting its role from a pure market
10%
follower to a competitive global participant in
0% the worldwide biopharma innovation process.
2010 2019 2024
SOURCE: Deloitte This transaction not only sets a new record for
upfront payments in a China out-licensing deal,
CLINICAL TRIAL CROSSHAIRS: TOP 5 CAUSES OF CANCER DEATH but also reinforces the country’s growing
recognition as a rising leader in pharma R&D.
Rank Indication Patients Cohorts Investigators Researchers Countries The exclusive arrangement involves the
development, manufacturing, and
1 LUNG CANCER 3,918,870 16,606 35,982 7,672 106
commercialization of SSGJ-707, a bispecific
2 COLORECTAL CANCER 5,958,563 18,235 23,366 8,586 91 antibody targeting PD-1 and VEGF, currently
undergoing several clinical trials in China for
3 LIVER CANCER 2,380,293 10,092 17,777 5,148 96 non-small cell lung cancer, metastatic colorectal
cancer, and gynecological tumors. In clinical
4 STOMACH CANCER 1,078,160 4,597 9,427 2,911 85

PHARMACEUTICAL
testing, the drug’s tetravalent symmetric
structure has significantly enhanced treatment
5 BREAST CANCER

EXECUTIVE
4,874,718 16,727 34,343 12,404 116
efficacy for solid tumors, boosting objective
SOURCE: Phesi Trial AcceleratorTM response rates ® to 52.4%—a 27% improvement
over traditional monoclonal therapies.
MID-SIZED BIG PHARMA MOVERS & SHAKERS IN ONCOLOGY Under the structure of the deal, 3SBio
retains rights in Greater China, while Pfizer

1 ASTELLAS
PHARMA 2 DAIICHI
SANKYO 3 REGENERON secures rights across North America, Europe,
and emerging markets. 3SBio is set to receive
Has a solid track record of deals for DSI is arguably the king of ADCs. Oncology ambitions are anchored by
innovative oncology drugs. Of note, Its partnership with AstraZeneca with Libtayo, its anti-PD-1 drug for which
an initial payment of $1.25 billion and could
they include Xtandi (collaboration with DSI’s franchise drug Enhertu has been it reacquired full global rights to from make an additional $4.8 billion through
Medivation), Xospata (research collab- extremely rewarding, with combined partner Sanofi in 2022 for $900 mil-
oration with Kotobuki Pharma), Vyloy sales of Enhertu reaching $3.75 bil- lion. As it turns out, Regeneron negoti- milestone-based payments. The partnership
(acquisition of Ganymed Pharma), and lion in 2024 (up 45% year-over-year). ated a shrewd deal, as 2024 sales for
Padcev (co-development deal with Libtayo surpassed $1 billion. Further
has already triggered industry ripple effects,
With AZ, also achieved first approval
Seagen). These four brands recorded
for Datroway, a TROP2 competitor
growth is expected from a potential with a 42% biotech sector surge on Hong Kong
$8.6 billion in sales in 2024. adjuvant cutaneous squamous cell car-
to Trodelvy. Datroway is expecting a Exchanges and Clearing Limited, the launch of
cinoma (CSCC) approval later this year,
While Xtandi faces impending loss of further approval later this summer in
as well as the potential to serve as a
exclusivity (as well as Medicare price 2L+ EGFR+ NSCLC, broadening its
backbone to Regeneron’s LAG-3 inhib-
eight new bispecific antibody research projects
negotiations), Padcev is a growth driver utility beyond breast cancer.
based on it being a component of the
itor fianlimab, which is in Phase III for by multinational pharmas in China, and a 65%
Despite recent setbacks in the first CSCC, melanoma, and NSCLC.
new standard of care regimen for first-
FDA submission as part of DSI’s ADC quarterly increase in Chinese contract research
line metastatic urethelial carcinoma. Expecting two more FDA approvals
pact with Merck, the companies are
Padcev, Vyloy, and Xospata all have sev-
committed to developing the three as-
for new bispecific antibody assets, organization contract volumes.
eral registrational trials underway for ex- odronextamab (a CD20xCD3 for re-
sets covered, with 14 active trials across — By Adam Zhang Yu, founder and CEO of
panded labels and/or new indications. lapsed/refractory follicular and diffuse
multiple tumor types and indications.
large B-cell lymphomas) and linvo- investment banking firm Collabrium Partners
Pipeline boasts a number of ear- seltamab (a BCMAxCD3 for relapsed/
Early oncology pipeline also includes
ly-phase assets across a range of mo- refractory multiple myeloma). Both
small molecules (building on its
dalities and mechanisms: bispecific will face stiff competition, as they
successful development of Turalio and
antibodies, oncolytic virus, novel check- will be the third bispecific antibodies STRONG MOMENTUM IN CHINESE
Vanflyta), multi-specific antibodies,
point inhibitors, and protein degraders. approved for each of the indications.
and novel checkpoint inhibitors. OUT-LICENSING PHARMA DEALS
Strong Momentum in Chinese Out-licensing Pharma Deals

4 JAZZ
5 6
90 60

PHARMACEUTICALS INCYTE MODERNA 80

74
80

50
70
Total reported deal valuation (USDbn)

Over the past five years, has made a To replace the revenue of its main sales While its mRNA peer BioNTech has
series of incremental deals with biotech driver, Jakafi ($2.8 billion in 2024), invested its COVID-19 vaccine reve- 60 40

to bolster its US oncology portfolio. slated to go off patent in 2028, is ex-

Number of deals

nue into licensing deals covering mul- 50 47 48

Zepzelca (lurbinectin) rights for the US pected to submit for regulatory review tiple oncology modalities as well as 30
market, acquired in 2019 from Phar- an extended release version of Jakafi mRNA-based therapeutic candidates, 40
33
maMar, has proven to be very prescient. by the end of 2025. It’s also received Moderna has gone “all-in” on the lat- 30 20
Zepzelca received initial FDA approval approval for Niktimvo in 3L+ chronic ter in its oncology ambitions. It’s most
in 2020 for 2L+ ES-SCLC, and last year graft-versus-host disease, as well as an advanced candidate, intismeran auto- 20
12 10
totaled $320 million in sales. Jazz may approval for Xynyz’s squamous cell anal gene (aka mRNA-4157) is in Phase III 10 8
5
be able to turbo-charge ROI as a result carcinoma (the first and only anti-PD-1 development for adjuvant melanoma as
4 3

of the IMForte trial, which would provide approved for this tumor). An expanded well as adjuvant and perioperative (IN- 0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
0

a 1L indication maintenance following label for Monjuvi in diffuse large B-cell Terpath-009) NSCLC.
standard-of-care induction therapy. lymphoma is also pending. Chinese out-licensing deals, 2015-2024. Source: PharmCube
Chinese out-licensing deals, 2015-2024.
SOURCE: IPSOS - Eric Blouin, senior vice president, oncology SOURCE: PharmCube