The global pharmaceutical industry has seen significant shifts in its financial landscape as top companies released their 2024 financial reports. The top 10 companies on the 2024 Global Pharmaceutical Companies TOP50 list have all disclosed their annual performances, revealing a mixed bag of results.
Pfizer Reclaims the Throne
Pfizer has reclaimed its position as the leading pharmaceutical company with a revenue of $63.627 billion, driven by strong performance in its oncology segment. The company's total revenue grew by 7% to $63.627 billion, with a 22% increase in the fourth quarter revenue to $17.763 billion. Excluding the impact of its COVID-19 products, Pfizer's revenue surged by 12%.
Pfizer's oncology business was particularly impressive, generating $15.612 billion in revenue, a 25% increase from the previous year. Key contributors included the PARP inhibitor Talzenna, which saw an 83% revenue growth to $1.17 billion, and the androgen receptor signaling inhibitor Xtandi (enzalutamide), which brought in $2.039 billion, up 23%.
The acquisition of Seagen for $43 billion at the end of 2023 also played a significant role, contributing tens of billions to Pfizer's 2024 revenue, especially through its antibody-drug conjugates.
Market Shifts and New Entrants
The 2024 rankings saw some notable changes. GlaxoSmithKline dropped out of the top 10, replaced by Eli Lilly, which saw a 32% revenue growth thanks to its diabetes and weight-loss drug Tirzepatide. The drug's sales reached $11.54 billion for the diabetes version and $16.446 billion combined for both versions.
AstraZeneca also made a significant leap, moving up three positions with a 21% revenue growth to $54.073 billion. Key products driving this growth included osimertinib, dapagliflozin, and durvalumab, which generated $6.58 billion, $7.717 billion, and $4.717 billion respectively.
China Market Dynamics
The Chinese market showed significant differentiation among multinational pharmaceutical companies. AstraZeneca regained the top spot in China with a 11% revenue growth to $6.4 billion, accounting for 12% of its global revenue. This growth was fueled by the introduction of new drugs and the inclusion of several products in China's National Medical Insurance Drug List.
In contrast, Merck & Co. saw a 20% decline in its Chinese market revenue to $5.394 billion, largely due to a decrease in sales of its HPV vaccine Gardasil. Sales of Gardasil fell by 3% globally to $8.583 billion, with a 17% drop in the fourth quarter to $1.55 billion. Merck attributed this decline to reduced demand in the Chinese market and has temporarily halted supplies to China until mid-2025.
Novartis also saw substantial growth in China, driven by its long-acting cholesterol-lowering drug Leqvio, which saw a 114% global revenue growth. Although specific Chinese market figures were not disclosed, China has become the second-largest market for Leqvio after the United States.
Conclusion
The 2024 financial reports highlight the dynamic nature of the global pharmaceutical industry, with companies like Pfizer and AstraZeneca making significant strides, while others like Merck face challenges in key markets like China. As the industry continues to evolve, the strategic importance of the Chinese market remains a focal point for multinational pharmaceutical companies aiming to secure larger market shares.
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