Top 10 Highest Revenue Growth Rates Among Pharma Giants in 2024 Q1

In the first quarter of 2024, the global biopharmaceutical industry witnessed remarkable growth, with 18 out of the top 25 pharmaceutical companies reporting year-over-year revenue increases. Notably, 9 of these companies achieved double-digit growth, an increase from 8 in the same period of the previous year.

Photo credit: FiercePharma

Topping the list is Eli Lilly, with an impressive 28% growth rate. The company's weight-loss drug Mounjaro is poised to surpass Novo Nordisk's Ozempic as the leading diabetes treatment, potentially generating $34 billion in sales by 2029. Novo Nordisk claimed the third spot with a 22% increase, though its growth rate has slowed from the previous quarter's 37% due to capacity constraints.

Among the standout performers were three Japanese firms. Daiichi Sankyo saw a 25% revenue surge, largely attributed to a $450 million upfront payment from Merck for three of its investigational antibody-drug conjugate (ADC) products. Astellas also reported a 17% increase, aided by its acquisition of Iveric Bio and the growth of its geographic atrophy treatment, Izervay. Takeda rounded out the Japanese contingent with a 10% growth.

Other companies achieving double-digit growth include AstraZeneca (17%), Vertex (13%), and Novartis (10%). AstraZeneca's strong performance was driven by its heart medication Farxiga, rare disease drug Ultomiris, and oncology treatments Calquence, Imfinzi, and Tagrisso. Vertex's cystic fibrosis drug TRIKAFTA/KAFTRIO duo accounted for over 90% of its revenue and grew by more than 18%.

Among the companies posting single-digit growth were Merck (9%), GlaxoSmithKline (6%), Bristol-Myers Squibb (5%), Biogen (5%), Gilead (5%), Teva (4%), Sanofi (2%), Johnson & Johnson (2%), and AbbVie (1%). Merck's growth was fueled by the continued success of its blockbuster drug Keytruda, which saw a 20% increase in sales, as well as its HPV vaccine Gardasil, which grew by 14%.

This diverse array of pharmaceutical giants showcases the resilience and innovation driving the industry's remarkable performance in the first quarter of 2024.