Global Pharma Giants Show Mixed Results in 2024 with AstraZeneca Leading China Market at $6.41 Billion

In recent weeks, multinational pharmaceutical companies have released their 2024 earnings reports, revealing significant insights into their performance in the lucrative Chinese market. According to a review by Cybex, AstraZeneca emerged as the clear leader with $6.41 billion in revenue, reflecting an impressive 11% growth. This figure represents approximately 12% of AstraZeneca’s global market share.

In contrast, Merck reported $5.39 billion in revenue for its China operations, a decline of nearly 20% from $6.71 billion in 2023. This drop makes Merck one of the only two companies to experience a downturn, with the largest decrease in revenue among its peers.

Novartis secured the third spot with $3.9 billion in revenue, becoming the company with the highest growth rate among the seven multinational firms reviewed.

Meanwhile, the weight-loss medication leaders, Novo Nordisk and Eli Lilly, also achieved double-digit growth in China, with revenues reaching $2.68 billion and $1.66 billion, respectively.

AstraZeneca's growth can be attributed to its successful inclusion of nine drugs into China’s National Reimbursement Drug List in November 2023, along with the approval of eight new drugs and indications in 2024. Additionally, the company plans to increase capital expenditures by 50% to support production expansion and IT upgrades across various global sites, including China.

Merck's performance was heavily impacted by a decline in demand for its HPV vaccine, GARDASIL, which saw a 41% drop in the fourth quarter of 2024 compared to the previous year. As a result, Merck will pause shipments of the HPV vaccine to China starting in February, likely to continue until mid-year.

Novartis continues to thrive with its cholesterol-lowering drug Leqvio, which has shown a 114% increase in sales globally. The drug's performance in China has been vital, with a growing number of patients opting for self-pay despite it not being included in insurance plans.

Novo Nordisk's performance in China was bolstered by its GLP-1 medications, contributing significantly to its growth with a 19% increase in sales.

Eli Lilly also reported strong results, driven by the recent launch of its weight-loss drug Tirzepatide, which is expected to further enhance the company's growth trajectory in the Chinese market.

As these major pharmaceutical companies adapt to the evolving landscape in China, the mixed results underscore the challenges and opportunities present in this critical market.