Big Pharma Q1 2025 Revenues Top $60B Despite Slumps in China and Generic Pressures

 As patent cliffs loom and pricing scrutiny intensifies, pharmaceutical giants are doubling down on innovation pipelines and international expansion. The first quarter of 2025 saw mixed results among major players like Merck, Roche, Sanofi, Bristol Myers Squibb (BMS), and Johnson & Johnson, with several breakthrough drugs pulling weight while legacy products faltered.

Merck reported $15.53 billion in total revenue, a 2% year-over-year decline, largely driven by a steep 62% drop in China sales. Its blockbuster immunotherapy Keytruda remains dominant, bringing in $7.21 billion (up 4%), nearly half of the company’s total revenue. A new subcutaneous formulation—which cuts injection time to just two minutes—is currently under U.S. and EU review. Meanwhile, Gardasil vaccine sales slid 41%, mostly due to China’s lingering stockpiles.

Roche posted $17.24 billion in Q1 revenue, with pharma growing 8% to $13.34 billion. China was a highlight, showing double-digit growth. Biologics like Phesgo, Vabysmo, Xolair, and Hemlibra crossed the billion-dollar mark. The company also announced the start of a Phase III Alzheimer’s trial while axing three other pipeline projects.

Sanofi’s revenue reached $10.46 billion, growing nearly 10%, led by strong U.S. performance (+15.4%). China revenues, however, slipped 1.7%. Its R&D spend was nearly $1.91 billion, funding major regulatory milestones in asthma, autoimmune, and neurodegenerative diseases, with seven pivotal trial updates expected in the second half of 2025.

BMS faced a 6% decline, totaling $11.2 billion in Q1. However, its new portfolio outperformed: Opdivo, Breyanzi, and Camzyos led a 16% growth in newer therapies. The company is now forecasting up to $46.8 billion in 2025 revenue. CAR-T product Breyanzi and KRAS inhibitor Krazati were top growers, while legacy drugs like Abraxane and Revlimid fell sharply.

Johnson & Johnson exceeded expectations with $21.9 billion in revenue (+2.4%). Strong gains from Darzalex, Carvykti, and Tremfya compensated for steep declines in Stelara (-34%) due to generic erosion. New combo therapies and oral biologic alternatives in late-stage development are expected to fuel momentum into 2026.

From regulatory wins to strategic pipeline shifts, Big Pharma is moving fast to realign for post-patent growth. But China’s sluggish demand and trade-related tariffs will remain drag factors as the year unfolds.