7 Pharma Giants See Q1 Sales Drop Pfizer Slips to Fourth as Cancer Race Heats Up

Seven major pharmaceutical firms reported year-over-year revenue declines in Q1, with Viatris—a leading generics player—hit hardest by an 11% drop. Pfizer followed with an 8% fall, while Organon, Bristol Myers Squibb (BMS), Regeneron, Merck, and Gilead saw milder declines, ranging from 6% to 0.3%.

Once again, Pfizer took center stage with a surprising twist. After reclaiming the top spot in 2024 global pharma revenue with $63.6 billion in annual sales, it slid to fourth place in Q1, generating only $13.7 billion. The fall is largely tied to plummeting sales of Paxlovid and pricing pressure on Eliquis, partly due to U.S. Medicare policy changes under the IRA Act.

Still, short-term numbers may not fully reflect Pfizer’s trajectory. The company is doubling down on oncology, where growth continues across both its full-year and Q1 results. In a bold strategic move, Pfizer recently entered a blockbuster $4+ billion deal to license a PD-1/VEGF bispecific antibody from China’s 3SBio. With a non-refundable upfront payment of $1.25 billion, the deal marks the largest-ever licensing payment for a Chinese-origin innovative drug, surpassing many biotech acquisitions.

This transaction underscores Pfizer’s return to aggressive business development, and highlights the intensifying global race for bispecific antibodies, a space already prioritized by Roche, Johnson & Johnson, and BMS.

Merck, too, is sharpening its oncology focus. Q1 sales reached $7.2 billion, driven mainly by Keytruda, though growth is slowing. Meanwhile, Gardasil saw a steep decline of over 40%, down to $1.3 billion, due to waning demand and high inventory in China.

BMS posted $11.2 billion in revenue, a 6% dip, with U.S. sales particularly affected. As Revlimid and Pomalyst face patent cliffs, BMS is under pressure to find new growth drivers, especially as nearly two-thirds of its revenue is at risk from generic erosion. So far, the performance of newer products has fallen short of expectations.