The world’s top pharmaceutical companies have reported their Q2 and half-year 2025 results, revealing a sector in transition as blockbuster newcomers offset the inevitable erosion of legacy franchises. Collectively, Johnson & Johnson, Roche, Merck & Co. (MSD), AbbVie, Pfizer, AstraZeneca, and Novartis demonstrated how innovation, portfolio diversification, and cost discipline are shaping performance in an increasingly competitive landscape.
Johnson & Johnson delivered steady growth despite steep declines in Stelara, leaning on oncology and immunology therapies such as Darzalex, Carvykti, and Tremfya. Roche benefited from rising demand for Ocrevus, Hemlibra, and Vabysmo, which helped counter generic pressures on long-standing cancer drugs like Avastin and Herceptin. Merck’s quarter was marked by a decline in overall sales, driven by weakness in Gardasil, though Keytruda continued to anchor its oncology leadership.
AbbVie posted solid gains on the back of immunology leaders Skyrizi and Rinvoq, while Humira’s decline under biosimilar competition underscored the shifting balance of its portfolio. Pfizer saw revenues climb, supported by Eliquis, Vyndaqel/Vyndamax, and a notable rebound in its Covid-19 products. AstraZeneca, buoyed by Tagrisso, Enhertu, and Farxiga, maintained double-digit growth across oncology and cardiovascular care. Novartis posted one of its strongest quarters in recent years, with Entresto, Kisqali, and Kesimpta driving robust sales momentum.
Across the board, the top players demonstrated resilience and adaptability in the face of biosimilar competition, foreign exchange pressures, and shifting market dynamics. The strong showing from new-generation therapies reflects a sector leaning heavily on innovation to deliver sustainable growth.
Johnson & Johnson (J&J)
Q2 2025 revenue – $23.7 billion
Q2 2024 revenue – $22.5 billion
H1 2025 revenue – $45.6 billion
H1 2024 revenue – $43.8 billion
Top-grossing drug – Darzalex ($3.5 billion in Q2/$6.8 billion in H1)
Johnson & Johnson (J&J) posted strong Q2 2025 financials, with reported sales growing 5.8% year-over-year to $23.7 billion. Operational sales rose 4.6%, while adjusted operational growth, inclusive of constant currency and stripping out M&A, came in at 3.0%.
Overall, the company showed marked improvement in net earnings, with profit jumping from approximately $4.7 billion in Q2 2024 to $5.5 billion in Q2 2025, an 18.2% increase. This growth contrasted with a modest dip in adjusted operational earnings, reflecting higher costs or strategic investments impacting adjusted profitability.
Despite a steep 42% decline in Stelara (ustekinumab) sales, J&J’s long-time blockbuster drug, the company’s oncology portfolio more than compensated. Pharmaceutical segment revenue exceeded $15 billion for the first time in a quarter. Oncology and immunology segments remained the high earners, with the portfolios raking in $6.3 billion and $3.99 billion, respectively.
Growth was driven largely by multiple myeloma therapy Darzalex (daratumumab), CAR-T cell therapy Carvykti (ciltacabtagene autoleucel), along with cancer therapy, namely Erleada (apalutamide), as well as immunology agents like Tremfya (guselkumab) and neuroscience drug Spravato (esketamine).
Newer launches such as Tecvayli (teclistamab-cqyv) and Talvey (talquetamab-tgvs), raked in $166 million and $106 million, respectively.
J&J increased its 2025 full-year reported sales target to a range of $93.2 billion–$93.6 billion, up from the previous range of $91.0 billion–$91.8 billion.
Roche
Q2 2025 revenue – CHF 15.50 billion ($18.7 billion)
Q2 2024 revenue – CHF 15.45 billion
H1 2025 revenue – CHF 30.94 billion ($38.36 billion)
H1 2024 revenue – CHF 29.85 billion
Top-grossing drug – Ocrevus (CHF 1.7 billion in Q2/CHF3.5 billion in H1)
Roche reported robust first half (H1) 2025 results, with Group sales reaching CHF 30.9 billion ($36.66 billion), up 7% at constant exchange rates (CER) compared to the prior year. Core operating profit grew 11% (CER) to CHF 12 billion ($14.2 billion).
Roche’s Pharmaceuticals division’s sales were up 10% (CER) to approximately CHF 24 billion ($28.4 billion). The growth was powered by five top growth drivers: Ocrevus (ocrelizumab), Hemlibra (emicizumab), Vabysmo (faricimab), Tecentriq (atezolizumab), and Perjetra (pertuzumab). Together they generated CHF 11.3 billion ($13.38 billion) in sales, an increase of CHF 326 million ($386.2 million) over H1 2024.
Individually, the cancer therapy, Phesgo, posted a striking 55% growth to CHF 1.2 billion, and the allergy medication, Xolair, surged 34% to CHF 1.45 billion. Eye medication, Vabysmo, achieved CHF 2.07 billion in sales. Hemlibra, hemophilia therapy, grew strongly to CHF 2.4 billion (up 17%), and the multiple sclerosis drug, Ocrevus, delivered CHF 3.5 billion (up 8%).
These gains not only outpaced but also compensated for declines in older products like Avastin (bevacizumab), Herceptin (trastuzumab and hyaluronidase-oye), MabThera/Rituxan (rituximab), Lucentis (ranibizumab), Esbriet (pirfenidone), and Perjeta (pertuzumab).
Roche reaffirmed its outlook for the full year 2025, projecting a group sales growth at mid-single-digit percentage on a constant exchange rate (CER) basis.
Get the full picture – Check out Roche’s sustainability analysis
Merck & Co. (MSD)
Q2 2025 revenue – $15.8 billion
Q2 2024 revenue – $16.1 billion
H1 2025 revenue – $31.3 billion
H1 2024 revenue – $31.9 billion
Top-grossing drug – Keytruda ($8 billion in Q2/ $15.2 billion in H1)
Merck (MSD) reported Q2 2025 total worldwide sales of $15.8 billion, marking a 2% decline compared to Q2 2024. Non-GAAP earnings per share (EPS) came in at $2.13, down from $2.28 in the same quarter last year. The reduction reflects rising R&D spend, restructuring charges, and foreign exchange headwinds.
The drop in sales this year underscores weakening demand for key products, particularly the HPV vaccine Gardasil, which plummeted 55% year-over-year to $1.1 billion in Q2 2025.
Despite the overall sales decline, Keytruda (pembrolizumab) continued to shine, with Q2 2025 sales reaching nearly $8 billion ($7.96 billion), up 9% year-over-year. The drug remains the backbone of Merck’s pharmaceutical segment. However, the steep drop in Gardasil, a previously high-growth vaccine, continues to weigh heavily.
In response to these challenges, Merck unveiled a $3 billion annual cost-saving initiative, including job reductions and real estate optimization, set to be fully realized by 2027. Simultaneously, it is investing in new growth avenues, including lung disease treatments through its acquisition of Verona Pharma and the continued expansion of its pulmonary and vaccine franchise.
Merck adjusted its 2025 full-year reported sales target to a range of $64.3 billion–$65.3 billion, narrowing it from the previous range of $64.1 billion–$65.6 billion. The outlook also includes $200 million in tariff costs. The company also projected a negative 0.5% foreign exchange impact, with the US dollar weakening.
AbbVie
Q2 2025 revenue – $15.4 billion
Q2 2024 revenue – $14.5 billion
H1 2025 revenue – $28.8 billion
H1 2024 revenue – $26.8 billion
Top-grossing drug – Skyrizi ($4.4 billion in Q2/$7.85 billion in H1)
In Q2 2024, AbbVie reported worldwide net revenues of $15.4 billion, marking a 6.6% reported and 6.5% operational increase over the previous year. Adjusted diluted EPS was $2.97, showing a 12.1% increase.
AbbVie’s immunology portfolio continues to drive growth. Skyrizi (risankizumab) revenues surged 62.2% to $4.4 billion, and Rinvoq (upadacitinib) climbed 41.8% to $2.028 billion, consolidating their leadership as cornerstone therapies.
However, legacy blockbuster Humira (adalimumab), once the world’s top-selling drug, fell 58.1% to $1.1 billion, reflecting intensifying biosimilar competition in both the US and international markets. The rapid erosion of Humira sales underscores AbbVie’s reliance on newer immunology assets to offset losses from generics.
In neuroscience, sales advanced 24.2%, with notable gains from Vraylar (cariprazine), raking in $900 million in Q2. Migraine therapies, Ubrelvy (ubrogepant), and Qulipta (atogepant), each pulled in $338 million and $267 million, respectively.
Oncology revenues rose modestly to $1.7 billion. Venclexta (venetoclax) grew 8.5% to $691 million, while Imbruvica (ibrutinib) slipped 9.5% to $754 million as generic pressure and increased competition weighed on demand. Revenue for AbbVie’s antibody-drug conjugate (ADC), Elahere (mirvetuximab soravtansine), meanwhile, rose 24.2% to $159 million in Q2.
AbbVie raised its 2025 full-year adjusted diluted EPS guidance to a range of $11.88 – $12.08, up from the previous range of $11.67 – $11.87.
Pfizer
Q2 2025 revenue – $14.65 billion
Q2 2024 revenue – $13.28 billion
H1 2025 revenue – $28.37 billion
H1 2024 revenue – $28.16 billion
Top-grossing drug – Eliquis ($2 billion in Q2/$3.9 billion in H1)
Pfizer reported Q2 2025 revenues of $14.65 billion, reflecting a 10% year-over-year operational increase and a modest $22 million favorable impact from foreign exchange. Reported diluted EPS surged to $0.51, up from just $0.01 in Q2 2024, while Adjusted diluted EPS came in at $0.78, a 30% operational increase from the prior year. Cost discipline was evident, as adjusted SI&A and R&D expenses both fell about 8–9% operationally, reflecting streamlined spending and productivity gains.
Pfizer’s results are a marked improvement over Q2 2024, when revenues lagged below $13 billion and adjusted EPS were around $0.60. Cost-cutting initiatives, coupled with higher margin sales, lifted profitability. The slimming expense lines were central to driving the 30% jump in adjusted earnings this quarter.
Several key products contributed to the strong results, with Pfizer’s biopharma portfolio raking in $14.65 billion in sales in Q2 2025. Cardiovascular standout Vyndaqel/Vyndamax (tafamidis) continued to gain momentum, pulling in $1.6 billion over the quarter. While Eliquis (apixaban) remained a formidable revenue driver and the company’s top-selling drug, it raked in a little over $2 billion in Q2 2025.
Pfizer also benefited from a major rebound in its Covid-19 portfolio: combined sales of Comirnaty (vaccine) and Paxlovid (antiviral) grew by 96% and 70% year-over-year to $381 million and $427 million, respectively.
Pfizer reaffirmed its full-year 2025 revenue guidance at $61 billion to $64 billion in April, reflecting stable expectations for topline performance. The company raised its adjusted EPS forecast by $0.10, now expecting $2.90 to $3.10, up from the prior $2.80 to $3.00. Pfizer also noted that it is on track to deliver $7.7 billion in anticipated overall savings from its “cost improvement initiatives”.
AstraZeneca
Q2 2025 revenue – $14.5 billion
Q2 2024 revenue – $12.9 billion
H1 2025 revenue – $28 billion
H1 2024 revenue – $25.6 billion
Top-grossing drug – Farxiga ($2.2 billion in Q2/$4.2 billion in H1)
AstraZeneca posted a powerful Q2 2025 performance, with product revenue reaching $14.46 billion, marking an 11% year-over-year increase.
Oncology remained AstraZeneca’s cornerstone, delivering $6.31 billion in Q2 sales, up 18% year-over-year. Tagrisso (osimertinib), its leading lung cancer therapy, was the top contributor, generating $1.8 billion, a 10% increase owing to expanded use in early-stage and metastatic settings. Enhertu (trastuzumab deruxtecan), an ADC developed with Daiichi Sankyo, continued to surge, with sales of 76% to $ 666 million, benefiting from approvals in breast, gastric, and lung cancer.
Imfinzi (durvalumab), AstraZeneca’s immunotherapy, rose 21% to $1.46 billion, driven by increased uptake in lung and liver cancer indications. Meanwhile, revenue for Calquence (acalabrutinib), used for blood cancers, rose by 9%, maintaining steady growth despite intensifying competition in hematology.
Beyond oncology, Farxiga (dapagliflozin), the diabetes and heart failure drug, remained a key growth engine with revenues of $2.15 billion, rising 13%. Its broad cardiovascular and renal indications continue to drive adoption globally. Meanwhile, Tezspire (tezepelumab), a biologic for severe asthma, doubled sales year-on-year, reflecting strong demand in respiratory medicine.
AstraZeneca reaffirmed the company’s guidance of high single-digit revenue growth and low double-digit core EPS growth, and supported its long-term ambitions, including an $80 billion revenue target by 2030 and a $50 billion US investment plan.
Get the full picture – Check out AstraZeneca’s sustainability analysis
Novartis
Q2 2025 revenue – $14 billion
Q2 2024 revenue – 12.5 billion
H1 2025 revenue – $27.3 billion
H1 2024 revenue – $24.3 billion
Top-grossing drug – Entresto ($2.4 billion in Q2/$4.6 billion in H1)
Novartis delivered a standout Q2 2025 performance, reporting net sales of $14.05 billion, an increase of 11% at constant currency (cc) and 12% in USD terms compared to Q2 2024.
The performance was underpinned by several blockbuster therapies. Entresto (sacubitril/valsartan), the company’s flagship heart-failure therapy, generated $2.36 billion, up 22% year-on-year, driven by global volume expansion. Kisqali (ribociclib), Novartis’s breast cancer drug, grew 64% at constant currency to around $1.18 billion, reflecting broader adoption across early- and late-stage disease. Multiple sclerosis therapy, Kesimpta (ofatumumab), brought in about $1.08 billion, an increase of 33%.
In oncology, Scemblix (asciminib) for chronic myeloid leukemia surged 79% to nearly $298 million, while radioligand therapy Pluvicto climbed 30%. Leqvio (inclisiran), Novartis’s cholesterol-lowering treatment, rose 61% to $298 million, continuing to build momentum.
At the same time, the company faced headwinds from older medicines. Promacta/Revolade (eltrombopag) declined nearly 9% due to US generic competition, while Tasigna (nilotinib) revenue fell 27% to $327 million as competition in blood cancer intensified. Even Cosentyx (secukinumab), which remained a top seller with $1.63 billion in sales, managed only mid-single digit growth amid mounting immunology competition.
Overall, Novartis’s Q2 2025 results showcased the strength of its high-growth portfolio, which more than offset legacy erosion. With its upgraded outlook, margin expansion, and a $10 billion buyback program, the company is reinforcing investor confidence while leaning on innovation to drive long-term growth.
Buoyed by these results, Novartis raised its full-year 2025 guidance for core operating income growth to the low-teens range, up from earlier expectations of low double-digit growth, while reaffirming its forecast for high single-digit sales growth.
Get the full picture – Check out Novartis’ sustainability analysis
