Tue, 24 Feb 2026
Big Pharma's Earnings Tracker 2025: Revenue, Growth Drivers & What’s Next
The global biopharma and healthcare sector closed 2025 with a mix of resilience, portfolio transitions, and innovation-led growth. While some companies navigated patent cliffs and market normalization, others accelerated on the back of specialty medicines, biologics manufacturing, medical technologies, and vaccine platforms. Across the board, financial performance is increasingly reflecting strategic focus — from R&D prioritization and pipeline expansion to margin discipline and global capacity investments. These trends not only signal business direction but also shape future hiring, skill demand, and global healthcare investment priorities. Here’s a snapshot of how leading healthcare companies performed and what their numbers signal for the industry ahead.
Explore the operational strategy guiding Illumina’s transformation
- Revenue / Growth: Q3 2025 revenue was $1.084 billion, roughly flat versus the year-ago quarter, reflecting stable demand.
- Key Driver: Performance was driven by clinical sequencing demand and execution on strategic pillars, even in constrained funding conditions.
- Strategic Takeaway: Illumina’s results show operational resilience as it executes its strategic transformation, though top-line growth remains modest.
Access the detailed performance update of Illumina here....
Discover how Sanofi’s product momentum and operational efficiency delivered profitable growth
- Revenue / Growth: Full-year 2025 net sales increased ~9.9% at constant exchange rates to €43.6 billion (~$47.7 bn).
- Key Driver: Growth was supported by Dupixent volume and expanded new medicine launches, along with improved gross margins.
- Strategic Takeaway: Sanofi’s performance highlights profitable growth and operational efficiency, positioning it for continued investment in innovation and pipeline expansion.
Access the detailed performance update of Sanofi here....
- Revenue / Growth: Full-year 2025 sales $94.2 billion, up ~6.0% YoY, with Q4 sales up ~9.1%.
- Key Driver: Diversified portfolio strength across pharma, MedTech, and consumer segments, plus new approvals.
- Strategic Takeaway: J&J’s results reflect portfolio resilience and innovation, while strategic acquisitions and recent product approvals support long-term growth.
Access the detailed performance update of Johnson & Johnson here....
Roche translated strong demand for Phesgo, Ocrevus, and Vabysmo into sustained growth
- Revenue / Growth: Roche reported CHF 61.5 billion in full-year 2025 sales, up 7% at constant exchange rates (CER).
- Key Driver: Growth was led by Pharmaceuticals (+9% CER) with strong demand for key medicines including Phesgo (breast cancer), Xolair (allergies), Ocrevus (MS), Hemlibra (haemophilia), and Vabysmo (eye disease).
- Strategic Takeaway: Roche’s 2025 performance highlights operational resilience and balanced portfolio execution amid FX challenges, supported by efficiency gains and a robust late-stage pipeline.
Access the detailed performance update of Roche here
Discover how Pfizer translated strategic R&D prioritization into sustained financial stability
- Revenue / Growth: Pfizer’s 2025 performance included a reaffirmed revenue run-rate near ~$62 billion (industry consensus), supported by operational discipline. (based on industry earnings context & estimates)
- Key Driver: Portfolio execution with obesity/metabolic assets and strategic R&D prioritization provided resilience.
- Strategic Takeaway: Pfizer’s focus on strategic growth segments and operational resilience supports its broader pipeline and financial stability.
Access the detailed performance update of Pfizer here....
Understand how Eli Lilly’s flagship biologics powered market leadership and investment capacity
- Revenue / Growth: Mid-2025 performance showed strong ~30–40%+ growth rates in key reporting periods, driven by flagships Mounjaro and Zepbound. (industry consensus from multiple sources)
- Key Driver: Growth powered by high-demand obesity and diabetes therapies, with robust margins.
- Strategic Takeaway: Lilly’s strong growth underscores market leadership in metabolic and specialty biologics, anchored by innovative pipelines.
Access the detailed performance update of Eli Lilly here....
Explore Novartis’s diversified growth drivers supported earnings expansion and reinvestment capacity
- Revenue / Growth: Full-year 2025 delivered ~8% sales growth and ~14% core operating income growth (constant currencies).
- Key Driver: Broad portfolio contributions and strong performance in key therapeutic areas.
- Strategic Takeaway: Novartis combined top-line growth with improved profitability, enabling ongoing investment in R&D and dividends.
Access the detailed performance update of Novartis here....
Review how AbbVie’s key therapeutic drivers shaped growth stability and future investment capacity
- Revenue / Growth: Full-year 2025 net revenues showed growth in Q4 (+10%) and ~flat overall adjusted EPS, with operational dynamics across portfolios.
- Key Driver: Strength in key immunology and specialty products offset by decreases in select aesthetics lines.
- Strategic Takeaway: AbbVie’s diversified portfolio delivered stability and guidance into 2026, though elevated R&D and acquisitions will shape future growth.
Access the detailed performance update of Abbvie here....
See how Novo Nordisk translated GLP-1 franchise expansion into sustained revenue momentum
- Revenue / Growth: Sales increased ~10% at constant exchange rates in 2025 to ~DKK 309 billion (~$44 bn).
- Key Driver: Strong growth in obesity care products (+31% CER) helped offset slower segments.
- Strategic Takeaway: Novo’s diversified treatment mix and global expansion of GLP-1 franchises supported robust sales growth despite competitive pressures.
Access the detailed performance update of Novo Nordisk here....
- Revenue / Growth: Full-year 2025 revenue was ~8% higher at ~$58.7 billion across key therapeutic areas.
- Key Driver: Growth from oncology, rare disease, immunology, and CVRM products.
- Strategic Takeaway: AstraZeneca’s consistent commercial execution and R&D progress reinforce its long-term revenue trajectory and core EPS gains.
Access the detailed performance update of AstraZeneca here....
Read how Amgen translated UPLIZNA and TAVNEOS volume growth into sustained revenue expansion
- Revenue / Growth: Full-year 2025 revenue showed broader strength following increases across product lines and Q4 indicators (company release reports).
- Key Driver: Volume growth in key biologics including UPLIZNA (+73%) and TAVNEOS (+62%) drove full-year gains.
- Strategic Takeaway: Amgen’s diversified biologics portfolio and growing product mix delivered on growth goals while enhancing margins and cash flow.
Access the detailed performance update of Amgen here....
Bristol Myers Squibb translated Breyanzi, Camzyos, and Reblozyl growth into earnings resilience
- Revenue / Growth: FY 2025 full-year revenue was ~$48.2 billion, essentially flat vs. 2024. Non-GAAP diluted EPS was around $6.15.
- Key Driver: Growth in the immuno-oncology and specialty portfolio (Breyanzi, Camzyos, Reblozyl) drove the growth segment ~17% YoY, offsetting declines in legacy drugs.
- Strategic Takeaway: Bristol Myers is in a portfolio transition phase, with newer high-growth therapies starting to counterbalance legacy headwinds and strengthen future earnings potential.
Access the detailed performance update of Bristol Myers Squibb here....
- Revenue / Growth: FY 2025 total sales ~£32.7 billion (~$42.0 bn), up ~7% on a constant exchange rate (CER) basis. Core operating profit and core EPS grew double digits.
- Key Driver: Specialty medicines (+17% CER) and strong performance in oncology, HIV, and respiratory areas drove the topline.
- Strategic Takeaway: GSK’s investment in specialty biopharma continues to expand margins and strengthen profitability, supporting long-term pipeline investment and diversified growth.
Access the detailed performance update of GlaxoSmithKline here....
Learn how Gilead Sciences translated core therapy demand into stronger profitability
- Revenue / Growth: FY 2025 total revenues $29.4 billion, up ~2% vs. 2024; diluted EPS $6.78 and non-GAAP EPS $8.15.
- Key Driver: HIV and liver disease product sales increased, while some oncology segments and legacy assets moderated.
- Strategic Takeaway: Gilead’s stable product mix and disciplined expense management helped drive bottom-line expansion despite top-line headwinds in certain segments.
Access the detailed performance update of Gilead Sciences here....
Evaluate how Lonza’s biologics CDMO demand translated into measurable growth and margin gains
- Revenue / Growth: FY 2025 sales of CHF 6.5 billion (~$8.6 bn), up ~21.7% at CER vs prior year.
- Key Driver: Broad demand in biologics contract development and manufacturing services (CDMO), particularly in mammalian and biologic platforms.
- Strategic Takeaway: Rapid revenue expansion and improved EBITDA margins highlight Lonza’s competitive position in outsourced biologics manufacturing, with strong cash flow supporting future capacity investments.
Access the detailed performance update of Lonza here....
Abbott’s global healthcare segments supported revenue momentum and innovation funding
- Revenue / Growth: FY 2025 total sales $44.3 billion, up ~5.7% on a reported basis; adjusted EPS $5.15.
- Key Driver: Double-digit organic growth in Medical Devices and Established Pharmaceuticals, alongside strong diabetes care.
- Strategic Takeaway: Abbott’s diversified portfolio balanced by global device and diagnostics growth supports resilient performance and positions it well for 2026 innovation investments.
Access the detailed performance update of Abbott here....
Evaluate how Medpace leveraged externalized R&D trends to sustain performance momentum
- Revenue / Growth: While detailed FY figures haven’t been publicized broadly, Medpace delivered consistent organic growth driven by clinical outsourcing demand, with strong Q2 performance. (no direct 2025 full-year data in public sources)
- Key Driver: Increased biotech and pharma spend on outsourced clinical trials and development services supported topline momentum.
- Strategic Takeaway: Medpace benefits from industry trends toward externalized R&D execution, though broader funding cycles remain a variable to watch.
Access the detailed performance update of Medpace here....
- Revenue / Growth: GE HealthCare generated revenue around $5 billion+ in a key quarter and expected ~3% organic growth for 2025 (analyst and guidance context).
- Key Driver: Solid performance across imaging systems, diagnostic tools, and service revenue supported sales.
- Strategic Takeaway: The company’s broad tech portfolio and revised outlook reflect stability in med-tech markets, though macro tariffs and global demand trends may temper upside.
Access the detailed performance update of GE HealthCare here....
- Revenue / Growth: FY 2025 revenue ~$17.3 billion, up ~4% YoY; net income turned positive at ~$1.41 billion with diluted EPS ~1.21.
- Key Driver: Growth in innovative brands like Austedo, Ajovy, and Uzedy complemented stability in generics.
- Strategic Takeaway: Teva’s pivot to growth strategy is gaining traction, sustaining revenue growth and profitability after several restructuring years.
Access the detailed performance update of Teva Pharmaceutical here....
Learn how SK Bioscience’s vaccine portfolio and partnerships delivered growth momentum
- Revenue / Growth: Specific full-year 2025 revenue figures are not widely published; however, SK Bioscience continued to advance vaccine programs and global partnerships (industry context). (no public 2025 revenue official disclosure found).
- Key Driver: Expansion of vaccine portfolio and contract manufacturing collaborations underpinned business momentum.
- Strategic Takeaway: Continued pipeline diversification and global vaccine engagement positions SK Bioscience for future commercial impact.
Access the detailed performance update of SK Bioscience here....
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