Top 15 Pharmaceutical Companies in the World for 2023 ranked by revenue from pharmaceutical drug sales
By: Donagh Fitzgerald B.Prod Eng and Claire Wilson BSc. Last Updated: August 2023
The Industry has shown growth in 2022 with worldwide revenue of around 1.42 Trillion US Dollars.
Here is a list of the top 15 world’s largest pharmaceutical companies in the world based solely on 2022 pharmaceutical drug and vaccine sales revenue.
Note: For the purpose of ranking, revenues outside of the pharmaceutical drug and vaccine sales were excluded. E.g. Roche’s diagnostics, J&J’s consumer health and medtech, MSD’s animal health, Bayer’s crop science and consumer health sales, etc. In addition, we only consider PLCs, not state-owned enterprises such as Sinopharm. For companies reporting in foreign currencies, conversion to U.S. dollars is based on the exchange rate as of August 1st, 2023.
1. Pfizer Inc (US) – $100.3 billion
2. AbbVie Inc (US) – $58.00 billion
3. Johnson & Johnson (US) – $52.60 billion
4. Merck & Co., Inc (US) – $52.05 billion
5. Novartis International AG (Switzerland) – $50.54 billion
6. Hoffmann-La Roche AG (Switzerland) – $49.9 billion
7. Bristol-Myers Squibb (US) – $46.2 billion
8. AstraZeneca plc (UK) – $44.4 billion
9. Sanofi S.A. (France) – $40.5 billion
10. GlaxoSmithKline plc (UK) – $36.75 billion
11. Takeda (Japan) – $29.40 billion
12. Eli Lilly (US) – $28.54 billion
13. Gilead Sciences (US) – $27.81 billion
14. Novo Nordisk (Denmark) – $25.40 billion
15. Amgen Inc (US) – $24.81 billion
Highlights:
- Pfizer retains the No.1 position with sales of its Covid-19 vaccine holding at almost $37.80 billion USD in 2022 pushing its annual revenue from 81.3 billion to 100.3 billion in 2022. However, Pfizer is projecting its revenue to fall between $67.00 billion and $71.00 billion in 2023 as sales from its Covid 19 vaccine decline.
- MSD jumps to the No.4 from the No. 7 spot with revenue of $52.05 billion up from $42.74 billion in 2021.
- AstraZeneca’s revenues 18% from $37.4 billion to $44.4 billion.
- Novo Nordisk revenues increase 26% mostly due to demand for its diabetes and obesity products Ozempic and Wegovy.
15. Amgen Inc (US)
2022 Total Revenue: 24.81 billion
2021 Total Revenue: $26.00 billion
Percent of Revenue From Pharmaceutical Drug Sales: 100%
Estimated R&D Spend: $4.34 billion
Number of Employees: 25,200
Revenue Per Employee: $984,000
Amgen Inc. is an American multinational biopharmaceutical company headquartered in California, United States and is one of the world’s largest independent biotechnology firm. In 2013, the company’s largest selling product lines were Neulasta/Neupogen, two closely related drugs used to prevent infections in patients undergoing cancer chemotherapy; and Enbrel, a tumor necrosis factor blocker used in the treatment of rheumatoid arthritis and other autoimmune diseases. Other products include Epogen, Aranesp, Sensipar/Mimpara, Nplate, Vectibix, Prolia and XGEVA.
14. Novo Nordisk (Denmark)
2022 Total Revenue: $25.40 billion
2021 Total Revenue: $21.00 billion
Percent of Revenue From Pharmaceutical Drug Sales: 100%
Estimated R&D Spend: $3.45 billion
Number of Employees: 55,418
Revenue Per Employee: $458,330
Novo Nordisk is a Danish pharmaceutical company founded in 1923, with global headquarters in the Danish town of Bagsvaerd. Its key products are diabetes care medication. Over 29 million patients use their products and the company produces almost 50% of the world’s insulin. Novo Nordisk revenues increase dramatically mostly due to demand for its diabetes and obesity products Ozempic and Wegovy.
Ref: Novo Nordisk Annual Report 2022
13. Gilead Sciences (US)
2022 Total Revenue: $27.81 billion
2021 Total Revenue: $27.30 billion
Percent of Revenue From Pharmaceutical Drug Sales: 100%
Estimated R&D Spend: $4.97 billion
Number of Employees: 17,000
Revenue Per Employee: $1,635,000
Gilead was founded in 1987 in California, US and since then, has grown to become one of the world’s largest biopharmaceutical companies. They are a research-based biopharmaceutical company that discovers, develops and commercializes innovative medicines. Gilead Sciences focused on virology, hepatology, haematology, oncology, cardiovascular, inflammation and respiratory diseases.
12. Eli Lilly (US)
2022 Total Revenue: $28.54 billion
2021 Total Revenue: $28.3 billion
Percent of Revenue From Pharmaceutical Drug Sales: 100%
Estimated R&D Spend: $7.19 billion
Number of Employees: 39,000
Revenue Per Employee: $731,000
Eli Lilly is an American global pharmaceutical company. It was founded by Eli Lilly in 1876 and has its headquarters in Indianapolis, Indiana in the United States. The world owes Lilly for the first mass production of Penicillin, Salk Polio vaccine and insulin and is the largest producer and distributor of psychiatric medications in the world. Other drugs produced by Lilly are namely Arzoxifine, Efient, Olanzapine, etc.
11. Takeda (Japan)
2022 Total Revenue: $29.40 billion
2021 Total Revenue: $26.28 billion
Percent of Revenue From Pharmaceutical Drug Sales: 100%
Estimated R&D Spend: $3.75 billion
Number of Employees: 50,000
Revenue Per Employee: $588,000
Takeda Pharmaceutical Company is a Japanese multinational pharmaceutical company and one of the top 20 largest pharmaceutical companies in the world by revenue (following the merger with Shire). The company is focused on metabolic disorders, gastroenterology, neurology, inflammation, as well as oncology through its independent subsidiary, Takeda Oncology.
10. GlaxoSmithKline plc (UK)
2022 Total Revenue: $36.75 billion
2021 (Pharmaceutical Drug and Vaccine Sales) Revenue: $32.10 billion
Percent of Revenue From Pharmaceutical Drug and Vaccine Sales in 2022: 100%
Estimated R&D Spend: $6.26 billion
Number of Employees: 70,000
Revenue Per Employee: $525,000
GlaxoSmithKline plc is a multinational company based in the United Kingdom dealing in the fields of pharmaceutical, biologics, vaccines and consumer healthcare. GSK was formed by the merger of Glaxo Wellcome plc and SmithKline Beecham plc in 2000. It manufactures products for various diseases including mental health, diabetes, asthma, cancer, virus control, etc. GSK also manufactures nutritional products, drinks, and other healthcare goods like Horlicks, Sensodyne, Boost, etc. Its top-selling drug is Advair and is used to treat asthma and chronic obstructive pulmonary disorder treatment. Although GSK’s total revenue decreased from $44.75 billion in 2021 to $36.75 billion in 2022, that can be attributed up to it separating from its consumer health unit Haleon.
9. Sanofi S.A. (France)
2022 (Pharmaceutical Drug and Vaccine Sales) Revenue: $40.50 billion
2021 (Pharmaceutical Drug and Vaccine Sales) Revenue: $36.55 billion
2022 Total Revenue: $45.0 billion
Percent of Revenue From Pharmaceutical and Vaccine Drug Sales: 88%
Estimated R&D Spend: $6.25 billion
Number of Employees: 91,000
Revenue Per Employee: $445,000
Sanofi-Aventis, is a French multinational pharmaceutical company with its headquarters located in Paris, France. It conducts research and development and manufactures pharmaceutical products sold primarily in the prescription market. Over-the-counter medicines are also developed by the company. Various drugs manufactured by the company include Aflibercept, Jevtana, Humenza vaccine, Iniparib and Otamixaban. Sanofi-Aventis was formed in 2004 by the merger of Aventis and Sanofi-Synthélabo and later in 2011 changed the name to Sanofi.
8. AstraZeneca plc (UK)
2022 Total Revenue: $44.4 billion
2021 Total Revenue: $37.4 billion
Percent of Revenue From Pharmaceutical Drug Sales: 100%
Estimated R&D Spend: $9.76 billion
Number of Employees: 83,500
Revenue Per Employee: $531,700
AstraZeneca plc was founded in 1999, through the merger of the Sweden-based Astra AB and the UK-based Zeneca Group, is a Swedish-British multinational pharmaceutical and biologics company. It specializes in prescriptive medicines including Carbocaine, Naropin, Betaloc, Zestril, Lexinor, Cubicin, Zomig, Tomudex, and a variety of other medicines in the areas of oncology, neuroscience, gastrointestinal, etc. The acid reflux medication called Nexium is its leading product. It is also the manufacturer of drugs for cholesterol treatment called Crestor and an antipsychotic drug called Seroquel.
7. Bristol-Myers Squibb (US)
2022 Total Revenue: $46.2 billion
2021 Total Revenue: $46.4 billion
Percent of Revenue From Pharmaceutical Drug Sales: 100%
Estimated R&D Spend: $9.509 billion
Number of Employees: 34,350
Revenue Per Employee: $1,344,000
Bristol-Myers Squibb was formed in 1989 through the merger of the Squibb Corporation and Bristol Myers and Company. Today, it has its headquarters in New York City, US and produces pharmaceuticals and biologics for the treatment of a number of conditions including HIV and hepatitis. They were also one of the first companies to begin research and development into anti-cancer drugs in the 1970s.
6. Hoffmann-La Roche AG (Switzerland)
2022 (Pharmaceutical Drug Sales) Revenue: $49.9 billion
2021 (Pharmaceutical Drug Sales) Revenue: $48.47 billion
2022 Total Revenue: $69.4 billion
Percent of Revenue From Pharmaceutical Drug Sales: 72%
Estimated R&D Spend: $15.4 billion
Number of Employees: 103,600
Revenue Per Employee: $669,000
Hoffmann-La Roche is a Swiss global healthcare company founded by Fritz Hoffmann-La Roche after whom the company is named, in 1896. Its headquarters is located in Basel, Switzerland. Other companies owned by Roche are Genentech, Chugai pharmaceuticals and Ventana. It was the first company to produce synthetic vitamin C at a large scale under the brand name of Redoxon. Its leading drug is Herceptin a medication for breast cancer. The various drugs produced by Roche include Accutane, Bactrium, Cellcept, Herceptin, Invirase, Tamiflu, Rohypnol, etc. It also manufactures a range of Diabetes management products under the brand name Accu-check.
5. Novartis International AG (Switzerland)
2022 Total Revenue: $50.54 billion
2021 Total Revenue: $51.60 billion
Percent of Revenue From Pharmaceutical Drug Sales: 100%
Estimated R&D Spend: $9.96 billion
Number of Employees: 101,000
Revenue Per Employee: $500,300
Novartis International AG, a multinational pharmaceutical company is based in Basel, Switzerland. Novartis has been on the face of the pharmaceutical industry for about 250 years owing to its formation by the merger of Swiss companies Ciba-Geigy and Sandoz Laboratories in 1996. Novartis produces a range of products including vaccines, contact lenses, over-the-counter drugs, veterinary medicines, etc. Novartis is a manufacturer of drugs including Clozapine, Diclofenac, Carbamazepine, Valsartan (Diovan) and Glivec.
4. Merck & Co., Inc (US)
Revenue from Pharmaceutical Drug Sales: $52.05 billion
Total Revenue: $59.28 billion
Percent of Revenue From Pharmaceutical Drug Sales: 87%
Estimated R&D Spend: $13.54 billion
Number of Employees: 69,000
Revenue Per Employee: $859,000
Merck & Co., Inc is an American pharmaceutical company with its headquarters located in Whitehouse Station, New Jersey. Kenneth Frazier is the chairman, president and CEO of the company and it was founded in 1891 as a subsidiary of Merck KGaA. It came out as an independent company in 1917 after being taken over by US Government during World War I.