December 22, 2025
As large pharmaceutical companies prepare for multiple upcoming losses of exclusivity and intensifying competition, portfolio composition has become a central driver of resilience. Following a prior analysis of the top revenue contributors in Big Pharma, this second installment examines how another group of global leaders generated pharmaceutical revenue in Q3 2025, with a focus on therapeutic area diversification and reliance on key franchises.
The analysis below reflects pharmaceutical segment revenue only, excluding MedTech, Animal Health, and other non-pharma businesses. Therapeutic categories follow each company’s reported segmentation.
Q3 2025 Pharmaceutical Revenue by Company and Therapeutic Area
| Company | Total Pharma Revenue Q3 2025 | Key Therapeutic Areas and Revenue |
| Novartis | 13.9B | Oncology 4.38B; Immunology 2.61B; Cardiovascular 2.19B; Neuroscience 1.61B; Established brands 3.13B |
| Roche | 13.9B | Oncology and Hematology 7.02B; Neurology 2.86B; Immunology 2.02B; Ophthalmology 1.31B; Other 0.71B |
| Sanofi | 13.6B | Immunology 4.67B; Vaccines 3.66B; Other main medicines 3.06B; Rare Diseases 1.83B; Oncology 0.28B; Neurology 0.05B |
| Bristol Myers Squibb | 12.2B | Cardiovascular 4.04B; Oncology 3.69B; Hematology 2.48B; Immunology 1.04B; Other or non-specific 0.76B; Neuroscience 0.20B |
| Novo Nordisk | 11.7B | Diabetes Care 7.67B; Obesity Care 3.30B; Rare Disease 0.74B |
| Amgen | 9.14B | Oncology 2.52B; General Medicine 2.47B; Inflammation 1.95B; Rare Diseases 1.34B; Other or non-specific 0.85B |
Company-Level Portfolio Insights
Novartis
Novartis delivered one of the most balanced portfolios in Q3 2025. Oncology was the largest contributor at 4.38B, supported by Kisqali and Pluvicto. Immunology added 2.61B across Cosentyx and Ilaris, while Cardiovascular and Neuroscience generated 2.19B and 1.61B, respectively. The presence of meaningful revenue across multiple therapeutic areas positions Novartis to manage upcoming losses of exclusivity while advancing its radioligand and next-generation immunology pipeline.
Roche
Roche reported 13.9B in pharmaceutical revenue, with Oncology and Hematology accounting for just over half at 7.02B. The portfolio remains heavily weighted toward hematology and antibody drug conjugate franchises. Neurology at 2.86B and Immunology at 2.02B continue to provide stability as the company navigates biosimilar pressure on legacy oncology assets.
Sanofi
Sanofi reached 13.6B in Q3 pharmaceutical revenue, led by Immunology at 4.67B, driven by continued expansion of Dupixent across Type 2 inflammatory diseases, including recently approved COPD. Vaccines contributed 3.66B, reinforcing Sanofi’s differentiated position in RSV and mRNA-based prevention. Rare Diseases generated 1.83B, reflecting the durability of its enzyme replacement portfolio.
Bristol Myers Squibb
Bristol Myers Squibb reported 12.2B in Q3 revenue, structured around three primary pillars. Cardiovascular led at 4.04B, followed by Oncology at 3.69B and Hematology at 2.48B. As Revlimid and Pomalyst continue to face loss of exclusivity, incremental growth is increasingly reliant on newer assets such as Camzyos, Sotyktu, and the expanding cell therapy portfolio.
Novo Nordisk
Novo Nordisk generated 11.7B in pharmaceutical revenue, with a highly concentrated portfolio. Diabetes Care accounted for 7.67B, while Obesity Care contributed 3.30B, underscoring the continued global momentum of Ozempic and Wegovy. The quarter also highlighted intensifying competition in the incretin market, as rival programs from Eli Lilly continue to reset expectations for growth and capacity.
Amgen
Amgen delivered 9.14B in Q3 pharmaceutical revenue across a diversified set of franchises. Oncology generated 2.52B, General Medicine 2.47B, Inflammation 1.95B, and Rare Diseases 1.34B. Continued strength in Blincyto, Tezspire, Prolia, and Repatha illustrates Amgen’s multi-modal growth strategy across biologics, small molecules, and specialty medicines.
Takeaway
Across this second cohort of large pharmaceutical companies, Q3 2025 revenue patterns reflect deliberate portfolio diversification strategies designed to offset upcoming losses of exclusivity. Companies with balanced exposure across oncology, immunology, cardiovascular, and rare diseases appear better positioned to absorb competitive pressure, while more concentrated portfolios continue to deliver outsized growth but face higher sensitivity to market dynamics.
