Inside Big Pharma's Portfolios: What Drove Q3 2025 Revenue

Company Portfolio Analysis

The pharmaceutical industry faces critical revenue challenges as multiple blockbuster drugs approach Loss of Exclusivity (LOE). Consequently, future growth across large pharmaceutical firms will be increasingly contingent upon aggressive portfolio diversification, strategic business development (BD), and accretive mergers and acquisitions (M&A). Analysis of Q3 2025 pharmaceutical revenue highlights the distinct portfolio structures and strategic responses employed by the industry's major players.

Lilly

Reporting Q3 2025 pharmaceutical revenue of $17.6 billion, Lilly maintains a highly concentrated portfolio. Its Cardiometabolic segment is the dominant revenue driver, generating $13.8 billion with over 78% of the company's total pharma sales. This performance is largely fueled by the sustained success of Mounjaro and Zepbound, which has been supported by scaled manufacturing capacity and global reimbursement uptake. To mitigate the inherent risks of this concentration, Lilly is strategically investing in portfolio expansion through initiatives like RNA-based medicines (e.g., SanegeneBio and MeiraGTx deals) and enhancing its AI ecosystem for drug discovery and manufacturing.

Pfizer

Pfizer recorded Q3 2025 revenue of $16.3 billion and is actively executing a strategy to rebuild its portfolio following the anticipated decline of its COVID-19 product revenues (Comirnaty and Paxlovid). The company's revenue is primarily generated by Primary Care ($7.65 billion), Specialty Care ($4.41 billion), and Oncology ($4.25 billion). The long-standing Eliquis alliance remains a substantial contributor. Signaling a clear path for future diversification, the recent acquisition of Metsera, secured after a competitive bidding process with Novo Nordisk, positions Pfizer for a significant entry into the rapidly expanding obesity market.

AbbVie

AbbVie delivered one of Big Pharma's strongest Q3 2025 performances, reaching $15.8 billion in total revenue. The company has successfully navigated the Loss of Exclusivity (LOE) event for Humira. Immunology remains the leading therapeutic area at $7.05 billion, with Skyrizi and Rinvoq surpassing $6.8 billion combined, representing robust year-over-year growth of over 40% and fully offsetting Humira sales erosion. Beyond immunology, AbbVie is channeling major investment into high-growth areas, with Neuroscience generating $2.36 billion and Oncology contributing $1.68 billion, reinforcing the key growth engines for the post-Humira era.

Merck

With the U.S. LOE for KEYTRUDA approaching in 2028, Merck is focused on diversification while leveraging the continued strength of its flagship asset. The company reported $15.6 billion in Q3 2025 pharmaceutical revenue. Oncology remains the principal driver at $9.11 billion, with KEYTRUDA generating $8.1 billion from sustained demand across metastatic and earlier-stage cancers, despite increasing PD-1 competition. Merck is expanding its portfolio in other areas, successfully launching WINREVAIR and integrating new assets from recent acquisitions (Verona and Cidara) to accelerate growth in its cardio-pulmonary segment and offset softness observed in GARDASIL.

Johnson & Johnson (J&J)

J&J maintains one of the most diversified portfolios among large pharmaceutical companies, with Q3 2025 revenue totaling $15.6 billion. The company’s growth is anchored by its major therapeutic areas: Oncology ($6.53 billion, driven by Darzalex, Tecvayli, and Rybrevant), Immunology ($4.17 billion), and Neuroscience ($2.02 billion). J&J’s oncology unit maintains a competitive global position through its focus on advanced modalities, including bispecifics, CAR-T therapies, and a growing radiopharmaceutical franchise.

AstraZeneca

AstraZeneca delivered an industry-leading oncology growth performance, with total Q3 2025 revenue reaching $15.2 billion. Oncology revenue was $6.64 billion, fueled by key products Tagrisso, Imfinzi, and Enhertu. This oncology growth trajectory rivals Merck’s, but is supported by a more heterogeneous base spanning diverse tumor types and mechanisms. Beyond oncology, AstraZeneca remains a key player in Cardiovascular/Renal/Metabolism (CV/RM), reinforcing its long-term outlook through a blend of primary-care expansion and next-generation targeted therapies.

Sustained financial health for major pharmaceutical companies hinges on their ability to pivot toward diversified revenue streams as key product patent protection expires. The Q3 2025 results illustrate this transition, with companies like AbbVie successfully replacing Humira revenue through immunology growth and strategic investment in Neuroscience and Oncology, and J&J maintaining strength through portfolio breadth. Conversely, companies with high revenue concentration, such as Lilly in Cardiometabolic, signal a higher reliance on new assets and M&A for mitigating future risk and ensuring continued long-term growth.