September 11, 2024
In the second quarter of 2024, several major biopharma companies exhibited substantial year-over-year growth. The top 10 biopharma companies by Q2 2024 sales collectively saw an 8% YoY increase, with Eli Lilly leading the pack in terms of growth rate. Notably, several non-top 10 companies also demonstrated impressive growth trajectories.
Eli Lilly: Surging Demand for GLP-1 Therapies
Eli Lilly reported a 36% YoY growth in Q2. This performance prompted the company to raise its 2024 revenue guidance by a significant $3 billion, projecting revenues between $45.4 billion and $46.6 billion. The primary drivers behind this growth were the strong sales of tirzepatide products Mounjaro and Zepbound, Lilly's GLP-1 therapies. To meet the growing demand for tirzepatide, Eli Lilly announced a $5.3 billion investment in its Lebanon, Indiana manufacturing site.
AstraZeneca: Oncology and Cardiometabolic Powerhouses
AstraZeneca raised its fiscal year 2024 guidance to a mid-teens percentage growth, fueled by robust sales in its oncology and cardiometabolic portfolios. The company's oncology segment experienced 19% growth, propelled by strong global demand and new approvals for Tagrisso in Europe, Japan, and China, as well as the continued success of Enhertu.
Farxiga, a key driver for AstraZeneca in its cardiometabolic therapeutic area, sales rose by 32%. Moreover, Farxiga recently received FDA approval for improving glycemic control in pediatric patients with Type 2 Diabetes, further expanding its market reach. However, AstraZeneca faces a near-term LOE for Farxiga, with new molecular entity patents beginning to expire in the US in 2025.
Novartis: Robust Performance and Pipeline Advancement
Novartis also delivered solid Q2 performance and, as a result, raised its full-year 2024 guidance. Novartis now anticipates net sales growth in the high-single to low double-digit range and core operating income growth in the mid- to high teens, surpassing its previous outlook of low double-digit to mid-teens growth.
Key growth drivers for Novartis, such as Kesimpta, Kisqali, and Entresto, continued their robust performance, posting YoY growth of 63%, 45%, and 25%, respectively. The company also aims to expand the market share of its radioligand prostate cancer drug, Pluvicto. Currently holding approximately 30% market share in its approved setting as a post-chemo treatment for metastatic castration-resistant prostate cancer, Novartis aims to achieve a 90% market share at established treatment sites.
Furthermore, Novartis is focused on expanding Pluvicto's reach into community treatment centers, a critical step to support the next phase of growth and enable more widespread patient access. The company aims to increase its market share from 10-50% to 90% at these less established centers.
Bristol Myers Squibb: Growth Portfolio and Eliquis Success
Bristol Myers Squibb (BMS) reported Q2 revenues of $12.2 billion, representing a 9% YoY increase. Driven by the performance of its Growth Portfolio and the continued success of Eliquis, a cardiometabolic medicine commercialized in partnership with Pfizer. According to BMS, Eliquis generated $3.4 billion in worldwide sales, a 7% YoY increase.
BMS also announced an upward revision to its 2024 financial guidance. Non-GAAP EPS is now expected to range from $0.60 to $0.90, up from the previous range of $0.40 to $0.70, and total revenues are now projected to be at the upper end of the low single-digit range.
Novo Nordisk and Amgen: Impressive Growth Beyond the Top 10
While not ranking among the top 10 biopharma companies by sales, Novo Nordisk and Amgen demonstrated impressive YoY growth trajectories in Q2.
Novo Nordisk reported a 25% YoY increase in net sales, driven by standout performances from its GLP-1 therapies Ozempic and Wegovy, as well as Levemir (82% YoY growth) and its rare blood disorder treatment Haemophilia B (45% YoY growth).
Amgen's product sales grew by 20%, fueled by a 26% volume growth thanks in part to its acquisition of Horizon Therapeutics, which closed in October 2023. Excluding sales from its acquisition of Horizon, Amgen's product sales grew by 5%, driven by a 10% volume growth. Notably, 12 of Amgen's products achieved double-digit sales increases, including Prolia, Evenity, Repatha, Tezspire, Blincyto, and Tavneos. Notably, Tezspire sales increased 76% YoY.
Amgen's rare disease portfolio, bolstered by the acquisition of Horizon, contributed $1.1 billion in sales, led by Tepezza for thyroid eye disease, Krystexxa for chronic refractory gout, and Uplizna for neuromyelitis optica spectrum disorders.
