2025 H1 Global Pharma Earnings Panorama: Innovation Drives Growth, Internationalization and Pipeline Layout Become Key

Against the continuous transformation of the global pharmaceutical industry, the financial performance of major pharmaceutical companies in the first half of 2025 not only reflects the effectiveness of their respective strategy execution but also reveals the overall trend of industry development. This article systematically reviews the H1 2025 financial reports of five representative companies — Novartis, Novo Nordisk, AstraZeneca, BeiGene, and Sanofi — to comprehensively analyze the current competitive landscape of the global pharmaceutical industry.

Data shows that innovative drugs have become the core engine of pharmaceutical companies’ performance growth, while internationalization capabilities have become key differentiating factors. Meanwhile, new technology platforms and star tracks represented by ADC and GLP-1 drugs are reshaping the industry's value distribution. The role of Chinese pharmaceutical companies in the global pharmaceutical innovation map is also increasingly prominent. Through the financial performance and strategic movements of these leading companies, we can glimpse the future development direction and investment opportunities of the pharmaceutical industry.

Novartis: Dual-Engine Growth from Radioligand and Innovative Therapies, Steady Growth in China

Novartis showed strong performance in H1 2025, with net sales reaching $27.287 billion, a year-on-year increase of 12%, and net profit reaching $7.633 billion, a significant year-on-year increase of 29%. This growth is mainly due to the company’s deep layout in core therapeutic areas and the outstanding performance of several blockbuster products. In terms of core therapeutic areas, Novartis focuses on four major sectors: cardiovascular-renal-metabolic, immunology, neuroscience, and oncology, with revenues of $5.173 billion, $4.958 billion, $2.759 billion, and $8.199 billion respectively in the first half. Among them, oncology showed the most significant growth, mainly driven by strong performance of radioligand products such as Pluvicto.

Regarding blockbuster products, Entresto (sacubitril/valsartan) still contributed the largest revenue to Novartis, with sales reaching $4.618 billion (+22%) in H1 and expected to surpass $10 billion for the full year. Cosentyx (secukinumab) and Kisqali (ribociclib) ranked second and third with sales of $3.163 billion (+11%) and $2.133 billion (+59%) respectively.

Now radioligand therapy has become an important growth engine for Novartis. Pluvicto’s sales in the first half reached $825 million (+26%), continuing rapid growth since its launch in 2022, surpassing $1 billion for the first time in 2024. Another radioligand, Lutathera, contributed $400 million in revenue (+16%), with a combined total of $1.225 billion from the two. Pluvicto’s registration application in China has been accepted, which is expected to further expand the Asian market.

In the Chinese market, Novartis’ revenue in H1 reached $2.2 billion, up 8% year-on-year, showing steady performance. In the second half, the company’s iptacopan and asciminib are expected to gain new indications in China, further consolidating its market position.

Novartis continues to increase investment in R&D innovation, especially in the field of radioligand therapy. The company recently signed a cooperation agreement with Ratio Therapeutics to develop a radioligand candidate targeting SSTR2, with a potential deal value up to $745 million. This layout will further strengthen Novartis’ leading advantage in radioligand therapy and lay a foundation for future growth.

Novo Nordisk: Semaglutide Dominates Market, Still Faces Growth Pressure

In H1 2025, Novo Nordisk’s revenue reached $22.854 billion (DKK 154.944 billion), up 18% year-on-year, continuing to lead the metabolic disease field. However, the company lowered its full-year growth forecast to 8–14%, reflecting the challenges of intensified GLP-1 market competition.

The semaglutide product line remains Novo Nordisk’s absolute mainstay, with combined sales of $16.632 billion in H1, accounting for 73% of total revenue. Among them: injectable Ozempic sales reached $9.517 billion (+15%), oral Rybelsus sales reached $1.674 billion (+5%), and weight-loss drug Wegovy sales reached $5.441 billion (+78%).

In the Chinese market, Novo Nordisk’s H1 revenue was $1.462 billion (DKK 9.91 billion), a 6% increase year-on-year. Since its commercialization in November 2024, Wegovy has performed well with sales of $124 million in H1, while Ozempic sales in China declined by 5%. Regarding market competition, Eli Lilly’s tirzepatide has become the strongest competitor to semaglutide, with Q1 2025 sales reaching $6.15 billion (+160%). In addition, the rise of non-branded compound GLP-1 drugs has challenged Novo Nordisk’s pricing power.

Despite the challenges, Novo Nordisk’s leadership in metabolic diseases remains solid. With potential approval of Wegovy for MASH indication in H2 2025 and launch of a higher dose (7.2mg), the company is expected to maintain its dominant position in the GLP-1 market.

AstraZeneca: Oncology Leads Growth, Enhertu Becomes ADC Benchmark

AstraZeneca’s total revenue for H1 2025 reached $28.045 billion, up 11% year-on-year, showing steady growth. The company’s R&D investment was $6.707 billion, up 16%, demonstrating its continuous emphasis on innovation.

Regional performance: US market revenue was $11.97 billion (+12%), still the largest single market; Europe market revenue was $5.825 billion (+8%); emerging markets revenue was $7.697 billion (+12%), among which China’s revenue was $3.515 billion (+5%).

Oncology business, AstraZeneca’s pillar, contributed $11.955 billion (+16%) in H1 revenue. The main drivers included: Tagrisso (osimertinib): $3.488 billion (+10%); Imfinzi (durvalumab): $2.716 billion (+21%); Enhertu (trastuzumab deruxtecan): $2.289 billion (expected to exceed $4 billion for the full year). Enhertu, an ADC drug co-developed with Daiichi Sankyo, has grown rapidly since its 2019 launch and has become a benchmark product in the field. Another TROP2 ADC drug, Datroway (datopotamab deruxtecan), also started to contribute revenue ($14 million), showing good potential.

In the biopharmaceutical field, total revenue in H1 2025 grew 10%, thanks to strong growth in some key drug areas.

Rare disease business: $4.336 billion (+3%), with Ultomiris growing 23%.

AstraZeneca CEO Pascal Soriot stated that the company obtained 12 key positive Phase III trial results in recent weeks and pledged to invest $50 billion to develop in the US, aiming to reach $80 billion in revenue by 2030.

Sanofi: Dupixent Continues to Lead, Vaccine Business Shows Steady Growth

Sanofi’s H1 2025 sales reached $21.9 billion (€19.889 billion), up 9.9% year-on-year, or 10.1% at constant exchange rates. The company raised its full-year sales guidance to the mid-to-high single digits, at the upper end of expectations. The performance growth was mainly driven by innovative drugs and vaccines, with new launched products contributing significantly, accounting for 10% of total sales.

By region, in H1: the US market had the highest revenue at €9.535 billion, up 16.4%; Europe market sales were €4.144 billion, up 1.8%; China market revenue was €1.388 billion, up 0.1%.

In the pharmaceutical business segment, Dupixent sales reached €7.312 billion (approximately $8 billion), up 20.7% year-on-year, maintaining its global leadership position in autoimmune drugs. Q2 sales alone were €3.664 billion (+21.1%), with US market growth of 22.7% and non-US market growth of 16.6%. The product maintains new prescription and total prescription market shares in all indications, with market growth rates exceeding 20%. New indication expansions include: chronic obstructive pulmonary disease (COPD) launched in 13 countries, with 6 more expected in H2 2025; chronic spontaneous urticaria (CSU) rapidly gaining insurance coverage in the US, with prescriptions by over 2,000 doctors; bullous pemphigoid (BP) approved in the US in June, strengthening leadership in dermatology.

Vaccine sales in H1 reached €2.54 billion, up 10.9%. Q2 single-quarter growth was 10.3% to €1.214 billion, driven mainly by: Beyfortus (respiratory syncytial virus vaccine), approved by the EU with a 6-month protection label; Nuvaxovid (COVID vaccine), approved by the US BLA; MenQuadfi (meningitis vaccine), approved for infants over 6 weeks old.

Currently, Sanofi has 82 ongoing projects in development, including 40 potential new drugs and vaccines, with multiple milestone progresses expected in H2 2025.

BeiGene: Zanubrutinib Global Volume Expansion, First Full Profitability Achieved

BeiGene delivered impressive results in H1 2025, with total operating revenue reaching RMB 17.518 billion (approximately $2.41 billion), up 46.0% year-on-year. More notably, the company achieved operating profit of RMB 799 million and net profit of RMB 450 million, achieving full profitability for the first time.

Core product Zanubrutinib (BTK inhibitor) sales reached RMB 12.527 billion (+56.2%), with geographic breakdown: US RMB 8.958 billion (+51.7%), Europe RMB 1.918 billion (+81.4%), China RMB 1.192 billion (+36.5%).

Tislelizumab (PD-1 inhibitor) sales reached RMB 2.643 billion (+20.6%), now approved in 47 markets globally.

Based on the solid revenue and profit growth, BeiGene raised its 2025 revenue forecast to RMB 35.8–38.1 billion, expecting gross margins between 80–90%.

In terms of pipeline, BeiGene expects more than 20 milestone events in the next 18 months, including: accelerated global approval for BCL2 inhibitor sotocora; clinical progress of BTK degrader CDAC BGB-16673; Phase III trial start of CDK4 inhibitor BGB-43395. Currently, BeiGene operates more than 170 clinical trials in over 40 countries, enrolling over 25,000 patients worldwide.

BeiGene has built a global R&D platform with leading positions in hematological malignancies and solid tumors, showing strong innovation capabilities. Looking forward, innovation will remain the core growth engine for the pharmaceutical industry. With more breakthrough drugs emerging and intensified global competition, companies must improve R&D efficiency, commercialization capability, and international collaboration to maintain competitiveness in a rapidly evolving market.