According to AnswersNews’ 2026 industry rundown, Switzerland’s Roche retained the top position in global pharmaceutical sales for a third consecutive year, with roughly $74.25 billion in 2025 revenue (up 1.7% year over year). The bigger story is who moved into second place: Eli Lilly jumped from ninth to second, on 44.7% revenue growth to roughly $65.18 billion, driven almost entirely by its GLP-1 franchise — Mounjaro (tirzepatide for diabetes, up 99% to about $23.0 billion) and Zepbound (tirzepatide for weight management, up 175% to about $13.5 billion). Merck held third place at roughly $65.01 billion (up 1.3%).
A methodology note
Different trackers rank pharma companies differently depending on whether they count a company’s total corporate revenue (including diagnostics, consumer health, or animal health divisions) or pharmaceutical-segment revenue only. Some Western financial outlets have already described Lilly as having overtaken all rivals on total-company revenue for FY2025. AnswersNews’ ranking reflects one commonly used industry methodology; readers comparing rankings across sources should check what each one is actually measuring.
R&D spending
Seven companies each invested more than $10 billion in R&D in 2025, with Roche again leading at approximately $16.12 billion.
Japan’s position
Among Japanese manufacturers, Otsuka Holdings rose to 18th place globally, while AstraZeneca and Daiichi Sankyo each climbed two spots in the broader rankings.
Outlook for 2026
Industry forecasts cited by AnswersNews project Lilly’s revenue could reach $82–85 billion in 2026, which — if realized — would place it at or near the top of the global rankings for the first time.
What this is — and isn’t
This is a summary of publicly reported corporate financial results and industry rankings, not investment advice or a company endorsement.
References
- Answers News, “【2026年版】製药会社世界ランキング―ロシュが3年連続首位、GLP-1規剂拓大でリリーが2位に溃上”, 18 May 2026 — answers.and-pro.jp/company/12305/report/
- Eli Lilly and Company, Q4 2025 financial results and 2026 guidance — investor.lilly.com
- Drug Discovery Trends, “Lilly is now the top pharma company by revenue as Mounjaro (+99%) and Zepbound (+175%) combine for $36.5B in FY2025” — drugdiscoverytrends.com