Market Intelligence
Three FcRn inhibitors are on the market and more are in development, with long-term commercial growth expected to come through indication expansion. Now the question is will they deliver on their pipeline-in-a-product promise?
Kyverna's pivotal stiff person syndrome data and early myasthenia gravis results, alongside Cabaletta Bio's first gMG readout, mark a turning point for cell therapy in autoimmune disease.
The GLP-1 franchises of Eli Lilly and Novo Nordisk reshaped the leaderboard in 2025 while long-standing giants braced for looming patent cliffs.
2025 saw some shakeups to the sales rankings of big pharma, but with widespread major asset patent losses, 2026 and beyond could prove even more turbulent.
The biopharma sector announced 41 merger-and-acquisition deals during Q1 2026, according to Evaluate, with a late March run of multibillion-dollar bids.
After no M&A transactions reached the $5bn threshold in 2024, J&J, Pfizer, Novartis and Merck & Co. all signed on for biopharma takeouts valued at $9bn or higher in 2025.
AstraZeneca, Lilly, Novo Nordisk and Amgen all moved up in the rankings on the Scrip 100 leaderboard powered by impressive double-digit growth.
Merck & Co.’s checkpoint inhibitor Keytruda remains the best-selling drug worldwide. The top 10 products generated nearly $47bn in third-quarter revenues for big pharma, boosted by swelling sales of obesity drugs.
Eli Lilly’s Mounjaro overtook rival GLP-1 agonist Ozempic from Novo Nordisk to become the second-highest selling drug globally in the second quarter of 2025, while overall GLP-1 drug sales continued to swell.
Lilly’s Mounjaro for diabetes rose from sixth to third position among the top-selling drugs in the first quarter of 2025, Rival Ozempic retained second position and Merck & Co’s immuno-oncology blockbuster Keytruda stayed far ahead.
Merck’s immuno-oncology blockbuster was the world’s best-selling drugs by revenues for the second year in a row, with an almost $12bn lead over its closest rival, Novo Nordisk’s GLP-1 drug Ozempic.
Keytruda, Ozempic and Dupixent were the three best-selling drugs by global revenues in the third quarter. AbbVie’s long-time cash cow Humira finally exited the top 10, slipping to 16th place.
Keytruda and Ozempic held their positions as the number one and two best-selling drugs in the world in the second quarter, while Eli Lilly’s Mounjaro shot to sixth place.
Keytruda enjoyed its fifth consecutive quarter as the world’s top-selling drug in the first three months of 2024. As Comirnaty and Spikevax fell out of the list, Vertex’s cystic fibrosis pill Trikafta/Kaftrio became one of the top 10 best-selling drugs for the first time.
As Merck & Co’s checkpoint inhibitor Keytruda further cemented its position at the top of the best-selling drugs list, biosimilar-challenged Humira sales fell once again. Meanwhile, Novo Nordisk’s diabetes injection Ozempic continued its ascent.
The Merck & Co vaccine for human papillomavirus Gardasil, along with Johnson & Johnson’s Darzalex for multiple myeloma, entered the ranks of the top 10 best-selling drugs globally in the second quarter. There was no product for COVID-19 in the line-up for the first time since 2020.
The Merck & Co vaccine for human papillomavirus Gardasil, along with Johnson & Johnson’s Darzalex for multiple myeloma, entered the ranks of the top 10 best-selling drugs globally in the second quarter. There was no product for COVID-19 in the line-up for the first time since 2020.