Biopharmaceutical sales were on the rise in the first quarter of this year, with eight of the industry’s top 25 companies achieving double-digit year-over-year growth, which was an increase compared to a year ago. By comparison, in each of the four quarters of 2025, there were six drugmakers with double-digit profits.
In addition to giant Eli Lilly (+56%), which has led the growth rankings in each of the past six quarters, Regeneron (+19%), AstraZeneca (+13%), AbbVie (+12%), Sandoz (+11%), and Johnson & Johnson (+10%) achieved double-digit growth in the first quarter of this year. Japanese pharmaceutical companies Astellas Pharma (+17%) and Daiichi Sankyo (+13%) also achieved this feat.
Regeneron’s results come after a year in which first-quarter sales rose just 1%. Regeneron’s growth was the highest quarterly increase since 2021, when sales surged due to the coronavirus antiviral drug REGEN-COV.
Leading Regeneron in the first quarter was Dupixent, a company partnered with Sanofi, which has seen strong results of late, thanks in part to recent expansions in indications for the treatment of COPD, urticaria, and bullous pemphigoid. Dupixent’s first-quarter sales rose 33% to $4.9 billion, helping it overcome a 10% decline at Eyrie, which saw quarterly sales fall below $1 billion for the first time since 2018.
AstraZeneca returned to double-digit growth in the first quarter after sales growth of just 4% in the previous quarter. AZ’s oncology and rare disease portfolios did the heavy lifting, increasing by 20% and 19% respectively. The company is well-positioned for years of growth due to its extensive portfolio of pharmaceutical products. In the quarter, AZ generated at least $300 million in sales across 15 products and is on track to be a blockbuster this year. Of these, nine companies posted double-digit growth in the first quarter, while only one of the 15 companies saw a decline in sales.
AbbVie posted two consecutive quarters of double-digit growth. The last time the Illinois company had two double-digit quarters was in 2021, when its immunology superstar Humira was at its peak. After sales declined for four consecutive quarters in 2023 as Humira faced competition from biosimilars, AbbVie rebounded behind Skyridi and Rinvoke.
The companies had combined sales of $6.6 billion in the first quarter, up from $5.1 billion in the same period last year. The $1.5 billion increase from the two immunotherapy drugs accounted for nearly all of the company’s quarterly revenue, from $13.3 billion in the first quarter of 2025 to $15 billion in 2026.
Sandoz rode on the success of its biosimilar portfolio, with its portfolio up 27% to $853 million in the quarter, thanks to the strong performance of Humira biosimilar HyliMoz and the launch of Eyrie knockoffs Afcryl and Exgeva, as well as Prolia knockoffs Wyost and Jubonti.
The first-quarter results were a milestone for Johnson & Johnson, which had not reached double-digit growth in a quarter since the start of the pandemic when it briefly sold its ill-fated COVID-19 vaccine. The sale of its consumer health division, Kenview, in 2023 allowed J&J to achieve higher growth rates.
In the first quarter, J&J offset a steep decline in Stelara sales from $1.6 billion to $656 million with performance from cancer drug Darzalex and immunology standout Tremfya. Darzalex sales increased 23% to $4.0 billion, while Tremfya sales increased 68% to $1.6 billion. As a result of the results, J&J raised its full-year revenue forecast by $300 million from the guidance midpoint of $100.8 billion.
Astellas continues to grow rapidly, reaching a growth rate of (PDF) 12% for the year. In fiscal 2025, Veozah (+37%), Padcev (+35%), Izervay (+33%), and prostate cancer drug Xtandi (+5%) drove sales, generating 961 billion yen ($6 billion) and accounting for 45% of the company’s revenue for the year.
Like Astellas, Daiichi Sankyo has experienced rapid growth in recent years. However, after peaking at 25% revenue growth in FY2023, the ADC giant’s revenue growth slowed from 17% in FY2024 to 13% in 2025 and a projected 7% in FY2026 (PDF).
In its quarterly presentation earlier this month, Daiichi announced a five-year plan to become one of the industry’s top five cancer treatment companies, setting a goal of reaching sales of 3 trillion yen ($19.1 billion) in 2030, up from 2.1 trillion yen ($13.2 billion) in fiscal 2025.
Almost reaching the double-digit group was Viatris, whose sales rose 9% in the first quarter, showing new signs of recovery from sales declines in each of the previous four years. The company was formed in 2020 through the merger of Mylan and Pfizer’s former generics arm Upjohn, then wound down through sales and now expects consistent revenue growth through the end of the decade.
Lily’s momentum doesn’t slow down
Eli Lilly’s presence at number one was expected. The Indianapolis pharmaceutical company has led the industry’s growth rankings in each of the past six quarters. However, its 56% growth rate was impressive, exceeding analyst consensus estimates by 13%.
This was the company’s highest quarterly revenue increase in the Tirzepatid era, which began with Mounjaro’s approval in 2022. Diabetes drugs were the company’s biggest pillar in the first quarter, with sales up 125% to $8.7 billion, while sales of obesity drug Zepbound rose 80% to $4.2 billion.
Following the first quarter results, Lilly raised its 2026 revenue forecast by $2 billion to a range of $82 billion to $85 billion. For Lilly, annual forecast increases have become a quarterly routine, with 2025 sales guidance starting at $58 billion to $61 billion and ending 2025 with sales of more than $65 million.
Lilly’s competitor in the GLP-1 market, Novo Nordisk, continued to slump, with sales down 10%. This was the industry’s largest sales decline for a quarter and marks the second consecutive quarter that Novo has finished last in the top 25 growth rankings.
But there were bright spots for Novo, which saw its stock rise 3% in its quarterly report, including sales of its new obesity drug Wegovy of $355 million.
“Wegovy tablets are off to a record start in the U.S.,” Novo CEO Doustdar said on a May 6 call with analysts. “Since its launch approximately 16 weeks ago, we have seen more than 1 million people use Wegovy pills as global momentum for peptide-based treatments accelerates.”
With expectations rising for its GLP-1 products, Novo has adjusted its sales forecast for this year, expecting sales to decline between 4% and 12%, slightly more moderate than the 5% to 13% decline the company was targeting in February.
Other decliners in the first quarter
Novartis’ first-quarter sales fell 1% (PDF). This is primarily due to generic competition for Entrest that occurred in the US last July. Sales of heart failure drugs plummeted from $2.3 billion in the first quarter of 2025 to $1.3 billion in the first quarter of this year. Novartis’ overall decline comes after sales rose 12% in 2024 and 8% last year.
Bayer also faces generic and biosimilar competition for its blood thinner Xarelto and eye disease drug Eylea, but combined pharmaceutical and consumer health sales fell 7% in the quarter. The company expects the impact to subside in the second half of the year, with the pharmaceutical sector poised for growth in 2027.
If Roche’s sales are measured in Swiss francs, sales fell 5% in the first quarter. However, holding constant exchange rates, the company’s sales increased by 6%.
