Healthcare
Healthcare Pharma
Pharma and biotech that is not the GLP-1 or vaccines story
JNJ $94.2 billion, BMS $48.2 billion, Gilead $29.4 billion, Vertex $12.0 billion, Biogen $9.9 billion, Zoetis $9.5 billion. Lilly, Pfizer, Merck, AbbVie, and Amgen also appear on the GLP-1 or Vaccines pages. Their weight-loss and vaccine economics live there.
JNJ is two companies
2025: Innovative Medicine $60.4 billion and MedTech $33.8 billion. STELARA was an approximate 1,040 basis-point drag on Innovative Medicine operational growth. Oncology and immunology are the offset.
Gilead is still an HIV company
2025 HIV product sales $20.8 billion, including Biktarvy $14.3 billion. Oncology $3.2 billion. Group revenue $29.4 billion. This is not a vaccine or GLP-1 print.
BMS: growth book versus legacy book
2025 Growth Portfolio $26.4 billion, up 17 percent. Legacy Portfolio $21.8 billion, down 15 percent. Eliquis $14.4 billion and Opdivo $10.0 billion sit inside those two books. Group revenue was flat at $48.2 billion.
Eliquis and Opdivo are still the BMS cash cows
2025 product sales: Eliquis $14.44 billion and Opdivo $10.05 billion. Group revenue $48.19 billion. These two named drugs are not a complete company walk.
Vertex is still a cystic fibrosis company
2025: TRIKAFTA/KAFTRIO $10.31 billion, ALYFTREK $838 million. CASGEVY $116 million from 64 infusions. JOURNAVX $60 million. Group $12.00 billion. CF is the P&L. The gene-therapy and pain launches are not.
Biogen is still an MS company
2025: multiple sclerosis $4.04 billion, rare disease $2.15 billion, anti-CD20 programs $1.86 billion. Biosimilars $729 million and the LEQEMBI collaboration $178 million are smaller. Group $9.89 billion.
Zoetis is companion animal, not livestock
2025: companion animal $6.59 billion, livestock $2.76 billion. Group $9.47 billion. CSS and human health were about 1 percent and are not on the chart. Animal health, not human obesity drugs.