According to a recent report from Evaluate, Novo Nordisk and Eli Lilly are expected to lead in global new drug sales in 2024. The booming demand for blood sugar-modulating diabetes and obesity drugs has propelled these two companies to dominate the market, with Novo Nordisk projected to reach sales approaching $8 billion and Eli Lilly close to $5 billion.
Novo Nordisk is anticipated to exceed $40 billion in sales in 2024, replacing GSK in the top 10 list of pharma companies by sales. This figure represents a significant increase from the company’s 2020 revenue of $19.4 billion and its 2022 revenue of $25.1 billion, indicating the rapid growth in demand for their weight-loss products.
Other companies making significant gains in Evaluate’s 2024 global new sales list include AstraZeneca and Amgen, with increases of more than $4 billion, and Roche, with an increase approaching $4 billion. Meanwhile, Merck, Pfizer, Sanofi, GSK, and Daiichi Sankyo are expected to exceed $2 billion in new drug sales.
AstraZeneca’s anticipated performance in 2024 is attributed to its broad oncology business, while Daiichi’s entrance on the list is linked to the success of its AZ-partnered antibody-drug conjugate cancer treatment Enhertu.
Despite not remaining in the top 10 in overall revenue in 2024, GSK has seen success in its vaccine business, particularly with the launch of Arexvy and the strong comeback of its shingles jab Shingrix.
Looking ahead, Novo Nordisk and Eli Lilly are expected to continue ruling the space for diabetes and obesity drugs. Novo’s injected CagriSema and Lilly’s oral orforglipron are listed as the top two most valuable R&D projects, with values of $30.2 billion and $13 billion respectively.
