As chronic diseases rise globally, innovative healthcare solutions are increasingly vital. Pfizer (PFE), Merck (MRK), and AbbVie (ABBV) are leading the charge with new approvals and strategic collaborations.
The demand for effective treatments is evident, with 42 new drugs approved by the U.S. Food and Drug Administration this year for chronic conditions. The global pharmaceutical market is projected to generate $1.16 trillion in revenue this year and is expected to reach $1.45 trillion by 2029, growing at a CAGR of 4.7%.
Pfizer Inc. (PFE)
Pfizer discovers, develops, manufactures, and markets biopharmaceutical products across therapeutic areas, including cardiovascular, infectious diseases, immunology, oncology, and women’s health. On November 20, the European Commission approved HYMPAVZI for routine prophylaxis of bleeding episodes in patients 12 years and older with severe hemophilia A or B. On October 22, the U.S. FDA approved ABRYSVO, its bivalent RSV prefusion F vaccine, for the prevention of lower respiratory tract disease caused by RSV in individuals 18 through 59 years of age who are at increased risk.
For the fiscal 2024 third quarter, Pfizer’s total revenues increased 31.2% year-over-year to $17.70 billion. Analysts expect revenue for the fiscal fourth quarter to increase 21.3% year-over-year to $17.28 billion.
Merck & Co., Inc. (MRK)
Merck is a research-driven biopharmaceutical company. On November 22, China’s National Medical Products Administration approved WELIREG for treating adults with von Hippel-Lindau disease. On November 15, the European Medicines Agency’s Committee for Medicinal Products for Human Use issued a positive opinion recommending KEYTRUDA’s approval as a first-line treatment for adults with unresectable non-epithelioid malignant pleural mesothelioma.
For the fiscal 2024 third quarter, Merck’s sales increased 4.4% year-over-year to $16.66 billion. For the fiscal fourth quarter ending December 2024, Street expects revenue to increase 6.4% year-over-year to $15.56 billion.
AbbVie Inc. (ABBV)
AbbVie focuses on research, development, manufacturing, and sales of medicines and therapies. Its product portfolio spans Immunology, Oncology, Neuroscience, Eye Care, Aesthetics, and other specialties. On November 18, the European Commission approved ELAHERE for treating adults with folate receptor-alpha positive, platinum-resistant high-grade serous epithelial ovarian, fallopian tube, or primary peritoneal cancer. On October 31, AbbVie announced a collaboration with EvolveImmune Therapeutics to develop multispecific biologics targeting various cancers.
For the fiscal 2024 third quarter, AbbVie’s net revenues increased 3.8% year-over-year to $14.46 billion. The consensus revenue estimate for the fiscal fourth quarter ending December 2024 exhibits a year-over-year rise of 3.5%.
