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2025 R&D Expenditure against 2025 Revenue and 2024 Expenditure
| Company | 2025 R&D Spending (billions) | Change from 2024 | 2025 R&D Budget as % of Revenue | Strategic Insight |
| Merck & Co. | $15.79B | -12% | 24.3% | R&D budget fell because 2024 included unusually high charges for acquisition and licensing. |
| Roche | ~$14.73B | -6% | 19.3% | Portfolio optimization in oncology & diagnostics |
| Johnson & Johnson | $14.66B | -14.9% | 15.6% | Selective capital allocation and pipeline prioritization. |
| AstraZeneca | $14.23B | +5% | 24.2% | Continued expansion in oncology, rare disease, and cardiovascular |
| Eli Lilly | $13.34B | +21.4% | 20.47% | Strong GLP-1/ obesity pipeline acceleration |
| Novartis | $11.2B | +12% | 20.6% | Oncology, immunology, and radioligand expansion |
| Pfizer | $10.44B | -4% | 16.7% | Post COVID portfolio rebalancing |
| Bristol Myers Squibb | $9.95B | -11% | 20.6% | Increased focus on portfolio productivity |
| AbbVie | $9.1B | -28.9% | 14.88% | Major reprioritization and normalization |
| Sanofi | ~$8.85B | +6% | 18% | Growth in immunology and vaccines |
Reference: Top 10 pharma R&D budgets in 2025
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