Despite a rocky start for many drugmakers at the start of last year, 2024’s fourth quarter saw just two of the top 25 global pharma companies record sales declines. But that growth may be short-lived, as many of those same companies forecast more muted revenue increases in 2025.

In this week’s episode of The Top Line, we dissect the unprecedented revenue growth enjoyed by many of the world’s top pharma companies by sales in the fourth quarter of last year. Fierce Pharma’s Kevin Dunleavy and Fraiser Kansteiner discuss the period’s results, examine the companies’ performance expectations going into 2025 and consider whether the momentum seen in Q4 is repeatable or more of an anomaly.

To learn more about the topics in this episode:

• Eli Lilly, Novo Nordisk lead revenue boom in the 'always tricky' Q4
• Eli Lilly logs massive Q4 revenue jump—but it's not just thanks to Mounjaro and Zepbound
• Pfizer harnesses COVID fluctuations to clinch Q4 gains as RSV vaccine sales plummet
• Astellas takes $760M charge, reveals slowdown for eye drug Izervay after regulatory stumbles

This episode is brought to you by Cencora.