With so many headwinds facing the pharma industry in 2026, a little optimism can go a long way. While Big Pharma CEOs confront political pressure, pricing constraints and patent losses among other concerns, they still need to convince shareholders their companies are set for financial growth in the years ahead.
As they took stock of full-year earnings from 2025, leaders at the biggest American drugmakers emphasized lofty long-term revenue targets that shed a light on their strategies for pushing through the uncertain times.
The continued success of U.S. pharma giants like Johnson & Johnson, Pfizer and Merck & Co. reflects the health of the biopharma industry overall, and reaching these massive targets would mean more cash in the coffers for M&A, licensing and venture capital to fuel up-and-comers with innovative medicines in the pipeline.
Can Big Pharma overcome the odds and hit these financial goals? Here are some of the statements from U.S. pharma CEOs in their recent earnings reports that point to shiny revenue outlooks in the years to come.
“Johnson & Johnson is the only healthcare company that will soon deliver more than $100 billion in annual revenue.”
Joaquin Duato
CEO, Johnson & Johnson
The headwinds: A company the size of J&J will always have trouble brewing at some level. For the New Jersey drugmaker, the issues with the most immediate impact include the recent loss of exclusivity for $10 billion-plus blockbuster immunology drug Stelara, drug pricing measures from Medicare negotiations and President Donald Trump’s proposed most-favored nation policy. It also continues to contend with thousands of lawsuits contending its talc powder caused cancer.
The upshot: CEO Joaquin Duato reflected on the $32 billion the company spent in 2025 on R&D and M&A combined and what that means for future growth. Although the loss of Stelara’s exclusivity will remain a sizable dent in J&J’s revenue in the short-term, Duato noted that “we are different from other companies — we are not focused on one or two growth drivers.”
Indeed, while Stelara was a major cash cow for J&J, the pharma’s strength has long been the depth of its bench rather than a few star sluggers.
Between the company’s pharma and medtech divisions, J&J has 28 platforms or products with more than $1 billion in annual revenue, Duato noted. Is that enough to carry the drugmaker to the $100 billion sales mark this year? With more than $94 billion in 2025 sales and a series of meaningful approvals in its pocket, that goal is well within reach.
“The foundation of our strategy in obesity and adjacent conditions is targeting breakthrough medicines in what could be a $150 billion market.”
Albert Bourla
CEO, Pfizer
The headwinds: Pfizer came away from the COVID-19 pandemic a bruised warrior. While the company’s quick work alongside partner BioNTech led to the first approved COVID vaccine, sales nosedived when the crisis abated, making it difficult for Pfizer to demonstrate growth to its shareholders. Combined with looming patent cliffs for blockbusters like Ibrance, Eliquis and Vyndaqel, the company has contended with a few tough years.
The upshot: Not one to pass up an industry craze, Pfizer is kicking down the door of the lucrative weight loss space, edging out Novo Nordisk in a bidding war last year to acquire coveted next-gen GLP-1 maker Metsera. Although investors saw faults in the acquisition’s star candidate, CEO Albert Bourla pointed to the massive potential in the obesity market on an earnings call this week.
Pfizer also used the COVID windfall to fuel its pipeline with two other major deals in the last few years, picking up antibody-drug conjugate maker Seagen in 2023 and neuro specialist Biohaven in 2022.
“We now have line of sight to over $70 billion of potential commercial opportunity by the mid-2030s.”
Rob Davis
CEO, Merck & Co.
The headwinds: Keytruda, Keytruda, Keytruda. The load-bearing cancer drug that made up almost half of all Merck sales in 2025 will start losing exclusivity over the next few years, triggering a key question for investors: What comes next?
The upshot: Luckily for CEO Rob Davis, Keytruda’s upcoming revenue slide isn’t a surprise wallop, and the pharma giant has had years to build up a suitable pipeline to fill those shoes. The recent approval of a subcutaneous version of Keytruda should also soften the blow. The company is on track to reach $70 billion in overall sales by the middle of the next decade, most of which should be set in stone by 2027, Davis said on the call.
