Our pharmaceutical dataset has been compiled over 40 years from 109 companies, which, through M&A activity and consolidation, now comprises 46 companies. An efficient reporting system has seen all the listed multinational pharma companies announce results for 2025, giving us the opportunity to update our industry statistics and drug database. This report provides the first snapshot of global pharmaceutical market growth plus the global and US company rankings for 2025. The year was characterised by 5.4% underlying (ex-COVID-19) growth, boosted at the reported level by $ weakness. Much of the growth was driven by recently launched anti-obesity drugs, which have propelled Eli Lilly to be the top-ranked company globally. R&D spend breached $200bn for the first time, but, for the second year running, there has been a reduction in spend relative to pharma sales. This short report represents an executive summary of our extensive pharmaceutical database. Themes highlighted in this summary will be expanded to include detailed information about individual company operating performance versus industry weighted averages, in a much larger report, which will be available to purchase from Hardman & Co in a few weeks’ time.