BIG PHARMA EARNINGS WATCH: ABBVIE, AMGEN & PFIZER

Major Drug Companies Surpass Wall Street Forecasts as Price Hikes Boost Earnings

This week, Big Pharma companies AbbVie, Amgen and Pfizer reported third quarter earnings that surpassed Wall Street analyst expectations. These strong earnings come following numerous price hikes from the companies on their best-selling products throughout the year. Several of the companies raised their guidance for the year. In fact, AbbVie’s CEO, on the company’s earnings call, said: “We’ve beaten and raised in every quarter in 2025.”

During the Pfizer earnings call, an analyst from Wells Fargo brought up the pricing of GLP-1 drugs in regards to Pfizer’s bid for obesity drug developer Metsera. In response, Pfizer’s CEO, Albert Bourla, stated that “competition brings prices down.” Bourla’s comment is rich given the plethora of anti-competitive tactics Big Pharma companies like Pfizer utilize to block lower-cost generic and biosimilar alternatives — driving up prices for patients while padding their own profits — while the pharmaceutical industry simultaneously opposes market-based solutions to foster greater competition.

Get a full recap on AbbVie, Amgen and Pfizer’s strong third-quarter earnings fueled by egregious pricing and anti-competitive practices below.

AbbVie

• AbbVie posted better-than-expected earnings for the third quarter.
• The company’s net revenue grew 9.1 percent to $15.78 billion, beating Wall Street expectations.
• AbbVie’s blockbuster psoriasis drug Skyrizi brought in $4.7 billion, up 47 percent year over year.
• Meanwhile, the company’s arthritis drug Rinvoq brought in an additional $2.2 billion, up 35 percent year over year.
• AbbVie reported growth across its immunology and neuroscience portfolios, with revenue increasing 12 percent and 20 percent, respectively.

Amgen

• Amgen also reported third quarter earnings that topped analysts’ estimates.
• The company’s third quarter revenue grew 12 percent to $9.56 billion, beating expectations.
• Amgen’s product sales rose 12 percent, with osteoporosis drug Prolia seeing a nine percent increase year over year.
• The Big Pharma giant also raised its outlook for the full year.

Pfizer

• Pfizer also reported earnings that beat Wall Street expectations.
• The company also reported revenue that topped expectations and raised its profit guidance for the year.
• The Big Pharma company’s revenue rose to $16.7 billion, surpassing Wall Street estimates.
• The company’s blood thinner drug Eliquis brought in $2 billion, up 22 percent from the same quarter last year.

The companies’ strong third quarter earnings come after they have engaged in price hikes across their portfolios earlier this year.

AbbVie

• So far in 2025, AbbVie has hiked prices on 17 prescription drugs, including Skyrizi by 4.1 percent and Rinvoq by five percent.
• AbbVie increased prices on 19 prescription drugs in 2024, including a 5.8 percent price increase on Skyrizi and five percent increase on Rinvoq.
• AbbVie hiked prices on 40 prescription drugs in January 2023, including eight percent increases each on the company’s blockbuster autoimmune drugs Skyrizi and Rinvoq.
• In 2022, AbbVie increased prices on more than 40 prescription drugs.

Amgen

• This year, Amgen has hiked prices for 23 prescription drugs by an average of five percent.
• Last year, Amgen raised prices on 36 prescription drugs, including a 6.9 percent increase on osteoporosis treatment Prolia as well as five percent price increases on autoimmune drugs Enbrel and Otezla.
• In 2023, Amgen raised prices on more than 20 prescription drugs, including on osteoporosis treatment Prolia and autoimmune drug Otezla by 5.9 percent each.

Pfizer

• Since January 2025, Pfizer has hiked prices on 90 prescription drugs.
• Pfizer hiked prices on more than 100 prescription drugs in 2024.
• In 2024, price hikes included a six percent increase on breast cancer drug IBRANCE, a seven percent increase on cardiomyopathy drug Vyndaqel, and a 4.9 percent increase on arthritis drug Xeljanz.
• In 2023, Pfizer hiked drug prices on more than 120 medications, and in 2022, the company hiked prices on more than 160 prescriptions in their portfolio.

Read more on expectation-beating third quarter earnings from Johnson & Johnson HERE.

Read more on GSK, Merck, Bristol Myers Squibb, Eli Lilly and Gilead’s third quarter earnings HERE.

And stay tuned as we continue to monitor third quarter earnings calls from brand name drug companies this week.

Learn more about solutions to lower prescription drug prices and hold Big Pharma accountable HERE.