Top 10: Biggest Pharma companies in Europe
The pharmaceutical industry in the European Medicines Agency (EMA) region operates under a unified regulatory framework, facilitating drug approvals across member states.
This structure contrasts with the fragmented approach in Asia-Pacific (APAC), where each country maintains separate regulatory bodies. The EMA region emphasises generic drug production and parallel trade, which differentiates it from North America's focus on innovative medicines and high-value biologics.
European pharma companies often specialise in specific therapeutic areas, whereas US firms tend towards broader portfolios. The EMA region's pricing models vary by country, with some implementing reference pricing systems. This differs from the US market-driven approach and the government-controlled pricing in many APAC countries.
The EMA region's pharmaceutical landscape is characterised by strong public healthcare systems, which influence drug development priorities. This contrasts with the US's private insurance-dominated market and the mixed systems prevalent in APAC.
Research collaborations between academia and industry are common in the EMA region, fostering innovation. However, the region faces challenges in retaining talent and competing with the scale of US research funding and the growing R&D capabilities in APAC.
Here, we explore the top ten pharmaceutical companies in the Europe, ranked by their 2023 annual revenue figures in ascending order.
10 Ipsen
Country: France
Revenue: €3.13bn
Employees: 5,800
CEO: David Loew
Ipsen, headquartered in Boulogne-Billancourt, France, focuses on oncology, rare diseases, and neuroscience. Its portfolio includes Somatuline for neuroendocrine tumours and Dysport for movement disorders. The company is currently working on expanding its presence in the US market and developing new treatments for rare diseases.
09 Union Chimique Belge
Country: Belgium
Revenue: €5.52bn
Employees: 8,700
CEO: Jean-Christophe Tellier
UCB specialises in neurology and immunology, with key products including Cimzia for rheumatoid arthritis and Vimpat for epilepsy. The company is currently investing in research for Parkinson's disease treatments and expanding its pipeline in rare diseases.
08 LEO Pharma
Country: Denmark
Revenue: €5.98bn
Employees: 6,000
CEO: Christophe Bourdon
LEO Pharma focuses on dermatology, with leading products including Enstilar for psoriasis and Kyntheum for moderate-to-severe plaque psoriasis. The company is currently working on expanding its biologics portfolio and developing new treatments for eczema.
07 Grifols
Country: Spain
Revenue: €6.41bn
Employees: 24,000
CEO & Executive Chairman: Thomas Glanzmann
Grifols, based in Barcelona, is focused on plasma-derived medicines, with key products including Gamunex-C for immune deficiencies. Grifols is currently expanding its plasma collection centres and working on developing new plasma-derived therapies for rare diseases.
06 Lundbeck
Country: Denmark
Revenue: €10.2bn
Employees: 5,60
President and CEO: Deborah Dunsire
Lundbeck, headquartered in Valby, Denmark, specialises in treatments for brain diseases. Its leading products include Abilify Maintena for schizophrenia and bipolar disorder. The company is also looking to expand into treatments of Alzheimer's disease and is also seeking to grow its presence in the US market.
05 Merck
Country: Germany
Revenue: €22.2bn
Employees: 60,000
Executive Chair & CEO: Belén Garijo
Merck KGaA was founded in Darmstadt in 1668 as a pharmacy, and is the world's oldest operating chemical and pharmaceutical company. It expanded into industrial-scale production in the 19th century. The company operates in healthcare, life science, and electronics, with key pharmaceutical products including Mavenclad for multiple sclerosis and Erbitux for certain types of cancer. Merck is currently expanding its immuno-oncology portfolio and investing in new technologies for drug discovery.
04 AstraZeneca
Country: UK
Revenue: £35.65bn (€41)
Employees: 83,000
CEO: . Pascal Soriot
Oncology, cardiovascular, renal and metabolism, and respiratory diseases are among AstraZeneca’s areas of speciality. Leading products include Tagrisso for lung cancer and Farxiga for diabetes and heart failure. The company is currently expanding its presence in China and investing in mRNA technology for vaccine development.
03 Sanofi
Country: France
Revenue: €43.07bn
Employees: 91,000
CEO: Paul Hudson
Sanofi specialises in vaccines, rare diseases, and general medicines. Key products include Dupixent for atopic dermatitis and asthma, and Lantus for diabetes. Sanofi is currently focusing on expanding its immunology portfolio and developing new mRNA-based vaccines and therapeutics.
02 Bayer
Country: Germany
Revenue: €50.7bn
Employees: 100,000
Chairman & CEO: Bill Anderson
Bayer, headquartered in Leverkusen, Germany, operates in pharmaceuticals, consumer health, and crop science. Key pharmaceutical products include Xarelto for blood clot prevention and Eylea for eye diseases. Bayer is currently focusing on expanding its cell and gene therapy capabilities and developing new cancer treatments.
01 Novartis
Country: Switzerland
Revenue: $51.1bn (€47bn)
Employees: 106,000
CEO: Vasant Narasimhan
Basle-based Novartis focuses on innovative medicines and generics. Leading products include Cosentyx for psoriasis and Entresto for heart failure. Novartis is currently investing in cell and gene therapies and expanding its presence in emerging markets, including China, India, Turkey and Brazil.