Eli Lilly claims double crown in pharma R&D rankings
Indiana drugmaker leads both innovation and invention indices for first time as Chinese groups enter the global elite
Eli Lilly (LLY) has claimed top position in both principal categories of a prominent annual ranking of pharmaceutical research and development performance, the first time a single company has achieved the feat since the index was established.
The ranking, produced by IDEA Pharma, a UK-based consultancy owned by SAI MedPartners, evaluates drug company laboratories across two distinct metrics. The innovation index measures revenue from new products, regulatory approvals, and significant development milestones. The invention index assesses pipeline breadth, clinical trial activity, and absolute R&D expenditure.
Lilly's double triumph reflects the commercial momentum generated by its obesity and diabetes portfolio, which has propelled the Indianapolis-based group to become one of the world's most valuable companies. Jacqueline Poot, IDEA Pharma's president of strategic consulting and analytics, attributed the result to "unparalleled revenue growth and strong data readouts", as well as the group's integration of artificial intelligence into its research operations and a deepening reliance on external innovation, notably through its collaboration with Chinese biotech Innovent.
The innovation index has historically reflected whichever company commands the prevailing clinical moment. Pfizer (PFE) held the top spot in 2023, buoyed by the residual impact of it’s Covid-era approvals. NovoNordisk (NVO) followed in 2024, riding the commercial breakthrough of its GLP-1 franchise, before Lilly assumed the position in 2025 — a lead it has now extended.
The cost of discovery
The report offers a sobering assessment of R&D productivity across the industry. Among the 30 largest pharmaceutical companies, average annual spending per newly approved drug stood at $4.59bn over the past five years. Last year that figure reached $8.3bn — a seven-year high — underscoring the mounting pressure on groups to demonstrate returns on research investment.
Bayer (BAYN), Vertex (VRTX) and Sanofi (SNY) performed strongly on innovation but showed weaker invention scores, suggesting their near-term pipelines may be less generative than their current commercial output implies. Takeda (TAK) was identified as a notable underperformer on both measures.
Chinese groups break into the rankings
Perhaps the most significant structural shift in this year's report is the entry of two Chinese pharmaceutical companies into the global rankings for the first time. Jiangsu Hengrui and BeOne Medicines — formerly BeiGene (ONC) — both appeared in the invention index, tied at 13th, while BeOne ranked 15th in innovation and Hengrui 23rd.
Hengrui has attracted considerable attention from western majors as a source of licensing candidates across therapeutic areas including obesity and cardiovascular disease. Last week, Bristol Myers Squibb (BMY) announced a broad collaboration with the Shanghai-based group covering more than a dozen early-stage programmes, with $600mn payable upfront and potential milestone payments of up to $15.2bn.
BeOne, which relocated its global headquarters to Basel and has been investing heavily in oncology research, received US Food and Drug Administration approval this month for a treatment targeting relapsed or refractory mantle cell lymphoma.
Ones to watch
IDEA also identified a cohort of smaller companies it characterizes as "disruptive pioneers". The group includes Revolution Medicines (RVMD), Parabilis Medicines (PBLS), Monte Rosa Therapeutics (GLUE), KyvernaTherapeutics (KYTX), Compass Pathways (CMPS), BeamTherapeutics (BEAM) and Intellia Therapeutics (NTLA), among others, spanning modalities from molecular glue degraders and CAR-T cell therapies to CRISPR gene editing and RNA-targeted treatments.
Whether any will reach the top tier of global pharma within a decade remains an open question — but the composition of that elite group is already shifting faster than it has in years.