2024 Revenues ($USD) : $28.26B

Boehringer Ingelheim GmbH saw its revenue nudge up 6.1% on a currency-adjusted basis for 2024, bringing the total to around $27.7 billion. Its Human Pharma business did even better, with sales climbing 10% over the previous year.

What really stands out is the R&D spend – the company ramped it up significantly to $6.7 billion, which works out to over 23% of group net sales. Management seems pretty bullish on the pipeline, calling its current human pharma slate potentially the biggest it's ever had. This translated into reaching more people too, with patient numbers growing 8% in 2024 to hit 66 million globally.

Looking ahead, Boehringer Ingelheim seems to be gearing up for launches starting in 2025. It mentioned having two products sitting with the FDA right now, possibly getting the nod in the back half of the year. The company is hopeful its pipeline could spit out up to 15 new medicine approvals by 2025 and expects three Phase 3 trials to read out sometime this calendar year. Recent moves show where some of that R&D money is going: kicking off clinical development for an inhaled gene therapy targeting cystic fibrosis (with partners) back in February, and adding a couple of antibody-linked programs to its oncology efforts via licensing deals in January.

For 2025, the guidance is for just "a slight" increase in sales. It sounds like they expect more of the same trends from 2024 but flagged some potential headwinds or uncertainty, particularly around the U.S. market. Chairman Hubertus von Baumbach also doubled down on the R&D push, confirming plans to invest even more than previously guided.