The wait is over. Fierce Biotech has released its annual ranking of the top 10 pharma R&D budgets of 2025—offering a clear look at which companies are spending the most on innovation and how those investments are shifting year over year.

In this week’s episode of "The Top Line," Darren Incorvaia and Eric Sagonowsky break down the new report, digging into who claimed the top spot, which companies moved up or down the rankings and whether any newcomers broke into the top 10.

The conversation also explores the broader trends behind the budgets—what increased R&D investment signals about pipeline priorities, where companies may be pulling back and whether this year’s list reflects continued momentum or a plateau after several years of elevated spending.

Listen to the full episode for a closer look at how the industry’s biggest players are allocating their R&D budgets—and what it could mean for the next wave of drug development.

To learn more about the topics in this episode:

The top 10 pharma R&D budgets of 2025

Biopharma R&D pipeline shrinks for 1st time in 30 years: report

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The top 10 pharma R&D budgets of 2025

The Top Line

The top 10 pharma R&D budgets of 2025