How pharma makes and spends money
Every US-listed drug company files an audited annual report with the SEC — the 10-K (20-F for foreign filers). It states, under penalty of law, what the company earned, what it spent on research, what it spent selling and administering, and what was left. Below: those four lines for eight manufacturers with psychiatric portfolios, and each psychiatric drug's revenue where the filing discloses it.
Read this before the numbers, because it limits what they can tell you. First, the marketing question everyone asks — “do they spend more on marketing than research?” — cannot be answered from these filings, because almost no company breaks marketing out. “SG&A” bundles sales forces and advertising together with executive salaries, legal, IT and administration in one line. We report the line as filed and never estimate a marketing share. (Two partial exceptions: Teva files selling & marketing separately from G&A, and Bristol Myers Squibb discloses an advertising figure inside its SG&A.) Second, several companies' R&D lines exclude one-time charges for pipeline assets bought in acquisitions — noted per company. Third, net income swings violently on one-time charges: a loss year usually means a big write-off, not an unprofitable business. Fourth, a product absent from a table means the company chose not to disclose it — we omit rather than estimate. Every figure below is from the cited filing and nothing else.
Johnson & Johnson
Source: 10-K, accession 0000200406-26-000016 — the filing on EDGAR. All figures USD millions.
| Fiscal year | Total revenue | R&D expense | SG&A | Net income |
|---|---|---|---|---|
| FY2025 | $94,193M | $14,665M | $23,676M | $26,804M |
| FY2024 | $88,821M | $17,232M | $22,869M | $14,066M |
R&D line excludes in-process R&D impairments, which J&J reports separately ($109M in FY2025, $1,841M in FY2024). Selling, marketing and administrative expenses — one line; marketing is not broken out.
| Psychiatric product | Latest FY | Prior FY | Scope |
|---|---|---|---|
| INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA (paliperidone long-acting injections) | $3,810M | $4,222M | worldwide |
| SPRAVATO (esketamine) | $1,696M | $1,077M | worldwide |
| CAPLYTA (lumateperone)Acquired with Intra-Cellular Therapies in April 2025; no J&J revenue in 2024. | $700M | — | worldwide |
| CONCERTA / methylphenidate | $584M | $641M | worldwide |
J&J's total Neuroscience franchise: $7,837M in FY2025, $7,115M in FY2024.
Eli Lilly
Source: 10-K, accession 0000059478-26-000013 — the filing on EDGAR. All figures USD millions.
| Fiscal year | Total revenue | R&D expense | SG&A | Net income |
|---|---|---|---|---|
| FY2025 | $65,179M | $13,337M | $11,094M | $20,640M |
| FY2024 | $45,043M | $10,991M | $8,594M | $10,590M |
R&D line excludes acquired in-process R&D charges, reported separately. Lilly's line is 'Marketing, selling and administrative' — marketing is named in the line but not broken out of it.
Lilly built its name on Prozac (fluoxetine), Zyprexa (olanzapine) and Cymbalta (duloxetine); all are long off patent and none appears in the FY2025 revenue-by-product table. The filing does not disclose remaining psychiatric revenue, so no figure is reported. Today's growth is Mounjaro/Zepbound (incretins), not psychiatry.
Pfizer
Source: 10-K, accession 0000078003-26-000026 — the filing on EDGAR. All figures USD millions.
| Fiscal year | Total revenue | R&D expense | SG&A | Net income |
|---|---|---|---|---|
| FY2025 | $62,579M | $10,437M | $13,794M | $7,771M |
| FY2024 | $63,627M | $10,822M | $14,730M | $8,031M |
R&D line excludes acquired in-process R&D, reported separately. Selling, informational and administrative expenses — marketing not broken out.
Pfizer's psychiatric legacy — Zoloft (sertraline), Xanax (alprazolam), Effexor (venlafaxine), Pristiq — left the company with the November 2020 Upjohn spin-off that formed Viatris. None appears in Pfizer's FY2025 product table; the remaining psychiatric revenue at Pfizer, if any, is not disclosed.
AbbVie
Source: 10-K, accession 0001551152-26-000008 — the filing on EDGAR. All figures USD millions.
| Fiscal year | Total revenue | R&D expense | SG&A | Net income |
|---|---|---|---|---|
| FY2025 | $61,160M | $9,096M | $14,010M | $4,226M |
| FY2024 | $56,334M | $12,791M | $14,752M | $4,278M |
R&D line excludes acquired IPR&D and milestones, which AbbVie reports as its own expense line. Selling, general and administrative — one line; marketing not broken out.
| Psychiatric product | Latest FY | Prior FY | Scope |
|---|---|---|---|
| Vraylar (cariprazine)$3,612M of the FY2025 total is United States. Ex-US, cariprazine is largely licensed to Gedeon Richter. | $3,621M | $3,267M | worldwide |
AbbVie also books Trintellix-family royalty economics through partners in some markets, but its own product table discloses Vraylar as the psychiatric line.
Bristol Myers Squibb
Source: 10-K, accession 0000014272-26-000004 — the filing on EDGAR. All figures USD millions.
| Fiscal year | Total revenue | R&D expense | SG&A | Net income |
|---|---|---|---|---|
| FY2025 | $48,194M | $9,951M | $7,267M | $7,054M |
| FY2024 | $48,300M | $11,159M | $8,414M | ($8,948M) |
Income-statement R&D line; BMS reports acquired-IPR&D charges separately, and FY2024's net loss reflects large one-time charges. BMS is a rare partial exception on marketing: the 10-K discloses advertising and product promotion spending within SG&A — $1.3B in FY2025, $1.5B in FY2024. The rest of SG&A is still bundled.
| Psychiatric product | Latest FY | Prior FY | Scope |
|---|---|---|---|
| Cobenfy (xanomeline and trospium chloride)First new-mechanism antipsychotic approval in decades, launched late 2024 via the Karuna acquisition. In April 2025 BMS announced its Phase III ARISE adjunctive-schizophrenia trial missed statistical significance on the primary endpoint. | $155M | $10M | US only (no non-US sales reported) |
BMS's historical psychiatric blockbuster Abilify (aripiprazole) reverted to partner Otsuka years ago and no longer appears in BMS's product table.
Teva Pharmaceutical Industries
Source: 10-K, accession 0001193125-26-034532 — the filing on EDGAR. All figures USD millions.
| Fiscal year | Total revenue | R&D expense | Selling & marketing / G&A | Net income |
|---|---|---|---|---|
| FY2025 | $17,258M | $1,013M | $2,686M / $1,287M | $1,410M |
| FY2024 | $16,544M | $998M | $2,541M / $1,161M | ($1,639M) |
R&D line excludes acquired in-process R&D. Teva is the exception that proves the rule: it reports 'Selling and marketing' ($2,686M FY2025) separately from 'General and administrative' ($1,287M FY2025) — one of the only companies here where you can see the selling line on its own.
| Psychiatric product | Latest FY | Prior FY | Scope |
|---|---|---|---|
| AUSTEDO / AUSTEDO XR (deutetrabenazine)Approved for tardive dyskinesia — a movement disorder caused by antipsychotics — and Huntington's chorea. CMS negotiated a Medicare maximum fair price effective 2027. | $2,217M | $1,642M | United States segment |
| UZEDY (risperidone extended-release injection) | $191M | $117M | United States segment |
Teva is also one of the world's largest makers of generic psychiatric drugs (sertraline, fluoxetine, bupropion and many others), but generics are reported as one line per segment — US generics revenue was $3,657M in 2025 — never per molecule.
Viatris
Source: 10-K, accession 0001792044-26-000013 — the filing on EDGAR. All figures USD millions.
| Fiscal year | Total revenue | R&D expense | SG&A | Net income |
|---|---|---|---|---|
| FY2025 | $14,299.9M | $965.9M | $3,794.1M | ($3,514.9M) |
| FY2024 | $14,739.3M | $808.7M | $4,104.6M | ($634.2M) |
R&D line excludes acquired in-process R&D. Selling, general and administrative — one line; marketing not broken out.
| Psychiatric product | Latest FY | Prior FY | Scope |
|---|---|---|---|
| Effexor (venlafaxine) | $257.7M | $252.9M | global net sales |
| Zoloft (sertraline) | $254.9M | $235.7M | global net sales |
| Xanax (alprazolam) | $139.9M | $145M | global net sales |
Viatris inherited Pfizer's off-patent psychiatric brands via the 2020 Upjohn spin-off. Decades after generic entry, the brand names alone still bring in over $650M a year. Wellbutrin is not disclosed in the table; the filing notes it omits products it considers competitively sensitive.
Takeda Pharmaceutical
Source: 20-F, accession 0001395064-26-000177 — the filing on EDGAR. All figures JPY billions (IFRS; Takeda reports in yen — figures are not converted).
| Fiscal year | Total revenue | R&D expense | SG&A | Net income |
|---|---|---|---|---|
| FY ended 2026-03-31 | ¥4,505.7B | ¥675.9B | ¥1,084.2B | (¥152.1B) |
| FY ended 2025-03-31 | ¥4,581.6B | ¥730.2B | ¥1,104.8B | ¥108.1B |
IFRS 'Research and development expenses' line. Selling, general and administrative expenses — one line; marketing not broken out.
| Psychiatric product | Latest FY | Prior FY | Scope |
|---|---|---|---|
| VYVANSE / ELVANSE (lisdexamfetamine)US exclusivity ended August 2023; generic competition cut revenue by more than half in two fiscal years. | ¥203.2B | ¥350.6B | worldwide, ¥ billions |
| TRINTELLIX (vortioxetine) | ¥121.8B | ¥125.7B | worldwide, ¥ billions |
| ADDERALL XR (mixed amphetamine salts) | ¥24.7B | ¥28.4B | worldwide, ¥ billions |
Takeda's total Neuroscience area: ¥414.3B in the year ended March 2026, down from ¥565.8B — almost entirely the Vyvanse patent cliff. Fiscal-year columns here are Takeda's April–March years, so they are not calendar-comparable to the US filers above.
Who is missing, and why
- Otsuka Holdings. Files in Japan, not with the SEC. Its psychiatric portfolio (Abilify Maintena, Rexulti, Abilify Asimtufii) is material, but its disclosures are IFRS annual reports outside EDGAR; excluded until verified against the primary documents.
- H. Lundbeck. Files in Denmark, not with the SEC. Lundbeck is a pure CNS company (Rexulti and Abilify Maintena with Otsuka, Trintellix/Brintellix with Takeda), which makes it the most psychiatric-concentrated large manufacturer — and the one we cannot source from EDGAR. Excluded with this note rather than cited second-hand.
What to do with this
These are facts, not verdicts. High SG&A is not proof of manipulation and high R&D is not proof of virtue — the filings cannot support either conclusion, which is exactly why we publish the lines as filed. What the table does establish: which drugs are commercial engines (a company defends an engine), which are legacy afterthoughts, and how fast a patent cliff erases a franchise — watch Vyvanse. Where the money goes after it leaves these companies — to doctors, to CME, to nonprofits, to newsrooms — is the rest of the follow-the-money shelf, and the middlemen who stand between these revenues and your pharmacy counter are covered in what is a PBM. The same money, as a time series, is where the money goes: national drug and health spending by year since 1960, medical prices against all prices, and these manufacturers' combined reported profits summed year by year.
Method, in full
Eight manufacturers with psychiatric or CNS portfolios that file annual reports with the SEC. Topline figures are the companies' own XBRL-tagged values from the SEC companyfacts API; product revenues are transcribed from the revenue-by-product tables in the filing documents themselves. Every figure carries the filing's accession number. Topline: data.sec.gov/api/xbrl/companyfacts by CIK, annual (FY) durations from the latest 10-K/20-F. Product revenue: the revenue-by-product table in the primary filing document at the cited accession, transcribed by hand. SG&A bundles marketing with administration. Almost no company breaks marketing out of 'Selling, general and administrative expenses' — the line covers sales forces, advertising, management salaries, legal, IT and more. Where a company does disclose a finer split (Teva separates selling & marketing from G&A; Bristol Myers Squibb discloses an advertising figure inside SG&A), it is recorded; nowhere is a marketing share estimated. Several companies (J&J, Lilly, Pfizer, AbbVie, Teva, Viatris) tag their income-statement R&D line as excluding acquired in-process R&D — one-time charges for pipeline assets bought in acquisitions sit in a separate line. The R&D figure here is the tagged income-statement line; the note says when acquired-IPR&D charges are excluded from it. Where a filing does not break a product out, the cell is omitted and the note says so. No number on this page is estimated, modeled, converted between currencies, or taken from anywhere but the cited filing. Takeda files a 20-F with the SEC under IFRS and reports in yen; its figures are kept in yen. Otsuka (Tokyo Stock Exchange) and Lundbeck (Nasdaq Copenhagen) do not file with the SEC at all; they are excluded rather than sourced from documents we could not verify against EDGAR, and the page says so. Pulled 2026-09-02. Source: US Securities and Exchange Commission, EDGAR — Annual reports on Form 10-K and Form 20-F — audited financial statements and product revenue tables.