Top 20 Most Innovative Pharma & Biotech Companies of 2025, According to Fast Company

Each year, Fast Company celebrates creativity and problem-solving with its annual World’s Most Innovative Companies list, spotlighting those shaping the future across various industries. Here we spotlight the top 20 most innovative pharma and biotech companies of 2025 from their 2025 list that are transforming health care.

The rankings are based on each company’s ability to tackle critical challenges — from drug delivery and diagnostics to personalized therapies — using cutting-edge science. Here are 20 companies leading the way in 2025.

ARS Pharma

ARS Pharma introduced Neffy, the first needle-free, nasal-spray epinephrine for severe allergic reactions. With a 30-month shelf life and rapid absorption, Neffy offers an on-the-go alternative to auto-injectors. Following Neffy’s FDA approval, ARS Pharma reported $2.3 million in fourth-quarter (Q4) 2024 net revenue.

Bristol Myers Squibb

BMS introduced Cobenfy (xanomeline and trospium chloride) in September 2024, offering a new way to treat schizophrenia by targeting muscarinic receptors. The company is planning Phase III trials in bipolar disorder and Alzheimer’s. Recent late-stage data also showed promising results for Sotyktu (deucravacitinib) in psoriatic arthritis.

Eli Lilly

Lilly’s baricitinib continues to show strong results in treating alopecia areata, helping patients achieve significant hair regrowth. At the same time, the company has plans to expand US manufacturing investments to meet rising demand across its growing pipeline, creating around 13,000 jobs.

Aurion Biotech

Aurion’s Vyznova (neltependocel) became the first cell therapy for corneal endothelial disease last year. The company recently reported topline results from its Phase I/II trial of AURN001, an allogeneic cell therapy for corneal edema. The Phase I/II trial showed significant improvements in vision and corneal clarity.

Iovance Biotherapeutics

Iovance’s Amtagvi (lifileucel) is FDA-approved as the first tumor-infiltrating lymphocyte (TIL)-based therapy for solid tumors. Iovance reported Q4 2024 revenue of $10 million and plans to expand manufacturing capacity in Philadelphia to meet growing demand and support additional solid tumor indications.

Adaptimmune

Adaptimmune’s Tecelra (afamitresgene autoleucel), approved for synovial sarcoma, drove early revenue of $6.9 million in Q4 2024. The company is advancing additional T-cell therapies, including lete-cel, which achieved its primary endpoint in a Phase II trial for ovarian cancer.

Verona Pharma

Verona’s Ohtuvayre (ensifentrine) is the first inhaled chronic obstructive pulmonary disorder (COPD) maintenance therapy in over 20 years. The company reported Q4 2024 revenue of $5.7 million and is advancing clinical studies in bronchiectasis and cystic fibrosis to expand therapeutic use.

Pfizer

Pfizer is expanding its oncology pipeline, reporting positive Phase III results for vepdegestrant in ER+/HER2- breast cancer, in partnership with Arvinas. Alongside recent approvals like Hympavzi (marstacimab-hncq) for hemophilia, Pfizer continues strengthening its presence in both hematology and targeted cancer therapies.

ImmunityBio

ImmunityBio’s Anktiva, approved in April 2024, activates natural killer and T-cells to fight bladder cancer. The company also initiated US dosing of recombinant BCG (rBCG) in a Phase II trial, further expanding its bladder cancer immunotherapy pipeline.

Zevra Therapeutics

Zevra reported $21.4 million in full-year 2024 revenue. This was following the FDA approval of Miplyffa (arimoclomol), the first oral treatment for neurological symptoms of Niemann-Pick disease type C. The company also launched “Learn NPC,” an awareness campaign aimed at improving early diagnosis and supporting families affected by this rare genetic disorder.

ALZpath

ALZpath’s p-tau217 assay continues gaining recognition, with a TIME’s Best Innovations of 2024 mention. In addition, a Neurocode study recently confirmed its superior accuracy in diagnosing Alzheimer’s compared to other biomarkers. The assay enables earlier, less invasive diagnosis.

GeneDX

GeneDX recently integrated AI (Multiscore) into its interpretation platform, improving speed and accuracy in analyzing complex genomic data. This enhancement supports large-scale initiatives like the GUARDIAN study, which aims to screen around 100,000 babies for over 460 genetic conditions.

10x Genomics

10x Genomics reported $707 million in 2024 revenue. The company outlined its innovation targets at the Advances in Genome Biology and Technology (AGBT) meeting. New products, including GEM-X and Visium HD, aim to advance large-scale single-cell and spatial analysis, strengthening their position in cutting-edge biological research.

Protagonist Therapeutics

Rusfertide, Protagonist’s and Takeda’s investigational peptide therapy for polycythemia vera, showed reduced phlebotomy frequency and improved hematocrit control in trials. The company secured $60 million in non-dilutive funding to continue the development of rusfertide and strengthen its peptide-based therapeutic pipeline.

Recursion

Recursion launched the LOWE AI-driven drug discovery platform, reporting $51.1 million in Q4 2024 revenue. Beyond its growing clinical pipeline, the company supports biotech innovation through Altitude Lab, whose portfolio startups collectively raised $154 million.