Pharmaceutical industry faces the pressure of a global economy, the loss of value in local markets and the highly innovative intensity that characterizes the sector. With this investigation, we intend to carry out the first characterization of the Portuguese pharmaceutical industry. This study aims to identify the determinants of internationalization as levers of sustainability and to establish a pattern that corresponds to better outcomes in pharmaceutical companies’ internationalization ventures. All companies from the Portuguese pharmaceutical export sector, a total of 16 companies, were contacted. Data was collected from a highly representative sample corresponding to 63% of the total. A previous contextualization of the pharmaceutical sector and a bibliographic review were carried out, creating the basics of the empirical framework, a quantitative research. This study revealed a deeply internationalized sector, but the overall results are conditioned by some weaknesses, namely the lack of sustainable competitive advantages, a limitation in companies’ resources to compete in a global environment and the reduced innovation in the object of internationalization. It was also observed the reduced institutional support to export ventures. This sector is considered strategic given the high contribution to country's exports. The conclusions of this study may have important implications for Portuguese pharmaceutical industry, to institutional organizations supporting the sector and to the academic environment.