Raichu can't use the Light Ball. And Raichu still has higher total base stats. However, it would have lower Attack and Sp. Attack, so Pikachu is sometimes used more often as a Sweeper.
Here are their base stats in the form HP/Atk/Def/SpA/SpD/Spd:
Pikachu (normal): 35/55/30/50/40/90 = 300 total
Pikachu (Light Ball): 35/110/30/100/40/90 = 405 total
Raichu: 60/90/55/90/80/100 = 475 total