Johnson & Johnson Reports Q1 2022 Results: Darzalex Sales Surge by 36%, Pharmaceutical Revenue Reaches $12.87 Billion, and Entry into ADC Space Announced

On April 19, Johnson & Johnson announced its Q1 2022 business results, with total revenue of $23.426 billion, a year-on-year increase of 5%. Pharmaceutical business revenue reached $12.869 billion, a year-on-year increase of 6.3%. In terms of business unit division, Johnson & Johnson officially renamed its previous Medical Devices segment to MedTech, reflecting new considerations by the company's management regarding adjustments in business layout direction.

In terms of pharmaceuticals business, the strongest growth drivers for Johnson & Johnson's Q1 performance included Darzalex (daratumumab), Stelara (ustekinumab), Tremfya (guselkumab), Erleada (apalutamide), as well as the COVID-19 vaccine product JNJ-78436735, which benefited from the pandemic, offsetting the declines of Remicade (infliximab), Xarelto (rivaroxaban), and Zytiga (abiraterone).

Johnson & Johnson's Milestone Progress in New Drug R&D in the First Quarter Includes:

FDA Approves First BCMA CAR-T Therapy Carvykti (ciltacabtagene autoleucel) for the Treatment of Relapsed or Refractory Multiple Myeloma. This is Johnson & Johnson's first cell therapy product.

FDA Approves First Long-Acting HIV-1 Therapy Cabenuva (Rilpivirine + Cabotegravir) Injected Every 2 Months.

FDA Approves Expanded Use of Cabenuva for Adolescents.

Following the submission of the marketing application for Teclistamab, a CD3×BCMA bispecific antibody for the treatment of relapsed or refractory multiple myeloma, to the FDA at the end of last year, an application was also submitted to the EMA.

Johnson & Johnson's noteworthy move in the first quarter was its collaboration with Mersana. ADCs have never been seen in Johnson & Johnson’s product pipeline, and there have been hardly any ADC-related transactions in the past. This collaboration marks Johnson & Johnson’s entry into the ADC arena. In this collaboration, Johnson & Johnson will provide proprietary antibodies for three targets, while Mersana will apply its unique Dolasynthen platform to discover new ADC candidates. Johnson & Johnson paid an upfront fee of $40 million, with potential milestone payments totaling over $1 billion.

Johnson & Johnson’s guidance for all financial data in 2022 remained unchanged at the end of the first quarter compared to the beginning of the year. However, due to various uncertainties brought about by the global pandemic, Johnson & Johnson has stopped providing forecasts for revenue from the COVID-19 vaccine JNJ-78436735. The reported total group revenue is expected to be between $94.8 billion and $95.8 billion.