Johnson & Johnson Oncology Enters Its Breakout Era: Filing IPO Prospectus Amid Surging Tumor Business

After more than a decade of development, Johnson & Johnson's oncology business has finally ushered in its own game-changing moment.：

• In 2010, Johnson & Johnson's oncology performance was a mere $1.465 billion, accounting for only6.5% of innovative drug revenue;

• In 2024, the revenue from the oncology sector has skyrocketed to$207.81 billion, accounting for a proportion of innovative drug revenue reaching36.4%, andFirst Time Surpassing Self-Immune($17.828 billion), becoming the largest source of its innovative drug revenue.。
  

• The first half of 2025,The tumor business continues to maintain 21.1% High-speed Growth，Generated Revenue of $11.99 Billion, refers to self-generated income($7.7 billion)1.56 times, contributing to 40% of the revenue from innovative drugs.
  

Data Source: Johnson & Johnson Annual Reports, Insight Database Chart

At a recent earnings call, Johnson & Johnson's CEO set an ambitious goal to increase the company’s oncology business sales to $50 billion by 2030!

This article will review Johnson & Johnson's strategy and layout in the oncology field, and examine how it has nurtured its oncology business from a small sapling into a towering tree supporting the company’s performance.

Multiple Myeloma

Comprehensive Layout to Establish Dominant Position

Multiple Myeloma（MM）The pipeline is the main source of revenue for Johnson & Johnson's oncology business.Revenue of $13.1 billion in 24 years. In the first half of this year, the MM pipeline continued to maintain its growth trend.Generated revenue of $8.093 billion, contributing 67% of the total oncology revenue.。

In the MM field, Johnson & Johnson has built a strong and diverse product pipeline.Drug types includeChemical drugs, monoclonal antibodies, CAR-T, and bispecific antibodies, with a treatment scope covering patient populations from later-line to frontline, have become the dominant force in the MM field.

Johnson & Johnson's layout in the multiple myeloma field began with bortezomib. Bortezomib is a proteasome inhibitor, initially developed by Millennium Pharmaceuticals.In 2003, Johnson & Johnson secured the rights to develop and commercialize bortezomib outside the United States through a collaboration exceeding $535 million. In 2008, Millennium was acquired by Takeda for $8.8 billion, after which bortezomib was globally co-developed and commercialized by Takeda and Johnson & Johnson.

BortezomibFirst approved in the United States in May 2003 for third-line or later treatment of MM, it was the first new drug approved by the FDA in the MM field in over a decade. In the MM field,Bortezomib quickly advanced from later-line to front-line treatment, with approved indications including monotherapy and combination therapy, and has become a first-line treatment for MM patients.In the indication of mantle cell lymphoma, the treatment status of bortezomib has also moved from second-line to first-line.

According to Johnson & Johnson's financial report, between 2008 and 2020,Bortezomib has cumulatively sold nearly 14.8 billion US dollars, plus undisclosed sales before 2007 and after 2021,The total revenue generated by this drug for Johnson & Johnson is expected to exceed $15 billion.。

As the patent expired, the sales of bortezomib plummeted.By 2020Sales(Johnson & Johnson side)It has only 408 million U.S. dollars. However, Johnson & Johnson already has a solution.

BortezomibAnnual Sales Revenue

Image Source: Insight Database

  Daratumumab: A Game-Changing Product

Daratumumab is the successor to bortezomib. It was initially developed by Genmab. In August 2012, Johnson & Johnson secured global exclusive rights to the drug with an upfront payment of $55 million. Due to its remarkable efficacy in MM treatment, daratumumab received Fast Track designation, Breakthrough Therapy designation, and Priority Review status from the FDA.

In November 2015, daratumumab received FDA accelerated approval.(Now fully approved), for the treatment of patients with fourth-line and above MM, and becomeThe world's first approved CD38 monoclonal antibodyIn the second year of its commercial launch, it generated $1.242 billion in sales, offsetting the revenue decline caused by the expiration of bortezomib's patent.

Thereafter, Johnson & Johnson acceleratedThe indications for daratumumab in the MM field have been gradually expanded from the last line to third-line, second-line, and first-line.At the same time, to enhance its market competitiveness, Johnson & Johnson has also developed a subcutaneous injection formulation of daratumumab.

With the expansion of new indications, the successful development of subcutaneous formulations, and the increase in approved regions, the sales of Daratumumab have skyrocketed. In 2024, nine years after its market launch, ...Sales exceeded $10 billion for the first time, reaching $11.67 billion in total sales., single-handedly propping up half of Johnson & Johnson's oncology business. In the first half of 2025, the drug maintained a double-digit growth rate as high as 21.7%, generating revenue of $6.776 billion.

Daratumumab Annual Sales Revenue

Image Source: Insight Database

The potential of Daratumumab in the MM field has not been fully unleashed. By the end of 2024, subcutaneous Daratumumab has been submitted for the treatment of high-risk smoldering multiple myeloma in Europe, America, and Japan.（HR-SMM）The listing application.Smoldering Multiple Myeloma isThere are currently no effective means to prevent disease progression in high-risk patients during the asymptomatic precursor stage of MM.

On May 20 this year, the FDA Oncology Drug Advisory Committee（ODAC）InA 6:2 vote in favorDaratumumabApproval of HR-SMM IndicationIf approved, daratumumab will further cover the pre-cancer market of MM, building a closed-loop for the entire treatment line for MM patients.

  Cilta-cel: The Next Billion-Dollar Molecule

Cilta-cel is a BCMA CAR-T product that Johnson & Johnson introduced from Legend Biotech in 2017, primarily due to its promising therapeutic potential in MM.

At the 2017 ASCO Conference, Cilta-cel astonished with its remarkable data from the Phase I clinical trial in relapsed/refractory MM.（ORR 100%，CR 95%）, becoming the dark horse of that year's ASCO at one stroke. In December of the same year, Johnson & Johnson and Legend reached a cooperation to jointly develop and commercialize Cilta-cel to further expand their MM and oncology pipeline. On the other hand, 2017 was the first year of CAR-T, and Johnson & Johnson could quickly enter the CAR-T track by introducing products.

Cilta-cel was first approved in 2022 and has now been approved in Europe, the US, Japan, and China for the last-line treatment of relapsed/refractory MM, as well as for second-line treatment of relapsed/refractory MM in the US and EU. Follow-up data from the CARTITUDE-1 study presented at this year's ASCO showed thatMedian Overall Survival（OS）Reached 60.7 months, with approximately one-third achieving ≥5 years of progression-free survival., with very good results.

In 2024,Cilta-cel Global Sales Reach $963 MillionIn the first half of 2025, Cilta-cel generated revenue of $808 million, and it is set to become another blockbuster in Johnson & Johnson's oncology pipeline.

Image Source: Insight Database

  Bispecific Antibodies: A New Force

Despite the significant efficacy of the newly launched Cilta-cel, Johnson & Johnson has still developed two bispecific antibodies for its MM pipeline — Teclistamab and Talquetamab, both of which were introduced from its "long-time partner" Genmab. Compared with CAR-T, which requires individualized custom production, bispecific antibodies can be produced in batches, making them more convenient.

Talquetamab was first approved in August 2022 and has now been approved in Europe, the United States, China, and Japan for the last-line treatment of multiple myeloma.Is the world's first approved BCMA×CD3 bispecific antibody, with sales of $549 million in 24 years. In the first half of this year,Tralokinumab Revenue$3.17 billion, a year-on-year increase of 18.2%.

Talquetamab was first approved in the United States in August 2023 for the end-line treatment of multiple myeloma.Is the world's first GPRC5D×CD3 bispecific antibody, which can provide a new option for patients who have progressed after receiving BCMA CAR-T or BCMA×CD3 bispecific antibody treatment. In the first half of this year,The drug achieved a 53% high growth rate, generating revenue of 1.92.Billion US dollars.

Blockbuster: Ibrutinib

In the field of hematological tumors, Johnson & Johnson has also developed a blockbuster product—Ibrutinib.（Imbruvica）. Ibrutinib is a product from Pharmacyclics, a Johnson & Johnson company.(Later acquired by AbbVie)The introduced BTK inhibitor is the second product in Johnson & Johnson's hematology oncology field.

Ibrutinib was first approved in 2014 as the world's first approved BTK inhibitor, with approved indications covering chronic lymphocytic leukemia/small lymphocytic lymphoma.(CLL/SLL, second-line/first-line), Mantle Cell Lymphoma(Second Line), Waldenström's macroglobulinemia, Graft-versus-host disease.

Since its listing,Ibrutinib has contributed more than $30 billion in cumulative revenue to Johnson & Johnson.However, with the patent expiration, the sales of Ibrutinib began to decline in 2022, reaching $3.038 billion in 2024. In the first half of this year, its sales continued to drop by 7% to $1.414 billion.

Image Source: Insight Database

Solid Tumor Field

Prostate Cancer PipelineIs a cash cow

Johnson & Johnson's revenue in the solid tumor sector mainly comes from two prostate cancer treatment products — abiraterone and apalutamide, which have collectively contributed approximately $38.149 billion to Johnson & Johnson's income.

Abiraterone is a selective, irreversible CYP17A1 enzyme inhibitor, initially developed by Cougar Biotechnology and acquired by Johnson & Johnson in 2009 through the acquisition of Cougar. The drug was first approved in 2011 for second-line treatment of castration-resistant prostate cancer and later expanded to first-line treatment.

As of the first half of 2025,Abiraterone has generated over $268 billion in cumulative revenue.. With the patent having expired,AbirateroneAnnual sales have declined from a peak of $3.498 billion to $631 million in 24 years. In the first half of this year, its sales were only $270 million, a year-on-year decrease of 21.7%.

Image Source: Insight Database

After the patent for abiraterone expired, Johnson & Johnson successfully launched its successor product, apalutamide.Apalutamide is a second-generation nonsteroidal androgen receptor（AR）Inhibitor, initially developed by Aragon Pharmaceuticals, was acquired by Johnson & Johnson in 2013 through the acquisition of Aragon.

Apalutamide was first approved in 2018 and has since been approved in the United States, the European Union, Japan, and China for the first-line treatment of castration-resistant prostate cancer and hormone-dependent prostate cancer.

Since its listing,ApalutamideSales have been rising steadily,Revenue in 24 years reached $2.999 billion, a year-on-year increase of 25.64%, offsetting the impact of the expiration of Abiraterone's patent on performance. In the first half of this year, its sales continued to maintain a high growth rate of 17.8%, reaching 1.679 billion US dollars.

Image Source: Insight Database

In the field of prostate cancer,Johnson & Johnson alsoLaunchedNiraparib + Abiraterone Acetate Compound Preparation —— AkeegaAkeega was first approved in April 2023 and has now been launched in the EU, the US, and China, in combination with prednisone or prednisolone for the treatment of adult patients with BRCA1/2-mutated metastatic castration-resistant prostate cancer.（mCRPC）First-line treatment.

At present, Johnson & Johnson is also gradually expanding.Other than prostate cancerOther Solid Tumors Field.In the field of lung cancer, Johnson & Johnson has successfully launched Amivantamab and Lazertinib.Amivantamab is an EGFR×c-MET bispecific antibody introduced by Johnson & Johnson from Genmab, and Lazertinib is introduced by Johnson & Johnson fromIntroduced by Yuhan CorporationA third-generation EGFR-TKI. Amivantamab has been approved as monotherapy or in combination with chemotherapy for EGFR exon 20 insertion-mutated NSCLC, and in combination with Lazertinib for EGFR-sensitive mutated NSCLC.

In addition, Johnson & Johnson has introduced a pan-FGFR inhibitor from Astex Pharmaceuticals.Erdafitinib, The drug has been approved in the United States, the European Union, Japan, and China for patients with locally advanced or metastatic urothelial carcinoma.

For products such as Talquetamab, Amivantamab, Erdafitinib, and Lazertinib, Johnson & Johnson did not disclose their specific sales figures in the 2024 financial report, but instead categorized them under other oncology products. In 2024, these products collectively generated $931 million in revenue.

Summary

The rise of Johnson & Johnson's oncology business is almost a history of BD deals and mergers/acquisitions, with these oncology pipelines all acquired through company acquisitions or external introductions. Particularly,Genmab has successively provided Johnson & Johnson withDaratumumab,Telitumomab, Taqutumab,Amivantamab Four First-in-Class Products.

In the field of treatment, Johnson & Johnson is highly focused, deeply cultivating the MM field, and has iteratively developed products step by step over the past two decades. The types of drugs are very diverse, especially performing well in addressing product patent periods, ensuring continuous annual growth in performance. In the solid tumor field, the major contributor remains the prostate cancer product, followed by the lung cancer field.Amivantamab and Lazertinib were just approved not long ago, representing subsequent growth points.

For Johnson & Johnson, the nearly $20.8 billion annual revenue from its oncology business is a new starting point, and $50 billion in sales will be the next peak to climb.

References:

[1] Johnson & Johnson Annual Reports and Official Press Releases

[2]Insight Database

Cover source: Visual China

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