Johnson & Johnson Reports Strong H1 2025 Results: Autoimmune Business Declines Amid Doubling of Legend's CAR-T Sales

July 16,Johnson & JohnsonAnnouncement of 2025 First Half Financial Results: Revenue Reached$456.36 billion, a year-on-year increase of 4.1%; Revenue for the second quarter alone was $23.74 billion, a year-on-year increase of 5.8%. On this basis, the company has raised its full-year sales guidance, expecting total operating revenue for the year to be between $93.2 billion and $93.6 billion, with a growth range of 2.5% to 5%.

In Johnson & Johnson's two core business segments:

• Innovative Pharmaceutical BusinessRevenue in the first half of the year was approximately US$29.075 billion, a year-on-year increase of 3.6%.

• Medical Technology SectorAchieved revenue of 16.561 billion USD, a year-on-year increase of 5.0%.

  
  

Tumor Business Sees Largest GrowthIntroductionQing, Legendary CAR-T TherapyGrowthDouble

The oncology sector is the most outstanding segment in Johnson & Johnson's innovative drug business, with revenue reaching $11.99 billion in the first half of the year, a year-on-year increase of 21.1%. This growth is mainly attributed to the strong performance of the following core products:

• Darzalex (Daratumumab): This CD38 monoclonal antibody is Johnson & Johnson's "magic needle" in the multiple myeloma market, with sales in the first half of the yearUp to 6.776 billion US dollars，up +21.7% year on year.

• Carvykti (Cilta-cel)：AndLegend Biotech's BCMA CAR-T Therapy, Co-Developed, Achieves $808 Million in Sales in the First Half of the Year, Up from $343 Million in the Same Period Last YearAchieve Double Growth, aiming for a full-year sales target of $20 billion.

• Tecvayli (Teclistamab)：CD3/BCMA Bispecific Antibody Product: Sales in the first half of the year reached $317 million, a year-on-year increase of 18.2%.

• Talvey (Tarquetumab)：CD3/GPRC5D Bispecific Antibody: Sales in the first half of the year reached $192 million, a year-on-year increase of 52%. It was just approved in China this February.

  
  

In addition, Johnson & Johnson is also accelerating the advancement of its next-generation products. The tri-specific antibody product JNJ-5322 (BCMA/GPRC5D/CD3), disclosed at the 2025 ASCO conference, achieved an objective response rate (ORR) at the recommended Phase II dose.86%, demonstrating strong potential.

However, not all blood tumor drugs have maintained their strength. Imbruvica (ibrutinib), once a star product as a BTK inhibitor, faced fierce competition, resulting in a -7.0% year-on-year sales decline in the first half of the year, to $1.444 billion.

Prostate Cancer and Lung Cancer Pipelines Are Equally Impressive

Prostate cancer drug Erleada (apalutamide) continues its growth momentum, with H1 sales reaching $1.679 billion, a year-on-year increase of 17.8%.

In the field of non-small cell lung cancer, Rybrevant (Amivantamab)AndThe combination of Lazcluze (Langetinib) has successfully advanced into the first-line treatment setting, generating a combined revenue of $320 million and becoming a new growth point in the field of lung cancer treatment.

Under Pressure in the Autoimmune Field, Tremfya Holds Up "Half the Sky"

The autoimmune segment is a weak point in Johnson & Johnson's innovative drug business, with revenue of $7.7 billion in the first half of the year.Year-on-year -14.1%. This decline was mainly attributed to the impact of biosimilars on the core product Stelara (ustekinumab), with sales dropping by 38.6% year-on-year to $3.278 billion.

Despite a 25% increase in the sales of IL-23p19 monoclonal antibody Tremfya (guselkumab) reaching $2.142 billion in the first half of the year, it still struggled to fully offset the declining impacts of Stelara, Remicade (infliximab), and Simponi (golimumab).

Facing Pressure, Johnson & Johnson Adopts "Dual-line Response" Strategy:

• On the one hand, continue to further explore the potential indications of Tremfya. In February this year, Tremfya was approved in China for the treatment of Crohn's disease, making it one of the first countries globally.

• On the other hand, accelerate the launch of new products. The FcRn monoclonal antibody acquired in AprilImaavy（nipocalimab）Approved for the treatment of myasthenia gravis; Oral IL-23R antagonisticotrokinraHas also completed two Phase III clinical trials for psoriasis, entering the countdown to market.

  
  

High Growth in Neuroscience Business, Spravato and Caplyta Take the Lead

Neuroscience segment shows outstanding performance:

Spravato (Esketamine Nasal Spray): Sales in the first half of the year reached $7.34 billion, a year-on-year increase of 48.1%. In January, the FDA approved a new indication for the treatment of refractory depression, further expanding its growth potential.

Caplyta (Lumateperone): After being incorporated into the Johnson & Johnson system in January, it quickly gained momentum, with sales reaching $211 million in the first half of the year. In July, a new indication application for the prevention of schizophrenia relapse was submitted, with Phase III data showing a 63% reduction in the risk of relapse. Previously, an indication for adjunctive treatment of major depressive disorder had also been filed.

Outlook for the Year is Positive

Driven by Strong Performance in Oncology and Neuroscience, Johnson & Johnson Raises Full-Year Revenue Guidance to $93.2–$93.6 Billion; Operating Profit and Earnings Per Share (EPS) Also Revised Upwards