Johnson & Johnson: Daratumumab Surpasses $10 Billion in Sales, Cilta-cel Shows Remarkable Growth
Johnson & Johnson
Medical Device R&D and Manufacturer
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Industry Perspectives
Event: On January 22, Johnson & Johnson announced its 2024 performance, achieving a revenue of $88.8 billion (+4.3%) in 2024, mainly contributed by two core business segments — innovative pharmaceuticals and medical technology, which generated revenues of $56.964 billion (+4.0%) and $31.857 billion (+4.8%), respectively. Looking forward to 2025, Johnson & Johnson expects the operational sales growth rate for 2025 to be between 2.5% and 3.5%, with total revenue expected to reach $91 billion to $91.9 billion.
Core Product Sales Analysis: In terms of therapeutic areas, Johnson & Johnson mainly focuses on several key areas including oncology, autoimmune diseases, neuroscience, infectious diseases, pulmonary arterial hypertension, cardiovascular and metabolic diseases. Among these, oncology and autoimmune drugs contribute the most to performance. The oncology segment achieved revenue of $20.781 billion in the full year 2024 (+17.7%). Darzalex, a targeted CD38 drug for the treatment of multiple myeloma, has seen continuous market share growth across all regions globally. Since its launch in 2015, this drug's sales have surpassed the $10 billion mark for the first time. Multiple myeloma is a key disease area for Johnson & Johnson. Carvykti was the fastest-growing product in Johnson & Johnson’s innovative pharmaceutical business in 2024, achieving revenue of $963 million (+92.7%) in 2024. This growth was mainly driven by continuous market share expansion, ongoing capacity expansion, and approval for second-line indications.
In 2025, Johnson & Johnson will reach the following milestones: 14 regulatory decisions expected to be completed, 9 regulatory submissions, 9 Phase III clinical trials completed, and 7 Phase I/III clinical trials completed. Key milestones include: 1) TREMFYA (Guselkumab, IL-23 antibody) for the treatment of Crohn's disease; 2) Nipocalimab for the treatment of myasthenia gravis; 3) Subcutaneous injection form of RYBREVANT (Amivantamab); 4) TAR-200 for the treatment of BCG-unresponsive HR-NMIBC carcinoma in situ; 5) Icotrokinra (targeted oral peptide for IL-23 receptor) for adults and adolescents aged 12 years and above with moderate to severe plaque psoriasis (PsO); 6) Combination therapy of RYBREVANT and LAZCLUZE.
Investment Advice: Johnson & Johnson's Daratumumab, as the world's first marketed CD38 antibody, officially surpassed $10 billion in sales in 2024. Its indications have gradually expanded from hematologic tumors to autoimmune fields. It is recommended to pay attention to the research and development of CD38 antibody drugs in China and related companies such as I-Mab, Conmen-B, and Sino Biological-U.
Risk Warning: 1) Policy Risk: Policies such as drug price cuts may have a significant negative impact on the industry; 2) R&D Risk: High investment and difficulty in pharmaceutical R&D pose the possibility of failure or slow progress; 3) Market Risk: Cyclical market fluctuations may negatively affect the pharmaceuticals industry.