On July 16, Johnson & Johnson (J&J) announced its financial results for the first half of 2025, reporting revenues of $45.636 billion, a year-over-year increase of 4.1%. Its two core business segments—Innovative Medicines and MedTech—generated $29.075 billion (+3.6%) and $16.561 billion (+5.0%) in revenue, respectively.
J&J’s Innovative Medicines division focuses on key therapeutic areas including oncology, immunology, neuroscience, infectious diseases, pulmonary hypertension, cardiovascular, and metabolic disorders. Among them, oncology led the performance with $11.99 billion in revenue, a 21.1% increase. Notably, J&J strengthened its neuroscience portfolio earlier this year by acquiring Intra-Cellular for $14.6 billion, expected to drive future growth.
The oncology growth was mainly driven by strong performance from Darzalex (daratumumab), Erleada (apalutamide), and Carvykti (cilta-cel). CD38 monoclonal antibody Darzalex continued to grow at 21.7%, reaching $6.776 billion in H1, cementing J&J’s dominance in the multiple myeloma segment.
J&J has built a robust multiple myeloma portfolio, including the BCMA CAR-T therapy Carvykti developed with Legend Biotech, the CD3/BCMA bispecific Tecvayli (teclistamab), and CD3/GPRC5D bispecific Talvey (talquetamab), all of which performed well. Carvykti generated $808 million in H1, aiming to hit $2 billion for the full year—compared to $343 million in H1 2024, showing rapid growth.
Tecvayli, approved in 2022, achieved $317 million in H1 sales, up 18.2% year-over-year. Talvey, first approved in 2023 and later in China in February 2025, reached $192 million in H1 sales, a 52.0% increase. Next-gen multiple myeloma therapies are underway—at this year’s ASCO meeting, J&J disclosed efficacy data for the BCMA/GPRC5D/CD3 trispecific antibody JNJ-5322 in relapsed/refractory multiple myeloma, with an ORR of 86% at the recommended Phase II dose.
However, former hematology blockbuster Imbruvica (ibrutinib) faced intense competition, resulting in a 7.0% YoY decline to $1.444 billion. Meanwhile, androgen receptor inhibitor Erleada remains a core product in prostate cancer, generating $1.679 billion (+17.8%) in H1.
In non-small cell lung cancer, the EGFR/c-Met bispecific Rybrevant (amivantamab) and EGFR T790M inhibitor Lazcluze (lazertinib) are gaining traction in first-line therapy, contributing a combined $320 million in revenue for H1.
In immunology, J&J faced challenges with a 14.1% decline to $7.7 billion. Stelara (ustekinumab), its key IL-12p40 monoclonal antibody, was hit by biosimilar competition, with revenue falling 38.6% to $3.278 billion. Although IL-23p19 antibody Tremfya (guselkumab) continued to grow (+25.0%) to $2.142 billion, it couldn't offset declines in Stelara, Remicade (infliximab), and Simponi (golimumab).
To address this, J&J is expanding Tremfya’s label—its Crohn’s disease indication received global first approval in China in February. At the same time, J&J is accelerating new product launches. In April, it completed a $6.5 billion acquisition of nipocalimab (Imaavy), an FcRn monoclonal antibody now approved for myasthenia gravis. Additionally, the oral IL-23R antagonist icotrokinra showed positive Phase III results in plaque psoriasis and is nearing regulatory submission.
In neuroscience, Spravato (esketamine nasal spray) stood out with H1 sales of $734 million (+48.1%). In January, it gained FDA approval for treatment-resistant depression as a new indication, expected to further boost growth. Caplyta (lumateperone), acquired via the $14.6 billion Intra-Cellular deal, contributed $211 million in incremental H1 revenue. In July, Caplyta was submitted in the U.S. for relapse prevention in schizophrenia. Phase III data showed it reduced relapse risk by 63%. It has also been submitted for adjunctive treatment of major depressive disorder.
In pulmonary arterial hypertension, growth was driven by Opsumit (macitentan) and Uptravi (selexipag), which achieved $1.104 billion (+3.0%) and $927 million (+3.7%) in sales, respectively.
Looking ahead, J&J has raised its full-year guidance, expecting operational sales growth of 2.5%–5.0%, potentially reaching $92.7–93.1 billion.
