On October 15, 2024, Johnson & Johnson released its Q3 2024 earnings report. According to the report, the company cut several pipelines in the third quarter, including a mid-stage study in neuroscience that had shown positive results.
In the company's updated pipeline list, there is a mid-stage study evaluating the effects of seltorexant in patients with suspected Alzheimer's disease. The study recruited 70 patients, and the trial record on ClinicalTrials.gov is listed as "Completed". Earlier this year, seltorexant showed positive results as an adjunct treatment for patients with major depressive disorder and insomnia. The company has listed this asset as one of its future blockbuster products, with potential revenues projected to be between $1 billion and $5 billion.
Other cuts in the neuroscience pipeline include the Phase 1 program for JNJ-0376, a treatment for Parkinson's disease. Public disclosure about this candidate has been minimal, with the company's 2023 report only describing it as a new mechanism for modifying, treating, or preventing neurodegenerative diseases.
The company also axed JNJ-55308942, a Phase 2 P2X7 antagonist studied in patients with bipolar disorder experiencing major depressive episodes. The study enrolled 112 people and ended in May of this year, and the asset has now been completely removed from Johnson & Johnson's pipeline.
In the oncology pipeline, Johnson & Johnson halted a Phase 3 study of Imbruvica combined with venetoclax in patients with relapsed or refractory mantle cell lymphoma.
The updated pipeline also no longer includes JNJ-1459, an early-stage psoriasis candidate developed by X-Chem, a Massachusetts-based biotech company focused on DNA research. A spokesperson stated, "We regularly prioritize projects in our portfolio to ensure the sustainable delivery of transformative medicines to patients with unmet needs."
Total revenue for the quarter was $22.471 billion, up 5.2% year-over-year. R&D expenses were $4.952 billion, up 43.7% year-over-year.
