Johnson & Johnson (JNJ) investor relations material

Business outlook and growth drivers

• Entering a new era of growth, with a strong and diverse portfolio driving momentum despite the loss of exclusivity for Stelara.

• Achieved $57 billion in pharma sales a year ahead of target, with consensus now expecting nearly $60 billion in 2025.

• Long-term projections reaffirmed at 5–7% compound annual growth through the decade, with confidence in reaching the upper range.

• Key growth assets include Tremfya, Rybrevant, Darzalex, Carvykti, Caplyta, and TAR 200, each targeting multi-billion dollar peak sales.

• Recent launches and pipeline advancements in immunology, oncology, and neuroscience underpin future growth.

Policy and regulatory environment

• Navigating policy uncertainty through portfolio strength and open dialogue with the current administration.

• $55 billion committed to U.S. manufacturing, aligning with government priorities for domestic production and job creation.

• Engaged in transparent pricing and PBM/340B reform discussions to lower healthcare costs and improve patient access.

• IRA negotiations ongoing, with no signals of increased difficulty; focus remains on demonstrating and defending product value.

Product and pipeline highlights

• Tremfya expected to surpass $10 billion in sales, driven by best-in-class efficacy and subcutaneous induction in IBD.

• Rybrevant positioned to become standard of care in EGFR-mutated lung cancer, with potential to exceed $4 billion by 2028.

• Darzalex remains foundational in multiple myeloma, with survival rates now approaching eight years and further growth expected.

• Carvykti CAR-T therapy shows potential for long-term remission and is expanding into earlier lines of treatment.

• TAR 200 and TAR 210 introduce innovative drug delivery for bladder cancer, targeting significant unmet needs.

• Caplyta and Spravato drive neuroscience growth, with Caplyta poised for a major depressive disorder launch.