Johnson & Johnson (JNJ) Bernstein Insights: Healthcare Leaders and Disruptors - 2nd Annual Healthcare Forum summary

Business outlook and growth drivers

• Entering a new era of growth, with a robust and diversified portfolio supporting resilience through the loss of exclusivity for key assets like STELARA, and recent launches such as INFLEXO and CAPLYTA fueling momentum.

• Achieved $57 billion in pharma sales a year ahead of target, with consensus now expecting nearly $60 billion in 2025, driven by assets like TREMFYA, RYBREVANT, and DARZALEX.

• Confident in delivering 5%–7% compound annual growth through the decade, with momentum at the upper end of this range.

• Oncology expected to reach $50 billion peak sales by 2030, anchored by multiple myeloma franchise and innovative therapies.

• Recent acquisitions and pipeline launches, including Intercellular and CAPLYTA, are expected to be significant growth catalysts.

Policy and regulatory environment

• Navigating policy uncertainty through portfolio strength and open dialogue with the current administration, focusing on common ground in areas like domestic manufacturing and healthcare cost reduction.

• Committed $55 billion to U.S. manufacturing, launching a new biologics facility in North Carolina, aligning with government priorities.

• Engaged in transparent pricing and rebate models, aiming to reduce intermediary costs and improve patient affordability.

• IRA negotiations remain dynamic but collaborative, with no signals of increased difficulty in upcoming rounds.

Product and pipeline highlights

• TREMFYA projected as a $10+ billion asset, with strong uptake in IBD and psoriatic disease, and a differentiated subcutaneous induction regimen seen as a game changer by physicians.

• RYBREVANT positioned to become standard of care in EGFR-mutated lung cancer, targeting $4–5 billion in peak sales, with expansion into other cancers underway.

• DARZALEX remains foundational in multiple myeloma, with survival rates now approaching eight years and ongoing expansion into earlier lines of therapy.

• CARVYKTI CAR-T therapy shows potential for long-term remission and cure in multiple myeloma, with manufacturing scale no longer a bottleneck and global expansion ongoing.

• INLEXZO, a novel bladder cancer therapy, offers a simple, localized treatment with high remission rates and is expected to exceed $5 billion in peak sales.

• CAPLYTA, pending FDA approval for adjunctive major depressive disorder, is anticipated to be another $5+ billion asset, offering strong efficacy and favorable side effect profile.

• SPRAVATO continues strong growth in treatment-resistant depression, benefiting from improved site-of-care infrastructure.

• Icotrokinra, an oral IL-23 inhibitor for plaque psoriasis, aims to expand the market by addressing unmet needs for safety and convenience.