On October 14, Johnson & Johnson (J&J) announced its Q3 2025 results, with third quarter revenue reaching USD 23.993 billion, a year on year (YoY) increase of 6.8%. Combined with the performance of the first two quarters, the company's total revenue for the first nine months of this year reached USD 69.629 billion (+5.0% YoY), with innovative pharmaceuticals and medical technology contributing USD 44.638 billion (+4.7% YoY) and USD 23.669 billion (+5.6% YoY) respectively.
J&J's innovative pharmaceutical business primarily focuses on oncology, autoimmune diseases, neuroscience, pulmonary arterial hypertension (PAH), infectious diseases, as well as cardiovascular and metabolic disorders. These six segments generated revenues of USD 18.519 billion (+21.2% YoY), USD 11.868 billion (-12.7% YoY), USD 5.722 billion (+7.2% YoY), USD 3.253 billion (+2.0% YoY), USD 2.434 billion (-7.2% YoY) and USD 2.842 billion (+9.1% YoY) respectively in the first nine months.
The oncology business carried J&J's performance banner, with growth mainly driven by strong sales of products such as DARZALEX® (daratumumab) and DARZALEX FASPRO® (daratumumab and hyaluronidase-fihj) for HCPs, ERLEADA® for HCP (apalutamide) and CARVYKTI® (ciltacabtagene autoleucel) for HCPs. Among them, Carvykti generated revenue of USD 1.332 billion in the 9-month period, doubling compared to the same period last year (USD 629 million), which comes as a breath of relief for the CAR-T sector at a time when Novo Nordisk and Takeda axed their cell therapy programs.
In the autoimmune segment, affected by Stelara (ustekinumab) losing market exclusivity, the business unit's performance continued its downward trend. In the first nine months, Stelara's sales fell to USD 4.848 billion (-39.5% YoY). Tremfya (guselkumab) maintained strong growth, with revenue of USD 3.566 billion (+31.0% YoY) in the first three quarters, while full-year sales are expected to exceed USD 5 billion.
PharmCube's NextBiopharm database shows that Stelara's downturn began in 2024 after the first two ustekinumab biosimilars got approved globally in 2023, with six more green-lit the following year
In the neuroscience field, SPRAVATO® (esketamine) for HCPs nasal spray performed impressively, with sales of USD 1.193 billion (+53.0%) in the first nine months, simultaneous coverage of treatment-resistant depression and major depressive disorder (MDD) accelerating Spravato's market expansion speed.
Looking ahead to the full year, J&J again raised its revenue forecast, expecting full-year revenue growth between 4.8% and 5.3% to USD 93.0 billion to 93.4 billion.
Source: J&J press release
On the same day as the earnings announcement, the multinational also announced its decision to spin off its orthopaedics business and establish an independent company. The spin-off company will be named DePuy Synthes, with Namal Nawana appointed as its global president. According to J&J's press release, its orthopaedics business generated approximately USD 9.2 billion in revenue in 2024.