Johnson & Johnson CEO Joaquin Duato outlined a strong revenue outlook for 2026 and beyond, singling out oncology as a key driver of growth. Duato identified six major growth platforms — three in pharmaceuticals (oncology, immunology, neuroscience) and three in medtech (surgery, cardiovascular, vision) — that he said position J&J to deliver 5–7% annual growth, with the potential to exceed that by the end of the decade and reach double-digit growth in the 2030s. Oncology is expected to generate about $50 billion.
Duato said J&J’s oncology forecast rests heavily on continued dominance in multiple myeloma (MM), which the company projects could reach $25 billion in sales by 2030. Darzalex/Faspro (daratumumab), J&J’s largest franchise, is expected to constitute more than half of that total due to its central role in current and pipeline MM regimens.
J&J expects significant sales growth for its cell therapy Carvykti (ciltacabtagene autoleucel), despite broader headwinds in the cell therapy market, citing no supply constraints and anticipated uptake among late-line patients. The company’s bispecific T-cell engagers Tecvaley (teclistamab) and Talvey (talquetamab) are expected to bolster Darzalex through novel combinations and to capture market share in the relapsed/refractory setting. Duato described the company’s MM strategy as ensuring a J&J treatment option across all therapy lines.
To sustain that position, Duato highlighted two platform plays. One is a trispecific T-cell engager, ramantamig, which combines the targets of Tecvaley and Talvey and is in Phase I trials. The other is a program to develop an in vivo CAR-T for MM through a partnership with Kelonia Therapeutics announced in November 2025. Duato noted that several competitors acquired in vivo CAR-T developers in 2025, but said J&J can leverage its existing MM footprint.
Duato identified two oncology franchises he believes are underestimated. Rybrevant (amivantamab) combined with lazertinib demonstrated an overall survival benefit over AstraZeneca’s Tagrisso (osimertinib) in first-line EGFR-positive non-small cell lung cancer in the MARIPOSA trial, and J&J expects the duo to displace Tagrisso in that setting. A subcutaneous formulation of Rybrevant and positive data in head and neck and colorectal cancers are expected to accelerate sales; analyst consensus from GlobalData projects Rybrevant and lazertinib at $6.3 billion in global sales by 2030.
Duato also flagged Inlexzo, an intravesical gemcitabine delivery system approved for BCG-unresponsive non-muscle invasive bladder cancer with carcinoma in situ, as undervalued. J&J said Inlexzo has improved outcomes versus the previous standard of care and anticipates label expansions that could drive rapid growth; GlobalData’s consensus forecast pegs Inlexzo at $3.0 billion in global sales by 2030.
J&J’s oncology outlook aligns with GlobalData’s analyst consensus, which projects about $49 billion in global oncology sales in 2030. The company continues to add to its pipeline through deals such as the December 2025 acquisition of Halda Therapeutics for $3.05 billion in cash; Halda’s lead asset HLD-0915, in Phase II, is intended to strengthen J&J’s position in prostate cancer. Duato said J&J remains open to smaller acquisitions that can identify early-stage assets with high commercial potential.
The company presented these programmatic and commercial developments as the basis for its optimistic oncology revenue forecast.
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