Johnson & Johnson CEO Joaquin Duato outlined a bullish revenue outlook through 2026 and beyond, identifying oncology as a primary growth engine. Duato said six major platforms—three in pharmaceuticals (oncology, immunology, neuroscience) and three in medical devices (surgery, cardiovascular, vision)—could drive 5–7% annual revenue growth, with the potential to exceed that by the end of the decade and reach double-digit growth in the 2030s. Oncology is forecast to generate roughly $50 billion.
Duato singled out multiple myeloma (MM) as central to the oncology outlook, targeting $25 billion in MM sales by 2030. Darzalex/Faspro (daratumumab) is expected to account for more than half of that figure, remaining central to current and pipeline MM regimens. J&J also expects substantial growth from its cell therapy Carvykti (ciltacabtagene autoleucel), saying supply is not a constraint and that the therapy should capture a significant share of late-line patients despite broader market headwinds.
Two bispecific T-cell engagers, Tecviley (teclistamab) and Talvey (talquetamab), are projected to bolster Darzalex sales through novel combinations and to expand share in relapsed and refractory settings. Duato described the company’s MM strategy as ensuring a J&J therapeutic option across all lines of care.
Duato identified two platforms to sustain MM leadership: a trispecific TCE, ramantamig, which combines the targets of Tecviley and Talvey and is in Phase I trials; and development of an in vivo CAR-T for MM through a partnership with Kelonia Therapeutics announced in November 2025. He noted that competitors made in vivo CAR-T acquisitions in 2025, but J&J believes its existing MM footprint is an advantage.
Duato also highlighted two oncology franchises he said are underestimated. Rybrevant (amivantamab) and Lacruze (lazertinib) produced an overall survival benefit versus AstraZeneca’s Tagrisso (osimertinib) in first-line EGFR-positive non-small cell lung cancer in the MARIPOSA trial, and J&J expects the combination 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 uptake. GlobalData’s analyst consensus projects combined global sales of $6.3 billion for Rybrevant and Lacruze in 2030.
J&J also cited Inlexzo, an intravesical gemcitabine delivery system for BCG-unresponsive non‑muscle invasive bladder cancer with carcinoma in situ, as underestimated. The company said Inlexzo has improved on prior surgical standards of care and anticipates label expansions that would drive rapid sales growth. GlobalData’s consensus projects $3.0 billion in global sales for Inlexzo in 2030.
Duato said J&J’s oncology forecast aligns with GlobalData’s analyst consensus, which projects about $49 billion in oncology sales by 2030. He noted ongoing pipeline strengthening, including the December 2025 acquisition of Halda Therapeutics for $3.05 billion in cash; Halda’s lead asset, HLD-0915, is in Phase II and could bolster J&J’s position in prostate cancer. Duato said the company remains interested in smaller acquisitions to add early-stage assets with commercial potential.
Duato presented clinical and commercial updates to support the company’s optimistic oncology outlook.
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