Johnson and Johnson Q3 2025 Earnings: Oncology and Immunology Drive Growth After Strategic Reset

Johnson and Johnson was the first major pharmaceutical company to report Q3 2025 earnings, pairing its results with a significant strategic reset. The company announced plans to spin off its orthopedics business, DePuy Synthes, representing approximately 10 percent of revenue, into a standalone company within the next 18 to 24 months. This move is intended to streamline the MedTech segment and sharpen focus on higher-growth, higher-margin areas, while Innovative Medicine continues to account for the majority of company revenue.

In Q3 2025, Johnson and Johnson reported total sales of $24.0 billion, up 6.8 percent year over year, with operational growth of 5.4 percent. Performance was led by oncology, immunology, and cardio-pulmonary medicines.

Top 10 Johnson and Johnson Medicines by Q3 Sales

Note: Sales for Imbruvica and Xarelto reflect Johnson and Johnson’s reported share and exclude partner revenue.

Oncology: Darzalex and Cell Therapy Momentum

Darzalex remained the cornerstone of Johnson and Johnson’s oncology portfolio, generating $3.67 billion in Q3 sales and growing 21.7 percent year over year. The multiple myeloma franchise continues to gain share despite intensifying competition, including Sanofi’s Sarclisa, which reported approximately $151 million in Q2 2025 sales.

Carvykti delivered $524 million in Q3 revenue, reflecting 83.5 percent year-over-year growth. Expansion of manufacturing capacity and broader patient access continue to support uptake as the CAR T category matures alongside other cell therapies, including Abecma.

Immunology: Tremfya Emerges as the Growth Engine

Tremfya posted approximately 40 percent year-over-year growth in Q3 2025, establishing itself as a top 10 medicine and a primary immunology growth driver. The FDA approval of a fully subcutaneous induction regimen in ulcerative colitis, based on ASTRO Phase 3 data, expands its reach across inflammatory bowel disease by enabling self-administration from treatment initiation and reducing site-of-care costs.

To reinforce leadership within the IL-23 class, Johnson and Johnson initiated a head-to-head trial against AbbVie’s Skyrizi in Crohn’s disease. The company is also advancing Icotrokinra, the first oral peptide targeting IL-23, which is currently under FDA review following ICONIC-ADVANCE Phase 3 psoriasis results.

Neuroscience and Cardio-Pulmonary Stability

Neuroscience assets such as Invega Sustenna and Simponi continued to provide stable contributions, while cardio-pulmonary medicines including Opsumit maintained consistent performance. These franchises contribute to portfolio balance as Johnson and Johnson navigates lifecycle transitions in immunology and oncology.

Bladder Cancer: A New Launch to Watch

One of the most notable new launches is Inlexzo, the first intravesical drug-releasing system approved for high-risk, BCG-unresponsive non-muscle invasive bladder cancer. In the SunRISe-1 Phase 2b trial, Inlexzo achieved an 82 percent complete response rate, with more than half of patients maintaining remission at one year.

Management has highlighted Inlexzo as a key driver of divergence between internal forecasts and external consensus expectations. Near-term commercial performance and the anticipated assignment of a J code for reimbursement in April 2026 are expected to provide additional clarity on its long-term impact.

Takeaway

Johnson and Johnson’s Q3 2025 results reflect a company sharpening its strategic focus while maintaining strong execution in Innovative Medicine. Darzalex and Tremfya anchor growth in oncology and immunology, Carvykti highlights continued momentum in cell therapy, and emerging launches such as Inlexzo add optionality for future upside. As the portfolio evolves following the planned MedTech separation, valuation and growth will increasingly hinge on the durability of these high-impact franchises.