By Fineline Cube 
US pharmaceutical giant Johnson & Johnson (J&J, NYSE: JNJ) reported Q1 2025 revenues of USD 21.9 billion, marking a 4.2% year-on-year (YOY) increase excluding foreign currency impacts. The company’s performance was driven by growth across its segments and key product lines, with notable contributions from its oncology and immunology portfolios.
Segment Performance
Innovative Medicines saw a 4.2% YOY increase to USD 13.87 billion, while MedTech sales rose 4.1% to USD 8.02 billion. Regionally, US sales grew 5.9% to USD 12.3 billion, Europe increased 2.2% to USD 5.11 billion, and the Western Hemisphere excluding the US rose 9.2% to USD 1.17 billion. However, Asia-Pacific and Africa experienced a slight dip of -0.6% to USD 3.31 billion.
Growth Drivers
Key oncology products included Darzalex (multiple myeloma), Erleada (prostate cancer), Carvykti (CAR-T cell therapy for multiple myeloma), and Rybrevant/Lazcluse (lung cancer). In immunology, Tremfya (plaque psoriasis) and Simponi/Simponi Aria (rheumatoid arthritis) were highlighted. The neuro portfolio was led by Spravato (depression). Darzalex was the top-selling drug with USD 3.24 billion in sales, up 22.5% YOY. Carvykti, licensed from China-based Legend Biotech, saw sales rise to USD 369 million from USD 157 million in Q1 2024.
Intra-Cellular Acquisition
In January 2025, J&J announced the acquisition of Intra-Cellular Therapies (Nasdaq: ITCI) for USD 14.6 billion, gaining access to Caplyta (lumateperone) and Intra-Cellular’s neurological pipeline. The transaction closed in early April 2025, prompting J&J to raise its full-year sales guidance to USD 92 billion with 3.8% growth, up from USD 91.3 billion and 3% growth previously.
Tariff Impact and CEO’s View
J&J’s CFO Joseph Wolk noted that tariffs, particularly on MedTech products, are expected to result in a USD 400 million negative impact in 2025. This includes tariffs from Mexico, Canada, and China. CEO Joaquin Duato emphasized that tax policy changes are more effective than tariffs for building US manufacturing capacity, citing increased investments since the 2017 tax reform. J&J plans to invest USD 55 billion over four years in the US, aiming to manufacture all advanced medicines used domestically within the country.-Fineline Info & Tech