In 2022, Pfizer became the first biopharma company to generate annual revenue of $100 billion. With COVID products accounting for 57% of its sales, it was evident that Pfizer’s revenue surge was a one-year outlier.
Four years later, however, Johnson & Johnson may be on its way to reaching the $100 billion mark—and this time the achievement appears more sustainable.
On Wednesday, the company beat out analyst expectations by projecting (PDF) that 2026 revenue will reach a range of $100 billion to $101 billion. With J&J also forecasting double-digit revenue increases by the end of the decade, the drugmaker may be on its way to kicking off a $100-billion-plus annual sales streak.
During a conference call Wednesday, CEO Joaquin Duato called 2025 a “catapult year” for the company, as it increased sales by 6% to $94.2 billion. And a 9% uptick in sales in the fourth quarter indicates that the momentum is building, according to the helmsman.
“It was a year that launched us into a new era of accelerated growth,” Duato said. “Fueled by the strongest portfolio and pipeline in our history, Johnson & Johnson has a leading and expanding position in each of our six key businesses—oncology, immunology, neuroscience, cardiovascular, surgery and vision.”
Duato cited the depth of J&J's portfolio, which includes 20 blockbuster products.
“We are different from other companies,” he said. “We are not focused on one or two growth drivers.”
For one major J&J catalyst, look no further than multiple myeloma treatment Darzalex, which achieved (PDF) sales of $14.4 billion for 2025, $3.9 billion of which arrived in Q4.
The monoclonal antibody has now blown away its peak sales projection of $13 billion, which was viewed as a best-case scenario in 2017 by Jan van de Winkel, the CEO of Genmab, which partnered with J&J on the development of Darzalex in 2012.
Darzalex has thrived in part because of a 2020 nod for Darzalex Faspro, a subcutaneous version of the treatment that allows patients to receive doses in minutes compared to hours for the intravenous administration.
While J&J has not secured an FDA expansion for the treatment since 2020, Darzalex is helping advance another of J&J’s cancer treatments, Tecvayli. When combined with Darzalex, the bispecific BCMA-directed CD3 T-cell engager reduced the risk of death by 54% over Darzalex and the steroid dexamethasone in J&J's late-stage MajesTEC-3 study.
“The FDA was so impressed with our Majestic-3 data that unsolicited, they contacted us and offered a priority review voucher to accelerate bringing this new regimen to patients,” J&J’s R&D chief John Reed said during the conference call.
Generating more than twice the revenue of any other J&J product, Darzalex is key to J&J’s expectation that its oncology portfolio can deliver $50 billion in sales by the end of the decade, up from the $25.4 billion it generated last year.
Duato said the $50 billion projection is “sustained by our success in multiple myeloma," and "also in solid tumors with lung cancer, prostate cancer and bladder cancer.”
The performance of Darzalex and J&J’s other growth drivers has allowed the company to thrive despite the rapid decline of Stelara, which now faces biosimilar competition. Sales for the autoimmune superstar fell 41%, from $10.4 billion in 2024 to $6.1 billion last year.
Other J&J growth drivers include immunology standout Tremfya, which grew sales 40% to roughly $5.2 billion last year, and neuroscience leader Spravato, which increased its sales by 57% to $1.7 billion in 2025. In oncology, multiple myeloma CAR-T Carvykti not only broke the blockbuster barrier, but nearly doubled its sales last year to $1.9 billion, while prostate cancer treatment Erleada was up 19% at $3.6 billion.