CEO Joaquin Duato presented a strong outlook for J&J’s revenue growth in 2026, with particular optimism about oncology. Duato identified six major growth drivers, three in pharma (oncology, immunology, and neuroscience) and three in medtech (surgery, cardiovascular, and vision). These drivers position J&J to reach 5-7% annual growth and even exceeding that by the end of the decade, with potential to reach double digit growth in the 2030s. Oncology is set to play a major role in J&J’s optimistic revenue outlook, generating $50bn.
The oncology portfolio will be driven by J&J’s continuing dominance in multiple myeloma (MM), which J&J hopes will reach $25bn in sales in 2030. J&J’s largest franchise, Darzalex/Faspro (daratumumab), will make up over half of this, as it is central to many current, as well as pipeline MM regimens.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
J&J also expect a significant increase in sales for their cell therapy, Carvykti (ciltacabtagene autoleucel), despite general headwinds in the cell therapy market. Carvykti sales are not restricted from a supply perspective, and it is also expected to gain a significant portion of late line patients. The two bispecific T-cell engagers (TCEs) in J&J’s portfolio, Tecvaley (teclistamab) and Talvey (talquetamab), will play a major role as well, bolstering sales of Darzalex with novel combinations and gaining market share in the relapsed/refractory setting. J&J’s winning strategy for MM is to always have an option for a patient to receive a J&J therapy across all therapy lines.
Regarding the ways to maintain this dominance, Duato quoted two major platforms. The first one is an upcoming trispecific TCE, ramantamig, which combines the targets of Tecvaley and Talvey, currently in Phase I clinical trials. The second method is developing the leading in vivo CAR-T in MM through their partnership with Kelonia Therapeutics. This collaboration, which was announced in November 2025, followed acquisitions of in vivo CAR-T developers by Bristol-Myers Squibb, AstraZeneca, and AbbVie and Gilead over 2025, but J&J has the advantage of leveraging their current position in MM.
When asked which of J&J’s franchises were being underestimated, the CEO mentioned two in Oncology. Starting with the Rybrevant (amivantamab) and Lacluze (Lazertinib), these drugs have managed to demonstrate a significant improvement in overall survival in first line epidermal growth factor receptor positive (EGFR+) non-small cell lung cancer (NSCLC) compared to AstraZeneca’s blockbuster Tagrisso (Osimertinib) in the MARIPOSA trial. With Rybrevant and Lacluze set to displace Tagrisso in this setting, as well as a subcutaneous version of Rybrevant becoming available, sales are set to increase rapidly. The CEO also mentioned positive data readouts for Rybrevant in head and neck and colorectal cancers. According to GlobalData’s analyst consensus forecast, Rybrevant and Lacluze will reach $6.3bn in global sales in 2030. J&J also believe that Inlexzo’s forecasted sales are underestimated. Inlexzo is an intravesical delivery system for gemcitabine, currently indicated for Bacillus Calmette-Guérin (BCG)-unresponsive non-muscle invasive bladder cancer with carcinoma in situ and has significantly improved on the previous standard of care which was surgery. J&J expects significant label expansions for Inlexzo enabling a rapid sales growth. According to GlobalData’s Analyst consensus forecast, Inlexzo will reach $3.0bn in global sales in 2030.
J&J’s forecast is in line with GlobalData’s analyst consensus forecast which projects $49bn in global sales in 2030. J&J are continuing to bolster their pipeline with new deals, such as the acquisition of Halda Therapeutics for $3.05bn in cash in December 2025. Halda’s lead asset HLD-0915, in Phase II, can strengthen J&J’s long-term position in prostate cancer. J&J still have appetite for what the CEO called “small acquisitions” aimed at identifying early-stage assets with the potential to make major sales with J&Js backing. J&J’s optimistic oncology portfolio forecast seems reasonable with all of the evidence presented by the CEO.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataSign up here to receive daily updates on the latest healthcare industry trends emerging from the JP Morgan Healthcare conference 2026. Sign up here to receive a comprehensive report after the conference.
