J&J Royalties Hit as Xarelto Sales Fall 37% to €521M
Xarelto revenue plunged 37% to €521M in Q4 2025, denting J&J’s US license income after generic competition in Europe and Japan. Eylea sales outside the US fell 11.9% to €702M, with the 8 mg formulation accounting for 38% of volume, potentially stabilizing co-development returns.
1. Xarelto Sales Plunge
In Q4 2025, Bayer reported Xarelto sales fell 37% year-over-year to €521 million due to generic competition in Europe and Japan. J&J markets Xarelto in the US and earns license revenues based on Bayer’s US sales.
2. Eylea Sales Decline
Eylea sales outside the US dropped 11.9% to €702 million as generics pressure weighed on volumes. The Eylea 8 mg formulation, which allows extended treatment intervals, accounted for 38% of overall sales, partially offsetting the decline.
3. Impact on J&J Royalties
The steep Xarelto decline reduces J&J’s US license income in the near term, while the partial offset from Eylea’s 8 mg launch may stabilize co-development returns. Ongoing generic entries and future product launches will shape royalty streams.