J&J’s CARVYKTI Grows 57.4% to $600M as Valuation Hits Decade High
LLY•Johnson & Johnson posted CARVYKTI sales of $600M this quarter, up 57.4% year-over-year but down from last quarter’s 63.2% growth. Trading at a price-to-sales ratio of 5.9 near its 10-year high of 6.1, the premium valuation heightens risk if CARVYKTI’s growth rate continues to decelerate.
1. CARVYKTI Sales and Growth Trends
Johnson & Johnson recorded $600 million in CARVYKTI sales this quarter, reflecting 57.4% year-over-year growth but down from the prior quarter’s 63.2% increase, marking the first indication of a slowdown in its ramp-up phase.
2. Valuation Near Decade High
The stock trades at a price-to-sales ratio of 5.9, close to its 10-year high of 6.1, suggesting market expectations are heavily priced into its pipeline performance.
3. Risks to Growth Ambitions
With management targeting $100 billion in annual revenue and double-digit growth by 2030, any ongoing deceleration in CARVYKTI’s growth could pressure other therapies to compensate and challenge the company’s long-term growth trajectory.
