Johnson & Johnson has released its 3rd quarter results and once again Spravato sales have shown impressive growth.
With the industry and investors eagerly waiting to see what the commercial market for psychedelics will look like — we must look to Spravato for a real-world example of how psychedelic medicine might perform once receiving FDA approval. Although off-label ketamine is delivered in clinics or through at-home delivery, J&J’s Spravato (through its subsidiary Jannsen) us the only FDA-approved psychedelic to date.
Spravato, also known as esketamine, gained FDA approval in 2019 as a breakthrough treatment for individuals with treatment-resistant depression (esketamine is the s-enantiomer of ketamine). This was the first FDA approval of a psychedelic compound for therapeutic use in the United States.
After a few slow years and little sales news, this year we began to hear financial results on Spravato. As reported in J&J’s Q1 2023 results
, Spravato sales in the 1st quarter of 2023 were $131 million — an impressive 87% increase from Q1 2022 to Q1 2023. These figures made the psychedelic the fastest-growing program in Janssen’s portfolio.Now we’ve received 3rd quarter results and once again Spravato sales have logged the biggest % growth in J&J’s portfolio — a whopping 82% increase in sales compared to the 3rd quarter last year.
$182 million in revenue in the third quarter. Not bad. Especially considering that just a tiny fraction of doctors are educated on psychedelics and prescribing Spravato.
Just one data point. But definitely an encouraging one.
See this chart from Brom Rector of Empath Ventures on Spravato’s year-over-year growth.
JNJ's Spravato did $183mm in Q3 revenue
Strong case for the financial viability of psychedelic medicine
Source -> https://t.co/l9Zryyyr9m pic.twitter.com/vWMV7s0HUz
— brom (@therealbrom) October 17, 2023
