Soligenix Updates United States Medical Advisory Board for Cutaneous T-Cell Lymphoma

On October 14, 2025 Soligenix, Inc. (Nasdaq: SNGX) (Soligenix or the Company), a late-stage biopharmaceutical company focused on developing and commercializing products to treat rare diseases where there is an unmet medical need, reported the update of its United States (U.S.) Medical Advisory Board (MAB) for cutaneous T-cell lymphoma (CTCL) to provide medical/clinical strategic guidance to the Company as it advances the Phase 3 clinical development of HyBryte (synthetic hypericin) for the treatment of CTCL, a rare class of non-Hodgkin’s lymphoma (NHL).

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Comprised of dermatologic and oncologic thought leaders with extensive experience in CTCL, the MAB has played an important advisory role in the conduct of the ongoing FLASH2 Phase 3, pivotal clinical study and will continue to contribute to the program as we advance development activities including worldwide regulatory interactions with health authorities. With recent retirements, the MAB has been updated to include additional key opinion leaders in CTCL, all of which have participated in the HyBryte clinical program as principal investigators. The MAB has and will provide feedback, input and guidance on needs of the CTCL patient population, including clinical strategies and potential expansion into home-use applications, as well as health economics and reimbursement.

"We are pleased to be able to attract such esteemed and enthusiastic professionals to participate as members of our Medical Advisory Board," stated Christopher J. Schaber, PhD, President and Chief Executive Officer of Soligenix. "Many of the MAB members have experience treating patients with HyBryte and have been invaluable to the program. We are excited to continue to work with them to facilitate the advancement of HyBryte to commercialization worldwide."

The MAB Members

Jennifer DeSimone, MD

Dr. DeSimone is an Associate Professor of Dermatology at the University of Virgina INOVA Fairfax Campus where she serves as the Clerkship Director for cutaneous oncology. She is the Director of Cutaneous Lymphoma at the Inova Schar Cancer Institute, heading a high-volume cutaneous lymphoma subspecialty clinic where she treats over 1,000 lymphoma patients. She is an experienced clinical researcher, serving as principal investigator on numerous Phase 1-3 cutaneous lymphoma trials, and she has authored over 35 peer-reviewed publications. Dr. DeSimone completed a combined Internal Medicine and Dermatology residency at Georgetown University/Medstar and a fellowship in cutaneous oncology at Brigham and Women’s Hospital, focusing on cutaneous lymphoma. She is a member of the International Society for Cutaneous Lymphomas, medical advisor for the Cutaneous Lymphoma Foundation and a member of the U.S. Cutaneous Lymphoma Consortium. She is an editorial reviewer for the Journal of the American Academy of Dermatology.

Youn Kim, MD

Dr. Kim is the Joanne and Peter Haas Jr. Professor for Cutaneous Lymphoma Research at Stanford University School of Medicine and the Stanford Cancer Institute. She is the Director of the Multidisciplinary Cutaneous Lymphoma Clinic and Research Program at Stanford. Dr. Kim is a member of the Non-Hodgkin’s Lymphoma Panel of the National Comprehensive Cancer Network. She serves on the Board of Directors and has served as the President of the International Society for Cutaneous Lymphomas. She is also a member of the Board of Directors of the U.S. Cutaneous Lymphoma Consortium and of the Cutaneous Lymphoma Foundation. Dr. Kim is also the co-founder and global co-leader of the Cutaneous Lymphoma International Consortium. She has published extensively to advance the field of cutaneous lymphoma with over 350 publications to her name. Dr. Kim graduated from Stanford University School of Medicine with an MD degree. She is Board Certified in Dermatology and has been an instrumental part of the Soligenix MAB since its inception.

Aaron Mangold, MD

Dr. Mangold is a dermatologist with expertise in cutaneous lymphoma and complex medical dermatology, directs the Multi-disciplinary Cutaneous Lymphoma Clinic and is the Chair of Dermatology Research. Dr. Mangold is recognized as an author of over 120 publications. His research focuses on biomarker discovery and targeted therapeutics in rare diseases like CTCL. He is also the Vice Chair of Research Operations Management Team and Medical Director of the Clinical Trial Office at Mayo Clinic Arizona, the Associate Medical Director of Development for Mayo Clinic Enterprise, and a member of the Steering Committee at the Mayo Clinic Center for Clinical and Translational Science. He serves on the board of the U.S. Cutaneous Lymphoma Consortium and was on the board of the Arizona Medical Association and President of the Arizona Dermatology Surgery Society. Dr. Mangold completed his Dermatology Residency at Mayo School of Graduate Medical Education, Mayo Clinic College of Medicine.

Brian Poligone, MD, PhD – Chair

Dr. Poligone is the founder and Medical Director of the Rochester Skin Lymphoma Medical Group and the Director of Cancer Biology Research for the Rochester General Hospital Research Institute, where his research focuses on the underlying mechanism of skin cancers. With over 50 publications in his specialty, Dr. Poligone has been invited to speak at more than 100 meetings on both his scientific studies and clinical knowledge in the field of lymphoma and skin cancer. He has also served on a number of NIH review committees. Dr. Poligone completed his internship in Internal Medicine at Stanford University, received his MD and PhD at the University of North Carolina at Chapel Hill and trained at Yale University in the field of cutaneous lymphoma. Dr. Poligone has enrolled over 40 patients while participating in 4 clinical trials evaluating HyBryte photodynamic therapy. As such, has treated more patients with HyBryte than any other physician in the world.

About HyBryte

HyBryte (research name SGX301) is a novel, first-in-class, photodynamic therapy utilizing safe, visible light for activation. The active ingredient in HyBryte is synthetic hypericin, a potent photosensitizer that is topically applied to skin lesions that is taken up by the malignant T-cells, and then activated by safe, visible light approximately 24 hours later. The use of visible light in the red-yellow spectrum has the advantage of penetrating more deeply into the skin (much more so than ultraviolet light) and therefore potentially treating deeper skin disease and thicker plaques and lesions. This treatment approach avoids the risk of secondary malignancies (including melanoma) inherent with the frequently employed DNA-damaging drugs and other phototherapy that are dependent on ultraviolet exposure. Combined with photoactivation, hypericin has demonstrated significant anti-proliferative effects on activated normal human lymphoid cells and inhibited growth of malignant T-cells isolated from CTCL patients. In a published Phase 2 clinical study in CTCL, patients experienced a statistically significant (p=0.04) improvement with topical hypericin treatment whereas the placebo was ineffective. HyBryte has received orphan drug and fast track designations from the U.S. Food and Drug Administration (FDA), as well as orphan designation from the European Medicines Agency (EMA).

The published Phase 3 FLASH trial enrolled a total of 169 patients (166 evaluable) with Stage IA, IB or IIA CTCL. The trial consisted of three treatment cycles. Treatments were administered twice weekly for the first 6 weeks and treatment response was determined at the end of the 8th week of each cycle. In the first double-blind treatment cycle (Cycle 1), 116 patients received HyBryte treatment (0.25% synthetic hypericin) and 50 received placebo treatment of their index lesions. A total of 16% of the patients receiving HyBryte achieved at least a 50% reduction in their lesions (graded using a standard measurement of dermatologic lesions, the Composite Assessment of Index Lesion Severity or CAILS score) compared to only 4% of patients in the placebo group at 8 weeks (p=0.04) during the first treatment cycle (primary endpoint). HyBryte treatment in this cycle was safe and well tolerated.

In the second open-label treatment cycle (Cycle 2), all patients received HyBryte treatment of their index lesions. Evaluation of 155 patients in this cycle (110 receiving 12 weeks of HyBryte treatment and 45 receiving 6 weeks of placebo treatment followed by 6 weeks of HyBryte treatment), demonstrated that the response rate among the 12-week treatment group was 40% (p<0.0001 vs the placebo treatment rate in Cycle 1). Comparison of the 12-week and 6-week treatment responses also revealed a statistically significant improvement (p<0.0001) between the two timepoints, indicating that continued treatment results in better outcomes. HyBryte continued to be safe and well tolerated. Additional analyses also indicated that HyBryte is equally effective in treating both plaque (response 42%, p<0.0001 relative to placebo treatment in Cycle 1) and patch (response 37%, p=0.0009 relative to placebo treatment in Cycle 1) lesions of CTCL, a particularly relevant finding given the historical difficulty in treating plaque lesions in particular.

The third (optional) treatment cycle (Cycle 3) was focused on safety and all patients could elect to receive HyBryte treatment of all their lesions. Of note, 66% of patients elected to continue with this optional compassionate use / safety cycle of the study. Of the subset of patients that received HyBryte throughout all 3 cycles of treatment, 49% of them demonstrated a positive treatment response (p<0.0001 vs patients receiving placebo in Cycle 1). Moreover, in a subset of patients evaluated in this cycle, it was demonstrated that HyBryte is not systemically available, consistent with the general safety of this topical product observed to date. At the end of Cycle 3, HyBryte continued to be well tolerated despite extended and increased use of the product to treat multiple lesions.

Overall safety of HyBryte is a critical attribute of this treatment and was monitored throughout the three treatment cycles (Cycles 1, 2 and 3) and the 6-month follow-up period. HyBryte’s mechanism of action is not associated with DNA damage, making it a safer alternative than currently available therapies, all of which are associated with significant, and sometimes fatal, side effects. Predominantly these include the risk of melanoma and other malignancies, as well as the risk of significant skin damage and premature skin aging. Currently available treatments are only approved in the context of previous treatment failure with other modalities and there is no approved front-line therapy available. Within this landscape, treatment of CTCL is strongly motivated by the safety risk of each product. HyBryte potentially represents the safest available efficacious treatment for CTCL. With very limited systemic absorption, a compound that is not mutagenic and a light source that is not carcinogenic, there is no evidence to date of any potential safety issues.

Following the first Phase 3 study of HyBryte for the treatment of CTCL, the FDA and the EMA indicated that they would require a second successful Phase 3 trial to support marketing approval. With agreement from the EMA on the key design components, the second, confirmatory study, called FLASH2, is ongoing and has successfully passed its first safety milestone. This study is a randomized, double-blind, placebo-controlled, multicenter study that will enroll approximately 80 subjects with early-stage CTCL. The FLASH2 study replicates the double-blind, placebo-controlled design used in the first successful Phase 3 FLASH study that consisted of three 6-week treatment cycles (18 weeks total), with the primary efficacy assessment occurring at the end of the initial 6-week double-blind, placebo-controlled treatment cycle (Cycle 1). However, this second study extends the double-blind, placebo-controlled assessment to 18 weeks of continuous treatment (no "between-Cycle" treatment breaks) with the primary endpoint assessment occurring at the end of the 18-week timepoint. In the first Phase 3 study, a treatment response of 49% (p<0.0001 vs patients receiving placebo in Cycle 1) was observed in patients completing 18 weeks (3 cycles) of therapy. In this second study, all important clinical study design components remain the same as in the first FLASH study, including the primary endpoint and key inclusion-exclusion criteria. The extended treatment for a continuous 18 weeks in a single cycle is expected to statistically demonstrate HyBryte’s increased effect over a more prolonged, "real world" treatment course. Given the extensive engagement with the CTCL community, the esteemed Medical Advisory Board and the previous trial experience with this disease, accelerated enrollment in support of this study is anticipated, including the potential to enroll previously identified and treated HyBryte patients from the FLASH study. Discussions with the FDA on an appropriate study design remain ongoing. While collaborative, the agency has expressed a preference for a longer duration comparative study over a placebo-controlled trial. Given the shorter time to potential commercial revenue and the similar trial design to the first FLASH study afforded by the EMA accepted protocol, this study is being initiated. At the same time, discussions with the FDA will continue on potential modifications to the development path to adequately address their feedback.

Additional supportive studies have demonstrated the utility of longer treatment times with a 75% response rate after 18 weeks of treatment (Study RW-HPN-MF-01), the lack of significant systemic exposure to hypericin after topical application (Study HPN-CTCL-02) and its relative efficacy and tolerability compared to Valchlor (Study HPN-CTCL-04).

In addition, the FDA awarded an Orphan Products Development grant to support the investigator-initiated study evaluation of HyBryte for expanded treatment in patients with early-stage CTCL, including in the home use setting. The grant, totaling $2.6 million over 4 years, was awarded to the University of Pennsylvania that was a leading enroller in the Phase 3 FLASH study.

About Cutaneous T-Cell Lymphoma (CTCL)

CTCL is a class of non-Hodgkin’s lymphoma (NHL), a type of cancer of the white blood cells that are an integral part of the immune system. Unlike most NHLs which generally involve B-cell lymphocytes (involved in producing antibodies), CTCL is caused by an expansion of malignant T-cell lymphocytes (involved in cell-mediated immunity) normally programmed to migrate to the skin. These malignant cells migrate to the skin where they form various lesions, typically beginning as patches and may progress to raised plaques and tumors. Mortality is related to the stage of CTCL, with median survival generally ranging from about 12 years in the early stages to only 2.5 years when the disease has advanced. There is currently no cure for CTCL. Typically, CTCL lesions are treated and regress but usually return either in the same part of the body or in new areas.

CTCL constitutes a rare group of NHLs, occurring in about 4% of the more than 1.7 million individuals living with the disease in the U.S. and Europe (European Union and United Kingdom). It is estimated, based upon review of historic published studies and reports and an interpolation of data on the incidence of CTCL that it affects approximately 31,000 individuals in the U.S. (based on Surveillance, Epidemiology, and End Results or SEER data, with approximately 3,200 new cases seen annually) and approximately 38,000 individuals in Europe (based on ECIS prevalence estimates, with approximately 3,800 new cases annually).

(Press release, Soligenix, OCT 14, 2025, View Source [SID1234656646])

Privo Technologies Completes Phase 2 Run-In in PRV111 Oral Cancer Trial, Highlighting Potential to Spare Patients from Surgery

On October 14, 2025 Privo Technologies, Inc. a leader in localized cancer therapies, reported the completion of enrollment in Arm 1 of the Phase 2 run-in portion of its ongoing Phase 2/3 clinical trial (CLN-004) evaluating PRV111, a nano-engineered chemotherapy patch designed to treat oral cavity cancers across distinct stages of disease (Press release, Privo Technologies, OCT 14, 2025, View Source [SID1234656645]).

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The Phase 2 run-in data are currently being analyzed for submission to the U.S. Food and Drug Administration (FDA) prior to continuing enrollment in the Phase 3 portion of the study.While detailed results remain under review, initial observations from the Phase 2 run-in are highly encouraging with respect to both safety and local tumor response with no evidence of systemic toxicity and among patients who demonstrated a favorable local response. Investigators determined that planned surgical procedures could be cancelled based on the absence of visible or measurable disease following PRV111 treatment. These findings suggest that PRV111 has the potential to offer a localized, tissue-sparing approach for early-stage oral lesions, subject to further clinical evaluation and regulatory review.

These early results support Privo’s mission to advance targeted, localized cancer therapies aimed at reducing the need for invasive procedures and improving patients’ quality of life.

Privo extends its gratitude to the investigators, clinical staff, and patients who made this milestone possible.

About the CLN-004 Phase 2/3 Clinical Trial

CLN-004 is an adaptive, open-label Phase 2/3 clinical study evaluating the safety, tolerability, and preliminary efficacy of PRV111 for the localized treatment of oral cavity lesions.

In the Phase 2 run-in (Arm 1), enrolled patients were treated with PRV111 as a stand-alone, non-surgical topical therapy for oral carcinoma in situ (CIS)/ high-grade oral dysplasia (HGD). The goal of this stage is to determine whether localized delivery of PRV111 can safely and effectively eliminate pre-cancerous and early-stage cancerous lesions while minimizing the need for surgery.

Completion of the Phase 2 enrollment marks an important milestone in Privo’s mission to develop therapies that spare patients from invasive surgery and potentially reduce recurrence risk.

"Completing enrollment in the Phase 2 portion of the CLN-004 study is a pivotal achievement for Privo and our clinical partners," said Dr. Manijeh Goldberg, Chief Executive Officer of Privo Technologies. "The initial observations are encouraging, and we look forward to sharing the full dataset with the FDA as we prepare for the Phase 3 evaluation. PRV111 reflects our vision to transform oral cancer treatment through precise, localized therapies designed to preserve function and quality of life."

Transforming Oral Cancer Treatment Through Localized Delivery

PRV111 is part of Privo’s proprietary PRV platform, a family of nano-engineered drug-delivery systems designed to deliver high concentrations of chemotherapy directly to tumor tissue while minimizing systemic exposure.

PRV111 is a topical, transmucosal patch that adheres directly to oral lesions, enabling the delivery of cisplatin nanoparticles through the mucosa to achieve targeted, localized drug penetration. Each PRV111 application is customized to the size and shape of the patient’s tumor, allowing precise coverage of the affected area and consistent drug delivery across complex anatomical surfaces.

This non-invasive, localized approach is intended to reduce systemic toxicity compared to conventional chemotherapy and to preserve surrounding healthy tissue. By potentially avoiding extensive surgical excision, PRV111 aims to help patients maintain normal speech, swallowing, and appearance—functions often affected by standard treatment options.

The CLN-004 study builds upon Privo’s earlier clinical experience with PRV111 (CLN-001), which showed promising local tumor responses with no systemic toxicity in a first-in-human setting. The results of that earlier trial were published in Nature Communications and highlighted by Forbes for their innovative approach to localized cancer drug delivery.

Looking Ahead

With Phase 2 enrollment complete, Privo Technologies is preparing to submit the CLN-004 dataset to the U.S. FDA. The data from this phase will help inform the design of the pivotal Phase 3 trial, which is planned to further evaluate PRV111 as a localized, non-surgical treatment approach.

"This milestone moves us another step toward providing patients with treatments designed to minimize the life-altering consequences of major surgery," said Dr. Manijeh Goldberg, Chief Executive Officer of Privo Technologies. "Our platform continues to demonstrate the promise of localized, patient-focused cancer care that aims to improve outcomes while preserving quality of life."

Agreement includes Actinium-225 (Ac-225) and Lutetium-177 (Lu-177) to support Ariceum’s therapeutic programs

On October 14, 2025 Nusano, a physics company transforming the production of radioisotopes, and Ariceum Therapeutics (Ariceum), a targeted radiotherapeutics company dedicated to setting new standards in cancer care, reported the signing of a multi-isotope supply agreement to support Ariceum’s novel radiotherapeutic pipeline.

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The agreement gives Ariceum access to Nusano-produced radioisotopes, including actinium-225 (Ac-225) and lutetium-177 (Lu-177).

"Radiotherapeutics have the potential to redefine the standard of care in oncology," said Manuel Sturzbecher-Höhne, Chief Technology Officer of Ariceum Therapeutics. "This agreement further strengthens our ability to advance 225Ac-SSO110, which is currently being investigated in a Phase 1/2 trial in patients with extensive-stage small cell lung cancer and Merkel cell carcinoma. Reliable access to actinium-225 ensures we can deliver on our commitment to developing transformative therapies for patients facing these aggressive and underserved cancers."

The Nusano radioisotope production platform combines time-proven technology from universities and world-class research centers with the company’s patented particle acceleration technology. The result is the first significant advancement in radioisotope production in decades – a platform that’s smaller and more efficient than existing methods, and capable of the simultaneous manufacturing of up to 12 different radioisotopes.

"Nusano’s production capabilities are designed to stabilize supply chains and enable innovation," said Chris Lowe, CEO of Nusano. "Our scalable production allows us to work with drug developers from the earliest stages through commercial drug availability. We look forward to working with Ariceum on their current and future therapeutic candidates."

(Press release, Nusano, OCT 14, 2025, View Source [SID1234656644])

NuCana Announces Encouraging Data for NUC-3373 in Combination with Anti-PD-1 Therapy

On October 14, 2025 NuCana plc (NASDAQ: NCNA) ("NuCana" or the "Company") reported the publication of new data on NUC-3373. The update includes results from the NuTide:303 clinical study, published on medRxiv, the preprint server for health sciences, together with complementary preclinical findings published in the peer-reviewed journal Public Library of Science ONE (PLOS ONE).

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NUC-3373, a potent thymidylate synthase inhibitor that induces DNA damage in cancer cells, has previously shown encouraging activity in combination with the PD-1 inhibitor pembrolizumab in the Phase 1/2b modular study, NuTide:303. In Module 1 of this study, 12 patients with advanced solid tumors who had exhausted all standard treatment options and had previously received PD-1 inhibitors were treated with NUC-3373 plus pembrolizumab.

Encouraging signals of durable activity were observed, including:

A 100% reduction in tumor lesion size (classified as a partial response due to the presence of non-target lesions) in a patient with urothelial carcinoma of the bladder who remained on treatment for over 15 months; and

An 81% reduction in target lesions in a patient with metastatic melanoma resistant to prior pembrolizumab therapy, who continues to remain progression-free at 23 months.

These promising clinical findings are further supported by preclinical data. The published results demonstrate that NUC-3373 in a model in vitro system:

Promotes the release of immunogenic damage-associated molecular patterns (DAMPs);

Enhances activation of first-line defense immune cells, including natural killer (NK) cells; and

In combination with a PD-1 inhibitor, enhances tumor cell death by activating lymphocytes, regardless of the tumor’s genomic stability status.

"It is becoming increasingly clear that the majority of future standards of care for advanced cancers will rely on combination regimens incorporating novel immuno-oncology backbones," said Professor David Harrison, Head of Translational Medicine at NuCana. "The combination of NUC-3373 with pembrolizumab has demonstrated both a favorable safety profile and evidence of efficacy and durable disease control in this patient cohort."

Andrew Kay, NuCana’s Executive Chairman, added: "The complementary mechanisms of action of NUC-3373 and PD-1 inhibition provide a strong rationale for synergy. We are currently evaluating optimal combinations and indications for further clinical studies of NUC-3373, while continuing to maintain our anticipated cash runway into 2029. We are committed to advancing these assets and working toward our vision of delivering significantly improved treatment outcomes for patients with cancer."

(Press release, Nucana, OCT 14, 2025, View Source [SID1234656643])

Johnson & Johnson reports Q3 2025 results; raises 2025 sales outlook

On October 14, 2025 Johnson & Johnson (NYSE: JNJ) reported results for third-quarter 2025. "Johnson & Johnson delivered another strong performance in the third quarter fueled by the depth and strength of our portfolio and significant progress across our pipeline," said Joaquin Duato, Chairman and Chief Executive Officer, Johnson & Johnson. "With a sharpened focus on the six priority areas of Oncology, Immunology, Neuroscience, Cardiovascular, Surgery and Vision, Johnson & Johnson is in a new era of accelerated growth and innovation, with pioneering treatments that will continue to transform lives."

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Overall financial results
Q3
($ in Millions, except EPS)
2025
2024
% Change
Reported Sales

$23,993
$22,471
6.8%
Net Earnings
$5,152
$2,694
91.2%
EPS (diluted)
$2.12
$1.11
91.0%
Regional sales results
Q3

% Change

($ in Millions)
2025
2024
Reported
Operational1,2
Currency
Adjusted
Operational1,3
U.S.
$13,708
$12,909
6.2%
6.2

4.4
International
10,285
9,562
7.6
4.4
3.2
4.4
Worldwide
$23,993
$22,471
6.8%
5.4
1.4
4.4

1Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
2Excludes the impact of translational currency
3Excludes the net impact of acquisitions and divestitures and translational currency
Note: values may have been rounded

Segment sales results
Q3

% Change

($ in Millions)
2025
2024
Reported
Operational1,2
Currency
Adjusted
Operational1,3
Innovative Medicine
$15,563
$14,580
6.8%
5.3
1.5
3.7
MedTech
8,430
7,891
6.8
5.6
1.2
5.7
Worldwide
$23,993
$22,471
6.8%
5.4
1.4
4.4

1Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules
2Excludes the impact of translational currency
3Excludes the net impact of acquisitions and divestitures and translational currency
Note: values may have been rounded

Third-Quarter 2025 segment commentary:
Operational sales* reflected below excludes the impact of translational currency.
Innovative Medicine
Innovative Medicine worldwide operational sales grew 5.3%*, with net acquisitions and divestitures positively impacting growth by 1.6% due to CAPLYTA. Growth was primarily driven by DARZALEX, CARVYKTI, ERLEADA and RYBREVANT/LAZCLUZE in Oncology, TREMFYA and SIMPONI/SIMPONI ARIA in Immunology, and SPRAVATO in Neuroscience. Growth was partially offset by an approximate (1,070) basis points impact from STELARA in Immunology, as well as IMBRUVICA in Oncology.
MedTech
MedTech worldwide operational sales grew 5.6%*, with net acquisitions and divestitures negatively impacting growth by 0.1%. Growth was primarily driven by electrophysiology products, Abiomed and Shockwave in Cardiovascular, wound closure products in General Surgery, as well as Surgical Vision.

Full-year 2025 guidance:
Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses, and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson’s results computed in accordance with GAAP.
($ in Billions, except EPS)
October 2025
July 2025

Adjusted Operational Sales1,2,5
Change vs. Prior Year / Mid-point
3.5% – 4.0% / 3.8%
3.2% – 3.7% / 3.5%

Operational Sales2,5 / Mid-point
Change vs. Prior Year / Mid-point
$93.0B – $93.4B / $93.2B
4.8% – 5.3% / 5.1%
$92.7B – $93.1B / $92.9B
4.5% – 5.0% / 4.8%

Estimated Reported Sales3,5/ Mid-point
Change vs. Prior Year / Mid-point
$93.5B – $93.9B / $93.7B
5.4% – 5.9% / 5.7%
$93.2B – $93.6B / $93.4B
5.1% – 5.6% / 5.4%
Adjusted Operational EPS (Diluted)2,4 / Mid-point
Change vs. Prior Year / Mid-point
$10.63 – $10.73 / $10.68
6.5% – 7.5% / 7.0%
$10.63 – $10.73 / $10.68
6.5% – 7.5% / 7.0%

Adjusted EPS (Diluted)3,4 / Mid-point
Change vs. Prior Year / Mid-point
$10.80 – $10.90 / $10.85
8.2% – 9.2% / 8.7%
$10.80 – $10.90 / $10.85
8.2% – 9.2% / 8.7%

Other modeling considerations will be provided on the webcast
Notable announcements in the quarter:

Q3
Non-GAAP* ($ in Millions, except EPS)
2025
2024
% Change
Operational Sales1,2

5.4%
Adjusted Operational Sales1,3

4.4%
Adjusted Net Earnings1,4
$6,801
$5,876
15.7%
Adjusted EPS (diluted)1,4
$2.80
$2.42
15.7%
Free Cash Flow6,7
~$14,200
$14,471

Regulatory
U.S. FDA approves TREMFYA (guselkumab) for the treatment of pediatric plaque psoriasis and active psoriatic arthritis, marking a first and only approval for an IL-23 inhibitor1
Press Release
TREMFYA (guselkumab) achieves U.S. approval for subcutaneous induction in adults with ulcerative colitis, now the first and only IL-23 inhibitor with a fully subcutaneous regimen
Press Release
Johnson & Johnson receives positive CHMP opinion of nipocalimab to treat a broad population of antibody-positive patients living with generalised myasthenia gravis (gMG)
Press Release
Johnson & Johnson files with U.S. FDA to include new evidence in TREMFYA (guselkumab) label as the only IL-23 inhibitor to demonstrate significant inhibition of joint structural damage in active psoriatic arthritis
Press Release
European Commission approves DARZALEX (daratumumab) as the first licensed treatment for patients with high-risk smouldering multiple myeloma
Press Release

European Commission approves IMBRUVICA (ibrutinib) as the first targeted therapy for patients with previously untreated mantle cell lymphoma who would be eligible for autologous stem cell transplant
Press Release
Johnson & Johnson seeks first icotrokinra U.S. FDA approval aiming to revolutionize treatment paradigm for adults and adolescents with plaque psoriasis
Press Release
Data Releases
Johnson & Johnson to highlight breadth of its major depressive disorder portfolio at 2025 ECNP Congress1
Press Release
Icotrokinra data in ulcerative colitis show potential for a standout combination of therapeutic benefit and a favorable safety profile in once-daily pill1
Press Release
TREMFYA (guselkumab) is first and only IL-23 inhibitor to demonstrate sustained clinical and endoscopic outcomes with a fully subcutaneous regimen through 48 weeks in ulcerative colitis1
Press Release
Johnson & Johnson Unveils New Data Demonstrating Superior Clarity of Vision and Comfort of ACUVUE OASYS MAX 1-Day for ASTIGMATISM, and MULTIFOCAL for ASTIGMATISM Contact Lenses1
Press Release
Johnson & Johnson’s investigational seltorexant shows numerically higher response in patients with depression with insomnia symptoms, with fewer side effects compared to quetiapine XR
Press Release
TECVAYLI plus DARZALEX FASPRO treatment demonstrates 100 percent overall response rate in transplant-eligible patients newly diagnosed with multiple myeloma
Press Release
Icotrokinra shows superiority to deucravacitinib in first reported head-to-head trials reinforcing promise of novel targeted oral peptide for treatment of plaque psoriasis
Press Release
Johnson & Johnson to showcase industry-leading neuropsychiatry innovations at the 2025 Psych Congress Annual Meeting
Press Release
Data published in The New England Journal of Medicine demonstrate RYBREVANT (amivantamab-vmjw) plus LAZCLUZE (lazertinib) is re-setting survival expectations in first-line EGFR-mutated lung cancer
Press Release
RYBREVANT (amivantamab-vmjw) plus LAZCLUZE (lazertinib) prevents acquired resistance versus osimertinib in first-line EGFR-mutated non-small cell lung cancer
Press Release
New real-world data elevating patient perspectives highlight the need for scientific advancement in maternal fetal immunology at ISUOG 2025
Press Release
Johnson & Johnson Unveils Results from the VARIPURE Substudy of SECURE, a Real-World Study on VARIPULSE Platform, at 2025 European Society of Cardiology (ESC) Congress
Press Release
New Data from the DanGer Shock Randomized Control Trial, Published in The New England Journal of Medicine, Confirms the Long-Term Survival Benefit of the Impella CP Heart Pump
Press Release
Johnson & Johnson showcases latest advancements in Alzheimer’s research at AAIC 2025
Press Release

Product Launch
U.S. FDA approval of INLEXZO (gemcitabine intravesical system) set to transform how certain bladder cancers are treated
Press Release
Johnson & Johnson Launches VIRTUGUIDE AI-Powered Patient-Matched Lapidus System in U.S. to Reduce Complexity in Bunion Surgery for Millions
Press Release

Other
Johnson & Johnson Elects John Morikis, Retired Chairman, President and Chief Executive Officer of The Sherwin-Williams Company, to its Board of Directors

Webcast information:
Johnson & Johnson will conduct a conference call with investors to discuss this earnings release today at 8:30 a.m., Eastern Time. A simultaneous webcast of the call for investors and other interested parties may be accessed by visiting the Johnson & Johnson website. A replay and podcast will be available approximately two hours after the live webcast in the Investor Relations section of the company’s website at events-and-presentations.

(Press release, Johnson & Johnson, OCT 14, 2025, View Source [SID1234656642])