Key Takeaways:
Johnson & Johnson reported second-quarter Spravato (esketamine) sales of $584 million, a 25% sequential increase that Jefferies said supports the long-term market opportunity for psychedelic drug developers.
"The momentum in treatment-resistant depression and major depressive disorder with suicidal ideation supports the notion psychedelics can be commercially viable in hard-to-treat mental health disorders," Jefferies analysts wrote, citing J&J's investment in treatment sites, physician education and reimbursement.
US sales accounted for $514 million of the total, implying an annualized revenue run rate above $2.3 billion. J&J has guided for Spravato to reach $3 billion to $3.5 billion in annual sales by 2027-2028, with a peak target of as much as $5 billion. More than 250,000 patients worldwide have been treated with the therapy cumulatively, according to the firm.
The read-through lifts developers including AtaiBeckley Inc., Compass Pathways and Cybin Inc., Jefferies said. Compass plans to complete its rolling New Drug Application for COMP360 (psilocybin) in the fourth quarter of 2026, supporting a potential approval by year-end and a commercial launch in the first half of 2027. AtaiBeckley's Phase III program for BPL-003 in treatment-resistant depression is expected to generate data in early 2029, with Phase II data for VLS-01 due later this year.
Jefferies noted that J&J's network of approximately 7,000 to 8,000 US treatment sites could help adoption of future psychedelic therapies. Atai's intranasal BPL-003 could fit within the same two-hour treatment framework currently used for Spravato, the analysts added.
The strong Spravato quarter shows that the infrastructure for psychedelic-assisted therapies is already being built at scale. Investors will watch Compass Pathways' NDA submission in late 2026 as the next major event for the sector.
This article is for informational purposes only and does not constitute investment advice.
