Johnson & Johnson: Partner on Imbruvica, Rival in IL-23Narrow moat

AbbVie (ABBV) — moat facet

Johnson & Johnson shares Imbruvica's profits with AbbVie abroad and fights it for every new bowel-disease patient at home.

No rival matters more to AbbVie than Johnson & Johnson, and the relationship runs both ways. AbbVie's international Imbruvica revenue reflects profit sharing with J&J's Janssen1; the two jointly own the drug's economics outside the United States. At the same time, Janssen's IL-23 inhibitor Tremfya is the drug AbbVie's management discusses as a competitor to Skyrizi in inflammatory bowel disease2.

J&J and AbbVie, 2025 ($M)17,562Skyrizi (AbbVie)5,155Tremfya (J&J)2,869Imbruvica (shared)AbbVie and Johnson & Johnson Forms 10-K FY2025
Rival in one drug, partner in another.

The immunology contest is between two companies replacing their own blockbusters. J&J's Tremfya sold $5,155 million in 20253, growing fast as J&J moves patients from Stelara. Skyrizi sold $17,562 million4. Both are chasing new patients in Crohn's disease and ulcerative colitis.

AbbVie holds the lead. Management said Skyrizi's capture of patients starting or switching treatment in American IBD reached 75% overall and 80% in Crohn's disease5.

The partnership side is shrinking. Imbruvica's revenue fell 29.4% in the second quarter of 20266, so the shared franchise matters less every year while the competitive one matters more.

The two companies' histories rhyme. Johnson & Johnson is replacing Stelara with Tremfya as AbbVie replaced Humira with Skyrizi, and both are doing it in the same diseases at the same time. The winner of that contest will be decided largely by how benefit managers place the two drugs, not only by clinical data.

The balance of this relationship is moving toward rivalry. Skyrizi's share of new IBD patients is the figure to watch; if Tremfya's growth brings it well below 75%, J&J will have won the second round of a contest AbbVie won the first round of.

Moat trajectory: Holding steady

Skyrizi leads new IBD patients; Tremfya growing fast from a smaller base.

The number that tests this moat
Reported
Skyrizi sales, full year
$17,562M (2025); $11,718M in 2024

The leader's size against Tremfya's $5,155M; a narrowing gap would mean J&J is catching up.

Source: AbbVie Form 10-K, FY2025 ↗
References
  1. ReportedAbbVie's international Imbruvica revenue reflects profit sharing with J&J's Janssen; the two jointly own the drug's economics outside the United States.
    AbbVie second-quarter 2026 results release, Form 8-K exhibit 99.1. — Q2 2026 · publ. 31 July 2026 · source ↗
  2. ReportedAt the same time, Janssen's IL-23 inhibitor Tremfya is the drug AbbVie's management discusses as a competitor to Skyrizi in inflammatory bowel disease.
    The Motley Fool, AbbVie Q4 2025 earnings call transcript - 2026 revenue assumptions by product and management's comments on share and competitors. — Q4 2025 · publ. 4 February 2026 · source ↗
  3. ReportedJ&J's Tremfya sold $5,155 million in 2025, growing fast as J&J moves patients from Stelara.
    Johnson & Johnson Form 10-K for fiscal 2025 - Tremfya sales of $5,155 million in 2025. — FY2025 · publ. 11 February 2026 · source ↗
  4. ReportedSkyrizi sold $17,562 million.
    AbbVie Form 10-K for fiscal 2025 - Item 7 MD&A: net revenues by product and region, and rebates. — FY2025 · publ. 20 February 2026 · source ↗
  5. ReportedManagement said Skyrizi's capture of patients starting or switching treatment in American IBD reached 75% overall and 80% in Crohn's disease.
    The Motley Fool, AbbVie Q4 2025 earnings call transcript - 2026 revenue assumptions by product and management's comments on share and competitors. — Q4 2025 · publ. 4 February 2026 · source ↗
  6. ReportedImbruvica's revenue fell 29.4% in the second quarter of 2026, so the shared franchise matters less every year while the competitive one matters more.
    AbbVie second-quarter 2026 results release, Form 8-K exhibit 99.1. — Q2 2026 · publ. 31 July 2026 · source ↗
Sources
Generated September 25, 2026