Johnson & Johnson & AbbVie
Johnson and Johnson and AbbVie are the two largest specialty pharmaceutical companies in the US, competing directly across immunology (the largest and most lucrative pharmaceutical category) and oncology. AbbVie's Humira (adalimumab) was the world's best-selling drug for over a decade; J&J's Stelara (ustekinumab) competes in the same biologic immunology space, as does J&J's Tremfya and Darzalex in oncology.
Why it matters: Immunology drugs for rheumatoid arthritis, psoriasis, and Crohn's disease generate $50B+ annually across the industry. As Humira faces biosimilar erosion, AbbVie's Skyrizi and Rinvoq are surging, while J&J's immunology portfolio competes for the same patients. The outcome of this competition will redistribute tens of billions in prescription revenue.