Spravato Sales Jump in Q2, Bodes Well for Psychedelics - DFTX, ATAI, CMPS, HELP

Research evidence excerpt

Spravato Sales Jump in Q2, Bodes Well for Psychedelics - DFTX, ATAI, CMPS, HELP

USA | Biotechnology EquityJulyResearch15, 2026

Spravato Sales Jump in Q2, Bodes Well for

Psychedelics - DFTX, ATAI, CMPS, HELP

JNJ Spravato (esketamine nasal spray) for TRD depression posted Q2:26

sales of $584M WW (up +25% Q/Q), implying a $2.3B+ runrate. Q2 US sales

were $514M. Sales are tracking to reach annual sales guidance of $3-3.5B

+ by 2027-28. Spravato’s trajectory supports the notion psychedelics can be

commercially viable in hard-to-treat mental health disorders, by leveraging

JNJ's infrastructure. The first psychedelic (COMP360 psilocybin) could launch

in H1:27.

Big picture: JNJ has positioned Spravato as a key franchise, with peak sales guided to reach up

to $5B+. Spravato's commercial momentum in TRD depression (mono/adjunct) and MDD suicidal

ideation provides evidence that psychedelics can reach blockbuster status in hard-to-treat CNS

disorders, even if use is limited to hospitals or treatment clinics (vs at home). Investor interest in

the space has also risen meaningfully Q/Q, especially with sponsors producing (+) Phase II/III data

across several indications like TRD/MDD depression (DFTX, CMPS, ATAI, HELP, GHRS) GAD/SAD

anxiety (DFTX, ATAI, HELP) and PTSD (Otsuka, CMPS). The regulatory backdrop is also improving

(here, here, here, here) and our channel checks suggest physician/patient demand should exist

(here, here, here). Big Pharma interest in psychedelics could be rising too, following the 2025-26

acquisitions of Gilgamesh's bretisilocin (5-HT2A agonist) in MDD and Transcend's TSND-201

(methylone) for PTSD.

Spravato's Q2:26 WW sales of $584M were up +25% Q/Q (from $468M in Q1), which JNJ says

was driven by increasing physician/patient demand.