Spravato Sales Surge and Growing Psychedelic Competition, 2026

Johnson & Johnson’s depression drug Spravato saw its second‑quarter sales surge about 40% year over year on an operational basis, reaching $584 million worldwide in Q2 2026, with U.S. sales alone at $514 million, according to the company’s latest earnings report and analyst summaries.

Analysts at Jefferies note that Spravato’s performance supports the view that psychedelic‑adjacent therapies can be commercially viable in hard‑to‑treat mental‑health disorders, and they estimate the drug’s annualized run rate has climbed above $2.3 billion, putting it on track to hit the company’s long‑term guidance of roughly $3–3.5 billion in annual sales by 2027–2028.

The growth is driven by rising physician and patient demand, an expanding network of certified treatment sites (now over 7,000 in 2026 compared with 2,800 in 2024), and an expanded FDA label allowing Spravato to be used as monotherapy in treatment‑resistant depression without a background antidepressant.

At the same time, traditional psychedelics such as Compass Pathways’ psilocybin‑based COMP360 and Definium Therapeutics’ LSD‑based DT‑120 are advancing in late‑stage trials for depression and have the potential to become meaningful competitors from 2028 onward, although analysts expect minimal near‑term revenue impact on Spravato in 2026–2027 as reimbursement and site infrastructure scale up.

Wall Street continues to view Spravato as a “key franchise” and estimates peak annual sales could reach as high as $5 billion, even as large pharmas such as AbbVie and a host of smaller biotechs jockey to capture a share of the rapidly growing psychedelics‑derived mental‑health market.