Story perspectives

Caplyta Phase 3 hits primary endpoint, J&J shares rise

By Drooid · Sep 24, 2026, 8:08 AM UTC · How we work

Summary

Johnson & Johnson Shares

Johnson & Johnson shares rose 0.86% to $269.99 after Caplyta Phase 3 trial met primary endpoint.
UBS raised its Johnson & Johnson price target to $320 from $280, maintaining a Buy rating.
UBS projects Caplyta’s long-term peak sales could exceed $5 billion, modeling $4.3 billion in 2033.
Johnson & Johnson discussed selling its orthopedics unit to Apollo Global Management for nearly $20 billion.

Summary

Caplyta Shows Efficacy

The Phase 3 trial showed Caplyta reduced YMRS scores by 4.8 points versus placebo at Week 3.
45.8% of Caplyta patients achieved >=50% symptom reduction, compared with 20.9% on placebo.
Significant improvement appeared by Day 3 and lasted through the three-week study.
Dry mouth (7.9% vs. 3.4%) and nausea (7.9% vs. 2.3%) were the most common adverse events.
Results were presented at the 2026 Psych Congress Annual Meeting, September 15-19, in New Orleans.

History

Historical Context

In 1996, the U.S. Food and Drug Administration approved Eli Lilly’s antipsychotic Zyprexa, launching a market-changing treatment for bipolar disorder. Zyprexa generated $2.5 billion in U.S. sales by 2000, with 45 percent of psychiatrists prescribing it within two years, reshaping industry revenue benchmarks. Today, Johnson & Johnson’s Caplyta Phase 3 trial mirrors that breakthrough, showing a 45.8 percent response rate and projected $5 billion peak sales, echoing Zyprexa’s market impact. The parallel suggests that successful bipolar-disorder drugs can drive multi-billion-dollar growth, prompting J&J’s $20 billion orthopedics divestiture and reshaping pharmaceutical investment strategies.

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Johnson & Johnson Shares

Johnson & Johnson shares rose 0.86% to $269.99 after Caplyta Phase 3 trial met primary endpoint.
UBS raised its Johnson & Johnson price target to $320 from $280, maintaining a Buy rating.
UBS projects Caplyta’s long-term peak sales could exceed $5 billion, modeling $4.3 billion in 2033.
Johnson & Johnson discussed selling its orthopedics unit to Apollo Global Management for nearly $20 billion.

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