J&J's Taubert to Retire, Crystal Biotech's Vyjuvek Pricing Debate Intensifies
J&J Pharmaceutical Leadership Transition
Johnson & Johnson (JNJ)'s Jennifer Taubert has announced her upcoming retirement as head of the Innovative Medicine segment. Having joined in 2005, Taubert has overseen the pharmaceutical business in the Americas and global commercial strategy, leading a segment with over $60 billion in annual revenue. With Stelara (Stelara, ustekinumab, an IL-12/23 inhibitor) facing biosimilar competition, a key challenge for the incoming leadership will be to drive the growth of Tremfya (Tremfya, guselkumab, an IL-23 inhibitor), Carvykti (Carvykti, ciltacabtagene autoleucel, a BCMA-targeting therapy), and Inlexzo (Inlexzo, gemcitabine delivery system). More important than the personnel change is the continuity of capital allocation to the late-stage pipeline and acquired assets, which will be crucial for J&J's value.
Vyjuvek's Regulatory and Clinical Value
Krystal Biotech (KRYS)'s Vyjuvek (Vyjuvek, beremagene geperpavec-svdt) is a topical gene therapy that delivers two copies of the normal COL7A1 gene using a replication-defective HSV-1 vector to express functional type VII collagen. It received FDA approval on May 19, 2023, following the Phase 3 GEM-3 trial, and on September 12, 2025, the U.S. label was expanded to include use in newborns and allow for administration by patients and caregivers at home. The European Union approved it on April 23, 2025, and Japan's Ministry of Health, Labour and Welfare approved it on July 24, 2025; it is currently marketed in all three regions. While repeat applications are required, it directly addresses the genetic cause of the disease, unlike standard supportive care, which has focused on dressings, infection prevention, and pain and nutritional management.
Pricing Debate and Quality of Growth
Vyjuvek's U.S. Wholesale Acquisition Cost (WAC) is $24,250 per vial, and the company initially projected an annual cost of approximately $631,000 per patient. Krystal reported net product revenue of $389.1 million in 2025 and $116.4 million in the first quarter of 2026, with over 695 U.S. reimbursement approvals at the end of the quarter. Therefore, the key risk is not the absence of reimbursement pathways, but rather the usage, which varies depending on the wound area and frequency of recurrence, the lifetime cost of repeat administration, and the net prices in Europe and Japan. In 2024, the seven major markets for dystrophic epidermolysis bullosa (DEB) were estimated at $589.9 million, and Vyjuvek's sales are already reshaping the market.
Competition with Zevaskyn
Vyjuvek's direct competitor is Zevaskyn (Zevaskyn, prademagene zamikeracel) from Abeona Therapeutics (ABEO), a cell-sheet gene therapy that introduces COL7A1 into the patient's own autologous keratinocytes. Based on the Phase 3 VIITAL trial, it received FDA approval on April 28, 2025, and the U.S. WAC is $3.1 million per single treatment. Zevaskyn is a surgical, single-dose treatment, while Vyjuvek can be administered weekly at home or in an outpatient setting, making initial cost, convenience, wound closure durability, and cumulative cost key competitive factors. Vyjuvek's global expansion is positive, but its long-term valuation will depend on net prices in each country and actual clinical re-administration rates.
For J&J investors, Taubert's retirement represents a leadership transition that will test how effectively the $60 billion Innovative Medicine segment can replace Stelara's lost revenue with Tremfya, Carvykti, and other late-stage oncology assets. Crystal Biotech, with its marketed Vyjuvek, generated $389.1 million in 2025 and $116.4 million in the first quarter of 2026, but the $24,250 per vial repeat cost will determine its mid-term net sales and payer negotiation power. For researchers and clinicians, the key comparison is between Vyjuvek, which targets COL7A1, and Zevaskyn, a $3.1 million single-dose cell therapy approved after Phase 3, in terms of wound closure durability and ease of administration. Given the $589.9 million DEB market in the seven major countries in 2024, there is significant short-term growth potential, but the long-term winner will be determined not by the number of approvals, but by actual usage, patient retention, and net prices in each country.
Source: BioPharma Dive (rss)