⚠ Tremfya and the IL-23 RaceModerate threat

AbbVie (ABBV) — threat to the moat

Johnson & Johnson built Tremfya to do for Stelara what Skyrizi did for Humira, and the two now compete for the same patients.

Skyrizi is not alone in its class. On the fourth-quarter 2025 call AbbVie's management discussed Janssen's IL-23 inhibitor Tremfya as a competitor to Skyrizi in inflammatory bowel disease1, and the 10-K lists IL-23 inhibitors among the classes its immunology products compete with2.

IL-23 inhibitor sales, 2025 ($M)Skyrizi (AbbVie)17,562Tremfya (J&J)5,155AbbVie and Johnson & Johnson Forms 10-K FY2025
The leader is three times the challenger.

Tremfya is growing fast from a smaller base: Johnson & Johnson reported sales of $5,155 million in 20253, against Skyrizi's $17,562 million4. The two are fighting for the same new patients in Crohn's disease and ulcerative colitis, where management says Skyrizi's capture of patients starting or switching treatment in American IBD reached 75%5.

Takeda's Entyvio is the other incumbent: management described it as the leading agent or close to it with Skyrizi in ulcerative colitis6.

The contest is also about how fast each drug is adopted in new indications. Skyrizi had a head start in bowel disease; Tremfya's growth shows J&J is closing some of it. AbbVie's advantage lies in its sales force's relationships with gastroenterologists, built first with Humira. The IL-23 class is likely to be shared between the two for years.

The measure of this contest is Skyrizi's share of new IBD patients. A fall well below the 75% management cited would say Tremfya is taking the next wave of patients, which is where the drug's post-2027 growth has to come from.

References
  1. ReportedOn the fourth-quarter 2025 call AbbVie's management discussed Janssen's IL-23 inhibitor Tremfya as a competitor to Skyrizi in inflammatory bowel disease, and the 10-K lists IL-23 inhibitors among the classes its immunology products compete with.
    The Motley Fool, AbbVie Q4 2025 earnings call transcript - 2026 revenue assumptions by product and management's comments on share and competitors. — Q4 2025 · publ. 4 February 2026 · source ↗
  2. ReportedOn the fourth-quarter 2025 call AbbVie's management discussed Janssen's IL-23 inhibitor Tremfya as a competitor to Skyrizi in inflammatory bowel disease, and the 10-K lists IL-23 inhibitors among the classes its immunology products compete with.
    AbbVie Form 10-K for fiscal 2025 - Item 7 MD&A: net revenues by product and region, and rebates. — FY2025 · publ. 20 February 2026 · source ↗
  3. ReportedTremfya is growing fast from a smaller base: Johnson & Johnson reported sales of $5,155 million in 2025, against Skyrizi's $17,562 million.
    Johnson & Johnson Form 10-K for fiscal 2025 - Tremfya sales of $5,155 million in 2025. — FY2025 · publ. 11 February 2026 · source ↗
  4. ReportedTremfya is growing fast from a smaller base: Johnson & Johnson reported sales of $5,155 million in 2025, against Skyrizi's $17,562 million.
    AbbVie Form 10-K for fiscal 2025 - Item 7 MD&A: net revenues by product and region, and rebates. — FY2025 · publ. 20 February 2026 · source ↗
  5. ReportedThe two are fighting for the same new patients in Crohn's disease and ulcerative colitis, where management says Skyrizi's capture of patients starting or switching treatment in American IBD reached 75%.
    The Motley Fool, AbbVie Q4 2025 earnings call transcript - 2026 revenue assumptions by product and management's comments on share and competitors. — Q4 2025 · publ. 4 February 2026 · source ↗
  6. ReportedTakeda's Entyvio is the other incumbent: management described it as the leading agent or close to it with Skyrizi in ulcerative colitis.
    The Motley Fool, AbbVie Q4 2025 earnings call transcript - 2026 revenue assumptions by product and management's comments on share and competitors. — Q4 2025 · publ. 4 February 2026 · source ↗
Sources
Generated September 25, 2026