Johnson & Johnson (NYSE:JNJ)’s Spravato is reinforcing investor interest in the broader psychedelics sector as it reported another quarter of strong sales growth, with Jefferies analysts pointing to implications for companies such as AtaiBeckley Inc. (NASDAQ:ATAI, XETRA:9VC) and peers developing next-generation mental health treatments.
Spravato (esketamine nasal spray), which is approved for treatment-resistant depression (TRD), generated $468 million in global sales in the first quarter of 2026, representing a 46% increase year over year. The figure implies an annualized run rate exceeding $1.9 billion.
Sales declined 7% compared to the prior quarter, which analysts attributed to seasonal factors, such as insurance resets. However, Jefferies described the year-over-year growth as “quite encouraging,” noting that performance remains on track to meet long-term guidance.
The firm reiterated that Spravato could reach $3 billion in annual sales by 2027 and $3.5 billion by 2028, with peak sales potential of up to $5 billion.
“Spravato is positioned as a key franchise,” they wrote, citing its expanding use both as a monotherapy and adjunct treatment in TRD and major depressive disorder with suicidal ideation.
Jefferies argued that the drug’s commercial trajectory provides tangible evidence that psychedelic-based therapies can succeed in mainstream healthcare settings.
“Spravato’s strong trajectory supports the notion psychedelics can be commercially viable for mental health,” the analysts wrote, adding that this may be partly driven by Johnson & Johnson’s established infrastructure.
Cumulative patient uptake has also increased steadily. More than 200,000 patients had been treated globally as of the fourth quarter of 2025, up from 180,000 in the prior quarter and 140,000 at the start of 2025. In the latest quarter, US sales rose 47% year over year to $406 million, while international sales grew 39% to $61 million.
Jefferies noted that continued investment in treatment infrastructure, including clinic networks, physician adoption, and reimbursement pathways, “should only help facilitate the adoption of psychedelics in the future.” The report added that emerging therapies could integrate into existing treatment models, potentially easing logistical challenges.
“Eventually, we think psychedelics can fit into the existing Spravato treatment paradigm to mitigate any supply chain headwinds,” they wrote.
The firm specifically highlighted ATAI’s intranasal candidate BPL-003, stating it “fits seamlessly into the two-hour treatment paradigm of Spravato,” given its similar delivery mechanism.
Beyond Spravato, investor attention is increasingly turning to late-stage clinical programs across the psychedelics landscape, the analysts highlighted. Companies including Compass Pathways, GH Research, and Awakn Life Sciences are advancing therapies targeting conditions such as depression, anxiety, and post-traumatic stress disorder. Upcoming milestones include Phase III readouts for several candidates, such as Compass Pathways’ COMP360 in TRD and multiple programs from ATAI and other developers across 2026 and beyond.
Jefferies also pointed to growing involvement from large pharmaceutical companies. In August 2025, AbbVie acquired a psychedelic-related asset from Gilgamesh Pharmaceuticals for $1.2 billion, while in March, Otsuka Pharmaceutical agreed to acquire Transcend Therapeutics’ PTSD candidate for more than $700 million upfront.
The analysts said these deals suggest that “Big Pharma’s interest in the psychedelics space could be rising,” particularly as clinical data continues to mature.
Shares of J&J traded up 1% at about $240 following the release of its first quarter earnings report.