Johnson & Johnson said an experimental eczema medicine acquired for $1.25 billion failed to meet the company’s efficacy standards and the program will be discontinued. The decision closes a high‑profile acquisition bet and removes a late‑stage asset from J&J’s dermatology pipeline. Company statements indicate the trial data fell short on primary endpoints despite prior optimism. The write‑down will affect near‑term pipeline valuation and demonstrates the continued clinical risk for biologics in inflammatory skin disease.