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    JOHNSON & JOHNSON (JNJ)

    Johnson & Johnson (JNJ) is a global healthcare company that operates through two main business segments: Innovative Medicine and MedTech. The company focuses on developing and distributing therapeutic products in areas such as Immunology, Infectious Diseases, Neuroscience, Oncology, Pulmonary Hypertension, and Cardiovascular and Metabolic diseases, as well as medical devices used in Orthopaedics, Surgery, Interventional Solutions, and Vision fields . Johnson & Johnson's products are distributed to retailers, wholesalers, distributors, hospitals, and healthcare professionals for prescription use .

    1. Innovative Medicine - Develops and distributes therapeutic products in areas including Immunology, Infectious Diseases, Neuroscience, Oncology, Pulmonary Hypertension, and Cardiovascular and Metabolic diseases. Key products include STELARA and DARZALEX, which are significant contributors to the company's revenue .
    2. MedTech - Offers medical devices and solutions used in Orthopaedics, Surgery, Interventional Solutions, and Vision fields. These products are primarily used by healthcare professionals such as physicians and nurses .

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    NamePositionExternal RolesShort Bio

    Joaquin Duato

    ExecutiveBoard

    Chairman of the Board and CEO

    Member of the Business Council and Business Roundtable.

    Joined JNJ in 1989; became CEO in 2022 and Chairman in 2023. Led strategic initiatives in Pharmaceuticals and MedTech.

    View Report →

    Elizabeth Forminard

    Executive

    EVP, General Counsel

    None.

    Joined JNJ in 2006; leads legal, privacy, and ESG strategies.

    James Swanson

    Executive

    EVP, Chief Information Officer

    None.

    Joined JNJ in 1996; rejoined in 2019 after a tenure at Bayer. Leads digital transformation and IT strategy.

    Jennifer L. Taubert

    Executive

    EVP, Worldwide Chairman, Innovative Medicine

    Board Member at McDonald's Corporation.

    Joined JNJ in 2005; leads Innovative Medicine. Delivered 11 years of above-market growth.

    John C. Reed

    Executive

    EVP, Innovative Medicine, R&D

    None.

    Joined JNJ in 2023; oversees R&D for Innovative Medicine. Formerly held leadership roles at Sanofi and Roche.

    Joseph J. Wolk

    Executive

    EVP, Chief Financial Officer

    None.

    Joined JNJ in 1998; became CFO in 2018. Leads global financial strategy and operations.

    Kathryn E. Wengel

    Executive

    EVP, Chief Technical Operations & Risk Officer

    None.

    Joined JNJ in 1988; oversees technical operations, supply chain, and risk management.

    Kristen Mulholland

    Executive

    EVP, Chief Human Resources Officer

    None.

    Joined JNJ in 2005; became CHRO in 2024. Played a key role in the Kenvue separation.

    Tim Schmid

    Executive

    EVP, Worldwide Chairman of MedTech

    None.

    Joined JNJ in 1993; became MedTech Chairman in 2023. Led MedTech APAC and strategic customer initiatives.

    Vanessa Broadhurst

    Executive

    EVP, Global Corporate Affairs

    None.

    Joined JNJ in 2005; oversees global marketing, communications, public health, and philanthropy.

    Darius Adamczyk

    Board

    Independent Director

    Executive Chairman of Honeywell; Vice Chair of US-China Business Council; Member of Business Roundtable and Aspen Economic Strategy Group.

    Joined JNJ Board in 2022. Brings expertise in global business operations and technology.

    Eugene A. Woods

    Board

    Independent Director

    CEO of Advocate Health; Board Member at Best Buy; Chair of Charlotte Executive Leadership Council.

    Joined JNJ Board in 2023. Healthcare leader with over 30 years of experience.

    Jennifer A. Doudna

    Board

    Independent Director

    Professor at UC Berkeley; Advisory Board Member at Caribou Biosciences and Intellia Therapeutics; Trustee at Pomona College.

    Joined JNJ Board in 2018. Nobel Prize-winning scientist for CRISPR-Cas9 genome editing.

    Marillyn A. Hewson

    Board

    Independent Director

    Board Member at Chevron; Trustee at University of Alabama; Fellow of American Academy of Arts and Sciences.

    Joined JNJ Board in 2019. Former Chairman and CEO of Lockheed Martin.

    Mark A. Weinberger

    Board

    Independent Director

    Board Member at JPMorgan Chase, MetLife, and Saudi Aramco; Advisor to Tanium, Stone Canyon, and Teneo.

    Joined JNJ Board in 2019. Former Global Chairman and CEO of EY.

    Mary C. Beckerle

    Board

    Independent Director

    CEO of Huntsman Cancer Institute; Board Member at Huntsman Corporation and Exelixis; Trustee at Pomona College.

    Joined JNJ Board in 2015. Renowned scientist and leader in cancer research.

    Nadja Y. West

    Board

    Independent Director

    Board Member at Nucor and Tenet Healthcare; Trustee at National Recreation Foundation and Mount St. Mary\u2019s University.

    Joined JNJ Board in 2020. Former U.S. Army Surgeon General and Lieutenant General.

    1. Can you elaborate on the impact of patient mix issues on U.S. sales of TREMFYA and STELARA, and whether this is specific to Johnson & Johnson or indicative of broader market trends?

    2. Given the challenges posed by volume-based procurement and the anti-corruption campaign in China, how do you plan to mitigate the headwinds facing your MedTech business in the Asia Pacific region, and what are your expectations for 2025?

    3. With the upcoming biosimilar competition for STELARA, how confident are you that TREMFYA and JNJ-2113 can replace the sales loss and take market share from entrenched competitors in the immunology space?

    4. In light of the competitive pressures in the electrophysiology market and the delayed U.S. launch of VARIPULSE, how do you intend to regain share, and what are your expectations for your EP business in 2025?

    5. Considering the increased R&D investments and recent acquisitions, can you provide more details on where these elevated investments are being directed and how they will impact your operating margins and growth targets for the coming year?

    Research analysts who have asked questions during JOHNSON & JOHNSON earnings calls.

    Terence Flynn

    Morgan Stanley

    4 questions for JNJ

    Also covers: ABBV, AMGN, ARVN +17 more

    Christopher Schott

    JPMorgan Chase & Co.

    3 questions for JNJ

    Also covers: ABBV, AMGN, AMRX +13 more

    Danielle Antalffy

    UBS Group AG

    3 questions for JNJ

    Also covers: ABT, ATRC, BAX +15 more

    Larry Biegelsen

    Wells Fargo & Company

    3 questions for JNJ

    Also covers: ABT, ALC, AXNX +24 more

    Vamil Divan

    Guggenheim Securities

    3 questions for JNJ

    Also covers: ABBV, ABSI, ANIP +7 more

    Alexandria Hammond

    Wolfe Research

    2 questions for JNJ

    Also covers: ABBV, AMGN, BMRN +5 more

    Asad Haider

    Goldman Sachs

    2 questions for JNJ

    Also covers: ABBV, BMY, BNTX +3 more

    Timothy Anderson

    BofA Securities

    2 questions for JNJ

    Also covers: ABBV, AMGN, AZN +10 more

    Chris Schott

    JPMorgan Chase & Co.

    1 question for JNJ

    Also covers: ABBV, AMGN, BMY +11 more

    David Chen

    Goldman Sachs Group, Inc.

    1 question for JNJ

    Jayson Bedford

    Raymond James

    1 question for JNJ

    Also covers: AXGN, DXCM, IART +7 more

    Joanne Wuensch

    Citigroup Inc.

    1 question for JNJ

    Also covers: ABT, BAX, BDX +18 more

    Joshua Jennings

    TD Cowen

    1 question for JNJ

    Also covers: ABT, ALUR, ATEC +20 more

    Lawrence Biegelsen

    Wells Fargo

    1 question for JNJ

    Also covers: ABT, ALC, BAX +15 more

    Louise Chen

    Cantor Fitzgerald

    1 question for JNJ

    Also covers: ARDX, CNTB, IMAB +14 more

    Matthew Miksic

    Barclays PLC

    1 question for JNJ

    Also covers: ABT, ATEC, BAX +15 more

    Shagun Singh

    RBC Capital Markets

    1 question for JNJ

    Also covers: DXCM, GMED, INSP +7 more

    Shagun Singh Chadha

    RBC Capital Markets

    1 question for JNJ

    Also covers: AXNX, DXCM, GMED +10 more
    Program DetailsProgram 1
    Approval DateSeptember 14, 2022
    End Date/DurationFiscal first quarter of 2023
    Total additional amount$5.0 billion
    Remaining authorizationN/A
    DetailsPurpose was to make shares available for general corporate purposes. Repurchases were made at management's discretion on the open market or through privately negotiated transactions.
    YearAmount Due (Millions)Debt TypeInterest Rate (%)% of Total Debt
    20242,000 Commercial Paper5.10 5.6% = (2,000 / 35,751) * 100
    2024N/A5.50% Notes5.50 N/A
    20261,998 2.46% Notes2.46 5.6% = (1,998 / 35,751) * 100
    2027943 2.95% Notes2.95 2.6% = (943 / 35,751) * 100
    20271,463 0.95% Notes0.95 4.1% = (1,463 / 35,751) * 100
    20281,497 2.90% Notes2.90 4.2% = (1,497 / 35,751) * 100
    2028832 1.150% Notes1.150 2.3% = (832 / 35,751) * 100
    20291,146 4.80% Notes4.80 3.2% = (1,146 / 35,751) * 100
    2029298 6.95% Notes6.95 0.8% = (298 / 35,751) * 100
    20301,671 1.30% Notes1.30 4.7% = (1,671 / 35,751) * 100
    20311,146 4.90% Notes4.90 3.2% = (1,146 / 35,751) * 100
    2032776 3.20% Notes3.20 2.2% = (776 / 35,751) * 100
    2033499 4.95% Notes4.95 1.4% = (499 / 35,751) * 100
    2033854 4.375% Notes4.375 2.4% = (854 / 35,751) * 100
    2034846 4.95% Notes4.95 2.4% = (846 / 35,751) * 100
    20351,660 1.650% Notes1.650 4.6% = (1,660 / 35,751) * 100
    2036886 3.35% Notes3.35 2.5% = (886 / 35,751) * 100
    2036902 3.587% Notes3.587 2.5% = (902 / 35,751) * 100
    2037994 5.95% Notes5.95 2.8% = (994 / 35,751) * 100
    20371,395 3.625% Notes3.625 3.9% = (1,395 / 35,751) * 100
    2038993 3.40% Notes3.40 2.8% = (993 / 35,751) * 100
    2038697 5.85% Notes5.85 2.0% = (697 / 35,751) * 100
    2040541 4.50% Notes4.50 1.5% = (541 / 35,751) * 100
    2040885 2.10% Notes2.10 2.5% = (885 / 35,751) * 100
    2041297 4.85% Notes4.85 0.8% = (297 / 35,751) * 100
    2043496 4.50% Notes4.50 1.4% = (496 / 35,751) * 100
    20441,104 3.55% Notes3.55 3.1% = (1,104 / 35,751) * 100
    20461,978 3.73% Notes3.73 5.5% = (1,978 / 35,751) * 100
    2047868 3.75% Notes3.75 2.4% = (868 / 35,751) * 100
    2048744 3.50% Notes3.50 2.1% = (744 / 35,751) * 100
    2050859 2.25% Notes2.25 2.4% = (859 / 35,751) * 100
    2054843 5.25% Notes5.25 2.4% = (843 / 35,751) * 100
    20601,107 2.45% Notes2.45 3.1% = (1,107 / 35,751) * 100
    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLPAt least 1920 PresentCurrent auditor

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    Intra-Cellular Therapies, Inc.

    2025

    Planned Acquisition with a total equity value of approximately $14.6 billion at $132 per share in cash, funded through cash and debt; the deal aims to bolster J&J’s neuroscience portfolio by adding CAPLYTA® with a $5B+ sales potential, subject to regulatory and shareholder approvals.

    V-Wave Ltd.

    2024

    Completed Acquisition on October 8, 2024, involving an upfront payment of $0.6 billion plus up to $1.1 billion in milestones as an asset acquisition recorded with an IPR&D charge, enhancing treatment options for heart failure.

    Yellow Jersey Therapeutics

    2024

    Completed Acquisition on July 11, 2024, executed as an all-cash transaction valued at approximately $1.25 billion to secure global rights to NM26—a novel bispecific antibody for atopic dermatitis—with the transaction recorded as an IPR&D asset in the Innovative Medicine segment.

    Proteologix, Inc.

    2024

    Completed Acquisition on June 20, 2024, valued at about $0.8 billion (net of cash) with potential additional milestone payments; the deal, accounted for as a business combination, reinforces J&J’s capabilities in bispecific antibodies for immune-mediated diseases with detailed fair value allocations and assumed liabilities.

    Shockwave Medical, Inc.

    2024

    Completed Acquisition on May 31, 2024, for an enterprise value of approximately $13.1 billion (at $335 per share in cash), aimed at integrating IVL technology to treat calcified CAD/PAD, funded by cash and debt, with expected revenue growth and a modest EPS dilution initially.

    Ambrx Biopharma, Inc.

    2024

    Completed Acquisition on March 7, 2024, via an all-cash merger valued at roughly $2.0 billion (or $1.8B net of cash) to enhance J&J’s ADC technology for cancer treatment; the deal included significant intangible assets and IPR&D, with a structured fair value allocation.

    Laminar, Inc.

    2023

    Completed Acquisition involving an upfront payment of $400 million plus potential milestone payments, strategically fitted into J&J’s MedTech portfolio by providing innovative rotational technology to eliminate the LAA in AFib patients, thereby strengthening its electrophysiology offerings.

    Abiomed, Inc.

    2022

    Completed Acquisition on December 22, 2022, for an enterprise value of approximately $16.6 billion at $380 per share in cash (with additional contingent value rights), which adds world-leading heart recovery solutions to J&J’s MedTech portfolio and positions Abiomed as a standalone business within the segment.

    Recent press releases and 8-K filings for JNJ.

    Johnson & Johnson MedTech outlines growth strategy and innovation roadmap
    ·$JNJ
    Guidance Update
    M&A
    Product Launch
    • J&J MedTech expects sector growth of 5 – 7%, targeting the upper end through portfolio renewal and organic performance commitments.
    • The portfolio now has 50% of businesses in > 5% growth markets (vs 20% in 2018), with $5 B divestitures and ~$30 B in acquisitions (Abiomed, Shockwave) to reach > 60% high-growth by 2027.
    • Invested $3.7 B in R&D in 2024 and committed $55 B over four years for innovation in cardiovascular, digital surgery, vision, and robotics.
    • Key pipelines: EP business rebounded with 9% Q1–Q2 sequential growth; surgical robotic system OTAVA in U.S. IDE trials for 2026 submission; cardiovascular grew 6.1% in Q2 with acquisitions driving double-digit segment growth.
    Sep 3, 2025, 5:08 PM
    Sight Sciences recognized in TFOS DEWS III global dry eye guidelines
    ·$JNJ
    • Sight Sciences’ TearCare System was officially included in the TFOS DEWS III Management and Therapy Report, a primary standard in dry eye disease management, published in the American Journal of Ophthalmology.
    • The report highlights the six-month SAHARA RCT showing TearCare’s superiority in improving Tear Breakup Time and gland function versus twice-daily Restasis, and the OLYMPIA RCT demonstrating significant symptom relief and greater improvements in severe cases compared to LipiFlow.
    • TearCare is 510(k)-cleared in the US for localized heat therapy in adults with evaporative dry eye disease due to meibomian gland disease.
    Sep 2, 2025, 8:05 PM
    Johnson & Johnson presents long-term survival benefit of Impella CP
    ·$JNJ
    • Data from the DanGer Shock trial shows 16.3% absolute mortality reduction at 10 years vs standard care and patients gained an average of 600 days alive (95% CI: 235–966 days).
    • Impella CP is the first mechanical circulatory support device proven in an RCT to provide durable short- and long-term survival benefits for STEMI-related cardiogenic shock.
    • Based on the original 6-month DanGer Shock results, the ACC and AHA upgraded Impella to a Class 2a guideline recommendation in May 2024.
    Aug 31, 2025, 4:15 PM
    Johnson & Johnson: Global CAR T-Cell Therapy Market Set to Reach USD 29 Billion by 2029
    ·$JNJ
    • Market valued at US$3.7 billion in 2023 and US$5.5 billion in 2024, projected to hit US$29.0 billion by 2029 at a 39.6% CAGR.
    • Growth fueled by rising cancer prevalence, robust funding, and technological advances, while high treatment costs (>$350,000 per patient) constrain broader adoption.
    • Asia Pacific expected to record the highest CAGR from 2024–2029; North America remains the largest market today.
    • Market is consolidated with leading players including Bristol-Myers Squibb, Gilead Sciences, Novartis, and Johnson & Johnson among others.
    • Recent milestones include accelerated FDA approval for BREYANZI (May 2024) and partnerships to scale manufacturing for YESCARTA.
    Aug 26, 2025, 11:31 AM
    Royalty Pharma to acquire Imdelltra royalty interest for up to $950 M
    ·$JNJ
    M&A
    New Projects/Investments
    • Royalty Pharma will pay $885 million upfront for an approximately 7% royalty on worldwide net sales of Amgen’s Imdelltra, with BeOne Medicines retaining an option to sell additional royalties for up to $65 million within 12 months.
    • Imdelltra, a first-in-class DLL3-targeting bispecific T-cell engager approved in May 2024 for extensive-stage small cell lung cancer, generated $215 million in sales in H1 2025 and is projected to exceed $2.8 billion by 2035.
    • The royalty extends through 2038–2041, includes profit-sharing on annual net sales above $1.5 billion, and BeOne retains China commercial rights.
    • The transaction is expected to enhance Royalty Pharma’s long-term growth prospects and portfolio diversification.
    Aug 25, 2025, 10:10 AM
    Alvotech reports H1 2025 results and business update
    ·$JNJ
    Earnings
    Management Change
    M&A
    • Alvotech delivered $204.7 million in product revenue for H1 2025, up over 200% year-on-year from $65.9 million.
    • The company reported a net profit of $141.7 million (basic EPS $0.50) for H1 2025, reversing a loss of $153.5 million in the prior year.
    • Cash and cash equivalents stood at $151.5 million as of June 30 2025, against total borrowings of $1,118.2 million.
    • Linda Jónsdóttir was appointed Chief Financial Officer on July 9 2025, replacing Joel Morales in that role.
    • In Q2 2025, Alvotech expanded partnerships with Advanz Pharma and Dr. Reddy’s, and acquired Xbrane’s R&D operations in Sweden and Switzerland’s Ivers-Lee Group.
    Aug 13, 2025, 8:15 PM
    Johnson & Johnson pivots to new growth cycle with pipeline momentum
    ·$JNJ
    M&A
    Guidance Update
    Dividends
    • Divested consumer brands into Kenvue, raising $13 billion; J&J now focuses exclusively on pharmaceuticals and medical devices.
    • Achieved its first $15 billion quarterly pharmaceutical revenue despite a $1.2 billion year-over-year decline in Stelara sales; the remainder of the portfolio grew 15%, with 13 drugs posting double-digit gains.
    • Acquired Intracellular Therapies for $14 billion to deepen its oncology and CNS pipelines; targeting >$50 billion in cancer sales by 2030.
    • Stock is up 20% YTD, trades at 15× forward earnings with a >3% dividend yield; consensus EPS forecasts exceed $15 by 2030, and management has resumed share buybacks.
    • Talcum-powder litigation exposure is rated highly manageable by JP Morgan, and CFO Joe Wolk calls the company’s pipeline performance “beyond what we said”.
    Aug 13, 2025, 4:48 PM
    FBR Solutions acquires Johnson Communications
    ·$JNJ
    M&A
    • FBR Solutions acquired Johnson Communications, a telecom construction services provider, to add in-house fiber deployment, maintenance and installation capabilities nationwide.
    • The transaction is backed by private equity firms FVLCRUM Funds and Greenhall Capital Partners, highlighting strategic investment in broadband infrastructure.
    • Johnson Communications, founded in 2000, has deployed over 100 in-house construction crews and serves utility cooperatives and major telecommunications providers.
    • The acquisition enhances FBR’s position as a national leader in telecommunications infrastructure, enabling fully integrated construction and installation services.
    Jul 31, 2025, 12:00 PM
    Johnson & Johnson hit with record $42.6M verdict over asbestos baby powder
    ·$JNJ
    Legal Proceedings
    • In Boston, a jury awarded $42,609,300 to plaintiffs Paul and Kathryn Lovell, finding J&J’s talc-based baby powder caused mesothelioma
    • The award is the largest mesothelioma verdict in Massachusetts history, highlighting significant litigation risk for J&J’s talc products
    • Jurors determined Johnson & Johnson knowingly ignored internal warnings about asbestos contamination and misled consumers and regulators
    • The case, Paul Lovell and Kathryn Lovell v. Johnson & Johnson (Civil Action No. 21-2086), underscores ongoing legal exposure from talc-related claims
    Jul 29, 2025, 11:11 PM
    Johnson & Johnson submits FDA filing for TREMFYA label expansion
    ·$JNJ
    • On July 29, 2025, Johnson & Johnson filed a supplemental Biologics License Application (sBLA) with the FDA to add evidence of structural joint damage inhibition to TREMFYA’s label for active psoriatic arthritis.
    • The submission is supported by 24-week results from the Phase 3b APEX study in biologic-naïve patients, which met its primary endpoint (ACR20 response) and key secondary endpoint (change in modified van der Heijde-Sharp score) versus placebo.
    • If approved, TREMFYA would be the first and only IL-23 inhibitor shown to both control symptoms and significantly inhibit progression of joint structural damage in active PsA.
    • APEX safety data align with TREMFYA’s established profile, with detailed findings presented at EULAR 2025.
    Jul 29, 2025, 12:00 PM