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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 .
- 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 .
- 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 .
| Name | Position | External Roles | Short 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. |
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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?
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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?
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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?
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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?
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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?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
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.
- The Phase 2 RedirecTT-1 study of TALVEY® plus TECVAYLI® in 90 triple-class exposed relapsed/refractory multiple myeloma patients with extramedullary disease demonstrated an overall response rate of 78.9% and 54.4% complete response or better.
- Among patients previously treated with BCMA CAR-T therapy or a bispecific antibody, ORRs were 83.3% and 75%, respectively.
- After a median follow-up of 13.4 months, 66.2% of responders remained in response, with 61% progression-free and alive at one year.
- Safety was consistent with monotherapy profiles, featuring mostly low-grade CRS and ICANS, low discontinuation rates, and no new safety signals.
- JNJ-90014496, a dual-targeting CAR T-cell therapy against CD19 and CD20, achieved 75–80% complete response rates with 100% ORR in patients with one prior therapy and 92% ORR in those with ≥2 prior therapies .
- The recommended Phase 2 dose was established at 75 million CAR T-cells .
- Encouraging safety profile with no Grade 3/4 cytokine release syndrome (CRS), despite 84% of patients experiencing Grade 3/4 adverse events (72% neutropenia) and 28% serious events .
- Two patients developed ICANS, including one Grade 3 event .
- Data were presented at the 2025 European Hematology Association Congress .
- Findings suggest potential to surpass current single-antigen CD19 CAR T therapies with ~40% long-term remission rates .
- J&J continues global Phase 1b development in collaboration with AbelZeta, extending its next-generation CAR T pipeline .
- Johnson & Johnson reported Phase 1b data for bleximenib in combination with venetoclax and azacitidine in relapsed/refractory and newly diagnosed, intensive chemo-ineligible AML, presented at EHA 2025.
- At the recommended Phase 2 dose (100 mg BID), relapsed/refractory patients achieved an 82% overall response rate (ORR) and 59% composite complete response (cCR).
- Newly diagnosed, intensive chemo-ineligible patients saw a 90% ORR and 75% cCR at the same dose level.
- Safety at the RP2D showed differentiation syndrome in 4% of patients, no Grade 3+ QTc prolongation, and most common Grade 3+ TEAEs were thrombocytopenia, neutropenia and anemia.
- The study enrolled 125 AML patients with KMT2A rearrangements or NPM1 mutations; Phase 2 and 3 trials are now enrolling.
- Johnson & Johnson reaffirms 5–7% Innovative Medicines operational growth through 2025 after achieving ~$57 billion in IM sales in 2024.
- In immunology, Tremfya is displacing Stelara post-LOE, capturing ~50% of new induction share in ulcerative colitis, with Crohn’s approval supported by head-to-head endoscopic remission data and differentiated subcutaneous dosing.
- Oncology drivers include Darzalex (24% Q1 growth) , Carvykti demonstrating 33% 5-year disease-free rates in heavily pretreated multiple myeloma , and TAR-200 poised for FDA approval in high-risk NMIBC with ≥82% complete response.
- The EGFR asset Ribrovant shows a ≥12-month overall survival advantage versus osimertinib, posted first-quarter sales of $140 million, and is on track for >$4 billion by 2028.
- Neuroscience portfolio is strengthened by Spravato in treatment-resistant depression and the Intracellular acquisition adding Caplyta—approved for bipolar I/II and pending MDD sNDA—to expand CNS offerings.
- Drug pricing and policy updates were discussed, focusing on PBM reform and the potential impact on patient co-pays due to differences between list and net prices.
- Talc litigation strategy was a key topic, with the company describing a return to the tort system, favorable odds in ovarian cancer cases, and a $7 billion reversal in accruals, supported by changes in Daubert criteria.
- 2025 financial guidance was confirmed with projected organic sales growth of 2%-3% and EPS growth of 5%-7%, alongside initiatives aimed at improving operating margins by 300 basis points by year-end.
- Strategic focus on MedTech innovation was emphasized, highlighting leadership in cardiac ablation, progress in PFA catheter development, and the upcoming launch of the TARIS drug-device combination platform, potentially exceeding a $5 billion market.
- FDA ODAC voted 6-2 in favor of the benefit-risk profile of DARZALEX FASPRO® for treating high-risk smoldering multiple myeloma, highlighting its potential to delay or prevent progression to active multiple myeloma.
- The decision was based on positive progression-free survival results from the Phase 3 AQUILA study, marking a pivotal advance in early intervention for high-risk patients.
- Tariff and pricing pressures: CFO Joseph Wolk discussed the impact of tariffs on both the pharmaceutical and MedTech sides, noting adjustments in pricing and discounts amid evolving global trade conditions.
- Innovative medicine growth: The call highlighted robust growth prospects for the innovative medicines portfolio, including approvals and future sales potential for key products like TREMFYA, UC, and RYBREVANT.
- MedTech advancements: Wolk emphasized progress in MedTech with new product launches (OTTAVA, VELYS solutions, EP enhancements) and strategic investments to strengthen market positioning.
- Risk management: The company detailed its approach to managing legal risks, particularly regarding talc litigation, citing a reversal of a $7 billion accrual and a strong track record in contesting these claims.
- J&J executives discussed potential AI-driven enhancements in data sharing with the FDA, emphasizing the agency’s efficient approval process and fast U.S. launches.
- The team highlighted their competitive product pipeline for psoriasis and inflammatory bowel disease, noting a head-to-head trial approach mirroring past successful studies with STELARA.
- Following the $15 billion acquisition of Intra-Cellular Therapies, executives underscored the strong role of CAPLYTA in psychiatry and promising Phase II/III data for its modified candidate, ITI-1284.
- In oncology, RYBREVANT is delivering compelling survival benefits in frontline lung cancer with improved safety protocols, while the cardiovascular asset milvexian has enrolled over 20,000 patients in its atrial fibrillation study.
- FDA approval granted for IMAAVY™ (nipocalimab-aahu) for treating generalized myasthenia gravis (gMG) in adults and pediatric patients aged 12 and older who are AChR or MuSK antibody positive.
- Approval is supported by robust clinical data from the pivotal Vivacity-MG3 study, demonstrating rapid IgG reduction and sustained symptom relief with disease control lasting up to 20 months.
- The treatment offers a new therapeutic option in a proven class, potentially improving daily functions such as chewing, swallowing, speaking, and breathing.
- TAR-200 achieved a complete response rate of over 82% in the Phase 2b SunRISe-1 study for patients with BCG-unresponsive high-risk non–muscle-invasive bladder cancer, with more than half of responders remaining cancer-free at one year.
- The study demonstrated a median duration of response of 25.8 months and favorable tolerability with most adverse events being mild urinary symptoms.
- These results, presented at the 2025 AUA Annual Meeting, underscore TAR-200’s potential as an alternative for patients ineligible for or refusing radical cystectomy.