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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.

J&J ordered to pay $966M over talc-related cancer verdict
·$JNJ
Legal Proceedings
  • A Los Angeles jury awarded $966 million in damages—$16 million compensatory and $950 million punitive—to the family of Mae Moore over alleged asbestos in J&J’s talc baby powder.
  • Johnson & Johnson calls the verdict “egregious and unconstitutional,” plans to appeal, and notes punitive damages could be capped under Supreme Court precedent limiting them to nine times compensatory awards.
  • The company faces over 67,000 talc-related lawsuits and has had three bankruptcy attempts by its Red River Talc unit blocked by federal courts, including a dismissed $10 billion Chapter 11 filing.
  • Despite legal liabilities, J&J maintains strong financial metrics: market capitalization near $449 billion, current ratio 1.01, debt-to-equity 0.65, operating margin 24.53%, net margin 25.01%, and Altman Z-Score 3.32.
11 hours ago
Johnson & Johnson reports promising Phase 2b ANTHEM-UC results for icotrokinra
·$JNJ
  • Icotrokinra met the primary endpoint in the Phase 2b ANTHEM-UC study, achieving clinical response rates of 63.5% at 400 mg, 58.1% at 200 mg, and 54.7% at 100 mg versus 27% for placebo at Week 12 (p<0.001).
  • At the 400 mg dose, 30.2% of patients achieved clinical remission (vs 11.1%, p=0.006), 46.0% symptomatic remission (vs 19%, p<0.001), and 36.5% endoscopic improvement (vs 14.3%, p=0.002) at Week 12.
  • The safety profile was favorable, with similar rates of adverse and serious adverse events in icotrokinra and placebo groups through Week 12.
  • Johnson & Johnson has initiated Phase 3 ICONIC-UC and ICONIC-CD trials and submitted a plaque psoriasis NDA in July 2025 based on these data.
18 hours ago
Johnson & Johnson reports 48-week Phase 3 ASTRO data for subcutaneous TREMFYA in UC
·$JNJ
Product Launch
  • J&J’s TREMFYA® (guselkumab) is the first and only IL-23 inhibitor with a fully subcutaneous regimen, achieving Week 48 clinical remission rates of 36.7% (100 mg q8w) and 42.9% (200 mg q4w) and endoscopic remission rates of 25.9% and 26.4%, versus 5–7.2% on placebo.
  • The Phase 3 ASTRO study (n=418) used SC induction (400 mg at Weeks 0, 4, 8) followed by either 100 mg every 8 weeks or 200 mg every 4 weeks in adults with moderately to severely active ulcerative colitis.
  • TREMFYA’s SC induction option for ulcerative colitis has received U.S. FDA approval, providing patients with an at-home administration alternative that matches the efficacy and safety of IV induction.
18 hours ago
Johnson & Johnson-backed Nanobiotix reports updated Phase 1 results for JNJ-1900
·$JNJ
New Projects/Investments
  • The combination of JNJ-1900 (NBTXR3) activated by radiotherapy plus anti-PD-1 was well tolerated and feasible in 103 heavily pre-treated R/M-HNSCC patients with manageable injection-related and treatment-emergent adverse events.
  • In anti-PD-1 naïve patients (n=41), systemic disease control rate (DCR) was 63% and objective response rate (ORR) was 37% per RECIST 1.1; in anti-PD-1 resistant patients (n=50), DCR was 74% and ORR was 32%.
  • Local control was strong, with injected-lesion DCR of 95% (39/41) in naïve and 94% (47/50) in resistant cohorts, and injected-lesion ORR of 66% and 50%, respectively.
  • Early overall survival signals showed a median OS of 15.5 months in naïve and 11.4 months in resistant patients, with further maturation expected.
  • Investigators concluded these results support further evaluation of JNJ-1900 plus anti-PD-1 in randomized controlled trials.
Sep 29, 2025, 10:35 PM
Johnson & Johnson receives FDA approval for pediatric TREMFYA indications
·$JNJ
Product Launch
  • The U.S. FDA approved TREMFYA® (guselkumab) for pediatric patients aged ≥6 years and weighing at least 40 kg with moderate to severe plaque psoriasis or active psoriatic arthritis, expanding its indications beyond adults.
  • This marks the first and only IL-23 inhibitor approved for these pediatric dermatological and rheumatological conditions.
  • Approval was based on the Phase 3 PROTOSTAR study, where at Week 16, 56% of TREMFYA-treated patients achieved PASI 90 versus 16% on placebo; 66% achieved an IGA 0/1 response versus 16%, with nearly 40% complete clearance (IGA 0) versus 4% placebo.
  • The dosing regimen for pediatric plaque PsO and PsA is 100 mg subcutaneous injections at Week 0, Week 4, then every 8 weeks.
Sep 29, 2025, 12:00 PM
Johnson & Johnson details growth outlook and new product catalysts
·$JNJ
Guidance Update
Product Launch
New Projects/Investments
  • Raised long-term guidance to 5–7% CAGR through the remainder of the decade, with confidence at the upper end of the range.
  • Highlighted new product catalysts including TAR 200 for bladder cancer, Caplyta for adjunctive major depressive disorder, and strong momentum for Tremfya in IBD and Rybrevant in lung cancer.
  • Achieved 3% organic sales growth in Q2 despite a 710 bps headwind from Stelara’s loss of exclusivity, with erosion tracking Humira’s historic pattern.
  • Committed $55 billion to U.S. manufacturing investments, including a state-of-the-art biologics facility in Wilson, North Carolina.
Sep 24, 2025, 5:10 PM
Johnson & Johnson obtains FDA approval for subcutaneous TREMFYA induction in ulcerative colitis
·$JNJ
Product Launch
  • FDA approved a subcutaneous induction regimen of TREMFYA® for adults with moderately to severely active ulcerative colitis, making it the first and only IL-23 inhibitor to offer both SC and IV induction options.
  • In the Phase 3 ASTRO trial, TREMFYA 400 mg SC at Weeks 0, 4 and 8 achieved 26% clinical remission vs 7% and 36% endoscopic improvement vs 12% at Week 12, matching the efficacy of the IV regimen.
  • Johnson & Johnson will launch a head-to-head study of TREMFYA vs Skyrizi in Crohn’s disease; TREMFYA previously received SC and IV induction approval for Crohn’s in March 2025.
Sep 19, 2025, 9:28 PM
Johnson & Johnson reports promising Phase 2 MajesTEC-5 induction results in newly diagnosed multiple myeloma
·$JNJ
  • 100% overall response rate (≥partial response) across all treatment arms, with all evaluable patients achieving MRD negativity by next-generation flow at 10⁻⁵ and by sequencing at 10⁻⁶ after Cycle 6.
  • 85.7% of patients achieved a complete response or better and were MRD-negative at Cycle 6.
  • 96% of patients successfully completed stem cell mobilization, with a median yield of 8.1 × 10⁶ cells/kg.
  • Safety profile: Grade 3/4 infections in 36.7%, serious TEAEs in 53%, cytokine release syndrome in 65% (all Grade 1/2), and no ICANS or treatment-leading discontinuations.
Sep 19, 2025, 12:30 PM
Johnson & Johnson reports icotrokinra outperforms deucravacitinib in Phase 3 psoriasis trials
·$JNJ
  • Johnson & Johnson’s investigational oral peptide icotrokinra achieved superior skin clearance versus placebo at Week 16 and vs deucravacitinib at Weeks 16 and 24, with adverse event rates similar to placebo and numerically lower than deucravacitinib through Week 24 in the Phase 3 ICONIC-ADVANCE 1 & 2 studies.
  • In the Phase 3 ICONIC-LEAD trial, 84% of adult PASI 90 responders on continuous icotrokinra maintained their response at Week 52 vs 21% on placebo; among adolescents, 86% continuously treated and 77% switched from placebo achieved PASI 90 at Week 52.
  • These results highlight icotrokinra’s potential to disrupt the treatment paradigm for moderate-to-severe plaque psoriasis as a once-daily oral therapy.
  • Johnson & Johnson has initiated the Phase 3 ICONIC-ASCEND study, the first head-to-head trial comparing an oral IL-23 receptor blocker with injectable ustekinumab.
Sep 17, 2025, 12:00 PM
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