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 .
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| 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?
Research analysts who have asked questions during Johnson & Johnson earnings calls.
Terence Flynn
Morgan Stanley
4 questions for JNJ
Christopher Schott
JPMorgan Chase & Co.
3 questions for JNJ
Danielle Antalffy
UBS Group AG
3 questions for JNJ
Larry Biegelsen
Wells Fargo & Company
3 questions for JNJ
Vamil Divan
Guggenheim Securities
3 questions for JNJ
Alexandria Hammond
Wolfe Research
2 questions for JNJ
Asad Haider
Goldman Sachs
2 questions for JNJ
Timothy Anderson
BofA Securities
2 questions for JNJ
Chris Schott
JPMorgan Chase & Co.
1 question for JNJ
David Chen
Goldman Sachs Group, Inc.
1 question for JNJ
Jayson Bedford
Raymond James
1 question for JNJ
Joanne Wuensch
Citibank
1 question for JNJ
Joshua Jennings
TD Cowen
1 question for JNJ
Lawrence Biegelsen
Wells Fargo
1 question for JNJ
Louise Chen
Cantor Fitzgerald
1 question for JNJ
Matthew Miksic
Barclays
1 question for JNJ
Shagun Singh
RBC Capital Markets
1 question for JNJ
Shagun Singh Chadha
RBC Capital Markets
1 question for JNJ
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.
- 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.
- 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”.
- 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.
- 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
- 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.
- Johnson & Johnson submitted a New Drug Application (NDA) for icotrokinra, an investigational oral IL-23 receptor peptide, to the U.S. FDA for adults and adolescents with moderate-to-severe plaque psoriasis.
- Icotrokinra met co-primary endpoints (IGA 0/1 and PASI 90) across four Phase 3 ICONIC studies and demonstrated superiority to deucravacitinib in moderate-to-severe plaque psoriasis.
- Pooled safety data showed similar adverse event rates for icotrokinra (49.1%) versus placebo (51.9%) through Week 24 with no new safety signals identified.
- Johnson & Johnson has initiated the head-to-head Phase 3 ICONIC-ASCEND trial comparing icotrokinra to ustekinumab, the first oral versus injectable biologic study in plaque psoriasis.
- The FDA granted priority review to J&J’s investigational drug delivery system TAR-200 for high-risk non-muscle invasive bladder cancer unresponsive to BCG therapy, signaling faster evaluation of its market potential.
- Phase 2b trial results showed an 82.4% complete response rate, with over half of patients remaining cancer-free for at least one year; the treatment was generally well tolerated with mostly mild to moderate side effects.
- TAR-200 delivers gemcitabine directly into the bladder via a simple outpatient procedure under five minutes without general anesthesia or further monitoring.
- Analysts assigned an average price target of $171.34, implying roughly 3.98% upside, and maintain an “Outperform” rating on J&J stock, reflecting optimism about TAR-200’s impact.
- The FDA granted Priority Review to the NDA for TAR-200, an intravesical gemcitabine system for BCG-unresponsive high-risk non-muscle invasive bladder cancer with carcinoma in situ.
- Phase 2b SunRISe-1 data demonstrated an 82.4% complete response rate and 52.9% of responders remained cancer-free for at least one year (95% CI 72.6–89.8).
- TAR-200 is the first intravesical drug-releasing system designed for three-week sustained local delivery, placed outpatient in under five minutes without anesthesia or post-insertion restrictions.
- The therapy received Breakthrough Therapy Designation in December 2023 and was submitted under the FDA’s Real-Time Oncology Review program in January 2025.
- President Trump denies plans to fire Fed Chair Jerome Powell after reports of a planned removal, tempering intraday market volatility.
- A prediction market briefly assessed a 40% chance of Powell’s exit—the highest since January—while 30-year Treasury yields remained above the critical 5% threshold.
- ASML narrowed its sales guidance for the remainder of 2025, citing “macroeconomic and geopolitical developments,” and postponed confirmation of growth for 2026.
- Oncology sales surged 24%, underpinned by a new bladder-cancer maintenance therapy.
- MedTech segment delivered a sensational rebound, defying prior weakness concerns.
- Neuroscience revenues climbed 15%, led by the anti-depression drug Spravato.
- Commentary highlights muted tariff exposure for J&J versus peers like Novo Nordisk.