JOHNSON & JOHNSON (JNJ) Company Report

The FDA approved DARZALEX FASPRO® in combination with bortezomib, lenalidomide and dexamethasone (D-VRd) for newly diagnosed multiple myeloma patients ineligible for autologous stem cell transplant, marking its 12th indication and fifth in the newly diagnosed setting.
In the Phase 3 CEPHEUS trial, D-VRd nearly doubled sustained MRD-negativity at 39 months (42.6% vs 25.3%; P<0.0003) and reduced the risk of progression or death by 40% (HR 0.60; 95% CI 0.41–0.88; P<0.0078) versus VRd.
At a median follow-up of 59 months, D-VRd achieved complete response or better rates of 81.2% versus 61.6% with VRd, with safety consistent with known profiles.

3 days ago

Press Release

Johnson & Johnson reports Q4 2025 results

JNJ

Earnings

Guidance Update

M&A

Mixed Q4 & FY 2025 results: Q4 worldwide sales of $24.6 billion (+7.1% op), Q4 net earnings of $5.1 billion, diluted EPS $2.10, and full-year sales of $94.2 billion (+5.3% op), net earnings $26.8 billion, EPS $11.03 (incl. $7 b talc reversal)
2026 guidance: operational sales growth of 5.7%–6.7% (midpoint 6.2%, ~$100 billion), reported sales growth of 6.2%–7.2% (midpoint ~$100.5 billion), and adjusted EPS of $11.28–$11.48 (midpoint +5.5%)
Business momentum: Innovative Medicine delivered >$60 billion in 2025 sales (+5.3% op), with oncology +21% (Darzalex +22%, $14 b), Tremfya Q4 op growth +75% (global >$5 b), and neuroscience +10%; MedTech sales ~$34 billion (+5.4% op), cardiovascular +15% (Abiomed +18%, Shockwave +23% Q4), plus new robotics and vision launches
Capital & legal update: 2025 free cash flow of $19.7 billion, net debt ~$28 billion (cash $20 b, debt $48 b), R&D & M&A investments >$32 billion (Intra-Cellular, HALDA, Shockwave), and appeal of talc MDL Daubert ruling

Jan 21, 2026, 1:30 PM

Transcript

Johnson & Johnson reports Q4 2025 results

JNJ

Earnings

Guidance Update

Q4 2025 revenue was $24.6 billion, up 7.1% operationally (U.S. +7.5%, ex-U.S. +6.6%), overcoming a ~650 bp headwind from Stelara biosimilar erosion.
Q4 diluted EPS was $2.10 vs $1.41 in Q4 2024; adjusted EPS rose 20.6% to $2.46, reflecting IPR&D charges and acquisition-related dilution.
Q4 segment sales: Innovative Medicine was $15.8 billion (+7.9%) and MedTech was $8.8 billion (+5.8%), with Oncology (Darzalex +24.1%, Carvykti +63.2%) and Cardiovascular (Abiomed +18.3%, Shockwave +22.9%) leading growth.
The company generated $19.7 billion of free cash flow in 2025, finished with net debt of ~$28 billion, and expects ~$21 billion FCF in 2026.
2026 guidance calls for operational sales growth of 5.7–6.7% (midpoint 6.2% to ~$100 billion), with reported growth of 6.2–7.2%, aided by a 53rd week and ~30 bp from acquisitions/divestitures.

Jan 21, 2026, 1:30 PM

Transcript

Johnson & Johnson reports Q4 2025 results

JNJ

Earnings

Guidance Update

M&A

Full-year 2025 operational sales grew 5.3%, net earnings were $26.8 B, and adjusted EPS was $10.79, up 8.1% year-over-year.
Q4 2025 sales: Innovative Medicine $15.8 B (+7.9% with oncology +21%), MedTech $8.8 B (+5.8% led by cardiovascular +6.5% and surgical vision +10.8%).
Generated $19.7 B free cash flow; ended 2025 with $20 B cash, $48 B debt (net debt ~$28 B); mid-2027 orthopedics separation on track.
2026 guidance: operational sales growth 5.7–6.7% (reported 6.2–7.2%), adjusted EPS $11.28–$11.48, and at least 50 bps of pre-tax margin expansion.

Jan 21, 2026, 1:30 PM

Transcript

Johnson & Johnson reports Q4 2025 results

JNJ

Earnings

Guidance Update

Q4 2025 revenue of $24.6 B (up 9.1% reported, 7.1% operational); GAAP EPS $2.10 vs $1.41 a year ago; Adjusted EPS $2.46 vs $2.04
Full-year 2025 sales of $94.2 B (+6.0% reported, +5.3% operational); GAAP EPS $11.03 vs $5.79; Adjusted EPS $10.79 (+8.1%)
Innovative Medicine segment grew 7.9% operationally in Q4, led by Oncology (21.9%) and Neuroscience (17.9%)
2026 guidance calls for 6.2% operational sales growth (midpoint of $100 B) and $11.38 adjusted EPS (+5.5%)

Jan 21, 2026, 1:30 PM

Presentation

Johnson & Johnson reports Q4 and Full-Year 2025 results

JNJ

Earnings

Guidance Update

Product Launch

Q4 2025 reported sales of $24.6 B (+9.1%) with GAAP EPS of $2.10 and adjusted EPS of $2.46.
Full-Year 2025 sales of $94.2 B (+6.0%) with GAAP EPS of $11.03 and adjusted EPS of $10.79.
2026 guidance announced: estimated reported sales of $100.5 B (+6.7%) and adjusted EPS of $11.53 (+6.9%) at the midpoint.
Key innovations include FDA approvals of CAPLYTA for major depressive disorder and RYBREVANT FASPRO + LAZCLUZE for non-small cell lung cancer, plus submission of the OTTAVA Robotic Surgical System.

Jan 21, 2026, 12:46 PM

8-K

Johnson & Johnson reports Q4 and full-year 2025 results

JNJ

Earnings

Guidance Update

M&A

Q4 2025 sales rose 9.1% to $24.6 B, with diluted EPS of $2.10 and adjusted EPS of $2.46, both including a $(0.10) acquisition impact.
Full-year 2025 sales grew 6.0% to $94.2 B, with diluted EPS of $11.03 and adjusted EPS of $10.79, reflecting the same $(0.10) Halda Therapeutics headwind.
2026 guidance forecasts reported sales of $100.5 B (≈6.7% growth midpoint) and adjusted EPS of $11.53 (≈6.9% midpoint growth).
Key innovations include approvals of CAPLYTA, RYBREVANT FASPRO + LAZCLUZE, landmark TECVAYLI + DARZALEX FASPRO data, the acquisition of Halda Therapeutics, and submission of the OTTAVA Robotic Surgical System.

Jan 21, 2026, 11:20 AM

Press Release

Mauna Kea Technologies reports Q4 2025 sales surge

JNJ

Earnings

Revenue Acceleration/Inflection

Q4 revenue rose 19% reported (to €2,411K) and 29% at CER, driven by strong U.S. performance.
U.S. sales accounted for 77% of Q4 revenue, up 65% reported (82% CER); system placements jumped 324% CER with 4 new systems sold versus 1 in Q4 2024.
EMEA & ROW revenue declined 39% due to a €327K one-off from the prior year’s J&J program; core system and probe sales grew 23% and 68%, respectively.
FY 2025 total revenue reached €7,991K, up 5% reported (9% CER).

Jan 15, 2026, 4:45 PM

Press Release

Johnson & Johnson reports positive Phase 3 MajesTEC-9 results for TECVAYLI monotherapy

JNJ

Johnson & Johnson announced topline Phase 3 MajesTEC-9 results showing TECVAYLI monotherapy reduced the risk of disease progression or death by 71% versus investigator’s choice of PVd or Kd in second-line relapsed/refractory multiple myeloma (HR=0.29; 95% CI: 0.23–0.38).
TECVAYLI also delivered a 40% reduction in the risk of death (HR=0.60; 95% CI: 0.43–0.83), confirming superior progression-free and overall survival compared to standard of care.
The study enrolled patients with 1–3 prior therapies, of whom 85% were refractory to anti-CD38 antibodies and 79% to lenalidomide; the safety profile was manageable and consistent with previous studies.
Following a pre-specified interim analysis, the Independent Data Monitoring Committee recommended unblinding the trial; full data will be shared at an upcoming major medical meeting.

Jan 14, 2026, 9:30 PM

Press Release

Johnson & Johnson outlines growth outlook and pipeline at J.P. Morgan Healthcare Conference

JNJ

Guidance Update

Product Launch

M&A

J&J reported 16% growth in its >$50 billion Innovative Medicine business excl. Stelara in Q3 2025 and expects 2026 to outperform 2025, targeting double-digit growth later in the decade.
The company is focusing on six growth areas—oncology, immunology, neuroscience, cardiovascular, surgery, and vision—with key 2026 launches including Icotrokinra (first oral IL-23 blocker) and Ottava (robotic soft-tissue surgical system).
J&J continues to build its pipeline and expand via early-stage partnerships, highlighted by the acquisition of Halda Therapeutics for a precision oncology platform and the Ottava FDA filing.
A planned spin-off of the Orthopedics franchise by late 2027, following the consumer health separation, will sharpen J&J’s focus on high-innovation medtech and support 5%–7% annual MedTech growth.