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.
Christopher Schott
JPMorgan Chase & Co.
6 questions for JNJ
Terence Flynn
Morgan Stanley
6 questions for JNJ
Larry Biegelsen
Wells Fargo & Company
5 questions for JNJ
Vamil Divan
Guggenheim Securities
5 questions for JNJ
Asad Haider
Goldman Sachs
4 questions for JNJ
Shagun Singh Chadha
RBC Capital Markets
4 questions for JNJ
Danielle Antalffy
UBS Group AG
3 questions for JNJ
Jayson Bedford
Raymond James
3 questions for JNJ
Alexandria Hammond
Wolfe Research
2 questions for JNJ
Alex Hammond
Sidoti & Company, LLC
2 questions for JNJ
Danielle Antalffy
UBS
2 questions for JNJ
Matt Miksic
Barclays Investment Bank
2 questions for JNJ
Timothy Anderson
BofA Securities
2 questions for JNJ
David Chen
Goldman Sachs Group, Inc.
1 question for JNJ
David Reisinger
Lyriq
1 question for JNJ
David Risinger
Leerink Partners
1 question for JNJ
Joanne Wuensch
Citigroup Inc.
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 PLC
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.
- The vision business delivered 6% operational growth in Q3, comprising 70% contact lenses and 30% surgical revenue, with above-market performance targeted through a strategic plan.
- Key recent launches include ACUVUE OASYS 1-Day MAX for presbyopic astigmatism and Tecnis Odyssey/PureSee premium intraocular lenses, designed to enhance comfort and continuous range of vision.
- Premium IOLs represent ~20% of global cataract procedures, and J&J is focused on increasing penetration via advanced optics and simplified surgeon onboarding.
- The company is prioritizing global expansion and employing data and AI across R&D, manufacturing, and commercialization to sustain above-market growth.
- Johnson & Johnson Vision serves 40 million patients globally in a $35 billion vision market with mid-single-digit growth, split roughly 70% contact lenses (Acuvue) and 30% intraocular lenses (cataract surgery), and is delivering above-market performance through science-driven innovation.
- Recent launches include the Acuvue Oasis One Day Maxx contact lens with advanced optics for comfort and visual disturbances and the Tecnis Odyssey (U.S.) and Tecnis Purity (ex-U.S.) premium intraocular lenses—both the fastest-growing PCIOLs in their regions, with global roll-outs planned early next year.
- Capital allocation prioritizes R&D for unmet needs, manufacturing efficiencies via integrated business planning to match supply and demand, and data-driven commercialization to optimize patient acquisition and retention.
- The organization leverages AI across clinical study design, supply chain optimization, and customer engagement, and is exploring drug-eluting contact lenses, underscoring integration with Johnson & Johnson’s broader pharmaceutical and medtech capabilities.
- Johnson & Johnson launched INLEXO for non-muscle invasive bladder cancer, showing 82% complete response in CISS patients and rapid community uptake post-September approval.
- RYBREVANT with Lazertinib leads as the first chemo-free frontline lung cancer regimen, achieving highest intent-to-prescribe and preparing for subcutaneous formulation rollout.
- CARVYKTI CAR-T therapy has treated over 9,000 patients, delivering 30% disease-free at five years and meeting growing global demand after resolving manufacturing constraints.
- The Tecvayli bispecific has treated over 20,000 patients with low discontinuation rates, and the Majestic-3 study reported improved progression-free survival and overall survival for the TecDARA regimen.
- Oral JNJ-2113 (go-to-Kindra) demonstrates complete skin clearance in psoriasis, poised to expand the systemic market, with Phase III ulcerative colitis and Crohn’s disease studies planned.
- INLEXO approved for non-muscle invasive bladder cancer, showing 82% complete response and sustained gemcitabine delivery; two phase 3 trials (SunRISE-3/5) cover high-risk and BCG-exposed patients, targeting a $5 billion+ opportunity.
- RYBREVANT with Lazertinib is the first chemo-free frontline NSCLC regimen, leading in prescribing intent and awareness; upcoming subcutaneous formulation expected to accelerate uptake and combination use across EGFR-driven cancers.
- CARVYKTI has treated >9,000 patients globally with CAR-T in multiple myeloma, delivering 30% disease-free survival at five years and expanding into community sites with robust manufacturing capacity.
- Bispecifics Tecvayli and Talvey gain momentum: Majestic-3 trial met PFS and overall survival endpoints for Tecvayli + daratumumab (TecDARA), featuring a fully subcutaneous, community-friendly regimen.
- JNJ-2113 (go to Kindra) shows complete skin clearance as a once-daily oral in psoriasis and will enter phase 3 studies for ulcerative colitis and Crohn’s disease, aiming to expand systemic treatment uptake.
- The vision segment grew 6% operationally in Q3, while surgical vision posted 13% growth in the same quarter, driven by market‐leading Acuvue and Tecnis portfolios.
- Contacts represent 70% of the business and surgical 30%; J&J is expanding premium offerings with launches of Acuvue Oasis One Day Maxx, Tecnis Odyssey, and Tecnis Purity, with global rollouts planned in early 2026.
- Cataract procedures remain 80% monofocal/20% premium globally; J&J has implanted 5 million Tecnis EyeHance monofocal lenses and is targeting growth from a 10–15% baseline premium mix.
- The company leverages data and AI across R&D, manufacturing (via integrated business planning), and commercialization to optimize supply, streamline studies, and personalize patient engagement.
- J&J Vision serves ~40 million patients today within a 2 billion-person addressable market, with presbyopia and astigmatism each affecting 50% of potential users.
- INLEXO approved for non-muscle invasive bladder cancer, yielding 82% complete responses in CIS and launched Sept 9 with seamless adoption across academic and community urologists.
- RYBREVANT + Lazertinib is the leading chemo-free frontline EGFR+ NSCLC regimen by intent-to-prescribe and unaided awareness; subQ formulation will support deeper penetration and expansion into head & neck (45% ORR) and colorectal indications.
- CARVYKTI CAR-T has treated 9,000+ patients in 14 countries, with 30% disease-free at five years (CARTITUDE-1) and over half of new patients coming from community centers.
- Bispecifics Tecvayli and Talvey have reached 20,000+ patients globally; Tecvayli met PFS and OS endpoints versus daratumumab combos in Majestic-3 and is positioned for rapid community uptake.
- JNJ-2113 oral TYK2 inhibitor filed for psoriasis (potential frontline systemic to expand a 60% untreated market) and entering phase 3 for IBD; Caplyta gained adjunctive MDD approval with 80% response and 65% remission at six months.
- FDA approved DARZALEX FASPRO® (daratumumab and hyaluronidase-fihj) as the first and only single-agent treatment for adult patients with high-risk smoldering multiple myeloma.
- Approval was based on the Phase 3 AQUILA study demonstrating a 51% reduction in the risk of progression to active myeloma or death versus active monitoring.
- At 5 years, 63.1% of patients receiving DARZALEX FASPRO remained progression-free compared to 40.7% with monitoring (hazard ratio 0.49; P<0.001).
- AQUILA also showed a 63.4% overall response rate versus 2.0% and that median time to first-line therapy was not reached versus 50.2 months (hazard ratio 0.46).
- GMV reached US$5.0 billion (+13.1% YoY) and total revenue was US$59.6 million (+6.5% YoY) in Q3 2025.
- Subscription revenue of US$58.4 million (98% of total), up 8.4% YoY.
- Non-GAAP income from operations was US$9.5 million (16% margin, +25% YoY) and non-GAAP net income was US$10.6 million (18% margin, +41% YoY).
- Repurchased 4.5 million shares for US$18.8 million in the quarter; total buybacks reached 20.5 million shares at an average price of US$4.70.
- Q4 2025 guidance: FX-neutral subscription revenue growth of 5–10% (US$65.8 million–US$68.8 million) and non-GAAP operating margin in the mid-20s.
- The FDA approved CAPLYTA® (lumateperone) as an adjunctive therapy with antidepressants for adults with major depressive disorder, marking J&J’s first approval following its acquisition of Intra-Cellular Therapies.
- In two Phase 3 trials (Study 501 and 502), adjunctive CAPLYTA demonstrated significant improvements in depression symptoms versus placebo, with mean MADRS score separations of −4.9 (effect size 0.61) and −4.5 (effect size 0.56) points at six weeks.
- A six-month open-label extension (Study 503) reported 80% of patients responded and 65% achieved remission (MADRS ≤ 10), with minimal changes in weight and metabolic parameters.
- Safety and tolerability were favorable and consistent with existing data in schizophrenia and bipolar depression indications, showing no significant weight gain, metabolic shifts, or sexual side effects versus placebo.
- The U.S. cancer immunotherapy market is projected to grow from US$31.82 billion in 2024 to US$71.65 billion by 2033, implying a 9.44% CAGR over 2025–2033.
- Growth is driven by escalating cancer incidence—2,041,910 new cases and 618,120 deaths estimated for 2025—and rising demand for targeted therapies with improved survival and safety profiles.
- A strong R&D pipeline, including checkpoint inhibitors and CAR-T therapies, is bolstered by FDA expedited approvals (50+ indications, 11 first-in-class in 2024), accelerating commercialization.
- Adoption challenges include high treatment costs (hundreds of thousands per patient) and variable patient responses with significant immune-related adverse events, highlighting the need for better predictive biomarkers.
- Johnson & Johnson is listed among the nine leading companies analyzed, reflecting its role in immunomodulators, monoclonal antibodies, and emerging cancer vaccines.