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Johnson & Johnson
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Latest analysis
Updated Oct 21, 2026
JNJ Q3 2026: Oncology and Neuroscience drive 5.9% sales growth as $5.5B talc charge collapses near-term earnings; STELARA biosimilar headwind at 4.2% of worldwide operational growth
Johnson & Johnson posted Q3 2026 worldwide sales of $25.4 billion, up 5.9% total and 6.0% operationally, led by Oncology (+16.7% operational) and Neuroscience (+17.6% operational), while STELARA biosimilar competition subtracted 4.2 percentage points from worldwide operational growth. A $5.5 billion charge for the proposed talc ovarian cancer litigation resolution compressed Q3 2026 earnings before tax to $34 million — down from $7.5 billion in Q3 2025 — rendering reported profitability metrics non-comparable. The Innovative Medicine segment's TREMFYA surge (+68.2% operational in Q3), SPRAVATO momentum (+36.0%), and CAPLYTA launch ramp position the portfolio to absorb the ongoing STELARA cliff, though Pulmonary Hypertension's 19.2% operational decline and Surgery's China volume-based procurement drag signal two structural MedTech headwinds that will persist into 2027.
Tone: mixedRevenue
$94.2B
JNJ 10-K · FY 2025
Employees
138,200
Revenue growth YoY
+6%
Founded
1887
Profile
JNJ 10-K Item 1 · Feb 11, 2026Johnson & Johnson is a diversified healthcare company organized into two segments: Innovative Medicine and MedTech. Innovative Medicine covers oncology, immunology, neuroscience, pulmonary hypertension, infectious diseases, and cardiovascular and metabolism therapeutics, while MedTech encompasses cardiovascular, orthopaedics, surgery, and vision products. The company operates globally with approximately 138,200 full-time equivalent employees and conducts business in virtually all countries of the world.
Read filing description ↓ Collapse description ↑
Johnson & Johnson and its subsidiaries have approximately 138,200 employees worldwide engaged in the research and development, manufacture and sale of a broad range of products in the healthcare field. Johnson & Johnson is a holding company, with operating companies conducting business in virtually all countries of the world. The Company's primary focus is products related to human health and well-being. Johnson & Johnson was incorporated in the State of New Jersey in 1887. The Company is organized into two business segments: Innovative Medicine and MedTech. The Innovative Medicine segment is focused on the following therapeutic areas: Oncology (e.g., prostate cancer, hematologic malignancies, lung cancer and bladder cancer), Immunology (e.g., rheumatoid arthritis, psoriatic arthritis, inflammatory bowel disease and psoriasis), Neuroscience (e.g., mood disorders, neurodegenerative disorders and schizophrenia), Pulmonary Hypertension (e.g., Pulmonary Arterial Hypertension), Infectious Diseases (e.g., HIV/AIDS) and Cardiovascular and Metabolism (e.g., thrombosis, diabetes and macular degeneration). The MedTech segment develops and manufactures a broad portfolio of products used in cardiovascular, orthopaedics, surgery, and vision supporting physicians, hospitals, eye care professionals and healthcare systems across a wide range of acute and elective procedures. In October 2025, the Company announced its intention to separate its Orthopaedics business, with a targeted completion within 18 to 24 months after the initial announcement. New products introduced within the past five years accounted for approximately 25% of 2025 sales, and $14.7 billion was invested in research and development in 2025.
Primary products
- CARVYKTI (ciltacabtagene autoleucel)
- DARZALEX (daratumumab)
- DARZALEX FASPRO (daratumumab and hyaluronidase-fihj)
- ERLEADA (apalutamide)
- IMBRUVICA (ibrutinib)
- RYBREVANT (amivantamab)
Business segments
End markets
Geographies
“Competition exists in all product lines without regard to the number and size of the competing companies involved.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Worldwide sales increased 6.0% to $94.2 billion in 2025, driven by 8.4% volume growth partially offset by 3.1% price decline, with acquisitions and divestitures contributing a positive 1.1% impact.
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