Core Insights - Johnson & Johnson (JNJ) reported better-than-expected Q3 sales and earnings, raising its full-year revenue guidance while maintaining its adjusted earnings guidance for 2025 [1] - The company plans to spin off its slow-growing orthopedic business within 18 to 24 months to create more growth opportunities for its innovative pharmaceuticals and medical devices [1][2] Financial Performance - Q3 revenue reached $24 billion, a 6.7% year-over-year increase, surpassing analysts' average expectation of $23.7 billion [1] - Earnings per share were $2.80, exceeding the expected $2.76 [1] - The company raised the midpoint of its 2025 sales guidance by $300 million to $93.7 billion [1] Orthopedic Business Spin-off - The orthopedic business, primarily involving hip and knee replacements and spinal devices, is projected to generate approximately $9.2 billion in sales in 2024 [2] - The spin-off is seen as a way to enhance value, as the orthopedic segment's growth and profitability are lagging behind other divisions [2] - A senior executive, Namal Navana, has been appointed to lead the orthopedic division and oversee the spin-off process [2] Strategic Transformation - The spin-off is part of a broader strategy to transition to higher growth and profitability markets, especially in light of declining sales from the psoriasis drug, Stelara, due to patent expiration and biosimilar competition [3] - New products, including multiple myeloma drug Daratumumab and other autoimmune disease treatments, are expected to fill the revenue gap [3] - The company is also responding to the Trump administration's "American-made" initiative by investing $55 billion in U.S. manufacturing, research, and technology over the next four years [3] Industry Impact - Johnson & Johnson's financial results serve as a bellwether for the pharmaceutical industry, particularly under the pressure of the Trump administration's pricing policies [4] - The company was one of 17 drug firms that received a letter from Trump, urging them to lower drug prices to levels seen in other wealthy countries [4] - Competitors like Pfizer and AstraZeneca have already agreed to significant price reductions for certain drugs in exchange for tariff exemptions [4]

Earnings Overview - The third quarter earnings season has commenced with major Wall Street banks reporting their results, with analysts expecting a 7.9% increase in earnings per share for S&P 500 companies, marking the ninth consecutive quarter of positive earnings growth but a slowdown from the 12% growth in Q2 [1][16] - Initial earnings reports from JPMorgan Chase, Goldman Sachs, Wells Fargo, Citigroup, and BlackRock are anticipated, followed by Bank of America, Morgan Stanley, and others [2][4] Company-Specific Highlights - Johnson & Johnson announced plans to spin off its orthopedics unit, DePuy Synthes, while reporting adjusted earnings per share of $2.80, exceeding estimates of $2.76. Pharmaceutical sales rose 6.8% to $15.56 billion, and medical device sales also increased by 6.8% to $8.43 billion [7][8][9] - JPMorgan Chase reported a significant increase in its markets performance, with Markets & Securities Services revenue reaching $10.4 billion, up 24%, and Equity Markets revenue at $3.3 billion, up 33% [11] - Wells Fargo's third quarter results surpassed analysts' expectations, leading to a stock increase of over 2% in premarket trading [12] - BlackRock reported a substantial inflow of $205 billion in private assets, indicating strong demand in the asset management sector [13] - Ericsson's shares rose by 14% after the company beat quarterly earnings forecasts and downplayed the impact of US tariffs [14] Market Expectations - Analysts have revised S&P 500 earnings growth estimates upward to 8% for Q3, with expectations of actual growth potentially reaching double digits, estimated at 13% based on historical performance [16][17][18]

Core Viewpoint - Johnson and Johnson reported strong third-quarter earnings, exceeding expectations, and announced plans to spin off its orthopedics business within the next two years, indicating a strategic shift towards accelerated growth in its core areas [1][4][12]. Financial Performance - The company achieved a revenue growth of 5.4% in the quarter, with significant contributions from its pharmaceutical segment, which grew 16% when excluding the impact of Stellara [3][5]. - Johnson and Johnson raised its full-year revenue guidance while maintaining its elevated EPS guidance, demonstrating confidence in its growth trajectory [4]. Business Segments - The pharmaceutical business saw 11 brands growing at double-digit rates, with TFIA being a standout product that grew by 40% [5]. - The met business experienced a sequential growth of 57%, and the cardiovascular segment grew by 12%, highlighting the success of recent acquisitions [6]. Spin-off of Orthopedics Business - The decision to spin off the orthopedics business is aimed at allowing both Johnson and Johnson and the new entity to focus on breakthrough innovations and improve competitive positioning in a $50 billion market [12][14]. - The orthopedics segment accounts for approximately 10% of the company's revenue, which is $9.2 billion out of a total annual revenue of $93 billion [14]. Market Performance - Johnson and Johnson's stock has seen significant appreciation, up 18% over the past year and 32% year-to-date, reflecting investor confidence in the company's growth prospects [15][16]. Pipeline and Future Growth - The company has a robust pipeline, including a new therapy for localized bladder cancer and an oral peptide for autoimmune diseases, which are expected to drive future growth [17][18][19]. - The surgical robotic system Otava is also in development, with plans to file with the FDA in the coming year, further contributing to the growth strategy [19].

[Supplementary Sales Data](index=1&type=section&id=Supplementary%20Sales%20Data) This section provides detailed sales performance data across various geographic regions and business segments for the third quarter and nine months ended 2025 [Sales by Geographic Area](index=1&type=section&id=Sales%20by%20Geographic%20Area) Johnson & Johnson's worldwide sales demonstrated growth in both the third quarter and the nine months ended 2025, driven by strong performance in the U.S. and International markets, with operational growth being a key contributor [Third Quarter](index=1&type=section&id=Third%20Quarter) Worldwide Sales by Geographic Area - Third Quarter | Metric | 2025 Sales ($M) | 2024 Sales ($M) | Total Change (%) | Operational Change (%) | | :-------------------------------- | :-------------- | :-------------- | :--------------- | :--------------------- | | Worldwide Sales | 23,993 | 22,471 | 6.8 | 5.4 | | U.S. Sales | 13,708 | 12,909 | 6.2 | 6.2 | | Europe Sales | 5,440 | 4,914 | 10.7 | 4.4 | | Western Hemisphere excl. U.S. Sales | 1,231 | 1,173 | 4.9 | 7.3 | | Asia-Pacific, Africa Sales | 3,614 | 3,475 | 4.0 | 3.4 | | International Sales | 10,285 | 9,562 | 7.6 | 4.4 | [Nine Months](index=3&type=section&id=Nine%20Months) Worldwide Sales by Geographic Area - Nine Months | Metric | 2025 Sales ($M) | 2024 Sales ($M) | Total Change (%) | Operational Change (%) | | :-------------------------------- | :-------------- | :-------------- | :--------------- | :--------------------- | | Worldwide Sales | 69,629 | 66,301 | 5.0 | 4.7 | | U.S. Sales | 39,557 | 37,098 | 6.6 | 6.6 | | Europe Sales | 15,937 | 15,291 | 4.2 | 1.5 | | Western Hemisphere excl. U.S. Sales | 3,604 | 3,579 | 0.7 | 7.6 | | Asia-Pacific, Africa Sales | 10,531 | 10,333 | 1.9 | 1.8 | | International Sales | 30,072 | 29,203 | 3.0 | 2.3 | [Sales by Segment of Business](index=4&type=section&id=Sales%20by%20Segment%20of%20Business) Both the Innovative Medicine and MedTech segments contributed positively to overall sales growth in the third quarter and nine months ended 2025, with consistent operational growth across both segments [Third Quarter](index=4&type=section&id=Third%20Quarter) Worldwide Sales by Segment of Business - Third Quarter | Segment | 2025 Sales ($M) | 2024 Sales ($M) | Total Change (%) | Operational Change (%) | | :---------------- | :-------------- | :-------------- | :--------------- | :--------------------- | | Innovative Medicine WW | 15,563 | 14,580 | 6.8 | 5.3 | | Innovative Medicine U.S. | 9,402 | 8,871 | 6.0 | 6.0 | | Innovative Medicine Intl | 6,161 | 5,709 | 7.9 | 4.3 | | MedTech WW | 8,430 | 7,891 | 6.8 | 5.6 | | MedTech U.S. | 4,306 | 4,038 | 6.6 | 6.6 | | MedTech Intl | 4,124 | 3,853 | 7.0 | 4.5 | [Nine Months](index=6&type=section&id=Nine%20Months) Worldwide Sales by Segment of Business - Nine Months | Segment | 2025 Sales ($M) | 2024 Sales ($M) | Total Change (%) | Operational Change (%) | | :---------------- | :-------------- | :-------------- | :--------------- | :--------------------- | | Innovative Medicine WW | 44,638 | 42,632 | 4.7 | 4.5 | | Innovative Medicine U.S. | 26,655 | 24,993 | 6.7 | 6.7 | | Innovative Medicine Intl | 17,983 | 17,639 | 1.9 | 1.3 | | MedTech WW | 24,991 | 23,669 | 5.6 | 5.3 | | MedTech U.S. | 12,902 | 12,105 | 6.6 | 6.6 | | MedTech Intl | 12,089 | 11,564 | 4.5 | 3.9 | [Condensed Consolidated Statement of Earnings](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Earnings) This section presents the condensed consolidated statement of earnings, highlighting key financial performance metrics for the third quarter and nine months ended 2025 [Third Quarter](index=7&type=section&id=Third%20Quarter) In Q3 2025, Johnson & Johnson reported a significant increase in net earnings and diluted EPS, primarily driven by a substantial decrease in R&D expense and a positive swing in other (income) expense, net. Adjusted net earnings also showed healthy growth Condensed Consolidated Statement of Earnings - Third Quarter | Metric | 2025 ($M) | 2024 ($M) | % Increase (Decrease) | | :------------------------------------ | :-------- | :-------- | :-------------------- | | Sales to customers | 23,993 | 22,471 | 6.8 | | Cost of products sold | 7,303 | 6,963 | 4.9 | | Gross Profit | 16,690 | 15,508 | 7.6 | | Selling, marketing and administrative expenses | 5,922 | 5,478 | 8.1 | | Research and development expense | 3,672 | 4,952 | (25.8) | | Interest (income) expense, net | 18 | (99) | N/A | | Other (income) expense, net | (478) | 1,798 | N/A | | Restructuring | 63 | 41 | 53.7 | | Earnings before provision for taxes on income | 7,493 | 3,338 | 124.5 | | Provision for taxes on income | 2,341 | 644 | 263.5 | | Net earnings | 5,152 | 2,694 | 91.2 | | Net earnings per share (Diluted) | 2.12 | 1.11 | 91.0 | | Effective tax rate | 31.2% | 19.3% | N/A | | Adjusted net earnings | 6,801 | 5,876 | 15.7 | | Adjusted net earnings per share (Diluted) | 2.80 | 2.42 | 15.7 | | Adjusted effective tax rate | 19.4% | 19.3% | N/A | [Nine Months](index=8&type=section&id=Nine%20Months) For the nine months ended 2025, net earnings more than doubled, and diluted EPS saw a similar increase. This was largely influenced by a substantial positive shift in other (income) expense, net, and a reduction in R&D spending. Adjusted net earnings also grew, albeit at a more moderate pace Condensed Consolidated Statement of Earnings - Nine Months | Metric | 2025 ($M) | 2024 ($M) | % Increase (Decrease) | | :------------------------------------ | :-------- | :-------- | :-------------------- | | Sales to customers | 69,629 | 66,301 | 5.0 | | Cost of products sold | 22,288 | 20,343 | 9.6 | | Gross Profit | 47,341 | 45,958 | 3.0 | | Selling, marketing and administrative expenses | 16,923 | 16,416 | 3.1 | | Research and development expense | 10,413 | 11,934 | (12.7) | | In-process research and development impairments | — | 194 | N/A | | Interest (income) expense, net | (62) | (433) | N/A | | Other (income) expense, net | (7,692) | 4,855 | N/A | | Restructuring | 144 | 192 | (25.0) | | Earnings before provision for taxes on income | 27,615 | 12,800 | 115.7 | | Provision for taxes on income | 5,927 | 2,165 | 173.8 | | Net earnings | 21,688 | 10,635 | 103.9 | | Net earnings per share (Diluted) | 8.94 | 4.38 | 104.1 | | Effective tax rate | 21.5% | 16.9% | N/A | | Adjusted net earnings | 20,206 | 19,296 | 4.7 | | Adjusted net earnings per share (Diluted) | 8.33 | 7.94 | 4.9 | | Adjusted effective tax rate | 18.0% | 18.1% | N/A | [Reconciliation of Non-GAAP Financial Measures](index=9&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) This section reconciles non-GAAP financial measures, including adjusted net earnings and adjusted operational sales growth, to their most directly comparable GAAP measures [Adjusted Net Earnings](index=9&type=section&id=Adjusted%20Net%20Earnings) The company provides adjusted net earnings to offer a clearer view of operational performance by excluding special items such as litigation, intangible asset amortization, and restructuring costs. These adjustments significantly impact reported GAAP earnings [Third Quarter](index=9&type=section&id=Third%20Quarter) Reconciliation of Adjusted Net Earnings - Third Quarter | Adjustment Category | 2025 ($M) | 2024 ($M) | | :---------------------------------- | :-------- | :-------- | | Net Earnings, after tax - as reported | 5,152 | 2,694 | | Pre-tax Adjustments: | | | | Litigation related | 15 | 2,388 | | Intangible Asset Amortization expense | 1,048 | 1,171 | | COVID-19 Vaccine related costs | — | 4 | | Restructuring related | 168 | 47 | | Medical Device Regulation | — | 38 | | Acquisition, integration and divestiture related | 97 | 328 | | (Gains)/losses on securities | (387) | (37) | | Other | 2 | — | | Tax Adjustments: | | | | Tax impact on special item adjustments | (168) | (762) | | Tax legislation and other tax related | 874 | 5 | | Adjusted Net Earnings, after tax | 6,801 | 5,876 | | Adjusted net earnings per share (Diluted) | 2.80 | 2.42 | - In fiscal 2025, the company initiated a restructuring program for its Surgery franchise within the MedTech segment, incurring **$128 million** in Q3 2025, primarily for asset impairments and market/product exits [10](index=10&type=chunk) - Restructuring expenses in the Orthopaedics franchise were **$40 million** in Q3 2025 and **$28 million** in Q3 2024, related to market and product exits [11](index=11&type=chunk) [Nine Months](index=10&type=section&id=Nine%20Months) Reconciliation of Adjusted Net Earnings - Nine Months | Adjustment Category | 2025 ($M) | 2024 ($M) | | :---------------------------------- | :-------- | :-------- | | Net Earnings, after tax - as reported | 21,688 | 10,635 | | Pre-tax Adjustments: | | | | Litigation related | (6,894) | 5,466 | | Intangible Asset Amortization expense | 3,435 | 3,355 | | COVID-19 Vaccine related costs | — | 77 | | Restructuring related | 302 | 207 | | Medical Device Regulation | — | 157 | | Acquisition, integration and divestiture related | 475 | 928 | | (Gains)/losses on securities | (327) | 374 | | IPR&D impairments | — | 194 | | Other | 29 | — | | Tax Adjustments: | | | | Tax impact on special item adjustments | 826 | (2,055) | | Tax legislation and other tax related | 672 | (42) | | Adjusted Net Earnings, after tax | 20,206 | 19,296 | | Adjusted net earnings per share (Diluted) | 8.33 | 7.94 | - In fiscal 2023, the company completed a prioritization of its R&D investment within the Innovative Medicine segment, leading to the exit of certain programs, primarily in infectious diseases and vaccines [13](index=13&type=chunk) - A restructuring program for the MedTech Surgery franchise was initiated in fiscal 2025, with **$157 million** in YTD costs primarily for asset impairments and market/product exits [14](index=14&type=chunk) [Adjusted Operational Sales Growth](index=11&type=section&id=Adjusted%20Operational%20Sales%20Growth) Adjusted operational sales growth, which excludes the impact of acquisitions, divestitures, and currency fluctuations, provides a clearer picture of the underlying business performance. Both Innovative Medicine and MedTech segments showed positive adjusted operational growth [Third Quarter](index=11&type=section&id=Third%20Quarter) Adjusted Operational Sales Growth - Third Quarter | Segment | WW As Reported (%) | WW Currency (%) | WW Operational (%) | Caplyta Impact (%) | All Other A&D Impact (%) | WW Adjusted Operational Ex A&D (%) | | :-------------------- | :----------------- | :-------------- | :----------------- | :----------------- | :----------------------- | :--------------------------------- | | Innovative Medicine | 6.8 | 1.5 | 5.3 | (1.6) | 0.0 | 3.7 | | MedTech | 6.8 | 1.2 | 5.6 | — | 0.1 | 5.7 | | Total | 6.8 | 1.4 | 5.4 | (1.1) | 0.1 | 4.4 | [Nine Months](index=12&type=section&id=Nine%20Months) Adjusted Operational Sales Growth - Nine Months | Segment | WW As Reported (%) | WW Currency (%) | WW Operational (%) | Shockwave Impact (%) | Caplyta Impact (%) | All Other A&D Impact (%) | WW Adjusted Operational Ex A&D (%) | | :-------------------- | :----------------- | :-------------- | :----------------- | :------------------- | :----------------- | :----------------------- | :--------------------------------- | | Innovative Medicine | 4.7 | 0.2 | 4.5 | — | (1.1) | 0.0 | 3.4 | | MedTech | 5.6 | 0.3 | 5.3 | (1.9) | — | 0.3 | 3.7 | | Total | 5.0 | 0.3 | 4.7 | (0.6) | (0.7) | 0.1 | 3.5 | [Detailed Segment Sales](index=13&type=section&id=Detailed%20Segment%20Sales) This section provides a detailed breakdown of sales performance for the Innovative Medicine and MedTech segments, including key product categories and their respective growth rates [Innovative Medicine Segment Sales](index=14&type=section&id=Innovative%20Medicine%20Segment%20Sales) The Innovative Medicine segment experienced overall growth, primarily driven by strong performance in Oncology and Neuroscience, while Immunology faced challenges due to declining sales of key products like STELARA [Third Quarter](index=14&type=section&id=Third%20Quarter) Innovative Medicine Segment Sales - Third Quarter Summary | Segment | 2025 WW Sales ($M) | 2024 WW Sales ($M) | Reported % Change | Operational % Change | | :-------------------------------- | :----------------- | :----------------- | :---------------- | :------------------- | | Total Innovative Medicine WW | 15,563 | 14,580 | 6.8 | 5.3 | | Oncology WW | 6,529 | 5,380 | 21.3 | 19.2 | | Immunology WW | 4,168 | 4,621 | (9.8) | (10.6) | | Neuroscience WW | 2,024 | 1,755 | 15.3 | 14.6 | | Pulmonary Hypertension WW | 1,115 | 1,102 | 1.1 | 0.4 | | Infectious Diseases WW | 829 | 836 | (0.9) | (4.3) | | Cardiovascular / Metabolism / Other WW | 899 | 884 | 1.7 | 1.2 | [Oncology](index=14&type=section&id=Oncology) Oncology Product Sales - Third Quarter | Product | 2025 WW Sales ($M) | 2024 WW Sales ($M) | Reported % Change | Operational % Change | | :-------------------- | :----------------- | :----------------- | :---------------- | :------------------- | | CARVYKTI | 524 | 286 | 83.5 | 81.4 | | DARZALEX | 3,672 | 3,016 | 21.7 | 19.9 | | ERLEADA | 936 | 790 | 18.4 | 15.3 | | IMBRUVICA | 695 | 753 | (7.8) | (10.6) | | RYBREVANT / LAZCLUZE | 198 | 89 | N/A | N/A | | TALVEY | 122 | 75 | 60.8 | 59.1 | | TECVAYLI | 177 | 135 | 31.3 | 29.9 | | ZYTIGA / abiraterone acetate | 113 | 150 | (25.1) | (26.8) | [Immunology](index=16&type=section&id=Immunology) Immunology Product Sales - Third Quarter | Product | 2025 WW Sales ($M) | 2024 WW Sales ($M) | Reported % Change | Operational % Change | | :-------------------- | :----------------- | :----------------- | :---------------- | :------------------- | | REMICADE | 476 | 419 | 13.6 | 13.3 | | SIMPONI / SIMPONI ARIA | 687 | 516 | 32.9 | 31.5 | | STELARA | 1,570 | 2,676 | (41.3) | (42.0) | | TREMFYA | 1,424 | 1,007 | 41.3 | 40.1 | [Neuroscience](index=16&type=section&id=Neuroscience) Neuroscience Product Sales - Third Quarter | Product | 2025 WW Sales ($M) | 2024 WW Sales ($M) | Reported % Change | Operational % Change | | :-------------------- | :----------------- | :----------------- | :---------------- | :------------------- | | CAPLYTA | 240 | — | N/A | N/A | | CONCERTA / methylphenidate | 140 | 142 | (1.4) | (1.8) | | INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA | 929 | 1,049 | (11.3) | (11.9) | | SPRAVATO | 459 | 284 | 61.5 | 60.8 | [Pulmonary Hypertension](index=18&type=section&id=Pulmonary%20Hypertension) Pulmonary Hypertension Product Sales - Third Quarter | Product | 2025 WW Sales ($M) | 2024 WW Sales ($M) | Reported % Change | Operational % Change | | :-------------------- | :----------------- | :----------------- | :---------------- | :------------------- | | OPSUMIT / OPSYNVI | 578 | 583 | (0.8) | (1.7) | | UPTRAVI | 484 | 458 | 5.6 | 5.0 | [Infectious Diseases](index=18&type=section&id=Infectious%20Diseases) Infectious Diseases Product Sales - Third Quarter | Product | 2025 WW Sales ($M) | 2024 WW Sales ($M) | Reported % Change | Operational % Change | | :-------------------- | :----------------- | :----------------- | :---------------- | :------------------- | | EDURANT / rilpivirine | 385 | 330 | 16.4 | 9.5 | | PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA | 397 | 449 | (11.6) | (12.6) | [Cardiovascular / Metabolism / Other](index=19&type=section&id=Cardiovascular%20%2F%20Metabolism%20%2F%20Other) Cardiovascular / Metabolism / Other Product Sales - Third Quarter | Product | 2025 WW Sales ($M) | 2024 WW Sales ($M) | Reported % Change | Operational % Change | | :-------------------- | :----------------- | :----------------- | :---------------- | :------------------- | | XARELTO | 635 | 592 | 7.4 | 7.4 | [Nine Months](index=24&type=section&id=Nine%20Months) Innovative Medicine Segment Sales - Nine Months Summary | Segment | 2025 WW Sales ($M) | 2024 WW Sales ($M) | Reported % Change | Operational % Change | | :-------------------------------- | :----------------- | :----------------- | :---------------- | :------------------- | | Total Innovative Medicine WW | 44,638 | 42,632 | 4.7 | 4.5 | | Oncology WW | 18,519 | 15,284 | 21.2 | 20.6 | | Immunology WW | 11,868 | 13,590 | (12.7) | (12.6) | | Neuroscience WW | 5,722 | 5,340 | 7.2 | 7.2 | | Pulmonary Hypertension WW | 3,253 | 3,190 | 2.0 | 1.8 | | Infectious Diseases WW | 2,434 | 2,622 | (7.2) | (8.3) | | Cardiovascular / Metabolism / Other WW | 2,842 | 2,605 | 9.1 | 9.2 | [Oncology](index=24&type=section&id=Oncology) Oncology Product Sales - Nine Months | Product | 2025 WW Sales ($M) | 2024 WW Sales ($M) | Reported % Change | Operational % Change | | :-------------------- | :----------------- | :----------------- | :---------------- | :------------------- | | CARVYKTI | 1,332 | 629 | N/A | N/A | | DARZALEX | 10,448 | 8,586 | 21.7 | 21.3 | | ERLEADA | 2,615 | 2,215 | 18.0 | 17.0 | | IMBRUVICA | 2,139 | 2,307 | (7.3) | (7.9) | | RYBREVANT / LAZCLUZE | 518 | 205 | N/A | N/A | | TALVEY | 314 | 202 | 55.3 | 54.9 | | TECVAYLI | 494 | 403 | 22.6 | 22.5 | | ZYTIGA / abiraterone acetate | 383 | 496 | (22.8) | (23.4) | [Immunology](index=26&type=section&id=Immunology) Immunology Product Sales - Nine Months | Product | 2025 WW Sales ($M) | 2024 WW Sales ($M) | Reported % Change | Operational % Change | | :-------------------- | :----------------- | :----------------- | :---------------- | :------------------- | | REMICADE | 1,398 | 1,246 | 12.2 | 12.7 | | SIMPONI / SIMPONI ARIA | 2,036 | 1,607 | 26.7 | 27.2 | | STELARA | 4,848 | 8,012 | (39.5) | (39.5) | | TREMFYA | 3,566 | 2,721 | 31.0 | 30.8 | [Neuroscience](index=26&type=section&id=Neuroscience) Neuroscience Product Sales - Nine Months | Product | 2025 WW Sales ($M) | 2024 WW Sales ($M) | Reported % Change | Operational % Change | | :-------------------- | :----------------- | :----------------- | :---------------- | :------------------- | | CAPLYTA | 451 | — | N/A | N/A | | CONCERTA / methylphenidate | 452 | 482 | (6.3) | (5.5) | | INVEGA SUSTENNA / XEPLION / INVEGA TRINZA / TREVICTA | 2,824 | 3,159 | (10.6) | (10.5) | | SPRAVATO | 1,193 | 780 | 53.0 | 52.9 | [Pulmonary Hypertension](index=28&type=section&id=Pulmonary%20Hypertension) Pulmonary Hypertension Product Sales - Nine Months | Product | 2025 WW Sales ($M) | 2024 WW Sales ($M) | Reported % Change | Operational % Change | | :-------------------- | :----------------- | :----------------- | :---------------- | :------------------- | | OPSUMIT / OPSYNVI | 1,682 | 1,655 | 1.7 | 1.4 | | UPTRAVI | 1,411 | 1,352 | 4.3 | 4.2 | [Infectious Diseases](index=28&type=section&id=Infectious%20Diseases) Infectious Diseases Product Sales - Nine Months | Product | 2025 WW Sales ($M) | 2024 WW Sales ($M) | Reported % Change | Operational % Change | | :-------------------- | :----------------- | :----------------- | :---------------- | :------------------- | | EDURANT / rilpivirine | 1,103 | 950 | 16.1 | 13.0 | | PREZISTA / PREZCOBIX / REZOLSTA / SYMTUZA | 1,196 | 1,305 | (8.3) | (8.4) | [Cardiovascular / Metabolism / Other](index=30&type=section&id=Cardiovascular%20%2F%20Metabolism%20%2F%20Other) Cardiovascular / Metabolism / Other Product Sales - Nine Months | Product | 2025 WW Sales ($M) | 2024 WW Sales ($M) | Reported % Change | Operational % Change | | :-------------------- | :----------------- | :----------------- | :---------------- | :------------------- | | XARELTO | 1,946 | 1,697 | 14.7 | 14.7 | [MedTech Segment Sales](index=20&type=section&id=MedTech%20Segment%20Sales) The MedTech segment demonstrated consistent growth across most franchises, with Cardiovascular and Vision being strong performers. Orthopaedics experienced more modest growth or slight declines in certain areas [Third Quarter](index=20&type=section&id=Third%20Quarter) MedTech Segment Sales - Third Quarter Summary | Segment | 2025 WW Sales ($M) | 2024 WW Sales ($M) | Reported % Change | Operational % Change | | :-------------------------------- | :----------------- | :----------------- | :---------------- | :------------------- | | Total MedTech WW | 8,430 | 7,891 | 6.8 | 5.6 | | Cardiovascular WW | 2,213 | 1,966 | 12.6 | 11.6 | | Orthopaedics WW | 2,274 | 2,191 | 3.8 | 2.4 | | Surgery WW | 2,542 | 2,434 | 4.4 | 3.3 | | Vision WW | 1,400 | 1,300 | 7.7 | 6.1 | [Cardiovascular](index=20&type=section&id=Cardiovascular) Cardiovascular Product Sales - Third Quarter | Product | 2025 WW Sales ($M) | 2024 WW Sales ($M) | Reported % Change | Operational % Change | | :-------------------- | :----------------- | :----------------- | :---------------- | :------------------- | | ELECTROPHYSIOLOGY | 1,418 | 1,279 | 10.8 | 9.7 | | ABIOMED | 423 | 362 | 16.8 | 15.6 | | SHOCKWAVE | 278 | 229 | 21.2 | 20.9 | [Orthopaedics](index=20&type=section&id=Orthopaedics) Orthopaedics Product Sales - Third Quarter | Product | 2025 WW Sales ($M) | 2024 WW Sales ($M) | Reported % Change | Operational % Change | | :-------------------- | :----------------- | :----------------- | :---------------- | :------------------- | | HIPS | 405 | 381 | 6.4 | 5.1 | | KNEES | 377 | 352 | 7.0 | 5.6 | | TRAUMA | 793 | 761 | 4.2 | 2.9 | | SPINE, SPORTS & OTHER | 698 | 696 | 0.3 | (1.3) | [Surgery](index=22&type=section&id=Surgery) Surgery Product Sales - Third Quarter | Product | 2025 WW Sales ($M) | 2024 WW Sales ($M) | Reported % Change | Operational % Change | | :-------------------- | :----------------- | :----------------- | :---------------- | :------------------- | | ADVANCED | 1,165 | 1,109 | 5.0 | 3.8 | | GENERAL | 1,378 | 1,325 | 3.9 | 2.9 | [Vision](index=22&type=section&id=Vision) Vision Product Sales - Third Quarter | Product | 2025 WW Sales ($M) | 2024 WW Sales ($M) | Reported % Change | Operational % Change | | :-------------------- | :----------------- | :----------------- | :---------------- | :------------------- | | CONTACT LENSES / OTHER | 1,018 | 968 | 5.2 | 3.5 | | SURGICAL | 383 | 333 | 14.9 | 13.8 | [Nine Months](index=31&type=section&id=Nine%20Months) MedTech Segment Sales - Nine Months Summary | Segment | 2025 WW Sales ($M) | 2024 WW Sales ($M) | Reported % Change | Operational % Change | | :-------------------------------- | :----------------- | :----------------- | :---------------- | :------------------- | | Total MedTech WW | 24,991 | 23,669 | 5.6 | 5.3 | | Cardiovascular WW | 6,629 | 5,645 | 17.4 | 17.1 | | Orthopaedics WW | 6,820 | 6,843 | (0.3) | (0.8) | | Surgery WW | 7,493 | 7,338 | 2.1 | 2.1 | | Vision WW | 4,048 | 3,843 | 5.3 | 4.8 | [Cardiovascular](index=31&type=section&id=Cardiovascular) Cardiovascular Product Sales - Nine Months | Product | 2025 WW Sales ($M) | 2024 WW Sales ($M) | Reported % Change | Operational % Change | | :-------------------- | :----------------- | :----------------- | :---------------- | :------------------- | | ELECTROPHYSIOLOGY | 4,209 | 3,946 | 6.7 | 6.4 | | ABIOMED | 1,291 | 1,112 | 16.1 | 15.5 | | SHOCKWAVE | 828 | 306 | N/A | N/A | [Orthopaedics](index=31&type=section&id=Orthopaedics) Orthopaedics Product Sales - Nine Months | Product | 2025 WW Sales ($M) | 2024 WW Sales ($M) | Reported % Change | Operational % Change | | :-------------------- | :----------------- | :----------------- | :---------------- | :------------------- | | HIPS | 1,235 | 1,220 | 1.3 | 0.9 | | KNEES | 1,155 | 1,147 | 0.7 | 0.3 | | TRAUMA | 2,333 | 2,285 | 2.1 | 1.6 | | SPINE, SPORTS & OTHER | 2,096 | 2,191 | (4.3) | (5.0) | [Surgery](index=33&type=section&id=Surgery) Surgery Product Sales - Nine Months | Product | 2025 WW Sales ($M) | 2024 WW Sales ($M) | Reported % Change | Operational % Change | | :-------------------- | :----------------- | :----------------- | :---------------- | :------------------- | | ADVANCED | 3,402 | 3,337 | 1.9 | 1.8 | | GENERAL | 4,092 | 4,001 | 2.3 | 2.3 | [Vision](index=33&type=section&id=Vision) Vision Product Sales - Nine Months | Product | 2025 WW Sales ($M) | 2024 WW Sales ($M) | Reported % Change | Operational % Change | | :-------------------- | :----------------- | :----------------- | :---------------- | :------------------- | | CONTACT LENSES / OTHER | 2,902 | 2,796 | 3.8 | 3.1 | | SURGICAL | 1,147 | 1,048 | 9.4 | 9.6 |

Johnson & Johnson said it plans to separate its artificial hip and knee business into a stand-alone company to be called DePuy Synthes https://t.co/esl7QarjXl ...

Core Insights - The earnings season has commenced with major companies such as Taiwan Semiconductor (TSM), JP Morgan Chase (JPM), Wells Fargo (WFC), Bank of America (BAC), Goldman Sachs (GS), Johnson & Johnson (JNJ), and American Express (AXP) set to report their earnings this week [1] Group 1: Earnings Reporting - Companies reporting earnings include TSM, JPM, WFC, BAC, GS, JNJ, and AXP [1] Group 2: Stock Screener Usage - The Stock Screener can be utilized to identify companies with significant option volume and upcoming earnings [2] - A specific scan can be conducted to find companies with total call volume greater than 1,000 and market capitalization exceeding 10 billion, with earnings dates between October 13 - 17 [3] Group 3: Trading Strategy Example - An example trading strategy involves using an iron condor for TSM, which profits from a drop in implied volatility while keeping the stock within a specified range [5] - The iron condor consists of a bull put spread and a bear call spread, with specific strike prices for options sold and bought [6] - The total premium generated from the iron condor is approximately $1.50 per contract, equating to $150 [6] Group 4: Profit Zone Calculation - The profit zone for the iron condor ranges between $278.50 and $321.50, calculated by adjusting the short strikes with the premium received [7]

[Music] All right, welcome back everybody. We are just getting results from Johnson and Johnson. Turns out that earnings and revenue both beat the streets expectations.Looks like the company is also raising its fullear sales outlook. Adjusted earnings of $2.80% a share beat the streets expectations of $2.76%. Revenue came in at 23.99% billion.That was better than the 23.8% billion consensus. And J&J is now saying that it sees fullear 2025 revenue of $93.7% billion at the midpoint. The streets at $93.4% bill ...

强生发布财报，第三季度销售额239.9亿美元，预计财年销售额为935亿美元至939亿美元。强生美股盘 前一度涨2.4%。 （文章来源：第一财经） ...

| | | 03 | | | --- | --- | --- | --- | | ($ in Millions, except EPS) | 2025 | 2024 | % Change | | Reported Sales | $23,993 | $22,471 | 6.8% | | Net Earnings | $5,152 | $2,694 | 91.2% | | EPS (diluted) | $2.12 | $111 | 91.0% | | | | Q3 | | | Non-GAAP* ($ in Millions, except EPS) | 2025 | 2024 | % Change | | Operational Sales1 | | | 5.4% | | Adjusted Operational Sales10 | | | 4.4% | | Adjusted Net Earnings14 | $6,801 | $5,876 | 15.7% | | Adjusted EPS (diluted)1/0 | $2.80 | $2.42 | 15.7% | | Free Cash Flow 6.7 ...

格隆汇10月14日｜强生(JNJ.US)预计财年销售额为935亿至939亿美元，此前预期为932亿至936亿美元。 ...