1. 10月14日(周二)美股盘前，美股三大股指期货齐跌。截至发稿，道指期货跌0.54%，标普500指数期货跌0.85%，纳指期货跌1.11%。 中美关税摩擦冲击汇市：美元重成避风港。美元兑大多数主要货币走强，因此前美国与中国的关税摩擦新局势动摇了风险资产，并促使投 资者转向避险资产。彭博美元现货指数上涨0.3%，至8月1日以来最高水平，与国债一同上涨，而股市则下跌。货币中跌幅领先的是澳元， 下跌1%至近两个月低点；英镑在英国就业数据公布后亦触及两个月新低。 高盛：2026年美国家庭将成美股"最强买家"，净买入额或达5200亿美元。高盛表示，受经济增长加速、失业率下降及通胀放缓推动，美国 家庭预计将成为2026年美股最大买家。该行预测，2026年美国家庭净买入股票规模将达5200亿美元，同比增长19%;企业股票净买入额预计 为4100亿美元，同比增长7%。高盛分析师David Kostin指出，并购活动回暖将进一步提振企业股票需求，但IPO规模的持续复苏将在一定程 度上抵消这一增长。高盛美股情绪指标录得+0.3，自今年2月以来首次转为正值，表明各类投资者当前持仓处于中性水平。不过Kostin提 到，在该指标包 ...

Johnson & Johnson's stock rose toward a record after a beat-and-raise earnings report and announcement of plans to separate its orthopedics business. ...

智通财经APP获悉，强生(JNJ.US)公布超预期的第三季度销售额与盈利，并上调了全年收入指引。该维 持2025年调整后盈利指引不变，表示正在消化更高的税负。财报显示，强生第三季度营收240亿美元， 同比增长6.7%，超出分析师237亿美元的平均预期；每股收益为2.80美元，高于预期的2.76美元。 强生任命医疗技术行业资深高管纳马尔·纳瓦纳即刻出任骨科部门负责人。这位前强生高管曾担任艾利 尔公司与施乐辉公司的首席执行官。公司声明称，纳瓦纳将向强生CEO汇报，负责主导分拆过程并有望 在分拆后继续执掌该业务。 战略转型意义 该公司还将2025年预计销售额中值上调了3亿美元，至937亿美元。 强生公司还宣布，计划在未来18至24个月内将增长缓慢的骨科业务从公司主体剥离，以便为其创新药物 与器械业务争取更大发展空间。当前特朗普政府正持续向制药企业施压，要求降低美国药品价格。 医疗健康行业正面临特朗普总统关税威胁的阴影——他警告称将对未采取行动降低美国医疗成本的企业 加征关税，这是其第二任期内的重点政策。竞争对手辉瑞公司与阿斯利康已同意大幅降价销售部分药 物，并与其他富裕国家统一药价，以换取三年关税豁免。 强生首席财 ...

The third quarter earnings season kicked off in earnest on Tuesday as the major Wall Street banks reported their quarterly results. Coming into the quarter, analysts expect S&P 500 companies to report a 7.9% jump in earnings per share during the third quarter, according to FactSet data. If that figure holds, it would mark the ninth straight quarter of positive earnings growth but a deceleration from the 12% earnings growth reported in Q2 of this year. Source: FactSet On Tuesday, the major financial inst ...

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 ...

[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 ...