J&J(US:JNJ) 智通财经网·2025-04-14 08:15Core Viewpoint - Johnson & Johnson (JNJ.US) is set to kick off the Q1 2025 earnings season for the U.S. pharmaceutical industry on April 15, 2025, with significant market focus on the impact of tariff measures from the Trump administration on the pharmaceutical sector [1] Financial Performance - Goldman Sachs projects Johnson & Johnson's Q1 total revenue to be $21.5 billion, slightly below the market consensus of $21.6 billion, with innovative pharmaceuticals expected to generate $13.5 billion and medical technology $8 billion [2] - The expected adjusted EPS for Q1 is $2.47, lower than the consensus estimate of $2.57, while the gross margin is anticipated to be 74.6%, in line with expectations [2] - For the full year 2025, Goldman Sachs forecasts total revenue of $90.7 billion, exceeding the consensus of $90.2 billion, with an adjusted EPS of $10.41, slightly below the consensus of $10.50 [2] Business Segments - In the innovative pharmaceuticals segment, management is expected to highlight strong performance from next-generation products, particularly Icotrokinra for ulcerative colitis, and position Tremfya as a potential $10 billion opportunity [3] - The medical technology segment will see market focus shift between macroeconomic outlook and specific market dynamics, with attention on service utilization and capital spending trends, as well as competition in areas like electrophysiology and orthopedics [3] Investment Outlook - Goldman Sachs maintains a "Buy" rating on Johnson & Johnson with a 12-month price target of $172, indicating a potential upside of approximately 13% from the recent closing price [4] - The optimistic valuation reflects confidence in the pharmaceutical business and the company's defensive characteristics, despite acknowledging risks such as slower new product launches and uncertainties related to litigation [4]