J&J(US:JNJ) 智通财经网·2025-07-16 12:02Core Viewpoint - Johnson & Johnson (JNJ.US) reported second-quarter earnings that exceeded Wall Street expectations and raised its full-year guidance amidst threats of tariffs and drug price reductions in the pharmaceutical industry [1]. Financial Performance - The company's second-quarter sales reached $23.7 billion, surpassing analysts' average expectation of $22.8 billion [1]. - The adjusted non-GAAP earnings per share for the quarter were $2.77, exceeding market expectations by $0.09 [1]. - Johnson & Johnson raised its 2025 revenue guidance midpoint by $2 billion to $93.4 billion and adjusted its full-year earnings per share guidance upward by $0.25 to a range of $10.80 to $10.90 [1]. Market Context - The earnings report coincided with President Trump's consideration of imposing tariffs on the pharmaceutical industry, with potential initial low rates that could gradually increase [1]. - Trump indicated that if pharmaceutical companies do not shift more production capacity to the U.S. within the next 12 to 18 months, they could face tariffs as high as 200% [1]. Management Insights - Johnson & Johnson's CFO, Joseph Wolk, expressed optimism regarding the gradual imposition of tariffs, suggesting it indicates government understanding of the complexities involved in building biopharmaceutical facilities [1]. - The stock price of Johnson & Johnson rose by 2.1% in pre-market trading following the earnings announcement [1]. Challenges Ahead - Johnson & Johnson faces a patent cliff for its key psoriasis drug Stelara, which is experiencing competition from generics in the U.S. and Europe [3]. - The company is relying on new products like the cancer drug Darzalex and the immunology drug Tremfya to offset the decline of Stelara [3]. - Darzalex achieved sales of $3.54 billion in the quarter, while Tremfya sales reached $1.19 billion, both exceeding expectations [3]. - The medical devices segment contributed $8.54 billion, also surpassing expectations, while Stelara's sales of $1.65 billion fell short of analyst predictions [3]. Regulatory Environment - The White House has threatened to implement a policy requiring pharmaceutical companies to charge the U.S. government the lowest prices offered to patients in wealthier countries [3]. - An executive order from May mandates that drug companies either voluntarily lower prices or face regulatory measures, while also pushing for other countries to increase prescription drug prices [3]. Investment Commitment - In March, Johnson & Johnson announced plans to invest over $55 billion in the U.S. over the next four years, joining other pharmaceutical companies in increasing domestic investments since Trump's inauguration [4].