强生Q3业绩超预期，计划分拆骨科业务应对特朗普药价施压

Core Viewpoint - Johnson & Johnson reported a strong Q3 performance, exceeding market expectations, driven by its medical technology and new drug momentum. The company plans to separate its slower-growing orthopedic business from its other operations within 18 to 24 months to provide more breathing room for its innovative drug and device businesses amid pricing pressures from the Trump administration [1][6]. Financial Performance - Q3 revenue increased by 6.8% year-over-year to $23.993 billion [2] - Q3 net earnings rose by 91.2% year-over-year to $5.152 billion [2] - Adjusted EPS for Q3 grew by 91% year-over-year to $2.12 [2] - The company raised its full-year revenue guidance to $93.7 billion, reflecting a median growth of 5.7% [2] Business Segments - Innovative pharmaceuticals saw global sales increase by 5.3% year-over-year to $15.6 billion, driven by oncology products like DARZALEX and CARVYKTI, as well as immunology and neuroscience products [5] - Medical technology global sales grew by 5.6% year-over-year to $8.4 billion, primarily due to electrophysiology products and cardiovascular devices [5] Strategic Initiatives - Johnson & Johnson is in ongoing negotiations with the Trump administration regarding pricing issues, with confidence in reaching a consensus [6] - The company is planning to spin off its orthopedic business, which focuses on hip and knee replacements and spinal devices, projected to generate approximately $9.2 billion in sales in 2024 [6] - The orthopedic business, named DePuy Synthes, is expected to become the largest orthopedic company globally, allowing Johnson & Johnson to focus on faster-growing and higher-margin markets [6] Innovation and Growth Drivers - The company achieved significant breakthroughs in innovative drugs, which may enhance growth expectations for the coming years [7] - TREMFYA received FDA approval for a subcutaneous formulation, becoming the first and only IL-23 subcutaneous option, with Q3 sales reaching $1.42 billion, a 41.3% increase [7] - INLEXZO was approved for high-risk non-muscle invasive bladder cancer treatment, and icotrokinra was submitted for psoriasis treatment, potentially providing valuable tools in the dermatology field [7]