J&J CFO Joseph Wolk on Q2 results: 2025 is shaping up to be better than what we'd thought

Financial Performance - Johnson & Johnson reported earnings and revenue that beat estimates and raised guidance for the full year [1] - Pharmaceutical portfolio (excluding Stellara) experienced 155% growth, reaching a record revenue of over $15 billion [4] - Topline guidance is up about $2 billion for the full year, with half attributed to the weaker dollar and half to operational performance [25] - Reaffirming commitment from January for a 300 basis point improvement on operating margin, including $200 million of tariff costs [26] Product & Pipeline - Stellara, a $11 billion product, experienced a decline of $12 billion from Q2 last year to Q2 this year due to loss of patent exclusivity in the US [3][4] - TMIA is expected to be a $10 billion product, succeeding Stellara, with indications for ulcerative colitis and Crohn's disease [8][9] - Carvicti shows an overall median survival of 607% months better than five years with one treatment [7] - The company has 26, soon to be 27, platforms or products that generate more than $1 billion in revenue [20] Market Dynamics & Strategy - The spin-off of the consumer products group (Kenvue) in 2023 was the right decision, allowing for greater focus on pharmaceuticals and medtech [20][23] - Good tax policy translates into bringing manufacturing jobs back to the US, as evidenced by the 221% increase in bioarmal manufacturing since 2016 [13][14] - The company committed to $55 billion of investment in the US to supply medicines to US citizens out of US facilities by the end of the decade [14]