J&J(US:JNJ) 思宇MedTech·2026-01-08 03:08Core Viewpoint - Johnson & Johnson MedTech is undergoing a systematic restructuring of its business portfolio in response to growth pressures and structural adjustments in the medical device industry, focusing on three core segments: cardiovascular, surgical, and vision [2][3]. Business Composition - The company plans to narrow its focus from four business segments to three core areas: cardiovascular, surgical, and vision, reallocating resources and innovation towards these areas [3][5]. - The decision to spin off the orthopedic business, DePuy Synthes, is seen as a growth-oriented choice to optimize the business structure and create space for higher quality growth [3][5]. Cardiovascular Segment - The cardiovascular segment is highlighted as the most impactful and potentially lucrative area, with significant growth driven by strategic acquisitions, including the $16 billion purchase of Abiomed [6][7]. - Currently, approximately 50% of the company's products are in high-growth markets, with annual revenue for the cardiovascular segment reaching $7.7 billion, a 21.4% increase from 2023 [6]. Surgical Segment - The surgical business has faced challenges, with a 1.9% decline in annual revenue, influenced by market competition and a contraction in the Chinese market [8][10]. - Future growth is expected to hinge on the success of the surgical robot project, Ottava, which aims to enhance surgical workflows and space utilization [8][10]. Vision Segment - The vision segment serves around 40 million people annually and has seen a cumulative sales growth of 31% over the past five years, second only to cardiovascular [13]. - The segment's revenue is projected to grow by 1.5% in 2024, reaching $5.1 billion, with a focus on differentiated product offerings to enhance growth certainty [13]. Regional and Investment Strategy - The company acknowledges challenges in the Chinese market, previously a growth engine, and is reallocating resources to the U.S. and other markets [14]. - Continuous investment in R&D is emphasized, with a planned $3.7 billion investment in 2024, a 19% increase from the previous year, alongside strategic investments in emerging technologies [14][15]. Orthopedic Spin-off - The spin-off of DePuy Synthes is a significant structural decision aimed at improving overall growth rates and profit levels, allowing both the parent company and the new entity to focus on their respective markets [16]. Conclusion - The next phase for Johnson & Johnson MedTech is centered around focus, integration, and execution, aiming to concentrate resources on high-potential areas while enhancing long-term competitiveness through innovation and decentralized management [17].