Core Viewpoint - Johnson & Johnson's MedTech segment, which constitutes approximately 36% of total revenues, is experiencing growth driven by newly acquired cardiovascular businesses and new product uptake, but faces challenges in the Asia Pacific region, particularly in China due to government procurement programs and competitive pressures [1][2][4]. Group 1: MedTech Segment Performance - The MedTech segment's growth in Q2 is attributed to the acquisition of Abiomed and Shockwave, alongside the continued uptake of new products [2]. - Sales in China are negatively impacted by the volume-based procurement (VBP) program and an anticorruption campaign, with no expected improvement in 2025 [2]. - Competitive pressures are affecting growth in specific MedTech areas, such as PFA ablation catheters in U.S. electrophysiology [3]. Group 2: Future Outlook - Sales are anticipated to be higher in the second half of 2025 compared to the first half as the business overcomes challenging first-quarter comparisons and new products gain traction [4]. - Tariff-related costs are expected to negatively impact profits in the MedTech segment [4]. Group 3: Competitive Landscape - J&J's MedTech unit faces significant competition from major players like Medtronic, Abbott, Stryker, and Boston Scientific, each specializing in various medical technologies [4][5]. Group 4: Financial Performance and Valuation - J&J's shares have outperformed the industry with a year-to-date increase of 9.7%, compared to a 0.6% rise in the industry [6]. - The company's shares are reasonably priced, trading at a price/earnings ratio of 14.43, lower than the industry average of 14.99 and below its five-year mean of 15.73 [8]. - The Zacks Consensus Estimate for 2025 earnings has increased slightly from $10.60 to $10.62 per share over the past 30 days [10].

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha 29 June 2025 | 3:25PM HKT China Resources Pharmaceuticals (3320.HK): China Healthcare Corporate Day 2025 — Key Takeaways: Soft growth in 1H amid Presenter: Yulin Chen - Head of Investor Relations Bottom line: Management noted soft growth in 1H due to challenging industry environment and toned down previous guidance of double-digit y/y sales growth for 2025 pending recovery situation in 2H. Cash collection remained under pressure. Key Takeaways Soft growth in 1H: management to ...

Key Takeaways JNJ's MedTech sales rose 4.1% in Q1 2025, driven by new products and recent acquisitions. Headwinds in China from VBP and anticorruption efforts are expected to persist through 2025. Stronger second-half 2025 sales expected as comps ease and product momentum builds up across segments.Johnson & Johnson (JNJ) is one of the few large drug and medical device companies with a presence in both the pharmaceuticals as well as medical devices segments. J&J’s medical devices segment, called MedTech, o ...

We hosted Shandong Weigao's CFO and IR team with investors on June 25 at our China Healthcare Corporate Day 2025. Bottom line: Mmgt noted 1) its full-year revenue growth guidance of 10–15% y/y remains unchanged. 1H25 may exhibit slower momentum, while management remains confident in a stronger 2H rebound due to a more favorable base (1H/2H24 revenue split at Rmb6.64bn/6.45bn) and accelerated new product contribution. 2) The ramp-up of new products is progressing as planned, particularly in perioperative car ...

China Healthcare | Asia Pacific 11th Round of National Drug VBP Around the Corner Key Takeaways Drug selection criteria aims to balance pricing against clinical practice considerations: Among the 75 drugs proposed, 14 drugs will be further evaluated ( Exhibit 1 ), including: 1) five whose generic products have narrower indications approved than the originators' drugs. The reported volume for these drugs may be limited to the scope of commonly-approved indications; 2) nine generics are considered to have rel ...

10 June 2025 | 6:06PM CST China Healthcare: May 2025 China hospital equipment bidding: YoY growth continued, while VBP hits ultrasound price We continue to track the procurement value of main medical devices in China. As we expected, the May data showed continued strong YoY growth (+91%), but a MoM decline (-13%). Taking into account that May 2024 was a low base caused by delays in trade-in program, comparing the May 2025 data to May 2023 still reveals a 33% increase. In our view, this indicates that hospit ...