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08:30
Jul 15 ◎

JNJ FY2026 Q2 Watch

Johnson & Johnson (JNJ) FY2026 Q2 Earnings Call

JNJ ABBV BSX MDT SYK ▾

Joe Wolk

Management raised full-year revenue and EPS guidance, citing strong new product launches (Icotide, Tremfya, Tecvaili) and margin expansion, signaling confidence in accelerating growth through 2027.

"We are excited to increase our adjusted operational earnings per share range to $11.50 to $11.65."

JNJ WATCH

Jennifer Taubert

JNJ management acknowledges that AbbVie's Skyrizi is maintaining share in IBD/psoriasis despite Tremfya's strong growth, indicating ongoing competitive pressure in the IL-23 market.

"SkyRizzy is holding its own."

ABBV WATCH

Tim Schmidt

JNJ's electrophysiology growth was depressed ~400bps due to inventory destocking in China, suggesting a broader channel correction that may affect peers with China exposure. — If this is an industry-wide destocking, other medtech companies (Boston Scientific, Medtronic) may similarly see an EP growth headwind in coming quarters, beyond just JNJ.

"There was also a negative impact from China inventory, which we estimate to be 400 basis points."

BSX WATCH MDT WATCH

Joe Wolk

JNJ called out a modest cost-of-goods-sold tailwind from tariffs in medtech (offset other headwinds), implying some near-term tariff recoupment that may be incremental for the sector. — JNJ's ability to partially offset tariff costs through price or mix suggests a more resilient margin structure, contrasting with competitors who may not have similar leverage.

"Cost of goods sold leveraged by 30 basis points driven by favorable operational drivers and currency, partially offset by unfavorable product mix in the innovative medicine business as well as the impact of tariffs in the med tech business."

SYK WATCH ZBH WATCH

HIGH

08:30
Apr 14 ◎

JNJ FY2026 Q1 Watch

Johnson & Johnson (JNJ) FY2026 Q1 Earnings Call

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Joe Walk

Management raised full-year revenue and EPS guidance, citing strong Q1 performance, accelerating new launches, and confidence in double-digit growth by decade-end.

"We are increasing our operational sales guidance to be in the range of 5.9% to 6.9%, with a midpoint of $100.2 billion or 6.4%."

JNJ WATCH

Darren Snellgrove

JNJ's acquisition of Intra-Cellular Therapies contributed positively to reported growth, signaling integration/expansion in neuroscience.

"Acquisitions and divestitures had a net positive impact of 110 basis points on worldwide growth, primarily driven by the intracellular acquisition."

ITCI WATCH

Tim Schmid

Abiomed (now JNJ-owned) is experiencing robust growth driven by Impella adoption and positive clinical data, reinforcing JNJ's cardiovascular momentum.

"Abiomed grew 14.4%, with continued strong adoption of the Impella technology."

ABMD WATCH

Tim Schmid

Shockwave (now JNJ-owned) continues strong IVL market leadership with new catheter launches and expanding global presence.

"Shockwave delivered strong double-digit growth of 18.1%, driven by continued adoption of coronary and peripheral products."

SWAV WATCH

Joe Walk

JNJ anticipates second-half headwinds from volume-based procurement (VBP) in China for electrophysiology products, already factored into guidance. — China VBP expansion into electrophysiology will pressure pricing for all players, including Medtronic and Boston Scientific, and is a leading indicator of regulatory cost-containment actions in a key market.

"We do anticipate some second-half impact from volume-based procurement in China for electrophysiology products, which has been factored into our full-year guidance."

MDT WATCH BSX WATCH

HIGH

08:30
Jan 21 ◎

JNJ FY2025 Q4 Watch

Johnson & Johnson (JNJ) FY2025 Q4 Earnings Call

JNJ BMY MDT BSX SYK ▾

Joe Wolk

Management projects accelerated revenue growth (5.7-6.7% operational) and line of sight to double-digit growth by end of decade, driven by a deep pipeline of recently launched products and a focus on high-growth core businesses.

"We enter 2026 with powerful momentum and anticipate another solid year ahead."

JNJ WATCH

Jennifer Talbot

JNJ's partnership with BMS on milvexian (factor XIa inhibitor) may yield a $5B+ asset if pivotal data in AFib and secondary stroke are positive; JNJ's confidence in the collaboration suggests BMS shares development risk and upside.

"we're looking forward to this product that we're developing in collaboration with Bristol-Myers Squibb"

BMY WATCH

Joe Wolk

JNJ's EP business growth accelerated to 9.5% in Q4 driven by Varipulse, but competitive PFA pressures remain, indicating ongoing share battles in the pulsed-field ablation market. — Varipulse adoption (40k+ cases) shows JNJ is regaining EP share, but 'competitive pressures' signal Medtronic and Boston Scientific are not ceding ground; a multi-year battle for PFA leadership is underway.

"full-year MedTech tariffs of approximately $500 million, which is significantly above the 2025 amount"

MDT WATCH BSX WATCH

Joe Wolk

JNJ expects MedTech tariffs to nearly triple to ~$500M in 2026, creating a significant cost headwind that may pressure margins across the industry. — Tariffs on medical devices are rising sharply; companies with large US manufacturing or reliance on imported components may see similar cost pressures, which could lead to price increases or margin compression.

"full-year MedTech tariffs of approximately $500 million, which is significantly above the 2025 amount"

SYK WATCH

HIGH

08:30
Oct 14 ◎

JNJ FY2025 Q3 Watch

Johnson & Johnson (JNJ) FY2025 Q3 Earnings Call

JNJ FUJIF ▾

Joaquin Duarte

Management is highly bullish, having raised 2025 guidance, delivered strong underlying growth despite Stelara erosion, and provided a 2026 outlook above consensus, indicating durable top-line acceleration.

"We are in a new era of accelerated growth at Johnson & Johnson."

JNJ WATCH

Joe Wok

JNJ is expanding U.S. biopharmaceutical manufacturing at a Fujifilm site, deepening a partnership that should provide steady contract manufacturing revenue for Fujifilm.

"we announced a $2 billion commitment to further increase our presence in North Carolina, with a more than 160,000 square foot dedicated manufacturing facility at Fujifilm's new biopharmaceutical manufacturing site"

FUJIF WATCH

HIGH

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