JNJ reported a strong Q1 with 6.4% operational sales growth, raised full-year guidance, and highlighted accelerating momentum from new launches like Icotide and Inlexo. Management expressed confidence in reaching double-digit growth by the end of the decade, with a focus on six key businesses. Q1 revenue $24.1B (+6.4% operational), adjusted EPS $2.70, both above consensus.
JNJ reported a strong Q1 with 6.4% operational sales growth, raised full-year guidance, and highlighted accelerating momentum from new launches like Icotide and Inlexo. Management expressed confidence in reaching double-digit growth by the end of the decade, with a focus on six key businesses. Q1 revenue $24.1B (+6.4% operational), adjusted EPS $2.70, both above consensus.
JNJ reported a strong Q1 with 6.4% operational sales growth, raised full-year guidance, and highlighted accelerating momentum from new launches like Icotide and Inlexo. Management expressed confidence in reaching double-digit growth by the end of the decade, with a focus on six…
Q1 revenue $24.1B (+6.4% operational), adjusted EPS $2.70, both above consensus.
Guidance · revenue to $100.2B
Innovative Medicine grew 7.4%, MedTech grew 4.6%, with strong contributions from Darzalex, Tramfaya, Spravato, and new launches.
Management raised full-year revenue and EPS guidance, citing strong Q1 performance, accelerating new launches, and confidence in double-digit growth by decade-end.
Management highlighted significant investment in US-based manufacturing, technology, and R&D, with plans to invest $55 billion through early 2029. They have already invested roughly $12 billion (22% of the target) and noted that Q1 free cash flow was lower due to increased US capital expenditures, while maintaining full-year free cash flow guidance of ~$21 billion.
Management expressed strong confidence in growth trajectory and pipeline, emphasizing accelerated momentum and raising guidance, while downplaying concerns about competition and seasonality.
“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.”
“Cost of goods sold deleveraged by 10 basis points, driven by the impact of tariffs and other operational drivers in the med tech business, an unfavorable mix in the innovative medicine business.”
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| EPS | FY2026 | $11.30–$11.50above 컨센서스 대비 | $11.40 | RAISED |
| Revenue | FY2026 | $99.6B–$100.8Babove 컨센서스 대비 | $100.2B | RAISED |
| 제시 시점 | 지표 | 목표 기간 | 가이던스 | 실제 | 결과 |
|---|---|---|---|---|---|
| FY2025 Q3 | EPS | FY2025 | $10.80–$10.90 | $10.79 | Met / beat |
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.”
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.”
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.”
… surgery, and vision. Worldwide sales of $8.6 billion increased 4.6%, with growth of 5.9% in the U.S. and 3.2% outside of the U.S. Divestitures had a net negative impact of 10 basis points on worldwide growth. In cardiovascular, electrophysiology delivered growth of 9.5%, driven by our newly launched products, including Varipulse and commercial execution. Abiomed delivered growth of 14.4%, with continued strong adoption of the Impella technology. Shockwave delivered strong double-digit growth of 18.1%, driven by continued adoption of coronary and peripheral products. Surgery grew 1.2%, despite a negative impact of approximately 30 basis points from divestitures. Growth was driven by strength of the portfolio and commercial execution in biosurgery and wound closure, partially offset by planned surgery transformation impacts and competitive pressures in energy and endocutters, as well as VBP in China across the portfolio. In vision, contact lenses and other products grew 2.7%, driven by strong performance in the AccuView Oasis one-day family of products, as well as strategic price actions, further solidifying our leadership position. Surgical vision grew 6%, driven by new product …
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.
… in 2025 and is expected to launch in Europe shortly. In vision, we continue to expand the Technus platform globally and look forward to the U.S. launch of Technus Pure-C interocular lens, which enables surgeons to address cataract-related vision loss and presbyopia in a single procedure. In electrophysiology, Varipulse Pro is an innovative step forward, introducing a new faster pulse sequence that reduces ablation time by 85%. 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. The orthopedics business, under the leadership of Nomal Nawana, delivered a strong first quarter with encouraging momentum across key platforms. We are continuing to make targeted investments in the business and working towards a mid-2027 separation. We look forward to sharing further updates later this year, and as stated last October, we are evaluating all separation vehicles that create shareholder value and set up the Depew Synthes business for long-term success. Turning to our pipeline, we have many important catalysts that we are looking forward to in 2026. In innovative medicine, we …