• Like Pfizer combined with Procter & Gamble.
• The General Electric of healthcare.

• Oncology Treatments: Pharmaceuticals developed to treat various cancers, including multiple myeloma, prostate cancer, and blood cancers.
• Immunology Therapies: Biologic medications used to treat autoimmune diseases such as psoriasis, psoriatic arthritis, Crohn's disease, and ulcerative colitis.
• Neuroscience Medicines: Drugs addressing a range of neurological and psychiatric conditions, including major depressive disorder and schizophrenia.
• Cardiovascular & Metabolic Drugs: Medications for cardiovascular diseases, thrombosis, and metabolic disorders like type 2 diabetes.
• Pulmonary Hypertension Therapies: Specialized treatments for patients suffering from pulmonary arterial hypertension, a rare and progressive lung disease.
• Surgical Technologies: Advanced instruments, devices, and digital solutions used across various surgical specialties, including general surgery, bariatric, and gynecological procedures.
• Orthopaedic Solutions: Implants and instruments for joint reconstruction (hips, knees), trauma care, spine surgery, and sports medicine.
• Interventional Medical Devices: Products such as stents, catheters, and embolization devices used in minimally invasive procedures for cardiovascular and neurovascular conditions.
• Vision Care Products: A portfolio primarily consisting of ACUVUE® brand contact lenses and surgical products for improving eye health.

Johnson & Johnson (JNJ) primarily sells its products to other companies rather than directly to individual consumers. These customer companies then distribute, resell, or utilize JNJ's products within the healthcare system or directly to the end-user.

Its major customer categories and specific customer companies include:

• Pharmaceutical and Medical Device Wholesale Distributors: These companies purchase JNJ's prescription medicines, medical devices, and other healthcare products in large volumes and distribute them to pharmacies, hospitals, clinics, and other healthcare providers.

  • McKesson Corporation (Symbol: MCK)
  • Cencora (formerly AmerisourceBergen Corporation) (Symbol: COR)
  • Cardinal Health, Inc. (Symbol: CAH)

• Retailers and Pharmacy Chains: These companies purchase JNJ's consumer health products (e.g., Tylenol, Band-Aid, Neutrogena, Listerine) and some over-the-counter medicines for direct resale to the end-consumer.

  • CVS Health Corporation (Symbol: CVS)
  • Walgreens Boots Alliance, Inc. (Symbol: WBA)
  • Walmart Inc. (Symbol: WMT)
  • Amazon.com, Inc. (Symbol: AMZN)

• United Parcel Service (UPS)
• FedEx Corporation (FDX)
• Microsoft Corporation (MSFT)
• Amazon.com, Inc. (AMZN)

Joaquin Duato, Chairman and Chief Executive Officer

Joaquin Duato joined Johnson & Johnson in 1989, starting with Janssen Pharmaceuticals in Spain. Throughout his more than three-decade tenure, he has held various leadership positions within the company across different sectors, geographies, and functions. In 2011, he was appointed Executive Vice President and Worldwide Chairman of Pharmaceuticals, where he played a pivotal role in turning around the struggling pharmaceutical business. Prior to becoming CEO, Duato served as Vice Chairman of the Executive Committee, providing strategic direction for the Pharmaceuticals and Consumer Health sectors and overseeing Information Technology and Global Supply Chain operations. He assumed the role of CEO in January 2022 and became Chairman in January 2023. Duato also oversaw the separation of Johnson & Johnson's consumer health segment, now known as Kenvue.

Joseph J. Wolk, Executive Vice President, Chief Financial Officer

Joseph J. Wolk joined Johnson & Johnson in 2008. He has held numerous finance leadership roles within the company, including Vice President of Finance for J&J Innovative Medicine, Vice President of Finance for MedTech's Global Supply Chain, and Vice President of Investor Relations. Wolk was appointed Chief Financial Officer in 2018. His family has a long history with Johnson & Johnson, with his father, uncle, and aunt also having worked at the company.

Vanessa Broadhurst, Executive Vice President, Global Corporate Affairs

Vanessa Broadhurst serves as the Executive Vice President, Global Corporate Affairs at Johnson & Johnson. Before this role, she was the company group chairman of global commercial strategy for pharmaceuticals and also served as president of Johnson & Johnson's North America pharma unit, Janssen.

Elizabeth Forminard, Executive Vice President, Chief Legal Officer

Elizabeth Forminard holds the position of Executive Vice President, Chief Legal Officer at Johnson & Johnson.

Kristen Mulholland, Executive Vice President, Chief Human Resources Officer

Kristen Mulholland is the Executive Vice President, Chief Human Resources Officer for Johnson & Johnson.

The key risks to Johnson & Johnson's business include:

1. Talcum Powder Lawsuits

   Johnson & Johnson faces tens of thousands of ongoing lawsuits related to its talc-based products, with allegations that they caused ovarian cancer and mesothelioma. The company has faced billions of dollars in verdicts and settlements, including a nearly $1 billion jury verdict in October 2025. Multiple attempts by J&J to resolve these claims through bankruptcy proceedings have been rejected by judges, indicating that the litigation is likely to continue in court. These lawsuits represent a significant financial burden, with legal expenses consuming a notable portion of annual net income, and pose a risk of brand erosion.

2. Biosimilar Competition and Patent Expirations

   The company is experiencing significant revenue declines due to biosimilar competition for its blockbuster drugs. Notably, Stelara's sales saw a dramatic year-over-year decline in Q1 2025 following its patent expiration in September 2023, with eight biosimilars launching in the U.S. market. Remicade has also faced biosimilar competition for several years, leading to reduced sales. This competitive pressure is expected to continue impacting J&J's pharmaceutical revenues.

3. Regulatory Scrutiny and Drug Pricing Pressures

   Johnson & Johnson faces broader regulatory scrutiny, particularly concerning product safety, as evidenced by the ongoing issues surrounding talc. Additionally, the company is subject to increasing pressures to lower drug prices, including the Inflation Reduction Act's Medicare Drug Price Negotiation Program, which mandates a significant price cut for Stelara starting in 2026. Potential U.S. tariffs on pharmaceuticals also pose a risk of disrupting supply chains and increasing operational expenses.

The widespread and expanding efficacy of GLP-1 agonist drugs, such as Ozempic, Wegovy, Mounjaro, and Zepbound, primarily from competitors like Novo Nordisk and Eli Lilly. These drugs are demonstrating benefits beyond their initial indications for diabetes and obesity, showing positive outcomes in areas like cardiovascular disease, sleep apnea, and potentially other conditions. Johnson & Johnson does not currently possess a leading drug in this class. This trend poses an emerging threat by potentially disrupting JNJ's pharmaceutical pipeline in various therapeutic areas and, in the longer term, could reduce demand for certain MedTech products (e.g., orthopedic implants related to obesity-induced arthritis, bariatric surgery devices) if the prevalence of obesity-related comorbidities significantly declines.

Johnson & Johnson (JNJ) operates in various addressable markets primarily through its Pharmaceutical (Innovative Medicine) and MedTech segments. The addressable market sizes for their main products and services are outlined below, with regional clarifications where available:

Pharmaceuticals (Innovative Medicine)

• Immunology: The global immunology market size was valued at USD 108.40 billion in 2024 and is estimated to reach approximately USD 286.38 billion by 2034. In the U.S., the immunology market was valued at USD 43.09 billion in 2024 and is anticipated to reach around USD 114.60 billion by 2034.
• Oncology (Drugs): The global oncology market size was calculated at USD 225.05 billion in 2024 and is projected to reach around USD 600.97 billion by 2034. The U.S. oncology market size was valued at USD 72.79 billion in 2024 and is projected to reach around USD 211.78 billion by 2034.
• Neuroscience: The global neuroscience market size was valued at USD 46.41 billion in 2024 and is projected to grow to USD 77.93 billion by 2033. North America led the global neuroscience market with a market share of more than 35% in 2024.
• Cardiovascular Drugs: The global cardiovascular drugs market size was approximately USD 149.99 billion in 2024 and is forecasted to hit around USD 214.72 billion by 2034.

MedTech

• Orthopedics: The global orthopedic market grew to USD 61.9 billion worldwide in 2024. North America held the largest revenue share of the orthopedic devices market at 47% in 2024. The U.S. is expected to dominate the global orthopedic devices market with a share of 93.8% within the North America region.
• Surgery (Devices): The global general surgery devices market is projected to reach USD 29.9 billion by 2030. The global minimally invasive surgery market size was valued at USD 47.45 billion in 2024 and is projected to reach USD 89.86 billion by 2032.
• Cardiovascular Devices: The global cardiovascular devices market size was USD 61.39 billion in 2023 and is projected to grow to USD 117.68 billion by 2032. North America dominated the cardiovascular devices market with a 52.24% share in 2023.
• Vision Care: The global vision care market size was valued at USD 68.1 billion in 2023 and is poised to grow from USD 70.65 billion in 2024 to USD 94.85 billion by 2032. North America currently dominates the market, holding a market share of over 45.6% in 2024.

1. Robust Innovative Medicine Pipeline and Recently Launched Products: Johnson & Johnson's Innovative Medicine segment is a primary driver of future revenue growth, with an anticipated operational sales growth of 5-7% from 2025-2030. This growth is expected to be fueled by a strong pipeline projected to deliver more than 20 novel therapies and over 50 product expansions by 2030. Key in-market brands like Darzalex, Erleada, Tremfya, and Spravato continue to perform strongly. Additionally, recently launched oncology drugs such as Carvykti, Tecvayli, Talvey, and Rybrevant/Lazcluze are expected to contribute significantly to sales. The company remains confident in its ability to grow the Innovative Medicine segment despite the loss of exclusivity for Stelara.
2. Expansion in High-Growth MedTech Markets and New Product Introduction: The MedTech segment is forecast to achieve operational sales growth in the upper range of its markets, projected at 5-7% through 2027. This expansion is driven by a strategic focus on high-growth areas including interventional cardiovascular, robotics, and digital surgery. A significant portion of this growth, approximately one-third of 2027 sales, is expected to come from new products. Innovations like the Velys robotic system and the Ottava multi-port surgical robotic system are key to this strategy.
3. Strategic Acquisitions and Business Development: Johnson & Johnson actively pursues strategic acquisitions and licensing agreements to bolster its portfolio and expand market reach. For example, the acquisitions of Abiomed and Shockwave Medical have significantly strengthened the company's position in the high-growth cardiovascular intervention market. These targeted acquisitions contribute to inorganic growth and help offset potential revenue declines from patent expirations.

Share Repurchases

• In September 2022, Johnson & Johnson's Board of Directors authorized a share repurchase program of up to $5 billion of common stock.
• The company executed annual share buybacks of $11.089 billion in 2023 and $2.432 billion in 2024.
• During the first quarter of 2025, Johnson & Johnson repurchased $2.127 billion in common stock.

Share Issuance

• The initial public offering (IPO) of Kenvue in May 2023, where Johnson & Johnson retained a controlling stake of approximately 91%, contributed to a net reduction in J&J shares outstanding following an exchange offer.
• As of April 18, 2025, Johnson & Johnson had 2,406,073,279 shares of Common Stock outstanding.

Outbound Investments

• Johnson & Johnson made several significant acquisitions, including Momenta Pharmaceuticals for $6.5 billion in 2020, Abiomed for $16.6 billion in 2022, and Shockwave Medical for $13.1 billion in 2024.
• In 2025, the company acquired Intra-Cellular Therapies for $14.6 billion, enhancing its neuroscience portfolio.
• Since January 2024, Johnson & Johnson has invested approximately $50 billion in research and development and other inorganic growth opportunities.

Capital Expenditures

• Johnson & Johnson's capital expenditures averaged $3.61 billion from fiscal years ending January 2021 to 2024, peaking at $4.243 billion in December 2024.
• The company plans to invest over $55 billion in the United States over the next four years (starting from March 2025), representing a 25% increase compared to the prior four years.
• These investments include constructing four new manufacturing plants and expanding existing sites, with a primary focus on manufacturing, research and development, and technology capabilities within its Innovative Medicine and MedTech businesses, such as a new $2 billion+ biologics manufacturing facility in North Carolina.