Johnson & Johnson (JNJ) Stock Analysis

Research · Sep 3, 2026

[JNJ] Johnson & Johnson Thesis 2026: Pharma Pipeline Offsets Stelara as MedTech Cardiovascular Scales

Johnson & Johnson FY2025 revenue ~$91B (+5-7%) — Stelara biosimilar erosion (FY2025 ~$9B vs FY2024 $10.4B vs FY2023 peak $10.9B) offset by Darzalex (+11%, $13B), Tremfya (+35%, $5B), Erleada (+25%, $3.5B), Carvykti (~$2B doubling), Rybrevant launch ($1.5B). MedTech cardiovascular reshape: Abiomed ($16.6B 2022) + Shockwave ($13.1B May 2024) building $10-11B cardiovascular sub-segment. FY2026 thesis: pipeline depth offsets Stelara erosion through FY2027; Tremfya IBD label expansion + Rybrevant + Carvykti capacity ramp drive Innovative Medicine; MedTech cardiovascular margin expansion; Talc litigation Phase 3 LTL bankruptcy outcome ($9-10B provisioned) is binary risk; dividend aristocrat (62 yrs) + AAA credit rating durable.

Research · Aug 25, 2026

Cataract Surgery Stops Growing in the US

Alcon and Bausch + Lomb reported flat US cataract volume in Q2 2026; growth now comes from premium intraocular lenses, worth $15 million a point to Alcon.

Research · Apr 13, 2026

Pharma Tariffs: Buy LLY & AMGN, Sell PFE & MRK — Here's Why

Trump policies eroding Europe's pharma lead via tariffs favor US manufacturing-heavy Eli Lilly and Amgen, with strong growth and margins, while Pfizer and Merck's global chains invite cost squeezes. J&J and AbbVie sit in the middle with diversification. Rank: Buy LLY/AMGN, sell PFE/MRK.

Research · Apr 10, 2026

Pharma Tariffs: LLY and AMGN Win While PFE and MRK Face Margin Squeeze

Trump's pharma import tariffs shield U.S.-focused drugmakers like Eli Lilly and Amgen from cost hikes while pressuring import-reliant Pfizer and Merck. Analysis ranks six majors by exposure, highlighting financials and guidance. Domestic winners eye margin expansion amid onshoring push.