JOHNSON & JOHNSON (JNJ)

Johnson & Johnson is a holding company, incorporated in New Jersey in 1887, whose operating companies research, develop, manufacture and sell a broad range of products in the healthcare field, with a primary focus on human health and well-being. It has approximately 138,200 full-time equivalent positions worldwide and conducts business in virtually all countries. The Chief Executive Officer serves as chief operating decision maker, and an Executive Committee sets strategy and priorities, while U.S. and international operating companies manage their own strategic plans and day-to-day operations.

The company is organized into two segments: Innovative Medicine and MedTech. Innovative Medicine focuses on oncology, immunology, neuroscience, pulmonary hypertension, infectious diseases, and cardiovascular and metabolism. Key products include CARVYKTI, DARZALEX and DARZALEX FASPRO, ERLEADA, IMBRUVICA, RYBREVANT, TALVEY, TECVAYLI, STELARA, TREMFYA, SIMPONI, REMICADE, CAPLYTA, SPRAVATO, INVEGA long-acting injectables, the HIV medicines EDURANT, PREZISTA and SYMTUZA, OPSUMIT, UPTRAVI and XARELTO. DARZALEX products were about 15.0% of fiscal 2025 revenues, STELARA about 6.5% and TREMFYA about 5.5%. MedTech covers cardiovascular (electrophysiology, Abiomed mechanical circulatory support, Shockwave, neurovascular), orthopaedics (joint reconstruction, trauma, spine, sports medicine), surgery (surgical instruments, energy devices, stapling, wound closure, biosurgery, digital and robotic technologies, and Mentor breast aesthetics) and vision (ACUVUE contact lenses and TECNIS intraocular lenses). In October 2025 the company announced its intention to separate its Orthopaedics business, targeting completion within 18 to 24 months.

Innovative Medicine products are distributed directly to retailers, wholesalers, distributors, hospitals and healthcare professionals for prescription use. MedTech products are distributed to wholesalers, hospitals and retailers and used mainly by physicians, nurses, hospitals, eye care professionals and clinics. International principal markets, products and distribution methods vary with the country and culture, and sales do not show significant seasonality, though spending is typically heavier in the fourth quarter.

Raw materials are generally readily available from multiple sources. The company relies on patents, licenses and trademarks, and faces patent challenges and biosimilar competition, notably for STELARA. Some products are developed with strategic partners or licensed, such as DARZALEX, which carries royalties to Genmab. It competes locally and globally in all product lines, with research competition particularly significant. It is subject to extensive regulation, including FDA oversight, privacy and AI rules, and U.S. drug pricing legislation such as the Inflation Reduction Act.