Johnson & Johnson Reports 9.1% Q4 Sales Growth, Targets $100.5 Billion Revenue for 2026
核心洞察
Johnson & Johnson reported 9.1% sales growth in Q4 2025, reaching $24.56 billion with net earnings rising 49.1% to $5.11 billion.
The pharmaceutical giant achieved $94.2 billion in worldwide sales for 2025, representing 6% annual growth despite Stelara's patent cliff impact.
J&J forecasts 2026 sales of $100.5 billion, driven by strong performance in oncology drugs like Darzalex and Carvykti, which reached blockbuster status.
Johnson & Johnson delivered robust financial results for the fourth quarter of 2025, reporting a 9.1% increase in sales to $24.56 billion and a 49.1% surge in net earnings to $5.11 billion. The pharmaceutical and medical device giant's full-year performance showed continued momentum with worldwide sales reaching $94.2 billion, representing 6% growth despite facing patent expiration challenges.
The company's diluted earnings per share for Q4 2025 stood at $2.10, up from $1.41 in Q4 2024, reflecting a 48.9% growth. Adjusted net earnings reached $6.1 billion, up 21.5% from $4.94 billion in the prior year period, while adjusted diluted EPS increased to $2.46 from $2.04, translating to 20.6% growth.
Overcoming Patent Cliff Challenges
J&J successfully navigated the loss of exclusivity for Stelara, its blockbuster autoimmune drug, which saw revenue decline 42.7% to $6.1 billion in 2025 from $10.3 billion in 2024. CEO Joaquin Duato emphasized the company's resilience during a Wednesday conference call, stating they came out of "really successful 2025, firmly placing the Stelara LoE in the rearview mirror."
The Stelara revenue decline was offset by strong growth across other portfolio areas, demonstrating the company's diversification strategy effectiveness.
Oncology Portfolio Drives Growth
J&J's oncology division emerged as the primary growth driver, with sales increasing from $20 billion to $25 billion year-over-year. This growth was fueled by strong performance from anti-tumor antibody Darzalex and CAR-T treatment Carvykti, which achieved blockbuster status for the first time with $1.8 billion in 2025 sales.
The operational sales of the global innovative medicine sector increased 5.3%, bolstered by products including Erleada, Darzalex, and Carvykti in oncology, as well as Tremfya in immunology.
Expanding Treatment Franchises
Several key franchises showed significant growth trajectories. Tremfya, a dermatitis (搜索) treatment, rose from $3.6 billion in 2024 to $5.2 billion in 2025. Depression (搜索) treatment Spravato demonstrated strong momentum, improving from $1.1 billion to $1.7 billion in sales.
Jefferies (搜索) analysts project Spravato sales guidance for 2027-2028 at $3 billion to $3.5 billion, noting "a warming regulatory environment" for psychedelic-related treatments in other indications, including anxiety (搜索) and post-traumatic stress disorder (搜索).
Medical Technology Segment Performance
The MedTech division contributed to overall growth with worldwide operational sales increasing 5.4%, driven primarily by electrophysiology products and Abiomed in cardiovascular applications, as well as wound closure products in general surgery.
Innovation Pipeline Advances
Throughout 2025, J&J achieved significant regulatory milestones with approvals for Caplyta in treating major depressive disorder (搜索) and Rybrevant Faspro (搜索) plus Lazcluze for non-small cell lung cancer (搜索). The company also completed its acquisition of Halda Therapeutics (搜索), a clinical-stage biotechnology company, for $3.05 billion in cash in December 2025.
2026 Outlook and Market Position
J&J announced ambitious guidance for 2026, forecasting estimated reported sales of $100.5 billion and an adjusted EPS of $11.53 at the midpoint. This projection stands 1.6% above consensus estimates of $98.9 billion, according to CFO Joseph Wolk, setting up potential competition with Eli Lilly in the race toward $100 billion in U.S. pharma market revenue.
CEO Joaquin Duato characterized 2025 as "a catapult year for Johnson & Johnson, fuelled by the strongest portfolio and pipeline in our history." He emphasized that the year "kicked off a new era of accelerated growth, driven by medical innovation that is transforming lives in our six key businesses: oncology, immunology, neuroscience, cardiovascular, surgery, and vision."
Managing External Challenges
Despite potential regulatory headwinds, J&J demonstrated financial resilience. CFO Wolk noted that potential tariffs affecting the medical technologies division could amount to approximately $500 million, significantly above 2025 levels, but emphasized that "our financial strength is a competitive advantage that allows us to both invest in our future and return value to our shareholders." The company expects tariffs "will be relatively linear in 2026, unlike last year."