Johnson & Johnson beat estimates on revenue and earnings last quarter, despite hits to profits from acquisitions and tariff relief agreements.
Revenue was US$24.56 billion, up from $22.52 billion one year ago and above LSEG estimates of $24.16 billion. Earnings per share (EPS) came in at $2.46, rising from $2.04 and passing estimates of $2.44.
“2025 was a catapult year for Johnson & Johnson, fueled by the strongest portfolio and pipeline in our history” said Johnson & Johnson CEO Joaquin Duato.
“Last 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. In each of these important areas, our leadership is expanding driven by game-changing science and technology.”
Sales in the company’s Innovative Medicine segment, its largest, climbed 10% year-over-year to $15.76 billion. This was driven by its oncology, immunology, and neuroscience drugs.
Revenue for its MedTech segment, which includes medical devices, was up 7.5% to $8.80 billion.
Its acquisition of cancer treatment developer Halda Therapeutics impacted earnings per share by $0.10. Johnson & Johnson said it would acquire Halda for $3.05 billion in November, and the transaction closed in December.
An agreement with the United States government to lower drug prices in exchange for tariff relief also impacted earnings by “hundreds of millions of dollars”, CFO Joseph Wolk told Reuters.
Its earnings come one day after a court-appointed special master recommended that experts be allowed to testify in trials for a group of U.S. lawsuits alleging Johnson & Johnson’s talc products caused ovarian cancer. Around 3,000 people in the United Kingdom filed a similar suit in October.
The company’s guidance for 2026 includes sales of $99.5-100.5 billion, beating estimates of $98.9 billion, and earnings per share of $11.43-11.63.
Johnson & Johnson’s (NYSE: JNJ) share price closed 0.1% lower at $218.01, and was flat after-hours. Its market capitalisation is $525.25 billion.

