JOHNSON & JOHNSON (JNJ)

Johnson & Johnson, incorporated in New Jersey in 1887, is a global healthcare holding company with approximately 138,200 full-time-equivalent employees engaged in the research, development, manufacture, and sale of a broad range of healthcare products. The company operates through two segments: Innovative Medicine and MedTech. The Innovative Medicine segment focuses on oncology, immunology, neuroscience, pulmonary hypertension, infectious diseases, and cardiovascular/metabolism therapeutics, with key products including DARZALEX/DARZALEX FASPRO (multiple myeloma, ~15% of fiscal 2025 revenue), STELARA (~6.5%), TREMFYA (~5.5%), CARVYKTI, ERLEADA, IMBRUVICA, RYBREVANT, TALVEY, TECVAYLI, ZYTIGA, REMICADE, SIMPONI/SIMPONI ARIA, CAPLYTA, INVEGA franchise, SPRAVATO, XARELTO, and HIV and pulmonary arterial hypertension treatments (EDURANT, PREZISTA, SYMTUZA, OPSUMIT/OPSYNVI, UPTRAVI).

Many products face biosimilar and generic competition and are developed with strategic partners, with notable royalty obligations to Genmab (DARZALEX) and other licensors (TREMFYA). The MedTech segment covers cardiovascular (electrophysiology, Abiomed circulatory support, Shockwave calcified vessel treatment, neurovascular care), orthopaedics (joint reconstruction, trauma, spine, sports medicine), surgery (open, laparoscopic, robotic instrumentation, energy devices, biosurgery, and Mentor breast aesthetics/reconstruction), and vision (ACUVUE contact lenses, TECNIS intraocular lenses) product lines; in October 2025, the company announced plans to separate its Orthopaedics business within 18-24 months. J&J conducts business globally, with approximately 43% of fiscal 2025 sales generated outside the U.S., and faces currency, inflation, and geopolitical risks in international markets, including highly inflationary economies such as Argentina, Turkey, Venezuela, and Egypt.

The company invests heavily in patent protection and intellectual property but faces ongoing patent challenges, biosimilar competition, and litigation, including significant talc-related product liability lawsuits and government investigations tied to pricing, marketing, and compliance practices. Regulatory oversight from the U.S. FDA, EU authorities, and other global bodies is extensive and increasingly stringent, covering product safety, data privacy (including new AI, cybersecurity, and cross-border data transfer regulations), and drug pricing reforms such as the U.S. Inflation Reduction Act, which is subject to ongoing litigation and has led to CMS selecting several J&J drugs, including XARELTO, STELARA, IMBRUVICA, and ERLEADA, for government price negotiations. In January 2026, the company reached an agreement with the U.S. Administration aimed at improving medicine access and affordability.

J&J's human capital strategy emphasizes attracting, developing, and retaining talent through competitive compensation, learning programs, and health and safety initiatives, guided by its Credo and Code of Conduct, with a 2025 voluntary turnover rate of 5.8% and high employee engagement in its global Credo Survey. The company does not carry third-party product liability insurance, instead relying on a wholly owned captive insurer, and continues to navigate risks related to tax law changes, regulatory compliance costs, and competitive pressures across its diversified healthcare portfolio.