Johnson & Johnson (NYSE:JNJ) reported fourth quarter and full-year 2025 results that came in above market expectations and issued 2026 guidance that was modestly ahead forecasts.
For Q4, Johnson & Johnson reported sales of $24.6 billion, representing reported growth of 9.1% year-over-year and operational growth of 7.1%. This beat estimates of $24.1 billion.
Earnings per share were $2.10, while adjusted EPS totaled $2.46, including a $0.10 impact related to the acquisition of Halda Therapeutics, above the $2.44 expected.
Full-year 2025 reported sales rose 6% to $94.2 billion, with operational growth of 5.3%. Full-year EPS was $11.03, while adjusted EPS was $10.79, also including a $0.10 impact from the Halda transaction.
Within its Innovative Medicine segment, worldwide operational sales increased 5.3%, supported by growth in oncology treatments such as Darzalex, Carvykti, Erleada, and the Rybrevant/Lazcluze combination, as well as Tremfya and Simponi/Simponi Aria in immunology and Spravato in neuroscience. This was partially offset by a significant decline in Stelara sales following loss of exclusivity.
In MedTech, operational sales grew 5.4%, driven by electrophysiology products, Abiomed, wound closure products, and contributions from Shockwave.
The company also highlighted pipeline and portfolio developments during the year, including approvals for Caplyta in major depressive disorder, Rybrevant Faspro plus Lazcluze in non-small cell lung cancer, progress in multiple myeloma studies, the acquisition of Halda Therapeutics, and the submission of its Ottava robotic surgical system.
“2025 was a catapult year for Johnson & Johnson, fueled by the strongest portfolio and pipeline in our history,” CEO Joaquin Duato said in a statement.
“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.”
Looking ahead, Johnson & Johnson forecast 2026 reported sales of $100 billion to $101 billion, with a midpoint of $100.5 billion, implying growth of about 6.7%. The company guided to adjusted diluted EPS of $11.43 to $11.63, with a midpoint of $11.53. Both figures were slightly above Street estimates.
Despite the earnings beat and higher guidance, the stock fell about 2.5% ahead of Wednesday’s opening bell, likely due to profit taking amid a more than 47% increase in the stock in the last 12 months.