JNJ 2Q26 Wolfe First Look

Research evidence excerpt

JNJ 2Q26 Wolfe First Look

Pharmaceuticals (Major) & Large Cap Biotechnology

FLASH

FLASH: JOHNSON & JOHNSON (JNJ) July 15, 2026

JNJ 2Q26 Wolfe First Look Rating:

OutperformA solid topline beat. J&J (JNJ) delivered a meaningful beat on total revenue, propelled Price:

by its Innovative Medicine business, while MedTech came in modestly below $253.85

expectations. The topline beat was primarily driven by key products Tremfya, Tecvayli, Price Target:

$275Spravato, and Caplyta. On the contrary, Rybrevant came in light. As expected, we

% Upside:

didn't receive a revenue number for Icotyde. For non-GAAP EPS, JNJ came in-line with 8.3%

the Street's estimates, driven by the solid revenue but higher than expected SG&A

costs. Source: FactSet, Wolfe Research

Priced as of 07/14/26

Full-year guidance was increased. For FY26, JNJ updated its sales guidance to

$101.1B at the midpoint (from $100.8B), coming in-line with the Street's forecasts

at $101.1B (Wolfe $102.5B). For adjusted EPS, JNJ increased its guide to $11.68 at

the midpoint (from $11.55), ahead of the Street at $11.59 (Wolfe $11.76). These

guidance updates include an unfavorable $0.1B impact on the top-line and a $0.05

Alexandria Hammond

unfavorable impact on the bottom-line. ahammond@wolferesearch.com

JNJ 2Q26 Variance Table (646) 582-9320 View Alexandria’s Research

JNJ 2Q26 View JNJ Model

$ in millions Actual Consensus Beat/Miss Delta Wolfe Est. View Comp Table

Stelara $740 $668 BEAT $72 $589

Cameron DeGuzman Tremfya $2,046 $1,824 BEAT $222 $2,081 cdeguzman@wolferesearch.com

Darzalex $4,207 $4,195 BEAT $12 $4,402 646-582-9324

Carvykti $657 $660 IN-LINE ($3) $688

Hannah Tran Tecvayli $260 $241 BEAT $19 $257 htran@wolferesearch.com

Rybrevant $289 $306 MISS ($17) $310 (646) 582-9391

Spravato $584 $561 BEAT $23 $559