JNJ: Increase PT to $270 Ahead of 2Q 2026 Earnings Given Strong Tremfya, Caplyta, and Erleada Script Trends; Reiterate Buy Rating and Top Pick Status

研报英文原文证据摘录

JNJ: Increase PT to $270 Ahead of 2Q 2026 Earnings Given Strong Tremfya, Caplyta, and Erleada Script Trends; Reiterate Buy Rating and Top Pick Status

June 25, 2026

Vamil Divan, M.D. vamil.divan@guggenheimpartners.com JNJ: Increase PT to $270 Ahead of 2Q 2026 Earnings

212 823 6543 Given Strong Tremfya, Caplyta, and Erleada Script

Edouard Mullarky, Ph.D.

edouard.mullarky@guggenheimpartners.com Trends; Reiterate Buy Rating and Top Pick Status

212 518 9579

Daniel Krizay, Ph.D. Key Message: JNJ will kick off 2Q 2026 earnings for our large cap biopharma group on daniel.krizay@guggenheimpartners.com Wed July 15 (link to 8:30am ET webcast here). Ahead of the quarter, we are updating 212 823 6561

our JNJ model following our review of the latest prescription data, company news, and

Arseniy Shabashvili management commentary since JNJ's 1Q 2026 call in April. Overall, we expect JNJ to

arseniy.shabashvili@guggenheimpartners.com deliver 2Q 2026 revenues and earnings in line with current FactSet Consensus estimates

212 699 1971 (Gugg revenues at $25.48Bn vs. Consensus at $24.96Bn, and Gugg EPS at $2.87

vs. Consensus at $2.85). However, we note prescription trends for Tremfya, Caplyta

and Erleada are better than we expected and our updated forecasts for those products

are the primary drivers of the increase in our DCF-derived price target to $270 (from

$266). We do not believe the prescription data for two key recent launches - Icotyde and JNJ BUY Inlexzo - are reliable right now so we eagerly await management’s commentary on the Johnson & Johnson

Sector: Global Biopharmaceuticals progress they are making with those launches. Beyond details on the quarter and full year

guidance, we assume much of the discussion around earnings will focus on (1) the latest