Medical Supplies & Devices J&J’s 2Q26 Results – Implications for MedTech

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Medical Supplies & Devices J&J’s 2Q26 Results – Implications for MedTech

J P M O R G A N North America Equity Research

15 July 2026

Medical Supplies & Devices

J&J’s 2Q26 Results – Implications for MedTech

J&J (covered by JPM Pharmaceuticals – Major & Specialty analyst Chris Schott) Medical Supplies & Devices

ACreported 2Q26 MedTech results a step below Street expectations, as sales of Robbie Marcus, CFA

$8.93B (+3.7% organic) missed by $39M as pressure on Interventional Solutions (1-212) 622-6657

(-$142M) offset stronger performances elsewhere in the portfolio. Inventory robert.j.marcus@jpmorgan.com

challenges in China put significant pressure on Electrophysiology (400bps), while Allen Gong

a modest benefit from better Fx (+100bps vs. +40bps consensus) helped drive (1-212) 622-9520

upside in Surgery ($40M), Vision Care ($22M), and Orthopedics ($40M). The allen.gong@jpmorgan.com

read-through to other sectors is less clear, as J&J continues to lag in the PFA arena, Lilia-Celine B Lozada

although a weaker performance from Shockwave relative to expectations could (1-212) 622-1019

lilia-celine.b.lozada@jpmchase.com

bode well for Boston Scientific’s ongoing limited launch of SEISMIQ. With recent

Henry Householterconcerns around procedure volumes and capex dominating the discussion in

(1-212) 464-5599

MedTech, however, we think the most important takeaway from the call will be henry.householter@jpmorgan.com

management’s view that (1) procedure volumes remain stable with no evidence of J.P. Morgan Securities LLC

a broad-based headwind to demand, and (2) ACA subsidy removals haven’t had a

meaningful impact on procedure volumes yet with a manageable headwind from

potential affordability pressures. We expect to see the sector benefitting from these