Quick Read-Throughs for MedTech Following Johnson & Johnson 2Q Results

研报英文原文证据摘录

Quick Read-Throughs for MedTech Following Johnson & Johnson 2Q Results

July 15, 2026 Quick Read-Throughs for MedTech

Following Johnson & Johnson 2Q ResultsMEDICAL Ryan Zimmerman

Ophthalmology, Surgery, Orthopedics, Spine, and Other (212) 527-3586 rzimmerman@btig.com

Iseult McMahon WHAT YOU SHOULD KNOW: Johnson & Johnson (JNJ, Not Rated) hosted its 2Q26 (332) 400-5103 imcmahon@btig.com

earnings call. Overall, rev. of $25.310B (6.6% Y/Y, 5.6% xFx) and adj. EPS of $2.90

were above Consensus estimates of $25.021B and $2.85, respectively. Results for JNJ's

MedTech group came in below expectations with rev. of $8.926B (4.5% Y/Y, 3.6% xFx)

vs. Consensus of $9.011B, with adjusted operational growth of 3.7% (US at 4.1%, OUS

at 3.2%) as acquisitions and divestitures accounted for a net -10bps. MedTech growthTECHNOLOGY

was attributed to commercial execution and innovation and 3 of 4 segments exceeded

or met expectations (with Cardiovascular the laggard). JNJ raised FY26 guidance to

~6.5% Y/Y xFx (previously ~6.1% Y/Y xFx) growth at the midpoint with operational sales

of $100.3B to $100.9B (previously $99.7B to $100.7B). Specifically within MedTech,

JNJ expects to see continued acceleration of newly launched products with normalized

seasonality, offset by JNJ's Surgery transformation and China VBP. JNJ also pushed backINDUSTRY

against concerns regarding a broad procedural utilization slowdown within the US. We

run through the readthroughs for our coverage universe below.

■ Within Vision Care: JNJ reported $1.451B (6.0%, 5.6 xFx) vs. Consensus of $1.426B.

We note JNJ reported $1.365B (6.7%, 3.6% xFx) for this segment in 1Q26. ContactREPORT Lenses/Other came in at $1.025B (6.1%, 6.0% xFx) while Surgical was $0.426B

(5.6%, 4.7% xFx).