Johnson & Johnson: 2Q Takeaways: Numbers Moving Higher with Pharma Offsetting Slower Start for Medtech

研报英文原文证据摘录

Johnson & Johnson: 2Q Takeaways: Numbers Moving Higher with Pharma Offsetting Slower Start for Medtech

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

15 July 2026

Johnson & Johnson Neutral

JNJ, JNJ US

2Q Takeaways: Numbers Moving Higher with Pharma Price (14 Jul 26):$253.85

Offsetting Slower Start for Medtech

Pharmaceuticals — Major &

Exiting JNJ’s 2Q results, our view on JNJ remains largely unchanged. Results were Specialty

modestly better than expected with favorability in Innovative Medicines partially Chris Schott, CFA AC

offset by MedTech (and specifically cardio). Icotyde is off to a strong start with (1-212) 622-5676

over 10K patients initiating therapy thus far, and payer coverage is starting to ramp christopher.t.schott@jpmorgan.com

while Tremfya again is trending ahead of our expectations in UC/CD. We Hardik Parikh, CFA

anticipate these strong immunology trends will continue with Icotyde becoming a (1 212) 622-2875

hardik.k.parikh@jpmorgan.com

more relevant sales growth driver in 2027. Balanced against this, we will watch to

Ethan Brown

see how quickly JNJ can return Abiomed back to healthy growth as a decrease in

(1-212) 622-4928

the use of the Impella heart pumps will weigh on 2H performance. ethan.brown@jpmchase.com

Taylor Hanley

More broadly on the story, JNJ remains one of the cleaner names in the group as (1-212) 622-0790

the company moves beyond the Stelara LOE with healthy growth in its core taylor.hanley@jpmchase.com

portfolio. We see JNJ as capable of generating sustained top-tier growth with an Ekaterina V Knyazkova, CFA

Innovative Medicines segment growing at a HSD rate through 2030 and a (1-212) 622-9576

MedTech portfolio that continues to pivot toward higher-growth verticals. At the ekaterina.v.knyazkova@jpmchase.com