Johnson & Johnson: Ottava Will Support 2028+ MedTech Growth

研报英文原文证据摘录

Johnson & Johnson: Ottava Will Support 2028+ MedTech Growth

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

03 August 2026

Johnson & Johnson Neutral

JNJ, JNJ US

Ottava Will Support 2028+ MedTech Growth Price (31 Jul 26):$256.35

Pharmaceuticals — Major &

JNJ hosted a call this morning highlighting the first approval of the company’s Specialty

Ottava robotic surgery platform, which we see as an important sales growth driver Chris Schott, CFA AC

for the MedTech biz (particularly as we look out to 2028+). Overall, we see the (1-212) 622-5676

robotics market as still underpenetrated and believe Ottava can expand the market/ christopher.t.schott@jpmorgan.com

eventually become one of the more attractive MedTech verticals for JNJ. After the Hardik Parikh, CFA

initial authorization for a range of general surgery procedures, JNJ will initially (1 212) 622-2875

hardik.k.parikh@jpmorgan.com

pursue a targeted launch before expanding its focus once a range of new indications

Ethan Brown

are approved over time (we see this as 2028+).

(1-212) 622-4928

ethan.brown@jpmchase.com

More broadly on the story, JNJ remains one of the cleaner names in the group as

Taylor Hanley

the company moves beyond the Stelara LOE with healthy growth in its core (1-212) 622-0790

portfolio. We see JNJ as capable of generating sustained top-tier growth with an taylor.hanley@jpmchase.com

Innovative Medicines segment growing at a HSD rate through 2030 and a Ekaterina V Knyazkova, CFA

MedTech portfolio that continues to pivot toward higher-growth verticals. At the (1-212) 622-9576

same time, this favorable fundamental setup appears better reflected in valuation ekaterina.v.knyazkova@jpmchase.com

(~21.5x 2026E EPS) following JNJ’s strong performance over the past year. J.P. Morgan Securities LLC

Remain Neutral.