Johnson & Johnson 8-K
PositiveEarningsNew guidanceRestructuring
Oncology and neuroscience drove drug growth despite STELARA declines; electrophysiology, Abiomed and wound closure lifted MedTech.
Filed 2026-01-21 07:46 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q4 and FY2025 results with FY2026 guidance. Sales increased in both periods, while GAAP earnings growth was much stronger than adjusted earnings growth. Innovative Medicine growth was led by oncology and neuroscience, partly offset by STELARA declines; MedTech growth included cardiovascular products and wound closure.
Key Figures
| Metric | Q4 2025 | Q4 2024 | Y/Y |
|---|---|---|---|
| Reported sales | $24.6B | $22.5B | 9.1% |
| Net earnings | $5.12B | $3.43B | 49.1% |
| Adjusted net earnings, non-GAAP | $6.01B | $4.95B | 21.5% |
| Diluted EPS | $2.10 | $1.41 | 48.9% |
| Adjusted diluted EPS, non-GAAP | $2.46 | $2.04 | 20.6% |
| Metric | FY2025 | FY2024 | Y/Y |
|---|---|---|---|
| Reported sales | $94.2B | $88.8B | 6.0% |
| Net earnings | $26.8B | $14.1B | 90.6% |
| Adjusted net earnings, non-GAAP | $26.2B | $24.2B | 8.1% |
| Diluted EPS | $11.03 | $5.79 | 90.5% |
| Adjusted diluted EPS, non-GAAP | $10.79 | $9.98 | 8.1% |
- Worldwide sales growth was 7.1% operational and 6.1% adjusted operational in Q4; for FY2025, growth was 5.3% operational and 4.2% adjusted operational. Full-year Innovative Medicine operational growth of 5.3% was led by oncology and neuroscience, partly offset by an approximately 1,040 bp impact from STELARA. MedTech operational growth of 5.4% was driven primarily by electrophysiology, Abiomed and wound closure.
- GAAP earnings growth substantially exceeded adjusted growth in both periods; the release’s adjustments include litigation-related items.
- The Surgery franchise restructuring incurred $205M of expenses in FY2025 and is expected to be substantially complete by FY2026 year-end.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Adjusted operational sales growth, non-GAAP | FY2026 | 5.4%–6.4%; midpoint 5.9% | — | — |
| Operational sales, non-GAAP | FY2026 | $99.5B–$100.5B; midpoint $100.0B; growth 5.7%–6.7%, midpoint 6.2% | — | — |
| Estimated reported sales | FY2026 | $100.0B–$101.0B; midpoint $100.5B; growth 6.2%–7.2%, midpoint 6.7% | — | — |
| Adjusted operational diluted EPS, non-GAAP | FY2026 | $11.28–$11.48; midpoint $11.38; growth 4.5%–6.5%, midpoint 5.5% | — | — |
| Adjusted diluted EPS, non-GAAP | FY2026 | $11.43–$11.63; midpoint $11.53; growth 5.9%–7.9%, midpoint 6.9% | — | — |
Investor Takeaways
- Track FY2026 reported sales and adjusted diluted EPS against the guided ranges.
- Watch the FDA review of the submitted OTTAVA robotic surgical system.
The summary is written by an AI model reading the filing.
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