Johnson & Johnson (JNJ) investor relations material

Business outlook and growth strategy

• Expects to surpass $100 billion in revenue in 2026, with 6.1% adjusted operational growth and a strong balance sheet supporting future performance.

• Projects faster growth in 2026 and 2027, with line of sight to double-digit growth by the end of the decade, driven by a robust product portfolio and pipeline.

• Growth is underpinned by innovative medicines (e.g., DARZALEX, ERLEADA, CARVYKTI, SPRAVATO, CAPLYTA, ICOTYDE, INLEXZO, RYBREVANT) and MedTech (cardiovascular, electrophysiology, heart failure, and the OTTAVA robotic system).

• Maintains AAA credit rating and strong cash generation, providing flexibility for investment and resilience against macroeconomic risks.

• Double-digit growth ambition is based on the current portfolio and late-stage pipeline, not reliant on M&A.

Innovation, regulatory, and pricing environment

• Focuses on breakthrough innovation in oncology, immunology, neuroscience, and cardiovascular surgery, balancing innovation with pricing and access challenges.

• Engages with U.S. administration to improve access to medicines, opposes importing foreign price controls, and advocates for reforms targeting intermediaries and the 340B system to enhance affordability.

• Sees strong, functional relationship with the FDA despite leadership turnover, with no significant delays in approvals.

• AI is leveraged in molecular design, discovery, and clinical operations to accelerate drug development and improve success rates.

Key product and franchise drivers

• Oncology: Aims to be the number one oncology company by 2030 with $50 billion in sales, led by a strong multiple myeloma franchise (DARZALEX, bispecifics, CARVYKTI, trispecifics) and solid tumor assets (RYBREVANT, INLEXZO, ICOTYDE).

• MedTech: Cardiovascular growth driven by electrophysiology (CARTO system, VARIPULSE Pro), calcified arterial disease (Shockwave, C2 Aero), and heart failure (Abiomed pumps).

• Robotics: OTTAVA robotic surgical system designed for standard ORs, integrates with existing instruments, and aims to provide differentiated value and efficiency.

• Drug-device synergies: INLEXZO platform being expanded to other indications and combined with new drugs; radioenhancer collaboration with Nanobiotix aims to amplify radiotherapy effects.