Johnson & Johnson (JNJ) Goldman Sachs 45th Annual Global Healthcare Conference summary

Strategic transformation and focus

• Transitioned to a pure healthcare entity, focusing on innovative medicine and MedTech, enabling concentrated resources on major healthcare challenges globally.

• Positioned for growth with a robust pipeline and global reach, leveraging both financial and intellectual capital.

• Diversified business mix across North America and international markets provides resilience against policy and market changes.

Policy and market environment

• Inflation Reduction Act (IRA) seen as harmful to innovation, but near-term impact limited to mature products like Stelara and Xarelto.

• Confident in continued growth despite IRA, with key growth drivers unaffected through 2030.

• Set targets for 7% growth from 2025–2035, with over 10 brands exceeding $5B potential and 15+ brands in the $1–5B range.

International outlook

• Maintains top pharmaceutical position in Europe, driven by innovation, access, and disciplined pricing.

• Well-positioned to navigate pricing and political changes in global markets, aiming for above-market growth.

• China is a top 10 market, with ongoing investment, strong NRDL access, and high-volume growth at lower prices.