The raised guidance and strong operational momentum across both segments support a positive outlook. Monitor STELARA erosion trajectory and the new supply chain restructuring costs. The stock may see modest upside as the beat was small but guidance raise confirms underlying strength.
Price Chart
Executive Summary
JNJ reported Q2 2026 adjusted EPS of $2.90, a 1.6% beat vs. consensus of $2.85, on revenue of $25.31B (6.6% YoY growth, slightly above $25.06B consensus). The company raised its full-year 2026 adjusted EPS guidance by $0.13 to $11.68 at the midpoint (8.2% YoY growth) and raised its reported sales guidance to $101.1B at the midpoint (7.3% YoY growth). Strong performance was driven by Innovative Medicine (DARZALEX, CARVYKTI, TREMFYA, SPRAVATO) and MedTech (Cardiovascular, Surgery), partially offset by STELARA erosion from biosimilar competition.
Key Financial Metrics
Key Facts
- Q2 2026 reported sales of $25.31B, up 6.6% YoY, with operational growth of 5.6% and adjusted operational growth of 5.7%
- Adjusted EPS of $2.90 beat consensus of $2.85 by 1.6%
- Full-year 2026 adjusted EPS guidance raised by $0.13 to $11.68 midpoint (8.2% YoY growth)
- Full-year 2026 reported sales guidance raised to $101.1B midpoint (7.3% YoY growth)
- Innovative Medicine sales grew 7.8% reported (6.8% operational), driven by DARZALEX (+18.9%), CARVYKTI (+49.4%), TREMFYA (+72.5%), SPRAVATO (+40.8%), and CAPLYTA (+70.9%)
- MedTech sales grew 4.5% reported (3.6% operational), led by Cardiovascular (+4.0%) and Surgery (+3.9%)
- STELARA declined 55.2% YoY due to biosimilar competition, an approximate 760 bps drag on Innovative Medicine growth
- Free cash flow (YTD) estimated at $8.7B vs $6.2B in prior year period
- New supply chain restructuring program initiated in Innovative Medicine with estimated costs of $650-$750M through FY2029
Financial Impact
Q2 revenue $25.31B (+6.6% YoY), adjusted EPS $2.90 (+4.7% YoY); FY2026 guidance raised to $101.1B sales and $11.68 adjusted EPS at midpoints
Risk Factors
- STELARA biosimilar erosion continues to pressure Immunology segment (55.2% decline in Q2)
- New supply chain restructuring program adds $650-$750M in costs through FY2029
- Litigation-related adjustments of $267M in Q2 remain a recurring headwind
- MedTech growth of 3.6% operational is below the overall company rate
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000200406-26-000146 |
| Document: a2026q2exhibit991.htm | 0000200406-26-000146 |
| Document: jnj-20260715.htm | 0000200406-26-000146 |
| Document: 0000200406-26-000146-index-headers.html | 0000200406-26-000146 |
| Document: 0000200406-26-000146-index.html | 0000200406-26-000146 |
| Document: 0000200406-26-000146.txt | 0000200406-26-000146 |
| 8-K Data (Synthetic) | 0000200406-26-000146 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 9, 2026 23d ago | Court Ruling | $267.08 $267.28 | ▲ +0.07% | ▲ +0.73% | $256.64 (−3.91%) |
Aug 18, 2026 6w ago | Insider Cluster | $273.41 $270.00 | ▼ −1.25% | ▼ −0.86% | $256.64 (−6.14%) |
Aug 14, 2026 7w ago | Insider Cluster | $260.35 $270.24 | ▲ +3.80% | ▲ +5.17% | $256.64 (−1.43%) |
Aug 7, 2026 7w ago | Insider Cluster | $261.81 $262.37 | ▲ +0.21% | ▲ +0.26% | $256.64 (−1.98%) |
Aug 7, 2026 8w ago | Court Ruling | $259.24 $260.35 | ▼ −0.43% | ▼ −0.03% | $256.64 (+1.00%) |
Aug 4, 2026 8w ago | 8-K | $254.93 $259.80 | ▲ +1.91% | ▲ +2.01% | $256.64 (+0.67%) |
Jul 22, 2026 10w ago | Court Ruling | $255.63 $265.53 | ▼ −3.87% | ▼ −6.27% | $256.64 (−0.39%) |
Jul 15, 2026 11w ago | 8-K | $247.02 $255.63 | ▲ +3.49% | ▲ +4.47% | $256.64 (+3.89%) |
May 20, 2026 19w ago | Court Ruling | $229.12 $231.29 | ▲ +0.95% | ▼ −0.29% | $256.64 (+12.01%) |
May 13, 2026 20w ago | ANALYST-UPGRADE | $230.79 $231.58 | ▲ +0.34% | ▲ +1.06% | $256.64 (+11.20%) |
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