Johnson & Johnson Reports Steady 2025 Growth, Total Revenue $94.2B, Pharmaceutical Revenue $60.4B

January 27, 2026 – New Brunswick, NJ – Johnson & Johnson (J&J) announced its financial results for the fourth quarter and full year of 2025, highlighting steady growth across its businesses. Fourth-quarter sales rose 9.1% year-over-year to $24.6 billion, while full-year revenue increased 6.0% to $94.2 billion, driven by strong performance in both pharmaceuticals and medical technology.

Strong Core Financial Performance

In Q4 2025, J&J reported sales of $24.6 billion, up 9.1% from the same period last year. Operational growth was 7.1%, with adjusted operational growth of 6.1%. Earnings per share (EPS) were $2.10, with adjusted EPS of $2.46, which included a $0.10 headwind from the Halda Therapeutics acquisition.

For the full year, total revenue reached $94.2 billion, up 6.0% year-over-year, with operational growth of 5.3% and adjusted operational growth of 4.2%. Full-year EPS was $11.03, with adjusted EPS of $10.79.

By business segment, Pharmaceuticals and Medical Devices posted growth of 6.0% and 6.1%, respectively, generating revenues of $60.4 billion and $33.8 billion.

Notable Progress in Innovation

J&J achieved multiple milestones in innovation during 2025. Key highlights included:

• CAPLYTA approval for major depressive disorder.

• RYBREVANT FASPRO combined with LAZCLUZE for non-small cell lung cancer treatment.

• TECVAYLI plus DARZALEX FASPO milestone data supporting potential standard-of-care in relapsed/refractory multiple myeloma.

• Completion of submission for the OTTAVA robotic surgical system.

"2025 was a breakthrough year for J&J, with our strongest product portfolio and R&D pipeline in history. Last year marked the beginning of an era of accelerated growth, as medical innovation is transforming lives across six key areas: oncology, immunology, neuroscience, cardiovascular, surgery, and vision."

Balanced Performance Across Segments

The Pharmaceuticals segment demonstrated strong, consistent growth throughout the year, while Medical Technology also expanded, with notable contributions from electrophysiology products and Abiomed in cardiovascular care.

Pharmaceuticals revenue reached $60.4 billion in 2025, up 6.0% from $56.96 billion in 2024. Q4 performance was particularly robust, with $15.76 billion in sales, up 10.0% year-over-year, outperforming overall company growth and underscoring the segment’s strategic importance.

Oncology drove pharmaceutical growth. The multiple myeloma therapy CARVYKTI posted a 95.9% increase in Q4 sales, reaching $1.887 billion for the full year, fueled by clear clinical advantages and market uptake. The RYBREVANT/LAZCLUZE combination for non-small cell lung cancer also contributed strong growth by improving patient adherence through simplified dosing.

In immunology, TREMFYA, an IL-23 inhibitor, continued to expand in psoriasis and psoriatic arthritis. Although STELARA faced declining sales due to patent expiration, reducing overall growth by approximately 1040 basis points, TREMFYA’s performance partially offset this impact.

In neuroscience, SPRAVATO gained traction in treatment-resistant depression, emerging as a key growth driver.

Geographic Performance

• U.S. market: Q4 sales grew 7.5%; full-year pharmaceutical revenue reached $36.64 billion, up 7.0%, driven by rapid uptake of new launches and expanded indications for existing products.

• International markets: Q4 sales increased 11.3%, with total pharmaceutical revenue of $24.06 billion, up 4.6%. Europe showed steady growth due to new product launches and market expansion, while emerging markets grew faster but from a smaller base.

Positive Outlook for 2026

Based on current trends, J&J issued its 2026 financial guidance:

• Full-year sales expected to reach $100.5 billion, representing 6.7% growth at the midpoint.

• Adjusted EPS projected at $11.53, up 6.9% at the midpoint.

Duato added:

"Across every key area, our leadership is expanding through transformative science and technology. With a growing cardiovascular portfolio and strong diagnostic expertise, J&J is advancing transformative standards of care to improve the lives of patients with cardiovascular and metabolic diseases."

The results demonstrate that through ongoing innovation and disciplined execution, J&J continues to deliver steady growth in a complex market, laying a strong foundation for sustainable long-term performance.