Johnson and Johnson (J&J) has achieved Q2 revenues totalling around $25.3bn, representing a year-over-year (YoY) uptick of 6.6%, with the company’s medtech division, J&J MedTech, accounting for more than a third of the total.
J&J MedTech achieved revenues of around $8.93bn in Q2, indicative of a YoY uptick of 4.5%. Meanwhile, the remaining Q2 revenue, comprising pharma products grouped under J&J’s Innovative Medicine business, drew in total Q2 revenues of around $16.4bn.
With the release of the life sciences giant’s Q2 results, it now expects earnings to fall in the $11.60-$11.75 per share range for 2026, up from its previously mooted range of $11.45-$11.65.
Despite its Q2 results prompting an uplift to its 2026 expectations, J&J’s shares on the Nasdaq were down by around 1.5% at $250.09 at market open on 15 July, versus a prior close of $253.85. J&J has a market cap of around $611bn.
The stock hit is likely due to the fact that J&J MedTech’s revenues of $8.93bn came in below analysts' average estimate of $8.97bn, according to data compiled by the London Stock Exchange Group (LSEG) and seen by Reuters.
For J&J MedTech, the company said that growth throughout the quarter was primarily driven by segments including its electrophysiology products and Shockwave intravascular lithotripsy (IVL) system in cardiovascular diseases.
J&J acquired Shockwave Medical in a $13.1bn deal in June 2024, inheriting its IVL catheter for treating venous pathologies including peripheral artery disease (PAD).
Shockwave Medical became the first entrant in the IVL space with the European launch of its IVL system for treating PAD in 2017, following its receipt of a CE mark in 2015. In 2016, the company became the first with an IVL system for PAD treatment to receive US Food and Drug Administration (FDA) approval, launching its first IVL catheter in the US in 2021.
Contact lenses in vision and trauma in orthopaedics also contributed. J&J MedTech’s contact lens performance in Q2 follows its recently announced plans to outlay $1.1bn to strengthen its vision manufacturing provision in Florida.
Usual drivers in pharma business
Regarding its pharma business, the company highlighted that growth was primarily driven by the same core products as in previous quarters. This comprises Darzalex (daratumumab), Carvykti (ciltacabtagene autoleucel), Tecvayli (teclistamab-cqyv ) and Rybrevant (amivantamab)/Lazcluze (lazertinib) in oncology, Tremfya (guselkumab) and others in immunology, and Spravato (esketamine) in neuroscience. Calypta (lumateperone), also in neuroscience, has become a recent growth driver following J&J’s $14.6bn acquisition of Intra-Cellular Therapies in April 2025.
Joaquin Duato, J&J’s CEO, said: “With raised guidance and quarterly sales surpassing $25bn, we are on track to meet our 2026 target of more than $100bn in annual revenue for the first time in our Company’s 140-year history.”
