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.
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.
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.
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.
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.
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:
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.
