Johnson & Johnson (JNJ) — Company Research

Last Updated: 14 May 2026

Johnson & Johnson (NYSE: JNJ) is one of the world's largest healthcare companies, operating through two segments — Innovative Medicine (pharmaceutical) and MedTech — following the spin-off of its Consumer Health division into Kenvue in 2023. With FY2025 revenue of $94.2bn and a 2026 guidance target of $100.8bn, JNJ is on track to cross the $100bn annual revenue milestone for the first time in its history. Under CEO Joaquin Duato, the company is rebuilding its Innovative Medicine portfolio after the loss of exclusivity for its blockbuster Stelara, while scaling oncology assets Darzalex and Carvykti and pursuing FDA clearance of the Ottava robotic surgery system. This report draws on company press releases, SEC filings, and web searches conducted 14 May 2026. Track live data on ChartsView Live Charts.

1. Company Snapshot

Field	Value
Full name	Johnson & Johnson
Ticker	JNJ (NYSE)
Sector	Healthcare & Pharma
Industry	Pharmaceuticals / Medical Devices
Founded	1886, New Brunswick, New Jersey
Headquarters	One Johnson & Johnson Plaza, New Brunswick, NJ 08933
CEO	Joaquin Duato (Chairman & CEO; eighth CEO since 1944 IPO)
Market cap	~$540–574bn (May 2026; varies with daily price)
Revenue (FY2025)	$94.2bn (per FY2025 earnings press release, January 2026)
Net income (FY2025)	$26.8bn GAAP (includes ~$7bn talc reserve reversal gain; see note in S5)
Employees	~135,000 (per company disclosures, 2025)
Exchange	NYSE
Website	jnj.com

2. Bull Case vs Bear Case

Distilled from the full report below — factual only, no ratings.

Bull Case

• On track for $100bn revenue milestone: FY2025 revenue reached $94.2bn (+6.1% YoY). Management raised FY2026 guidance to $100.8bn at the midpoint in Q1 2026, representing 7.0% growth. Q1 2026 revenue of $24.1bn (+9.9% reported) was the strongest single quarter in company history and beat consensus estimates.
• Darzalex and Carvykti scaling rapidly: Darzalex posted nearly $4bn in Q1 2026 sales alone, making it J&J's largest-selling drug, with US patent protection until 2029. Carvykti (CAR-T cell therapy) grew 87% YoY in recent quarters and has been used in over 8,500 patients globally, with a $5bn peak-sales estimate still intact.
• Ottava robotic surgery FDA catalyst: JNJ submitted the Ottava robotic surgical system for FDA De Novo classification in January 2026 following successful first clinical cases in gastric bypass procedures. FDA clearance in 2026 or early 2027 would place JNJ directly in competition with Intuitive Surgical's da Vinci system in the large and growing robotic surgery market.
• 62+ consecutive years of dividend growth: JNJ is a Dividend King with over six decades of uninterrupted dividend increases. The Q1 2026 quarterly dividend was $1.30/share ($5.20/year annualised), with the next ex-dividend date on 26 May 2026. This reliability attracts long-term institutional holders.
• Lean, focused portfolio post-Kenvue: Since spinning off its consumer segment (Kenvue) in 2023, JNJ is now a pure-play innovative healthcare company, removing lower-margin consumer products and allowing full capital and R&D focus on pharmaceuticals and medical technology where margins and growth are higher.

Bear Case

• Stelara biosimilar erosion: Stelara — formerly a $10bn+ per year product — saw sales collapse 61.7% to $656m in Q1 2026 as biosimilar competitors (led by Amgen's Wezlana with a January 2025 market entry) captured market share. This headwind is structural and ongoing, and Stelara's contribution will continue to decline through 2026 and beyond.
• Talc litigation overhang: Over 67,000 lawsuits allege JNJ's talc products caused ovarian cancer. In January 2026, a federal judge rejected J&J's third bankruptcy-led settlement attempt (the $8bn Red River Talc plan). The company must now litigate through the tort system, with uncertain cost and duration. Q1 2026 included approximately $0.3bn in new talc-related charges.
• GAAP net income volatility from one-off items: FY2025 GAAP net income of $26.8bn was boosted by a ~$7bn talc reserve reversal (following the rejected bankruptcy plan). FY2024 GAAP EPS of only $5.79 was depressed by large talc and IPR&D charges. These swings make GAAP EPS a poor guide to underlying earnings; investors should track adjusted EPS ($10.79 in FY2025).
• Elevated long-term debt following acquisitions: Total long-term debt rose from $30.7bn at YE2024 to $39.4bn at YE2025, driven by acquisition financing (including the Intra-Cellular Therapies acquisition for Caplyta). Higher debt increases financial risk and interest expense.

3. What Does This Company Actually Do?

Johnson & Johnson is a global healthcare company operating through two segments since its 2023 consumer-health spinoff: Innovative Medicine (pharmaceuticals) and MedTech (medical devices and surgery technologies). The company discovers, develops, manufactures, and markets medicines and medical devices for some of the world's most serious diseases, including cancer, immune-mediated conditions, cardiovascular disease, and neurological disorders. Customers are primarily hospitals, healthcare providers, governments, and pharmacy benefit managers in more than 150 countries.

In Q1 2026, Innovative Medicine generated $15.4bn in sales (64% of group revenue), growing 11.2% YoY, while MedTech generated $8.6bn (36%), growing 7.7% YoY. On a full-year FY2025 basis, total revenue was $94.2bn with Innovative Medicine the dominant contributor.

Segment	% of revenue	What it is
Innovative Medicine	~64% (~$60bn FY2025 est.)	Prescription pharmaceutical drugs across oncology (Darzalex, Carvykti, Tecvayli), immunology (Tremfya, Stelara — now in biosimilar decline), neuroscience (Spravato, Caplyta via Intra-Cellular acquisition), and cardiovascular. Serves B2B customers (hospitals, pharmacies, PBMs). Sold globally; US is the largest market.
MedTech	~36% (~$34bn FY2025 est.)	Medical devices spanning orthopaedics (joint reconstruction), surgery (including Ottava robotic system in development), vision care, and cardiovascular devices. Serves surgeons, hospitals, and health systems globally.

Note: FY2025 segment revenue breakdown is estimated from Q1 2026 reported proportions (64%/36%) as the FY2025 annual report segment breakdown was not retrieved from the primary press release during this session. Confirm exact FY2025 segment figures at investor.jnj.com.

Geographically, the United States accounts for approximately 55–60% of revenue, with Europe, Asia-Pacific, and other international markets comprising the remainder. Innovative Medicine is particularly US-weighted due to drug pricing structures.

4. The Business Model

How J&J makes money. Revenue is generated principally through the sale of prescription drugs (Innovative Medicine) and medical devices (MedTech) to healthcare systems, pharmacies, and hospitals. Drug revenue is driven by volume, pricing, and market share for each product. MedTech revenue is driven by procedure volumes and the adoption of J&J's devices by surgeons and hospitals. Royalties and milestone payments from licensing arrangements also contribute.

Unit economics. J&J has historically operated with gross margins in the 65–70% range across the group, with Innovative Medicine carrying higher margins than MedTech. Adjusted operating margin (adjusted for one-off items and amortisation of intangibles) has been approximately 30–33% in recent years. FY2025 adjusted EPS was $10.79, compared to $9.98 in FY2024, representing 8.1% adjusted earnings growth — the relevant metric for tracking underlying business performance given the large GAAP distortions from talc reserve accounting.

Moat. J&J's competitive moat in Innovative Medicine rests on patent protection for key drugs (Darzalex patents run to 2029 in the US), proprietary CAR-T manufacturing capabilities for Carvykti, and decades of clinical trial data and regulatory relationships. In MedTech, the moat is built on surgeon training and preference (surgeons who train on J&J systems tend to continue using them), a broad device portfolio, and a global installed base. The company holds thousands of patents across both segments.

R&D investment. J&J is one of the largest R&D spenders in the pharmaceutical industry. The company's pipeline spans early-stage through Phase 3 across oncology, immunology, neuroscience, and cardiovascular. The January 2026 FDA submission of Ottava is the most significant near-term regulatory catalyst in MedTech. In Innovative Medicine, the neuroscience portfolio was bolstered by the acquisition of Intra-Cellular Therapies (Caplyta) announced in 2025.

Subsidies / regulatory credits. J&J does not rely on government subsidies. The Inflation Reduction Act (IRA) has introduced Medicare drug-price negotiation provisions that could affect future pricing for some J&J medicines as negotiation is expanded to more drugs post-2026. This is a regulatory risk rather than a subsidy benefit. Orphan drug designations for some pipeline compounds provide market exclusivity extensions under US law.

5. Financial Health

All figures sourced from Johnson & Johnson's FY2025 earnings press release (21 January 2026), Q1 2026 earnings press release (April 2026), and FY2024 earnings press release (January 2025), accessed via web search. Figures for FY2023 revenue are derived from the FY2024 press release stating 4.3% growth from FY2023. FCF = operating cash flow minus capital expenditure; specific FY2025 OCF and capex line items were not retrieved from the primary filing during this session — the FCF figure for FY2025 is therefore marked as not available. Balance sheet figures are per the respective year-end press releases or 10-K filings.

Important note on GAAP EPS volatility. JNJ's GAAP EPS swung dramatically between FY2024 ($5.79) and FY2025 ($11.03) due to talc litigation accounting. In FY2024, large charges for talc reserves and IPR&D from acquisitions depressed GAAP income. In FY2025, the reversal of a ~$7bn talc reserve (following the court's rejection of the bankruptcy settlement) boosted GAAP income well above the adjusted figure. Adjusted EPS ($9.98 in FY2024, $10.79 in FY2025) is the more meaningful measure of underlying business performance.

Five-year trend (FY2021–FY2025)

Fiscal year	Revenue	YoY %	GAAP EPS (diluted)	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	$93.8bn (incl. Consumer segment; pre-Kenvue spinoff)	—	—	—	—	—
FY2022	$94.9bn (incl. Consumer segment; pre-Kenvue spinoff)	—	—	—	—	—
FY2023	~$85.2bn	—	—	—	~$4.70	—
FY2024	$88.8bn	+4.3%	$5.79	$9.98	~$5.00	$30.7bn
FY2025	$94.2bn	+6.1%	$11.03	$10.79	~$5.00	$39.4bn

Note: FY2021–FY2022 figures were not retrieved from primary sources during this session. FY2023 revenue is derived from FY2024 press release (4.3% growth from FY2023 = ~$85.2bn). FY2023 GAAP EPS was not retrieved from primary source. Long-term debt is the noncurrent portion from the balance sheet (per balance sheet and press release disclosures): FY2024 $30.7bn confirmed; FY2025 $39.4bn confirmed (per press release reference noting "$39.4bn in long-term debt as of fiscal year 2025"). The increase reflects acquisition financing. FY2025 GAAP EPS of $11.03 includes a ~$7bn talc reserve reversal — see explanatory note above. Confirm all figures at investor.jnj.com.

Most recent quarterly results (Q1 2026 most recent — per official press releases)

Quarter	Revenue	Adjusted EPS	GAAP EPS (diluted)
Q1 2026	$24.1bn	$2.70	$2.14
Q4 2025	$24.6bn	$2.46	$2.10
Q3 2025	$24.0bn	$2.80	$2.12
Q2 2025	$23.7bn	—	—
Q1 2025	$21.9bn	—	—
FY2025 total	$94.2bn	$10.79	$11.03

Q2 2025 and Q1 2025 individual quarter EPS figures were not retrieved from the primary press releases during this session. Confirm at investor.jnj.com. FY2025 full-year GAAP EPS $11.03 and adjusted EPS $10.79 are confirmed from the annual press release. Note that in Q1 2026, GAAP EPS ($2.14) is below adjusted EPS ($2.70) due to ~$0.3bn in new talc-related charges reducing GAAP income. FCF formula: FCF = operating cash flow minus capital expenditure. FY2025 specific OCF and capex figures were not retrieved from the primary filing this session — see investor.jnj.com for the complete cash flow statement.

Balance sheet health. As of FY2025, J&J held $19.7bn in cash and equivalents against $39.4bn in long-term debt — a net debt position of approximately $19.7bn. The increase in debt reflects acquisition financing (primarily Intra-Cellular Therapies). Management has maintained investment-grade credit ratings throughout and the dividend has grown continuously for 62+ years.

6. Valuation & Market Data

Raw metrics, May 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$536–574bn (May 2026; varies; ~$536bn as of 11 May 2026)
Enterprise value	~$568bn (market cap ~$540bn + net debt ~$28bn; per Q4 2025 earnings slide: total debt ~$48bn, cash and marketable securities ~$20bn)
Trailing P/E (GAAP)	~21–26x (varies by source and date; GAAP EPS inflated by talc reserve reversal — note adjusted P/E is more relevant)
P/E (forward)	~19–20x (based on FY2026 adjusted EPS guidance of $11.55 and ~$222 share price as of 11 May 2026)
P/S (TTM)	~5.7x (approx: $540bn market cap / $94.2bn FY2025 revenue)
EV/EBITDA (TTM)	~19–20x (est.; EV ~$568bn / ~$29bn est. EBITDA; note: GAAP EBITDA is distorted by the $7.2bn one-off Jeppesen divestiture gain — adjusted EBITDA gives a cleaner picture; per Gurufocus debt/EBITDA ratio 1.66x implied EBITDA)
P/FCF	~27x (market cap ~$540bn / management-reported FCF ~$20bn; defined as operating cash flow minus capex; per Q4 2025 earnings slide, January 2026)
Share price (approx)	~$222.51 (11 May 2026, per Trefis)
52-week high	$251.71
52-week low	$146.12
Short interest (% of float)	— (not retrieved from primary source this session)
Days to cover	—
Dividend yield	~2.3% annualised ($5.20/year at ~$222)
FY2026 adjusted EPS guidance	$11.55/share at midpoint (per Q1 2026 earnings press release)

Note: Trailing GAAP P/E is distorted by the FY2025 $7bn talc reserve reversal boosting GAAP EPS. Adjusted EPS ($10.79 in FY2025) and FY2026 guidance adjusted EPS ($11.55 at midpoint) are better bases for valuation. Short interest data not retrieved this session — verify at MarketBeat or your brokerage. EV, FCF and EV/EBITDA sourced from Q4 2025 earnings presentation (January 2026). Data sourced from web searches May 2026; check ChartsView Live Charts for live prices.

7. What Are They Building

Ottava robotic surgical system (MedTech — FDA catalyst). On 7 January 2026, JNJ submitted the Ottava robotic surgical system to the FDA for De Novo classification in general surgery. In May 2026, JNJ announced that Ottava met its primary safety endpoints in its first clinical study evaluating Roux-en-Y gastric bypass procedures through 30 days post-procedure — a significant milestone. Management expects FDA clearance in 2026, which would put JNJ in direct competition with Intuitive Surgical's da Vinci system in the multi-billion-dollar robotic surgery market.

Oncology pipeline — Darzalex, Carvykti, and beyond. Darzalex (daratumumab) is J&J's largest franchise with nearly $4bn in Q1 2026 sales and US patent protection until 2029. Carvykti (ciltacabtagene autoleucel), J&J's CAR-T cell therapy developed with Legend Biotech, grew ~87% YoY in recent quarters and has been used in over 8,500 patients. Management maintains a $5bn peak-sales estimate for Carvykti. Tecvayli (teclistamab), a bispecific T-cell engager for multiple myeloma, is in the growth phase. At the American Society of Clinical Oncology (ASCO) and other 2026 medical conferences, JNJ is expected to present further data supporting these assets.

Neuroscience portfolio (Spravato and Caplyta). JNJ's acquisition of Intra-Cellular Therapies (Caplyta) added a growing antipsychotic/antidepressant to its neuroscience portfolio. Caplyta provides a revenue-generating anchor alongside the company's existing Spravato (esketamine) franchise for treatment-resistant depression. On 7 May 2026, JNJ launched "Generation Fine," a global public campaign to raise awareness around depression treatment expectations — supporting Spravato and Caplyta commercial momentum.

Immunology — rebuilding around Tremfya. Tremfya (guselkumab) is JNJ's next-generation immunology franchise and the growth driver replacing Stelara. Tremfya targets multiple immune-mediated conditions including plaque psoriasis and psoriatic arthritis, with an indication expansion strategy underway. At the APA Annual Meeting (May 2026) and ASCP Annual Meeting (May 2026), JNJ is presenting 18 neuropsychiatry abstracts, reinforcing its neuroscience leadership.

R&D investments and clinical pipeline. JNJ maintains one of the pharmaceutical industry's largest R&D budgets. The company has submitted new molecules across early and late-stage clinical trials in oncology, immunology, cardiovascular, and neuroscience. Specific pipeline assets and timelines are detailed in J&J's pipeline disclosure on jnj.com.

Management guidance (Q1 2026 earnings call). Management raised FY2026 full-year guidance to estimated reported sales of $100.8bn (7.0% growth at midpoint) and adjusted EPS of $11.55 (7.1% growth at midpoint). CEO Duato stated on the Q1 2026 call that J&J is "on the right track to post double-digit growth by the end of the decade."

8. Competitive Landscape

J&J operates in the global pharmaceutical and medical device markets, facing competition from large-cap diversified healthcare companies, specialty pharma firms, and device manufacturers.

Peer	Market cap (May 2026)	Key 2025 metric
Johnson & Johnson (JNJ)	~$540bn	FY2025 revenue $94.2bn; adjusted EPS $10.79; Darzalex ~$15bn+ annualised
Eli Lilly (LLY)	~$878bn (per companiesmarketcap.com, May 2026)	Largest pharma by market cap; GLP-1 drugs Mounjaro/Zepbound driving hypergrowth
AbbVie (ABBV)	~$368bn (per companiesmarketcap.com, May 2026)	Humira biosimilar pressure; growing Skyrizi/Rinvoq franchise in immunology
Pfizer (PFE)	~$151bn (per stockanalysis.com, May 2026)	Post-COVID revenue normalisation; oncology focus through Seagen acquisition
AstraZeneca (AZN)	~$314bn (per companiesmarketcap.com, May 2026)	Strong oncology growth (Tagrisso, Imfinzi); UK-listed, significant China exposure

In the robotic surgery market, JNJ's Ottava competes directly with Intuitive Surgical's da Vinci system, which holds an estimated 70%+ global market share. If Ottava receives FDA clearance in 2026, JNJ would join a small group of credible robotic surgery challengers including Medtronic's Hugo system and CMR Surgical's Versius. Intuitive Surgical's entrenched surgeon training base and installed system count represent formidable barriers.

In the CAR-T market for multiple myeloma, JNJ's Carvykti competes primarily with Bristol-Myers Squibb's Abecma (ide-cel). Carvykti has demonstrated superior clinical data in earlier lines of therapy and is taking share. Both companies are manufacturing-constrained, with capacity expansion ongoing.

J&J's immunology franchise (Tremfya) competes in the IL-23 inhibitor class against AbbVie's Skyrizi, AstraZeneca's Tezepelumab, and others. Stelara's decline is shared with other IL-12/23 inhibitors facing biosimilar competition.

9. Leadership and Ownership

CEO — Joaquin Duato. Duato has been Chairman and CEO of Johnson & Johnson since 2022, becoming the company's eighth CEO since its 1944 IPO. A dual US-Spanish citizen, he spent his career rising through J&J's pharmaceutical divisions across multiple international markets. Under his leadership, JNJ completed the Kenvue spin-off (consumer health), acquired Intra-Cellular Therapies (Caplyta), and submitted the Ottava robotic system for FDA review. In May 2026, Duato wrote in Fortune about preserving America's biopharmaceutical innovation advantage.

Institutional ownership. JNJ is a large-cap member of major indices and is widely held by institutional investors including Vanguard, BlackRock, State Street, and T. Rowe Price. Specific percentages change quarterly and should be verified at SEC EDGAR 13F filings.

Insider transactions (per SEC Form 4 filings).

Name	Date	Type	Shares	Price	Value	Plan Type
Joaquin Duato (Chairman & CEO)	26 Jan 2026	Sell	100,000	~$221	~$22.1m	Confirm at SEC EDGAR Form 4
Joaquin Duato (Chairman & CEO)	22 Aug 2025	Option exercise & sell	125,824	~$179	~$22.5m	Confirm at SEC EDGAR Form 4

Duato's most recent material transaction was the sale of 100,000 shares on 26 January 2026 for approximately $22.1m. Whether these were pre-planned 10b5-1 sales should be confirmed by reviewing the Form 4 filing directly at sec.gov/cgi-bin/browse-edgar. Duato owns approximately 307,807 shares of J&J worth over $75m at May 2026 prices, maintaining alignment with shareholders.

10. Risks and Challenges

• Stelara loss of exclusivity (Competitive): Stelara sales fell 61.7% in Q1 2026 as biosimilars entered the US market. Annual Stelara revenue has declined from a peak of $10bn+ to a fraction of that — this structural headwind will persist through 2026 and beyond as additional biosimilar manufacturers launch.
• Talc litigation (Legal): Over 67,000 talc-related lawsuits remain outstanding. The January 2026 rejection of J&J's third bankruptcy settlement attempt forces the company into the tort system with uncertain costs and timelines. Q1 2026 charges of ~$0.3bn for talc are likely to recur.
• Drug-price negotiation risk (Regulatory): The US Inflation Reduction Act Medicare drug-price negotiation provisions, if extended to additional J&J products post-2026, could compress revenue from Darzalex or other high-revenue drugs in the government payer segment.
• Debt load from acquisitions (Financial): Long-term debt rose from $30.7bn (FY2024) to $39.4bn (FY2025), a 28% increase. Further large acquisitions could elevate leverage, while rising interest rates increase the carrying cost of existing debt.
• Ottava regulatory risk (Operational): The Ottava robotic system's FDA De Novo clearance is not guaranteed. Any delay in clearance or requirements for additional clinical data would push back JNJ's entry into the robotic surgery market and allow Intuitive Surgical to further entrench its dominance.
• Key-product concentration (Concentration): Darzalex, while patent-protected until 2029 in the US, accounts for a growing share of Innovative Medicine revenue. When biosimilar competition eventually emerges post-2029, revenue could face material pressure without sufficient replacement drugs in the pipeline.
• Manufacturing and supply constraints (Operational): CAR-T therapies like Carvykti are complex to manufacture at scale. Manufacturing constraints have limited patient access and revenue growth; failure to expand capacity as scheduled would cap the Carvykti opportunity.
• Geopolitical exposure (Macro): JNJ operates in more than 150 countries. Trade tariffs, currency fluctuations, and supply-chain disruptions (particularly relating to active pharmaceutical ingredient sourcing from China and India) could affect costs and margins.

11. Recent Developments

• 11 May 2026 — Neuropsychiatry data at APA and ASCP. JNJ announced that 18 neuropsychiatry abstracts from its portfolio and pipeline will be presented at the American Psychiatric Association Annual Meeting (16–20 May 2026, San Francisco) and the American Society of Clinical Psychopharmacology Annual Meeting (26–29 May 2026, Miami), reinforcing the company's leadership in psychiatric drug development.
• 07 May 2026 — "Generation Fine" depression campaign launch. JNJ launched a global consumer awareness campaign designed to challenge patients' acceptance of "good enough" outcomes in depression care, supporting commercial momentum for Spravato and Caplyta in the major depressive disorder market.
• 07 May 2026 — Investor Relations VP appointment. Ryan Koors was appointed Vice President, Investor Relations, effective 7 May 2026.
• 05 May 2026 — Ottava robotic surgery pivotal study milestone. JNJ announced that its Ottava robotic surgical system met primary safety and performance endpoints in its first clinical study (Roux-en-Y gastric bypass procedures through 30 days post-procedure). This is a key milestone ahead of anticipated FDA clearance.
• 15 Apr 2026 — Q1 2026 earnings: $24.1bn revenue, guidance raised. JNJ reported Q1 2026 revenue of $24.1bn (+9.9% reported; +6.4% operational), beating consensus of $23.6bn. GAAP EPS was $2.14, adjusted EPS was $2.70 (vs $2.66 consensus). Management raised FY2026 guidance to $100.8bn revenue / $11.55 adjusted EPS at midpoints. Stelara revenue fell 61.7% to $656m; Darzalex grew to nearly $4bn; Carvykti maintained strong ~87% YoY growth trajectory.
• 21 Jan 2026 — FY2025 results; talc reserve reversal note. JNJ reported FY2025 revenue of $94.2bn (+6.1%) and GAAP net income of $26.8bn. GAAP EPS of $11.03 was substantially elevated by the reversal of a ~$7bn talc reserve. Adjusted EPS was $10.79. The company also reversed the talc reserve following the January 2026 federal court rejection of the Red River Talc bankruptcy plan.
• 07 Jan 2026 — Ottava FDA submission. JNJ submitted the Ottava robotic surgical system to the FDA for De Novo classification in general surgery applications within the upper abdomen. This was the first formal FDA submission for Ottava and a major step in the company's robotic surgery entry.

12. Key Dates Coming Up

• 16 May 2026 — American Psychiatric Association Annual Meeting begins (San Francisco). JNJ presenting 18 neuropsychiatry abstracts.
• 26 May 2026 — Ex-dividend date (quarterly dividend $1.30/share). Payment date: 09 Jun 2026. Per investor.jnj.com.
• 14 Jul 2026 — Q2 2026 earnings release (expected). Confirm exact date at investor.jnj.com.
• Expected 2026 — FDA clearance decision for Ottava robotic surgical system (De Novo submission made January 2026). No specific date guaranteed. Monitor investor.jnj.com.
• Expected 2026 onwards — Further talc litigation developments. Over 67,000 cases pending in tort system following January 2026 bankruptcy plan rejection.

Track upcoming events and macro catalysts on the ChartsView Economic Calendar. Discuss J&J on the ChartsView Forum.

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