{"schemaVersion":1,"research":true,"symbol":"jnj","name":"Johnson & Johnson","topic":"moat","path":"/stock/jnj/moat","status":"published","version":3,"updatedAt":"2026-10-17T21:17:01.632Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"The passages support a narrow moat based on product differentiation and intellectual property, with demonstrated adoption, product upgrades and some realized pricing support. They do not establish exceptional durability or a wide company-wide advantage. STELARA sales erosion, procurement pressure and competition show meaningful limits. Pricing power is selective rather than unrestricted.","advantages":[{"mechanism":"intangible_assets","claim":"Differentiated medical products and intellectual property support a current, product-specific advantage. Shockwave adoption, Wound Closure upgrades and continued ACUVUE OASYS 1-Day performance provide operating evidence beyond management's general innovation claims. Strategic price actions contributed to contact-lens growth. Patent disclosures support an exclusion mechanism, but the passages do not establish remaining exclusivity by product.","durability":"A narrow advantage is supported across selected franchises, but its duration cannot be established. Continued innovation and successful commercialization are necessary to replenish advantages as products face competition or lose protection. Clinical-stage acquisitions and the planned Orthopaedics separation represent potential benefits rather than demonstrated extensions of the moat.","risks":"STELARA sales decline already adversely affected product mix. Surgery and Vision face disclosed competitive pressure, while China volume-based procurement offsets growth. Patent challenges and regulated pharmaceutical pricing constrain exclusivity and monetization. These risks are distinct from demonstrated erosion: generic risk disclosures alone do not establish realized losses.","invalidation":"The thesis would fail if subsequent operating disclosures showed sustained declines in adoption and upgrades across the cited differentiated portfolios, price actions reversing without demand support, or losses following patent challenges that replacement products could not offset. Persistent procurement-driven deterioration across these franchises would also undermine the claimed advantage.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6"],"counterEvidenceIds":["e7","e8","e9","e10","e11"]}],"evidence":[{"id":"e1","sourceId":"filing-2","location":"MedTech operating results: Shockwave adoption and launches","excerpt":"Shockwave sales growth was driven by strong adoption of Coronary and Peripheral portfolios and new product launches."},{"id":"e2","sourceId":"filing-2","location":"MedTech operating results: Wound Closure penetration and upgrades","excerpt":"The operational growth in General Surgery was primarily driven by technology penetration and upgrades within the differentiated Wound Closure portfolio coupled with market expansion partially offset by China volume-based procurement."},{"id":"e3","sourceId":"filing-2","location":"Vision operating results: contact-lens performance and price actions","excerpt":"The Contact Lenses/Other operational growth was driven by strong performance in the ACUVUE OASYS 1-Day family of products including recent launches and strategic price actions partially offset by inventory dynamics."},{"id":"e4","sourceId":"filing-1","location":"2025 Vision operating results: contact-lens performance and price actions","excerpt":"Contact Lenses/Other growth was primarily driven by market growth, continued strong performance in the ACUVUE OASYS 1-Day family of products (including recent launches) and strategic price actions."},{"id":"e5","sourceId":"filing-2","location":"Economic and market factors: challenges to pharmaceutical patents","excerpt":"Form 10-Q 45 Table of Contents The Company faces regular intellectual property challenges from third parties, including generic and biosimilar manufacturers, seeking to manufacture and market generic and biosimilar versions of key pharmaceutical products prior to the expiration of the applicable patents."},{"id":"e6","sourceId":"filing-2","location":"Orthopaedics operating results: ATTUNE growth and VELYS pull-through","excerpt":"The operational growth in Knees was driven by the strength of the ATTUNE portfolio driven in part by pull through related to the VELYS Robotic assisted solutions."},{"id":"e7","sourceId":"filing-1","location":"Earnings analysis: STELARA decline, product mix and cost pressures","excerpt":"Percentages in chart are as a percent to total sales) 2025 Annual Report 29 Cost of products sold: Cost of products sold increased as a percent to sales driven by: •Unfavorable product mix driven by the decline of STELARA sales and unfavorable transactional currency in the Innovative Medicine business •Tariffs, unfavorable transactional currency and macroeconomic factors in the MedTech business partially offset by •Non-recurring, acquisition related fair value Inventory step-up of $0.1 billion in 2025 versus $0.4 billion in 2024 related to the business combination accounting associated with the Shockwave acquisition in the MedTech business The intangible asset amortization expense included in cost of products sold was $4.6 billion in fiscal 2025 and $4.5 billion in fiscal 2024."},{"id":"e8","sourceId":"filing-2","location":"Surgery operating results: procurement and Endocutter competitive pressures","excerpt":"This was partially offset by China volume-based procurement across all platforms, the impact of the surgery transformation program in Biosurgery and Energy and competitive pressures in Endocutters."},{"id":"e9","sourceId":"filing-2","location":"Vision operating results: surgical demand and U.S. competition","excerpt":"The Surgical operational growth was primarily driven by the strength of recent product innovations, robust demand and strong commercial execution partially offset by competitive pressures in the U.S."},{"id":"e10","sourceId":"filing-1","location":"Economic and market factors: implementation of Medicare negotiated pricing","excerpt":"While the impact of the IRA on our business and the broader pharmaceutical industry remains uncertain, as litigation filed by Janssen and other pharmaceutical companies remains ongoing, CMS has publicly announced the maximum fair price for each of the selected drugs and has recently begun implementing the program."},{"id":"e11","sourceId":"filing-2","location":"Risk disclosures: innovation, patent expiry and competitive entry","excerpt":"Risks and uncertainties include, but are not limited to: Risks related to product development, market success and competition •Challenges and uncertainties inherent in innovation and development of new and improved products and technologies on which the Company’s continued growth and success depend, including uncertainty of clinical outcomes, additional analysis of existing clinical data, obtaining regulatory approvals, health plan coverage and customer access, and initial and continued commercial success; •Challenges to the Company’s ability to secure and maintain adequate patent and other intellectual property rights for new and existing products and technologies in the United States and other important markets; •The impact of patent expirations, typically followed by the introduction of competing generic, biosimilar or other products and resulting revenue and market share losses; •Increasingly aggressive and frequent challenges to the Company’s patents by competitors and others seeking to launch competing generic, biosimilar or other products and increased receptivity of courts, the United States Patent and Trademark Office and other decision makers to such challenges, potentially resulting in loss of market exclusivity and rapid decline in sales for the relevant product sooner than expected; •Competition in research and development of new and improved products, processes and technologies, which can result in product and process obsolescence; •Competition to reach agreement with third parties for collaboration, licensing, development and marketing agreements for products and technologies; •Competition based on cost-effectiveness, product performance, technological advances and patents attained by competitors; and •Allegations that the Company’s products infringe the patents and other intellectual property rights of third parties, which could adversely affect the Company’s ability to sell the products in question and require the payment of money damages and future royalties."},{"id":"e12","sourceId":"filing-2","location":"Consolidated balance sheets and second-quarter earnings","excerpt":"Table of Contents Part I — Financial information Item 1 — Financial statements Johnson & Johnson and subsidiaries consolidated balance sheets (Unaudited; Dollars in Millions Except Share and Per Share Data) June 28, 2026 December 28, 2025 Assets Current assets: Cash and cash equivalents (Note 4) $20,422 19,709 Marketable securities 336 393 Accounts receivable, trade, less allowances $171 (2025, $183) 19,046 17,178 Inventories (Note 2) 15,144 14,191 Prepaid expenses and other 4,826 4,153 Total current assets 59,774 55,624 Property, plant and equipment at cost 55,518 54,364 Less: accumulated depreciation (31,936) (31,195) Property, plant and equipment, net 23,582 23,169 Intangible assets, net (Note 3) 48,229 50,403 Goodwill (Note 3) 48,479 48,772 Deferred taxes on income (Note 5) 6,728 6,874 Other assets 14,269 14,368 Total assets $201,061 199,210 Liabilities and shareholders’ equity Current liabilities: Loans and notes payable $11,692 8,495 Accounts payable 9,223 11,991 Accrued liabilities 9,464 8,594 Accrued rebates, returns and promotions 19,990 19,124 Accrued compensation and employee related obligations 3,475 4,534 Accrued taxes on income (Note 5) 1,051 1,388 Total current liabilities 54,895 54,126 Long-term debt (Note 4) 37,344 39,438 Deferred taxes on income (Note 5) 6,608 6,791 Employee related obligations (Note 6) 6,657 6,957 Long-term taxes payable (Note 5) 485 486 Other liabilities 10,101 9,868 Total liabilities $116,090 117,666 Commitments and Contingencies (Note 11) Shareholders’ equity: Common stock — par value $1.00 per share (authorized 4,320,000,000 shares; issued 3,119,843,000 shares) $3,120 3,120 Accumulated other comprehensive income (loss) (Note 7) (13,951) (14,930) Retained earnings and Additional paid-in capital 171,665 168,978 Less: common stock held in treasury, at cost (711,615,000 and 711,904,000 shares) 75,863 75,624 Total shareholders’ equity $84,971 81,544 Total liabilities and shareholders’ equity $201,061 199,210 See Notes to Consolidated Financial Statements Form 10-Q 1 Table of Contents Johnson & Johnson and subsidiaries consolidated statements of earnings (Unaudited; Dollars & Shares in Millions Except Per Share Amounts) Fiscal Second Quarter Ended June 28, 2026 Percent to Sales June 29, 2025 Percent to Sales Sales to customers (Note 9) $25,310 100.0 % $23,743 100.0 % Cost of products sold 8,051 31.8 7,628 32.1 Gross profit 17,259 68.2 16,115 67.9 Selling, marketing and administrative expenses 6,432 25.4 5,889 24.8 Research and development expense 3,653 14.4 3,516 14.8 Interest income (219) (0.9) (260) (1.1) Interest expense, net of portion capitalized 281 1.1 308 1.3 Other (income) expense, net 331 1.3 107 0.5 Restructuring (Note 12) 34 0.2 64 0.3 Earnings before provision for taxes on income 6,747 26.7 6,491 27.3 Provision for taxes on income (Note 5) 1,213 4.8 954 4.0 Net earnings $5,534 21.9 % $5,537 23.3 % Net earnings per share (Note 8) Basic $2.30 $2.30 Diluted $2.27 $2.29 Avg."},{"id":"e13","sourceId":"filing-3","location":"Compensation reconciliation: 2025 operating cash flow and capital expenditure","excerpt":"($ millions) Cash flow from operating activities $24,530 Additions to property, plant and equipment (4,832) Free cash flow 19,698 Other unbudgeted adjustments, including significant acquisitions and tax law changes 132 Adjusted free cash flow 19,830 2026 Proxy Statement 79 Details on 2025 annual incentive non-GAAP performance measures •Adjusted operational EPS growth."},{"id":"e14","sourceId":"filing-2","location":"Acquisitions: combined 2025 acquisition spending","excerpt":"(Intra-Cellular) for a total of $17.5 billion, net of cash acquired."},{"id":"e15","sourceId":"filing-2","location":"Acquisitions: Halda clinical-stage platform and purchase consideration","excerpt":"Halda Therapeutics On December 26, 2025, the Company completed the acquisition of Halda Therapeutics, a clinical-stage biotechnology company with proprietary Regulated Induced Proximity TArgeting Chimera (RIPTACTM) platform to develop oral, targeting therapies for multiple types of solid tumors, including prostate cancer, in an all-cash merger transaction for total consideration transferred of approximately $3.05 billion, net of cash acquired."},{"id":"e16","sourceId":"filing-2","location":"Liquidity: disclosed settlement balances and near-term bond obligations","excerpt":"The Company anticipates that operating cash flows, the ability to raise funds from external sources, borrowing capacity from existing committed credit facilities and access to the commercial paper markets will continue to provide sufficient resources to fund operating needs, including the Company’s remaining balance of approximately $3.7 billion related to talc matters, $1.7 billion related to the current portion of Corporate bonds due and the remaining approximately $0.9 billion related to opioid settlements."},{"id":"e17","sourceId":"filing-2","location":"Share repurchases: purchases supporting compensation programs","excerpt":"Price Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs March 30, 2026 through April 26, 2026 5,054 235.42 — — April 27, 2026 through May 24, 2026 — — — — May 25, 2026 through June 28, 2026 965,196 229.51 — — Total 970,250 229.54 — — (1)During the fiscal second quarter of 2026, the Company repurchased an aggregate of 970,250 shares of Johnson & Johnson Common Stock in open-market transactions, all of which were purchased as part of a systematic plan to meet the needs of the Company’s compensation programs."},{"id":"e18","sourceId":"filing-1","location":"Stock compensation: performance-share goals","excerpt":"Performance shares were granted with two equally-weighted goals that directly align with or help drive long-term total shareholder return: adjusted operational earnings per share and relative total shareholder return."},{"id":"e19","sourceId":"filing-1","location":"Stock compensation: performance-dependent award range","excerpt":"The number of shares actually earned at the end of the three-year period will vary, based only on actual performance, from 0% to 200% of the target number of performance share units granted."},{"id":"e20","sourceId":"filing-3","location":"Compensation Committee letter: actual 2023–2025 PSU payout","excerpt":"Our 2023-2025 PSUs paid out at 113.6% of target."},{"id":"e21","sourceId":"filing-3","location":"Compensation governance: prohibition on hedging, pledging and short selling","excerpt":"No hedging, pledging or short selling of Company stock."},{"id":"e22","sourceId":"filing-3","location":"Compensation metrics: exclusions from adjusted operational EPS","excerpt":"We exclude any unbudgeted significant acquisition, divestiture, change in accounting rule, change in tax laws, and special items and intangible amortization expense if it impacted adjusted operational EPS by more than 1%."},{"id":"e23","sourceId":"filing-3","location":"Board leadership: combined Chairman and CEO with Lead Independent Director","excerpt":"Weinberger Regulatory Compliance & Sustainability Committee Chair Joaquin Duato Finance Committee Chair For 2026, the independent Directors decided to continue with a leadership structure composed of a combined Chairman and CEO partnered with a strong Lead Independent Director."},{"id":"e24","sourceId":"filing-3","location":"Governance: engagement topics and related-person transaction approval policy","excerpt":"38 Shareholder engagement topics Investor discussions in 2025 covered a wide range of corporate governance, environmental and social stewardship, compensation, and public policy issues, including the following (listed in alphabetical order): •Artificial intelligence •Board composition •Board oversight of risk •Board tenure and refreshment •Culture and human capital management •Executive compensation and performance metrics •Government engagement and oversight •Litigation •Orthopaedics business separation •Pharmaceutical pricing transparency and access •Product quality and safety •Separation of the Chairman and CEO roles •Shareholder proposals •Succession planning and talent development •Sustainability and environmental stewardship Related person transactions and Director independence Related person transactions Our Policy on Transactions with Related Persons requires the approval or ratification by the Nominating & Corporate Governance Committee of any transaction or series of transactions exceeding $120,000 in which our Company is a participant and any related person has a direct or indirect material interest (other than solely as a result of being a director or trustee or less than 10% owner of another entity)."},{"id":"e25","sourceId":"filing-3","location":"Compensation responsibilities: independent approval of CEO compensation","excerpt":"•Approve the CEO’s compensation. CEO •Reviews and presents to the Committee the performance assessments and compensation recommendations for each of the other named executive officers."},{"id":"e26","sourceId":"filing-3","location":"Committee assessment: mixed supply-chain performance","excerpt":"•We had mixed performance against our supply chain goals."},{"id":"e27","sourceId":"filing-3","location":"Non-GAAP reconciliation: litigation effects and adjusted earnings","excerpt":"Pricing Transparency Report transparencyreport.janssen.com Political engagement www.investor.jnj.com/political-engagement SEC filings www.investor.jnj.com/financials/sec-filings Talc www.factsabouttalc.com 2026 Proxy Statement 127 Non-GAAP reconciliation Johnson & Johnson and subsidiaries reconciliation of non-GAAP financial measures (Dollars in Millions Except Per Share Data) 2025 2024 2023 Net Earnings from Continuing Operations, after tax- as reported $26,804 $14,066 $13,326 Pre-tax Adjustments Litigation related (6,040) 5,450 7,152 Intangible Asset Amortization expense 4,621 4,526 4,532 Restructuring related1 512 269 798 Acquisition, integration and divestiture related 285 1,226 339 IPR&D impairments 81 211 313 Orthopaedics Separation related 48 — — (Gains)/losses on securities (427) 306 641 Medical Device Regulation — 204 311 COVID-19 Vaccine related costs — 100 663 Other 20 — — Tax Adjustments Tax impact on special item adjustments2 381 (2,135) (2,694) Tax legislation and other tax related (70) 19 28 Adjusted Net Earnings from Continuing Operations, after tax $26,215 $24,242 $25,409 Average shares outstanding (Diluted) 2,429.4 2,429.4 2,560.4 Adjusted net earnings per share from Continuing Operations (Diluted) $10.79 $9.98 $9.92 Notes: (1)In fiscal 2023, the company completed a prioritization of its research and development (R&D) investment within the Innovative Medicine segment to focus on the most promising medicines with the greatest benefit to patients."},{"id":"e28","sourceId":"filing-2","location":"Vision operating results: second-quarter operational sales growth","excerpt":"The Vision franchise achieved operational sales growth of 5.6% as compared to the prior year fiscal second quarter."},{"id":"e29","sourceId":"filing-3","location":"Compensation assessment: Committee discretion over strategic performance","excerpt":"The Committee considers both quantitative and qualitative results and applies discretion when evaluating performance and determining the payout factor."}],"changes":["No comparable previous version was supplied."],"limitations":["Assessment uses only the supplied passages. Filing dates are February 11, March 11 and July 23, 2026, each with dateKind filed; they are not retrieval dates. The latest operating evidence covers June 28, 2026.","The passages identify generic, biosimilar and device competition without naming companies as competitors. Named litigants, acquired companies and service providers do not establish competitor coverage; competitor arrays are therefore empty.","Operating explanations are issuer disclosures. Reported adoption, growth and pricing contributions provide evidence, but causal attribution and claims of differentiation lack comparative clinical, market-share or customer-level support here.","Product-level patent expiry schedules, exclusivity duration, comparative costs and economic returns on innovation are missing. The evidence does not establish network effects, a cost advantage, efficient scale or substantial switching costs.","Pricing evidence is concentrated in contact lenses. Net realized price changes, rebate effects, volumes and customer retention rates are not supplied. Retention is assessed indirectly from continued product performance, adoption and upgrades.","Actual compensation arrangements and completed PSU payouts are disclosed, but detailed executive ownership and ownership-guideline compliance are absent. The requested 2026 advisory compensation vote is not treated as an adopted outcome.","Acquisition returns and separation benefits remain unproven. Elevated or changing accounting margins alone are not treated as moat evidence."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Patent rights and differentiated products support a narrow structural advantage, corroborated by adoption and upgrades. Relative superiority and the breadth of defensible protection are incompletely documented.","evidenceIds":["e1","e2","e3","e5"]},{"criterion":"durability","grade":1,"rationale":"Advantages require repeated innovation and defense of finite intellectual property. STELARA sales decline is realized evidence of erosion; remaining protection periods and durable replacement economics are absent.","evidenceIds":["e5","e7","e11"]},{"criterion":"customer_dependency","grade":2,"rationale":"Continued contact-lens performance, Wound Closure upgrades and robotic-system pull-through indicate product preference and some ecosystem dependence indirectly. They do not demonstrate contractual lock-in or quantified switching friction.","evidenceIds":["e2","e3","e4","e6"]},{"criterion":"erosion_resilience","grade":2,"rationale":"New-product adoption and Vision growth coexist with STELARA erosion, procurement offsets and device competition. The portfolio shows some ability to absorb pressure, without establishing durable protection against it.","evidenceIds":["e1","e7","e8","e9","e28"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Strategic price actions contributed to contact-lens growth in both reporting periods, supporting selective realized pricing power. Price magnitude and net realization are undisclosed, and procurement pressure limits broader pricing strength.","evidenceIds":["e3","e4","e8"]},{"criterion":"retention","grade":2,"rationale":"Continued ACUVUE performance and product upgrades provide indirect evidence of sustained demand alongside price actions. Adoption and sales growth cannot isolate repeat purchasing from launches, market growth or inventory movements.","evidenceIds":["e2","e3","e4"]},{"criterion":"margin_resilience","grade":2,"rationale":"Second-quarter gross margin increased from 67.9% to 68.2%, while pretax margin declined from 27.3% to 26.7%. Earlier product-mix and input-cost pressure makes resilience mixed. Litigation-related accounting effects also limit interpretation of headline annual earnings changes.","evidenceIds":["e12","e7","e27"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Implemented Medicare pricing and realized volume-based procurement effects demonstrate constrained price-setting freedom. Contact-lens price actions show some discretion, but commercial contract terms are not supplied.","evidenceIds":["e10","e8","e3"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"2025 operating cash flow of $24.530 billion exceeded $4.832 billion of capital expenditure, supporting funding capacity. However, $17.5 billion of acquisitions, substantial settlement obligations and compensation-related repurchases require consideration; acquisition returns remain unproven.","evidenceIds":["e13","e14","e15","e16","e17"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual three-year performance awards combine operational EPS and relative shareholder return, with performance-dependent payouts and a completed 2023–2025 payout. Anti-hedging rules reinforce alignment. Adjusted metrics and discretionary assessments temper the conclusion; executive ownership compliance is missing.","evidenceIds":["e18","e19","e20","e21","e22","e29"]},{"criterion":"execution","grade":2,"rationale":"Adoption, upgrades and Vision growth support execution through indirect operating evidence rather than compensation payouts or leadership claims. Competitive offsets and the Committee's disclosed mixed supply-chain performance prevent a stronger assessment.","evidenceIds":["e1","e2","e8","e9","e26","e28"]},{"criterion":"governance","grade":2,"rationale":"A Lead Independent Director, independent approval of CEO compensation and related-person transaction controls provide substantive safeguards. The combined Chairman and CEO role and compensation discretion leave a mixed assessment; effective oversight outcomes are not comprehensively demonstrated.","evidenceIds":["e23","e24","e25","e29"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"871d6e56a2844b5bf5d615f0a2b9006eaab9a85a05f69303070d92fb677448e1","updatedAt":"2026-10-17T21:17:01.632Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/200406/000020040626000016/jnj-20251228.htm","publishedAt":"2026-02-11","sha256":"5ef3cf2a03f70e0962167eb766dcf98a0f550ea3d4fb179ab3f3c6584bd3df28","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/200406/000020040626000153/jnj-20260628.htm","publishedAt":"2026-07-23","sha256":"9920b5b929cb67017dc103d356f698a891806ee24649477cd514e58e60d22632","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/200406/000020040626000063/jnj-20260309.htm","publishedAt":"2026-03-11","sha256":"5284d1cb186190a0f8bb81782931cb70a48e7c286224021c309d944129cdd8c0","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:8a6f8e7dcce62a83b38efd939f2cdf22b52ee7e4d9287a65010a7b8391c03390","usage":{"input_tokens":50368,"cached_input_tokens":20992,"cache_write_input_tokens":0,"output_tokens":3513,"reasoning_output_tokens":126}},"signals":[{"period":"2021","end":"2022-01-02","values":{"gross_margin":68.16315649160224,"operating_margin":null,"roic":null,"fcf_margin":21.069581444948014,"sbc_revenue":1.2103439082911223},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; 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