A global healthcare company focused on innovative medicines and medical technologies that address major health needs.
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Stable
What Johnson does
Johnson & Johnson develops and sells innovative medicines and medical technologies across major healthcare areas including oncology, immunology, neuroscience, cardiovascular care, surgery, orthopaedics, and vision.
Founded
1886
New Brunswick, New Jersey
CEO
Joaquin Duato
Since 2022
Market cap
$613.99B
24
Revenue (FY25)
$94.19B
+6% YoY
30-Second Summary
A plain-English explanation of Johnson & Johnson's business model
If you only remember one thing
Johnson & Johnson operates two major healthcare businesses: Innovative Medicine and MedTech. Innovative Medicine develops and sells prescription medicines, while MedTech develops devices and technologies used in areas such as surgery, cardiovascular care, orthopaedics, and vision. The company earns revenue by selling these medicines and medical technologies to healthcare systems, providers, distributors, and other customers around the world.
Business Segments
Where Johnson's $94.19B Fiscal year 2025 (ended December 28, 2025) comes from
$94.19B
Fiscal year 2025
64% of revenue ·+6% YoY
36% of revenue ·+6.1% YoY
Johnson & Johnson operates through two major reportable segments: Innovative Medicine and MedTech. Together they generated $94.193B of worldwide sales in fiscal 2025.
Fiscal year 2025 ended December 28, 2025. Innovative Medicine generated $60.401B and MedTech generated $33.792B of worldwide sales. Percentages below are calculated against total reported sales of $94.193B.
Business Model
How Johnson makes money — the ecosystem flywheel
Develop Healthcare Solutions
Manufacture & Deliver
Strengths & Risks
What makes Johnson strong — and what could go wrong
Diversified Healthcare Business
Johnson & Johnson combines Innovative Medicine and MedTech, giving the company exposure to both pharmaceutical products and medical technologies.
Large Research Platform
The company invests heavily in research and development across multiple areas of significant medical need.
Strong Medicine Portfolio
Innovative Medicine has major franchises across oncology, immunology, neuroscience, and other therapeutic areas.
Global MedTech Scale
J&J MedTech provides technologies across cardiovascular care, orthopaedics, surgery, and vision.
Strong Cash Generation
The company generated $24.530B of operating cash flow in FY2025 and approximately $19.698B of calculated free cash flow.
Financial Overview
Fiscal year 2025 (ended December 28, 2025)
$94.19B
+6% YoY
FY25
$26.8B
+90.6% YoY
FY25
$19.7B
-0.7% YoY
FY25
Johnson & Johnson generated $94.193B of reported sales and $26.804B of net earnings in fiscal 2025. Operating cash flow was $24.530B and additions to property, plant and equipment were $4.832B, producing approximately $19.698B of free cash flow.
Financial History
5-year reported trend, fiscal years 2021–2025; 2023 reflects the Kenvue separation period
$94.19B
About flat since FY21; 2023 reflects the Kenvue separation
Business Ecosystem
Who Johnson depends on — and who depends on Johnson
Research & Clinical Partners
Researchers, universities, clinical investigators, and scientific organizations contribute to medicine and medical-technology development.
Healthcare Providers
Hospitals, physicians, surgeons, clinics, and other healthcare professionals use J&J medicines and medical technologies in patient care.
Manufacturing & Distribution
Manufacturing facilities, suppliers, distributors, and logistics networks help deliver medicines and medical technologies to global markets.
Johnson & Johnson
Global healthcare company
Competitors
Companies used as broad comparison references for Johnson & Johnson's pharmaceutical and medical-technology businesses. Because J&J combines both areas, no single company is a perfect one-to-one competitor. Market caps use an October 6, 2026 snapshot.
Merck & Co.
$350.19B
Large pharmaceutical company with major businesses in oncology and other therapeutic areas, providing a useful comparison for J&J's Innovative Medicine business.
Pfizer
$156.74B
Global pharmaceutical company with a broad portfolio of prescription medicines and vaccines, providing a comparison for J&J's medicine business.
Abbott Laboratories
$169.85B
Eli Lilly and Company
Discovers, develops, manufactures, and markets medicines for major health conditions including diabetes, obesity, cancer, immunological diseases, and neurological disorders.
UnitedHealth Group Incorporated
A diversified healthcare company combining health insurance with healthcare services, pharmacy, technology, and data solutions.
