--- title: "Johnson & Johnson | 10-K: FY2025 Revenue Beats Estimate at USD 94.19 B" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/275658131.md" datetime: "2026-02-11T21:14:51.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/275658131.md) - [en](https://longbridge.com/en/news/275658131.md) - [zh-HK](https://longbridge.com/zh-HK/news/275658131.md) --- > 支持的语言: [English](https://longbridge.com/en/news/275658131.md) | [繁體中文](https://longbridge.com/zh-HK/news/275658131.md) # Johnson & Johnson | 10-K: FY2025 Revenue Beats Estimate at USD 94.19 B Revenue: As of FY2025, the actual value is USD 94.19 B, beating the estimate of USD 93.76 B. EPS: As of FY2025, the actual value is USD 11.03, beating the estimate of USD 11.0092. EBIT: As of FY2025, the actual value is USD 25.2 B. ### Overall Company Performance - **Worldwide Sales**: Increased by 6.0% to $94.2 billion in 2025, compared to a 4.3% increase in 2024. This included an 8.4% volume increase and a -3.1% price impact in 2025. - **Acquisitions and Divestitures Impact**: A positive 1.1% on worldwide sales growth in 2025, mainly due to CAPLYTA and Shockwave, and a positive 0.5% in 2024, primarily from Shockwave. - **U.S. Sales**: Reached $53.8 billion in 2025, up 6.9%, following an 8.3% increase in 2024. - **International Sales**: Grew by 5.0% to $40.4 billion in 2025, contrasting with a -0.5% decrease in 2024. - **STELARA Impact**: The decline in STELARA sales due to biosimilar competition negatively impacted worldwide, U.S., and international operational sales by approximately 6.2%, 7.6%, and 4.4% respectively in 2025. ### Innovative Medicine Segment - **Segment Revenue**: Total sales were $60.4 billion in 2025, a 6.0% increase from 2024 (5.3% operational growth, 0.7% positive currency impact). - **U.S. Sales**: Increased by 7.0% to $36.3 billion. - **International Sales**: Increased by 4.6% to $24.1 billion (2.9% operational growth, 1.7% positive currency impact). - **Acquisitions and Divestitures Impact**: A positive 1.2% on worldwide operational sales growth in 2025, related to CAPLYTA. - **STELARA Impact**: The decline in STELARA sales negatively impacted worldwide, U.S., and international operational segment sales by approximately 10.4%, 12.3%, and 7.9% respectively in 2025. - **Income Before Tax**: This segment’s income before tax as a percent of sales was 36.9% in 2025, up from 33.2% in 2024. - **Key Revenue Categories (2025 vs. 2024)**: - **Total Oncology**: $25,380 million, up 22.1% (20.9% operational) from $20,781 million. - CARVYKTI: $1,887 million, up 95.9% (94.3% operational) from $963 million. - DARZALEX: $14,351 million, up 23.0% (22.0% operational) from $11,670 million. - ERLEADA: $3,574 million, up 19.2% (17.2% operational) from $2,999 million. - IMBRUVICA: $2,823 million, down -7.1% (-8.6% operational) from $3,038 million. - RYBREVANT/LAZCLUZE: $734 million from $327 million. - TALVEY: $463 million, up 61.3% (60.3% operational) from $287 million. - TECVAYLI: $670 million, up 22.1% (21.5% operational) from $549 million. - ZYTIGA: $502 million, down -20.4% (-21.2% operational) from $631 million. - **Total Immunology**: $15,728 million, down -11.8% (-12.0% operational) from $17,828 million. - REMICADE: $1,768 million, up 10.2% (10.5% operational) from $1,605 million. - SIMPONI/SIMPONI ARIA: $2,668 million, up 21.8% (21.7% operational) from $2,190 million. - STELARA: $6,078 million, down -41.3% (-41.5% operational) from $10,361 million. - TREMFYA: $5,155 million, up 40.5% (39.8% operational) from $3,670 million. - **Total Neuroscience**: $7,837 million, up 10.1% (9.9% operational) from $7,115 million. - CAPLYTA: $700 million in 2025 (acquired April 2, 2025). - INVEGA SUSTENNA/XEPLION/INVEGA TRINZA/TREVICTA: $3,810 million, down -9.8% (-9.9% operational) from $4,222 million. - SPRAVATO: $1,696 million, up 57.4% (57.0% operational) from $1,077 million. - **Total Pulmonary Hypertension**: $4,437 million, up 3.6% (3.2% operational) from $4,282 million. - OPSUMIT/OPSYNVI: $2,325 million, up 4.5% (4.0% operational) from $2,225 million. - UPTRAVI: $1,902 million, up 4.7% (4.3% operational) from $1,817 million. - **Total Infectious Diseases**: $3,241 million, down -4.6% (-6.5% operational) from $3,396 million. - EDURANT/rilpivirine: $1,486 million, up 16.9% (12.2% operational) from $1,272 million. - PREZISTA/PREZCOBIX/REZOLSTA/SYMTUZA: $1,579 million, down -7.7% (-8.1% operational) from $1,712 million. - **Total Cardiovascular / Metabolism / Other**: $3,778 million, up 6.1% (6.0% operational) from $3,562 million. - XARELTO: $2,633 million, up 11.0% (11.0% operational) from $2,373 million. ### MedTech Segment - **Segment Revenue**: Total sales were $33.8 billion in 2025, a 6.1% increase from 2024 (5.4% operational growth, 0.7% positive currency impact). - **U.S. Sales**: Increased by 6.6% to $17.4 billion. - **International Sales**: Increased by 5.5% to $16.4 billion (4.1% operational growth, 1.4% positive currency impact). - **Acquisitions and Divestitures Impact**: A positive 1.1% on worldwide operational sales growth in 2025, primarily related to the Shockwave acquisition. - **Income Before Tax**: This segment’s income before tax as a percent of sales was 12.2% in 2025, up from 11.7% in 2024. - **Key Revenue Categories (2025 vs. 2024)**: - **Surgery**: $10,137 million, up 3.0% (2.5% operational) from $9,845 million. - Advanced: $4,577 million, up 2.0% (1.5% operational) from $4,488 million. - General: $5,560 million, up 3.8% (3.3% operational) from $5,358 million. - **Orthopaedics**: $9,258 million, up 1.1% (0.3% operational) from $9,158 million. - Hips: $1,674 million, up 2.1% (1.4% operational) from $1,638 million. - Knees: $1,587 million, up 2.7% (2.0% operational) from $1,545 million. - Trauma: $3,146 million, up 3.2% (2.4% operational) from $3,049 million. - Spine, Sports & Other: $2,852 million, down -2.5% (-3.5% operational) from $2,926 million. - **Cardiovascular**: $8,928 million, up 15.8% (15.2% operational) from $7,707 million. - Electrophysiology: $5,634 million, up 7.0% (6.4% operational) from $5,267 million. - Abiomed: $1,751 million, up 17.1% (16.2% operational) from $1,496 million. - Shockwave: $1,146 million from $564 million (acquired May 31, 2024). - **Vision**: $5,468 million, up 6.3% (5.3% operational) from $5,146 million. - Contact Lenses/Other: $3,910 million, up 4.8% (3.6% operational) from $3,733 million. - Surgical: $1,558 million, up 10.2% (9.9% operational) from $1,413 million. ### Other Financial Metrics - **Consolidated Earnings Before Provision for Taxes on Income**: $32.6 billion in 2025 (34.6% of sales) compared to $16.7 billion in 2024 (18.8% of sales). - **Cost of Products Sold**: Increased as a percentage of sales due to unfavorable product mix (STELARA decline) and transactional currency in Innovative Medicine, and tariffs, unfavorable transactional currency, and macroeconomic factors in MedTech. - **Intangible Asset Amortization Expense**: $4.6 billion in 2025 and $4.5 billion in 2024, included in cost of products sold. - **Selling, Marketing & Administrative Expenses**: Decreased as a percentage of sales due to corporate administrative expense rationalization and planned leverage in Innovative Medicine, partly offset by increased investment from the Intra-Cellular acquisition. - **Research and Development Expense**: Totaled $14,665 million in 2025 (15.6% of sales) compared to $17,232 million in 2024 (19.4% of sales), representing a -14.9% decrease from 2024. - Innovative Medicine R&D: $11,827 million (19.6% of segment sales) in 2025 vs $13,529 million (23.8% of segment sales) in 2024. - MedTech R&D: $2,838 million (8.4% of segment sales) in 2025 vs $3,703 million (11.6% of segment sales) in 2024. - **In-Process Research and Development Impairments**: $0.1 billion in 2025 (related to an Abiomed asset) vs $0.2 billion in 2024 (related to a Momenta Pharmaceuticals asset). - **Other (Income) Expense, Net**: Reflected an increase in income of $11.9 billion in 2025 compared to the prior year, which included a $7.0 billion reversal of talc reserve and - $0.8 billion for Auris shareholder litigation in 2025, contrasting with $5.1 billion in talc charges and a - $0.4 billion loss from the Kenvue debt-for-equity exchange in 2024. - **Interest Income**: $1.1 billion in 2025, down from $1.3 billion in 2024. - **Interest Expense**: $1.0 billion in 2025, up from $0.8 billion in 2024, due to a higher average debt balance. - **Net Debt Position**: $27.8 billion at the end of 2025, compared to $12.1 billion in 2024. - **Restructuring Expenses**: Totaled $228 million in 2025 and $234 million in 2024. - A new MedTech Surgery franchise restructuring program initiated in 2025 is estimated to cost between $0.9 billion - $1.0 billion, with $205 million expensed in 2025. - The Orthopaedics franchise restructuring program incurred $307 million in 2025 and $167 million in 2024, with total costs of approximately $0.8 billion since its announcement, substantially completed in 2025. ### Cash Flow - **Cash and Cash Equivalents**: $19.7 billion at the end of 2025, down from $24.1 billion at the end of 2024. - **Cash Flow from Operations**: Generated $24.5 billion in 2025, slightly down from $24.3 billion in 2024. - **Net Cash Used for Investing Activities**: Totaled - $23.6 billion in 2025, primarily due to - $17.5 billion for acquisitions (net of cash acquired) and - $4.8 billion for property, plant, and equipment additions. - **Net Cash Used for Financing Activities**: Totaled - $5.5 billion in 2025, primarily due to - $12.4 billion in dividends and - $6.0 billion for common stock repurchases, partially offset by $9.6 billion in net proceeds from short and long-term debt. ### Outlook / Guidance Johnson & Johnson anticipates continued negative impacts on STELARA sales due to biosimilar competition globally. Generic competition for OPSUMIT is expected in 2026, which will likely lead to a significant reduction in future sales. 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