On January 21, 2026 Johnson & Johnson (NYSE: JNJ) reported results for fourth-quarter and full-year 2025. "2025 was a catapult year for Johnson & Johnson, fueled by the strongest portfolio and pipeline in our history" said Joaquin Duato, Chairman and Chief Executive Officer, Johnson & Johnson. "Last year kicked off a new era of accelerated growth, driven by medical innovation that is transforming lives in our six key businesses: Oncology, Immunology, Neuroscience, Cardiovascular, Surgery, and Vision. In each of these important areas, our leadership is expanding driven by game-changing science and technology."

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Overall financial results
Q4
Full Year
($ in Millions, except EPS)
2025
2024
% Change
2025
2024
% Change
Reported Sales

$24,564
$22,520
9.1%
$94,193

$88,821
6.0%
Net Earnings
$5,116
$3,431
49.1%
$26,804
$14,066
90.6%
EPS (diluted)
$2.10
$1.41
48.9%
$11.03
$5.79
90.5%

Q4
Full Year
Non-GAAP* ($ in Millions, except EPS)
2025
2024
% Change
2025
2024
% Change
Operational Sales1,2

7.1%

5.3%
Adjusted Operational Sales1,3

6.1%

4.2%
Adjusted Net Earnings1,4
$6,009
$4,946
21.5%
$26,215
$24,242
8.1%
Adjusted EPS (diluted)1,4
$2.46
$2.04
20.6%
$10.79
$9.98
8.1%
Free Cash Flow5,6

~$19,700
$19,842

Regional sales results
Q4

% Change

($ in Millions)
2025
2024
Reported
Operational1,2
Currency
Adjusted
Operational1,3
U.S.
$14,195
$13,204
7.5%
7.5
–
5.7
International
10,369
9,316
11.3
6.6
4.7
6.8
Worldwide
$24,564
$22,520
9.1%
7.1
2.0
6.1

Full Year

% Change

($ in Millions)
2025
2024
Reported
Operational1,2
Currency
Adjusted
Operational1,3
U.S.
$53,752
$50,302
6.9%
6.9
–
4.9
International
40,441
38,519
5.0
3.4
1.6
3.3
Worldwide
$94,193
$88,821
6.0%
5.3
0.7
4.2

Segment sales results
Q4

% Change

($ in Millions)
2025
2024
Reported
Operational1,2
Currency
Adjusted
Operational1,3
Innovative Medicine
$15,763
$14,332
10.0%
7.9
2.1
6.2
MedTech
8,801
8,188
7.5
5.8
1.7
5.9
Worldwide
$24,564
$22,520
9.1%
7.1
2.0
6.1
Full Year

% Change

($ in Millions)
2025
2024
Reported
Operational1,2
Currency
Adjusted
Operational1,3
Innovative Medicine
$60,401
$56,964
6.0%
5.3
0.7
4.1
MedTech
33,792
31,857
6.1
5.4
0.7
4.3
Worldwide
$94,193
$88,821
6.0%
5.3
0.7
4.2

Full-year 2025 segment commentary:
Operational sales* reflected below excludes the impact of translational currency.
Innovative Medicine
Innovative Medicine worldwide operational sales grew 5.3%*, with net acquisitions and divestitures positively impacting growth by 1.2% primarily due to CAPLYTA. Growth was driven primarily by DARZALEX, CARVYKTI, ERLEADA, and RYBREVANT/LAZCLUZE in Oncology, TREMFYA and SIMPONI/SIMPONI ARIA in Immunology, and SPRAVATO in Neuroscience. Growth was partially offset by an approximate (1,040) basis points impact from STELARA in Immunology.
MedTech
MedTech worldwide operational sales grew 5.4%*, with net acquisitions and divestitures positively impacting growth by 1.1% primarily due to Shockwave. Growth was driven primarily by electrophysiology products and Abiomed in Cardiovascular and wound closure products in General Surgery.

Full-year 2026 guidance:
Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses, and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson’s results computed in accordance with GAAP.
($ in Billions, except EPS)

January 2026
Adjusted Operational Sales1,2
Change vs. Prior Year / Mid-point

5.4% – 6.4% / 5.9%
Operational Sales2 / Mid-point
Change vs. Prior Year / Mid-point

$99.5B – $100.5B / $100.0B
5.7% – 6.7% / 6.2%
Estimated Reported Sales3/ Mid-point
Change vs. Prior Year / Mid-point

$100.0B – $101.0B / $100.5B
6.2% – 7.2% / 6.7%
Adjusted Operational EPS (Diluted)2,4 / Mid-point
Change vs. Prior Year / Mid-point

$11.28 – $11.48 / $11.38
4.5% – 6.5% / 5.5%
Adjusted EPS (Diluted)3,4 / Mid-point
Change vs. Prior Year / Mid-point

$11.43 – $11.63 / $11.53
5.9% – 7.9% / 6.9%

1Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures
2Non-GAAP financial measure; excludes the impact of translational currency
3Calculated using Euro Average Rate: January 2026 = $1.17 (Illustrative purposes only)
4Non-GAAP financial measure; excludes intangible amortization expense and special items
Note: percentages may have been rounded
Other modeling considerations will be provided on the webcast.
Notable announcements in the quarter:
The information contained in this section should be read together with Johnson & Johnson’s other disclosures filed with the Securities and Exchange Commission, including its Current Reports on Form 8-K, Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. The reader is also encouraged to review all other news releases and information available in the Investor Relations section of the company’s website at Investor News, as well as Innovative Medicine Newsroom, MedTech News & Events, and www.factsabouttalc.com.

Regulatory
Johnson & Johnson Submits OTTAVA Robotic Surgical System to the U.S. Food and Drug Administration1
Press Release
Johnson & Johnson Receives FDA Approval for TRUFILL n-BCA Liquid Embolic System for the Treatment of Symptomatic Chronic Subdural Hematoma
Press Release
U.S. FDA Approval of RYBREVANT FASPRO (amivantamab and hyaluronidase-lpuj) Enables the Simplest, Shortest Administration Time for a First-Line Combination Regimen when Combined with LAZCLUZE (lazertinib)
Press Release
U.S. FDA approves AKEEGA as the first precision therapy for BRCA2-mutated metastatic castration-sensitive prostate cancer with 54% reduction in disease progression vs standard of care
Press Release
DARZALEX FASPRO is the first and only treatment approved by the U.S. FDA for patients with high-risk smoldering multiple myeloma
Press Release
FDA approval of CAPLYTA (lumateperone) has the potential to reset treatment expectations, offering hope for remission in adults with major depressive disorder
Press Release
Data Releases
New clinical data highlights CAPLYTA (lumateperone) as a promising option for achieving remission in adults with major depressive disorder1
Press Release
TECVAYLI monotherapy demonstrates superior progression-free and overall survival versus standard of care as early as first relapse in patients with multiple myeloma predominantly refractory to anti-CD38 therapy and lenalidomide1
Press Release
RYBREVANT (amivantamab-vmjw) longer-term results show promising and durable responses in difficult-to-treat colorectal cancer1
Press Release
Johnson & Johnson unveils new data showing nipocalimab is the first and only investigational FcRn blocker with potential to reduce systemic lupus erythematosus (SLE) activity in a Phase 2 study1
Press Release
Unprecedented results from the Phase 3 MajesTEC-3 study support TECVAYLI plus DARZALEX FASPRO as a potential standard of care as early as second line for patients with relapsed/refractory multiple myeloma
Press Release
Earlier use of CARVYKTI demonstrated lasting treatment-free remissions at 2.5 years in patients with relapsed or refractory multiple myeloma
Press Release
Johnson & Johnson’s INLEXZO (gemcitabine intravesical system) delivers 74 percent disease-free survival at one year in BCG-unresponsive, high-risk, papillary-only NMIBC
Press Release
New long-term data reinforces TREMFYA (guselkumab) as the only IL-23 inhibitor proven to substantially inhibit structural joint damage in active psoriatic arthritis
Press Release
Johnson & Johnson announces first head-to-head study comparing IMAAVY with an alternative FcRn blocker in generalized myasthenia gravis (gMG) at AANEM Annual Meeting
Press Release
Icotrokinra maintains standout combination of therapeutic benefit and a favorable safety profile in once-daily pill through 28 weeks in ulcerative colitis
Press Release
TREMFYA (guselkumab), the first and only IL-23 inhibitor with a fully subcutaneous treatment regimen, demonstrates durable remission in Crohn’s disease at two years
Press Release
Published in The Lancet: Nipocalimab significantly decreased Sjögren’s disease (SjD) activity and severity through substantial reduction in Sjögren’s-related autoantibodies
Press Release

Icotrokinra long-term results affirm promise of targeted oral peptide with high rates of durable skin clearance and favorable safety profile in difficult-to-treat scalp and genital psoriasis
Press Release
Subcutaneous amivantamab delivers promising 45 percent overall response rate with median duration of 7.2 months in recurrent or metastatic head and neck cancer
Press Release
TECVAYLI plus DARZALEX FASPRO combination regimen significantly improves progression-free survival and overall survival versus standard of care
Press Release

Other
Johnson & Johnson Reaches Agreement with U.S. Government to Improve Access to Medicines and Lower Costs for Millions of Americans; Delivers on U.S. Manufacturing and Innovation Investments1
Press Release
Johnson & Johnson completes acquisition of Halda Therapeutics and its novel platform to revolutionize cancer treatment and enable next-generation oral therapies
Press Release
Johnson & Johnson Announces Intent to Separate Its Orthopaedics Business
Press Release

Webcast information:
Johnson & Johnson will conduct a conference call with investors to discuss this earnings release today at 8:30 a.m., Eastern Time. A simultaneous webcast of the call for investors and other interested parties may be accessed by visiting the Johnson & Johnson website. A replay and podcast will be available approximately two hours after the live webcast in the Investor Relations section of the company’s website at events-and-presentations.

(Press release, Johnson & Johnson, JAN 21, 2026, View Source [SID1234662132])

On January 21, 2026 Tubulis reported the publication of preclinical proof-of-concept data for its novel Alco5 conjugation platform in Nature Communications. The paper describes the company’s novel antibody-drug conjugate (ADC) technology and highlights its ability to link antibodies with an expanded set of previously inaccessible hydroxy-containing payloads. This new chemical concept has the potential to open new therapeutic avenues in cancer treatment and counteract resistance by expanding ADC’s payload spectrum with novel modes of action (MOAs) including protein degradation while preserving favorable ADC properties.

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The full publication titled "Expanding the payload scope in antibody-drug conjugates by delivery of hydroxy-containing drugs through self-immolative phosphoramidates" is available here.

"Our Alco5 linker platform represents a key step forward in unlocking the full potential of ADCs to drive meaningful patient benefit in oncology," commented Dr. Jonas Helma-Smets, Chief Scientific Officer and Co-Founder of Tubulis. "The broad applicability and excellent safety and efficacy profile will enable us to explore novel antibody-drug combinations, further solidifying Tubulis’ position at the forefront of scientific ADC breakthroughs."

Tubulis designed the Alco5 linker system to expand the payload spectrum beyond the three MOAs currently used in approved ADCs, specifically tubulin-inhibition, topoisomerase-I-inhibition and DNA damage-induction. The phosphoramidate-based Alco5 system enables safe and stable linkage to a broad range of structurally diverse alcohols that can be tracelessly released within the cytosol of target cancer cells. The resulting ADCs have a high and homogenous drug-to-antibody ratio (DAR) and demonstrated superior serum stability, in vivo efficacy and antibody-like pharmacokinetic profiles compared to approved topoisomerase-I-inhibitor-based ADCs.

Key data from the publication:

The Alco5 linker system was successfully applied to a wide range of ten hydroxy-containing antiproliferative agents, including the creation of ADCs carrying nucleoside analogues, or elongation factor-inhibitors for which this is the first time an in vitro potency was described.
All payloads with activity below 1 nM in the unconjugated state also showed activity when delivered by an ADC, clearly demonstrating the broad applicability of the described linker system to efficiently deliver payloads with chemically diverse hydroxyl groups.
Alco5-conjugated payloads demonstrated strong and selective anti-tumor effect in vitro and in vivo showcasing the potential to widen the therapeutic window of hydroxy-containing drugs by stably and durably delivering them to the tumor over a long period of time after a single administration.
"Publishing our findings in such a highly regarded journal underlines the potential of our novel linker technology to expand the horizons of ADC design," said Dr. Marc-André Kasper, Vice President Chemistry and Early Development at Tubulis. "We are highly encouraged by these results and look forward to investigating novel candidates based on the Alco5 technology to provide novel solutions for patients while addressing the growing resistance development to current ADCs."

(Press release, Tubulis, JAN 21, 2026, View Source [SID1234662148])

On January 21, 2026 Neurocrine Biosciences, Inc. (Nasdaq: NBIX) reported that it has scheduled its fourth quarter and year-end 2025 financial results conference call and webcast for 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) on February 11, 2026.

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Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

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The schedule for the press release and conference call / webcast is as follows:

Q4 and Year-End 2025 Press Release: February 11, 2026 at 1:00 p.m. PT / 4:00 p.m. ET

Q4 and Year-End 2025 Conference Call: February 11, 2026 at 1:30 p.m. PT / 4:30 p.m. ET

Domestic Dial-In Number: 800-579-2543

International Dial-In Number: 785-424-1789

Conference ID: NBIX
The webcast can also be accessed on Neurocrine Biosciences’ website under Investors at www.neurocrine.com. A replay of the webcast will be available on the website approximately one hour after the conclusion of the event and will be archived for approximately one month.

(Press release, Neurocrine Biosciences, JAN 21, 2026, View Source [SID1234662133])

On January 21, 2026 Arcellx, Inc. (NASDAQ: ACLX), a biotechnology company reimagining cell therapy through the development of innovative immunotherapies for patients with cancer and other incurable diseases, ireported both its scientific foundation for its D-Domain platform technology and commercial preparedness for anito-cel for the potential treatment of multiple myeloma with three presentations at the 2026 Tandem Meetings. One presentation reinforces anito-cel’s unique ability to transiently engage BCMA, potentially resulting in tumor cell clearance without prolonged inflammation and providing a mechanistic rationale for the clinically differentiated efficacy and safety profile observed with anito-cel for multiple myeloma. Additionally, two new research studies are being presented, one on health economics and one on treatment sequencing outcomes. The meetings will be held February 4-7, 2026, at the Salt Palace Convention Center in Salt Lake City, Utah. Anito-cel is partnered with Kite, a Gilead Company.

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Tandem Presentation Details
Title and ID: Anito-cel’s D-Domain Binder Has a Fast Off-Rate and Contributes to Its Differentiated Pharmacology Profile in Multiple Myeloma (abstract ID: 28119)
Speaker: Kevin C. Hart, PhD
Session: Engineered Immune Cells (CAR-T, NK, TCR): Basic/Preclinical – Antigen Finding, Safety
Session Date: Thursday, February 5, 2026
Session Time: 6:30 – 8:00 p.m. MT
Location: Hall AB

Title and ID: Impact of Treatment Sequencing with CAR T-cell Therapies and Bispecific Antibodies on Long-Term Survival in 4L+ RRMM in the U.S.: A Simulation Model (abstract ID: 27320)
Speaker: Jodi Lipof, MD
Session: Engineered Immune cells – clinical (toxicity, practice, economics, correlative, autoimmunity, malignant, and non-malignant indications)
Session Date: Thursday, February 5, 2026
Session Time: 6:30 – 8:00 p.m. MT
Location: Hall AB

Title and ID: Visualizing Geographic Variation and Systemic Inequities of Disease Burden and CAR T-cell Therapy Access in Multiple Myeloma in the U.S. (abstract ID: 27927)
Speaker: Brandon Blue, MD
Session: Health Services and Barriers to Access
Session Date: Thursday, February 5, 2026
Session Time: 6:30 – 8:00 p.m. MT
Location: Hall AB

About Multiple Myeloma

Multiple Myeloma (MM) is a type of hematological cancer in which diseased plasma cells proliferate and accumulate in the bone marrow, crowding out healthy blood cells and causing bone lesions, loss of bone density, and bone fractures. These abnormal plasma cells also produce excessive quantities of an abnormal immunoglobulin fragment, called a myeloma protein (M protein), causing kidney damage and impairing the patient’s immune function. MM is the third most common hematological malignancy in the United States and Europe, representing approximately 10% of all hematological cancer cases and 20% of deaths due to hematological malignancies. The median age of patients at diagnosis is 69 years with one-third of patients diagnosed at an age of at least 75 years. Because MM tends to afflict patients at an advanced stage of life, patients often have multiple co-morbidities and toxicities that can quickly escalate and become life-endangering.

About Anitocabtagene Autoleucel (anito-cel)

Anitocabtagene autoleucel (anito-cel, previously CART-ddBCMA) is the first BCMA-directed CAR T-cell therapy to be investigated in multiple myeloma that utilizes Arcellx’s novel and compact binder known as the D-Domain. The small, stable D-Domain binder enables high CAR expression without tonic signaling and is designed to quickly release from the BCMA target. This combination may allow for the effective elimination of multiple myeloma cells without severe immunotoxicity. Anito-cel has been granted Fast Track, Orphan Drug, and Regenerative Medicine Advanced Therapy Designations by the U.S. Food and Drug Administration.

(Press release, Arcellx, JAN 21, 2026, View Source [SID1234662149])

On January 21, 2026 Syntara Limited (ASX: SNT), a clinical-stage drug development company, reported that the Garvan Institute of Medical Research in Sydney ("Garvan Institute") has been awarded a $3 million grant under the Australian Government’s Medical Research Future Fund ("MRFF") to conduct two multicentre Australian clinical studies in advanced pancreatic cancer, one of which will evaluate Syntara’s investigational anti-fibrotic LOX inhibitor amsulostat (SNT-5505) in combination with standard-of-care chemotherapy.

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Under the collaboration, Syntara will supply the drug in addition to scientific and clinical expertise to support the program. Syntara will not be required to provide cash funding as part of the clinical study.

The inclusion of amsulostat in this MRFF-funded clinical program builds on ground-breaking preclinical research led by the Garvan Institute and published in Nature Cancer (see ASX announcement 29 August 2023). The research demonstrated that targeting tumour fibrosis weakens the dense barrier that surrounds pancreatic tumours, enabling chemotherapy drugs to penetrate more effectively and destroy more cancer cells, as well as reducing cancer cell invasion and metastasis.

Pancreatic ductal adenocarcinoma (PDAC), the most common form of pancreatic cancer, remains one of the most lethal cancers, with poor long-term survival outcomes. A key driver of treatment resistance is the fibrous "stromal" barrier that forms a fortress around tumours, limiting drug delivery and supporting tumour progression.

Professor Thomas Cox, Laboratory Head at the Garvan Institute and Conjoint Professor at St Vincent’s Clinical School, Faculty of Medicine and Health, UNSW Sydney said: "Pancreatic cancer creates a dense, scar-like barrier that diminishes patient response to therapy. Through our long-standing collaboration with Syntara, we’ve identified a promising strategy to target lysyl oxidases, the key enzymes that build and strengthen this scar tissue. The proposed phase I/II trial with amsulostat in combination with chemotherapy represents a critical step in validating and translating our laboratory findings into new treatment options for patients with advanced pancreatic cancer."

The MRFF-funded studies are expected to commence recruitment in mid-2026, enrolling patients with advanced pancreatic cancer across leading cancer centres in New South Wales, including Westmead Hospital, St Vincent’s Hospital Sydney and Wollongong Hospital. Further details regarding study design, participating sites and timelines will be announced closer to study commencement.

In addition to assessing safety and clinical activity, the studies will incorporate a precision medicine strategy, including deep molecular and genetic profiling of tumour and blood samples collected before and during treatment. This analysis aims to identify biomarkers and patient subgroups most likely to benefit, with the potential to guide more targeted therapy in future clinical development.

The approach of targeting tumour fibrosis may have broader implications for other solid cancers characterised by fibrous barriers that impede treatment delivery, including certain breast, liver and lung cancers and is supported by peerreviewed publications from academic collaborators using amsulostat.

Syntara Chief Executive Officer Gary Phillips said: "Whilst our focus remains on the treatment of haematological malignancies like MF and MDS, the pre-clinical work conducted by Professor Cox and others regarding chemotherapy resistant tumours is compelling. We are delighted that the MRFF have seen the value of translating this work into the clinic and look forward to supporting the Garvan and the clinical trial team to deliver results for pancreatic cancer patients

This MRFF supported pancreatic cancer study is now one of four Syntara clinical studies funded with non-dilutive capital, totalling more than $10m. This level of success in competitive grant processes is a very positive reflection on the quality of the pre-clinical science undertaken by Syntara and its research collaborators worldwide over a sustained period of time."

The initiation of the pancreatic cancer study later this year adds to an already rich clinical development program in 2026, which will see the SNT-4728 study in iRBD deliver top line results in Q2 2026, followed by two amsulostat studies in MDS and two skin scarring studies all due to report data later this year.

(Press release, Syntara, JAN 21, 2026, View Source [SID1234662104])