NEW YORK, December 29, 2025, 20:26 ET — Market closed
- Johnson & Johnson said it completed its $3.05 billion cash acquisition of Halda Therapeutics.
- The company expects about $0.20 of adjusted EPS dilution split between the fourth quarter and 2026.
- JNJ shares were last little changed; investors’ next focus is the Jan. 21 earnings call and 2026 outlook.
Johnson & Johnson (JNJ) shares were last down 0.02% at $207.56 on Monday after the healthcare conglomerate said it completed its $3.05 billion cash acquisition of cancer drug developer Halda Therapeutics. The stock traded between $207.31 and $209.46, and J&J said it will account for the deal as a business combination and expects it to cut adjusted earnings per share by about $0.20, split evenly between the fourth quarter and 2026. 1
The closing matters because it adds another pipeline bet in oncology, where big drugmakers are still hunting for the next wave of medicines. For J&J, it also lands late in the year, when investors tend to scrutinize how dealmaking shows up in quarterly earnings.
The timing puts the spotlight on near-term profitability. Adjusted EPS is a profit measure companies use to strip out certain one-time items, and J&J’s expected dilution signals deal-related costs will be visible as it reports fourth-quarter results.
Halda is a clinical-stage biotechnology company, meaning its lead drug candidates are still in human testing. J&J said the acquisition adds HLD-0915, a once-daily oral prostate-cancer therapy, and gives it Halda’s Regulated Induced Proximity TArgeting Chimera (RIPTAC) platform aimed at developing targeted oral therapies for solid tumors. “This strategic milestone underscores our commitment to redefining cancer treatment with breakthrough science,” Jennifer Taubert, J&J’s worldwide chairman of Innovative Medicine, said, and the company said it will provide commentary on full-year 2026 guidance during its Jan. 21 earnings call. 2
In the broader market, the Health Care Select Sector SPDR Fund (XLV) fell 0.1% and the SPDR S&P 500 ETF Trust (SPY) slipped 0.4%.
Among large-cap pharma peers, Pfizer and Merck edged lower, while AbbVie rose.
Investors are weighing a familiar trade-off in biotech M&A: paying cash today for drugs that may not generate revenue for years. The science may prove valuable, but clinical-stage assets come with trial risk and long development timelines.
The earnings impact is likely to be the first near-term scorecard. Traders will watch how J&J frames the expected dilution versus its longer-term goal of building a durable oncology portfolio.
Before the next session, attention will be on whether the stock revisits the top or bottom of Monday’s range. Thin year-end liquidity can amplify moves, even when the headline is strategic rather than earnings-driven.
J&J is scheduled to host its fourth-quarter 2025 earnings call and webcast on Jan. 21 at 8:30 a.m. ET. 3
That call is expected to sharpen the debate around 2026: how much margin pressure comes from deal-related items, how fast the company wants to reinvest in R&D, and what milestones matter most for the newly acquired platform.
For now, the market reaction suggests investors are treating the Halda close as a longer-dated catalyst. The next test is whether J&J can pair pipeline building with a clean earnings narrative when it updates guidance in January.
