As of December 2, 2025, Johnson & Johnson (NYSE: JNJ) is trading just below all‑time highs, supported by a powerful 2025 rally, a fresh European Union drug approval, a new $3.05 billion oncology acquisition, and a planned spin‑off of its orthopaedics business. Together, these moves are reshaping the investment case for JNJ as it heads into 2026.
Below is a news-style rundown of the latest price action, fundamentals, pipeline news, Wall Street forecasts and key risks that matter for Johnson & Johnson stock today.
JNJ stock today: Price, market cap and performance in 2025
- Recent price & record high:
JNJ most recently closed at $206.92 per share, just shy of its all‑time closing high of $207.56 set on November 26, 2025. [1] - Market value:
At these levels, Johnson & Johnson’s market capitalization is roughly $495–500 billion, placing it among the world’s ~20 largest public companies. [2] - Valuation multiples:
The stock currently trades at a trailing P/E around 19.7–20.0, slightly below its 2024 P/E of ~21, suggesting the valuation premium has cooled even as the share price surged. [3]
On performance, JNJ has easily outpaced the market in 2025. A recent Barchart analysis notes the stock is up more than 30% year‑to‑date, significantly ahead of the S&P 500’s mid‑teens gain and also ahead of the broader healthcare sector. [4] Many commentators now class JNJ as both a defensive “quality” stock and a stealth momentum name, with Barron’s including Johnson & Johnson on a list of “quality stocks to own for a volatile market.” [5]
Earnings momentum: Three strong quarters and higher 2025 guidance
Johnson & Johnson’s 2025 rally has been grounded in better‑than‑expected earnings and repeated guidance upgrades.
Q1 2025: Early beat and first guidance hike
- Revenue: about $21.89 billion, slightly above expectations.
- Adjusted EPS:$2.77, topping analyst estimates.
- Guidance: full‑year 2025 sales forecast raised to $91.0–$91.8 billion, with adjusted EPS guidance maintained at $10.50–$10.70. [6]
Q1 also reflected a reversal of previously reserved talc‑related amounts, temporarily boosting net earnings, and the company highlighted increased U.S. investment plans of more than $55 billion over four years. [7]
Q2 2025: Another beat and a bigger jump in outlook
By Q2, the company’s momentum had accelerated:
- Revenue: about $23.74 billion, up 5.8% year‑over‑year.
- Adjusted EPS: again around $2.77, beating consensus.
- Guidance: sales outlook increased to $93.2–$93.6 billion, with adjusted EPS forecast raised to $10.80–$10.90. [8]
Management also cut its estimate of 2025 tariff costs from $400 million to $200 million, freeing more cash to reinvest in the development pipeline. [9]
Q3 2025: Strong growth and another guidance lift
On October 14, Johnson & Johnson reported Q3 2025 results that once again beat expectations and supported the stock’s climb toward record highs: [10]
- Reported sales:$23.99 billion, up 6.8% year‑over‑year.
- Net earnings:$5.15 billion, up 91% versus Q3 2024.
- Reported EPS:$2.12 (vs. $1.11 a year earlier).
- Adjusted EPS:$2.80, up 15.7% year‑over‑year.
The company raised full‑year 2025 reported sales guidance to about $93.7 billion (roughly 5.7% growth at the midpoint) and reaffirmed adjusted EPS guidance of $10.85 at the midpoint, even while absorbing higher tax costs. [11]
Segment results showed mid‑single‑digit growth in both the U.S. and international markets, powered by Innovative Medicine and MedTech. [12]
New EU approval: IMAAVY (nipocalimab) expands immunology franchise
The biggest pipeline headline on December 2, 2025 is in immunology:
- The European Commission has granted marketing authorization for IMAAVY® (nipocalimab), making it the first neonatal Fc receptor (FcRn) blocker approved in the EU for both adult and adolescent patients (age 12+) with generalised myasthenia gravis (gMG) who are anti‑AChR or anti‑MuSK antibody‑positive. [13]
Key points from the approval:
- Nipocalimab is an add‑on to standard of care for a broad antibody‑positive gMG population, covering >90% of antibody‑positive patients. [14]
- Phase 3 VIVACITY‑MG3 and Phase 2/3 VIBRANCE‑MG studies showed rapid and substantial reductions in IgG, sustained disease control for up to 20 months, and improvements in daily function scores, with a tolerability profile similar to placebo. [15]
- Nipocalimab is already approved for gMG in the U.S., Brazil and Japan, and is being studied in other autoantibody‑driven conditions such as rheumatoid arthritis, lupus and haemolytic disease of the foetus and newborn. [16]
Analysts note that J&J has previously suggested nipocalimab could become a multi‑billion‑dollar product, potentially helping offset patent‑expiry headwinds for older blockbusters like Stelara. [17]
For investors, the EU approval solidifies JNJ’s immunology growth story and adds another high‑value biologic to the portfolio at a time when the stock is already near record highs.
Oncology push: $3.05 billion Halda Therapeutics deal and a $50B ambition
On top of immunology, J&J is increasingly emphasizing oncology as a core growth engine:
- Johnson & Johnson has agreed to acquire Halda Therapeutics for $3.05 billion in cash, adding a portfolio led by HLD‑0915, an oral RIPTAC therapeutic candidate for metastatic castration‑resistant prostate cancer. [18]
- The deal strengthens JNJ’s pipeline in precision oncology and is framed by some analysts as part of a broader bid to reach $50 billion in annual oncology sales by 2030, a target highlighted in recent coverage of the company’s cancer portfolio momentum. [19]
A recent Zacks‑linked piece summarized that oncology sales have been surging on the back of strong launches and late‑stage pipeline progress, with several candidates moving into pivotal studies over the past 18 months. [20]
Taken together, the Halda acquisition, the oncology sales trajectory, and the gMG approval for IMAAVY are key reasons many long‑term investors see JNJ not just as a defensive dividend play, but also as a pipeline‑driven growth story.
Orthopaedics spin‑off: DePuy Synthes to stand alone
Another major strategic development in 2025 is J&J’s plan to separate its orthopaedics business:
- On October 14, 2025, Johnson & Johnson announced its intent to spin off its Orthopaedics segment into a standalone company under the DePuy Synthes brand within the next 18–24 months. [21]
- The orthopaedics unit generated about $9.2 billion in annual sales and accounted for roughly 9–10% of J&J’s third‑quarter revenue, but has been growing slower than the rest of the MedTech portfolio. [22]
- Management and outside commentators describe the move as “shrinking to grow faster” – freeing the core J&J entity to focus on higher‑growth, higher‑margin areas such as cardiovascular devices, robotics and innovative medicines. [23]
Analysts generally view the spin‑off as a portfolio‑optimization play that could unlock value by giving DePuy Synthes more strategic focus while allowing JNJ to continue shifting its MedTech mix toward faster‑growing categories.
For JNJ shareholders, the key questions will be:
- How the separation is structured (tax‑free spin or other format).
- Whether DePuy Synthes will carry meaningful debt.
- How management redeploys capital within the higher‑growth “RemainCo.”
Institutional flows, dividend strength and a small CVRx divestment
Institutions are still net buyers
Recent 13F‑driven news flow shows robust institutional interest:
- Seven Grand Managers LLC disclosed a new JNJ position of about 54,000 shares worth ~$8.25 million. [24]
- Van Hulzen Asset Management boosted its stake by 6.9% to nearly 127,000 shares (about $19.4 million), making JNJ its 15th‑largest holding. [25]
- Another filing showed Portfolio Design Labs LLC trimming its position by 29.7%, while aggregate institutional ownership still sits around 70% of outstanding shares. [26]
Overall, the pattern suggests healthy institutional sponsorship with some profit‑taking after the big 2025 rally.
A 60+ year dividend streak and ~2.5% yield
Johnson & Johnson remains one of the market’s most reliable income names:
- The board declared a Q4 2025 dividend of $1.30 per share, payable December 9 to shareholders of record on November 25. [27]
- In April 2025, JNJ announced its 63rd consecutive annual dividend increase, lifting the quarterly payout from $1.24 to $1.30 — a ~4.8% raise. [28]
- At a share price near $207, that translates into a forward dividend yield around 2.5%, in line with third‑party estimates that call out JNJ’s long streak (60+ years) of dividend growth and high dividend safety. [29]
Motley Fool and other outlets continue to highlight JNJ as a “superb dividend stock to hold for the next 20 years” and one of the top dividend stocks to buy and hold, emphasizing its combination of durable cash flows and moderate payout ratio. [30]
CVRx share sale: Tiny relative to J&J’s balance sheet
On the capital‑allocation front, one recent headline that drew attention was a small insider‑style share sale:
- A J&J innovation subsidiary sold 6,337 shares of CVRx (CVRX) at an average price of about $10.03, for total proceeds of roughly $63,560, and still holds more than 4.0 million shares of CVRx. [31]
Relative to Johnson & Johnson’s size, this looks like routine portfolio management rather than a strategic shift.
How analysts and models value JNJ at these levels
With JNJ near record highs, the key debate is valuation – and here the numbers diverge sharply depending on methodology.
Wall Street price targets: clustered near current levels
Across major data providers, 12‑month price targets generally cluster slightly above or even below the current share price:
- Fintel: average 1‑year target $205.15 (high ~$241.50, low ~$171.70), based on forecasts as of mid‑November 2025. [32]
- MarketWatch: average target about $206.45, with a median of $207.50 (range ~$176–$240), essentially in line with the current price around $206–207. [33]
- StockAnalysis: 15 analysts with an average rating of “Buy” and a 12‑month target near $198, actually implying slight downside from recent levels. [34]
- TIKR: average target near $198, with a high of about $225 and a low near $155; ratings skew toward Buy/Outperform, but with many Hold ratings reflecting limited upside. [35]
MarketBeat’s aggregation similarly characterizes the stock as a “Moderate Buy”, with a long list of brokers in 2025 nudging price targets into the $190–$210 zone. [36]
Takeaway: Street targets suggest only modest or no near‑term upside from today’s price, even though ratings remain broadly positive.
Intrinsic value models: from “undervalued by 50%” to “overvalued by 15%”
Independent valuation platforms are far less aligned:
- DCF models calling JNJ undervalued
- Simply Wall St and related analyses on Yahoo and other syndication partners estimate a fair value around $380–$430 per share, implying JNJ is ~45–55% undervalued based on long‑term cash‑flow forecasts. [37]
- These models assume robust long‑term growth and relatively low discount rates, effectively treating JNJ as a high‑quality compounder with decades of runway.
- Models calling JNJ overvalued or only slightly rich
The gap between “deeply undervalued” and “mildly overvalued” reflects differences in:
- Growth assumptions for Innovative Medicine, MedTech and oncology.
- How heavily analysts discount litigation risk and the orthopaedics spin‑off execution.
- Choice of discount rate and terminal growth.
Street sentiment: Bullish quality, cautious upside
Recent editorial and opinion coverage helps explain why sentiment is bullish but not euphoric:
- Barchart’s “Is Johnson & Johnson Stock: Is Wall Street Bullish or Bearish?” notes that JNJ has outperformed both the S&P 500 and the healthcare sector in 2025, yet cites valuation and legal overhangs as reasons many analysts rate it a solid core holding rather than a high‑beta upside story. [40]
- A Simply Wall St/Yahoo piece titled “Is There Still Value in J&J After Shares Jumped 44% in 2025?” argues that despite the rally, DCF analysis still points to substantial upside, framing JNJ as a possible “hidden value” stock in a strong year. [41]
- Recent Motley Fool coverage explains why Johnson & Johnson is featured among “3 superb dividend stocks to hold for the next 20 years” and “3 stocks to buy and hold for the long term”, emphasizing the company’s diversified business, strong balance sheet and unmatched dividend track record. [42]
- On TV and in financial blogs, Jim Cramer recently said he is “particularly fond” of Johnson & Johnson, citing the orthopaedics spin‑off and the strength of its pharma franchises as reasons he likes the stock here. [43]
In short, Wall Street likes JNJ – but with the share price pressed against prior highs and consensus targets, the near‑term risk/reward looks more balanced than earlier in 2025.
Legal overhang: Talc litigation remains a key risk
Despite the upbeat earnings and pipeline news, talc litigation remains one of the biggest risks for shareholders:
- In March/April 2025, a U.S. bankruptcy judge rejected Johnson & Johnson’s latest (third) attempt to use a subsidiary’s Chapter 11 filing to resolve tens of thousands of talc‑related lawsuits through an $8–10 billion settlement, forcing the company back into the standard tort system. [44]
- JNJ has publicly stated it will litigate the remaining claims individually rather than pursue further bankruptcy maneuvers, reiterating its stance that the cases are “meritless” and that its talc products are safe. [45]
- In October 2025, a Los Angeles jury ordered J&J to pay $966 million in a talc‑related mesothelioma case — one of the largest verdicts against the company to date — and plaintiffs’ firms report tens of thousands of ongoing claims. [46]
While JNJ has successfully appealed or reduced some large verdicts, and has won other cases outright, the size and unpredictability of future judgments remain a meaningful overhang that many valuation models treat differently.
Outlook for Johnson & Johnson stock heading into 2026
Given everything that’s happened in 2025, what does the near‑to‑medium‑term outlook for JNJ look like?
Bullish arguments
Bulls typically highlight:
- Resilient fundamentals and guidance
- Three straight quarters of revenue growth and EPS beats in 2025, with sales guidance lifted multiple times and adjusted EPS guidance holding steady at the high end of prior ranges. [47]
- Pipeline and portfolio catalysts
- Portfolio optimization
- The planned DePuy Synthes orthopaedics spin‑off could unlock value and sharpen JNJ’s focus on higher‑growth, higher‑margin segments. [50]
- Dividend and balance sheet strength
- Over 60 years of dividend increases, a roughly 2.5% yield, and strong free cash flow provide a cushion during market volatility. [51]
Bearish / cautious arguments
On the other side, more cautious investors point to:
- Limited near‑term upside vs. Street targets
- With consensus 12‑month targets clustering around $198–$206, JNJ is essentially trading where analysts think it should be a year from now. [52]
- Valuation uncertainty
- Depending on the model, the stock could be anywhere from deeply undervalued (DCF‑heavy frameworks) to modestly overvalued by low‑double‑digit percentages. [53]
- Litigation risk
- The failure of the bankruptcy strategy, coupled with large verdicts like the recent $966 million case, keeps legal risk front and center and could pressure margins and cash flows if further large judgments stand. [54]
- Execution risk on the orthopaedics spin‑off
- While the DePuy Synthes separation could unlock value, spinoffs are complex. Integration, debt allocation and market reception will matter for both the parent and the new entity. [55]
Bottom line
As of December 2, 2025, Johnson & Johnson stock sits near record highs, backed by:
- Strong year‑to‑date price performance.
- Repeated earnings beats and raised sales guidance.
- Fresh growth catalysts in immunology (IMAAVY), oncology (Halda deal, 2030 sales ambition) and portfolio optimization (DePuy Synthes spin‑off).
At the same time, analysts see limited short‑term upside from current levels, and talc litigation plus spinoff execution remain the main swing factors in long‑term valuation.
For investors, JNJ increasingly looks like a blend of:
- Quality, low‑volatility blue chip for defensive exposure and dividends, and
- Selective growth story tied to immunology, oncology and higher‑margin medtech.
How attractive the stock is from here depends largely on your views about:
- How much growth the pipeline can deliver, and
- How much risk you assign to ongoing litigation and restructuring.
Important: This article is for information and news purposes only and does not constitute financial or investment advice. Always do your own research or consult a licensed financial professional before making investment decisions.
References
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