Johnson & Johnson (JNJ) Stock on December 10, 2025: Pipeline Breakthroughs, Talc Risks and What Analysts Expect Next

Updated: December 10, 2025

Johnson & Johnson (NYSE: JNJ) is trading near fresh highs as investors weigh powerful growth drivers in oncology and immunology against a still‑messy overhang from talc litigation.

As of late trading on December 10, 2025, JNJ changes hands around $203–204 per share, up roughly 1.9% on the day, with an intraday high just above $204 and a low near $200. The stock has rallied roughly 38–41% year to date, handily beating many healthcare peers and broader indexes. ^[1]

Today’s move comes as investors digest fresh Phase 3 cancer data, continued buying (and some selling) by institutional investors, and evolving forecasts for 2026 and beyond, all against the backdrop of tens of thousands of ongoing talc lawsuits.

JNJ stock today: price, valuation and dividend snapshot

Share price (intraday, Dec 10, 2025): about $203.71
One‑year trading range: roughly $140.68 – $207.81 ^[2]
Market capitalization: about $480+ billion ^[3]
P/E ratio: around 19.3x recent earnings ^[4]
Dividend: quarterly $1.30 per share (about $5.20 annualized, ~2.6% yield) ^[5]

JNJ’s profile remains classic “defensive growth”: low beta (~0.36), a long dividend track record (more than 60 consecutive years of dividend increases), and a history of returning over 60% of five‑year free cash flow to shareholders. ^[6]

New multiple myeloma data: Tecvayli + Darzalex grabs the spotlight

The biggest near‑term catalyst around December 10 is new data from the Phase 3 MajesTEC‑3 study of:

TECVAYLI® (teclistamab) – J&J’s bispecific antibody for multiple myeloma
DARZALEX FASPRO® (daratumumab + hyaluronidase) – its subcutaneous anti‑CD38 antibody

At the American Society of Hematology (ASH) 2025 meeting, J&J reported that the Tecvayli + Darzalex combination in relapsed/refractory multiple myeloma:

Cut the relative risk of disease progression or death by about 83% vs standard regimens in second‑line treatment. ^[7]
Delivered a three‑year overall survival rate of ~83% vs ~65% for the control arm, based on long‑term follow‑up. ^[8]
Has been granted Breakthrough Therapy Designation by the U.S. FDA and is being positioned as a potential standard of care as early as second line for multiple myeloma. ^[9]

Coverage from oncology outlets notes that J&J has now filed the Tecvayli–Darzalex combo with the FDA, under a real‑time oncology review program, suggesting regulatory momentum could translate into revenue sooner than many had expected. ^[10]

Market reaction: financial commentary today highlights that JNJ gained around 1.7% in early trading specifically on this Tecvayli news, as investors recalibrate expectations for the company’s multiple myeloma franchise. ^[11]

Why it matters for the stock:

It strengthens J&J’s positioning as a “multiple myeloma platform company”, with both bispecific antibodies (Tecvayli) and CAR‑T therapy (Carvykti) in its arsenal.
It offers a less logistically complex alternative to CAR‑T, which could expand the treatable patient pool and sustain pricing power. ^[12]

Carvykti and CARTITUDE‑4: more fuel from CAR‑T therapy

Alongside Tecvayli, J&J is also showcasing updated data for CARVYKTI® (ciltacabtagene autoleucel) from the Phase 3 CARTITUDE‑4 study:

Updated results reported this week highlight durable treatment‑free remissions when Carvykti is used as early as second‑line therapy.
In the trial, around 80% of as‑treated patients with relapsed or refractory multiple myeloma and standard‑risk cytogenetics had no further treatment needed at 30 months, according to an analysis discussed in recent coverage. ^[13]

For investors, this dual story — Tecvayli combo in second line plus Carvykti’s deep responses — paints J&J as a company trying to own the treatment continuum in multiple myeloma rather than betting on a single modality.

Icotrokinra and potential Protagonist deal: building a blockbuster immunology franchise

Beyond oncology, J&J is leaning heavily into immune‑mediated diseases, with icotrokinra as the potential crown jewel.

Icotrokinra: oral IL‑23 inhibitor with big expectations

Icotrokinra is a first‑in‑class oral peptide that selectively blocks the IL‑23 receptor, developed with partner Protagonist Therapeutics. ^[14]

Key recent developments:

J&J filed a New Drug Application (NDA) with the FDA in July 2025 for moderate‑to‑severe plaque psoriasis in adults and adolescents (12+). ^[15]
Phase 3 data in high‑impact psoriasis areas showed:
- About 72% of patients with scalp psoriasis and 85% with genital psoriasis achieved clear or almost clear skin at Week 52. ^[16]
- Roughly 67% of patients achieved overall clear/almost clear skin by Week 24, sustained through Week 52. ^[17]
Icotrokinra is also being tested across ulcerative colitis, Crohn’s disease and psoriatic arthritis, broadening its potential label. ^[18]

Analysts at Leerink have called icotrokinra “one of the most impactful immunology drug launches of this decade” and estimate peak global sales up to $9.5 billion if development succeeds. ^[19]

Possible acquisition of Protagonist Therapeutics

Reuters reported in October that J&J is in discussions to acquire Protagonist Therapeutics, its partner on icotrokinra. ^[20]

If a deal is reached, it would:

Consolidate J&J’s economics on icotrokinra
Add Protagonist’s broader pipeline, including rusfertide (a late‑stage blood cancer candidate developed with Takeda)
Reinforce J&J’s pivot toward higher‑growth specialty medicines as older blockbusters, like Stelara, face biosimilar competition. ^[21]

For investors, this suggests J&J is not just defending its current portfolio but aggressively re‑arming its immunology and hematology pipelines for the 2030s.

Financial performance: Q3 2025 results and guidance

J&J’s recent fundamentals support the bullish narrative around the stock:

Q3 2025 revenue: about $24.0 billion, up 6.8% year over year, with operational sales growth of 5.4% and adjusted operational growth of 4.4%. ^[22]
Q3 diluted EPS:$2.12 (GAAP) vs $1.11 a year earlier, up ~91%.
Adjusted diluted EPS:$2.80, up 15.7% year over year. ^[23]
Geography: U.S. sales grew about 6.2%, while international revenue grew 7.6%, with both regions showing mid‑single‑digit operational growth. ^[24]

Management raised 2025 reported sales guidance to roughly $93.7 billion at the midpoint (about 5.7% growth) and reaffirmed adjusted EPS guidance around $10.85 at the midpoint, even while absorbing higher tax costs. ^[25]

On a full‑year basis:

2024 revenue was about $88.8 billion, up 4.3% from 2023.
Net earnings in 2024 were $14.1 billion, reflecting one‑time items and restructuring tied in part to post‑Kenvue re‑positioning. ^[26]

The combination of steady mid‑single‑digit revenue growth, expanding adjusted EPS and robust free‑cash‑flow conversion is central to why many analysts still frame JNJ as a “core compounder” despite legal noise.

Talc litigation: the biggest overhang isn’t gone

The flip side of JNJ’s growth story is a huge and still evolving talc liability.

Where things stand as of December 2025

As of late 2025, more than 90,000 talc‑related lawsuits have been filed against J&J, spanning ovarian cancer and mesothelioma claims linked to legacy talc‑based products like Johnson’s Baby Powder and Shower to Shower. ^[27]
The federal multidistrict litigation (MDL) remains the largest in the U.S., with over 60,000–67,000 cases pending in federal court, plus additional state‑level actions, particularly in California. ^[28]
J&J’s latest effort to resolve claims through a prepackaged Chapter 11 plan (via its Red River Talc subsidiary) was rejected by a U.S. bankruptcy judge in early 2025, halting a proposed $8–9 billion global settlement framework. ^[29]

Recent news flow shows the litigation is accelerating, not fading:

New updates note that 441 additional cases were added to the MDL in November alone, bringing total pending cases near 67,670 heading into December 2025. ^[30]
Courts have continued to hand down multi‑million‑dollar verdicts, including:
- A $42.6 million Massachusetts verdict in July 2025 to a man with mesothelioma. ^[31]
- Additional verdicts in Florida and Oregon with awards ranging from tens to hundreds of millions of dollars. ^[32]

With bankruptcy off the table (at least for now), J&J has said it will resume fighting cases individually in civil courts, a strategy that could stretch for many years and create ongoing headline risk for the share price. ^[33]

What Wall Street is saying: ratings, targets and growth forecasts

Despite the legal headwinds, analyst sentiment remains broadly positive but more nuanced at current prices.

Consensus ratings and price targets

MarketBeat data:
- 4 analysts rate JNJ Strong Buy, 13 Buy, 9 Hold.
- Consensus rating: “Moderate Buy”.
- Average 12‑month price target: about $203.15. ^[34]
StockAnalysis.com:
- Based on 15 analysts, JNJ is rated a “Buy”.
- Average 12‑month price target: roughly $199.4, implying a small downside from the current price. ^[35]

In other words, with the stock near $203+, JNJ is hovering right around – or above – the average target range, suggesting more limited upside in the near term unless earnings or pipeline expectations move higher again.

Earnings growth expectations

A Zacks/Nasdaq analysis comparing JNJ to Pfizer highlights:

2025 sales for JNJ are expected to grow about 5.5% year over year.
2025 EPS is projected to grow ~8.9%, with Zacks consensus for 2025 EPS nudging up from $10.86 to $10.87, and 2026 EPS estimates rising from $11.38 to $11.48 over the last 60 days. ^[36]

That positive estimate revision trend is typically a supportive factor for share prices.

Valuation debate: fairly priced or still cheap?

A December 5 analysis from Simply Wall St makes a notably more bullish valuation case: ^[37]

Using a discounted cash flow (DCF) model, they estimate fair value around $384 per share, implying roughly 47% undervaluation vs a share price near $202 at the time of writing.
JNJ trades at about 19.4x earnings, roughly in line with the pharma industry average (~19.7x) but below their estimated “Fair Ratio” P/E of about 29.6x.
Even after a 40.6% year‑to‑date rally, the article concludes that the stock still screens “UNDERVALUED” on both DCF and relative P/E metrics.

Not all observers are that optimistic, but the spread between conservative Wall Street targets (~$199–203) and aggressive fair value models (~$380+) illustrates just how much the market’s view of JNJ hinges on talcs outcomes and pipeline execution.

Institutional flows: who’s buying (and selling) JNJ now?

Fresh 13F data reported today show institutional investors actively re‑balancing their JNJ positions:

NewEdge Advisors LLC increased its JNJ stake by 3.3%, buying 11,088 additional shares and bringing its holding to 344,909 shares worth about $52.7 million. ^[38]
Stamos Capital Partners L.P. boosted its stake by 58.7%, adding 24,083 shares to own 65,088 shares, valued near $9.9 million, making JNJ its 10th‑largest holding. ^[39]
Intact Investment Management Inc., by contrast, reduced its stake by 18.2%, selling 15,900 shares and retaining 71,389 shares worth about $10.9 million. ^[40]

Overall, around 69–70% of JNJ’s float is in institutional hands, reflecting its status as a core holding in defensive and dividend‑focused portfolios. ^[41]

The mix of buying and profit‑taking suggests that many funds still see JNJ as attractive, but some are locking in gains after the 2025 rally.

Competitive positioning vs peers: JNJ vs Pfizer and the wider pharma group

A fresh Zacks/Nasdaq comparison of JNJ vs. Pfizer (PFE) underscores why J&J has outperformed this year: ^[42]

J&J is expected to deliver mid‑single‑digit revenue growth and high‑single‑digit EPS growth in 2025.
Pfizer’s 2025 sales are projected to decline slightly, with much more modest earnings growth.
Year to date, JNJ is up about 38.3%, compared with a mid‑single‑digit decline for Pfizer and a ~12.8% gain for the broader large‑cap pharma industry. ^[43]

In other words, J&J is being rewarded for pipeline progress and diversified revenue streams, while peers more dependent on waning COVID revenues face a tougher reset.

Key catalysts to watch after December 10, 2025

For investors tracking JNJ after today’s news, the main forward‑looking catalysts include:

Regulatory decisions on Tecvayli + Darzalex
- FDA review timelines for the MajesTEC‑3 combination in earlier‑line multiple myeloma.
- Potential label expansions and reimbursement dynamics in the U.S. and EU. ^[44]
Further Carvykti data and uptake
- Real‑world adoption of Carvykti in earlier lines of therapy, and the balance between CAR‑T and bispecifics in J&J’s own portfolio. ^[45]
Icotrokinra NDA and potential Protagonist acquisition
- FDA decisions on plaque psoriasis and progress in other immune indications.
- Any firm announcement on a Protagonist deal, which could reshape J&J’s long‑term immunology earnings profile. ^[46]
Talc litigation milestones
- New verdicts, settlement attempts, or structural proposals that could finally narrow the range of outcomes.
- Any move by courts or parties to revisit a global resolution mechanism after prior bankruptcy‑based attempts were rejected. ^[47]
Macro and MedTech trends
- MedTech growth, especially in cardiac devices and surgical technologies, where J&J continues to invest heavily. ^[48]

Bottom line: how does JNJ look after today’s news?

Putting December 10’s updates in context:

Bullish factors
- Multiple myeloma data make a strong case that J&J can extend its oncology leadership and support high‑margin growth well into the 2030s. ^[49]
- Icotrokinra and a possible Protagonist acquisition could add a multi‑billion‑dollar immunology pillar on top of the existing franchise. ^[50]
- Financial performance shows healthy revenue growth, expanding adjusted EPS, and strong cash returns via dividends. ^[51]
Bearish / cautionary factors
- JNJ trades very close to average 12‑month analyst targets, suggesting a lot of good news may already be in the price. ^[52]
- The talc litigation overhang is large and unpredictable, with 60k+ federal MDL cases and over 90k total suits, and no global resolution in sight after the failed Chapter 11 plan. ^[53]
- Negative legal headlines can still trigger sharp but temporary drawdowns, as seen when shares dropped ~5% after an earlier settlement plan was rejected in April 2025. ^[54]

For long‑term‑oriented investors, JNJ after December 10, 2025, looks like a high‑quality, cash‑generative healthcare leader whose upside depends on how much value the market ultimately assigns to its oncology and immunology pipelines, net of talc liabilities.