Published: December 4, 2025
Johnson & Johnson (NYSE: JNJ) remains one of 2025’s standout defensive stocks. After a powerful run driven by stronger pharma growth, MedTech momentum and a string of acquisitions, the healthcare giant now trades close to record highs while still offering a solid dividend and relatively low volatility.
At the same time, investors watching JNJ today must weigh ongoing talc litigation, looming patent expiries and a valuation that is no longer “cheap” against its upgraded sales outlook and deep pipeline.
Below is a full breakdown of how JNJ stock is positioned as of December 4, 2025, including fresh news, forecasts and analysis.
JNJ share price today: just below record highs
As of Thursday, December 4, 2025, Johnson & Johnson shares closed at about $202 per share, down roughly 1.6% on the day and a touch below recent intraday highs above $205. [1]
Key trading and valuation metrics:
- Closing price (Dec 4, 2025): ~$202
- Day’s range: roughly $201.7 – $204.9 [2]
- 52‑week range: about $140.7 – $207.8, putting the stock near the very top of its one‑year band. [3]
- Market cap: around $487 billion. [4]
- Trailing P/E: ~19.5
- Forward P/E: ~18.1 [5]
- Dividend yield: approximately 2.5–2.6%, with an annual dividend around $5.20 per share. [6]
- Beta: about 0.35–0.40, underscoring its reputation as a low‑volatility defensive name. [7]
On a 12‑month basis, JNJ has delivered roughly 40% share‑price appreciation, based on monthly adjusted prices from December 2024 (~$144.6) to December 2025 (~$202.4). [8] Some comparative research even puts its 2025 year‑to‑date gain closer to 45%, versus a mid‑single‑digit decline for Pfizer over the same period. [9]
In short, JNJ is trading like a quality growth‑at‑a‑reasonable‑price (GARP) blue chip rather than a distressed value play.
What actually moved JNJ stock on December 4, 2025?
There was no single blockbuster headline on December 4 specifically, but several factors frame today’s pullback from recent highs:
1. Profit‑taking after a strong run
After climbing to near‑record territory above $205 and sitting close to its 52‑week high around $207.8, a 1–2% dip is consistent with simple profit‑taking in a widely held large cap, especially after a strong year‑to‑date rally. [10]
2. Mixed institutional flow headlines
Fresh 13F‑related coverage out today highlighted a mixed but still heavily institutional shareholder base:
- First Trust Advisors LP trimmed its JNJ position by around 10.5% in Q2 2025 but still held stock valued at over $300 million. [11]
- Kennedy Capital Management LLC reduced its stake by roughly 12.2%. [12]
- Edgestream Partners L.P. cut its holdings by about 70.7%, selling more than 60,000 shares. [13]
- Baird Financial Group went the opposite way, raising its position by roughly 1.6%, adding over 67,000 shares. [14]
These moves don’t change the long‑term thesis on their own, but they show that some active managers are locking in profits after the rally, while others remain willing buyers near current levels.
3. No negative company‑specific shock
Importantly, there was no new profit warning, clinical failure or regulatory setback reported today. The short‑term dip appears more like a technical breather in a stock that has re‑rated meaningfully higher over the last 12 months.
Recent headlines shaping the JNJ story
While December 4 itself is relatively quiet, the investment narrative around JNJ has changed substantially over the last few weeks.
1. Strong Q3 2025 results and a higher sales outlook
On October 14, 2025, Johnson & Johnson reported Q3 2025 results that beat expectations and upgraded its full‑year guidance: [15]
- Q3 sales: about $24.0 billion, up 6.8% year‑on‑year, with operational growth of around 5.4%.
- Reported EPS:$2.12.
- Adjusted EPS:$2.80, ahead of consensus estimates and up about 15–16% versus the prior year. [16]
- Full‑year 2025 sales guidance raised to a range of $93.5–$93.9 billion, above prior guidance and slightly ahead of the Street’s expectations. [17]
- Adjusted EPS guidance maintained with a midpoint around $10.85 for 2025. [18]
Growth was broad‑based:
- Innovative Medicine delivered roughly 5.3% operational sales growth, driven by oncology therapies such as Darzalex, Carvykti and Erleada, immunology drugs like Tremfya, and neuroscience medicine Spravato. [19]
- MedTech also grew around 6.8%, aided by cardiovascular and surgical devices, including contributions from acquired assets such as Shockwave Medical and Abiomed. [20]
Alongside the earnings beat, management signaled it plans to spin off the orthopaedics division, further sharpening the MedTech portfolio around higher‑growth cardiovascular and surgical platforms. [21]
For investors, this quarter reinforced the idea that JNJ is entering what CEO Joaquin Duato has called a “new phase of growth,” supported by both organic innovation and acquisitions. [22]
2. M&A: $3.05 billion Halda deal deepens oncology pipeline
Two weeks ago, J&J announced it will acquire Halda Therapeutics for about $3.05 billion in cash. [23]
Key points:
- Halda is a clinical‑stage biotech focused on oral, targeted therapies for solid tumors, including metastatic prostate cancer.
- Its lead asset, HLD‑0915, and its proprietary RiPTAC platform aim to more selectively kill cancer cells by exploiting survival proteins that are overexpressed in tumors. [24]
- The deal follows J&J’s earlier $14.6 billion acquisition of Intra‑Cellular Therapies earlier in 2025 and a $13.1 billion purchase of Shockwave Medical in 2024, underscoring a strategy of using M&A to reinforce high‑growth therapeutic areas as major drugs like Stelara lose exclusivity. [25]
Taken together, these deals position JNJ more deeply in oncology, neuroscience and structural heart markets — all areas where long‑term demand is robust but competition is intense.
3. Pipeline wins: Tremfya and new neuromuscular indications
Recent weeks have also brought pipeline and regulatory tailwinds:
- New 48‑week and long‑term data from late‑stage studies show Tremfya (guselkumab) can deliver durable symptom improvement and structural protection in psoriatic arthritis patients, reinforcing its class‑leading profile among IL‑23 inhibitors. [26]
- Separate data in Crohn’s disease indicate Tremfya can maintain clinical and endoscopic remission for up to 96 weeks with a fully subcutaneous regimen, making it an attractive option in chronic inflammatory bowel disease as well. [27]
In neurology, JNJ has also recently secured an EU approval for “Imaavy” in generalized myasthenia gravis (gMG), broadening its rare disease and neuromuscular footprint. [28] While specific revenue projections aren’t public, approvals in severe autoimmune conditions typically command premium pricing and can scale over time.
These updates support consensus forecasts for mid‑single‑digit revenue growth in 2025–2026, even as older franchises like Stelara face generic and biosimilar pressure. [29]
4. Brand and MedTech visibility: Naomi Watts partnership
On December 3, 2025, Johnson & Johnson announced a new awareness campaign with actress Naomi Watts, encouraging women over 40 to treat eye exams as a core part of self‑care. The campaign highlights the company’s Vision and surgical ophthalmology businesses under its MedTech umbrella. [30]
While campaigns like this don’t move the financial needle on their own, they help:
- Reinforce JNJ’s consumer‑facing brand even after the Kenvue spin‑off.
- Support MedTech businesses such as Surgical Vision, where adoption and patient awareness can drive incremental procedures and device demand. [31]
5. Talc litigation remains a major overhang
Despite the rally in the stock, talc litigation is still the biggest legal and reputational overhang for J&J.
Recent developments:
- On July 29, 2025, a Massachusetts jury ordered J&J to pay about $42.6 million to a man who developed mesothelioma allegedly linked to decades of talc use. [32]
- In November 2025, a Florida jury awarded $20 million in another talc case. [33]
- J&J has proposed a series of settlement structures, including an estimated $8 billion plan via its LTL Management subsidiary, intended to resolve current and future ovarian cancer claims through a trust structure — but its earlier bankruptcy‑based approaches have faced courtroom setbacks and ongoing challenges. [34]
So far there is no finalized, court‑approved global settlement, and claims are continuing — one reason many analysts still assign a litigation discount to JNJ’s valuation.
Analyst ratings and price targets for JNJ (December 4, 2025)
Across Wall Street, JNJ is broadly seen as a high‑quality, near‑fair‑value compounder rather than a deep value or aggressive growth name.
Consensus view
Different data providers show slightly different, but broadly consistent, pictures:
- MarketBeat:
- StockAnalysis:
- Consensus rating: Buy
- Coverage:15 analysts
- Average price target:$198, implying about 2% downside from current levels.
- Target range:$153–$215. [37]
- DirectorsTalk / broker snapshot (Dec 1, 2025):
- Recommendations: 13 Buy, 11 Hold, 1 Sell.
- Average target price: around $201.7, then roughly 2–3% below the stock’s recent print near $206.9. [38]
In short, most analysts like the business but see the stock as fairly valued after its 2025 rally, with price targets clustering around today’s trading range rather than predicting big upside.
Earnings and revenue forecasts
Wall Street forecasts compiled by StockAnalysis suggest: [39]
- 2025 revenue: around $94.7 billion, up about 6.6% from 2024.
- 2026 revenue: around $99.7 billion, implying another ~5.3% growth.
- 2025 EPS: consensus around $10.97, broadly consistent with JNJ’s own guidance midpoint near $10.85.
- 2026 EPS: about $11.65, indicating ~6% EPS growth on top of 2025’s jump as one‑time items fade.
These forecasts reflect:
- Contributions from newer drugs and label expansions (Tremfya, Inlexzo, Carvykti, etc.). [40]
- Ongoing MedTech growth, including cardiovascular devices and surgical platforms that should grow faster than the overall healthcare market. [41]
- Headwinds from patent expiries on legacy blockbusters like Stelara and Imbruvica, which are already seeing sales pressure. [42]
Valuation, dividends and volatility profile
Valuation snapshot
Based on current estimates and pricing, JNJ trades at: [43]
- ~19.5x trailing EPS and ~18x forward EPS.
- Price‑to‑sales around 5.4x on trailing twelve‑month revenue near $92 billion.
- Price‑to‑earnings‑growth (PEG) around 1.1 on a 5‑year expected basis.
That’s slightly richer than some big‑pharma peers but still below high‑growth biotech or med‑tech multiples. Several recent valuation pieces conclude the stock is trading close to “fair value” after its 2025 rerating, rather than at a deep discount. Ts2 Tech+2Simply Wall St+2
Dividend and income profile
For income‑oriented investors, J&J’s dividend credentials remain a major attraction:
- Dividend yield: about 2.5–2.6% forward. [44]
- Consecutive years of dividend increases:>60 years, making JNJ one of the classic Dividend Aristocrats. [45]
- Recent quarterly dividend:$1.30 per share, with the next payment due on December 9, 2025. [46]
- Dividend payout ratio: roughly half of earnings, leaving ample room to fund R&D and acquisitions while continuing annual hikes. [47]
- 3‑year dividend CAGR: around 5%. [48]
Dividend.com rates JNJ’s dividend safety as very strong and notes a beta of about 0.4, reinforcing its role as a low‑volatility income anchor in many portfolios. [49]
How JNJ’s business looks after the Kenvue spin‑off
Since the 2023 separation of Kenvue, which now houses legacy consumer brands like Tylenol, Listerine and Neutrogena, J&J is essentially a two‑pillar company: [50]
- Innovative Medicine (pharmaceuticals)
- MedTech (medical devices and surgical technologies)
The company highlights that:
- Over 75% of sales come from markets where JNJ holds a #1 or #2 global share.
- It has delivered more than 60 consecutive years of dividend increases and returned over 60% of 5‑year free cash flow to shareholders via dividends and buybacks. [51]
Strategically, management is leaning even further into higher‑growth therapeutics and devices, as seen with the Halda deal, prior acquisitions like Shockwave Medical, and the planned orthopaedics spin‑off. [52]
Key bull and bear arguments around JNJ stock right now
Drawing on recent analyst notes, long‑form stock analyses and 2025 outlook pieces, here’s how the debate around JNJ looks as of early December 2025. MarketBeat+4Ts2 Tech+4Ts2 Tech+4
Bull case: why optimists like JNJ here
- Resilient growth in a defensive package
- Mid‑single‑digit revenue growth and high‑single‑digit EPS growth are forecast through 2026, but with a beta around 0.35–0.40 and diversified cash flows. [53]
- Deep and diversified pipeline
- A growing roster of oncology, immunology and neuroscience assets (Tremfya, Darzalex, Inlexzo, Imaavy, Carvykti and future Halda candidates) reduces dependence on any single drug and gives JNJ multiple shots on goal. [54]
- MedTech optionality
- Structural heart devices, interventional cardiology, robotics and surgical vision give JNJ exposure to secular themes like population ageing, minimally invasive surgery and global procedure growth — and MedTech is expected to grow faster than 2025 levels. [55]
- Dividend reliability and capital returns
- A 2.5%+ yield, 60‑plus‑year dividend growth streak and steady buybacks make JNJ appealing to income and defensive equity investors, particularly when bond yields look less compelling. [56]
- Balance sheet strength
- With a sub‑0.4 beta and robust free cash flow, JNJ is well placed to keep funding R&D and M&A even in a choppy macro environment. [57]
Bear case: what could go wrong from here
- Talc litigation and other legal risk
- The ultimate talc bill is unknown, and recent eight‑figure jury verdicts show juries can still award substantial damages. Even if JNJ lands a global settlement, the total cost could be meaningful relative to annual profits, and the story may drag on for years. [58]
- Patent cliffs and pricing pressure
- Key immunology and oncology assets face competitive and generic threats as patents roll off, while global regulators keep tightening screws on drug pricing. Stelara and Imbruvica are already seeing pressure. [59]
- Valuation no longer cheap
- After 2025’s ~40–45% run, JNJ now trades around 18x forward earnings, and many analysts’ price targets cluster around the current price with only low‑single‑digit implied upside or even slight downside. [60]
- Execution risk in M&A and spin‑offs
- Large deals like Halda, the Intra‑Cellular Therapies acquisition and the orthopaedics spin require careful integration and could disappoint if pipelines underperform, costs overrun or synergies fail to materialize. [61]
What today’s setup means for different types of investors
Long‑term, buy‑and‑hold investors
Many long‑term‑focused commentators and outlets (including The Motley Fool and several dividend‑oriented research platforms) continue to highlight JNJ as a core “buy and hold” healthcare name thanks to its combination of durable franchises, a growing dividend and conservative balance sheet. [62]
If you’re looking for:
- Steady earnings growth in the mid‑single digits,
- A reliable and slowly rising income stream, and
- Lower volatility than the broader equity market,
then JNJ fits that profile at a price that most analysts consider roughly fair rather than cheap.
More valuation‑sensitive or tactical investors
For investors who demand a larger margin of safety or double‑digit upside in 12‑month price targets:
- Current consensus targets (roughly $198–$202 per share) suggest limited upside from today’s price, with some models even calling for a small pullback. [63]
- Technical snapshots show JNJ trading near the top of its 52‑week range and above both 50‑ and 200‑day moving averages, which often leads more tactical traders to wait for pullbacks before adding exposure. [64]
In other words, most of the easy re‑rating may already be behind the stock, leaving a more modest forward return profile unless earnings growth decisively outpaces expectations or litigation risk fades faster than anticipated.
Bottom line: JNJ on December 4, 2025
Putting everything together:
- Fundamentals: Q3 2025 results confirmed that Johnson & Johnson is back to solid, broad‑based growth, with upgraded sales guidance and a healthy pipeline spanning oncology, immunology, neuroscience and MedTech. [65]
- Valuation: The stock trades near record highs and around 18x forward earnings, with consensus targets clustering around the current price, suggesting JNJ is roughly fairly valued on mainstream assumptions. [66]
- Risk: Talc litigation, patent expiries and M&A execution remain meaningful uncertainties that could pressure the stock if outcomes disappoint. [67]
- Defensive appeal: Despite these risks, JNJ still offers a 2.5%+ dividend, a 60‑year dividend‑growth record, low volatility and exposure to essential healthcare demand — qualities that many investors prize in late‑cycle or uncertain macro environments. [68]
Whether JNJ is appropriate for you depends on your risk tolerance, time horizon and portfolio needs. The information above is general market commentary, not personalized investment advice. Before buying or selling any stock, including Johnson & Johnson, consider speaking with a qualified financial advisor and reviewing your own objectives and constraints.
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