NEW BRUNSWICK, New Jersey, July 15, 2026, 10:08 (EDT)
- Tremfya and Darzalex made up $1.528 billion of Johnson & Johnson’s $1.567 billion jump in reported sales.
- Tremfya made up 94% of Stelara’s year-on-year drop in Q2, up from 67% in Q1.
Johnson & Johnson NYSE:JNJ mostly leaned on Tremfya and Darzalex for almost all of its Q2 sales growth, according to a review of results from the healthcare group. This leaves investors asking how much depth backs up J&J’s higher 2026 guidance.
The company said Wednesday its quarterly sales rose 6.6% to $25.31 billion. Adjusted earnings came in at $2.90 a share. The company raised its full-year sales outlook midpoint to $101.1 billion, up from $100.8 billion. It also boosted its adjusted earnings midpoint to around $11.68 per share from $11.55.
The market didn’t move as much as the top-line beat might suggest. Shares traded near flat at $253.68 as of 9:52 a.m. EDT, according to delayed data, after dropping roughly 2% in premarket. A stronger pharma segment helped balance out worry over the medical device business.
Below the group level, Tremfya brought in an extra $860 million in sales year-on-year, with Darzalex up $668 million. Together, that’s a $1.528 billion increase, or 97.5% of J&J’s overall reported sales growth. The rest of the company’s products and businesses together contributed just $39 million, or 0.2%. These numbers are based on reported figures and don’t strip out currency or acquisition effects.
| Q2 reported sales | Sales ($m) | Change from Q2 2025 ($m) | Share of J&J increase |
|---|---|---|---|
| Tremfya | 2,046 | +860 | 54.9% |
| Darzalex | 4,207 | +668 | 42.6% |
| All other J&J sales | 19,057 | +39 | 2.5% |
| J&J total | 25,310 | +1,567 | 100.0% |
Source: Johnson & Johnson figures; calculations use company sales data.
Stelara’s replacement sped up as biosimilars kept chipping away at sales of the former lead drug. Tremfya’s growth made up 94% of Stelara’s $913 million drop from the second quarter, up from 67% of the $969 million decline in the first quarter.
| Reported-sales handoff | Q1 2026 | Q2 2026 |
|---|---|---|
| Tremfya up year-over-year | +$652m | +$860m |
| Stelara down year-over-year | -$969m | -$913m |
| Tremfya replacement rate | 67% | 94% |
| Tremfya and other immunology sales | 72% | 105% |
Source: Johnson & Johnson’s quarterly product data; replacement ratios come from reported sales changes.
When rolling in other immunology drugs, which brought in an extra $96 million in sales, the newer portfolio more than filled in for Stelara’s hit last quarter. Still, overall immunology revenue dropped $149 million, weighed down by shrinking Simponi and Remicade. The transition is holding up, but the wider franchise isn’t expanding yet.
The new lineup hasn’t boosted drug margins yet. Adjusted pretax margin at Innovative Medicine edged down to 42.5% from 42.7%. Adjusted gross margin dropped by half a point. Selling, marketing and administrative costs jumped 12.2%, outpacing the 7.8% sales growth for the segment. That points to J&J continuing to spend big to get its new franchises going.
CEO Joaquin Duato said the company is on pace for its 2026 goal of topping $100 billion in yearly revenue. First-half free cash flow came in around $8.7 billion, up from $6.21 billion the year before, based on an early estimate as of July 15.
MedTech is still the main worry. The unit’s sales came in at $8.93 billion, missing the analyst average of $8.97 billion. U.S. demand for Impella heart pumps fell 2%, a drop after seeing 14% growth in the first quarter. CFO Joseph Wolk said a UK study had raised new doubts about Impella’s use in some high-risk heart procedures, but said J&J wasn’t “dependent on one asset.” MedTech head Tim Schmid said “procedure volumes continue to be stable,” and that more Impella data should land in the first half of next year. Reuters
The quarter suggests J&J is almost plugging the revenue gap from Stelara, and it’s moving quicker than last quarter. But with nearly 98% of growth coming from just two drugs, a slip in either could hit results. To firm up profit growth, J&J will need better gains across pharma and a medical device comeback.
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