New York, Jan 22, 2026, 17:46 EST — After-hours
Johnson & Johnson shares ended Thursday roughly 0.3% higher at $218.49, after moving between $217 and $221.86 during the session. Trading volume hit around 13 million shares.
The move was modest, but the backdrop is anything but. J&J’s initial glimpse at 2026 arrives amid mounting U.S. pressure on drug pricing and tariffs, with investors still eyeing the ongoing talc litigation closely.
On Wednesday, the company projected 2026 sales between $99.5 billion and $100.5 billion, with adjusted earnings of $11.43 to $11.63 per share—beating analyst expectations despite a drag from a Trump-era drug pricing deal and roughly $500 million in tariffs on its medical devices segment. Chief Financial Officer Joseph Wolk described the pricing deal’s impact as “hundreds of millions of dollars,” while CEO Joaquin Duato told analysts he anticipates growth accelerating this year. RBC Capital Markets analyst Shagun Singh suggested talc litigation worries “may be driving the stock down slightly,” and J.P. Morgan analysts labeled the quarterly beat as modest; J&J shares have climbed about 43% in 2025. 1
Johnson & Johnson reported fourth-quarter revenue of $24.56 billion, up 9.1%, with adjusted earnings — stripping out special items — at $2.46 per share. Innovative Medicine sales jumped 10% to $15.76 billion, while MedTech grew 7.5% to $8.80 billion. The company pointed to strong performances from Darzalex, Tremfya, and Carvykti. However, Stelara, once a psoriasis blockbuster, faced pressure as biosimilars eroded its market share. 2
A filing revealed the company submitted its earnings release along with additional sales data in a Form 8-K on Wednesday. 3
Talc remains a major risk factor. Retired U.S. District Judge Freda Wolfson, serving as a court-appointed special master, has recommended that plaintiffs be allowed to present expert testimony linking genital talc use to ovarian cancer in the New Jersey case covering roughly 67,500 lawsuits. J&J’s litigation head, Erik Haas, said the company plans to appeal. The firm pulled talc baby powder from the North American market in 2020, then globally in 2023, replacing it with a cornstarch-based version. 4
Pricing that legal route is tough. Should the judge back the recommendation, trials might kick off earlier, ramping up settlement pressure; if he doesn’t, the battle could move to appeals, dragging out the timeline. Either way, litigation news can overshadow an otherwise straightforward quarter.
Thursday ended on a strong note, with the S&P 500 climbing 0.55% and the Dow adding 0.63%. Medtronic managed a 1.05% gain, while Boston Scientific slipped 0.46%. 5
Investors are waiting to see how much wiggle room J&J has built into its tariff and pricing assumptions, along with the upcoming courtroom schedule. The special master postponed some expert testimony disputes for hearings later this month and in early February, ahead of the judge’s decision on what evidence will reach the jury. 6
