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Johnson & Johnson

jnj.com

What Do They Do?

Sells prescription medicines through healthcare providers and distributors, and medical technologies for physicians and hospitals, including products for cardiovascular care, surgery and vision.

How Do They Make Money?

Johnson & Johnson sells medicines and medical technologies as products; customers pay under the terms for each sale after the goods are delivered.

revenue

Segment	Share	Revenue	How money arrives
Innovative Medicine Sold outright	64% FY2022: 66%		Sold outright
MedTech Sold outright	36% FY2022: 34%		Sold outright

Who Are Their Customers?

Prescription medicines are distributed directly to healthcare professionals and medicine sellers for prescription use. MedTech products are distributed to wholesalers, hospitals and retailers for professional use.

Customers above 10% of revenue, FY2025

of revenue from three customers (22%, 16%, 11%)

FY2024: 48% from three customers

Do Revenues Turn Into Profits?

Yes. It kept 28 cents of every revenue dollar as net income in FY2025 and turned 21 cents into free cash flow.

Operating income, FY2025

43% of revenue

▲ +10% vs FY2024 ($36.6B, 41%)

Net income, FY2025

28% of revenue

▲ +91% vs FY2024 ($14.1B, 16%)

Free cash flow, FY2025

21% of revenue

▼ −1% vs FY2024 ($19.8B, 22%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 27, 2026

Revenue: ▲ +6%; vs $24B in Q3 FY2025
Net income: ▼ −96%; vs $5.2B in Q3 FY2025

Innovative Medicine share of revenue vs 64.9% in Q3 FY2025

Jul 29, 2026 Completes Firefly Bio acquisition and reduces adjusted earnings guidance The Firefly acquisition and Sail collaboration are expected to reduce adjusted earnings per share by approximately $0.64 in 2026; the company updated its full-year guidance.

Growing. Revenue grew 20% in 4 years, from $78.7B in FY2021 to $94.2B in FY2025, about 5% a year.

Consumer Health exits the lineup The portfolio shifted from including Consumer Health products for personal care and over-the-counter needs to a lineup focused on prescription medicines and medical technologies for professional use.

Revenue over time

Innovative Medicine MedTech

$100B$50B$0

FY2021 FY2022 FY2023 FY2024 FY2025