Why did Johnson & Johnson's first-quarter profit beat estimates despite a sharp decline in Stelara sales?

Johnson & Johnson's first-quarter profit beat estimates because strong sales growth of other key drugs—specifically Darzalex ($4.0 billion, exceeding the $3.4 billion consensus) and Tremfya ($1.6 billion, surpassing the $1.2 billion expectation)—more than offset the 60% year-over-year drop in Stelara sales to $656 million; additionally, its medical technology business grew 7.7% to $8.6 billion, meeting expectations, and the company raised its full-year 2026 revenue and adjusted earnings forecasts.

What is Johnson & Johnson's position on the Trump administration's most-favored-nation (MFN) drug pricing initiative, and why?

Johnson & Johnson opposes codifying the most-favored-nation (MFN) drug pricing deals into legislation, with CFO Joseph Wolk stating the company is 'not a fan of codifying' MFN because it functions as a 'back door to price controls'; he warned that such controls—as seen in other countries—lead to reduced patient access to critical medicines and diminished innovation.

Johnson & Johnson First-Quarter Profit Beats Estimates Despite Stelara Sales Decline

Apr 14, 2026

Johnson & Johnson beat first-quarter earnings estimates with $24.1 billion revenue, raising its full-year forecast despite a 60% drop in Stelara sales due to biosimilar competition. Growth in cancer and psoriasis treatments offset the decline.

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Johnson & Johnson First-Quarter Profit Beats Estimates Despite Stelara Sales Decline

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