Johnson & Johnson ( JNJ ) on Wednesday reported a second-quarter 2025 adjusted earnings of $2.77 per share, down 1.8% year over year, beating the consensus of $2.68.

The pharmaceutical giant reported sales of $23.74 billion, up 5.8% year over year and beating the consensus of $22.85 billion. Operational growth was 4.6%, and adjusted operational growth was 3%.

Innovative Medicine sales increased 4.9% or 3.8% operationally to $15.20 billion.

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Growth was driven by Darzalex (daratumumab), Carvykti (ciltacabtagene autoleucel), Erleada (apalutamide), Rybrevant/Lazcluze in oncology, Tremfya (guselkumab) and Simponi/Simponi Aria in immunology, and Spravato (esketamine) in neuroscience.

Growth was partially offset by an approximate (1,170) basis points impact from Stelara (ustekinumab) in immunology, and an approximate (130) basis points impact from COVID-19 in infectious diseases.

Cancer sales increased to $6.31 billion, up 24% (+22.3% operational). Immunology sales fell to $3.99 billion, down 15.4% (down 16% operational).

Stelara sales fell 42.7% to $1.65 billion. Darzalex sales rose 23% to $3.54 billion. The company’s cancer cell therapy, Carvykti, generated sales of $439 million.

MedTech sales increased 7.3% to 8.54 billion. Growth was primarily driven by electrophysiology products and Abiomed in cardiovascular and wound closure products in General Surgery.

A slow ramp-up to tariffs would actually be good news, Johnson & Johnson CFO Joe Wolk said in an interview with Bloomberg.

The delay shows “there’s an understanding you can’t put up a biopharmaceutical manufacturing facility overnight,” Wolk told Bloomberg. “As long as those conversations continue to occur, I think we’re in a pretty good position.”

The report added that the company reduced its expected tariff costs for this year by half to $200 million.

Outlook

Johnson & Johnson ( JNJ ) revised its fiscal year 2025 guidance. The company expects adjusted earnings of $10.80-$10.90, up from prior guidance of $10.50-$10.70, compared to the consensus of $10.62.

Johnson & Johnson ( JNJ ) raised sales guidance from $91 billion-$91.8 billion to $93.2 billion-$93.6 billion versus $91.4 billion.

For Innovative Medicine, the company expects the negative impact of Part D redesign, as a percentage of sales, to be consistently applied throughout the year.

Johnson & Johnson ( JNJ ) expects normalized procedure volume and seasonality for the MedTech segment.

Price Action: JNJ stock is trading higher by 1.28% to $157.15 during the premarket session at last check Wednesday.

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