J&J (JNJ) Q2 2026: Record $25.3B Sales as TREMFYA Covers 94% of STELARA's $913M Drop — Yet EPS Falls
Johnson & Johnson has now shown, in hard dollars, that it can largely absorb the decline of what was as recently as 2024 its second-largest product by sales. TREMFYA added $860 million of quarterly sales year over year while STELARA gave up $913 million — a near dollar-for-dollar handoff within the quarter, alongside total revenue of $25,310 million, up 6.6% from $23,743 million. That is the highest quarterly sales figure J&J has reported on a post-Kenvue continuing-operations basis and its first quarter above $25 billion, surpassing the $24.6 billion of the 2025 fourth quarter (per J&J's Q4 2025 and Q2 2026 earnings releases). Yet net earnings were flat at $5,534 million versus $5,537 million, because a 3.3-percentage-point jump in the effective tax rate consumed all of a 3.9% gain in pretax profit. For a company whose growth thesis rests on out-innovating its own patent cliff, the quarter answers the revenue question convincingly and raises a different one about where the earnings leverage went.
All balance sheet, income statement and cash flow figures below are taken from J&J's Form 10-Q for the fiscal quarter ended June 28, 2026. Guidance and adjusted-EPS figures are from the Q2 2026 earnings release (Exhibit 99.1 to Form 8-K).
1. Consolidated Balance Sheet
1-1. Principal Asset Items
| Item | Dec 28, 2025 ($M) | Jun 28, 2026 ($M) | Change % |
|---|---|---|---|
| Cash and cash equivalents | 19,709 | 20,422 | +3.6 |
| Accounts receivable, trade | 17,178 | 19,046 | +10.9 |
| Inventories | 14,191 | 15,144 | +6.7 |
| Property, plant and equipment, net | 23,169 | 23,582 | +1.8 |
| Intangible assets, net | 50,403 | 48,229 | −4.3 |
| Goodwill | 48,772 | 48,479 | −0.6 |
| Total assets | 199,210 | 201,061 | +0.9 |
Total assets barely moved, but the composition shifted in a way that flatters the operating business. Receivables grew 10.9% against six-month sales growth of 8.2% — a modest but real divergence worth monitoring, though the allowance actually fell to $171 million from $183 million, suggesting management sees no deterioration in collectibility. Inventory growth of 6.7% ran below sales growth, with finished goods at $8,405 million against $7,833 million; for a company launching into a product transition, building finished goods more slowly than sales is the healthy direction.
