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.
